Don’t Let GREED Take Over your Real Estate Business – I’m Mike Acquisto, and my beautiful, beautiful, luxury real estate wife, and every day, every day she does. Yes, sweetie. And don’t let greed take over in a real estate transaction. So what does that mean? Sometimes you need to be grounded, right? So it’s really weird. I was talking to my father the other day, and he has this way of bringing me back to reality. And it almost doesn’t matter where you end up in life. Right.
But like, my father will always say these things and it just reminds me, like, OK, fine, like maybe I’m a kid. Maybe I need to be told some things from time to time. But he said this to me is like, OK, hot shot, don’t forget this. And then he goes and proceeds to tell me whatever it happens to be.
So he’ll remind me of all these dire things that have happened in the economy over time is I don’t forget like that the 80s we had the financial the savings and loan crisis here in Texas. And he says, don’t forget that. Then he reminds me of all these other things and he alludes to these different times that were bad in the economy. And he says you need to prepare for that. At the end of the day, though, what he was telling me was, don’t be greedy,
Don’t get too ahead of yourself. And, you know, the the main thing I feel and we’re all guilty, OK, I’m guilty. And I discussed this with someone yesterday that when we get busy, OK, let’s put it in our perspective in our world, when you get busy and you’re like pulled in all different directions, at the end of the day, we don’t you know, our pay is is not earned or received until the end of the transaction.
Correct. And at the end, you’re like, gosh, I feel like I should have made more for all the things that I did throughout here. You know, I should have made more. You always feel that way. And if you don’t. Then you might
Not be putting in enough evidence, you. Might not, that you should probably feel like that at the end, but what you can’t we all want to squeeze every penny out of every deal, but don’t get greedy and burn bridges with the people who also helped you get there. Right. You may not see the things that are happening behind the scenes, and I understand, but these are all people that help you get to that point.
So when you start feeling that greed take over, you know, think about it for a minute and say, you know what, I have an opportunity to have this whole crew, you know, in our case, whole crew of people that are supporting me to get to that point. So if you have one deal that maybe you feel, you know, this person didn’t do as much as I did or whatever, just know that every deal is different. And some days or some deals are easy and some aren’t. But when they aren’t, don’t start burning your bridges of your circle of people who are there throughout every deal.
That makes sense. Yeah, and it happens on the other side, too. So all of a sudden you go out, you be like, oh, there’s I had to put in multiple offers all over the place. Well, maybe it’s because if we really look at it, maybe we’re putting in all these different multiple offers because we’re not clear with our clients and we’re not setting the right expectations. Maybe we’re not sending them to a lender that we know, like and trust that is amazing. Or what they do and local in nature that can speak on their behalf.
So that we can win earlier. Let’s do it the right way. If we set the expectation, if we know what we’re trying to do, if we’re searching in the right parameters and we have the ability to pay what we’re supposed to be paying and these homes are worth it. And we have a buyer who really wants properties, then let’s go get it for them if that’s the case. Right. But you need to be putting in the effort up front.
So if you are running these people around and doing those types of things, maybe that’s one of those things that you need to look at yourself. OK, so as my father would say, OK, Hot Shot, are you doing all the right things? So just think about that for one minute and yourself being worn out. If you see that going on, then maybe you’re not the person who’s calm. Maybe you’re not the person that’s given the best advice.
Maybe you need to be centered in focus. Maybe you need to take up yoga and get a yoga name like myself. My name’s my yoga. Name’s Mengel. Mike, if anyone wants to know and you just need to be just that’s a true fact. You need to be just a little bit more centered and be calm through the storm and not do those things. And when you do that, you do want to feel like you put in enough effort throughout the transaction. You do you do want to feel at the end that you’ve totally earned everything, that you’ve probably been underpaid.
And if you’ve done that correctly, then what will happen if you make it seem easy to everybody else? Because you’re working, you’re trying, you’re caring. It matters to you when you do that, then you start to get referrals and repeat business and all of a sudden those become a lot easier.
So building your book and establishing what you are as a realtor, OK, that’s typical. What you’re doing in every step of the day is your earning for the future. And that business is a little bit easier because you already know them. You already have an established relationship. They’ve already worked with the lender that you’re sending them
to. Right. They’re sending it over. And you’re like, oh, it’s great to be doing business with you. I closed your sister, your mother, your brother, whatever that happens to be. Imagine how much easier those transactions are. So be thankful for the people that got you there.
Understand that earning and growing and setting up a business is difficult and you need to lay that proper foundation. Imagine yourself as an agent. Some of the things that you don’t have that maybe we take for granted that you don’t necessarily need is you’re establishing a whole book of business. Right? So if you think about this residual income for the future.
It is if you think about building a normal typical business, what do you do is you go out and you get investments. You have to save a ton of money. You have to learn a skill. You probably have to put up a brick and mortar store. Yeah. To go ahead and sell whatever this is. Sometimes if you’re manufacturing, you buy equipment. There’s all this stuff that goes in to starting a business and it takes a lot of years of dedication and effort and energy and investments and time commitments and all of that, and then the business becomes easier.
So this is the exact same way. So don’t think that it’s necessarily easy. There’s work and effort to be done, but when you first start your career, you’re not doing things like putting in a physical store. Right. You’re not buying inventory. What you’re doing is you as the agent, are putting in that effort and you’re building all these relationships. And those relationships are the same thing as a brick in the wall.
It’s just like you’re laying that foundation for this structure to be built upon. And there’s going to be days when eventually it rains and when there’s a storm or when the economy changes. Right. But when that happens, we want to have this whole structure built around us so we’re able to weather the storm. Do you see what I just did right there?
Yeah, it takes a village. And I think that greed is almost like a an emotional reaction at at the end of a transaction where you’re like. But you need to be paying. And the village, you don’t want to be the village idiot and be the person you want to be the village people.
So we want to be I don’t know which one I want to be, I don’t know that I want to. Yes, I think we do.
You want to be the village people, OK? Get it? OK. OK, very good. Well, I’ll get in to tell me.