Standing your ground. It’s a phrase we often hear, but its importance cannot be overstated in the real estate business. The ability to hold firm to your values, worth, and business practices is not just a strategy; it’s a necessity. As the CEO of a multi-state real estate brokerage, I have witnessed firsthand the importance of this principle.
Let me take you on a journey about why standing your ground is pivotal, illustrated through lessons from my career.
The early lessons of commitment
As a leader, I constantly witness our agents’ commitment being tested. Picture agents starting out in their careers, running all over town to show properties, often for fees that barely cover their costs. It is exhausting, frustrating, and, at times, utterly thankless. They quickly realize that this path isn’t sustainable. This is where the first critical lesson comes into play: understanding and asserting their value.
Standing your ground is not merely a business strategy; it’s a way of life. It’s about understanding your value, having the confidence to assert it, and the clarity to navigate challenges. Remember, your worth is non-negotiable in real estate or any other field. Stand firm, stay committed, and define your professional journey with integrity and excellence.
Buyer brokerage agreements: A lesson in value
One of the many hurdles agents will face is the buyer brokerage agreement. Legally, we can’t show a house without one. Yet, some clients may resist signing, or they want to negotiate fees to a point where it’s not viable for our agents or allow them to earn a living.
This scenario is a stark reminder that if we undervalue our services, we do a disservice to ourselves and our industry. Think about it: Would you spend months showing properties for a flat fee that barely covers your expenses, with no guarantee of a deal?
A better question may be: Would you hire the least expensive heart surgeon to operate on you and expect the same result as someone with more knowledge and experience? It’s crucial to remember that your time and expertise are worth far more.
Business beyond real estate
This principle extends beyond real estate into any business. Imagine a chef at a high-end steakhouse being offered $5 for their best steak. Ridiculous, right? Yet, this happens in business every day. Companies and professionals must recognize their worth and not settle for less than they deserve. This is why standing your ground is critical now more than ever. It’s about confidence, clarity, and a deep understanding of the value we bring.
Many fail to understand that you are a business owner, an independent contractor who operates as an entrepreneur. You have expenses and schedules, and you need to earn an income to keep your business running.
Clarity breeds confidence
Lack of clarity is the enemy of standing your ground. When professionals, regardless of their field, lack a clear understanding of their value, they operate out of desperation. They make poor decisions out of fear, and they take on clients and projects that don’t respect their worth, ultimately costing more time and resources than they gain. Clarity on who you are, what you offer, and who your ideal clients are is the foundation of standing your ground.
The personal touch
In all my years in business, one thing remains clear: Personal commitment leads to professional growth. As in my early days, going the extra mile for clients sets you apart. It’s not just about the transactions; it’s about the relationships we build, the trust we earn, and the dreams we help fulfill. This personal touch is what makes our service exceptional and our stance firm.
The legacy of standing your ground
What legacy do you want to leave in your career? For me, it’s about making a lasting impact, improving the lives of those we serve, and elevating the standards of our industry. By standing our ground, we ensure fair compensation for our work and set a precedent for excellence and integrity. In real estate, as in any business, it’s not just about the deals—it’s about the people, the relationships, and the commitment to doing things right.
Troy Reierson is the CEO of Berkshire Hathaway HomeServices Nevada, Arizona and California Properties.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
To contact the editor responsible for this piece: zeb@hwmedia.com
