Never Judge a Book By Its Cover
Posted Oct 17, 2008 @ 8:03 am, Viewed by 713 Visitors, Read 724 Times.As a real estate agent, you may have the tendency to see the homeowner and immediate take note of how they look on the outside as a correlation to the money they may have to spend on a home. There is fault in this judgment, both on a moral level and on a professional level. Let’s walk through a scenario for a bit.
A man and a woman walk into your office seeking a home. They do not have a new car, their clothes are not designer and they look as though they are simple, middle class people. You immediately ask if they have sought after a mortgage and been preapproved and they state they have not. Their accent kicks in and reminds you of a country song. Now you have totally turned off to the needs of this potential home buyer and tell them you are very busy and offer them a card for an associate who has a bit more patience.
Then…..a week later, the associate calls you and thanks you immensely for referring a million dollar client to them. The commission was fantastic and they made enough money off one sale to take the rest of the year off.
You now feel like a heel and hate yourself for missing out on a huge deal just because the buyer did not APPEAR to be the most affluent person on the block.
There is little way to know the financial status of the people who walk through your door, but rest assured there are people that save their entire lives to buy that dream home. While many people have trouble saving even a few dollars to pay for Holiday gifts, others have a knack for saving every penny in hopes of a dream.
In real estate, you have to treat every potential home buyer like they are holding a suitcase full of hundreds because you have no idea what is in the trunk or under the mattress.
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So true and I've come to find out through experience that "The Millionaire Next Door" is a Millionaire because they are not caught up on "Looking Rich". Big difference and it really has nothing to do with some people saving every penny they have... it has more to do with people spending their money wisely.
In the current credit climate, I'm finding this to be more true then ever as the people that can currently put 20%+ down or even pay cash... can do so because they did not get caught up getting leveraged to the hilt to look rich buying overpriced real estate.
From Ch. 1, The portrait of a Millionaire in the book "The Millionaire Next Door": http://www.nytimes.com/books/first/s/stanley-millionaire.html
* We live well below our means. We wear inexpensive suits and drive American-made cars. Only a minority of us drive the current-model-year automobile. Only a minority ever lease our motor vehicles.