A lot of folks in real estate today complain bitterly how hard things are today. Yes there is a lot of change, and both real estate agents and companies are going out of business. In that sense real estate is not different than it was years ago. Today we have incredible mortgage rates, yet agents want buyers to have down payment assistance DPA and 100% financing. Things were not easy for years while buyers had to save their down payments. You had to nurture them along. Your contact manager was a box of index cards with hand written notes,a dn dates on it.
As for doing business...things were much more difficult. The real estate business required a lot more driving while hand delivering contracts, and marketing materials. Real estate back then was a lot more time consuming, and there was even wear and tear on the autos while running errands. There was no such thing as multiple color photos, virtual tours, and BING or Google maps to make your showing day eaiser! We had to drive around wihta real estate map book that more often than not was useless. You had to preview what you were showing! So real estate in the good old days was not as good as many make it out to be. There was however a lot of unproductive wasted time, waiting, and not as much commission from fewer closed sales. It was a lot more costly to market yourself and services. However, I prefer real estate the way it is done today. More closings even is a lousy market is an everyday reality since the advent of the Internet. Despite all the bellyaching, we've never had it easier in the real estate industry. Contracts on-line, PDF files, emails, e-fax, GPS, cell phones, Blackberry's, personal computers, access to the MLS at home and cell phones, electronic lock boxes that notify you when the home is shown, websites, office intranets, emails, attachments, personal color laser printers, label maker printers, and so much more! Do you miss the old days? I don't!
REMEMBER WHEN:
- 20-30% down-payment was routinely required?
- You paid your own closing costs?
- Buyers or sellers walked into your office regularly for help?
- Buyers used to come to agents to buy a home?
- Buyers used to get pre-qualified by the real estate agent in depth before they were given the name of a loan officer?
- Buyers were loyal?
- When Buyers appreciated your knowledge and thanked you for working on their behalf?
- When buyers referred other buyers to you because they appreciated your honesty even if they did not buy?
- When buyers read classified ads and real estate books?
- When buyers asked for addresses to the new listing ads, you did not give out the addresses until you first obtained a meeting with them?
- Desk duty?
- Thermal Faxes that curled up and were almost illegible within a week?
- MLS books, and the black ink on your fingers?
- MLS Map Books?
- Black and white photos?
- Going to the office to use a computer or access the MLS?
- Paper MLS listings you filed?
- When everybody represented the sellers?
- When they fined someone for trying to manipulate the MLS with wrong areas, addresses?
- Pay phones and rolls of quarters.
- Pagers?
- Realtors took the NAR Code of Ethics seriously?
- Multiple offers?
- Loan officers that referred business to you?
- You would get the HUD-1 before closing?
- Merrill Lynch Realty?
- 18.5% 30 year fixed rate mortgages in 1981?
- WRAP mortgages?
- 20.5% Prime Rate in 1981?
- Picking up the keys at an office to show a listing?
- Buying Film?
- Taking pictures of new listings?
- Waiting for the the developing pictures of listings?
- Literally cutting and pasting flyers and photos for a listing?
- Going to a printer for brochures?
- Waiting for printed marketing materials?
- Knocking doors for listings?
- Legal sized page contracts?
- Carbon Paper?
- Bulk mailings?
- Address Labels?
- Postage tongue?
- Previewing homes?
- 2 Page Contracts?
- The days before sellers property disclosures?
- The Days before homes were inspected?
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Wow. You really hit home. Suddenly I feel very old Jim.
Jim, I missed the good old days. And I think I'm glad I did. You're right. We do have it pretty good these days...even in a recession!
Well....how did we ever sell a house? And we did all this for much less pay due to lower home prices. Love the list....but really love the pen writing your name, very cool :)
Larry Bergstrom (Crescent Realty, Inc. Spanaway, WA. ) They went fast didn't they?
Bob Haywood, www.BobHaywood.com (McGraw Realtors) Exactly....Things are much better today.
Karen Parsons-Fiddler Broker/Realtor (Great Western Realty Group) Years ago our time was totally consumed.
Jim:
Excellent post, what I miss--- is agents that were much more professional, and much more knowledgeable about the business of doing real estate. In today's real estate climate we are held at a electronic arms distance, which makes it challenging to establish any rapport.
Jim, WOW! I can remember those days very well. Technology has come a long ways in making some things easier.
I never experienced those days.
I do remember as a kid though, the Real Estate agent coming to our house for a listing presentation. It took him 1/2 hour to set up the screen and slide show, taking instant pics of the property. The agent was very important, so us kids were sent to our rooms, and had better not make a peep while Mr. Realtor was here.
I will say though, it stuck in my mind, so here I am!
Good post.
Lorraine and Loretta Kratz-Certified Negoitation Expert, (Crescent Moon Realty, Inc. & Land N Sea Auctions.) You are right. What rapport? It is dog eat dog, no professional courtesy...
Michael Setunsky (Michael's Commercial LLC) Technology makes this so easy to do!
Chad Baird (Re/Max Spirit) That is what we did in those days! It is a great business.
Jim..I remember driving buyers information to the mortgage companies because we didn't have fax machines..and the pink comp (sold books) and patiently waiting for the MLS books to come in once a week with the new listings..boy that was along time ago..
Hannah Williams (Re/Max affiliates NE) It was a lifetime ago! Some forms were in carbon paper!
Yes, Yes and Yes to all of the above. When the mls switched from individual pieces of paper for each listing, to be filed in your personal mls book, to a weekly listing book the size of a mid-city phone book. We thought that book was a great improvement!
I do miss a one page pre-carboned offer.
I dare say I remember the entire list! Those were the days. Ran into an old MLS book and some builder books from the early 1950's at an estate sale. It is fun to see the prices and that our air conditioning was an option at a new construction site.
Jim,
There are a couple of things that would be nice to have today; 2-page sales contracts and buyers who are loyal. Other than that, technology rules.
Joan Snodgrass Tri-Lakes Realtors, Shell Knob, MO (Tri- Lakes REALTORS) I believe Atlanta had a two page contract in 1992.
Dick and Dixie Sells, Your Tampa Bay Florida Connection (Future Home Realty) LOL! The only home where air conditioning was an option for us was in Buffalo NY in 1988.
Esko Kiuru - Las Vegas NV Mortgage Consultant (FHA, VA, Conventional, Refinance, Jumbo) My Sentiments exactly!
This is a great post. It really shows how much our business has changed. In our area a lot of Realtors have given up and could not adjust to the changes.
Anne Hensel Real Estate Professional buy or sell St. Pete Things were never easy in real estate. Agents are spoiled.
Jim...I don't remember then...However, this is not an excuse for agents to remain entitled with certain business practices today. When I read your blogs, I appreciate your attentiveness to detail as you strive to improve your craft...
Jim - Yes, I remember all this and I wasn't even in the business back that far. I just recall from getting a glimpse of the business as a buyer at three different time during the 80's.
Cherise Selley (Selley Group Real Estate, LLC) Thanks! No one is ever to old to keep learning.
Carol Culkin (Houlihan Lawrence Realty) It was an awful lot of legwork even into the 1990's.
Jim - Great Post! Actually in the 7 years I've been in business it has changed dramatically - and I embrace every single convenience I can!! I love docu-sign - zip forms - google maps etc!!! And I still work very very hard - while the electronics and internet have made the physical side easier the mental side of keeping informed and in front of the informed Buyers & Sellers keeps Good REALTORS on our toes!
Have a Great Thanksgiving!
Kathy Carson Lynchburg, VA, REALTOR VA HOMES - LYNCHBURG, BEDFORD, CAMPBELL (RE/MAX 1st Olympic, ABR, GRI) I agree with you a 100%! Enjoy your Thanksgiving!
Jim, I started back in late 1975 so I remember black carbon paper, original photocopiers,life before faxes, and driving to offices to pick up keys before showings !!!!
Michael J. Perry (KELLER WILLIAMS Homes & Land Realty) - It is amazing how much has changed in our industry. I like it today much better.