What Real Estate Has Taught Me (So Far)
With Anji away and me taking over the Bulletin for a few weeks, I thought I'd use this Journal entry to reflect on some of the things I've learned during my time in real estate so far.
It's been a little over three years now. Not long enough to know everything, but long enough to realise how much I still don't know.
One thing I definitely didn't appreciate before getting into real estate was just how stressful the process can be. A buyer may be about to commit to the biggest purchase of their life. A seller may be relying on the sale to fund retirement, secure their next home, or make a long-planned move. Add a few tight deadlines, a building report, a lawyer, a bank manager and a healthy amount of uncertainty, and it's no surprise that emotions can sometimes run high.
One of the things that has fascinated me most is how even the most calm, rational and level-headed people can find themselves feeling overwhelmed during the process. And honestly, who could blame them? When you're making decisions involving hundreds of thousands, or even millions of dollars, it's only natural to second guess yourself occasionally.
That's where I've come to appreciate the role of an agent.
A big part of our job is being the calm person in the room. Buyers want answers. Sellers want certainty. Both have a huge amount at stake. When emotions start running high, sometimes the most valuable thing we can do is slow things down, separate fact from emotion and help everyone focus on what actually matters.
Some of the most rewarding transactions I've been involved in weren't the easiest ones. They were the deals where everyone was feeling the pressure, nobody could quite see a path forward, and through good communication and a bit of problem-solving, a solution was found.
Another thing I've learned is that many buyers are far more prepared than they give themselves credit for. I've lost count of the number of buyers who have done all the homework, read every report, visited multiple times and genuinely loved a property, only to watch it sell because they never quite felt ready to put an offer forward.
To be clear, I'm not suggesting buying property should be easy or impulsive. Quite the opposite. Getting to the point of making an offer often involves reading LIM reports, reviewing builders reports, speaking with your lawyer, talking to your bank and spending countless hours deciding whether a property is right for you. It's a significant undertaking and one that deserves careful consideration.
What has surprised me, however, is how often buyers do all of that work, spend money on legal advice, invest emotionally in a property and then stop short of the final step. The Sale and Purchase Agreement itself is usually the simplest part of the process.
While it can look intimidating at first glance, most offers come down to a few key points: price, settlement date, deposit and conditions. If there is still information you'd like to investigate, conditions can often be included to give you time to complete that due diligence. And if you're worried about your position relative to other buyers, a thoughtful cover letter explaining your circumstances can sometimes go a surprisingly long way.
You don't need to be fearless to make an offer. You just need to reach a point where you've done enough homework to make an informed decision. If there are still questions that need answering, that's often what conditions are for. You have every right to be cautious when purchasing a home. Just don't let the fear of making an offer stop you after you've already done all the hard work required to get there. That said, if I ever get the opportunity to buy property myself, there is one lesson I'll definitely be taking with me: the power of an unconditional offer.
Before entering the industry, I thought a cash offer meant somebody turning up with a briefcase full of money like something out of a crime movie. In reality, it simply means there are no conditions attached to the contract.
Time and time again I've seen sellers choose certainty over squeezing every last dollar out of a deal. A slightly lower unconditional offer can be incredibly persuasive because everyone knows where they stand. When there are no finance clauses, builders reports or other hurdles left to clear, people tend to sleep a little better at night.
Three years in, I've learned plenty about contracts, LIM reports and building inspections. But the lessons that have stuck with me most have been about people. How they make decisions. How they handle uncertainty. And how important it is to have someone in your corner when the stakes feel high.
It's fascinating to watch.
Unless you're the one buying or selling. Then it's just stressful!