So I have this can of HOMINY in my pantry!

I have a can of whole white hominy in my pantry.  It has been there for quite some time.  The truth is that my husband won't touch it and I cannot eat the entire can alone.  So I keep it.  Maybe someday it will end up in the Boy Scout food drive bag or go in the basket for a needy family's Thanksgiving dinner.  Wherever it goes, it is destined to sit on a pantry shelf.  It's just one of those things everyone has, but no one eats, somewhat like the Christmas fruitcake. 

I am sure you are wondering what hominy has to do with a career in real estate.  Good question,  let me muddle my way thru my 2 am thoughts and explain the symbolic meaning, I randomly assigned to this can of hominy.

First of all, I do not "need" this can.  My pantry is full of food.  In fact, if we start eating today, our pantry will sustain us for at least 3 months before we get to that can of whole white hominy.  So you might say I purchased more food than I needed.    Now, back to where I come from, keep in mind, I am a Broker for approx 70 licensees in the state of Oklahoma.  As a broker, it is my job to keep costs down, whether my cost or the agent's costs, but somewhere along the way, each licensee must take responsibility for what he spends, particularly if he is buying hominy.  So since somebody has to say it---here goes, don't buy anymore brokerage services (or hominy) than you need!

What you are paying for as a licensed associate is what your broker provides in exchange for a portion of each commission check.  In recent years, associate paychecks have increased and broker portions have decreased.  Management has twisted and turned and learned how to make it on less from the producers, while picking up the difference in other ways, generally office fees.  Take for instance my little community, there are several real estate companies, all of them have their strengths.  I am sure that you can recognize each economic model.

• Company A is an independent office formed years ago.  They have a very distinctive sign and a very well known phone number.  They are the best at what they offer.  Their offices are comfortable and convenient.  Each associate is offered a private office with shiny new furniture.  They have a lot of staff, offering their associates the best in support.  Their technology and equipment is adequate but not exactly state of the art.  They are, without question the best in their category.  Most associates are very seasoned, so little training is offered.  Full broker support and E&O coverage is paid by the broker.  All this is available for a 30-40% take on each commission check.  I just gotta ask, "Do you need all that hominy?"  It ok if you do, but I'm "just saying . . ."
• Company B is a newer company but they have "the look!"  The offices are beautiful with a fair amount of competition among associates for premium spots. Associates also have a monthly bill to pay for those nice offices.  The staff is friendly, but here you are expected to make (and pay for) your own copies, input your own mls, and handle your own files.  Interestingly enough, Company B only "charges" you enough in your commission split to add up to around $20,000 (cap*), while Company A would be about twice that for their superior services.  The "spirit" of training is an integral part of the culture, so although encouraged, very little is offered.  Broker services are good and E&O is supplied.  If this is the hominy you're buying, it's first class.  Ok, I am gonna say it, "cause somebody has to," Do you really need all that hominy?  If not, why are you paying for it?
• Company C is all the franchises thrown together.  If you've been around long enough, you know that the main differences are in the colors.  Red, blue or gold, all the current real estate franchises have excellent trainers and training programs.  The name recognition that comes with the power in a franchise is tough to recreate.  All the major companies have good broker support, national camaraderie, sign recognition, etc., in fact they are way over the top in what they offer.  Question is, do you need what they offer?  Remember it comes with a price.  Most franchises are around $21,000 year (cap*) including local and national fees.  Just me, but way more hominy than I will ever eat!

So what's the message?  Recognize that all the brokerages in your community are the best a something.    Select the real estate brokerage that has all the ingredients you need, nothing more and nothing less.  Lastly, keep in mind, this business is fluid.  What works for you today, may not be best for you tomorrow.  Be aware of the day you need to change.

Remember, no sense in paying for hominy you are not gonna eat!

*cap is the total amount each associate pays annually before receiving his 100% commission check

Somebody has to say it!

We all come from somewhere; we all have a story to tell.  To understand where I am today and why I feel compelled to share the following, you just gotta know where I came from!  It was 1983.  Dustin Hoffman was starring in "Tootsie" and "no frills airlines" were all the rage!  I was 29 and decided that I would go from the insane world of teaching speech, drama and debate to the "sedate routine" of teaching 7th grade English.  Stop right there--somebody has to say it, seventh graders are generally confused and hormonal. This was a lesson I could learn in one short year.
 
So began my quest for a new, more rewarding, career.  I chose real estate.

Yes, I chose real estate, but nobody told me the truth.  Now, 25-plus years later, I can say real estate has been good to me, but it has not been what was presented DAY ONE.  Armed with an Oklahoma Sales Associate license, I went from broker to broker to find the perfect office.  The managers in each office looked a little different, some male, some female, their overwhelming message was "do what I tell you and you will have success in 30 days."  Stop right there--somebody has to say it, "success does not always equal a paycheck!"  Remember it is 1983, Reagan was King and Penn Square Bank  failed the previous year, interest rates were in double digits and rising, while unemployment was hitting all time highs.  Does that sound like the best time to learn a new career so heavily dependent on the world's economy?  Well, as the old saying goes, "what you don't know won't hurt you."  Three months into this rich and rewarding career, I received my first commission check for $3,000!  That was 3 times my monthly take-home for teaching!  So, 3 months into this thing, I am down about $2000 in costs and fees plus 3 house payments at $600 each.  Let me see, $2000 plus $1800 is $3800.  Not bad, I am only under water $800, BUT I was top sales associate for the month, and leading for Rookie of the year!  Does my "success" tell you what somebody, should have said???  Read between the lines, it is all there!  Somebody just has to say it!

So what's the real lesson here?  Let's start with the fact that I am still in the business 26 years later, something must have worked for me.   So, to state the obvious:

1. Lesson #1 -Real Estate is Good and it Works (said me)!
2. Lesson #2 -To every thing there is a season (Ecclesiastes III 3:1).  Some mentor/trainer should have asked about my financial preparedness and my understanding of the timing of the first payday.  I learned this lesson alone.  Was it really my "season?"  Today, as I speak to young recruits, a true financial discussion tops the conversation; because, well somebody has to say it! 
3. Lesson #3-Money Grows on Trees; ya just have to pick it!  This Lesson can be applied to any career.  Picking or harvesting is not the same as waiting for the fruit to fall to the ground.  If you are to be successful in real estate either as a Realtor or an investor, you must be pro-active.  You must seek the truth; find the best ways to do things and continue learning as the years pass.  Your education in real estate is never finished.  It begins new each day with the many advances in information availability and technology.  Whether you are 20, 40, or 60 years old, you have something new to learn. 

There I said it!