Buying property – The incompetent agent

Once again, the poor ability of the real estate agent strikes again. As I posted in Buying property – Lazy agents, I have been in the process of buying an investment property through a less then impressive realtor.

Not only had he posted out of date photos that reflected the property in a poor light but he accepted, without negotiation, an offer that I consider was a fair bit under market value. His actions so far have not been to the benefit of the vendor.

Settlement date was due in a few days, when I received a call from my solicitor advising that the vendor was requesting an extension. The reason being that the owner was still looking for a property to rent. As I had been informed that the property was occupied by a renter and the owner was an investor, I saw no reason why the owner needed an extension for that reason. From my experience, it is usually the buyer that is seeking an extension to finalise finances.

So, I asked the solicitor ‘What does the owner looking for a new rental have anything to do with me?’. To which she replied ‘She is still living in the property (the one I sought to buy)’. I reviewed the contract and yes, the owner address was listed as the property address.

I called the agent to enquire and he apologetically confirmed that he thought the resident was a tenant and not the owner. The owner was still living at the property.

Ok, my bad also for not noticing on the contract but the agent had confirmed more than once that the ‘tenant’ was living in the property.

I ended up agreeing to the extension and the property settled a week later than initial contract date. An inconvenience to me only but did result in postponing potential open home viewings for prospective tenants.

It is interesting to note that the realtor had advised me that he had been in the business for 25 years. I would normally expect that an agent of 25 years would have better negotiation skills, have a sound understanding of his stock in hand and probably doing better than selling very low-level property.

Needless to say, if I do need to sell the property I will be looking elsewhere. If I need to buy again, however, he will be my go to man!

Sacrificing now for the long-term goal

My life at the moment:

  • Sleep
  • Work. Pick up overtime and extra shifts if possible
  • Eat
  • Shower/brush teeth
  • Train at gym
  • Feed cat (x several)
  • Shop for food. Buy sale options if possible
  • Renovate home to add value
  • Listen to podcasts
    • Property investing
    • Entrepreneurs
    • True crime
  • Review potential investment properties online
  • Watch TV
  • Blog
  • General home chores

What I’m not doing:

  • Socialising. I’m in a new city and haven’t made an effort to make friends outside of work to reduce obligation to socialise (I know, a bit sad)
  • Buying new clothes, except as a necessity. Work uniform supplied and live in t-shirts and tracksuit pants the rest of time
  • Drinking alcohol excessively (a couple of beers weekly now only)
  • Eating out. Very occasional pizza ordered with savings coupon
  • Spending money on entertainment. i.e. cinema

Sound boring? Yeah, it kind of is but I’m suffering for my goal at the moment. My main thought at the moment is money, with the goal of not having to worry about money in 5 years. My goal is so strong that my boring life doesn’t feel boring. I have a purpose and I feel motivated daily.

My lifestyle up to now has been less than financially effective. Though I have managed to accrue a little money through property capital gain, I really haven’t saved a considerable amount and definitely not enough to retire.

5 years is a fair time to go without but I’m putting it in perspective. If the next 5 years of sacrifice allows me to relax in retirement, the time is well worth it.

Embarrass the lazy with your work ethic

Quite a few years back (maybe decades in fact), a new member joined the team. He turned up first day professionally dressed with nicely pressed shirt and pants and wearing a tie. He was a friendly guy but other than on scheduled breaks, he didn’t join in with social banter. He kept his head down and worked hard.

A few days into his work, I advised him that he could ease up a bit on his work output and there was no need to wear a tie. He politely thanked me for my advice and got back to his work. He continued to wear a tie and work hard every day.

After a while, the new guy started to make me uncomfortable. Definitely, he had done nothing wrong. His work was of a high quality, he arrived punctually for work and didn’t leave until he completed his work for the day. He took the minimum break allowed and only occasionally took coffee breaks. Even then, he would take his coffee back to his desk and drink rather than chat in the lunchroom. What was really making me uncomfortable was that he was making me embarrassed about my own work ethic.

I did arrive early for work but for the first half hour (at least), I would sip on a coffee, catch up on gossip with colleagues and send a few social emails. I would then work for an hour or so then take another break to wander around the office and say hello to people. Oftentimes I would spend a substantial part of the day sending out emails with regard to social activity for the weekend. In all honesty, I probably spent 3-4 hours at most at constructive work.

The new starter was putting me to shame and I felt it. He looked professional and acted it. I turned up primarily for my social agenda and to pick up an undeserved pay cheque.

Not surprisingly, the new starter received a higher opportunity after only a few months at work. Initially, I was annoyed as I had been there longer and blamed politics. After reflection though, and thankfully before I said anything stupid, I realised he deserved it a great deal more than me.

Admittedly, it did take me a few more years to really learn the lesson. I had started a new job and I committed myself to start fresh with the right attitude. I presented myself professionally daily and worked hard. If the end of the day came and I still needed to complete something, I would stay back to finish. I would regularly contribute ideas to make work more productive for the customer, even if it would occasionally result in more work for me. Funny enough, one of my colleagues said exactly what I had said previously, take it easy with the work and a tie isn’t necessary.

Little surprise when only a few months into the job I received an opportunity at a higher level. And guess what, I enjoyed my work a great deal more when I actually felt like I was making a positive contribution.

I have continued to present myself as a professional and work hard through several more jobs. I have frequently received higher opportunities and praise from managers. I also receive many comments from colleagues to pace myself with my work and dress more casually. I wonder if they are as embarrassed as I was a couple of decades earlier.

Whatever you do, do it great!

“If a man is called to be a street sweeper, he should sweep streets even as a Michaelangelo painted, or Beethoven composed music or Shakespeare wrote poetry. He should sweep streets so well that all the hosts of heaven and earth will pause to say, ‘Here lived a great street sweeper who did his job well.

Martin Luther King Jr

A great quote! Whatever the job is, do it to your best. Never consider a job too small or below you.

If an opportunity arises, don’t let your work ethic or attitude be the reasons you miss out.

Self-limiting beliefs – Not for Cathy Hughes!

One of the biggest obstacles to success is having self-limiting beliefs. I’m definitely a victim to self-limiting thinking. Often I’m caught myself in doubt due to my age, lack of education, my mental health issues, financial situation or whatever else I can find in the dark recesses of my mind.

I came across a wonderful podcast today on How I Built This. This episode featured Cathy Hughes . Cathy is the founder of Radio One. She is now 70 years old and has a net worth of over $500 million.

I won’t go into every detail of Cathy’s story and recommend you listen to the podcast and read Wikipedia. The major points that I took from Cathy’s story is that she had no self-limiting beliefs. She had a goal and had no doubt that she would achieve it.

However, Cathy had several potential obstacles that many would consider insurmountable to achieve even minor success:

  • Lived in housing projects as a child
  • Was a single mother at 17
  • Is an African American woman
  • Lived in middle America
  • She started her career in the 60’s and 70’s, which I understand was a less enlightened time in the US for African Americans (I’m from Australia, so I wasn’t there to experience it)

Cathy apparently faced discrimination in her early days but again, she maintained focus on her goal and never doubted she would succeed.

Again, I won’t go into her whole story but one story she recounted was approaching financial institutions for a $1 million loan with only $10,000 in the bank. She went to 32 banks before getting the loan. 90% of people would give up after 2 or 3 banks but not Cathy. She said that she believed in the law of averages that every ‘No’ is one step closer to a YES. It is not hard to believe that she would have gone to 100 banks if she had to.

What if we all had the same confidence as Cathy that we would succeed despite self-imposed limits? Very few will achieve the success that Cathy has. Without question though, the person that follows a passionate goal without thought of failure will be far more successful then the one that finds reasons they can’t.

I pity miserable people

‘Miserable people love to make other people miserable. I don’t hate them, I feel sorry for them.’

Brandi Glanville

A few weeks back I was at work during a train track closure. A track closure normally is due to essential track repairs. Alternative transport is organised to accommodate customers. My job on the night was to provide customer service through to guidance, advice and directions to appropriate transport.

Track closures are an inconvenience. They add time to a customers trip and mean there are sometimes multiple transport changes. All the same, they are performed for a purpose to provide a safe service for customers and are traditionally scheduled well outside of peak transport times to minimise disruption.

Well, I was half way through my shift and waiting for the next connection to arrive at the station. Customers were waiting and I was standing back with a couple of my colleagues on the night. One of my colleagues shared a joke and we had a laugh together. I excused myself from the group and made a round of the customers to see if anyone looked confused or had questions.

I was stopped by a sour-faced middle aged woman. The conversation went something like this:

Woman: I don’t appreciate you laughing while we are being inconvenienced.

Me: My apologies but we were certainly not laughing at your situation.

Woman: That doesn’t matter, you shouldn’t be laughing at all.

Me: Ummm…ok

Woman: I’ll be talking to my priest about it tomorrow.

From memory, I might have just nodded and continued me walk around the customers.

Surprisingly, my immediate thought wasn’t ‘What a miserable old bitch’. My first thoughts were 1) Is that why people go to church?; and 2) I feel sorry for her.

Working in high-volume customer service, I encounter miserable people that complain almost daily. On the whole, and putting things into perspective, their complaints are petty. There would have been a time when I would have reacted with irritation and anger. But perhaps due to some of my roles I performed over the last decade that dealt with death and real suffering, I see minor annoyances and complaining people as very small issues.

My honest response to miserable people now is pity. Are they so miserable that the smallest thing is an opportunity to be upset? Do they see no joy in life? Or maybe trying to demean others gives them pleasure? Either way, it is not a pleasant way to live and I feel sorry for them. Barely moments after our encounter, I have all but forgotten them but I assume they will continue to stew on the issue for some time after.

Life is hard, why make it harder when something minor disrupts your day. Just go with the flow, there will be plenty of really bad experiences in your life to test you without worrying about being 2 minutes late or your coffee is slightly too hot.

And if you come across one of these people, just let there bad energy slide over you. Don’t absorb it and take on their negative point of view on life.

If you don’t have the right skills, have the right attitude

‘Attitude is a little thing that makes a big difference’

Winston Churchill

I’ve never started a job with the skill level to hit the ground running. My education level is moderate at best and I haven’t any specialised qualifications. Therefore, I generally start a new role with minimal real ability to perform the duties.

What I do have however, is the right attitude. I start every new role with enthusiasm and with a learning mindset. In some ways, my lack of knowledge is an advantage as I don’t go in with a ‘know it all’ attitude. I don’t know what I’m doing and any opportunity is a chance to learn.

My current role serves as an example. If someone asked me to deal with an aggravated customer, I get onto it immediately without complaint. If I’m asked to clean up vomit or a particularly nasty toilet incident, I go and do it immediately. If I’m stuck with a full shift or just standing at the top of a broken escalator to perform customer service, I’m there.

These examples are not especially complex but they are not everyone’s idea of a good time. The point is, I do them and take the opportunity to learn. I might learn some strategies to manage the aggravated customer to use the next time. I get to use my communication skills with the broken escalator. I might not learn a lot while cleaning up a messy toilet but it is a mindless task that allows me to reflect on ways to make money or for other productive thought.

I have applied the positive attitude to every role I have held for the last decade. This attitude has given me the reputation as someone that is reliable and can be counted on to assist when needed. This has resulted in many opportunities being offered to me that were definitely beyond my education level and skill. Many times, these offers have been made ahead of people with considerably more experience in the role then I had.

It surprises me that I see many long-term and new starters that are reluctant to undertake tasks and make excuses. I get it, no one wants to clean up a blocked toilet. It is smelly and unpleasant. I won’t lie, there have been times I have been dry retching while cleaning up.

You know what though, when it’s time to offer an extra shift, overtime or a spell at a higher role, they will be asking the guy with the right attitude, not the guy that complains every time they are asked to do something.