Catchy title, eh? I don't want this to be a scathing documentary advising the masses to not work in the Mortgage Industry, yet I do want to state a spade as I see it. I learned long ago to never treat or think about another's job as if it was ‘easy' or ‘anybody' could do it. I never wanted to generalize, yet I do. (I'm working on that.)
Back to my point though, sometimes I hate doing what I'm doing. It has more drawbacks than reciting marriage vows with Elizabeth Taylor. I've faced it (not reciting marriage vows with Ms. Taylor), but here it is...you are strictly commissioned-based, you rely on ‘other' people's money, and at one point in time you could get into it with no knowledge or training or education at all. As far as the latter, I'm thankful for that because I was one of ‘them.' Now, I'm damn good at what I do. That does not mean I always like it.
It's no huge secret that this Real Estate Market (from a money perspective) is in challenging times. Is ‘challenging times' not the most bull-shit political statement you've ever read? Well, I'm not about all that but I do think there are reasons for our current situation. Here says me....
-Products & Pricing are changing daily and rapidly. It's hard to keep up. One day you can concretely pre-approve somebody and the next day that pre-approval is gone with the wind that breathes from Mother Earth.
-Common Sense is still a rumor around here. Few lend against it, for lending on a portfolio line makes so much more sense. Right.....if $100.00 bills landed on your lap in multiple masses, then it makes total sense. Money is the root...the barometer....at times the very charge we live by and under. It's cool if you have it, un-cool if you don't & see the talking heads that have plenty of green and no common sense.
-Interest Rates. Heck, I'm starting to hate the term. A few weeks back I quoted a former client an interest rate on an investment property. I told him he could get a fixed rate on a 30 year term of 6.25%. He retorted, "That's way too high. I think I'll wait until they drop in the 5% range." Yup, he's a bonafide idiot in my book. Sorry Mr. Consumer, but you are being ridiculous.
So with these things I hate about my job, I'm begging anybody who may read this to be a smarter consumer, for it makes my job easier. Here are a few ideas on how:
-Monitor your credit score. These days, lending is so credit score based that it's more important than ever to have a pulse on where you are at. While government programs such as the FHA aren't credit score driven per se, they aren't always the best route or even an available route to take. (More on that at a later date....)
-Exit Strategies. If you are a Real Estate Investor, make sure you have several. As an investor of any sort, you probably should. The past few years have been a spoiled bunch, with interest rates so low and so little money out of one's pocket to buy Real Estate. With 100% financing on Non-Owner Occupied Properties so prevalent at one point, it probably makes the founding fathers of this land roll over in their graves. Investor = Investment. Enough said, I hope.
-Work with the right people. If you are looking to buy a home or sell it for that matter, your first call should be to a REALTOR to help you along the way. If you want to know how much your home is worth, contact an appraiser and set the appointment. If you are applying for a Mortgage of any sorts, talk to your local bank or credit union, a mortgage broker, & your rich uncle. See who has the best terms & service. While we can quote you rates and terms all day long, nothing replaces being able to talk to the person behind the quotes...especially if things change for whatever reason. Personally, I don't mind hearing ‘Bad' news as it happens.....I mind hearing ‘Bad' news when the transaction is already done.
Funny, I sometimes have little quirks and irritating stressful things that soon are fixed....bottom line...I like what I do and it's a given that no two transactions will be the same. All involved working together as a team is what makes it work....and that goes for the consumer too! Lovely...my dear lil bro....
This is just to make you smile!
When you have a
'I Hate My Job'
day try this:
On your way home from work, stop at your pharmacy and go to the thermometer section and purchase a rectal thermometer made by Johnson & Johnson
Be very sure you get this brand. When you get home, lock your doors, draw the curtains and disconnect the phone so you will not be disturbed.
Change into very comfortable clothing and sit in your favorite chair. Open the package and remove the thermometer. Now, carefully place it on a table or a surface so that it will not become chipped or broken.
Now the fun part begins.
Take out the literature from the box and read it carefully. You will notice that in small print there is a statement:
'Every Rectal Thermometer made by Johnson & Johnson is personally tested and then sanitized.'
Now, close your eyes and repeat out loud five times,'I am so glad I do not work in the thermometer quality control department at Johnson & Johnson.'
HAVE A NICE DAY AND REMEMBER, THERE IS ALWAYS SOMEONE ELSE WITH A JOB THAT IS MORE OF A PAIN IN THE TUSH THAN YOURS!
Common sense is something lacking in this world today. Brain dead drolls.
Gotta take the good with the bad...this will pass hopefully soon.
Yep, a good title. And like your comment about easy jobs. We all of course have been accused of making easy money... and we all know what that is.
best
Investor = Investment
What a novel concept! Love it, Jason.
Jason - You're not back yet. Was Walgreen's all sold out of the J&J thermometers?
If it wasn't so late I could write the Realtor version of your post. My favorite seller line this week was, "Interest rates have dropped since we listed the house last fall. Now a buyer can pay my price and still have the same mortgage payment he would have if I dropped the price to where you want it."
Just remember, in these "challenging times" lesser lenders and Realtors are bailing out of the business. Bigger pieces of pie await those of us who are committed to our careers.
Jason, in a word AWESOME!. ."Exit Strategies. If you are a Real Estate Investor, make sure you have several. As an investor of any sort, you probably should. The past few years have been a spoiled bunch, with interest rates so low and so little money out of one's pocket to buy Real Estate. With 100% financing on Non-Owner Occupied Properties so prevalent at one point, it probably makes the founding fathers of this land roll over in their graves. Investor = Investment. Enough said, I hope."
I can't tell you how many phone calls I get from clients who want to be investors telling me look at how much the property is worth. I tell yes but what if it does not sell?? Do you have an exit strategy?
Hey Jason - love this line "Common Sense is still a rumor around here" That appears to still be a rumor in many places, sadly..... this is a great post. I've read it twice now.
Love Jeff Pickering's comment - that ought to make ALL of us really appreciate where we DON'T work!! That had me laughing right out loud......
MWA......Ann
Jason - I hate your job too! : ) What, you want me to read the whole thing?
Common Sense.... I hope any consumer reading your post takes your advice for you do know what you are talking about....watch your credit scores! And work with the right people, now there is a concept...Hire a team of Professionals.
Sometimes I hate mine too. Like after getting a buyer prequalified, working with them for 4 months, writing a contract, and it falling through because they decided to purchase a house full of furniture (against your advise) on credit right before closing.
Keep your chin up, your nose down, and a smile on your face.
Jason, as always, this hits the nail on the head! Each and every one of your points were valid and SO true--I especially like the 'challenging times' definition!!
Jason,
What? You don't like a challenge? I can understand the frustrations with the ever changing tides in the mortgage industry. It's frustrating for us Realtors too to have to deal with the "winds of change" coming from the mortgage side, but we have to realize that someone has to fund our business.
As for "common sense", which I've never been in great supply of myself, has it ever been more than a rare commodity in this industry? To those on the inside, it must appear that we're all a bunch of dodo's bumping into the glass as we blunder around.
Great post, my friend.
Sis - I love what I do too, but I want to make sure consumers are armed with as much info as possible to ensure that any Industry changes affect them as little as possible, at least adversely.
Missy - A Team of Good Professionals is vital, hope you slept well!
Jeff - LMAO! I remember getting that email for the first time, I was howling! For the record, I'm not a disgruntled former employee of Johnson & Johnson:-)
Larry - It just means, as always, we need to keep atop of the changes.
Mana - I was taken back by that reaction to that particular rate quote. It still has me wondering...
Sonja - Thank you, I think....
Jennifer - Yup, I'm good at that you know:-)
Mary - I'll stick to the Mortgage side of things, thank you:-)
Sardi - Stifle yourself!
Kathy - One day when I get elected to public office, I'm going to initiate the Common Sense Act!
Bob - Lol, true that.
Thesa - That's a fact my dear.
Gary - Easy money is an oxymoron for the most part, at least in my book.
Lisa - Yeah, imagine that! Thank you!!
Nancy - You get it, absolutely!
Kim - Yup, all sold out:-) I think you should write that post, it would probably be of benefit to fellow REALTORS & Consumers alike.
Matt - Thanks. I truly believe Exit Strategies aren't talked about enough.
Ann- That was classic, should of known that comment would come up:-) MWA!
Sandra - A good Team of Professionals is well worth their weight in gold.
Lissa - Oh, that's a killer for sure. Applying for any type of credit before closing on a home can kill the deal and the client's chances of buying their home.
Dan- Sooner or later, if we keep plugging away at the reality & facts...perhaps it will resonate with people.
Neal - Unusual...interesting....is that a compliment?:-)
Ginger - "Hire smart and listen to them." Wonderfully put!
Debe - Thank you so much. I try hard to call it not only how I see it, but how it is.
Andrew - Oh, I love a challenge but it does get frustrating. Being abreast of the changes is ultra-important and being informed as they happen is crucial, for better or worse...as you & I well know.
Scott - That's a post in of itself!
Michael - Good to see you around again man!
Jason: I LOVE my job...two out of three months. That third month I want to jump off the roof of my office. All the same reasons you cite.
My assistant and I had a dark humor chuckle this morning on our clients that are waiting for rates to drop to 5% again. Did I know they would drop that low a couple weeks back? No. But the chances they'll do it again soon (especially now with this bond market/economy) are about the same as you proposing to Elizabeth Taylor...and her saying NO.
Sardi...
Oh...C'mon...Why do we have to read it?
We get points either way :)
Good thing you didn't have any fine print heh? :)
TLW...ROAR!
Joey - It is a rollercoaster ride, isn't it:-)
TLW - Because I'm fun to read and you like me, you really like me:-)
Jason,
Great post! I share your sentiments. I'm glad to hear someone NOT shy away from what's truly going on in our business. Somehow, we're the ones that look like a schmuck for not having a 30 year FRM @ 5.625% available at 0 points two weeks after you quote this...who'da thunk??
Sardi...
Of course I like you. I don't hang with just anyone :)
On top of that you remind me so much of my youngest twin boy :)
He's 31 but to me...Well...He's just a boy. When he's 40 he'll still be a boy :)
P.S. Damn that written word. I am "NOT" calling you a boy.
TLW...ROAR!
Ok, I am late to the party again, but this was a great blog. Most days I feel like Rocky going 12 rounds and then get up and do it again. This is a very challenging time for mortgage professionals, that is for sure.
Keep fighting the good fight
Once again, Jason tells it like it is and makes the grass always look greener on the other side. So what you are trying to say, is I should stop being and agent and become a mortgage broker because it is easy! (Just kidding - lol)
I was just discussing the same general topics with my brother who does mortgages in Florida. His take is almost identical to yours (except with more colorful euphamisms for people who lack common sense.)
He also seems to feel that about half of the people who call him are looking for miracles after having been turned down at 5 other shops. On the other hand, I am sure glad that SOMEONE is getting approved and buying houses or I would be looking for my own exit strategy!
Hope you are well!