We caught up with the brilliant and insightful Lynda Escalante a few weeks ago and have shared our conversation below.
Lynda, thanks for taking the time to share your stories with us today Too often the media represents innovation as something magical that only high-flying tech billionaires and upstarts engage in – but the truth is almost every business owner has to regularly innovate in small and big ways in order for their businesses to survive and thrive. Can you share a story that highlights something innovative you’ve done over the course of your career?
In the 1980’s, I wrote a home-buying seminar called “How to Buy Real Estate and Avoid Getting Burned”. The 1980’s was a challenging time for real estate agents because interest rates were high, supply was low, and where I lived, in Houston, home buyers were also in short supply. Many people had been laid-off due to the oil & refinery crash. (It happed to me — that was why I became a Real Estate Agent.) My seminar was designed to educate home buyers so they would be informed, and confident when looking for a house. In the seminar I featured guest speakers who were industry professionals including mortgage brokers, insurance agents, inspectors, attorneys, and past clients. The seminars were advertised in the local newspaper, and held usually at a hotel conference room. I paid all of the expenses. My goal was to meet prospective buyers and hopefully sell them a house. I did succeed in obtaining customers as a direct result of the seminars. It did not take long for others to copy my model. Home Buying Seminars started popping up everywhere, conducted by Realtors, Builders, Loan Officers, and other industry professionals. They say imitation is the greatest form of flattery.
As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?
I graduated from high school in 1977 at the age of 16. After one semester of college, even though I had a 4-year scholarship, I realized I needed to go to work to support myself. I quit college and got a job as an expediter at an oil tool company, BJ Hughes. I worked there for nearly 7 years and climbed to a management position during my time there, but the oil bust of the 1980’s caused this 100-year old company to shut down. Over a period of 2 years, all 500 plus employees were laid off. Job hunting was fruitless as no one was hiring. I did not have any particular skills, and no college degree. One day, while combing the want-ads, I saw and ad that said “GET WITH IT ” and it talked about a career in real estate and a free scholarship. I thought that sounded good, and I remember the agent who sold my first house didn’t seem all that sharp, so I thought “I can do this”. I made the call, and started my career in real estate. The first step was taking classes, then sitting for the licensing exam. At the same time, the Broker who had placed the ad provided in-house training for all the new agents. We learned about dealing with people, which is something you cannot learn from reading a book. We had scripts that we were taught to use for different situations. We had to physically knock on doors and call people from a reverse phone book. What set me apart is that I did so, diligently, and got my first listing on the second door that I knocked on. The owner thought I was a real “go-getter” because I was out knocking doors. You can’t really “knock on doors” today in the literal sense, but I am not afraid to do the things that others hesitate to do because they are unpleasant, embarrassing, tiring, or somewhat demeaning.
Can you tell us about a time you’ve had to pivot?
I got my real estate license in 1984, and still work in that field today, nearly 40 years. later. Over the span of my career, I have seen interest rates fluctuate from double digits to single, back to double, and back to single again. I have seen prices rise and fall, and have seen Buyers’ markets and Sellers’ markets. You have to be able to adapt and survive the busts and booms, or you will find yourself out of money and looking for another career. There is also a fair amount of stress in dealing with another person’s largest lifetime investment. There are ever-increasing education requirements, changes in Standards of Practice, and changes to contracts. It is no wonder that the fall-out rate for agents is so high in their first 2 years. I was always able to maintain my license as an Active Agent, but there were times that I took a break from selling full time. One such time was in the 1990’s, when I decided to be a courier. I was tired of the stress of real estate and wanted a job that ended when I got off work, so I did that for a couple of years, while still selling an occasional house. But the biggest career change was when I was 40. I decided to go back to college. Veterinary medicine is something that was near and dear to my heart. I love animals, and had wanted to be a veterinarian when I was a child, but it was perhaps too late to do that. However, I went back to school and got a degree in Veterinary Technology, which is like being an animal nurse. I worked in that field for about 10 years, while also maintaining my real estate career, though on a smaller scale.
What’s worked well for you in terms of a source for new clients?
Absolutely, by far, the best source of new clients for me is referrals. but referrals have to be earned. People like to give referrals because they like to be helpful. No matter where you are — at work, out shopping, car repair shop, gym, social event — if you hear someone ask if they know anyone who does whatever– hair, car repair, insurance, real estate — people are all too happy to help, that is, if they had a good experience. I make sure, as much as possible, that everything goes right. Of course everything does not always go right, Communication is the key. Whether it’s good news, or bad news, clients and customers must be informed on what is happening in their real estate transactions. Life isn’t perfect, and there are invariably hiccups. What sets me apart is how I communicate and tackle the problem. My clients know I am professional, caring, reliable, and skilled at handling details, and that is what earns the referral.
Contact Info:
- Website: http://www.vistarealtynb.com/
Image Credits
Larry King Robyn Fischer