Ed's Chesprocott Region Blog: My Business Do Over Learn and Grow From Your Mistakes

My Business Do Over Learn and Grow From Your Mistakes

This month, Grant Schneider is hosting a Challenge of Who Says There are No Do Overs.  It has generated some interesting and very open posts from ActiveRain members comfortable enough with themselves and the membership to reveal the life events that bring them to the eve of a New Year.  If ever there was a case for how this site feels about each other, these frank family discussions tell a story.

I too have had marital and health issues over the years that have altered my life path.  In retrospect all for a reason and I could honestly say that I am at peace and genuinely content with the road traveled to get to this destination.

An event that rings out strongest for me is mild by comparison to what others have posted, but has been a focus for me for almost 8 years now.

My Business Do Over   Learn and Grow From Your Mistakes

At a time when short sales were starting to become a factor in our  Connecticut business, I was approached by a nephew of a relative to sell their house.  They had been on the market with other agents for a while but being underwater, could not get an offer that would allow them to escape their situation.  

I let them understand that it would be an experience for both of us and that I would help them as best I could. A lot of talking to people I knew and reading as much as I could about the process. The issue for us turned out to be not being able to get an offer on the house in sufficient time to get the bank process started.

This was not a listing that left me with a good feeling for several reasons, the most important being not being familiar with the process.

Over the next few months, I read all that I could on short sales. I took accredited classes as well as the larger course that were available to me. Along the way I was contacted by people who were looking for a qualified short sale specialist and found my name on National sites.

Activity developed and banks were also referring their potential short sale clients to me to process their listings and subsequent sale. Since that first failure, I have successfully closed over 60 short sales and have only lost 5.

The degree of success pales by that of some, but the gratification in knowing that I have saved a family from some distress makes me feel that my license has true value.

While the market for short sales has fallen off a little, I still have lawyers referring their clients to me and while I do not select which I can take to completion, all get fairly treated with their problems, and my rate of closure is still high.

While the rewards for a closing are important, as we do need to support our efforts, the reality of a real accomplishment at the end makes the heart sing.

 

My Business Do Over   Learn and Grow From Your Mistakes

 

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Whether looking to buy or sell, we service the Greater Waterbury towns of Beacon Falls, Bethany, Cheshire, Naugatuck, Middlebury, Southington, Thomaston, Waterbury, Watertown and Wolcott 

Ed Silva  RE/MAX Professionals,  www.edwardsilva.com  203-206-0754

Comment balloon 19 commentsEd Silva • December 26 2016 01:59PM

Comments

Good mornign, Ed Silva there's nothing you can't do if you really want to accomplish it.... my money's always on you, my friend...

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) 7 months ago

Hi Ed Silva - The short sale market is not for the faint of heart. It requires a lot of work by the selling agent and many times frustration dealing with the mortgage holder.  Continued success in helping others.

Posted by Sheri Sperry - MCNE®, (928) 274-7355 ~ YOUR Solutions REALTOR® (Coldwell Banker Residential Brokerage) 7 months ago

Awesome1

Posted by Deborah Spence, Awesome Realtor serving Philadelphia and suburbs! (Weichert Realtors-Jenkintown Pa) 7 months ago

Good for you for taking on the education and learning that needed to be done in order to successfully close all those short sales. That was a tough way to begin, Ed.

Jeff

Posted by Jeff Dowler, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) 7 months ago

Good Morning Ed Silva -  thank you for your entry.  Eight years ago really got the do over thing going in many businesses.  You had lemons and you made lemonade but at the same time you helped people.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 7 months ago

Hello Ed Silva, Shorts sales are always interesting,  honestly, I try to refer them to another agent.  Make it a great day!

 

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) 7 months ago

Ed, you tackle an area of real estate that makes me quake in my boots! I have only had a smattering of business with this and never as a seller's agent. Oy vey, talk about patience, perserverance, the friggin' PAPERWORK. Kill me now! 

I love it that your nephew had a hand in taking you on a life's path that has turned out to be a long and winding road to success. And Santa Silva, you are SUCH a good man!!!

Posted by Gayle Rich-Boxman Fishhawk Lake Real Estate, "Your Gateway to the Lake" 503-755-2905 (John L Scott Market Center) 7 months ago

Short sales are not easy of fun, but for me very rewarding to be able to help so many families suffering hardship and helping them move through it and forward Ed Silva  . I see so many of those same families coming to see me now for a new home. While on the flip side, a new generation of home owners seeking assistance to complete a short sale 

Posted by Scott Godzyk, One of Manchester NH's Leading Agents (Godzyk Real Estate Services) 7 months ago

Ed,

Everything that I would have said has been said by the previous commenters, and I agree  with Barbara Todaro !  Have a delightful rest of the week.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding and Marketing (Napa Consultants) 7 months ago

Short Sales are definately a challenge Ed Silva, as we both know. I only do them rarely these days, but boy was it a great feeling helping people out of their woes!

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) 7 months ago

Ed, only agents who have truly experienced working with clients on a short sale knows the feeling of having done so much good in helping them.  We see the stress in their lives and the fear in their eyes .... to be a part of what helps them navigate from that place to a better space ... is priceless.  It is worth all the work that goes into it. 

Posted by Kathleen Daniels, San Jose Homes for Sale - Probate Broker (KD Realty - 408.972.1822) 7 months ago

Ed you took the time to learn the Short Sales process and it has paid off.  This industry is one which requires us to continuously seek education.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) 7 months ago

Ed there was a time I used to tell my buyers that wanted Short Sale purchase to buy a gun and shoot themselves to put them out of their own and my misery.... wow and you managed to do 60 of them.... question do you have any hair left and if yes did they turn Gray?:) just kidding, good for you to turn things around, Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) 7 months ago

You are a true trooper in CT real estate, Ed and I know you give your clients the best you can do.  They all should know that you are one of the hardest workers there is especially on short sales...to a better 2017 and I do hear that short sales are on the rise...again.

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate) 7 months ago

Good Morning, Ed Silva 

Oh, the troubles we have but others do too! I remember my first encounter with a Short Sale. Luckily, the experienced agent in the office gave me the best advice anyone every gave me about Short Sales. She told me she was around in the 80's when things were tough then too. Short Sales wasn't going to be easy, but it wasn't going to go away soon. She advised me to do exactly what you said you did: "Read, take classes, try to make it work because you're in the business to sell houses. If you give up now, she said, you'll probably never go back into the business. Only the best agents will survive." 

She was right! Many agents went out of the business but I took her advice and never gave up. I only lost one (the first one) and succeeded in all about a dozen. Not as many as you have done, but it was an achievement of success because the true meaning of helping a homeowner sell under water was the greatest accomplishments of my business. 

You are an amazing Real Estate Agent and you have come far. You're not a quitter but when change is necessary you accept the challenge. Best wishes for your continued success and thank you for the tenacity to stay in the business and accomplish so much for others who really, really, really needed you. After all, you are in the business of selling Real Estate!

Posted by Patricia Feager, Selling Homes Changing Lives (DFW FINE PROPERTIES) 7 months ago

Short sales are not easy and the first few are a learning process. Once you get some experience under your belts they all pretty much are handled the same way. it is a great niche to be in with satisfaction that you are helping families.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional) 7 months ago

Ed, This post needs to be featured, well done! Part of my success is knowing that everyone gets the same treatment. That means all clients are treated with the respect they deserve, no matter the circumstances.

Posted by Wanda Kubat-Nerdin, St. George Area Preferred Residential REALTOR® (Specializing in Residential, Referrals & Relocation | PK Real Estate Utah South) 7 months ago

Congratulations, Ed. My area (San Francisco Peninsula and the Silicon Valley) wasn't hit too hard with short sales. While I took the CDPS course in case I needed that knowledge, I only worked with one buyer of a short sale; it was an opportune moment and all proceeded smoothly thanks to a terrific listing agent.

I have the utmost respect for you and others who worked so hard helping others through that difficult process.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) 7 months ago

you are a brave man! Short Sales are not short! You have helped a lot of people and should be very proud of your achievements!!

Posted by Debra Leisek ( Bay Realty,Inc Homer Alaska) 7 months ago

Participate