How To “Be The Duck” In Stressful Real Estate Situations? – Keith Tate
On this episode of The Closing Table, we sat down with Keith Tate!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Keith Tate…
The conversation began with Keith introducing himself as a multifaceted individual, wearing the hats of a devoted husband and a proud father to three sons. His Christian faith serves as a guiding force, shaping his values and principles. Beyond his real estate pursuits, Keith is deeply passionate about basketball coaching, dedicating over a decade to mentoring high school basketball players.
Shifting the focus to his real estate profession, Keith is a dedicated realtor serving the Lansing, Michigan area. His expertise covers a broad spectrum, encompassing everything from residential transactions to the intricacies of commercial deals, with a specific emphasis on commercial leasing. Keith has held his real estate license for approximately 6 to 7 years, with a full-time commitment spanning the last 4 years. His extensive 15-year journey in the real estate industry has seen him in various roles, including financing, title work, and property management.
Keith’s unique specialty lies in his ability to connect the dots and foster trust with his clients. Whether he’s helping clients find their ideal homes or assisting with investment properties, such as flips or rentals, Keith is unwavering in his dedication to delivering exceptional service and results.
Geographically, Keith’s real estate activities are centered primarily around Lansing, Michigan, a city closely associated with Michigan State University. Furthermore, he extends his services to areas located within a 30-minute radius outside of Lansing. In Lansing, the real estate landscape predominantly features homes within the $150,000 to $250,000 price range, which Keith considers the sweet spot, aligning with the preferences of many potential buyers.
The market in this region experiences fluctuations influenced by factors such as interest rates and low inventory levels. Nevertheless, it remains a robust and active market, offering opportunities for both buyers and sellers. Despite these challenges, the enduring appeal of Lansing, marked by notable landmarks and attractions, keeps the real estate industry vibrant and dynamic in this locale.
Next, Keith’s journey to becoming a successful realtor was shaped by his previous occupations, which equipped him with valuable skills and knowledge. His experiences in coaching and even his teenage job in the mall have proven to be incredibly relevant in his real estate career. These roles have honed his communication skills, which he regards as paramount in his current profession. Keith emphasizes the importance of being able to connect with clients, understand their needs, and effectively convey information to them.
Keith reflects on the lessons he learned during his early years as a solo agent in the real estate industry. In one of his initial transactions, he made the critical mistake of not having his client sign the exclusive buyer agency form. This oversight led to the loss of thousands of dollars when the client went through with the purchase agreement without Keith as the agent. This experience highlighted the necessity of proper documentation and legal procedures in real estate transactions.
In another early deal, Keith’s lack of understanding of FHA guidelines for condos resulted in overlooking crucial details. This led to the need to reimburse inspection fees and create an awkward situation with the client, a professor at MSU with a significant network. This incident underscored the importance of thorough knowledge and attention to detail in avoiding costly errors that could erode trust with clients.
Following that, Keith elaborates on the five key considerations when receiving or making offers in real estate transactions. The first is the Earnest Money Deposit (EMD), typically around 1% of the sales price. As a listing agent, Keith acknowledges that EMD can be a crucial factor when evaluating competing offers, as it reflects the buyer’s commitment and financial capacity. The second consideration is the occupancy and closing date. Keith emphasizes the significance of this aspect, as many sellers prefer to remain in their homes for as long as possible after selling. This timing can significantly impact a deal.
When asked about the most challenging aspects of the real estate industry, Keith identifies two significant factors. First, he highlights the rollercoaster nature of the business, characterized by highs and lows. He openly admits that, being an emotional person, he had to learn not to get too elated when things were going well or too disheartened during rough patches. Keith shares his personal experience of experiencing both billion-dollar months and two consecutive months with no closed deals. He emphasizes the importance of emotional control for both himself and his clients, recognizing that fluctuations are part of the real estate journey.
The second challenge he mentions is the intricate teamwork involved in a real estate transaction. He likens it to a football team, where various individuals with distinct roles must collaborate to reach the closing table successfully. This teamwork requires effective communication and coordination, which can sometimes be challenging.
Keith then delves into the concept of “being the duck,” explaining that, like a duck gliding smoothly on a pond’s surface, maintaining a calm and composed exterior is essential even when faced with chaos beneath the surface. This mentality applies to his roles as a husband, father, and realtor. When managing a household, he must maintain a cool and collected demeanor, especially when things get chaotic. In his real estate career, numerous situations arise where things may not be going as planned, but he must present a calm and collected front to his clients to be more effective in resolving issues.
The conversation wraps up with Keith reflecting on key lessons learned. He emphasizes the importance of maturity in handling emotions and staying the course. He also underscores his marathon mentality, committing to be a realtor for the long haul, even during challenging times. This steadfast determination to persevere through ups and downs is a fundamental aspect of his approach to the industry.
Moreover, Keith highlights the paramount importance of serving others. He believes in being selfless and emphasizes his Christian values, striving to be Christ-like in his interactions with clients. For Keith, the focus is not on himself but on how he can connect with his clients and provide them with exceptional service. This dedication to serving others remains a guiding principle in his real estate career.
Check out Keith Tate:
Facebook: https://www.facebook.com/yesktate
Facebook Business Page: https://www.facebook.com/YESkeithtate
Instagram: https://www.instagram.com/lansingrealtor/
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