Is the 80-20 Rule the Key to Real Estate Success? – Sherri Flaherty
On this episode of The Closing Table, we sat down with Sherri Flaherty!
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 Sherri Flaherty…
The conversation began with Sherri stepping outside of her role in real estate, introducing herself as a wife of 41 years. She shares a unique partnership with her husband, who also works in the real estate industry. Beyond her professional life, Sherri embraces the role of a devoted mother of two and a grandmother to three, with another grandchild on the way. Her family-oriented nature is evident in the weekly tradition of Sunday dinners, where quality time is cherished.
Sherri embarked on her real estate journey in 2015 after spending over 30 years in the corporate world, predominantly in the field of Human Resources. The desire for a career that allowed her to return home at the end of each day was a driving force behind her career change. Her extensive travels, occurring several times a month, prompted her to seek a profession that could accommodate her entrepreneurial spirit while enabling her to be home regularly. Observing her husband’s two-year head start in the real estate business, Sherri gained valuable insights into the industry. Subsequently, she acquired her real estate license and worked with another brokerage. However, she missed the collaborative environment she had been accustomed to during her HR career. To address this, Sherri and her husband formed their own team, which grew to include 10 members. In 2018, she achieved her broker’s license, and they ventured into franchise ownership.
As the broker and owner of Realty ONE Group Platinum in Pittsburgh, Sherri has discovered her niche in guiding individuals towards success. Her passion lies in coaching, counseling, and training, although she remains fond of the process of buying and selling homes. Drawing from her background in business, she offers a unique perspective, understanding the intricacies of running a successful enterprise, making a profit, and motivating others to achieve their goals.
Geographically, Sherri’s real estate business encompasses the entire Pittsburgh metropolitan area and its surrounding counties. Pittsburgh stands out as a diverse region, not only within the city itself but also in the various municipalities and suburbs. With over a hundred municipalities, realtors like Sherri must be well-versed in the distinctive characteristics of each area, as potential buyers often seek specific school districts, downtown locations, or particular municipalities.
The Pittsburgh economy is marked by stability, avoiding the extreme fluctuations seen in some real estate markets, where prices can rapidly double and then plummet. Instead, Pittsburgh enjoys consistent home appreciation. On average, a house’s value tends to increase steadily over the course of several years. Currently, the average sales price for a single-family residential home in their market is approximately $228,000, with homes spending an average of about 45 days on the market before finding a buyer.
Sherri’s impressive background in Human Resources and leadership has undoubtedly left a lasting mark on her approach to leading a real estate team at Realty ONE Group Platinum. With over 30 years of experience in HR, she brings a wealth of knowledge and skills into the brokerage. She notes that her background allows her to offer valuable training, not only in the realm of real estate but also in the broader context of life. Having worked with thousands of individuals during her HR career, she possesses a keen ability to identify people’s skill sets and innate characteristics. This unique skill enables her to assist team members in discovering what they need to do to achieve success.
One aspect she particularly appreciates about the real estate industry is the diversity of success. Unlike the corporate world, where specific goals must be met, real estate success is a personalized journey. Sherri firmly believes that there is no universally right or wrong approach, as each individual is essentially an entrepreneur in the real estate field, free to determine how they run their business, provided they operate ethically and legally. This flexibility in defining success aligns perfectly with her HR perspective, allowing her to help individuals discover what works best for them.
Sherri’s dedication to inclusivity is also evident in her approach. She is committed to making every team member at Realty ONE Group Platinum feel welcomed, valued, and part of the team, regardless of their sales volume. Her goal is to ensure that everyone finds the brokerage to be an excellent place to work.
In considering the source of her strong work ethic and leadership qualities, Sherri reflects on her parents’ influence. Raised by a single mother who worked tirelessly to make ends meet, Sherri witnessed firsthand the importance of a strong work ethic and determination. Her father, an entrepreneur with an equally impressive work ethic, provided guidance, support, and invaluable advice. Both parents continue to play a significant role in her life, offering a strong support system for personal and professional challenges. Sherri acknowledges the privilege of having this unwavering support and believes that everyone can benefit from such a backup system, often found in family members. In her case, she is fortunate to have two loving and supportive parents who have her back, providing advice, a listening ear, and a source of strength, even to this day.
Sherri’s involvement in a volunteer event with a personal connection to her is a heartwarming testament to her compassionate nature. She recounts a recent initiative within their office that centered around the ongoing situation in Ukraine. Their CEO, an immigrant from Poland, and his wife, who hailed from Ukraine, sought ways to aid their relatives, family members, and acquaintances who were facing dire circumstances in Ukraine. The idea they came up with was to assemble shoeboxes filled with essential items and send them to those in need. This concept soon evolved into a broader initiative involving other franchisees, including all the agents in their brokerage.
Sherri describes the experience as truly unique. Agents and their family members came together to prepare these thoughtful care packages, selecting items they believed would be valuable to individuals fleeing Ukraine. While the shoeboxes didn’t make it to Ukraine, they were sent to the locations where the recipients were headed. This gesture was a way to convey that people from afar cared deeply about their well-being and the challenges they faced.
For Sherri, the experience held personal significance. Even her very young grandchildren got involved, contributing by coloring pictures and selecting toys to include in the shoeboxes. At one of their customary Sunday dinners, the entire family gathered around the table to participate. The impact of this initiative was made even more profound when one of her agents shared a moving personal story. He had been a refugee at the age of one and distinctly remembered receiving a shoebox from an American child, describing its contents. Sherri encouraged him to share this poignant narrative with the CEO through social media. The CEO, deeply moved by the story, invited the agent as his guest, covering all expenses, to join them at the Realty ONE Group summit in Las Vegas. It’s a powerful example of how a simple act of kindness and empathy can create a lasting and meaningful connection.
In the realm of real estate, negotiation plays a pivotal role in securing successful outcomes. Sherri reflects on her early experiences as a new realtor, recalling a particularly challenging negotiation scenario. She was representing a client who had a strong desire to acquire a specific house, but the property was in high demand, evident from the multitude of scheduled viewings within the first two days. To stand out in a competitive market, they submitted an offer at the asking price, which was met with success. Sherri attributes their success not solely to the offer’s terms but also to their professionalism and approachability. Unlike some others who submitted incomplete or rushed contracts, they maintained a respectful and cooperative demeanor throughout the negotiation process.
Sherri underscores the importance of likability in negotiations, emphasizing that it often goes beyond the technical aspects of the deal. The 85% personality and communication aspect mentioned is a testament to the significance of interpersonal skills in the real estate industry. She relates this to the 80/20 rule, stating that 20% of agents typically handle 80% of the work, mirroring similar patterns in the corporate world and various aspects of life. The 80/20 rule, in her view, underscores that success is often more about the person than the specific field they choose. Those who are genuine, approachable, and effective in their communication are more likely to achieve success. Her advice to aspiring professionals is to strive to be part of the 20% that gets things done, a principle that transcends industry boundaries.
Describing a real estate setback and how it was overcome, Sherri reveals her experience in dealing with a significant obstacle in a transaction. The obstacle, she recounts, typically arises when a realtor is faced with unforeseen circumstances beyond anyone’s control. She recently encountered a situation where her agent represented a buyer, and the transaction seemed to be proceeding smoothly. Both agents were doing an excellent job, and everyone involved in the transaction was cooperating.
However, unforeseen liens against the property became a major issue. The seller, an elderly individual who was moving to assisted living, was unaware of these liens. The liens exceeded the amount of money available to cover them, leaving everyone in a challenging situation. This unfortunate turn of events resulted in a standstill, where no one could complete the transaction. The buyer had already invested in the property, including expenses for a home inspection, and the seller was unable to sell the property due to the liens. This scenario left all parties involved without resolution.
The conversation wraps up with Sherri sharing the approach she would take to own a home, knowing what she knows now and using today’s resources. Sherri emphasizes the importance of choosing the right professionals for the homebuying process. She emphasizes the need to find a reputable and experienced realtor with a proven track record, and one whom you know, like, and trust. Gathering referrals from individuals who have had successful experiences with the agent is crucial. Additionally, selecting a knowledgeable realtor who can guide and educate you step by step is vital.
Sherri stresses the significance of partnering with the right lender, particularly a local lender who is well-versed in the local market. Understanding key financial details, such as whether you can afford the home, your qualification status, the cash required for closing, and your monthly payments, is essential before making an offer. By being educated throughout the process and collaborating with professionals who can provide such guidance, potential pitfalls can be avoided.
Sherri also advises prospective homebuyers to differentiate between “must-haves” and “nice-to-haves” when searching for a home. It’s important to communicate your priorities to your realtor, as you may only be able to afford your must-haves and not all the nice-to-haves. This approach ensures that you set realistic expectations and make a well-informed decision. Sherri emphasizes the role of the right realtor in guiding first-time buyers to understand that their first home may not be their dream home, but it’s a stepping stone toward achieving that dream in the future. Having the right person to navigate this process and set accurate expectations is critical.
Check out Sherri Flaherty:
Facebook: https://www.facebook.com/sherri.flaherty
Facebook Business Page: https://www.facebook.com/realtyonegroupplatinum
Instagram: https://www.instagram.com/sherri.flaherty/
If you loved this episode subscribe so you never miss one! Want more The Closing Table content? Head over to our blog.