Skip to main content

Get a Little Freaky (Posted September 26, 2016)

Before you think this publication of ours has gone off the deep end, hear me out.  The title of this edition has to do with a popular series of books from Steven D. Levitt and Stephen J. Dubner titled Freakonomics, Super Freakonomics, and Think Like a Freak.  It’s very likely that many of you have read at least one, if not all, of these books.  The third book in this little trifecta of cerebral swordplay, Think Like a Freak, will start us off on our discussion today. 

In one of the early chapters, the authors discuss “the three hardest words in the English language” – and they’re not “I love you”, “Santa’s not real”, or “We’re outta tacos?”  No, the three hardest words in the English language are – does anybody want to lay down some bets here before we proceed? – “I don’t know.”  Once most of us reach a certain age, we don’t like to admit that we’re not in the loop on something or we haven’t figured something out just yet, and our “bluffing” gene kicks into high gear. 

They then cited a study done by this really smart (and extremely patient – you’ll see why in a minute) guy at University of Pennsylvania.  He enlisted nearly 300 “experts” – government officials, political-science scholars, national-security experts, economists, etc. – to make thousands of predictions THAT HE CHARTED OVER THE NEXT TWENTY YEARS (that’s patience!).  These were smart people, right, who know a lot of stuff about a lot of things.  However, the results of the study were shocking.  While 96% of these experts had postgraduate training (read: they thought they were smartest of the smartypants), their predictions were about as accurate as “dart-throwing chimps”.  When asked to name one of the basic reasons these “experts” were not very good at predicting outcomes, Professor Shifty McGotcha said it was overconfidence.  In other words, because these folks are experts in one or two areas, they think they’re experts (or at least smarter than the average bear) in practically all corners of our existence.  Rather than admitting their limits, they forged ahead with predictions related to a whole bunch of stuff that’s not even CLOSE to their specialties. 

This was all preface to their main point: while it may seem against our nature to admit we don’t know something, and our brains will try to stop our mouths from saying “I don’t know,” those are actually the THREE MOST POWERFUL WORDS (when combined, of course) in the English language.  Why?  Contrary to what we may initially think, saying “I don’t know” doesn’t show weakness – quite the opposite, it shows that we are willing to go find out.  (Now, don’t mistake this with a teenager’s “I don’t know” when asked the current location of his shoes or your car keys – he’s not signifying a deep-seated desire to seek out those items on your behalf; he’d just rather resume texting, tweeting, and/or eating.) 


Whether you’re the one on the giving or receiving end of an “I don’t know”, think of the courage (and WISDOM) it takes to utter those words when asked a question.  When you’re about to ask your realtor a question and you stop yourself and say, “I can’t ask her that.  She won’t know the answer,” by all means, ask the question.  It’ll give your realtor the chance to research the answer and get back to you with more information than you had originally anticipated.  Win win!  If you’re a realtor, you WANT your clients to ask you questions to which you don’t know the answer. Yes, you read that correctly.  If they feel they can ask you any question, and they know you’re going to be honest if you don’t know the answer, they’re going to rely on you even more heavily because they know you’re going to research the heck out of their question(s) and not only give them complete but honest answers.  And THAT certainly beats having chimpanzees throwing darts (or other objects) at you and your clients!

Comments

Popular posts from this blog

Posted August 31, 2015

Fast . . . So They’re Not Furious InSellerate , a lead-generation company, conducted a study that yielded some very interesting insights: •    32% of consumers expect a company to respond to an online inquiry within 30 minutes •    42% of consumers expect contact within one hour •    M ore than half of the companies studied (56.34%) did not respond to the online or email inquiry at all Of those companies that did respond, the average response time exceeded 24 hours, and the primary response vehicle was email, which is a passive, relatively non-effective method of contact .   The take-away thought from all of this is “no kidding”, of course, but it underscores the wisdom that a lead is only as good as the work you put into it. Safety Over Sales According to a USA Today article, realtors in Iowa are taking steps to ensure the safety of all agents. The initiative includes an optional seller contract that prohibits any agent from ...

Perspective Produces Progress

Each week I try to write something that will either make you think about a rather humdrum mortgage/real estate topic in a new way or at least clear the cerebral cobwebs.   Admittedly, some weeks I’m better at accomplishing that than others – my apologies for those “off” weeks.   As I’ve been trying to come up with a topic for this week’s missive, it’s not so much that I’ve been hitting a brick wall that’s been keeping me from inspiration, it’s that I’ve felt sort of “dragged down” by so many things that have been happening here in our own backyard over the past few weeks that have been . . . less than inspiring.   It seems that wherever you turn – TV, radio, Facebook, Instagram , newspapers (they still exist) – one party isn’t happy unless the opposing party is proven wrong and/or devastated.   I’m not advocating the philosophy that “everyone’s a winner and should get a trophy just for showing up” – I’m an advocate of just the opposite when it comes to c...

Dethroning the King (Posted September 19, 2016)

There’s an old saying that you hear bandied about a great deal in the real estate/mortgage world, and it’s “Always wear clean underwear.”   Wait, that’s not it (but I wouldn’t pass up on heeding that advice either)!   The saying is “Cash is king.”   Sure, there’s something much sexier about having an aluminum attaché case with $100 bills banded and stacked all nice and neat than a piece of paper “saying” you have the money – there’s an emotional pull that you can work to your advantage when you’re sitting across from a seller, and you can hand her cash at that very moment and complete the transaction.   In other words, your powers of negotiation are significantly enhanced.   But when you take the emotion out of it, cash shouldn’t be king – it should be YOUR slave.   Let me explain.   Let’s say you have the cash to purchase a $200,000 home outright (I’ll pause here for all you fans of the movie “Airplane” to join me and say, “You have the cash to...