October 22, 2024
Gaithersburg, MD--When I sent my two kids off to college, one of the last things that I said to each of them was to “ride the bus that got you there.” I am not taking credit for producing that line and I know that there are many interpretations of that quote. There is even a new drinking game called Ride the Bus. Much the same as sending my kids off to college, when thinking about running a successful business for nearly forty years, I can undeniably argue that one of the keys to success is remembering to ride the bus that got you there.
What do I mean when I say that one should ride the bus that got you there? In short, in the context of my kids, it was simple. You made it to college by working hard, studying, behaving, succeeding in athletics, being kind to others (especially those who were less fortunate than you) and respecting the worth and value of all human beings. When you get to college, do not forget all of those actions. Times will change, technology will change, methods will change, your classmates will change and you will change. But despite all of those changes that happen around you, don’t forget to ride the bus that got you there.
Interestingly, when running a business, the same philosophy holds true. If you have been successful for many years, doing whatever it is that your business does, there had to be many reasons for your success. Undoubtedly, you changed with the times, updated your technologies, adopted new methods and stayed current with your market and your competitors. But underlying all of those changes were probably some core principles or values that you did not change. Were you always honest with your customers or clients? Were you fair with your fees, charges, or rates? When you made a mistake, did you fix it? Did you treat your staff well? Did you contribute to your community and help others who may not have been as fortunate as you? In other words, even though times changed, even though methods changed, even though technology changed, your business continued to succeed because you rode the bus that got you there.
I happen to be an attorney who owned a title company for many decades. We were always highly successful, often even during some of the tougher markets. We had a few down years here and there, as the real estate market or the economy sometimes took a nosedive. But in the end, despite those sometimes off years, we
always managed to survive as a successful business. And the key to our survival and success? We rode the bus that got us there.
I am reminded of a real estate settlement that I was conducting many decades ago. We were at the settlement table and the loan officer called indicating that we were not allowed to proceed any further until he was given a copy of the termite inspection report. People were getting angry, fingers were being pointed and the blame game was on. As luck would have it, one of the agents had the report with her and we, being somewhat technologically advanced at that time, had just purchased a fax machine. I told everyone that we would solve the problem. Not to worry. Isn’t this why you chose us in the first place? You knew that we could get the deal done.
No one in the office really knew exactly how this new fax machine worked, but at least we had the machine. And the loan officer had one, too. So I called in our new paralegal and asked her to fax the termite report down to the loan officer. Thinking that it wouldn’t take but a minute to complete this task, I went back into the settlement room to stall for a few minutes and entertain the crowd while we waited for the phone call from the loan officer authorizing us to proceed. Everyone had calmed down, or so it seemed. But twenty minutes went by, I had used up all my jokes, and people were starting to get anxious and angry again. So I went back to check on the paralegal. “What is the problem?” I asked. With a somewhat flustered look on her face, she turned around and said, and I promise I am not making this up, “Every time I put the termite report into the machine to fax it to the loan officer, instead of going to him, it just slides right out the other side of the machine. It is not going to the loan officer.” About ten seconds later, I received a frantic phone call from the loan officer. “It’s all ok,” he screamed. “Do your settlement! I have 23 copies of the termite report! Please, just stop sending it to me!”
That story illustrates a point that I am making. Times do indeed change, but certain fundamental aspects of how we run our business don’t. Indeed, it could have been extremely embarrassing for our company, but everyone in the room instead enjoyed a good laugh. We got through a difficult moment in the settlement, and our reputation remained intact. We solved a problem, we respected everyone’s side of the issue, we treated everyone fairly, we kept the situation under control and everyone left happy. Despite the technological changes in our world, our
underlying philosophy of helping others and solving problems held firm. In other words, we rode the bus that got us there.
As much as our industry has evolved, some parts of our real estate world have remained unchanged. I am reminded of a story from a time when I went on a visit to my future in-laws. I was newly engaged at the time. It was my first trip to their house in Raleigh and I was, undoubtedly, extremely nervous. My future father-in-law had to run an errand and asked me to come along for the ride. Off we went to the fishing department at Walmart, a place that I, admittedly, had not spent very much time in. In fact, my recollection at the time was that when we wanted a fish, we went to the deli and bought one. Cooked and ready to eat. I watched in amazement as my soon to be father in law studied each of what seemed to me to be thousands of fishing hooks, lures, and bait. To be honest, most of them looked the same to me, although I was somewhat in favor of the purple worms because they matched the school colors of my college. After a half hour or so, my future father-in-law finally reached for one package, looked at me, and stated, “This is the one I want.” Relieved that this otherwise uninteresting errand was about to end, my soon to be father- in- law stopped dead in his tracks, turned around, and reached for a second package of the same bait. He looked at me very seriously and stated, “Always remember your fishing buddy.”
I tell you that story so that I can tell you this one. It was a recent real estate settlement and there had been a problem with a missing garage door opener. The buyer was not particularly happy and I undoubtedly did not have an extra opener in my desk drawer. I needed to solve the problem and remember what got me where I was. Be kind to everyone. Listen to their story. Be fair. Help solve a problem. In a strange twist, the listing agent came in a bit late to settlement, and she mentioned that she was at the store over the weekend because her garage door opener had broken, so she bought a replacement one. As she was telling the story, I thought about the story with my father-in-law and the fishing bait. As if scripted by a Hollywood writer, the agent, looking directly at the buyer, said, “As long as I was there, I thought I would buy one for you, too."
Indeed, a lot has changed in our industry over the years, much the same as it has for many businesses. Artificial intelligence, advanced computer technology, spreadsheets and customer trackers, automatically generated e-mails and work from home scenarios, cell phones and social media and the list goes on and on.
But some things will never change. Be honest with your customers. Be kind to everyone involved with the transaction. Be fair with your prices. Be trustworthy and loyal and supportive. Help those who need help the most. Contribute to your community. Treat your employees fairly. And perhaps most important, always remember your fishing buddy. In other words, ride the bus that got you there.
David Parker is an attorney and the Managing Director of Village Settlements-an Atlantic Closing and Escrow Company. His columns have appeared regularly in local newspapers, magazines, and newsletters. He is the co-author of the book, “Real Estate Practice in DC, Maryland and Virginia.” He can be reached at dparker@villagesettlements.com
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