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Op/Ed

Should there be an age limit on the practice of real estate?

When a doctor’s hands get shaky, they can kill a patient. But when a Realtor’s mind gets shaky, a client can lose thousands of dollars. Should there be an age limit on the practice of real estate?

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cloris leachman

I was on the phone yesterday with a lawyer who has aged considerably since we last hired him. I spent nearly 30 minutes explaining how a school calendar works, and that children have three day weekends nearly every month. It took three of us 30 seconds to understand, but nearly 30 minutes for a seasoned lawyer to grasp.

In another instance, I watched an elderly doctor with hands so shaky, he could barely take my family member’s blood pressure, yet they would be performing open heart surgery in under an hour on this same patient under these same circumstances.

In both of these cases, these intelligent professionals should find an exit plan – write a book and go on tour, begin consulting or educating, or retire. What they’re handling is so life-altering, that one slip can change so many lives.

In both cases, their own livelihood is at stake, as is their pride, and stepping down can be crushing not only financially, but emotionally.

Also in both cases, neither party was aware that they’re slipping, and as we all age, it is difficult to tell that we aren’t as sharp as we once were. I’m only 32, but I sure as hell can’t sprint up three flights of stairs like I could at 22, just a decade ago, but that’s so obvious – what is slipping that I can’t even grasp because I’m experiencing it first hand?

This brings me to the practice of real estate

In considering the plight of the lawyer and the doctor, I got to thinking – can’t an aging real estate practitioner slip and cause their client thousands of dollars, just as easily as the doctor can slip and knick an artery? Can’t a loss of faculties cause damage to a transaction, sometimes without the client ever even knowing? Can’t a slowdown cause frustration when communications break down over basic concepts like how to use a fax machine?

I wondered to myself, should there be an age limit on the practice of real estate? Perhaps it should be like drivers’ licenses where at a certain age, basic testing is required. Sure, continuing education is required to keep a license active, but anyone can have their assistant take the internet-based test for them.

Shouldn’t consumers be protected?

There is no real success metric in real estate that can be measured – with lawyers, cases are won or lost, and with doctors, patients survive, or they don’t. In real estate, a transaction can be damaged in immeasurable and typically unseen ways.

Then I thought about Cloris Leachman

Cloris Leachman is 87. If you’ve ever watched Raising Hope, you know that she plays Maw Maw, the senile old bat who is always up to some crazy antic. The show pokes fun at a topic that is painful and not at all funny – aging and senility.

Her character affirms all of our fears of the aging process, that at a certain point, we lose it. All of it.

But then, you must remember that Cloris Leachman is 87. She isn’t actually Maw Maw. She is a wildly successful actor who goes on press junkets, films the show, does sketch shows when invited, answers email interviews and fan mail, and tweets, on top of managing her personal life.

She remembers every line flawlessly, she delivers them perfectly, and she brings Maw Maw to life.

What would Cloris think?

Leachman brings up the dichotomy of the aging process – the elderly person who can barely dress themselves (Maw Maw) versus the same aged person who performs brilliantly year after year.

What would she think of my lawyer and that doctor? I’m guessing that because she has full control of her 87-year old faculties, she’d tell them to retire because they suck, not because they’re aging. She’d tell them to not put people at risk because they’re scared to step down.

Ability has nothing to do with age. This 87 year old can act circles around an aspiring 20 year old actress. Ability has everything to do with ability. Period. There are plenty of 25 and 45 year old coke-head Realtors that put clients’ transactions at risk, and there are many more lazy agents who can’t negotiate, take crap deals, make a mess of paperwork, and expect a paycheck.

Ability has nothing to do with age

Lou Holtz said, “Ability is what you’re capable of doing. Motivation determines what you do. Attitude determines how well you do it.” Bingo.

So no, there should be no age limit on the practice of real estate, but there should be a stupidity limit. I’m pondering ways to impose such a limit, so stay tuned.

Originally published April 2014.

Lani is the Chief Operating Officer at The Real Daily and sister news outlet, The American Genius, and has been named in the Inman 100 Most Influential Real Estate Leaders several times, co-authored a book, co-founded BASHH and Austin Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

Op/Ed

How to win every argument from now on

(EDITORIAL) If you have to start arguing then you need the right understanding of what is convincing and what can be dismissed out of hand.

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Freelancers and entrepreneurs working together in a meeting room, two men and two women, discussing over a laptop.

Take a look at your Facebook and Twitter feed or the comments on any news post. If there’s one thing it would seem nobody has any trouble with these days, it’s arguing.

There’s arguing for fun and frustration … OG/prequels! Cake/Pie! Over the roll/under the roll! Yelling, trolling, poking with a stick.

And then there’s ARGUING… reasoned, productive, and substantive discussions that get you somewhere in the real world.

No, wait, hear me out!

More than 10 years ago, tech entrepreneur Paul Graham laid out a “hierarchy of disagreement,” attempting to sort out the various levels of argument into a tool that could turn those arguments into something useful. Lately – just in time for 2020’s inevitable fracas, right? – the infographic makers at Adioma have laid that hierarchy out in a simple visualization that aims to make disagreement simpler to navigate and agreement easier to reach:

Essentially, the easiest arguments to toss out there are the ones you post without a pause. The inflammatory “YOU SUCK” (level 1) and “whaddaya expect from an over-the-roll bro?” (level 2). The reactionary “oh YEAH?” and “well WHAT ABOUT” (level 4). They add nothing to the discussion, change nobody’s mind, and pretty much keep the hostilities simmering.

Back in 2008 when he wrote the essay, Graham pointed out “a danger that the increase in disagreement will make people angrier. Particularly online, where it’s easy to say things you’d never say face to face.” Welcome to the Thunderdome. The most innocuous comment can be taken completely the wrong way (level 3), and this toxic shift in tone spills more and more often into offline interactions as well.

But here’s where the real-life benefits to this hierarchy come into play. Leaving Facebook and Twitter and the news comment sections aside – because let’s face it, all pretty much black holes where reasonable people can be sucked into nothingness – there is value to constructive argument.

Constructive argument – levels 5, 6, and 7 – deals with an issue at hand, not personality. It keeps civility on the table. It allows for back-and-forth, for discussion. Put it to work in the office, and it smooths the way in staff interactions and negotiations. Put it to work in the marketplace, and it creates stronger client and customer bonds. And yes, put it to work online in a company feed, and it strengthens customer service and can even help you build relationships based on respect for your open communication.

Coming at a disagreement with an eye towards understanding the other point of view and reaching agreement, rather than an eye towards scoring easy points, isn’t painless. The years since Graham pointed out the peril of online anger have not been kind to public discourse, and the person you’re arguing with may not be there right away for your empathy and bridge-building.

But as one of the great (country and) Western philosophers once asked, what would you be if you didn’t even try? You’d be stuck down on level 1 of Paul Graham’s pyramid with the trolls and the cranks, that’s what. Level up.

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Op/Ed

Inflation: Where you should invest your emergency fund to beat it

(EDITORIAL) Inflation is at an all-time high, so where can small business owners and entrepreneurs stash their emergency funds to come out ahead?

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Glass jar of coins labeled House Fund.

Inflation has been no mystery over the past year to those in the U.S., but many are questioning how long it’s here to stay and the impacts it will have on the economy.

According to The Consumer Price Index that measures the average change of prices over time estimated a year-over-year gain of 5.4% in September, an all-time high for several decades. Also, the core personal consumption expenditures price index, the preferred method of inflation measurement by the Federal Reserve’s reached a shocking 30-year high in August, when it was up 3.6% over the previous year.

Presumably, the hardest hit of all in the last year or two has been small business owners and entrepreneurs, where 67% feel that inflation will damage their ability to recover. If you’re still holding on to an emergency fund or in the process of building one and you’re looking to stay afloat the rising costs, you’ve come to the right place!

Don’t have a designated emergency fund but your interest is peaked? Let’s break it down: An emergency fund is a type of savings account, aside from checking, that you should set aside for well…an emergency! This could be for that rattling noise in your car you’ve been avoiding or to help bridge a gap between jobs while searching.

We suggest an emergency fund of at least $1,000, then building it up to 3-6 months of expenses. The purpose of the fun is to have a reasonable amount of cash set aside that is liquid, or in simpler terms, available immediately if necessary.

Magnifying glass and toy house representing searching for a home with a piggy bank in the back.

Our top picks for stashing an emergency fund are high-yield savings accounts, money market accounts, or CDs.

First, high-yield savings accounts (HYSAs) are similar to a regular savings account but with the perk of higher interest rates. The current average percent yield (APY) for these accounts is around .50% though the national average is a measly .07%.

Second, money market accounts (MMAs) are a hybrid of checking and savings, but sometimes with more restrictions such as transaction fees or a balance minimum. Due to these requirements, the APY tends to be on the higher side and you may also receive a debit card linked to the account for ease of access.

Third, certificates of deposits (CDs) generally offer the best interest rates of the 3 options, but are the least liquid, as your money is tied up for a set time period. The longer you don’t have access to the money, the more interest will be paid.

As you can see, interest rates aren’t that notable, at least for now. Don’t stress too much about maximizing ROI on an emergency fund as it’s meant to be a safety net if you need it. If you have an emergency fund, you’re already ahead.

Notes the Federal Reserve, 59% did not have emergency savings that could cover 3 months of expenses in late 2019, and nearly 4 out of 10 either could not pay all of their monthly expenses in full or did not expect to be able to do so if faced with a modest emergency expense.” A global pandemic didn’t help.

Stay in front of it now so inflation doesn’t cut your future funds short.

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Op/Ed

How can you prevent deepfake trickery?

(EDITORIAL) It’s hard enough to get a complete story about anything, but the use of deepfakes makes that process harder. How can you prevent from being tricked?

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facial recognition deepfakes

Deepfakes are some the latest content entering social media and digital news outlets. Deepfakes are false photos and videos created by artificial intelligence, that at first glance, can pass off as authentic imagery.

Deepfake content appears as a person in a real picture or video that is replaced by someone else’s appearance. The deepfake can then go on to pose as the real person doing or saying things that never happened. As one can imagine, it’s possible the Internet can take one joke too far and unleash a deepfake with insidious motives.

So what are some ways to spot one of these fake videos? One of the telltale signs is the mismatched lighting or discoloration on the person’s face. Another tip is to check for blurring edges around the lips, jawline, chin, and neck where the AI is trying to superimpose the fake image atop the real one. Lip-synching can be tricky, but it helps to watch and listen to how the audio is matching up.

To some, these tips may be pretty obvious, but not everyone is familiar with editing techniques and deepfakes can pop up many places online. As of now there are no reliable programs available to catch these inconsistencies so it’s up to us to pay attention to the media we consume (the zoom tool is a BFF). With AI and software development, this fake content will only become more convincing. Fortunately, companies and even states are taking action to ban deepfakes online.

Some companies are tiptoeing the line of normalizing this kind of technology, and many people seem to be fine with that, so long as it’s for a laugh. The problem with laughing at something that looks real, but is fake, is that that can conversely cause someone to minimize something that is real because the viewer thinks it’s fake. This mentality helps no one, and can only hurt our understanding of the events that happen around us.

Ultimately, and for now, viewers should keep our heads up while online to spot the seams in our reality.

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