Akrasia

My favorite new word this week is “akrasia.” I learned it while reading Ian McEwan’s novel Sweet Tooth; it’s Greek and means acting against one’s better judgment. I have been guilty of a certain amount of akrasia in my professional life: the person I probably knew I should not have hired, the person I probably knew I should have fired, the e-mail I wrote but should probably not have sent. And I see it all too often in the sellers, buyers, and agents we work with. Here are some common examples of real estate akrasia for which we should all be on the lookout:

• I have good instincts about who will be a successful agent, as I am sure do my peers at other top agencies. Some charm helps, as does a good sphere of influence. Persistence and intelligence are both critical. A competitive spirit combined with a cool head generally brings deals to the closing table. And ambition drives good agents from success to success. So why do we all sometimes hire people who lack these qualities? Maybe they were recommended by someone we respect, maybe we just liked them in the interview. But a bad hire is bad for the whole industry. We need to go with our gut.

• Who needs the overpriced exclusive with the unreasonable seller? Yet time and again we go against our better judgment and take it, only to lose it six months later to another agent. Usually we know instinctively what we can sell, and who we can work with successfully. But we waste time with people and properties which fall into neither category.

• Overidentification often leads to akrasia. The agent who, having bonded with the seller over an inappropriate price, then excoriates the buyer’s broker who comes to her with a reasonable offer is not acting in either her own or her client’s interest. She KNOWS the offer is reasonable. But acknowledging that the offer makes sense means having the dreaded “Your property really isn’t worth that much” conversation. It is often easier to forge a false alliance with our principal by uniting against a third party (the buyer’s agent) than it is to tell the principal an unpleasant truth.

• Could there be any clearer example of people acting against their better judgment than the buyer and seller who let a big deal collapse over a few thousand dollars? But it happens. Ego can so easily interfere with our ability to listen to the rational inner voice. Sometimes, in these situations, time is the best medicine. A day or two can often restore the balance of rational thought and lead us back to making the decision which IS in our best interests.

In both our personal and professional lives, we all sometimes act in self-defeating ways. What questions can we ask ourselves to guard against this? Am I listening to my inner voice? Why am I choosing to ignore what it tells me? Am I really examining the facts as a whole, or only those which support my predetermined conclusions? For me, the best solution comes through self-awareness, consistent re-examination, and the willingness to lower my defenses enough to really listen to those around me. What works for you?