Mike Gain returns to his former turf
Fri, 11/13/2009
Just under 30 years ago, Mike Gain started a small realty business with his high school friend Roger Cayce. They had learned the business and wanted to go out on their own. As soon as interest rates skyrocketed into the high teen's, (1980) when the economy was tanking, Cayce and Gain was formed. " we could not have started at a worse time," Gain says with a grin. Their new venture began with trepidation, a couple of desks and a few chairs in a small office on California Avenue.
Over time and with plenty of overtime, the two forged a reasonably successful enterprise.
They "knew the dirt" (a realty phrase for the land). Mike's humble approach to selling houses worked. "We knew we did not have all the answers," Mike said, but he and Roger worked hard to find them.
They developed a reputation as the "go to" guys. They got smart, they treated clients fairly and hired Realtors who would do the same. Mike is a big believer in giving credit to the people on street. Credit to those men and women in the field. Cayce and Gain grew well, but needed to expand.
Mike and Roger aligned with Prudential in 1996.
Six years later they sold the business. The sale allowed Mike to reach a personal goal: retire by the age of 50. So he did. But Mike kept a foot in the community, developing property while continuing to raise his family and do a bit of traveling. It was working out okay until the economy tanked in early 2008. The bottom of the market might have been reached in March, 2009, right about when Mike was required to come back to save his former company. It had become overextended. Some good agents had left for other companies. Things needed fixing. The former leadership moved on. Mike moved in.
Is it coincidental that 30 years after he started Cayce and Gain, that he would again be faced with a tanking economy? Or maybe he just likes the challenge. He didn't have to come, but Mike was never one to shy away from adversity. "There are so many good people here, they are my friends," he said. Friends don't let friends down so Mike returned to his roots. To repair a company.
He did not return to clean house as some CEO's like to do. He brought in a message of renewal. Of returning to what worked when he ran the show. " I've made plenty of mistakes in 30 years, but I've learned from them," he explained. "I asked the agents to a company-wide meeting".
He proposed that they choose how to view their jobs. Did they retain a positive approach to their work? He gave them autonomy, but he also wanted to share their lives. He was and is approachable.
He knows the names of their kids. "It's about them, not me," he added. He called on Al Lynch, a retired, but highly respected Realtor, to help him rebuild. Al agreed to be the "wing man" for Mike.
Since Mike returned last March, the company is showing dramatic improvement. With offices in 6 communities including Federal Way, Kirkland, Bellevue, Burien and Kent, Sales are 65% ahead of last year at this time. 445 agents have totaled more than 2600 sales through October.
Prudential Northwest Realty Associates is a company on the move and going in a very positive direction. As Mike says " we are just beginning the climb".
The realty ship had a few holes, but the repairman is on the job.