Posts Tagged ‘real estate career’

Holiday Card Time!

December 8, 2014

holiday_cardsThis is the best time of year to touch base with all of your past customers. This includes your client base that has relocated to another part of the United States. “Out of sight, out of mind” shouldn’t be your philosophy now. Often those previous clients who moved to Kansas, California, Texas or wherever may still need your assistance and should be on your holiday card radar.

There are lots of ways you can reach out to your customers across the country. If you keep in touch via newsletter, create a holiday theme and offer decorating advice or share a recipe. In your newsletter, let them know what’s happening in the real estate market currently and, oh by the way, if they are looking to make a lifestyle change or move again, you’re still their Realtor® and you can help them anywhere in the country as you work all markets nationwide.

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What Would a Veteran Do?

September 22, 2014

veterans_usaa_navyfederalAs a proud USAA and Navy Federal preferred broker, Metro Brokers is expected to deliver a high level of service. Our agents are required to attend training classes to service these types of clients, and we preach giving the best service possible. But it occurred to me recently that maybe the best way to provide superior service is to think like a military veteran.

With that in mind, here are some examples on how to think and act like a veteran: (more…)

Texting and Driving a True Danger in Our Industry

September 15, 2014

texting_and_drivingI know full well the importance of communication as a real estate agent. If you aren’t the first one to respond to a lead, or you aren’t responding quickly enough to a client, you can end up losing out on valuable business or souring a relationship.

It also doesn’t help that we’re on the road so often. Many times, it feels like we spend more time in our cars – driving around to different listings – than we spend in the office.

But it’s important to remember that safety comes first. ALWAYS. (more…)

It’s Time for a Price Adjustment

September 8, 2014

home_pricingThe story is all too common. During your initial listing appointment, you agreed on a price with your sellers. You’ve worked tirelessly with that listing for several weeks (or months), had plenty of showings, put in the research, and you’ve found there’s only one problem: The price is too high. Your clients have already explained to you that they “need to get this amount out of the sale”, and you know that bringing up a price drop will probably cause some friction if not an outright “No!”

Before you start stressing out, remember that a price reduction in is in their best interest and you have a professional obligation to tell them what they need to do to get them home sold. With proper preparation and solid tactics, you’ll not only get the property priced to sell, but you’ll also gain lifelong clients that will truly appreciate you.

Here are 5 ways to properly handle a price drop:

  1. Set the stage: When you take the listing, tell the Seller that although you are comfortable with the price they have selected, the market constantly changes and it’s your job to monitor the market activity and let them know about any changes that affect the sale of their property. Explain that some changes could make it necessary for them to re-evaluate their pricing strategy.
  2. Stay in touch: Before you can even start suggesting a change in price, your clients need to be able to trust you and see you as a professional. The best way to accomplish this is by having regular contact with your clients, even when there’s nothing to actually report on the listing. I suggest calling them at least once a week to give them an update on their home. If you constantly keep them up-to-date with the latest developments, there’s a much better chance that they’ll understand the reasoning behind the needed price reduction. While they may be disappointed, they’ll know that you’ve been working hard and that this is the best option.
  3. Have an in-person meeting: The last thing you want to do is upset your clients, and there is a much higher probability of them being upset if you simply call, email or text them that they need to drop the price. Plan a get together at their home, a local coffee shop or your office. Face to face meetings are always more effective.
  4. Be prepared: Do your research. Be prepared to discuss the state of the market, recent transactions in the area, showings and feedback on their property. Properly presented, it should be clear why you are recommending a change in the pricing strategy.
  5. It’s a “price adjustment”, not a “price reduction”: A surefire way to upset your sellers is to bring a negative attitude and connotation to the pricing discussion. Instead, you should keep positive and upbeat about the situation, and concentrate on the fact that this will help them sell their home and move on to the next phase in their life. Also, using the word “adjustment” instead of “reduction” is a more neutral term.
  6. Listen and respond: Your clients will definitely have questions during the meeting, and if you aren’t listening to the true meaning behind each question, there’s a good chance you could end with an unhappy client and continue to have an overpriced listing. Listen carefully and be sure to respond to any objections you may hear, but don’t be defensive. Be understanding and mindful, and you’ll end up with happy clients.

What are your tips for price adjustments? Please comment below!

Top 5 Most Valuable Exhibits and Addendums

August 26, 2014

top5_exhibitsIn the process of writing offers, there are several exhibits and addendums that seem to be more widely used than others. The purpose of exhibits and addendums is to formalize the process of accommodating various common reoccurring situations during the negotiations process. When combined with the standard purchase and sales agreement, the exhibits and addendums give additional definition and requirements to the transaction.

At a quick glance, the following are the most commonly used exhibits and addendums in today’s market. (more…)

The Power of Referrals in Your Business Plan

July 28, 2014

referral_techniquesReal estate professionals across the country recognize the value of referrals in their business planning.  Whether referring across town or across the country, referral dollars can increase your bottom line.

Are you capturing referral dollars in your business plan?

As mid-year passes, now is a great time to evaluate your business plan and think about how referral dollars can keep you on track to your goal.

Let’s look at four ways you can increase your referral business. (more…)

Dangers of Dual Agency: Walking the Tight Rope

July 14, 2014

dual_agencyWhen a Broker represents both the buyer and seller in the same transaction, there is the potential for Dual Agency to exist. More specifically, dual agency is created based on the involvement of the affiliated licensees of the broker.

When the buyer and seller are represented by the same broker, but different licensees respectively, the relationship is known as a Designated Agency Relationship. In the event there’s only one sales associate involved in the transaction and the brokerage only represents one party, there’s no risk of dual or designated agency.

There’s a common misperception that exists in the industry: If I sell my own listing, it’s always dual agency. This is simply not always the case. You can sell your own listings and not be in a dual agency situation. When selling your own listing, a dual agency scenario is based on there being a BBA with the buyer (with you as the agent) in addition to the Sellers Listing agreement signed (with you as the agent). (more…)

Objections are a Gift!

June 30, 2014

handling_objectionsMost real estate agents hope that their prospects won’t raise any objections. Instead, they should welcome them and see them as a gift! Anytime a prospect raises an objection, it provides an opportunity for the agent to earn their business.

Objections are a good sign because few prospects will bother to throw out an objection if they’re not interested in proceeding. When someone raises an objection, it simply means they have a concern and want or need to know more.

Depending upon the nature of the objection, objections can be dealt with in several different ways: (more…)

Great Customer Service is the Key to Unlock Referrals

June 9, 2014

retso_buyers_panelAs real estate professionals, we’re in the service industry. We service the needs of buyer, sellers, tenants and landlords as we assist with their housing needs. There are numerous tools and technological advancements that have contributed greatly toward increasing our abilities to provide services to our consumers. In the process of embracing technology and the many tools available to us, don’t forget to actually service the customer. It’s imperative that we help the customer accomplish their goals.

A recent panel of buyers and sellers were invited to the RESTO conference to help further the education of real estate professionals. While each buyer and seller understood that they needed an agent, both sets of panels reported various areas where the agents could have done a better job. Here are some of the items consistently brought up by the panelists: (more…)

Business Brokerage 101

May 19, 2014

selling_a_businessAs an agent, is it a good time to list and sell businesses? It’s always a good time to be in the business of business brokerage, but you should remember these tips.

First, you need to have an understanding of the business industry. If you want to list a dry cleaning business, take the necessary time to familiarize yourself with the business culture and language. You should try to select an industry that you have worked in or have an interest in. Agents that fail to adequately prepare for listing appear less than confident and have trouble earning the business owner’s respect. (more…)

Real Estate’s Most Valuable Asset

May 12, 2014

real_estate_agentThe perception that the public often has of Realtors® is not a good one. Consumer advocates, the media and self help authors will offer the public reasons why real estate agents are not working in the best interest of consumers. I believe many of these specialists do not understand what Realtors really do. They think all the agent does is unlock a door.

First of all, I still think that agents showing properties is very important. Agents have knowledge about houses themselves, which is an entire subject itself. Just for starters, most buyers don’t understand construction, floor plans or local design all of which can affect the re-sale value, not to mention community information, school information and commutes to and from various locations, which is why an agent is critical even in the beginning.  (more…)

The Importance of Going Paperless

April 21, 2014

going_paperlessEarth Day is tomorrow and it reinforces how important it is to be eco-conscious. While going green can help save our environment, it can also save companies money and make their processes more efficient. Being eco-friendly is no longer a trendy choice, it’s the best option.

In a real estate transaction, everyone involved is required to print countless documents, forms and contracts. It’s not uncommon that additional copies are required for each member of the party. With mortgage lenders, closing attorneys, office managers and brokers all involved, the pieces of paper start to pile up.

Now, imagine that hundreds of transactions are taking place on a daily basis, each one requiring numerous printed documents. That’s a lot of paper. (more…)

Top 5 Mistakes in Advertising Listings

April 7, 2014

oops_advertisingWith the news that talk show host David Letterman has decided to retire, I figured it’s a perfect time to run a Top 5 list: The Top 5 Mistakes Agents Make When Advertising Listings.

Many sales associates have approached me recently about doing additional advertising for their listings. We’ve all seen these mistakes (and possibly made them ourselves), so check out my list below and make sure that your ad stands head and shoulders above the rest.

#5 – A bad concept/design

How do I put this gently? Advertising a listing is about the listing, not the agent. You want to keep the focus on the home (not on you). Make sure the listing photo and details are more prominent than your headshot and contact information. (more…)

What Message Are You Sending?

March 24, 2014

bad_communicationToday’s environment is consumed with endless means of non-“oral” communication methods. Texting, emails, instant messaging, letters, notes and stickies are just a few.

When drafting an email or written message, you must be mindful of how you attempt to convey your messages. Often, the recipient of a message interprets it differently from the expectations of the well intentioned sender perspective. This often results in a moment or situation that stalls progress or even creates a confrontation.

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What Do You Mean the Money Order Bounced?!

March 10, 2014

money_ordeerSelling agent Steve has written an offer for Bobby Buyer. The offer states the Earnest Money is in the possession of the holder. At the offer signing, the buyer remits the $1,000 earnest money in the form of two $500 money orders which he picked up from his favorite Western Union or Money Gram location.

The offer doesn’t become a binding agreement and the buyer searches for another home. This is not a problem regarding the earnest money, the buyer plans to use it on the next offer. Several months later after a diligent search, the buyer finally locates another property and makes an offer. This property is a short sale listing. The offer is structured to allow the earnest money to be paid by the buyer upon seller’s short sale approval. (more…)