Marketing Strategies: Hate to Make Cold Calls? 5 Tips to Make Them Easier
Posted By susanne On February 8, 2012 @ 5:03 pm In Best Practices,Business Development,Business Outlook,Coaching,Marketing,Real Estate Training,Today's Top Story
Have you often avoided making those dreaded cold calls? Do you dream of how much better your business could be but just can’t bring yourself to pick up the phone?
You’re not alone. In the 15+ years that I have specialized in coaching real estate agents, I have noticed the same avoidant patterns in each of my clients. This article gives you five tips to make it easier.
Tip 1: Change the name
I’m not kidding. Do the words “cold calls” send a chill up your spine? It’s no wonder. Whoever created that term didn’t know what they were doing. So, change the term, because it’s inaccurate. First of all, many of the people you’ll be calling are leads. Second, why would you think cold? Are you cold? Is the receiver of the call cold? Not likely if you’re living in a human body.
So maybe I’m exaggerating a bit, but the point is, call it something different. Call it what it is; “direct response calls.” My clients do much better when they realize they are making direct response calls.
Tip 2: Be in the right mindset
Are you calling to sell something? If so, put down the phone and start again. No, you are actually calling to give something and that is your time and expertise. Would you be scared if you had a gift you wanted to give someone? That would be unlikely. Be in the mindset that you have a gift and you are offering to share it.
Why is this so? Well, think about the fact that you have something to offer. You know much more about real estate than Ms. Jane Doe. So if you call to let her know what properties have sold in her area, that is valuable information. If you want to offer her a free comparative market analysis, that’s a gift of your time, energy and expertise. You should be proud to offer that. Guess what? If you are proud to offer that, she’ll most likely feel appreciative of the offer. Your energy and mindset is transferred to your prospective clients.
Tip 3: Use a permission-based approach
For example, when I do direct response calls, the conversation goes something like this: “My name is Maya Bailey and I work with real estate agents who want to double their income. If you’d like to take 30 seconds, I’ll be happy to tell you what I do.” Notice that I didn’t barrel my way through. I said as little as possible until I got their permission to continue.
Use this script as a template to make your own direct response calls. For example: “My name is ____________ and I’m your local real estate consultant. I have some news about the value of properties in our neighborhood. If you’d like to take 30 seconds, I’ll be happy to…..” Is this getting clearer? The latest trend in marketing is permission-based marketing.
Tip 4: Get excited about the relationships you’ll make
If you approach this in a permission based way, people will be much more open and friendly to you. Instead of focusing on the occasional rude person at the other end of the line, focus instead on what you want.
Most likely what you want is to make some connections with a person, in which you can follow up, convert them in prospective clients and then convert them into transactions. Let yourself feel how good it’s going to feel to close those deals. Pat yourself on the back because it all started with the courage it took to make direct response calls.
Tip 5: Remember to reframe a “no” into a “yes”
What do I mean? First of all a “no” does not mean that you are being rejected. Neither does it mean that your service is being rejected. What it means is “No, not now.”
Secondly, do you realize that every “no” brings you one step closer to your “yes?” It’s a numbers game and you need a certain number of “no’s” to get a “yes.” Just remember to have thick skin and not take it personally.
My experience as a coach has shown me that it’s all about attitude. If you are sold on yourself and your service and you convey that with pride and enthusiasm, the other person will be glad you called. They may even become a client. It pays to know that you are valuable and what you have to offer is equally valuable.
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
Wednesday, February 29, 2012
Tuesday, February 28, 2012
5 Tips to Keep the Clients You Already Have
5 Tips to Keep the Clients You Already Have
Posted By susanne On August 13, 2011 @ 12:02 am In Best Practices,Business Development,Coaching,Marketing,Real Estate Information
According to an independent survey, 84% of home buyers would use the same real estate agent in the future. Unfortunately, memories fade over time, and the number that actually use the same REALTOR® again is dramatically lower. If you want repeat business, you cannot afford to be forgotten.
Many REALTORS® assume that the completion of a successful transaction will win them a customer for life, but this is simply not the case. Statistics prove that it’s not enough to do your job perfectly. A proper follow-up campaign is needed to solidify the relationship.
Below are five tips from Lentz Design to help you profit from clients for life.
1. Be Loud and Proud: Forty-four percent of REALTORS® are referred by a friend or neighbor. Be proactive. Use “Just Listed” and “Just Sold” postcards to broadcast each success to the entire neighborhood and every past customer. A constant stream of positive results will motivate prospects and remind past clients of your real estate skills and ability.
2. Be Consistent: Not every REALTOR® has a steady flow of transactions to advertise. Maybe you are entering a marketplace for the first time and have zero listings—this is where consistent prospecting makes the difference. Remember, if you’re not visible—you’re invisible, so getting in front of these prospects and past customers on a regular basis is critical. Constant reminders of who you are and what you do will make your name synonymous with real estate.
3. Be Unique: “Wow Factor” prospecting is any marketing technique that separates you from other agents and gets you remembered in the process. One example of this is using variable data to include your customers name on your marketing pieces. This type of Wow Factor will cut through mailbox clutter and get you noticed. By doing an extraordinary job of marketing yourself, prospects are more likely to think that you will do an extraordinary job of marketing their real estate.
4. Be a Lifeline: Odds are, everyone knows someone currently in financial trouble. By presenting yourself as a knowledgeable resource, you let your network know that you are an expert and can help any distressed property owner. Motivate past customers and prospects to call and refer you.
5. Be a Consultant: Hurry, because time is running out on this opportunity. Forty-seven percent of home buyers in 2009 were first-time buyers motivated by thousands of tax credit dollars. Use the credit to entice past clients and prospects to call you to discuss their qualification for the free money. This consultation will further solidify your relationships and help to frame you as a real estate expert.
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
Posted By susanne On August 13, 2011 @ 12:02 am In Best Practices,Business Development,Coaching,Marketing,Real Estate Information
According to an independent survey, 84% of home buyers would use the same real estate agent in the future. Unfortunately, memories fade over time, and the number that actually use the same REALTOR® again is dramatically lower. If you want repeat business, you cannot afford to be forgotten.
Many REALTORS® assume that the completion of a successful transaction will win them a customer for life, but this is simply not the case. Statistics prove that it’s not enough to do your job perfectly. A proper follow-up campaign is needed to solidify the relationship.
Below are five tips from Lentz Design to help you profit from clients for life.
1. Be Loud and Proud: Forty-four percent of REALTORS® are referred by a friend or neighbor. Be proactive. Use “Just Listed” and “Just Sold” postcards to broadcast each success to the entire neighborhood and every past customer. A constant stream of positive results will motivate prospects and remind past clients of your real estate skills and ability.
2. Be Consistent: Not every REALTOR® has a steady flow of transactions to advertise. Maybe you are entering a marketplace for the first time and have zero listings—this is where consistent prospecting makes the difference. Remember, if you’re not visible—you’re invisible, so getting in front of these prospects and past customers on a regular basis is critical. Constant reminders of who you are and what you do will make your name synonymous with real estate.
3. Be Unique: “Wow Factor” prospecting is any marketing technique that separates you from other agents and gets you remembered in the process. One example of this is using variable data to include your customers name on your marketing pieces. This type of Wow Factor will cut through mailbox clutter and get you noticed. By doing an extraordinary job of marketing yourself, prospects are more likely to think that you will do an extraordinary job of marketing their real estate.
4. Be a Lifeline: Odds are, everyone knows someone currently in financial trouble. By presenting yourself as a knowledgeable resource, you let your network know that you are an expert and can help any distressed property owner. Motivate past customers and prospects to call and refer you.
5. Be a Consultant: Hurry, because time is running out on this opportunity. Forty-seven percent of home buyers in 2009 were first-time buyers motivated by thousands of tax credit dollars. Use the credit to entice past clients and prospects to call you to discuss their qualification for the free money. This consultation will further solidify your relationships and help to frame you as a real estate expert.
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
Monday, February 27, 2012
Successful Short Sales: It All Starts with the Seller
Successful Short Sales: It All Starts with the Seller
Posted By susanne On February 12, 2012 @ 1:04 pm In Best Practices,Business Development,Business Outlook,Coaching,Real Estate Information,Real Estate Training,Real Estate Trends
Last month, I outlined the reasons why you should get back on the short sales bandwagon if you’ve fallen off. In the current market, more and more lenders are coming around to the realization that short sales are a favorable option after all and, therefore, are processing and closing short sales at a much faster pace.
That said, there are critical steps that must be taken throughout the short sale process.
First and foremost, make sure the home seller is truly eligible for a short sale. A credible, documented financial hardship resulting from a loss of employment, divorce, major medical crisis, death, etc., must exist. This financial hardship needs to be proven with proper documentation as well as detailed financial statements, paystubs, bank statements and tax returns.
To properly identify and qualify a potential short sale client, conduct a thorough interview right up front—and be sure to leave no stone unturned. This will prevent you from futilely pursuing a short sale with the lender. I use the following Short Sale Seller Questionnaire with my clients:
1. Is your property currently on the market? Is it listed with an agent?
2. Is this your primary residence?
3. When was the property purchased?
4. What was the original purchase price?
5. Who holds the mortgage?
6. What kind of loan do you have?
7. Do you have any other liens against your property?
8. Who is on the title (or deed) for the property?
9. Who is on the mortgage?
10. Do you have mortgage insurance?
11. Are you current with your payments? If not, how far in arrears are you?
12. How much do you owe?
13. Why do you need/want to sell?
14. What caused you or will be causing you to miss your mortgage payment obligation?
15. Do you have funds in accounts that could be used to satisfy the deficiency?
16. Are you currently living in the property? If not, is the property being maintained?
17. How soon do you need to move?
18. Are you up to date on your condo or HOA payments (where applicable)?
19. Do you owe any back taxes?
20. Are you considering filing for bankruptcy protection?
21. Are you currently pursuing a loan modification with your lender?
22. Who is occupying the property?
23. Do you hold or are you subject to any type of security clearance related to your job?
24. What are your plans after you sell?
25. Are you looking to receive any money from the sale of your home?
26. How much income are you currently making from all sources?
27. Do you anticipate any income change in the not-too-distant future?
28. Do you have a pen and a piece of paper to make a couple of notes?
Emphasize that inaccurate or missing information will potentially delay or completely thwart the short sale process. Next month, we’ll take a close look at working with lenders to secure a short sale.
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
Posted By susanne On February 12, 2012 @ 1:04 pm In Best Practices,Business Development,Business Outlook,Coaching,Real Estate Information,Real Estate Training,Real Estate Trends
Last month, I outlined the reasons why you should get back on the short sales bandwagon if you’ve fallen off. In the current market, more and more lenders are coming around to the realization that short sales are a favorable option after all and, therefore, are processing and closing short sales at a much faster pace.
That said, there are critical steps that must be taken throughout the short sale process.
First and foremost, make sure the home seller is truly eligible for a short sale. A credible, documented financial hardship resulting from a loss of employment, divorce, major medical crisis, death, etc., must exist. This financial hardship needs to be proven with proper documentation as well as detailed financial statements, paystubs, bank statements and tax returns.
To properly identify and qualify a potential short sale client, conduct a thorough interview right up front—and be sure to leave no stone unturned. This will prevent you from futilely pursuing a short sale with the lender. I use the following Short Sale Seller Questionnaire with my clients:
1. Is your property currently on the market? Is it listed with an agent?
2. Is this your primary residence?
3. When was the property purchased?
4. What was the original purchase price?
5. Who holds the mortgage?
6. What kind of loan do you have?
7. Do you have any other liens against your property?
8. Who is on the title (or deed) for the property?
9. Who is on the mortgage?
10. Do you have mortgage insurance?
11. Are you current with your payments? If not, how far in arrears are you?
12. How much do you owe?
13. Why do you need/want to sell?
14. What caused you or will be causing you to miss your mortgage payment obligation?
15. Do you have funds in accounts that could be used to satisfy the deficiency?
16. Are you currently living in the property? If not, is the property being maintained?
17. How soon do you need to move?
18. Are you up to date on your condo or HOA payments (where applicable)?
19. Do you owe any back taxes?
20. Are you considering filing for bankruptcy protection?
21. Are you currently pursuing a loan modification with your lender?
22. Who is occupying the property?
23. Do you hold or are you subject to any type of security clearance related to your job?
24. What are your plans after you sell?
25. Are you looking to receive any money from the sale of your home?
26. How much income are you currently making from all sources?
27. Do you anticipate any income change in the not-too-distant future?
28. Do you have a pen and a piece of paper to make a couple of notes?
Emphasize that inaccurate or missing information will potentially delay or completely thwart the short sale process. Next month, we’ll take a close look at working with lenders to secure a short sale.
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
Sunday, February 26, 2012
5 Negotiation Need-to-Knows
Coach your Sellers to a successful agreement:
5 Negotiation Need-to-Knows
Reactions to the prospect of negotiating run the gamut, almost like a Rorschach of people’s comfort levels when it comes to thinking, talking and asserting themselves about money matters. Some people get so excited about haggling they adopt an entirely new persona when the time comes to talk their way into saving even a few bucks here or there. Others cringe at the mere thought of trying to suss out what’s going on in the minds of those on the other side of the bargaining table in order to strike a deal, even when hundreds of thousands of dollars (and their own best interests) are at stake.
And in light of the current market, it can seem like every real estate pundit you’ve ever seen on TV, the old guys from the Fed, Suze Orman, Jim Cramer - even the President! - have each pulled a chair up to the table and chimed into your transaction, too! Trying to factor market dynamics into your personal negotiation equation only ups the complexity factor (and the fear factor to boot).
When it comes to buying or selling your home, there is a handful of negotiation need-to-knows that can go a long way toward protecting your best interests - and your cash! Here are five essential negotiation need-to-knows for savvy home buyers and sellers:
1. Work from a foundation of sound information. It’s essential that you amass an arsenal of information, and use that as the basis for your negotiation. You are in no position to negotiate, aggressively or otherwise, unless and until you are well acquainted with the real estate market immediately surrounding your home, including:•what have similar homes recently sold for;
•how much above or below asking do they normally sell for;
•how long do homes stay on the market, on average, compared with the home you’re buying or selling?
Not only will your agent help you understand these numbers and how they should relate to your own offer or response, your agent is also in a good position to reach out to the other agent and collect any available information about what is important to the other party: do they care more about moving quickly, getting top dollar, or certainty that the other side can close the deal? The other agent isn’t obligated to divulge any information but often will, in the interest of facilitating a deal that addresses their client’s priorities.
Finally, it’s uber-critical to know what your own priorities are. Ultimately, the bar for whether your negotiation for your home is successful is based on what the home and the terms of the contract are worth to you. Know your own bottom and top line for price, and what your own priorities are, before the negotiation begins.
2. Approach the negotiation as a problem-solving challenge. Today’s negotiations are really more like problem solving scenarios, when you take into account all the parties whose needs must be met for the transaction to move forward. Traditionally, negotiations were a two-way power struggle between the buyer and seller, based primarily on their wants and their respective bargaining leverage. But on today’s market, the bank - or banks on both sides -- often have their own guidelines and needs that impact the terms of the deal, whether it be the seller’s lender insisting on a certain price in a short sale, or the buyer’s lender and appraiser refusing to lend anything above a certain price.
Many a buyer has thought they were scoring a great deal by scoring a bargain basement price on a short sale, only to have the seller’s bank condition approval of the deal on a massive increase in the sale price. And the opposite is also true: a significant number of the deals that fall apart on today’s market do so because the home fails to appraise for the purchase price the buyer has agreed to pay. Ultimately, this is even the case when it comes to the buyer’s and seller’s needs: if the buyer can’t qualify for a high enough mortgage, or the seller can’t pay their mortgage balance off, at the price in the other party’s mind, there will be no deal, and the negotiation is inherently unsuccessful.
In this context, it’s more important than ever to approach your negotiation as an exercise in problem solving, with the aim of meeting the needs of as many parties involved as possible. If you get some of your wants met, too, you’re golden!
3. Manage your own mindset. You probably shouldn’t even try to buy a home that you don’t strongly like, or even love. It often makes sense to hone in on a specific offer price (within the range what is reasonable for a home) based on how much you want it, or how much you’d hate to lose it - especially in a multiple offer situation, where you may only have one chance to make an offer.
With that said, be aware that when it comes to negotiating, she who is the least emotionally attached to a particular outcome usually has the greater bargaining power. The more attached you are to a particular home or a particular price point or set of terms for your home, the more likely you are to panic, freak out, throw money at the situation or cave in on important points unnecessarily when you get even the faintest sense that your desires may be at risk.
When it comes to managing your own mindset and stamina through the course of a negotiation (uncertainty is tiring!), knowing what is and what isn’t within each party’s - control is key. Your agent can help you stay clear on this, which will help you avoid the emotional exhaustion that results from trying to negotiate things that are not really negotiable (e.g., the bank’s bottom line, cosmetic repairs on most foreclosures, etc.). On the flip side, knowing the full range of items that can be negotiated - which extends beyond price into areas like deposit amount, length of escrow, seller repairs, and whether the property is to be taken in as-is condition - empowers you to maximize how compelling your offer is to the other side, given the resources at your disposal.
4. Minimize time pressures. Over the years, I have seen many a buyer and seller make brow-raisingly questionable offers and counteroffers based solely on the fact that they have to move by a certain deadline. Because shelter is a basic human need, the prospect of having to move out, relocating to a new job or moving to a new town without having housing in place can cause even the most nimble among us to feel ungrounded.
Problem is, in the context of buying a home, moving deadlines can cost you thousands and thousands of dollars - and can even cause you to make needless compromises in terms of the actual property itself: compromises you might later (deeply) regret. If you are approaching a deadline for moving out or relocating, you’d do better to find a rental housing situation that will work for awhile or will work as a Plan B than to try to hurry your home’s purchase or sale to meet the deadline.
5. Act and react quickly - not impulsively. When you find ‘your’ place, make an offer. When you get an offer or counteroffer), respond to it. In real estate, time is always of the essence, and prolonged hesitation often results in lost opportunities. There’s nothing wrong with sleeping on a decision overnight, especially if the ‘right’ move is unclear. But you never know when another buyer or another property might show up on the scene and change the whole bargaining dynamic, costing you more money or wooing away your home’s buyer.
This is why it’s so important to be clear on the market data, your own budget and your own top and bottom lines from the start, so that you are positioned to act quickly, strategically and intelligently when the circumstances require it.
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
5 Negotiation Need-to-Knows
Reactions to the prospect of negotiating run the gamut, almost like a Rorschach of people’s comfort levels when it comes to thinking, talking and asserting themselves about money matters. Some people get so excited about haggling they adopt an entirely new persona when the time comes to talk their way into saving even a few bucks here or there. Others cringe at the mere thought of trying to suss out what’s going on in the minds of those on the other side of the bargaining table in order to strike a deal, even when hundreds of thousands of dollars (and their own best interests) are at stake.
And in light of the current market, it can seem like every real estate pundit you’ve ever seen on TV, the old guys from the Fed, Suze Orman, Jim Cramer - even the President! - have each pulled a chair up to the table and chimed into your transaction, too! Trying to factor market dynamics into your personal negotiation equation only ups the complexity factor (and the fear factor to boot).
When it comes to buying or selling your home, there is a handful of negotiation need-to-knows that can go a long way toward protecting your best interests - and your cash! Here are five essential negotiation need-to-knows for savvy home buyers and sellers:
1. Work from a foundation of sound information. It’s essential that you amass an arsenal of information, and use that as the basis for your negotiation. You are in no position to negotiate, aggressively or otherwise, unless and until you are well acquainted with the real estate market immediately surrounding your home, including:•what have similar homes recently sold for;
•how much above or below asking do they normally sell for;
•how long do homes stay on the market, on average, compared with the home you’re buying or selling?
Not only will your agent help you understand these numbers and how they should relate to your own offer or response, your agent is also in a good position to reach out to the other agent and collect any available information about what is important to the other party: do they care more about moving quickly, getting top dollar, or certainty that the other side can close the deal? The other agent isn’t obligated to divulge any information but often will, in the interest of facilitating a deal that addresses their client’s priorities.
Finally, it’s uber-critical to know what your own priorities are. Ultimately, the bar for whether your negotiation for your home is successful is based on what the home and the terms of the contract are worth to you. Know your own bottom and top line for price, and what your own priorities are, before the negotiation begins.
2. Approach the negotiation as a problem-solving challenge. Today’s negotiations are really more like problem solving scenarios, when you take into account all the parties whose needs must be met for the transaction to move forward. Traditionally, negotiations were a two-way power struggle between the buyer and seller, based primarily on their wants and their respective bargaining leverage. But on today’s market, the bank - or banks on both sides -- often have their own guidelines and needs that impact the terms of the deal, whether it be the seller’s lender insisting on a certain price in a short sale, or the buyer’s lender and appraiser refusing to lend anything above a certain price.
Many a buyer has thought they were scoring a great deal by scoring a bargain basement price on a short sale, only to have the seller’s bank condition approval of the deal on a massive increase in the sale price. And the opposite is also true: a significant number of the deals that fall apart on today’s market do so because the home fails to appraise for the purchase price the buyer has agreed to pay. Ultimately, this is even the case when it comes to the buyer’s and seller’s needs: if the buyer can’t qualify for a high enough mortgage, or the seller can’t pay their mortgage balance off, at the price in the other party’s mind, there will be no deal, and the negotiation is inherently unsuccessful.
In this context, it’s more important than ever to approach your negotiation as an exercise in problem solving, with the aim of meeting the needs of as many parties involved as possible. If you get some of your wants met, too, you’re golden!
3. Manage your own mindset. You probably shouldn’t even try to buy a home that you don’t strongly like, or even love. It often makes sense to hone in on a specific offer price (within the range what is reasonable for a home) based on how much you want it, or how much you’d hate to lose it - especially in a multiple offer situation, where you may only have one chance to make an offer.
With that said, be aware that when it comes to negotiating, she who is the least emotionally attached to a particular outcome usually has the greater bargaining power. The more attached you are to a particular home or a particular price point or set of terms for your home, the more likely you are to panic, freak out, throw money at the situation or cave in on important points unnecessarily when you get even the faintest sense that your desires may be at risk.
When it comes to managing your own mindset and stamina through the course of a negotiation (uncertainty is tiring!), knowing what is and what isn’t within each party’s - control is key. Your agent can help you stay clear on this, which will help you avoid the emotional exhaustion that results from trying to negotiate things that are not really negotiable (e.g., the bank’s bottom line, cosmetic repairs on most foreclosures, etc.). On the flip side, knowing the full range of items that can be negotiated - which extends beyond price into areas like deposit amount, length of escrow, seller repairs, and whether the property is to be taken in as-is condition - empowers you to maximize how compelling your offer is to the other side, given the resources at your disposal.
4. Minimize time pressures. Over the years, I have seen many a buyer and seller make brow-raisingly questionable offers and counteroffers based solely on the fact that they have to move by a certain deadline. Because shelter is a basic human need, the prospect of having to move out, relocating to a new job or moving to a new town without having housing in place can cause even the most nimble among us to feel ungrounded.
Problem is, in the context of buying a home, moving deadlines can cost you thousands and thousands of dollars - and can even cause you to make needless compromises in terms of the actual property itself: compromises you might later (deeply) regret. If you are approaching a deadline for moving out or relocating, you’d do better to find a rental housing situation that will work for awhile or will work as a Plan B than to try to hurry your home’s purchase or sale to meet the deadline.
5. Act and react quickly - not impulsively. When you find ‘your’ place, make an offer. When you get an offer or counteroffer), respond to it. In real estate, time is always of the essence, and prolonged hesitation often results in lost opportunities. There’s nothing wrong with sleeping on a decision overnight, especially if the ‘right’ move is unclear. But you never know when another buyer or another property might show up on the scene and change the whole bargaining dynamic, costing you more money or wooing away your home’s buyer.
This is why it’s so important to be clear on the market data, your own budget and your own top and bottom lines from the start, so that you are positioned to act quickly, strategically and intelligently when the circumstances require it.
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
Saturday, February 25, 2012
Feedback: Some People Can’t Handle the Truth
Feedback: Some People Can’t Handle the Truth
Posted By susanne On February 12, 2012 @ 1:06 pm In Best Practices,Business Development,Coaching,Consumer News and Advice,Real Estate Training,Today's Top Story,Today's Top Story - Consumer | No Comments
[1]Are you the type of individual who values sincere feedback and welcomes constructive criticism from customers, associates, and family members? Sometimes getting feedback can be an unpleasant experience, especially when it hasn’t been requested. Without timely feedback, it’s utterly impossible for a person to accurately identify his or her shortcomings, correct bad habits, and profit from mistakes.
I can’t think of any professional athlete or top-producing sales rep who have become successful by avoiding critical feedback. In fact, even the greatest professional golfer in the world, Tiger Woods, understands the value of seeking out advice on club selection from his caddy before taking a swing at the ball. Unsuccessful people often reject feedback and avoid taking personal responsibility for their actions. They have difficulty admitting weaknesses and when confronted, they’ll frequently respond to feedback by lashing out in anger to deflect blame or deny responsibility.
Unfortunately, far too many people are “thin skinned” when it comes to receiving feedback and as a result, they often misinterpret sincere criticism as a form of personal attack. It’s fairly typical and somewhat understandable for people to become overly defensive and a bit argumentative whenever their personal flaws and shortcomings are held up to the glaring spotlight of criticism. Obviously, not all feedback is accurate, sincere or of equal importance. Nor does every input automatically require action to be taken. However, the key to long-term business success and personal achievement is determined largely not by hard work alone, but by one’s ability to glean the kernels of wisdom from the chaff of feedback.
It’s important not to put up a wall to avoid feedback, because the same walls that shield us from criticism also block our potential. When is the last time you recall asking your boss, associates or close friends for their honest feedback? Here are several important tips to help you gain the most benefit from your next feedback session:
1. Don’t shoot the messenger. Be polite and keep your focus on the message.
2. Don’t become upset, judgmental or defensive. Be willing to consider every input.
3. Don’t argue or interrupt. Listen like a homicide detective and stay open-minded.
4. Don’t rationalize your way out of accepting responsibility for your actions.
5. Ask open-ended questions to gain understanding. It’s a good idea to frequently summarize and clarify the feedback in your own words. Always ask for specific examples.
6. Take time to reflect on the feedback and look for opportunities to continuously incorporate useful suggestions to improve your effectiveness.
7. Thank the people who take the time to give you honest feedback, because without them you’ll never attain your full potential.
“It’s a rare person who wants to hear what he doesn’t want to hear.”
- Dick Cavett
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
Posted By susanne On February 12, 2012 @ 1:06 pm In Best Practices,Business Development,Coaching,Consumer News and Advice,Real Estate Training,Today's Top Story,Today's Top Story - Consumer | No Comments
[1]Are you the type of individual who values sincere feedback and welcomes constructive criticism from customers, associates, and family members? Sometimes getting feedback can be an unpleasant experience, especially when it hasn’t been requested. Without timely feedback, it’s utterly impossible for a person to accurately identify his or her shortcomings, correct bad habits, and profit from mistakes.
I can’t think of any professional athlete or top-producing sales rep who have become successful by avoiding critical feedback. In fact, even the greatest professional golfer in the world, Tiger Woods, understands the value of seeking out advice on club selection from his caddy before taking a swing at the ball. Unsuccessful people often reject feedback and avoid taking personal responsibility for their actions. They have difficulty admitting weaknesses and when confronted, they’ll frequently respond to feedback by lashing out in anger to deflect blame or deny responsibility.
Unfortunately, far too many people are “thin skinned” when it comes to receiving feedback and as a result, they often misinterpret sincere criticism as a form of personal attack. It’s fairly typical and somewhat understandable for people to become overly defensive and a bit argumentative whenever their personal flaws and shortcomings are held up to the glaring spotlight of criticism. Obviously, not all feedback is accurate, sincere or of equal importance. Nor does every input automatically require action to be taken. However, the key to long-term business success and personal achievement is determined largely not by hard work alone, but by one’s ability to glean the kernels of wisdom from the chaff of feedback.
It’s important not to put up a wall to avoid feedback, because the same walls that shield us from criticism also block our potential. When is the last time you recall asking your boss, associates or close friends for their honest feedback? Here are several important tips to help you gain the most benefit from your next feedback session:
1. Don’t shoot the messenger. Be polite and keep your focus on the message.
2. Don’t become upset, judgmental or defensive. Be willing to consider every input.
3. Don’t argue or interrupt. Listen like a homicide detective and stay open-minded.
4. Don’t rationalize your way out of accepting responsibility for your actions.
5. Ask open-ended questions to gain understanding. It’s a good idea to frequently summarize and clarify the feedback in your own words. Always ask for specific examples.
6. Take time to reflect on the feedback and look for opportunities to continuously incorporate useful suggestions to improve your effectiveness.
7. Thank the people who take the time to give you honest feedback, because without them you’ll never attain your full potential.
“It’s a rare person who wants to hear what he doesn’t want to hear.”
- Dick Cavett
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
Friday, February 24, 2012
4 ways to justify your real estate commission
4 ways to justify your real estate commission
Agents must prove they are worth the price
By Bernice Ross
The final panel at last month's Real Estate Connect NYC featured a group of consumers who had either listed a home for sale or were in the process of purchasing one. One woman had recently sold her California house for more than $4 million and paid more than $200,000 in sales commissions -- and clearly thought it wasn't worth it.
She illustrated this point beautifully when she said: "My agents were great at keeping in contact with me. They probably spent about $20,000 in marketing. I just don't think what they did was worth that much money."
Have you ever had a seller ask you to reduce your commission? If so, chances are that you failed to persuade the seller of the value you bring to the transaction.
Part of the issue is that many agents simply don't do their jobs. Complaints from consumers and top producers about incompetent agents and poor service are rampant. This was an issue when I started in the business in 1978 and it hasn't changed. If you want a deal to close, you will probably have to do most of the work yourself.
On the other hand, it's clear that the listing agents in the aforementioned California transaction did not adequately explain the value they brought to the transaction.
In fact, her agents may have saved her much more than she paid in commissions. Unfortunately, most agents aren't well-prepared when it comes to discussing the risks involved in selling and how much a poorly prepared agent can cost the seller.
If a seller is paying more than $200,000 (or any amount in commission, for that matter), there are four key concepts to understand. Using $4 million as the asking price, here's what to note:
1. Maximum exposure to the market equals maximum net price
Notice that the keyword here is "net" price. An agent who provides local, national and international marketing for her listings in multiple languages greatly increases the probability of finding the buyer who will pay the most for the property.
To illustrate this point, if the average agent in a given area sells her listings at 94 percent of list price and a top-producing agent sells at 98 percent of list price due to his extensive marketing, the top-producing agent would net the seller $160,000 more.
2. Holding costs
Most agents never explain to their sellers the cost of holding their property in a declining market. During the last 36 months, prices in California have declined by at least 35 percent. This means that the seller's property would be declining at a rate of $38,888 per month.
Couple this with the cost of the mortgage, upkeep, property taxes and other holding costs (assume another $30,000 per month), the cost of holding this property is $68,888 per month.
Again, if the agent's marketing program resulted in the seller going under contract four months earlier than it would have with a less robust marketing program, the savings to the seller would be $275,552.
Along the same lines, if something goes wrong in the transaction and the buyers want to cancel, the savvy agent can save this amount or more by preventing the sale from falling apart.
3. Bleeding money at the negotiation table
Poor negotiators can cost their clients plenty of money not only at the time that they negotiate the offer, but throughout the transaction as well.
For example, when someone pays several million dollars for a property, they often expect it to be in great shape. When the inspection report comes back with a large number of expensive repairs, a weak agent can end up costing their sellers thousands of extra dollars because they lack the skill to persuade the buyers to accept less.
4. The most serious risk
When you are dealing with a luxury property, everyone has the ability to "lawyer up," and they will if there is any type of issue.
To illustrate this point, an agent in Brentwood, Calif. (in West Los Angeles), sold a property where the buyer was planning to build and needed to meet certain setback requirements. The seller told the agent that the property line was at the fence.
The agent, rather than saying to the buyer, "If you want to know the exact location of the property line, you will need a survey," just repeated what the seller told him. It turned out that the information was wrong. The court awarded the buyer a judgment for $220,000. This amount doesn't include the other $100,000 the seller spent defending the lawsuit.
Clearly, the agents in the $4 million sale provided value by getting the property sold in a timely fashion at a price the seller found acceptable. More important, her transaction closed without litigation.
In fact, using the hypotheticals in this example, the agent may have saved that seller well over $400,000 -- that's $200,000 more net in the seller's pocket than if she had picked a less competent agent to represent her.
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
Agents must prove they are worth the price
By Bernice Ross
The final panel at last month's Real Estate Connect NYC featured a group of consumers who had either listed a home for sale or were in the process of purchasing one. One woman had recently sold her California house for more than $4 million and paid more than $200,000 in sales commissions -- and clearly thought it wasn't worth it.
She illustrated this point beautifully when she said: "My agents were great at keeping in contact with me. They probably spent about $20,000 in marketing. I just don't think what they did was worth that much money."
Have you ever had a seller ask you to reduce your commission? If so, chances are that you failed to persuade the seller of the value you bring to the transaction.
Part of the issue is that many agents simply don't do their jobs. Complaints from consumers and top producers about incompetent agents and poor service are rampant. This was an issue when I started in the business in 1978 and it hasn't changed. If you want a deal to close, you will probably have to do most of the work yourself.
On the other hand, it's clear that the listing agents in the aforementioned California transaction did not adequately explain the value they brought to the transaction.
In fact, her agents may have saved her much more than she paid in commissions. Unfortunately, most agents aren't well-prepared when it comes to discussing the risks involved in selling and how much a poorly prepared agent can cost the seller.
If a seller is paying more than $200,000 (or any amount in commission, for that matter), there are four key concepts to understand. Using $4 million as the asking price, here's what to note:
1. Maximum exposure to the market equals maximum net price
Notice that the keyword here is "net" price. An agent who provides local, national and international marketing for her listings in multiple languages greatly increases the probability of finding the buyer who will pay the most for the property.
To illustrate this point, if the average agent in a given area sells her listings at 94 percent of list price and a top-producing agent sells at 98 percent of list price due to his extensive marketing, the top-producing agent would net the seller $160,000 more.
2. Holding costs
Most agents never explain to their sellers the cost of holding their property in a declining market. During the last 36 months, prices in California have declined by at least 35 percent. This means that the seller's property would be declining at a rate of $38,888 per month.
Couple this with the cost of the mortgage, upkeep, property taxes and other holding costs (assume another $30,000 per month), the cost of holding this property is $68,888 per month.
Again, if the agent's marketing program resulted in the seller going under contract four months earlier than it would have with a less robust marketing program, the savings to the seller would be $275,552.
Along the same lines, if something goes wrong in the transaction and the buyers want to cancel, the savvy agent can save this amount or more by preventing the sale from falling apart.
3. Bleeding money at the negotiation table
Poor negotiators can cost their clients plenty of money not only at the time that they negotiate the offer, but throughout the transaction as well.
For example, when someone pays several million dollars for a property, they often expect it to be in great shape. When the inspection report comes back with a large number of expensive repairs, a weak agent can end up costing their sellers thousands of extra dollars because they lack the skill to persuade the buyers to accept less.
4. The most serious risk
When you are dealing with a luxury property, everyone has the ability to "lawyer up," and they will if there is any type of issue.
To illustrate this point, an agent in Brentwood, Calif. (in West Los Angeles), sold a property where the buyer was planning to build and needed to meet certain setback requirements. The seller told the agent that the property line was at the fence.
The agent, rather than saying to the buyer, "If you want to know the exact location of the property line, you will need a survey," just repeated what the seller told him. It turned out that the information was wrong. The court awarded the buyer a judgment for $220,000. This amount doesn't include the other $100,000 the seller spent defending the lawsuit.
Clearly, the agents in the $4 million sale provided value by getting the property sold in a timely fashion at a price the seller found acceptable. More important, her transaction closed without litigation.
In fact, using the hypotheticals in this example, the agent may have saved that seller well over $400,000 -- that's $200,000 more net in the seller's pocket than if she had picked a less competent agent to represent her.
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
Thursday, February 23, 2012
Marketing 101: Bird in the Hand
Marketing 101: Bird in the Hand
If you’re caught up in gimmicks, you may be missing out on business opportunities right in front of you.
January 2012 | By Scott Newman
I’ve heard plenty of complaints lately from other real estate professionals about the dearth of business opportunities and the expense of marketing to find clients. I’ve also seen many practitioners who don’t put in the time to properly build a database of contacts and farm their sphere but will spend thousands of dollars a year on a gimmicky marketing tactic that yields few results.
What a waste. My marketing philosophy is to do more with what you have. My company, Newman Realty, maintains a database of people we know, many of whom we’ve worked with in the past. We send mailings to the people on this list at particular times of year. This puts us in the minds of people who already know us and may be considering a real estate transaction or can refer us to someone who is. The result? We’re constantly bringing in new business, without spending a lot of time and money doing so.
What we’re doing isn’t hard. I’ll bet you have tens of thousands of commission dollars a year waiting for you in your sphere of influence right now. Here’s how to tap those dollars.
First, make a simple spreadsheet with headings for name, contact information, addresses, occupations, family information, pet information, and any other characteristics that you could sort electronically. (Tip: Nothing is more powerful than sending someone a card on their dog’s birthday. They will love you forever.)
Start your list with family and close friends, but then move into past and current clients, neighbors, business contacts, and anyone else with whom you have a positive, solid relationship. Make sure all the information is accurate and up to date.
Next, come up with a plan to farm your database. Your goal should be to “touch” everyone in your database in various ways eight times a year. For starters, I recommend setting up automated quarterly mailings centered around major holidays, so there’s a reason for the mailing beyond just saying, “I want your business.” (For us, nonreligious yet important holidays such as the Fourth of July, Halloween, and New Year’s Day work best, as recipients are unlikely to get cards from many other people on those days.)
Then, come up with an approach for the rest of the year’s “touches.” We schedule two phone calls at equally spaced intervals during the year for each person, setting reminders to make sure each call is completed. These phone calls consist of a simple hello and some small talk and conclude with asking if that person knows anyone we can call who may be interested in our services now or in the future.
The remaining two touches are a matter of personal preference, but examples would be stopping by people’s homes to say hello when you’re in the neighborhood, sending them a $5 Starbucks card with a handwritten note on their birthday, or inviting them out for a lunch or coffee.
There’s no wrong way to do this. It’s all about connecting with the people who support you and reminding them that you are in the business, you are doing well, and they should continue to refer new people to you.
Once you start properly farming your sphere of influence, you’ll be amazed at how much business has been slipping through the cracks. With a systematic, organized approach, you can continue to grow your volume, despite the challenging market.
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
If you’re caught up in gimmicks, you may be missing out on business opportunities right in front of you.
January 2012 | By Scott Newman
I’ve heard plenty of complaints lately from other real estate professionals about the dearth of business opportunities and the expense of marketing to find clients. I’ve also seen many practitioners who don’t put in the time to properly build a database of contacts and farm their sphere but will spend thousands of dollars a year on a gimmicky marketing tactic that yields few results.
What a waste. My marketing philosophy is to do more with what you have. My company, Newman Realty, maintains a database of people we know, many of whom we’ve worked with in the past. We send mailings to the people on this list at particular times of year. This puts us in the minds of people who already know us and may be considering a real estate transaction or can refer us to someone who is. The result? We’re constantly bringing in new business, without spending a lot of time and money doing so.
What we’re doing isn’t hard. I’ll bet you have tens of thousands of commission dollars a year waiting for you in your sphere of influence right now. Here’s how to tap those dollars.
First, make a simple spreadsheet with headings for name, contact information, addresses, occupations, family information, pet information, and any other characteristics that you could sort electronically. (Tip: Nothing is more powerful than sending someone a card on their dog’s birthday. They will love you forever.)
Start your list with family and close friends, but then move into past and current clients, neighbors, business contacts, and anyone else with whom you have a positive, solid relationship. Make sure all the information is accurate and up to date.
Next, come up with a plan to farm your database. Your goal should be to “touch” everyone in your database in various ways eight times a year. For starters, I recommend setting up automated quarterly mailings centered around major holidays, so there’s a reason for the mailing beyond just saying, “I want your business.” (For us, nonreligious yet important holidays such as the Fourth of July, Halloween, and New Year’s Day work best, as recipients are unlikely to get cards from many other people on those days.)
Then, come up with an approach for the rest of the year’s “touches.” We schedule two phone calls at equally spaced intervals during the year for each person, setting reminders to make sure each call is completed. These phone calls consist of a simple hello and some small talk and conclude with asking if that person knows anyone we can call who may be interested in our services now or in the future.
The remaining two touches are a matter of personal preference, but examples would be stopping by people’s homes to say hello when you’re in the neighborhood, sending them a $5 Starbucks card with a handwritten note on their birthday, or inviting them out for a lunch or coffee.
There’s no wrong way to do this. It’s all about connecting with the people who support you and reminding them that you are in the business, you are doing well, and they should continue to refer new people to you.
Once you start properly farming your sphere of influence, you’ll be amazed at how much business has been slipping through the cracks. With a systematic, organized approach, you can continue to grow your volume, despite the challenging market.
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
Wednesday, February 22, 2012
One Daily Goal to Double Your Income in 2012
One Daily Goal to Double Your Income in 2012
Posted By susanne On February 15, 2012 @ 4:44 pm In Best Practices,Business Development,Coaching,Marketing,Real Estate Information,Real Estate News,Real Estate Training
As real estate professionals, we are forced to continuously adapt our services to match the latest developments in the national economy and our local housing markets. The world in which we conduct our business is dynamic and the only constant is change. To put it simply, if we refuse to evolve and improve ourselves, we risk going the way of the dinosaur.
With the pace of modern life, it can be a challenge to keep up sometimes. Our lives can become so complicated with activities that it is paralyzing. Should we spend most of our time on Facebook or Twitter or focus on creating mailers, cold calling or walking our farm? Or should we focus on expired listings, short sales and foreclosures?
People are always trying to sell us something, whether it’s a new marketing strategy or a new technique for serving our clients, a new flyer or sign or the latest technology. We are bombarded by the latest and greatest to such an extent that it can be overwhelming. The result is that, at the end of the day, we sometimes have to ask ourselves, “Do I even remember what business I am in? Will any of this actually help me sell more homes?”
Instead of trying to master everything at once, why not work on setting one important goal, on one important topic, five days a week? If you can simplify and streamline your process, you can increase your productivity by 100 percent.
The tried and true acronym—KISS—Keep It Simple Salesperson—may seem a little overdone, but the fact that we have all heard it before only proves its relevance and value.
We need to grow and maintain our businesses, stay current or ahead of the latest technologies, refine our infrastructure and improve our systems. Start by asking yourself, “How much time have I really spent on these areas on a daily basis over the past year?” If you were to set one achievable daily goal for one of these items, five times per week, it would have an extremely positive impact on both your mental well-being and your business.
Think about how many leads you’ve received or generated in the past month. The marketing companies are always asking me if I would like to attract hundreds or even thousands of leads to our business and website. How about keeping it simple and instead do something every day that creates one new lead?
What can you do to find one new lead a day? Wouldn’t you agree that finding five good new leads in a week would make a substantial improvement to your bottom line?
Maintain your existing relationships and your business will thrive as a result. Call your current leads, current listings, escrows and buyers. Analyze your systems and processes. Are they running efficiently? You don’t need to fix all of them in one day, but if you make it a goal to achieve one small victory every day, the results will follow.
Evaluate your proficiency with the latest technology. Are you behind the times or current with the newest developments? Improving this area of your business should be easy, just commit to learning or practicing one of your current technologies once per day for a small period of time.
Make it a goal to discover one old, current or new piece of your business that can be improved on a daily basis, even if that means discovering that you can do a better job prospecting the next day.
These are just examples. The thought process is that success can be learned. Learn to succeed on a daily basis and large-scale, overall success will be an inevitability.
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
Posted By susanne On February 15, 2012 @ 4:44 pm In Best Practices,Business Development,Coaching,Marketing,Real Estate Information,Real Estate News,Real Estate Training
As real estate professionals, we are forced to continuously adapt our services to match the latest developments in the national economy and our local housing markets. The world in which we conduct our business is dynamic and the only constant is change. To put it simply, if we refuse to evolve and improve ourselves, we risk going the way of the dinosaur.
With the pace of modern life, it can be a challenge to keep up sometimes. Our lives can become so complicated with activities that it is paralyzing. Should we spend most of our time on Facebook or Twitter or focus on creating mailers, cold calling or walking our farm? Or should we focus on expired listings, short sales and foreclosures?
People are always trying to sell us something, whether it’s a new marketing strategy or a new technique for serving our clients, a new flyer or sign or the latest technology. We are bombarded by the latest and greatest to such an extent that it can be overwhelming. The result is that, at the end of the day, we sometimes have to ask ourselves, “Do I even remember what business I am in? Will any of this actually help me sell more homes?”
Instead of trying to master everything at once, why not work on setting one important goal, on one important topic, five days a week? If you can simplify and streamline your process, you can increase your productivity by 100 percent.
The tried and true acronym—KISS—Keep It Simple Salesperson—may seem a little overdone, but the fact that we have all heard it before only proves its relevance and value.
We need to grow and maintain our businesses, stay current or ahead of the latest technologies, refine our infrastructure and improve our systems. Start by asking yourself, “How much time have I really spent on these areas on a daily basis over the past year?” If you were to set one achievable daily goal for one of these items, five times per week, it would have an extremely positive impact on both your mental well-being and your business.
Think about how many leads you’ve received or generated in the past month. The marketing companies are always asking me if I would like to attract hundreds or even thousands of leads to our business and website. How about keeping it simple and instead do something every day that creates one new lead?
What can you do to find one new lead a day? Wouldn’t you agree that finding five good new leads in a week would make a substantial improvement to your bottom line?
Maintain your existing relationships and your business will thrive as a result. Call your current leads, current listings, escrows and buyers. Analyze your systems and processes. Are they running efficiently? You don’t need to fix all of them in one day, but if you make it a goal to achieve one small victory every day, the results will follow.
Evaluate your proficiency with the latest technology. Are you behind the times or current with the newest developments? Improving this area of your business should be easy, just commit to learning or practicing one of your current technologies once per day for a small period of time.
Make it a goal to discover one old, current or new piece of your business that can be improved on a daily basis, even if that means discovering that you can do a better job prospecting the next day.
These are just examples. The thought process is that success can be learned. Learn to succeed on a daily basis and large-scale, overall success will be an inevitability.
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
Tuesday, February 21, 2012
February 2012 Real Estate Market Update
February 2012 Real Estate Market Update
January continued to show positive growth signs with pending sales jumping compared to last January. Values per square foot also moved up in most price categories, with even the upper end showing positive movement. The Months Supply of Inventory dropped quite a bit even with a slight increase in new listings as pending sales rose more than enough to absorb the extra listings. Percentage of new listings that are bank owned listings had reached a two year low of 30% (Washtenaw County is the lowest is SE Michigan at 17%, with NW Michigan at about 10%), but that is expected to rise as the year goes on as lenders finally begin to release their inventories.
Buyer activity has grown as well over the past 90 days, with the number of property showings up 3% and the number of open house visitors up 20% (certainly influenced buy milder weather compared to last year), which means our spring selling season may get a head start this year!
Showing activity per listing is up as well in all counties, moving from about 1.8 showings per week last Dec/Jan to 2.0 this past Dec/Jan and 11% increase.
Prices have shown the same upward movement. Values per square foot in every price category have shown positive numbers over the past 90 days.
Because the 500+ market is small, changes can be volatile so the 10% gain should be looked at simply as positive movement rather than a true 10% rise.
We have the strongest pent up demand we have seen in the past six years going into the spring market. A good share of that pent up demand is being held back until prices rise a bit more, but even a small rise in prices will bring an increase in listing activity. All that said, we are still in the weird stage of counseling Sellers to continue to be aggressive in pricing (since we know statistically 70% of homes are listing above the price that will attract an offer) while Buyers need to be aggressive in their offers since the majority of buyers are all focusing on the 30% of the properties that are priced to market.
Here are our numbers for the first month of the year, off to a strong start!!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
January continued to show positive growth signs with pending sales jumping compared to last January. Values per square foot also moved up in most price categories, with even the upper end showing positive movement. The Months Supply of Inventory dropped quite a bit even with a slight increase in new listings as pending sales rose more than enough to absorb the extra listings. Percentage of new listings that are bank owned listings had reached a two year low of 30% (Washtenaw County is the lowest is SE Michigan at 17%, with NW Michigan at about 10%), but that is expected to rise as the year goes on as lenders finally begin to release their inventories.
Buyer activity has grown as well over the past 90 days, with the number of property showings up 3% and the number of open house visitors up 20% (certainly influenced buy milder weather compared to last year), which means our spring selling season may get a head start this year!
Showing activity per listing is up as well in all counties, moving from about 1.8 showings per week last Dec/Jan to 2.0 this past Dec/Jan and 11% increase.
Prices have shown the same upward movement. Values per square foot in every price category have shown positive numbers over the past 90 days.
Because the 500+ market is small, changes can be volatile so the 10% gain should be looked at simply as positive movement rather than a true 10% rise.
We have the strongest pent up demand we have seen in the past six years going into the spring market. A good share of that pent up demand is being held back until prices rise a bit more, but even a small rise in prices will bring an increase in listing activity. All that said, we are still in the weird stage of counseling Sellers to continue to be aggressive in pricing (since we know statistically 70% of homes are listing above the price that will attract an offer) while Buyers need to be aggressive in their offers since the majority of buyers are all focusing on the 30% of the properties that are priced to market.
Here are our numbers for the first month of the year, off to a strong start!!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
Are You a Team Player?
Are You a Team Player?
Posted By susanne On January 9, 2012 @ 4:51 pm In Best Practices,Business Development,Coaching,Consumer News and Advice,Marketing,Real Estate Training,Today's Top Story,Today's Top Story - Consumer | No Comments
[1]Have you noticed that when a sports team wins a championship game, both the players and the coaches talk in terms of a “team victory” and appear to truly enjoy sharing the accomplishment? On the other hand, teams who are going through a losing streak tend to make excuses and point fingers.
The success of any high-performance team is in direct proportion to the number of “team players” within the group. It’s not difficult to spot a team player in any group of people because they tend to stand out from the crowd. Team players radiate a positive attitude, cooperative spirit and encourage their coworkers to excel. Team players are self-motivated individuals who are focused on the attainment of team goals. They are driven to perform at a high level and will do almost anything to keep from letting their teammates down. Team players share achievement and jointly shoulder criticism and defeat.
Nature rewards mutual cooperation and there are great examples of teamwork everywhere you look. Why do you think a goose prefers to fly together with other geese in a V formation rather than winging it on their own? The answer is simple, because even a goose has the good sense to appreciate the power of team cooperation and the importance of mutual support.
Geese fly together in a V formation for the same aerodynamic benefits that bicycle teams and NASCAR drivers understand. When a goose flaps its wings, it creates a partial vacuum effect, which benefits the goose directly behind it. In fact, researchers estimate that the aerodynamic efficiency of the V formation allows the geese to fly 70 percent further as a group than any individual goose trying to go it alone.
If you watch a formation of geese long enough, you will notice that the leadership is shared and they take turns fighting the headwinds. The geese at the rear of the formation add their contribution by continuously honking encouragement to the leaders up front. If a goose gets sick or injured and is forced to leave the formation, two other geese will also drop out to stay with their teammate and render support.
Peak-performing teams generate positive group synergism, because each team member is aligned with the shared values and mission of the group. This does not mean that the individual is no longer important; however, it does mean that being a true team player goes beyond individual accomplishments and personal gain. Teamwork isn’t a part-time activity; it’s a full-time commitment. If you want to be a member of a high-performance team and reap the benefits, you need to learn to fly in formation!
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
Posted By susanne On January 9, 2012 @ 4:51 pm In Best Practices,Business Development,Coaching,Consumer News and Advice,Marketing,Real Estate Training,Today's Top Story,Today's Top Story - Consumer | No Comments
[1]Have you noticed that when a sports team wins a championship game, both the players and the coaches talk in terms of a “team victory” and appear to truly enjoy sharing the accomplishment? On the other hand, teams who are going through a losing streak tend to make excuses and point fingers.
The success of any high-performance team is in direct proportion to the number of “team players” within the group. It’s not difficult to spot a team player in any group of people because they tend to stand out from the crowd. Team players radiate a positive attitude, cooperative spirit and encourage their coworkers to excel. Team players are self-motivated individuals who are focused on the attainment of team goals. They are driven to perform at a high level and will do almost anything to keep from letting their teammates down. Team players share achievement and jointly shoulder criticism and defeat.
Nature rewards mutual cooperation and there are great examples of teamwork everywhere you look. Why do you think a goose prefers to fly together with other geese in a V formation rather than winging it on their own? The answer is simple, because even a goose has the good sense to appreciate the power of team cooperation and the importance of mutual support.
Geese fly together in a V formation for the same aerodynamic benefits that bicycle teams and NASCAR drivers understand. When a goose flaps its wings, it creates a partial vacuum effect, which benefits the goose directly behind it. In fact, researchers estimate that the aerodynamic efficiency of the V formation allows the geese to fly 70 percent further as a group than any individual goose trying to go it alone.
If you watch a formation of geese long enough, you will notice that the leadership is shared and they take turns fighting the headwinds. The geese at the rear of the formation add their contribution by continuously honking encouragement to the leaders up front. If a goose gets sick or injured and is forced to leave the formation, two other geese will also drop out to stay with their teammate and render support.
Peak-performing teams generate positive group synergism, because each team member is aligned with the shared values and mission of the group. This does not mean that the individual is no longer important; however, it does mean that being a true team player goes beyond individual accomplishments and personal gain. Teamwork isn’t a part-time activity; it’s a full-time commitment. If you want to be a member of a high-performance team and reap the benefits, you need to learn to fly in formation!
Here's a free business plan creator to get you started!
If you don't remotely know how or where to begin with building or re-building your business, come work with us. We already have systems in place that do it all for you!
The best in their field, even professional athletes take advantage of coaching. If you would like the benefit of working with a full time coach, absolutely free to you, please call me directly or email to set up an interview.
Suzanne O'Brien
(313) 516-6644
suzanneo@realestateone.com
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