One of the most overlooked opportunities for generating relationships and business for real estate agents is the B2B or business to business side of real estate. Every time I sit with another business owner or a service provider that I feel is a good fit with my business I am always trying to see where we can expose what they do with all the people I know and what I do. The universal principle of giving to get always has and always will work for me and my business hence the focus on me wanting to leverage with others and what they do and who they know with what I do in real estate and who I know. Imagine what a business owner or service provider would think or feel if you went out of your way to help expose, grow and enhance their business? So what are some of the ways real estate agents can leverage the B2B opportunities in today’s market place?
1) Start your own B2B business owner or service provider networking group. There are many excellent platforms out there, like BNI groups, but I liked to build and grow my own through the relationships I had made already. We met as a group once a month at a small deli in a good size meeting room at 7 am mid-week and spent time as a group sharing about each of our businesses. Sharing our challenges with each other for feedback on how to handle each of the situations. Most of all connecting as a group and sharing ways to grow our own business but help grow others in the group as well.
2) Cross marketing opportunities. Think of places where you could expose or promote and showcase other business owners and service providers. For example I had a section of interviews with each of my network group members on my Youtube channel. One of the most viewed pages on my own website was the business directory page that listed all the preferred business owners and services providers I knew and recommended. I added service providers contact info to my newsletters and every month had a discount voucher in the newsletter as a value add to my clients.
3) Review them and their business. I went ahead and gave as many of them I could reviews on google, testimonials on Linkedin, Yelp and some of them Tripadvisor without any of them asking me to do that for them. Most of them did the same for me in return.
4) Create a hard copy service directory book every year filled with every business owner and service provider I know and the ones that they all refer or recommend to me. I place everyone’s business information free and then offer one business card ad spot per category for $25 to help cover the costs of printing the small directory books each year. I get calls from all kinds of business owners and service providers asking how they could get in the directory each year. I hand the directory out to every one of my clients at the beginning of the year and use them for relocation packages, open houses and other opportunities I may meet someone new to the community as a little token gift.
5) Own your own service directory app. About a year ago a friend of mine created an app that allowed us to take the traditional service directory booklet and launch it on an app. Check out www.clientlinkt.com and load all your business owners and service providers information and any special discounts or offerings they might have and then get everyone you know to download your service directory app on their android or iphone in seconds! The app is customized to you and your relationships and your clients will love it but more important so will your B2B relationships!
These are just a taste of some ideas you can do to really tap into and leverage the B2B community out there. We forget there is this large pool of business owners and service providers out there that would just love to connect with an agent willing to help them with what they do with what the agent does and the people you know. I was incredibly blessed to have so many great business owners and service providers as a referral source to my business and I know it will do the same for you so Get At It!
When buying in a tight market, 3-D home tours give buyers a unique perspective on potential homes and provide critical online information. The 360 degree home tour helps the buyer gain an advantage on their fellow buyer competitor. As a creative traditionalist, I’ve always believed a good photographer can capture a home’s depth and amenities as well as any virtual tour.
In a matter of hours buyers learn in a tight market any offer less than full price was at an immediate disadvantage, and you have to place your offer as soon as — or before — the home hits the market if you want to stand a chance. In many cases, you won’t have time to see properties in person. I now know a smooth, immersive 3-D walking tour helps the anxious buyer prepare to make a confident offer without seeing the property in person. You get a much better idea of how your furniture will match a room’s layout.
They’ve also brought life to listing agent notes like, “Great mountain views from the rear deck.” This technology lets you walk through a garage, go upstairs and into bathrooms. It lets you see where you’ll be putting your groceries down as you hold the door open with your foot. It allows you to be there without being there. Room-to-room flow, finishes and space are all much more accurately conveyed via 3-D tours. It’s a very tough time to be a buyer. We need every tool out there to enable us to move fast and make smart offer decisions.
The more we learn about a home online, the better equipped we’ll be to work with an agent. Relative to that, I’m finding in today’s marketplace — or at least the one most buyers are shopping in — the agent’s role as information provider is shrinking. The web moves much faster than they can, and I don’t hold that against them. Most importantly, the role of transaction manager — and therapist — has become more critical than ever. The value we’ve been provided to date is well beyond 3 percent of the transaction. 3-D tours, whether they’re done with iGuide, Matterport, Immoviewer, Virtual reality or any of the others, are vital to capturing a buyer’s Interest.
iGuide :
Virtual Reality :
Immoviewer :
Matterport :
Check some of these examples then strongly consider implementing this strategy if you don’t already.
Branding is such a crucial component of success. Think of some of the largest companies in the world — from Nike’s “swoosh” to Apple’s icon — everyone is familiar with the brands they created. I am a huge fan of agents taking the time to invest in themselves as a brand just like some of those big companies. It is important real estate agents have their brand within their corporate brands and build mindshare.
Today, building your personal brand is just as important as building your company’s brand — in fact, it might even be more important. Consumers want to hear the story behind the founders — the failures, struggles and the success. This means putting yourself out there and marketing yourself in addition to your company.
Here are some of the top ways to start building that personal brand.
1. Be visible and accessible.
You can’t hide in your office behind your computer and expect to build a personal brand. You need to get out and make yourself visible and accessible. Attend industry conferences, even if it’s just to network and socialize. Make your social media profiles open to the public and allow incoming messages. Hold live video Q&A sessions on social media and interact with your followers. The more visible and accessible you make yourself, the stronger your personal brand.
2. Show the real you on social media.
Don’t use social media as a 100 percent marketing channel. It’s fine to throw an offer out there or promote your company occasionally, but focus on showing the real you. If you come across as a robot or unauthentic you will push people away. Consumers love to see the other side — what you do on the weekends, where you eat, what your hobbies and interests are, etc. This makes you appear more human, which attracts more people to you.
3. Understand your industry inside and out.
Your business is only as good as the people running it, yourself included. It’s important you understand your industry inside and out — common sense. But, this also means staying up to date on latest trends, breaking news and your competition. When you do this, it helps to position yourself as a thought leader in your industry, elevating your personal brand to a higher level.
4. Practice 2-way networking.
A lot of people network the wrong way. They focus on their own needs and personal benefit, completely ignoring those needs and wants of the other person. Focus on 2-way beneficial networking, making sure to give the other person an opportunity to benefit from the relationship as well. This approach will help you secure more connections and opportunities, which will all contribute to strengthening your personal brand.
5. Maintain a detailed database of contacts.
As your personal brand grows, so will your list of contacts. It’s important you keep a detailed list of all your contacts. Who the person is, where you connected, potential opportunities and how you can help them are all things to keep track of. While it can be a great resource to search when you need something, it can also be referenced when you have an opportunity. Your relationships will become much stronger and beneficial when you approach a contact with an opportunity that helps them without asking for anything in return.
6. Become a trusted source of breaking news and relevant information.
You know your personal brand is strong when you become a source of information. Strive to be the person media outlets and journalists contact when they need expert advice or information on a popular topic or breaking news. Start by sharing news and information you feel is useful on social media and send it to your email list. This can also help to build your following, which leads to people viewing you as a trusted authority in your industry. Ultimately, this will attract more people to you.
7. Develop a strong value proposition.
Every major company has a value proposition and you should too. What makes you, as a person, attractive to potential customers or clients? What is it that makes you special? Why should someone work with you? Once you have this established, make sure your audience knows what it is.
8. Give back.
Aside from feeling good and giving your personal satisfaction, giving back can help you build your personal brand. Whether it’s donating money to a charity or volunteering your time to a cause that’s important to you, this type of deed can benefit your personal brand. You can highlight your charitable deeds on your website and even issue press releases to attract positive attention. People remember selfless acts.
So there you have it. How to build your personal brand within your corporate brand and really start to capture mindshare and a respected expert in your market area. Don’t be that secret agent. Be a household name in real estate in your market area!
A number of states and provinces are experiencing unprecedented low inventory levels. Nothing to buy and demand at an all-time high has caused a new and interesting challenge for the listing and buyer agents in the marketplace. Listing agents can’t get all the marketing they promised the seller they would do completed in time for it to hit the market and it is sold which is putting pressure on listing commissions and the listing agent losing the ability to spin more business off of their listing inventory.
The buyer agents are frustrated with the listing agent moving too quickly and taking an offer too soon and not allowing enough exposure to the market and allowing all buyer agents to write an offer on the new listing even if it is in a competing bid. With these new challenges in the marketplace, we have started to see the coming soon listing strategy being used by listing agents and their listings. So what are the benefits to a Coming Soon listing marketing strategy? It is important you consult with your local board and brokers to ensure you follow what is allowed in your local trading area.
Benefits to the Seller of a Coming Soon Marketing Strategy
1) The marketing is getting done and in place with more pre-listing marketing time
2) Allows more time for market exposure to buyers and buyers agents
3) Increases the chance for a multiple offer bidding situation
4) Allows everyone a chance to bring an offer to the table
5) Saves the seller time with it selling faster
6) Generates the seller more money
So how does this Coming Soon marketing strategy work you ask? So let’s say for example we meet with the seller on a Monday and agree to all the terms and conditions for listing their property. I recommend we take an exclusive listing for the pre-listing coming soon marketing period to ensure the neighbor or competing agents don’t just knock on the seller’s door and sell the home prior to the activation of the MLS listing contract. We place a sign on the property on Tuesday that states the property is coming soon to the market but does not have conflicting messages on the sign like “for sale” or “MLS” while it is being marketed as coming soon property. Then on Wednesday, we post a coming soon announcement to our database and agent peers via email, Facebook, and flyers.
On Thursday I flyer the neighbors and Friday I follow up the neighbors’ flyer with a door knock asking if they know of someone who may be interested. Saturday we host a public and agent open house and Monday morning the MLS listing contract is active and the property hits the MLS system and hope for multiple offers in the next few days. In a perfect world, the seller is patient and the property receives multiple bids and sells well above asking price. Sometimes we hear of buyer agents presenting “bully offers” which are offers that come in prior to the property hitting the market and the MLS system.
We are obligated to present these “bully offers” and the decision to accept or wait is completely up to your seller. My suggestion is if the seller chooses to take an offer prior to it hitting the market and the MLS system you get in writing they chose to accept an offer prior to protect us from it looking like we the listing agents forced the seller’s into an early decision. So the debate of whether the Coming Soon marketing strategy is good or bad is definitely up to you and your client to decide but being aware of how the game is being played slightly different than what we are used to is something we all should be aware of. Reach out and let me know some of your personal experiences with this type of marketing in your own marketplace, would love to hear from you!
I cannot believe it myself the first quarter of 2017 has almost come to an end. Time really does fly when you’re having fun!
How did the first quarter of your year go for you personally and in your real estate profession? Are you behind your goals? Ahead of your goals? Just right where you targeted for your start to the year?
We are now entering into one of the typically best quarters of the year; Q2. My question to you is… is it time to change things up? This week we look at some critical steps to take today if you are not on track:
#1. Take Some Time To Look At Your Status
What is your current situation? What are your biggest challenges or issues you are facing? What were your goals and why you wanted to accomplish those goals?
#2. Measure Your Quarter
What were your numbers for the first quarter? How many calls? How many appointments? How many presentations? How many Listings? How many buyer agreements? Don’t measure your quarter success solely on results but even more important is measure your quarter on activities. You have to be faithful with your activities to receive the success you deserve.
#3. Growth Checklist
Based on the first quarter and what the numbers are saying what do you need to do different? What do you need to do more of? More leads, appointments, follow up, conversion, presentations and contracts this quarter? What changes need to happen to achieve your goals and breakthrough this next quarter in Real Estate.
#4. Working On Your Business
How does your operation, systems and automation look right now? Do you have systems and checklists for everything in place? Are you leveraging with someone or something else that is generating you business while you are busy being busy or getting some sleep? Time to schedule that hour of power a day and work on your business and not always in it.
#5. Time For Help?
Is it time to delegate the low dollar productive activities and free up time for you to focus on the high dollar productive activities? Remember someone or something else doing the low dollar productive activities as better than you doing them, right?
#6. Sales and Marketing
Is what your spending and doing generating a return on your time and investment? How are you positioned in your marketplace? Is your unique value proposition to the customers being communicated in all your materials? Growing your business is no small task and there are many different moving parts.
#7. Income and Expenses
How much are you spending? How much should you spend to meet your goals? Are you profitable? Do you take time and measure your expenses and the R.O.I.? Remember we are in this to make a profit and not all about the gross income being less than the expenses.
#8. Technology
Is technology ruling you or are you ruling the technology? How much technology is enough? Am I relying solely on technology and not enough on old fashion full contact with people belly to belly? We all need to embrace technology because it isn’t something that will just go away. In the same breath we need to not just rely on technology because sales always has and always will be a full contact sport.
So there you have it 8 solid points to help you turn your year around and really make Q2 the best quarter of your year. Take the time to look at your first quarter numbers and your goals and refuel your “why” for crushing it in the second quarter of this year. I dare you!
3 Reviews to Increase Your Real Estate Biz in 2017
As we head into the final month of 2016, for most of us, there will be some “downtime”. Downtime driven by both the holiday season, as well as a general slowdown of activity, especially after the first two weeks of December. This is an ideal time to start planning for 2017. I have honed a process for preparing for the New Year. There are 3 reviews you need to complete before you can set a path for growth of your real estate biz in 2017. The three reviews include your transaction history, your prospecting efforts, and your personal marketing efforts.
Review Your Real Estate Business Transaction History
Where do we start? We start with the past, we start with the review of what you’ve done financially, the actual transactions that you’ve completed, and all the elements associated with those opportunities.
Once you understand where you are, you can identify where you are going. Ask yourself, what was your average deal size last year, the year before that, the year since then? What clients did you work with? Which clients were the most attractive to you, both now and in the future? What were the average size deal with those clients provided for you? Where did you get those clients? What was the source? Was it a prospect call? Was it a website, off a lead, a company referral? Was it the same clients? Where were those clients and opportunities located? What market are you best to focus on moving forward? What product type have you really been successful for in the past and what product type is best for you moving forward?
Review Your Prospecting Efforts as a REALTOR
What was your financial goal for net income goal for 2016? Money that you take home for you and your family. That’s something we really care about. What did you achieve, and what was the goal? Hopefully it was greater than your goal. If it was less than your goal, maybe you set too high of a goal. I love goals that push you, but be careful so they don’t demotivate. How many exclusives did you secure? How many listings you got went to closings? You want to explore that. Make sure you understand some of the ratios financially of your meetings, to listings, listings, to close. Look at the numbers. Look back on your efforts last year, and see where those are. Define your average gross commission income. What was your average net commission per closing? Of the listings/representations/assignments you secured, how many were unsuccessful?
When it comes to your clients, think about your top five clients. When I say top five, people go, “Okay so these five made the most money for me, they’re my top five.” Fine. That’s how you want to define top five, look at it that way. Some say, “No, top five really means those that provided me, and will provide me the greatest opportunities moving forward.” In 2016, this may have been one deal, but it’s going to lead to more deals down the road. That’s going to be a top client for you, or a client that always gives you multiple opportunities. Same client opportunities, or refers you. All they did is one or two deals with you maybe historically, yet they’re one of your raving fans. Therefore, they’re your top client. Identify your five top clients based on your parameters.
Finally look at your prospecting efforts. Prospecting is a disciplined act of asking for business. Think about what you did to specifically ask for business. Look back at some of the quantitative, and qualitative aspects of your prospecting. How many prospecting meetings did you hold in 2016? How many calls to you attempt vs. complete, and how many prospect letters (not emails) did you send?
Review Your Personal Marketing Efforts
Prospecting is hard enough when folks know you, or at least heard of your company. Prospecting without a personal presence is downright difficult. Your personal marketing efforts will reflect strongly on you prospecting results. I always focus on three elements of presence, or personal marketing. Personal, Physical, and Digital. Upon your review of your personal marketing efforts in 2016, ask yourself how many personal meetings did you have from a marketing perspective? These are meetings to get to know people. These are not prospecting meetings. These are relationship building opportunities. Maybe it was going to a conference, or going for a drink with the guys, or whatever it might be. How many personal marketing meetings did you hold? Look back at your calendar. This is vital to growing in 2017. Physical marketing efforts consist of tangible items you have mailed, gifted or sent. From the physical side, mailing side, how many times did you mail out? How many times did you send out post cards, or flyers. How many gifts did you send, or articles you shared. Again, look at your calendar, look at your marketing efforts, look at your budget, look at your expenses.
Lastly, think about the digital side. Yes, the tweeting, the blogging, the LinkedIn groups, Facebook interactions, that you actually participate in. Just because you’re a member of a LinkedIn group, and you never participate that does not count. That’s probably 95% of folks out there. Think about the digital efforts. What did you do digitally? Even e-mail blasts, and newsletters.
As noted, the first step in any process of change is always the biggest. Reviewing your transactional history, prospecting efforts and personal marketing activities will take you some time. Potentially several days. But don’t forget you will have several days of “downtime” in the weeks ahead. You can either review and then implement change, or simply do what you have always done in the past. You know, and we know that positive change, and income growth, are not products of simply doing the same thing year after year.
Commit to making 2017 your best year as a REALTOR ever. I dare you!
One of the things I ran into when I first started really talking about staging houseswith sellers was I discovered I could get a listing against a lot of agents who were better than me — when I say “better,” I mean who were bigger producers than me. This would happen because when they would talk about staging the house they would tell the seller, “Okay, you need to do this, you need to do this, you need to do this,” they would actually put off the seller. They would often make the seller mad because the seller felt the agent was coming in and telling them to spend all this money and do all this work, and the agent was trying to boss them around. They’re going, “This is my house, and I felt like they were coming in telling me they weren’t going to list the house or it wasn’t going to sell well if I didn’t do all this work and put all this money into it.” The seller actually took it personally and decided they didn’t like the agent. Of course, the agent was trying to help them get the property prepared in a way that really works.
Now, when I first started selling real estate back in the 1990s, staging was not nearly as important as it is today. In fact, when I first started selling real estate back in 1993, staging was not even something I was trained on. It was not something in the training I went through, and I was with one of the number one companies in the world and they never talked about staging, really.
Some things have changed in the last 15 years that have made a dramatic impact on the importance of staging a house and getting it really market-ready.
2 Things that Have Increased the Importance of Real Estate Home Staging
Number one: Pinterest – Here’s the reality. Every lady, before she buys a house, she spends weeks, if not months, spending all of her free time looking at Pinterest pictures. They spend an hour at night sitting in bed looking at Pinterest, looking at all the cool pictures. What kind of pictures are they looking at? What kind of houses are they looking at? What kind of kitchens and bedrooms and master bathrooms are they looking at? They’re not looking at the fixers. They’re looking at the perfectly staged, perfectly designed, perfectly laid out, professionally decorated, perfect dream homes. Dream kitchens, dream closets, dream bathrooms, dream master bedrooms, dream backyards, dream front yards, dream flowerbeds. I mean, all of it is like, the dream, and that’s what they’re spoiled with. They’re like, “I want that! I want it!” It’s like a little kid. “I want that!”
Number Two: HGTV – If you watch HGTV you will know most of the shows are on real estate, and most of them are about people taking and finding an ugly house and making it a beautiful house. When they’re done, they’re looking at this gorgeous home and it’s perfectly decked out. Everything’s up to date, everything’s modern, everything has custom, professional interior designers that have come in and made everything match, and it just looks fabulous. They spend all their time watching this, and so they get in their mind, “That’s the house that I want!”
Today, when you’re showing houses, if the house is ugly, it will still sell, but it sells for less because people say, “That’s a fixer,” and they want to get a big time discount if a house doesn’t show perfect.
A vacant house? Oh my goodness… Vacant houses, used to not be a big deal. But now, a vacant house looks unloved. It looks unlived in. It doesn’t feel like a home.
Because buyers are so used to seeing the pictures on Pinterest and on HGTV and on all the other places, social media and on the internet, because they’re so used to that, people have a higher expectation of what they want their new home to look like. All of a sudden, (maybe not all of a sudden, but over time), staging has become a critical part of, not only the high end but even of bread and butter homes… the better a house shows, the more like a model home it shows, the better off it’s going to sell and for a closer to premium price.
25 Staging Tips To Win More Listings and Sell Listings For More:
1) Grimy bathroom walls are a major red flag to buyers. Here is an easy way to get rid of surface mold: Mix a spray bottle with one part water and one part bleach. Just spray it on the wall, and watch the mold disappear. Give it a fresh coat of paint, and your grimy bathroom will go from red flag to red-hot.
2) Don’t replace a yucky shower door: Just scour it. A grimy glass shower door can really wash out your sale. Instead of replacing it, clean it with a mixture of one part muriatic acid and about 10 parts water. Scrub with steel wool. After wiping it down, reinstall the door and you’ll have a shower that’ll help you clean up at the open house.
3) Avoid dated tile by painting. Bathrooms sell houses, but dated tile in a bathroom doesn’t. A low-cost alternative to replacing the tile is to use paint. First coat the tiles with a high-adhesion primer. Next, brush on a special ceramic epoxy covering. For a fraction of the cost of new tile, you will have an up-to-date bathroom that brings in big bucks.
4) A master bedroom should appeal to both sexes. When you are selling, your master bedroom should appeal to buyers of both sexes. Get rid of features that seem too gender-specific. Paint the walls a neutral color, and choose bedding that matches. Then accessorize with items that complement the overall color scheme.
5) Do you have an overpowering brick fireplace that sticks out like a sore thumb? Here’s an easy way to tone it down with paint. Use a rag or brush to rub a light coat of paint on the bricks, one at a time. This will give them a new tone without covering them completely. And, if you use a paint color that matches the walls, your fireplace will go from sticking out to standing out. Updating an old fireplace screen is a cheap (and quick) fix. After removing the screen and wiping it down to get rid of the dust, mask off the windows so you won’t get paint on them. Then, using a can of heat-resistant spray paint, give the screen a facelift. Hold the can about 18 inches away, and use long, even strokes. For less than $5, you will have a fireplace screen that’ll keep your sale from going up in smoke.
6) Stain dated kitchen cabinets instead of replacing them. Dated kitchen cabinets can be a big turnoff to potential buyers. Instead of paying big bucks to replace them, just stain them. First, apply the stain in even strokes, going with the grain of the wood. Add some stylish hardware, and your kitchen will have the up-to-date look that buyers love, for less than $200.
7) Stainless-steel appliances are definitely in with buyers. Instead of buying a new dishwasher, here is a low-cost way to resurface an old one: First, remove the front panels, and clean them. Next, apply a stainless-steel stick-on covering, and cut it to size. For just $20 your dishwasher will go from outdated to ultra-modern.
8) Fill existing hardware holes instead of making new, unsightly ones. Removing old kitchen hardware can leave your cabinets with stripped-out holes. Here is a trick to reusing the existing ones. First, dip a toothpick in glue and place it in the stripped hole. Cut off the excess piece. Once the glue dries, you’ll be ready to put in the hardware that buyers love.
9) Save money on granite countertops. Granite countertops are a huge selling feature, but they can be expensive. Here are a few ways to save on this investment: First, do the demo yourself. Also, ask the vendor for remnants from previous projects. Remember, any money you spend will definitely be returned in the value these beautiful counters add to your kitchen.
10) New kitchen appliances bring high returns from sellers. Studies show that new kitchen appliances bring high returns from sellers, so get rid of old appliances that make the rest of the kitchen look dated. Once you install the new equipment, it will scream “new kitchen,” and you will see that spending a little money will make you even more.
11) Need to dress up a window but don’t want to shell out big bucks for window treatments? Here’s a trick: Use place mats. First, apply a hook-and-loop fastener to the place mats and attach them in a row to a basic curtain rod. Now that the place mats are attached to the curtain rods, pin them together at the bottom, and you’ll have a stylish valance that costs about $12.
12) Adding drama to old hardwood flooring is easier than you might think. First, isolate damaged boards, cut them out and replace them with new pieces. Rent a sander from a local hardware store, and give the floor a good sanding. The last step is to stain the boards with a rich color, and watch your floor go from drab to dramatic in no time.
13) Buyers love built-in bookshelves. There’s a fine line between filling them with clutter and staging them to sell. The trick is to arrange neutral items in clusters. Make sure that no single accessory stands out too much. That way, you’ll show off your attractive built-ins, and not your personal belongings.
14) Curb appeal is vital to attracting buyers. Here is how to stop traffic using color. First, with two tones of paint, add a faux finish to any corner keystones. Next, bring out the color of walkway pavers using a stone sealer. Plant flowers in bloom, and you’ll have buyers swarming like bees to your front door.
15) A nice outdoor deck can be a big selling feature, but an old one is a major liability. To give your outdoor space new life, first sand the wood. Cover it with a light-colored stain instead of paint to give it a rustic, grainy look. Furnish it for entertaining, and watch your open house turn into a party.
16) Breathe new life into a worn patio. Do you have a red-brick patio surface that needs to be freshened up? Here is an easy way to give it new life with paint. First, roll a light coat of paint onto the bricks. Next, lightly spray them with water and then dab them before they dry to give them an outdoor look. When you are done, you will have a patio that looks fresh and reels in buyers.
17) Staging rooms to show off their true potential is essential when selling your home. Clear out clutter or other personal items that will distract buyers. Paint the walls a neutral tone, and furnish the space to show off how functional it is. When buyers come through and imagine themselves there, you can bet an offer isn’t far behind.
18) A shabby wood-panel wall is not a strong selling point. Instead of ripping it out, cover it up. Use wood filler to carefully fill in all the cracks between the panels. Then, use a sponge to wipe away the excess filler. Once it’s dry, paint the room. You’ll see an unattractive wall go from standing out to blending in.
19) Use tape outlines on the floor instead of actually moving furniture around. Rearranging a room to stage it for your open house? Here is a tip to save time and effort: Instead of lugging the heavy furniture around the room to see what feels best, put outlines on the floor with painter’s tape. Arrange the room according to your outlines, and save your energy for counting offers.
20) Vinyl tile is an inexpensive way to update your home. Laying vinyl tile is an inexpensive way to update your home, but there’s a right way and a wrong way to do it. You need to avoid laying patterns that look too perfect. Instead, make sure to switch up the direction and placement of the tiles to mix the tones. That way, you end up with a floor that has a natural feel.
21) Stage rooms with one purpose so buyers will know what it is. Potential buyers are confused by extra rooms that have a mishmash of uses. To avoid this problem, first clear away clutter and excess furniture. Paint the walls a neutral tone and then furnish the room with a desk to stage it as a home office in which buyers will want to get down to business.
22) Unpleasant pet odors won’t win over buyers. We all love our pets, but unpleasant pet odors can make a negative first impression. Be sure to get rid of old carpet that can trap offensive smells. Replace it with fresh new carpet in a neutral color. Plus, if you paint the walls to match, your living room will look bigger. It’ll go from designed to smell to designed to sell.
23) Pack up unnecessary items and furniture before you show the house. An over packed living room is a red flag to buyers that your home lacks storage space. Pack up unnecessary items and furniture, and move items to your garage or a nearby storage facility. Clear the way for a sale by letting buyers see your square footage, not your personal belongings.
24) Storage space sells! Potential buyers love homes that have lots of storage space. Since they will open your closets, it’s a good idea to clear out unnecessary clutter, and organize your shelves to show off how much storage you really have. Plus, it gives you a chance to start packing, as you will definitely be moving once buyers see all that closet space.
25) Create a nice flow in your rooms. Buyers are attracted to homes that have a good flow. You can create circulation by replacing square or rectangular dining tables with round ones. Cutting the corners adds room to this maneuver and creates a spinoff effect that adds flow to your home — cash flow, that is. Create a better flow in the house by starting with the floor. Want to create better flow in your house? Start with the floor. Join two rooms together by using the most cost-efficient material in the book: vinyl tile. First, use a snap-line to create a center point between the two rooms. Next, the fun part: Peel and stick the new vinyl tile down, and watch your kitchen and dining room go from old to sold!
So there you have some easy and affordable ways to stage a listing and beat other agents to a listing and sell the listing for more. Take these tips and create your own staging booklet or report as a listing tool with sellers and beat out the competition and sell your listings for more. I dare ya!!
An amazing source for my business and income came from not only investing personally in real estate but having a core group of investors I could regularly promote investment opportunitiesto where the phone would ring asking me to show them the property and write up the offer. I would literally have people call saying “we heard you were the agent that knew where the investment opportunities were and they heard I actually invested in properties personally with my clients as well.”
My golden rule was never to buy something for myself before offering it to my investor clientele to ensure I never had the reputation of being the agent who picks up the best investment opportunities for themselves before their clients. I always let the clients know they will get the first opportunity with any property before I buy anything for myself and this was very important to my niche and reputation in the real estate investing market. I spent a chunk of my time looking for the buying and investing opportunities each day and throwing them out to the database of investors I had slowly built up over my career.
The bonus was some of my investment clients became personal friends and I offered to throw my fee into the property for a share in the property investment as well. We had a solicitor draft up a partnership agreement between all of us and when the client could see I was wanting to personally invest in the property then they knew this must be a great opportunity for them. Investment properties can be an absolute nightmare or a huge profit source. It’s your choice, based upon the amount of documentation and systems you implement.
Many top real estate agents also have a management division within their offices. This division is usually started and grows by helping investor clients, or it is necessary because of the properties the real estate agents own themselves. At some point, many top real estate agents might actually semi retire due to their portfolio of real estate holdings.
Being an “insider” allows you to horizontally integrate your business. Being a real estate agent and using “insider” secrets to invest allows you to utilize the tools you developed in putting together a great market niche. This new skill set allows another form of income to be cultivated from the real estate agent’s investors and investments. It is important the “insider” takes management seriously, whether for yourself or for your clients; therefore, I would like to share with you my…
Golden Rules of “insider” Investment Property Management:
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1. Attractive properties in quality neighborhoods, which create emotion, will attract a higher caliber of tenants, rent faster, and receive a higher rent.
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2. The right tenant will always pay more for the right property and take better care of the property. Just any tenant will always want to pay less for any property and cause damage to the property. DO NOT ACCEPT just any tenant!
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3. It is always better to have a vacancy than a bad tenant.
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4. No matter what your gut tells you about a tenant — never trust it. In fact, in real estate management, only trust your mother. Check all tenants records including banks, employment, last landlords, credit records, and any other systems that are available for you to determine the pain probability (and your profitability) of this tenant.
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5. Rent as if you were going to evict, and you probably will not have to.
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6. Courts almost always rule in favor of the person with the most written documents.
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7. Cut your losses early. Left to themselves, tenants usually go from bad to worse.
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8. Long-term leases may not allow you to participate in appreciating rental rates; however, they do cut down on the most expensive aspect of property management — turnover. Also, it makes a purchase through you the least costly alternative for a tenant who wants to end a lease early!
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9. Consider every tenant as a potential buyer. Having them commit to long-term leases and only letting them out of the lease at expiration date upon a successful purchase of a piece of real estate through you will add many dollars to your real estate brokerage business net profit.
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10. Please do not have preconceived ideas regarding how people of certain classes and ethnic backgrounds behave in your rental. I have had losers from all classes and winners from all classes. Only discriminate on the basis of their ability to pay and their references! No other prejudices should ever enter into the decision-making process. We understand this in real estate – carry it through to your management.
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11. Never rent to people unless you have seen where they currently live. I do not care if they are twelve states away. If you cannot send one of your real estate agent buddies out of your local referral directory to go visit their home, I would prefer that you did not rent to them. I guarantee that your property will look exactly like their current abode within three months.
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12. Minimize your expenses through preventative maintenance. It always adds value to the property. A property can be improved in many different ways. The improvement that adds value to the property is always the best. Band-Aids end up costing you more money and are usually always done by owners who have short-term ownership mentality. Since our “insider” real estate acquisition policy requires we own property long term, adding value and repairing items for the long term is the most profitable method to accomplish your goals.
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13. It will always cost you more to have someone else manage your property than if you would manage the property yourself.
Please be aware of the amount of money you make in your real estate business before you give up your real estate business time to manage properties. Property management companies can charge between 6-10% of gross rent to manage your property, and if you believe you would be spending time away from a more profitable business, i.e. real estate business, then you will need to make the decision whether or not you should hire a management company.
If you can hire someone within your own office to take care of the majority of the management duties, this would be a less expensive method. A good rule of thumb, when you own between 1 and 20 units, is for you to have a management company handle them for you while you make commission income. After 20 units, it usually makes sense for you to hire a full-time person to take care of most of the management duties.
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14. Having checklists and systems in your management business is paramount to making certain that all the “i’s” are dotted and “t’s” are crossed.
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Now that you understand some of the golden rules for “insider” property management consider the huge opportunity of adding real estate investment property and investors to your business this year and grow and expand your business. The greatest opportunity for all of us is to be investing in what we do and know and building our fortune by investing in real estate ourselves. My personal wealth came from investing in real estate personally and not serving over a hundred clients with buying and selling their real estate each year. I encourage you to expand in the real estate investor market and slowly build your own real estate investment portfolio starting now!
Business Plan – a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a marketing, financial and operational viewpoint.
FACT: LESS THAN 3% OF REAL ESTATE AGENTS HAVE A BUSINESS PLAN FACT: ESTIMATED 3% OF REAL ESTATE AGENTS IN NORTH AMERICA DOING 97% OF BUSINESS
“If you fail to plan, you plan to fail.” Writing a business plan may seem a daunting task as there are so many moving parts and concepts to address. Take it one step at a time and be sure to schedule regular review (quarterly, semi-annually, or annually) of your plan to be sure you on are track to meet your goals. It is that time of year again when we begin to build our plan for 2017 and let’s look at the key areas of the agent’s solid business plan.
1) Defining Your Mission & Vision
Writing a solid business plan begins by defining your business’s mission and vision statement. Though creating such a statement may seem like fluff, it is an important exercise. The mission and vision statement sets the foundation upon which to launch your business. It is difficult to move forward successfully without first defining your business and the ideals under which your business operates. A company description should be included as a part of the mission and vision statement: what type of real estate do you sell? Where is your business located? Who founded your business? What is sets your business apart from your competitors?
2) SWOT Analysis
Once you’ve created a mission and vision statement, the next step is to develop a SWOT analysis. SWOT stands for “Strengths, Weaknesses, Opportunities, and Threats.” It is difficult to set goals for your business without first enumerating your business’s strengths and weaknesses, and the strengths and weaknesses of your competitors. Do you offer superior customer service as compared with your competitors? Do you specialize in a niche market? What experiences do you have that set you apart from your competitors? What are your competitors’ strengths? Where do you see the market already saturated, and where are there opportunities for expansion and growth?
3) Setting Goals
Next, translate your mission and vision into tangible goals. If your mission statement is to make every client feel like your most important client: how specifically will you implement this? Do you want to grow your business? Is this growth measured by gross revenue, profit, personnel, or physical office space? How much growth do you aim for annually? What specific targets will you strive to hit annually in the next few years?
4) Marketing Plan
You may wish to create a marketing plan as either a section of your business plan or as an addendum. The Marketing Mix concerns product, price, place and promotion. What is your product? How does your price distinguish you from your competitors—is it industry average, upper quartile, or lower quartile? How does your pricing strategy benefit your clients? How and where will you promote your services? What types of promotions will you advertise? Will you ask clients for referrals or use coupons? Which channels will you use to place your marketing message?
5) Forming a Team
Ensuring the cooperation of all colleagues, supervisors, and service providers involved in your plan is another important element to consider. Is your business plan’s success contingent upon the cooperation of your colleagues? If so, what specifically do you need them to do? How will you evaluate their participation? Are they on-board with the role you have assigned them? How will you get “buy in” from these individuals?
6) Implementation & Follow-up
Implementation and follow-up are frequently overlooked aspects to the business plan, yet enormously vital to the success of the plan. Set dates (annually, semi-annually, quarterly, or monthly) to review your business plans goals: are you on track? Were the goals reasonable to achieve, impossible, or too easy? How do you measure success—is it by revenue, profit, or number of transactions?
And last, how do you plan to implement your business plan’s goals? When will you review and refine your business plan goals? What process will you use to review your goals? What types of quantitative and qualitative data will you collect and use to measure your success? So there you have it your guide to building your 2017 business plan. Click here to download your Click here to download your free 2017 business plan template and make 2017 your best year in real estate!
I am often reminded of the importance (if you have never done it before), of googling yourself. Actually sit down, open up google and search your name on google and look at what you see or worse, what you don’t see.
So let me ask you a question. When you google yourself, how do you rank?
When you google yourself, what else came up during your search? Anything? Nothing?
When I google myself I gratefully rank on the whole first page of the search but I found a solar company by the name “Wade Solar” and a judge in the mid-west with the name “Wade” in the search.
Now more importantly, how many results were about your business and would they make you want to work with you if you were a buyer or seller looking for an agent online? In February of this year, Inman reported that businesses with 10 or more reviews get 3.5x the attention and 6.5x the inquiries. Client reviews and testimonials help boost your incredibility with leads like crazy. They also help boost your credibility with Google.
So, if you’re not getting the results you want when you Google yourself and your business, that means Google doesn’t quite trust you yet. There are really only 3 ways to get traffic to your real estate website (Ads, SEO, and Social). This week we’re going to explore how your social media pages can help you rank better and higher in Google searches.
While Google may or may not use signals on Facebook or Twitter such as the number of followers you have to boost your placement, it’s clear that each platform still ranks and ranks well, at least for broad searches. If your content performs well and is widely shared, it can help drive more traffic and qualified leads your way for years to come. But let’s get back to social media. Social profiles are often among the top results in search listings for individuals and brand names. While your Pinterest page may not have the same impact as a 5-star Yelp review, it’s still a great place to start.
Think about it. If a lead only knows your name, they may start with that as a way to find out more about you and let’s be real – social media platforms are becoming just as much of a search engine as Google is. It’s likely future clients are going to want to learn more about you and the quickest way to connect is through social networks. If you’ve got a stellar Pinterest presence with several well-crafted boards full of useful information and a decent number of followers, you’re well on your way to making a great first impression and achieving your goal of gaining trust with your viewers and Google.
Whether you’re active on two or 12 social sites, here are a few practices that will easily increase your SEO and help push you to the first page of Google. Whether you have 100 or 100,000 followers on any given network, the way in which they engage with you will help establish you as a credible source. Growing your follower base is one way to do this, but they’ve got to be high-quality fans. What does this mean?
Well, for one, that they’re not bought. Buying Likes/followers will do absolutely nothing for you. Do Not Buy Fans. It’s not worth it and will ultimately decrease your chances of ranking on Google. As I said before though, there’s still a lot of conversation happening around whether your sheer number of followers even influences your Google ranking and whether it does or it doesn’t, how you interact with your audience totally matters. When thinking about increasing your reach, I want you to keep these three words in mind – Resonate, Relevant and Reach… let’s quickly break these down.
The way you will resonate with your target audience is by producing relevant content and these two things will increase your reach. Listen to what your viewers are saying. This could be one person or 10. It doesn’t matter. Because if you can help one person solve a problem, chances are there are many more people looking for answers to the same question. Help them solve it to increase your reach.
Optimize Your Posts – Again, this all comes back to content. To make the most of your updates, make sure you’re sharing strong, valuable content consistently. A detailed blog post, video or infographic will help you accomplish this the fastest. Make sure to also say something about the content you’re sharing in the post description and try and include a keyword or term relevant to that search.
You can also focus on optimizing your posts for your local community and having them show up in big search engines. Hint: This is how you can start to compete with portal giants such as Zillow and Truila. It is impossible for you to be a local expert like them, so get out there and make it happen. An easy way to get started on this, aside from making sure your actual profile is up-to-date with your location and services..etc., is to engage other local players. Try Googling “best pizza (your area)” and see what comes up.
Choose the top 3 and then check out their social media profiles. Try out each one for lunch or dinner over the next few weeks and write your own guide for newcomers. You can then tag each place across social media and begin engaging them on a more regular basis.
Whether you work with a team or are a one-agent show, you are your brand. The best way you can increase your brand awareness and authority is by publishing quality content regularly. Your online reputation is essentially built upon your social media presence. In order to generate and maintain a credible image, you’ve got to keep active. Your social media presence, though important, is really just a way to give you more visibility online and drive traffic to your site. That’s where the real action happens.