Unless you’ve been living under a rock all this while, you would have come across a TikTok trend in one form or another.
Whether it’s food, dance, beauty, comedy, or art – every week there are viral trends in every TikTok niche, and real estate is no different.
Check out my short TikTok presentation I recently did for a group of Realtors©
All the best,
Wade
Have you branded your real estate business using your name? Does your branding reference what you do, where you do it, and who you serve? Do you have a brand that is hyperlocal or niched based? If not, you are losing potential customers because you are marketing with an ineffective brand. A great brand immediately calls the product to mind. To illustrate this point, how many of these brands do you recognize? The “UnCola,” the “Ultimate Driving Machine,” and the “Breakfast of Champions” (i.e., Seven-Up, BMW, and Wheaties). My personal choice for best-branded real estate brokerage is “Next Home.” Your name: the least effective way to brand your business when most agents and brokerages launch their businesses, they seldom have any training on what constitutes an effective brand. The result is they usually end up branding with their name. Here’s why branding with your name is a poor idea: Please Note: If you are currently branding with your name and have had success in doing so, do NOT disturb what’s working. Instead use the “niched” branding strategies outlined below as additional sources for generating more leads.
1. Interference – Do you have trouble remembering names? Almost everyone does and for good reason. Each day you are bombarded with thousands of names of people, places, products, and companies. All this incoming data results in what psychologists call “interference.” To illustrate how interference works, what did you have for dinner lunch yesterday? If you were able to answer the question, the information is stored in your long-term memory. On the other hand, can you describe what you had for dinner 365 days ago? Chances are you can’t. The reason is you have had 364 other dinners since then.
2. The Ebbinghaus Curve of Forgetting. – Ebbinghaus’s research shows that we lose half of what we learned within the first hour after learning it. Within two days, that number climbs to almost 75 percent. In other words, even if the potential client remembers your name, 48 hours from now there’s only a 25 percent chance they will be able to recall it.
3. Your broker’s brand is usually better known. – Broker brand alongside your brand. My home was heavily prospected by agents sending out monthly postcards. I don’t remember any of the agents’ names, but I do remember who they worked for: Royal Lepage, Coldwell Banker, Keller Williams, and RE/MAX. Brokerage names are usually more visible due to multiple yard signs, their print and digital advertising, plus all the marketing pieces their agents send out that are branded with the brokerage name. If your brokerage also brands with a name (i.e., Berkshire Hathaway, Coldwell Banker, Keller Williams, Sotheby’s etc.) it’s even harder for potential clients to remember your name. They’re more likely to remember your broker’s big For Sale Sign as opposed to your name rider.
4. Name branding usually makes a business more difficult to sell. – Branding your business with your name also makes it more difficult to sell. “Wade Webb Realty” doesn’t work as a brokerage name for someone named Tom Smith.
5. No reference to the real estate industry. A strong brand references “real estate” or “properties,” yet many of the major brands have confusing name brands as well. For example, is “Coldwell Banker” a bank? Before Prudential was acquired by Berkshire Hathaway, I had a number of clients who commented, “I thought Prudential sold insurance, not real estate.”
6. No reference to your city, state, province, postal or zip code. – One of the biggest mistakes agents make, especially on their websites, is failure to include the state and zip or postal code where they specialize. To illustrate why this matters, did you know that there are 22 places in the U.S. named “Paris”? Consumers typically search by street name, city, and zip code. Always include these on your website, social media sites, plus any digital or print marketing you do. People don’t remember names, but they do remember features and functions. To illustrate how this works, assume my niche is selling probate properties. If I were to meet you at an open house, you would probably remember me as the blond lady who specializes in probate sales as opposed to remembering my name. When you need me to help sell a probate property eight months later, you will probably remember you met a blond lady who specialized in selling probate properties in Austin. To find me, you would probably enter “Austin,” “probate,” “real estate,” or “properties.” If several agents are serving this niche, you could easily see my profile and identify that I was the agent you met at that open house. Use these steps to expand your branding. Here are the steps to take to make sure leads who don’t remember your name can still find you: Use words or phrases that show you are in the real estate business: “real estate,” “homes,” “properties,” etc.
Reference the geographical location and/or the market segments that you serve. For example, do you have a geographical farm or specific subdivision where you specialize? Do you specialize in specific types of properties such as luxury estates, new construction, relocation, resort properties, second homes, 55+ communities, etc.? Do you serve a specific profession or type of customer? Examples include home-based businesses, seniors, couples in transitions, distressed properties, people who share your religion or politics, charities, clients born outside the U.S., investors, green or environmentally friendly, military, loft living, Mommy Market, golf properties, etc.
7. Putting your new brand to work. – We’re still at a point in time where you can build a strong digital real estate presence at virtually no cost. For example, you can set up a Facebook or Instagram business page for each niche or specialty market you serve. Add as much data as possible to that page and post regular updates. It’s also smart to create a Facebook and Instagram business page for each listing you take. Be sure to include the street address, city, state, and zip code as part of the name. Your clients will share these sites with their friends and followers, giving you free exposure to their contacts. These are also a tremendous conversion tool on listing appointments. In terms of your website, you can set up a separate subdomain that redirects back to your main site, although you can set these pages up to look as if they are your home page. Alternatively, you can also set them up as landing pages. The secret in getting conversions is to provide property reports and other data that would motivate web visitors to give you their contact information.
The bottom line is while it may be tempting to keep using your existing brand, going hyperlocal and having the highly niched branding strategies discussed here will give you a huge advantage when it comes to potential customers finding you, no matter where you meet them.
Strength and courage,
Wade
2021 was another great year for Agents Boost thanks to you our readers. Again we had thousands of visitors from countries all over the world checking out our new and seasoned posts. Out of our years of contributions the 10 Ten read post by our agents for the year were as follows.
A mentor of mine said to me “agents aim for nothing and hit it with amazing success!” 2021 is wrapping up and what did you aim for? What did you hit? It is the perfect time of year to aim for something in 2022 and hit it with amazing success! So when 2021 begins to wind down you should not wait until the very end to start planning for 2022. This means having a crystal clear understanding of the successes and challenges of your current year, how it impacts your upcoming year, and developing a vision of what you want to accomplish, and how. Many agents aim for nothing every year and most hit it with amazing accuracy!!
I believe you should always start working on your next year strategy months in advance of the new year. This awards you enough time to make an impact on your final quarter, and lay the groundwork for making sure your next fiscal year starts off on a solid footing. For agents who want to achieve greatness, push the envelope, and grow their business through market share, market penetration, paying down debt, increasing sales, profits and cash flow, I urge you to get going now! The way I see things is, if your business isn’t growing, pushing the envelope, thriving, and maximizing profit, then all you’re really doing is suffering a slow death.
Believe me, your competition is fighting the fight every day, and they didn’t wake up in the morning and say “Gosh, golly, I hope I stay even in 2022.” They want to eat your lunch, take your business, absorb your market share and steal your customers away.
Some people might ask me if they should start planning by looking at their competition, and I say NO. Why focus on the competition, instead of focusing on yourself? When it comes to my business, I don’t care what others do. I care about what I do. Recognize your competition for what and who they are, and then put your best foot forward by pushing the envelope in your business. You should approach the new year as if you are going to battle, and for that you should develop a strategic plan.
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 DO 97% OF THE 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 are on track to meet your goals. It is that time of year again when we begin to build our plan for 2020 so let’s look at the key areas of the agent’s solid business plan.
Step 1) “Success and history always leaves us clues.”
I began by looking back to identify the clues that have been left for us and the business. I would look at the real estate market first and search for the following clues.
What have the number of sales been doing the last year? 2-5 years? Up? Down?
What have the number of listings been doing the last year? 2-5 years? Up? Down?
What have the average and median prices been doing?
What price ranges are experiencing more activity? Less activity?
What neighborhoods or areas are experiencing more activity? Less Activity?
What property types are selling more? Less?
What buyer types are buying more?
Where are the buyers coming from? Local? Next state or province? Over Seas?
Imagine the targeted and strategic plan you would be able to build for you and your real estate business with this kind of information? Now you are not just winging it. You really know where and what to focus on.
Step 2) Looking At The Present State of Your Own Real Estate Business
What have my sales been doing? Up? Down?
What have my listings been doing? Up? Down?
What is my average price? Can I raise my average selling price?
What is my Gross Commission Income doing?
What is my average deal worth?
Where are my listings and sales coming from? Sources of business?
What types of buyers do I represent?
Where are the buyers coming from? Local? Out of area?
What are my pending sales?
What do I have for potential buyers and sellers?
What is working? What is not working?
What do I need to start doing again? Stop doing?
What if you took the time to really track and measure and reflect on your business at a deeper level and see your strengths, weaknesses and opportunities of yourself and your own business?
Step 3) Activity Plans – Take the time to lay out your activity plan calendar a year in advance.
Focus on the activities you know you are good at and you see a return on your invested time and money. I am guessing for most agents it would be your sphere of influence, referrals and face to face or voice to voice activities. Set up a schedule for a month or two in advance of your activities for generating business. What is the activity? When? How? To Whom? Track and measure each of these scheduled activities to help identify the best of the best.
Step 4) Budgeting – Profit is the goal in business.
Knowing what your personal life and your business world cost you monthly is so important. Expense management is just as important as your income and earnings. Have a clear picture of your expenses and measure all of them for their return on investment or if they can be reduced in any way. I understand this my be terrifying for most of us to see what we are spending personally and professionally but it is the foundation of your business plan to know what your personal and professional lives cost and then be able to set a financial target that is enough to cover them both and leave you some profit! So many of us stay away from this and run in a deficit and that is not good practice for any of us.
Step 5) Goals – If your “Why” is big enough the “how” will take care of itself.
What is your purpose? Vision? Values? Mission Statement? Taking the time to know what it is you want and why you want it is a game changer for us all. Nothing gives me more joy than impacting and improving people’s lives personally and professionally every day. I have realized that the driving compelling force in my life is serving others and having the means to create memorable experiences with the people I care about most and nothing else has given me more joy than these amazing WHY’s in my own life.
In my own real estate business, taking the time over the last 25 years to create a business plan has been so incredibly beneficial for me and I know it will for you as well. In today’s post I have given you a brief business plan overview. To help you get going with your own plan I put together a Step-by-Step Real Estate Business Plan Workbook you can download for
Strength and courage,
Wade
I cannot believe how quickly time flies and the first half of 2021 has come and gone already. It’s an excellent time of year to reflect and look back on the first half of the year and assess what we did well, what we can do better and more importantly what’s next for us and the second half of 2021. I strongly encourage you to set aside an hour or so – on a weekend or during your normal weekly planning time – and do a mid-year review on your real estate business. Use this time to reflect back on the first six months of the year and make adjustments to your real estate goals for the remainder of the year.
Looking Back…
1. Key Accomplishments. What are all of the great things I got done over the past six months? What goals did I achieve? What things am I most proud of accomplishing? Which of my goals did I really miss the mark on?
2. Relationship Development. What new relationships did I develop? Which of my existing relationships did I significantly strengthen? Which relationships may I have overlooked or not given enough attention to?
3. Learning. What opportunities to learn new things did I take advantage of? What were the things I learned most about myself? What were the things I learned most about my business?
4. Mistakes. What mistakes did I make? What mistakes could I have avoided? What mistakes provided me with the most significant development and learning opportunities?
5. Time Management. How well did I manage my time? Have I been focusing my time on the most important things in my life? Are there any significant “time wasters” I need to reduce or eliminate from my life? When am I most productive? When am I least productive?
Looking Ahead…
6. Top 3 Work-Related Goals. What are my top three work-related goals for the remainder of the year? Why are those goals important to me? What habits and processes do I need to adopt to support those goals?
7. Top 3 Personal Goals. What are my top three personal goals for the remainder of the year? Why are those goals important to me? Who can I share these goals with to help hold me accountable to achieving them?
8. Relationship Development. Which relationships will I focus on strengthening and developing during the second half of the year? Who do I want to meet and get to know? Who can most help me achieve my work-related and personal goals?
9. Learning and Knowledge. What areas of learning do I most need to focus on? What new skills do I need to develop? What skills do I need to strengthen? What things do I need to “keep current” on? What one skill, if mastered, would have the greatest impact on the achievement of my goals?
10. Habits. What time management habits do I need to develop and strengthen? What three habits, if developed and sustained, would have the greatest positive impact on my work life and personal life? What habits do I know I need to drop or replace?
Set yourself up for ending your year strong and run through the above questions and review them regularly the balance of the year to remind yourself of what you want out of your life and what you want out of your business. Have you done too much and burned out? Am I out of balance? Am I out of motivation? Have I fallen short? The exciting news is that we have the choice when things weren’t what we hoped in the first half of the year to choose to make this the first day of the rest of the year of what you really want in business and life. I dare you!
Strength and courage,
Wade
The way our industry is progressing today we can expect a large portion of sales possibly 40-50% generated by agents in the business will have been paid for either by a fee for service, subscription or referral fee % charged to the agents’ commissions.
Why?
How can that be possible Wade? Because everywhere you look, people and companies are trying to wedge their way into our industry… to become that “go to” resource as the first step in the buying or selling process – all so they can sell you a lead… …A lead that should have come directly to you in the first place! A lead that they used your inventory that they scraped and placed on their own platform and charged back their fee for you to have it.
When you’re suddenly paying 25-42 percent on a transaction, that will mean just one thing – you’ll need to work much harder to maintain the same income you’re earning now.
Sound good to you? No, it doesn’t. Of course not.
So let’s do something about it. Here’s the thing – this isn’t a simple fix. Those Big Tech entities pursuing your pocketbook already have deep pockets of their own. They’ll out-fox you, out-spend you and out-market you – if you let them. This dilemma requires you to get really serious about your business and do the work. I don’t say that to imply you’re not serious or you’re not doing the work already. Some agents are. Some aren’t.
The strong will emerge victorious from this battle because they built their moat and protected their castle by doing the right things. The way I see it, it boils down to three big-picture actions you need to take. Let’s look at those action steps.
Step One: Establish Trust Through a Powerful Personal Brand – Who do you want to work with? People you know, like, and trust. Right? Now ask yourself… does your current marketing allow people to know you, like you and trust you? If not, it’s time to finally build your own brand. If you don’t have the creativity or inclination to do it yourself, hire a professional marketer or an agency to do it for you. Without a strong brand, you simply can’t compete with the Zillows and Redfins of the world, even in your local market. Which means you’d better get used to paying those referral fees and working extra hard to make the same money.
Step Two: Proactively Educate and Inform Consumers – How do I? How can I? Should I? Answer the consumers questions. Once you’ve established a brand identity, one of the quickest ways to elevate it is by consistently providing consumers in your market with relevant, useful real estate information. Whether it’s a direct mail campaign, email/BombBomb campaign, social media – you need to establish yourself as the definitive source of real estate information inside your marketplace. (Think “video first” to accelerate your ascent.) Send them an unsolicited CMA. Keep them informed of local sales, market trends, tips and tricks. Don’t be afraid to have some fun, too, to inject some of your personality. Be the knowledge broker for these people so when that day comes, YOU are top of mind.
Step Three: Make Your Calls and Stay in Touch – Branding and education will protect you from Big Tech to an extent, but to completely encircle your business with a protective moat…You’ve got to pick up the phone and make your calls! Put simply, you can’t rely on the consumer to make the call – unless you love the sight of competitors’ yard signs sprinkled throughout the neighborhoods you (supposedly) serve. Call them, build rapport, get to know these people. They’re your lifeblood. You don’t have to be “salesy.” You can be yourself, reach out, ask how they’re doing, see if they have any real estate questions, and move on. But you’ve got to make the effort. This is a full contact sport and a relationship business and keeping in touch and checking in on people is key to our relationship with our clients. Now that you know these three “big picture” steps, the question becomes – Are you willing to do the work? Protecting your business from Big Tech will be a big part of your future. I hope you’re as concerned about this trend as I am and let’s reverse the trend!
Strength and courage,
Wade
A mentor of mine always said that it was better to know to lose a buyer on Tuesday instead of them not buying and dragging you around and not buying on Saturday. In the buyer charged market the ability to qualify, educate and empower a buyer is a critical skill for the buyer agent and their buyers success. This week we want to look at the new and improved buyer qualifying process that will help you win and your buyer win in this crazy buyer market. Let’s assume we have converted our buyer to a meeting on zoom and here are the steps we can take next with our session.
Step 1 – The FORD technique– ask them about their Family, Occupation, Recreation and Dreams in order for you to build their trust, likability, connection and for you both to discover commonalities.
Step 2 – The Safe Island ( always let them know up front what will be talking about and what will happen before it happens to really make them relax.
Step 3 – Educate them on the market by showing them stats, graphs and of sales activity for buyers already purchased in their property search criteria so they are prepared and see others paying well over the asking prices and not just them.
Step 4 – Review the appropriate agency forms like DORTS, PRIVACY, FINTRAC, and provide them with a blank contract of purchase and sale to review on their own time in advance of making an offer.
Step 5 – Ask them pre planned open ended questions – Who, what, where, when, why, how (cash or credit) ? Then….Who? If they say credit.
Step 6 – Having our financial house in order to compete. Meaning we have a lender that is providing us with a physical approval letter. Willing to take a reference phone call on our behalf from seller or seller’s agent during presentation of offers. Give us the ability to make a cash offer. I then ask their permission to call my financial person and set appointment with them to ensure this all happens for them.
Step 7 – Conditional or Subject Free Offer conversation with the buyers and risk and reward for each situation.
Step 8 – Deposits discussion whether the deposit goes with the offer right up front and send a photo of the deposit to give you some leverage with your offers.
Step 9 – The appraisal dilemma and if the appraisal comes up lower than the purchase price and what would we do then.
Step 10 – Bully showing strategies on properties with tenants or sellers making it difficult to get in to viewing the property.
Step 11 – Bully or Pre-Emptive offer strategy and try to avoid the multiple offer situation and we keep re submitting offers until we get response from the seller and their agent or our budget runs out.
Step 12 – The Multiple Strategies you will be using to compete in the multiple offer situation and what are you willing to do to compete against the other bids.
Step 13 – Paying for the property inspection to be done during viewing appointment to avoid the contingency of a home inspection condition in the offer.
Step 14 – The Escalation, Preferential offer clause ( contractually not enforceable ) Starting purchase price included and add following term….“The purchase price is $10,000 above the price offered in the nearest competing bona fide offer acceptable to the seller. Upon acceptance of this offer, the seller will provide a copy of page 1 of the competing offer with the names struck out or removed for privacy purposes.” Contact listing agent and advise them of the term and ask them just to stroke out the above term and counter at the appropriate purchase price and give you and your buyer 5 minutes to respond to their counter offer price. We accept or decline and the seller returns quickly to the next highest offer.
Step 15 – You create and find versus sit and wait for a listing plan in place to find off market properties for the buyers.
Step 16 – Closing questions – Maybe this isn’t the right market for us? Maybe now is not the right time for you? How do we play the game? What would you be willing to do to buy in this market and compete?
Step 17 – You the agent sign off on your bully offer, multiple offer, finding off market property plan and escalation clause strategy and then ask them to sign off in return a buyers agreement.
So there you have it a step by step informative, strategic process to identify your quality of buyer and know what your chances of competing in this market will be for them and you. Then you make a decision whether to move forward or to wait until the market winds change. Feel free to share any steps or strategies that you may want to add to the process with myself and the rest of our readers!
Strength and courage,
Wade
When I began my real estate career at only 21 years of age my father and partner at the time was an amazing mentor to me on money management early in my career. Those lessons I learned were so valuable for me and still guide me 29 years later. What are your money saving practices? What are you financial goals for 2021? “I want to save more money this year.” “I want to become debt-free.” “I want to start saving for retirement.” These are all worthy goals, but that doesn’t mean they’re effective. Perhaps, like countless other people, you set goals like these year after year, but you make little or no progress. Strive to make 2021 the year you finally achieve your financial goals by keeping these do’s and don’ts in mind.
DO rely on systems, DON’T rely on willpower. – Many of us rely on willpower to bridge the gap between the goals we set and the things we want to accomplish. But this isn’t always effective. Instead of relying on your willpower alone, set up systems to help you actually achieve your financial goals. Instead of just “trying harder” to stay on top of your bill payments and set money aside for savings, for example, set up automatic bill pay and weekly automatic transfers from your checking account to your savings account. Systems like these help ensure your financially responsible intentions don’t become an afterthought.
DO focus on habits, DON’T focus on outcomes. – Refocusing your money goals on specific daily, weekly and monthly habits—rather than distant, vague outcomes—could help you follow through. For example, instead of setting a goal to save up for a family vacation this year, turn your focus to the habit that will help make it happen, like transferring $50 to a dedicated vacation savings account at the start of each week. Clearly defined habits are essential in helping us make real progress.
DO stay flexible, DON’T be rigid. – Another common pitfall is failing to update our goals as we experience changes to our circumstances throughout the year. Goals are dynamic, and therefore our approach to them must be flexible. It’s perfectly fine if some of your past goals are no longer relevant. And it’s normal for new goals to take precedence over previous priorities. But as that happens, it’s important to update your financial systems to reflect those changes. Schedule time on your calendar once a month to review your financial goals.
DO stay committed, DON’T try to be perfect. – Rather than giving up for failing to be perfect when you make money mistakes, give yourself credit for staying committed in spite of your missteps and the challenges you face. You don’t have to be perfect to achieve your money goals, but you do need to remain committed to the process. Recognizing the positive progress you have made can help you do just that.
Richest Man In Babylon – George Clason
Rich Dad Poor Dad – Robert Kiyosaki
Total Money Makeover – Dave Ramsey
The Millionaire Next Door – Thomas Stanley
Strength and courage,
Wade
In today’s economy and a red hot real estate market everyone is trying to pinch pennies. In real estate, one way sellers attempt to do this is by asking their agents to lower their commission rates. While many agents flat out refuse to do so, others have become more flexible or are unsure of what to do. In fact, over 80 percent of homes are not paying 6 percent commission. Since the rates have already dropped from 10 percent, agents are reluctant to renegotiate lower than the 6 percent commission average, and with good reason. There is often a great deal of work happening that sellers are unaware of. If your client asks you to lower your commission and you’re caught off guard about how to answer, here are a few tips to help you avoid any uncomfortable situations and keep the listing.
1. Show Your Experience – The majority of the time, when sellers are looking to avoid paying an agent’s commission, they’ll try to sell their home on their own. Remind sellers that by listing with an agent, they receive expert advice and experience to make sure they get the best results from their home sale. While other agents may have a lower rate, they’re likely trying to break into the market and may not be as qualified or knowledgeable as you. Let them know that, thanks to your experience, you’re able to evaluate a buyer’s ability to afford the property and negotiate in the seller’s best interest. Your job is to bring in buyers who are the best fit for the property. In addition to this, because you’re a full-time agent, you can more easily close a deal. Share your recent accomplishments with clients who question your commission rate to remind them of why they hired you. For example, you could tell them how many homes you sold in the past month. You could also show them a comparable home you just sold to give them an idea of everything you do.
2. Remind Them What You Offer – Some clients may be unaware about why you have a commission fee and may believe it’s more like a tip. Let them know that they’re paying for all of the work you do behind the scenes, such as advertising the listing, creating social media buzz, conducting pricing research, compiling the best pictures, etc. If they don’t seem to be getting the message, you can say something like, “I would love to work with you, but in order to do so, I need to cover my expenses. With your home, I can do so at X percent.” You can also show them statistics that prove agents get better prices, so the commission they pay is worth it in the end. Agents know how to competitively price a home to pique the interest of buyers. Not only this, but as an experienced real estate professional, you have the ability to put a listing in front of multiple buyers’ agents whose job it is to find homes for their clients. Without you, sellers are left trying to piece together the right information from the internet, which likely will not be as accurate.
3. Tell Them It’s Not Up to You – If you’re working within a brokerage, it’s very likely that you don’t have the option or the authority to negotiate your commission rate. Especially if you’re new to the area or to real estate in general, let your client know that you’ll discuss it with your broker and get back to them. Then, take it up with your team. Another option is to let sellers know that, if you lower your rate, the buyer’s agent could be forced to lower theirs, as well. As a result, it’s likely that fewer agents will want to show the property. If fewer people see the home, it’s very possible that they won’t receive the offers they’re hoping for. Sometimes clients don’t realize that you’re not the only one affected by lowering your commission rate.
4. When There’s a Little Wiggle Room – While most agents will avoid reducing their commission rates, there may be some times that a lower rate is actually more beneficial. If the home is a luxury property or higher-priced, agents are often more willing to take a smaller commission to make a big sale. In addition to this, if the buyer and seller are very close to an agreement and lowering your commission could seal the deal, it may be worth it to reduce your rate. Finally, if an agent makes a mistake on the listing or during the negotiations, it could be worth reducing the rate to try to keep the transaction positive.
5. Create Commission Concession Agreements – (Last Resort Option) As a requirement for the seller to receive a concession they agree in writing to sign a buyer agreement with you at the same time they are signing their listing agreement at a slightly lower commission rate. Another requirement for the seller is the agree in writing to refer a friend, family member or co-worker that is buying or selling to you in the next twelve months. The third requirement would be of the seller is leaving town and relocating to another city they agree in writing that the agent they buy with will pay you a 25 – 30% referral to you when they buy in their next location. This is a great business option to give a little and recover a little on the other end in markets where you literally have to make a commission or not get the listing and business period. Why walk from the listing and win the war but end up really losing the battle?
Some agents may feel more comfortable reducing their rate, but that doesn’t have to be the norm. Tackling commission concerns can be a difficult thing. If you are an agent who has questions or concerns click to download these free scripts on commission cutting objections today.(see attached)
Strength and courage,
Wade
We are experiencing unprecedented low inventory levels across North America and it seems that we are going to see this for a while in 2021. Sellers don’t know here they are going next and worried that they would list and sell and then be without a home. So ask yourself what’s your goal in 2021? More buyer leads, more listing appointments, better brand recognition and market share? No matter which of these you’ve set your sights on, there’s one sure-fire way to help with each of these: listings. In addition to generating new real estate buyer and seller leads, listings also offer the opportunity to showcase your brand and expertise with valuable, relevant content. So if you believe that More Listings = More Leads and you want more of both, you’re in the right place. Read on for 19 strategies to generate listings from your past clients, sphere of influence, cold leads, and more.
1. Call your past clients and sphere to share some good news. – Let’s start with a big one: this tip can help you with every single person in your database (and ones who aren’t even in there yet). Bring value to the table right away with an interesting stat about the housing market. Here’s a great one to start, with a great angle built into it: The value of the US Housing Market increased by $1.9 trillion in 2020. That’s a 6.2% increase! Want to know how much your house’s value went up as part of it?
You know your market better than we do, so if you’ve got a more interesting or relevant stat about your area, lead with that. Regardless, find an appropriate angle to pair with your stat and you’ll start having better conversations that lead to more listings.
2. Send this email. – Here’s another stat for you to share with your past clients, sphere, and seller leads, and it’s a doozy and has generated a ton of interested replies and appointments. For the subject line: Zillow was WAY off! Or The Assessment Authority was WAY off!!! Here’s the message we wrote: Did you know that the CEO of Zillow sold his home for 40% less than the “Zestimate”? They actually have a disclaimer on their website where you can see exactly how INACCURATE they are. They just make it hard to find. With that in mind, if you are considering the sale of your home, (or the address of a home you want to buy), reply to this email right now with your home’s address and I would be happy to send you a “Zactimate.”
3. Post an Instagram Story poll. – This might be the easiest tip to act on – you can open your phone and do it right now. Add to your Instagram Story with a poll asking: “Are you planning on selling your home this year?” Obviously you’ll get more “No”s than “Yes”es but any Yes or more in-depth answer provides an easy opportunity to follow up via DM.
4. Go live on Facebook from a neighborhood entrance. – You’ve probably heard you should be investing in video. If you’re ready to take the plunge but haven’t figured out what to film, here’s a tried and true way to get yourself out there: Head to a local landmark or the entrance of a neighborhood in your area. Give the details about two properties that recently sold nearby. Add a CTA that lets your viewers know they can email or DM you to inquire about other sold homes or check their own home’s value. That’s it!
5. Start each day prospecting for sellers. – Generate more appointments and contracts with the 5-5-4 routine and it’s easy to duplicate. Every day, you should have:
What do you say on the phone with your sphere? Try “Have you had any thoughts of selling?” and “Do you know anybody that’s had thoughts of selling?” Tim’s sphere is so used to answering that now they start thinking about who might be selling any time Tim pauses in the conversation.
6. Search Zillow’s “Make Me Move” listings (and FSBOs) Here’s a strategy to help prospect seller leads that you can be sure want to sell their home. In fact, they’re already on Zillow. Head to Zillow.com and search for homes for sale in your area. Clear the “Listing Type” menu and only keep “Make Me Move” selected – now you have a list of seriously interested sellers to start some conversations with. Once you have the filters selected, not only will you see the current Make Me Moves but you can ALSO subscribe via email to get alerts any time more are added!
7. Use Realtor.com (or your MLS) to find upcoming expired listings. Just like the tip about Zillow above, this technique is available to anyone thanks to technology and public records. Use Realtor.com’s home search and sort by “Newest Listings.” But you’re not here for the most recent listings on the market, so scroll down and click on the last page of search results. Take a screengrab of the listings with a low photo count and a high number of days on the market – you can show the seller the difference between how their home was marketed before it expired and how you can help show it off now. Now you’ve got a list of some upcoming expireds and can start your prep work on how you’ll approach them.
8. Take advantage of the “instant offer” trend. – Instant Offers have, understandably, made some real estate agents worried. Open Door and Zillow Offers make a compelling argument to consumers who are motivated by convenience. But that’s not their only motivation… Instant Offers are all but guaranteed to be low-ball offers. If you’re in a market where homes are moving fast, you can turn an “Instant Offer” into a seller looking for a home value report. How? We like what the Wertz Group does by asking “Does your home qualify for an ‘instant’ offer?” Be prepared to respond quickly: many sellers want the most money they can get, but these companies are proving there is still a huge market for people who value speed.
9. Refresh your listing presentation and process. Focus on current marketing strategies in today’s economy and offer the solutions to the challenges of the sellers. Add pre-emptive offers, multiple offers and coming soon strategies and information that we never had to have before.
10. Sell your services. – If you ask the average real estate agent what’s more important between buyers and sellers, they’ll typically say sellers. But when you look at their websites, the first thing highlighted is a home search. Stop sending the wrong signal, start selling your services. Every real estate website should have a page that sells its services to potential home sellers. Selling your home is a daunting process, so give your prospective clients the peace of mind that you have a tried and true plan to list, market, and sell their home.
11. Establish a Seller Success Series. – When you’ve used all the tips on this list, you’re going to have a lot of happy sellers. You can turn those into even more listings, by turning the corner on a common business practice and making something truly compelling. He’s leveled up his reviews by turning his wildly positive customer experiences into evergreen content that sells every new person who comes to his website. The stories are interesting, unique and are an authentic representation of his brand. The best part? People help support what they create. Feature your clients in a positive light and turn them into your brand ambassadors! We believe that if you tell more stories, you’ll sell more homes.
12. Find hidden sellers. – It’s no secret that generating buyer leads is much easier than attracting the ever elusive seller lead. The common mistake we see many savvy real estate agents miss is they forgot to ask their buyer leads one very simple question. “Do you need to sell your home before you buy a new one?” Buried in your database of thousands of buyer leads are hundreds of sellers. These homeowners need to sell their home before they buy a new one, they are just waiting for you ask the right question! Here’s the tip: Update your automated action plans that go out to include a question about their current living situation. “Do you own a home and do you need to sell it before you buy a new one?” You can tweak this script to your liking but whatever you do, don’t forget to ask!
13. Update your referral network. – This is actually a two-step tip: first up, it’s time to update your list of approved and recommended vendors. Finding reputable people that you trust is the hard part, so take this question to your email database and your followers on Facebook. “We’re updating our list of approved vendors. Who do you love and recommend?” Be sure to let them know you’ll be publishing your list publicly.
14. Re-earn their business. – One of the biggest mistakes we see people make is mistaking delivering a great experience for earning a customer’s business for life. For some, sure, a job well done means you’ll go back to the same agent the next time you have a real estate need. But some consumers treat transactions like exactly that: You do a service for them, they pay you for that service, end of transaction. That’s why it’s important to stay on your past clients’ minds, but not be intrusive or obnoxious about it. We’ve crafted an email for you to send that can help achieve both.
Subject Line: What’s your plan?
Here’s the message we wrote: Hi [name], It’s sometimes hard to imagine a day when you’re going to want to sell your home, but that day eventually comes. 1 year, 3 years, 5 years? It’s hard to say because life has a way about being unpredictable.
I wanted to make sure you knew I was here for you when that moment came. My job is to help develop a plan: There are things we can be doing now and in the future to help maximize your profit when you sell. This includes your mortgage payment schedule, what home improvements to make or avoid, and, of course, timing. All of these factors (and many more) have a dramatic impact on what you should do between now and when the time comes to sell.
15. Incentivize loyalty. – You’re probably familiar with loyalty cards and VIP programs. You probably even do some form of one, with the occasional gift and past client appreciation events. VIP experience enhances the whole process. Make past clients and referrers feel special with one-time perks like free movie tickets and dinner at local restaurants, but she also formalizes it with quarterly gifts, recurring coffee and tea, and more.
16. Speak to their pain points. – People have a hard time believing you can solve their problems if you haven’t made it clear you understand what those problems are. Many avoid writing discussing the potential pitfalls, not wanting to appear to be a fearmonger. But there’s a lot of space between “everything is awesome” and being a Negative Nelly – space that real people occupy and need guidance through. So don’t be afraid to acknowledge those pain points in your ads and emails. Speak to issues like not knowing whether it’s the right time to list, whether they’ll be able to afford a new home, the complications of the home selling process, and more. Then point them to the Seller Services page we recommended you build back in Tip #10 and stake your claim as the expert who can help through all the challenges.
17. Level up your just sold posts and home value ads. – There was a time when simply publishing a good looking Just Sold post on Facebook was enough to be a differentiator. That time has passed. It’s time to get back ahead of the curve. Everyone’s doing them now. So how do you make yours stand out? This data can be presented as the dry, public record that it is, or you can make it connect with your audience by framing it in a specific, timely way. Which of these are you more likely to click?
Just Sold ABOVE Listing Price: 2 bed, 2 bath condo in the North End or Another North End Condo Sells ABOVE Asking Price: Find out how this impacts your home’s value
The best opportunity you have now is to turn these “Just Sold” moments from general awareness campaigns that showcase your overall prowess into direct opportunities to help individuals who will do business with you.
18. Give away your secret sauce. There is a general fear in real estate that if we give away our information, our competition will steal our ideas or our consumers will realize that they don’t need us. But the truth is this: Consumers have proven time and time again they are willing to pay for convenience. Instacart, Dollar Shave Club, Quip Toothbrush — all charge a premium to remove the hassle from the process of buying or using the product. By giving away your trade secrets, you elevate your brand and become the authority. It’s counterintuitive but it’s true. Creating a well-designed, comprehensive, useful piece like “40 Top Tips for Selling Your Home is a big step in earning the trust of the consumer.”
19. Use your current bona fide buyers. – Ask for help and humanize the message by sharing first names of buyers and what they want to buy and spread the word. Email your database or post on your social media channels who is looking and what they need. If safe you can door knock or leave a door hanger, mail a flyer or postcard or just post a video asking for help for you buyers and see if that triggers a listing appointment response.
20. Mail or drop off unsolicited CMA packages to all your past clients. Just put together all the listings and sales in the last 6 months that are relative them and their home. Don’t give them your opinion of value and call them a few days later asking them if they got it? Any questions? See if this will trigger a listing appointment response for you as well.
So there you have some more creative of ways to be proactively generating appointments for listing opportunities in a market that we all need to be proactive versus reactive to get that product and inventory back up again. Feel free to reach out and share any other great listing appointment generators you may be having success with today!
Strength and courage,
Wade
