How To Qualify & Prepare A Buyer In 2021

Wade Webb on June 9, 2021

realtor prepare and qualify buyers 2021A 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

Agents! Stop Making Excuses

Wade Webb on June 2, 2021

realtors stop making excusesIn the book “The OZ Principle” they have an image that shows this invisible line in the world and where some of us live above that line and the rest live below that line. Above the line is the people that take ownership, action, responsibility and learn and grow. Below the line is the people that live in blame, denial and excuses. Making excuses is a natural human response – we are social animals, and we care what others think about us and we want to fit in. Rather than face uncomfortable conversations and feelings, we make excuses and avoid responsibility. People who make excuses may feel happy in the moment, because they’ve avoided a bit of pain. In the long-term however they will be less fulfilled and can feel anxious or depressed. So why do people make excuses? And how can you stop making excuses and start going after your dreams instead? Making excuses can almost always be traced back to one of three reasons: fear, uncertainty or lack of purpose. To stop making excuses, first determine which one(s) applies to you.

FEAR

Making excuses can almost always be traced back to one emotion: fear. Fear can come in many forms. Perhaps you make excuses about going after your dreams as a REALTOR© because you’re afraid of failure. You may make excuses about your weight or your health because of self-doubt and lack of confidence. Some may be surprised by this but many people are afraid of success… in this case they feel they aren’t good enough or deserve success. It isn’t easy to stop making excuses and face your fears – but it can be done.

UNCERTAINTY

As human beings we all have Six Human Needs that drive our decisions. One of our most powerful needs is certainty: we are driven to avoid pain and seek out things we know will bring us pleasure. That’s why it’s so tempting to stay in your comfort zone or pick up bad habits. When we face a situation we’re not certain about, our brains prefer making excuses over dealing with uncertainty. But you can override these natural impulses and stop making excuses.

LACK OF PURPOSE

People who make excuses also often come across as lazy, uninspired and apathetic. Yet it’s more likely they haven’t yet discovered their purpose. As Tony says, “People are not lazy. They simply have goals that do not inspire them.” Focus on finding your passion and living a life of meaning, and you’ll naturally stop making excuses.

HOW TO STOP MAKING EXCUSES

Making excuses is normal from time to time – we’re all human after all. But if it’s starting to interfere with your life and prevent you from reaching your goals, it’s time to learn how to stop making excuses.

1. TAKE RESPONSIBILITY –  The first step to stop making excuses is always to realize you alone control your destiny. As Tony puts it, “The past does not equal the future unless you live there.” No matter what has happened to you in the past, your future is up to you.

2. SHIFT YOUR PERSPECTIVE –  When you take responsibility, you begin to see problems are opportunities, not obstacles. Life is happening for you, not to you. Everything that has happened in your life brought you to this moment – and you can either transform your life or keep making excuses.

3. UNCOVER YOUR LIMITING BELIEFS –  People who make excuses likely have certain limiting beliefs that are holding them back. These are the stories we tell ourselves about who we are. If you believe deep down you’re not deserving of success or you don’t have the inner strength to overcome failure, you’ll continue making excuses to avoid going after what you really want.

4. CHANGE YOUR STORY – Once you’ve identified your limiting beliefs, you can change your story and stop making excuses for good. Do this by identifying negative self-talk and replacing any limiting beliefs with empowering ones. When you change your words – and your story – you change your life.

5. FIND THE LESSON – People who make excuses don’t bother to look closely at their mistakes and determine what went wrong. They blame others and never learn the valuable lessons  failure can provide. Successful people always look for the lesson and apply it to future decisions.

6. STOP OVERTHINKING – The path to success is to take massive, determined action. The ability to make tough decisions is a top trait of great leaders and an essential skill for everyday life, but many people who make excuses suffer from “analysis paralysis.” To stop making excuses, you must stop overthinking, let go of the past and take massive action.

7. DEFINE YOUR VISION – Do you jump out of bed each day with excitement and vitality? If you’re wondering how to stop making excuses, the answer is likely “no.” So how can you start? Go back to the drawing board and examine your blueprint for your life. What do you really want? Create a powerful vision you’ll be proud to follow, and you’ll never make an excuse again.

8. SET GOALS – Discovering your purpose is valuable, but setting goals is the first step in turning the invisible into the visible. Working toward actionable goals force you to stop making excuses and start creating a compelling future. Start small and set achievable SMART goals. As you build confidence, set bigger and bigger goals.

9. GET SUPPORT – The key to stop making excuses is to hold yourself accountable for your actions – but this isn’t always easy. Get support from a trusted friend or your significant other. Better yet, find a mentor, join a mastermind group or connect with a coach. They’ll have the experience and training needed to keep you accountable and productive.

 

Strength and courage,
Wade

Money Setting Goals & Best Practices for Agents

Wade Webb on April 21, 2021

money setting goals agentsWhen 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.

Here are a few of my recommended reads for those looking to learn more with their money habits:

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

How Do I Experience More Fulfillment?

Wade Webb on March 10, 2021

realtor more fulfillmentWhen you get in your car, do you have an intent of where you want to go? Or do you just start the engine, step on the gas and start making random turns – and eventually see where you end up? Of course 99.9% of the time, you have a destination in mind. But when it comes to something as important as your life’s journey, which approach do you take? I suspect far fewer people have a plan for their lives than have a plan for where they’re driving. I’m talking about having a 5- 10- 20-year vision.

I’ve found it to be exciting, inspiring, discipline-building, and extremely fulfilling. As I’ve mentioned many times before, when you know where you want to go, you can align your actions and behaviors with those goals. That’s exactly what a 5- 10-20-year vision will do for you. It’s Simple. Here’s How to Create Yours… Sit down, put pen to paper, and write out your future based on this ideal:

If I could really go for it and things go well, what would my life look like? Then, get specific. Talk about where you’ll be, what you’ll be doing, the feelings you’ll have, what others who are close to you will be doing. What you want to do is create a target for where you want to end up. Don’t feel like you’re setting the next 20 years in stone. Your vision can always change. The important part is to have something to aspire to.

Are You Driving with No Destination in Mind? Here’s the alternative… If you never create aspirations or that “target” I spoke of, life moves quickly and has a way of passing you by without ever having “gone for it” – with “it” being whatever it is you want out of life. You also miss out on the daily motivation of having something that you’re working toward. Mornings feel a lot different when you know exactly where you’re headed vs. waking up to just slog through another day.

Give Yourself a Rich Life. Seeing you’re “making this up” as my son Michael said to me when I showed him my 20-year vision, make sure to make yourself well-rounded. Too many people end up focusing on just one area of their life, and then they lack balance and overall fulfillment. In my 5-10-20-year vision, I include all of the 8 Equities of Life that you’ve probably heard before:

Physical
Family/Relationships
Income/Wealth
Career
Mindset/Attitude
Social/Fun
Spiritual
Contribution

Some might be more meaningful to you than others, and that’s okay. Just don’t ignore them completely. This might help… go ahead and download this wheel chart to determine where you stand today. In Closing, I Just Want to Say… Thank you. Thank you for watching,  reading the blog, for listening to the podcast, for following on social… It means a lot to me to be a part of your life, and I hope you know that. I take my role very seriously and want nothing but the best for you. So thank you for being part of my life as well.

 

Strength and courage,
Wade

Realtor© Secrets To Not Burning Out & Hitting The Wall

Wade Webb on February 3, 2021

realtor hit wall burn out2020 was an unprecedented year that challenged us all to be resourceful and work harder and smarter than we ever have before and some of you might be experiencing the dreaded “B word” – burnout and hit a wall? Or others have been so focused on keeping their real estate business afloat that they’ve ignored everything else – and are starting to pay the price. That’s why I thought it was a good time for a reminder that being successful means more than your income goals. It’s about the total picture, and your health plays a huge part in that. I for one can share that 2020 hit me with some covid cushion that I really don’t need. I am a huge believer that energy management is far more important than time management and without energy and vitality you cannot navigate any stormy sea like we had in 2020. Let me share with you some ideas on health and vitality so you can avoid burnout and kick start your 2021 full of the energy you need.

Health & Happiness Tip 1: Schedule Some “Phone Free” Time Off. There’s certainly the “grit” and “hustle” side of this business some people are attracted to. Some agents seem to relish it… touting how they’re available 24/7/365. I’d contend that’s not healthy (nor all that desirable), and you can’t keep it up forever. Sure… go hard while you’re working and give it all you’ve got. But make sure to take some breaks, too. One of the hardest things for any real estate professional to do is to turn off their phone, but it’s essential to your long-term success. The key is to plan some time off so you can inform the people you’re working with and delegate tasks that might need to be handled while you’re “off.” Reasonable clients will understand if your outgoing VM message explains that you’re taking a personal day and have a contingency plan in place for them. Will you do this? Can you put down your phone for a day? Let me know in the comments below.

Health & Happiness Tip 2: Get Outta Town. A change in scenery can be extremely rejuvenating. And it doesn’t have to be a big vacation. If you work in a city, you might need a quick escape to get out in the country, or to the ocean or a lake. Maybe a day in the local mountains, if you’ve got that opportunity. Breathe some fresh air and let nature’s healing effect revitalize you.

Health & Happiness Tip 3: Schedule Mini Breaks Through 2021. Like I said above, working 24/7/365 is not a prescription for good health. But if you’re not careful, this industry will force you into a hectic schedule where you’re always flying by the seat of your pants. Work expands to fill the time we allow for its completion, so the key is to set boundaries for yourself. Schedule a half day off on your calendar and then honor that. Or maybe it’s just a couple hours. The key is to build those “breaks” into your calendar ahead of time, because if you wait until you’re all caught up and it finally feels like you can take a break, well… you know. It’ll never happen. So put some “mini breaks” in your calendar today!

Health & Happiness Tip 4: Commit to a More Disciplined Health Routine. Are you working out? Are you eating healthy? Are you even thinking of these things, or do they take a back seat because you’re “too busy” to deal with them? Good health doesn’t happen without planning, effort, and discipline. I know you’re busy. I know it’s hard to fit workouts and healthy meal prep into your crazy schedule. But those things are essential to your long-term wellbeing. Make the commitment. If you’re struggling with this and just can’t seem to figure it out ask someone to be your accountability partner.

Health & Happiness Tip 5: Get More Rest. I know, I know… you’re probably laughing at the idea of getting more sleep because you’re burning the candle at both ends and can still barely keep up. But that approach can only take you so far. Without eight hours of sleep per night, you’re eventually going to start breaking down. So maybe it takes more steps than just going to bed earlier… maybe it’s time to hire an assistant and delegate some tasks… because your future health depends on it! Or maybe it’s time to introduce more systems and automation to your business, so you’re not hand-crafting every last element of a transaction when you don’t need to be. Whatever the case, make a point of getting the sleep you need – or know that you’ll pay for it later.

Health & Happiness Tip 6: Avoid the Energy-Sucking Vampires. Putting yourself in a toxic environment isn’t healthy. You know this. But it’s difficult sometimes. We all have those things or people in our lives that seem to inject constant negativity. I believe it’s up to you to protect your energy and not subject yourself to the energy-sucking vampires. Minimize your time in these environments as much as possible, and you’ll not only be happier, but more productive, too. Brian Tracy once said “Change your income by just changing your friends.”

Health & Happiness Tip 7: Be Intentional. What are you watching? What are you reading? What are you listening to? What is going in and what are you focusing on the majority of the time? I don’t know who said this but “Garbage in you get garbage out. Good stuff in you get good stuff out.” Watch, read, listen to the good content and be intentional about it at least 15 minutes a day and best time of the day is right at the beginning to set the day off right! I found that my ability to cope with the 2020 pandemic is purely based on this practice and know it will do the same for you in 2021!!

So excited and grateful to put 2020 behind and move to a healthy and happy 2021 and for us all to have the lives that we desire to live. Feel free to reach out to me about the strategies that you find have an amazing impact on your health and happiness in 2021.

 

Strength and courage,
Wade

It’s The Most Wonderful Time Of The Year

Wade Webb on November 18, 2020

realtor most wonderful time of yearWe are approaching the single most important time of year as it has been for each of my 25 years in the real estate business. As the listings and sales season start to temper we have the tendency to want to take it easy and relax but I am here to say… NOT JUST YET!!! This was the time of year where I took full advantage of my time and made the most of the market season. This time of year can be for some a difficult time in real estate or a time where the market gives you the greatest gift which is TIME. The time for you to do the things you know are important but the year has just been too busy to do those really important activities. One of my most impactful and meaningful activities for my business is what I called my “Holiday 100” My holiday hundred is my goal to personally visit 100 of my best clients and see them during the holiday season. 3 clients a day for 33 days.

Christmas Holiday Visit Plan Checklist  – Nov 23 – Dec 23, 2020
  1. Create the client visit list (anyone who bought, sold, asked for help in 2020, service providers, A clients )
  2. Gift – baking, wine, coffee mug, turkey, gift wrap, chocolate, etc. $15 budget
  3. Calendar or Day Planner or Christmas Card
  4. Year in review letter on holiday letterhead ( photo of the year on letter )
  5. Call in advance and book 45 minute visits. ( Max 4 visits a day )
  6. Rest of database just gets letter and Christmas card in mail

So in November, I would sit down and write out my year in review letter. I made a list of all the events and activities personally and professionally that happened to me and my family. I would write about my hobbies, my travels, my children and their activities, my wife and her year and all our successes and challenges in the past year. Find a favorite photo and place the photo and letter on holiday letterhead for my upcoming visits.

Think about it, we are in the relationship business and this letter invited my clients in to my personal and professional life. This helped deepen our relationship and find more items we have in common. They loved to read the letter every year. The next item was to have all my calendars delivered into the office by the middle of November to put my holiday letter and a calendar into large white envelopes. Then I would take my database and make a list of names and phone numbers of all my A and B clients. These are the people I would want to personally see from Mid-November until Mid-December… this was usually about 100 clients. Print their address labels out and place them on the envelopes with the holiday letter and their calendar.

If you prefer it also works well to write a Christmas Card or order a Day timer instead of a calendar with your year in review letter. Keep in mind the calendar is not the secret weapon to my success. Feel free to be creative too… it’s all about the relational contact and something to put in their hands to be Top of Mind. The final item was to find and purchase a hundred small holiday gifts. I chose Poinsettia flowers or homemade spiced apple cider mix, scented candle, bottle of mini bailey’s, holiday scratch and win ticket, homemade peanut brittle or Purdy’s chocolates… I tried to maintain about a $15 item budget. Now I have my Santa client pack ready and then came the most important part of all…

…Booking the appointments.

I would then take the time to personally call and set up a “pop by” holiday visit to their home in hour segments and I would stay for 45 minutes per client. I would let them know when I arrived that I had another visit within an hour so couldn’t stay too long. TIP – when booking appointments let them know why you are coming. If I called and left a message they wouldn’t call back?! When I called again I said I had a little something for them for the holiday season and they would say “oh, we thought you wanted to sell our house and were not interested so didn’t call you back”

The 33 day festive client visits were amazing. Clients were so surprised and would tell me they never thought they would see me again after our last real estate transaction. They were so pleased with the letter, calendar and small gift but most important was the gift of my time!! Ken Blanchard wrote in the book “The Generosity Factor” that we all have gifts to give. Our Time, Touch, Talents and Treasures. Never underestimate your greatest gift of “TIME”… your most precious commodity. Don’t just swing by and drop the items off. Stop and give the client your gift of time. This activity alone would set me up for a good month.

If you don’t think it’s worth the bother consider my February with 27 deals in 28 days and all of it from these appointments, leads and referrals for real estate from taking the time to share with my clients prior to the holiday season. I can’t tell you enough what this will do for your waist line, all those treats …..I mean you and your business but most important your relationship with your clients.

Strength and courage,
Wade

What’s Your Money Mindset?

Wade Webb on November 11, 2020

realtor money mindset“Identity is this incredible invisible force that controls your whole life. It’s invisible, like gravity is invisible, but it controls your whole life.” —Tony Robbins

One of the most powerful forces over us is our identity. Identify as someone who is fit and healthy? You’ll prove it by working out daily. Believe that you’re great at math? Then you ace those tests. And when you identify as someone who is “just not good with money,” you will prove that to yourself over and again by quitting a good job, spending recklessly or losing your wallet every few months. Humans are incapable of acting out of line with our identity and our subconscious works tirelessly to make us consistent—for better or worse. If you want to get rich, then, the solution is to change your identity. And THAT starts with changing your thinking.

 

Here are some questions you can ask that will do the trick.

1. What negative beliefs do you have about money? Dig deep for your own greatest hits. What do you believe about money that’s preventing you from having it? Do you have a rich uncle with horrifying political views and think all wealthy people must be like that? Money is only a tool, and wealth is not correlated to a person’s character or political views. How can you discover your beliefs about money? Pay close attention to the language you use. “I can’t afford it” is a mantra that shuts off your brain. Yes, you can afford it in some future state—you just need to get creative. A healthier replacement belief might be, “How can I afford it?”

2. Why do you deserve money? The most common block about making money is the feeling that we don’t deserve it. We tell ourselves in myriad ways that we’re not smart, kind, attractive, capable, experienced or fill-in-the-blank enough. Challenge that thinking. Make a list right now (yes, right now!) of all the reasons you deserve money. You might write down, like I did, that I deserve money because I’m a kind, ethical man with an abundance of integrity and that the money will be put to use for humanity’s good. Maybe you deserve it because you work especially hard, or take care of a sick loved one, are incredibly intelligent and capable, because you’ve paid your dues—or, because everyone deserves wealth and abundance, including you.

3. Who could I become with money? I’ve had the pleasure of experiencing that formative life lesson that is being broke. I’m grateful for the lessons it taught me, but I’d never want to go back there. As a broke person I was always stressed, which erased my sense of humor. I stopped seeing friends. I stopped buying new clothes and having a beer on a patio in the summer, which made me happy. I lost my self-confidence and self-esteem, and because of that, couldn’t possibly do great work. Learning how to create and grow wealth changed all of that and helped me become a more vibrant, generous, less uptight person—my real self. I like myself much more as a prosperous person. Who would you become without the guillotine of poverty hanging over your head?

4. Who could I help with money? A sole focus on yourself is a good recipe for ending up alone and miserable. The secret to a happy life is to constantly be contributing. We all want to be useful and that happens because of what we give, not what we get. If you had all the money you want now, who could you help? Could you pay off your parents’ mortgage? Send your daughter to the best school in the world? Be less stressed and a better partner at home? Give to charity? Find a reason outside of yourself for creating wealth, and the dollars will flow.

5. What has money already given you? There’s a psychological effect called “disqualifying the positive,” and it happens when we ignore good experiences and focus only on the bad. People do this often with money: We forget how much that money already does and has done for us and see only what’s lacking. We can combat this by literally counting our blessings. On a piece of paper, write down the amazing things you have or had in your life because of money—your home, car, education, lifesaving surgery or medication, vacations, toys, food, or gym membership. Thanks, money! When we remind ourselves of what money is capable of giving us, we appreciate it. And when money feels appreciated? Well it comes to visit more often. There Is Plenty to Go Around “The truth is that there’s more than enough good to go around.” —Michael Beckwith

There’s one specific money belief that’s probably more important than all the others, and it’s the complete opposite of what most people believe: There is plenty of wealth to go around. No, we’re not talking about printing money, we’re still on the subject of beliefs. If you think that wealth creation is a zero-sum game, i.e. that someone has to lose for you to gain, then you will always struggle with money. That’s the scarcity mindset. The truth is, wealth can be created out of nothing—just put an industrious pioneer in the middle of a forest and you’ll see. The economy grows not because of clever tricks by central banks, but because real people are creating real value for other people through a product or service. The pie is constantly growing, and when one person gets a slice, they don’t deprive someone else of theirs. Adopt this belief with full faith, and you’ll stop competing for wealth and start creating it.

 

Strength and courage,
Wade

REALTOR© Business Planning For 2021

Wade Webb on November 4, 2020

realtor business plan 2020A mentor of mine said to me “agents aim for nothing and hit it with amazing success!” 2020 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 2021 and hit it with amazing success! So when 2020 begins to wind down you should not wait until the very end to start planning for 2021. 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 2021.” 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.

Business Plan for the Successful REALTOR©

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 free by signing up using the form below.

Strength and courage,
Wade

The Power Of Leverage for REALTORS©

Wade Webb on October 28, 2020

power of leverage for realtorsDo you own a job or do you own a business? When you stop does your income stop? Then you own a job.

If you are generating business and income while you are away from real estate, then you own a business. One of the greatest challenges for most agents is leverage, automation, systemization and delegation.

This week we look at the question that all agents are seeking the answer to, “When and how do I hire a real estate assistant?” Some even go years contemplating whether or not it is the right time. Many people ask the same questions such as, “should I hire someone now?” and “can I even afford to hire someone?”

Now we know it can be scary to let someone into your business like that but in actuality, it needs to be done sooner than later. If you are constantly asking yourself if you should hire an assistant, then that alone should tell you that you need to hire someone. When it comes to affording one, if they are really doing their job, they will be making you a significant amount of money. Here we are going to break down when and how to hire an assistant through 3 different phases. Each phase comes with 4-5 questions and steps into ensuring you are using the right solution.

PHASE 1

In Phase 1 begin to ask yourself, “How do I know it is time to hire an assistant?” Like mentioned earlier, if you are asking this question, then it probably is necessary. You are clearly starting to become overwhelmed once you start even thinking about having someone to help.

Question 2, Do you stay up late doing non best use of time tasks, also known as “BUT’s”? These include very simple tasks that are more tedious than they are difficult. After a long day of meetings, going to open houses and meeting new clients, the last thing you are going to want to do is work yourself up on those simple everyday tasks you had to keep pushing aside because they weren’t a priority at the time.

Question 3, Do you have aspirations to grow beyond where you are now? If you have aspirations to grow financially or even from a team standpoint, you are never going to get there alone. The only way you are going to grow and get the most out of your potential is to have help. Asking for help can sometimes seem as a belittling standpoint but it shouldn’t be. Everyone at some point or another asks for a helping hand and so should you.

Question 4, Do you live in the clouds? Meaning, are you not able to implement in the way you need to? People who are in real estate, especially self-starters and entrepreneurs live in the clouds and you need to take this in account for needing the help with your brain storming.

Question 5, Do you know that you are losing business? The more you wait for help, the more projects you are going to have to shy away from because of how busy your schedule is. The longer you wait, the more money you are going to lose, period. Their job is not just to do the tedious and hard work, it is also to make you money. As they say, you don’t remember what you’ve forgotten.

PHASE 2

Now that you have finally agreed to yourself you need an assistant, it is time for phase 2. What are you supposed to look for when you start looking to hire?

The first thing you should be looking for is if they are detail and system oriented. In order to find someone who is, the best way is to make them follow multiple steps in the hiring process on the application. These can include: using a specific font size, only sending the application through a PDF, use a specific format, include this header and more. Now if they don’t follow the steps correctly you instantly know they are not good with following directions and are not detail oriented. In all, you are looking for a person who can get annoyed with a lack of order rather than too much detail or instruction.

The second thing you should be looking for is a naturally positive person. Now, this can be a little more difficult because in actuality, everyone is “nice” during their first interview. This is why you need to take it further and have multiple interviews in multiple settings. It is known miserable people can only act happy for so long until it takes one thing to take them over the edge. You need to be able to see how they act with more than one or two interactions with them to get their full personality and potential.

The third thing you should be looking for in a potential candidate is if they are self-driven. This person should be looking for ways to make your life easier. You want someone to anticipate everything so they can adapt to what is needed and what isn’t.

The fourth and final thing you should be looking for is someone that must be tech savvy and able to type. Now we’ve all seen how our grandparents and even sometimes our parents use a computer which is funny to us of course, but when it comes to hiring an assistant, it won’t be funny down the line when you are on a time crunch and they are still working on that first email. There are plenty of people in the world, especially nowadays with technology being as advanced as it is, that know how to use specific software and can adapt fast to new software.

PHASE 3

Moving on to the 3rd and final phase, you should now have hired someone but you don’t exactly know what to do next…

The first thing you should do is either take the time to properly train them or take the time to redo their work. You need to set aside time to be able to train them respectively because the quicker you train them, the quicker you will improve your business and make money.

Secondly, you need to give them clear expectations of what you want from them. You only have one chance to create expectation so think carefully. You want to set expectations such as what time they need to be there, the kinds of activities you expect them to do, what they should be able to do in a specific amount of time, etc. Be very clear in what you want out of them so then everyone is on the same page.

Next thing you want to do is teach them a marketing strategy to implement immediately. This is because it will shortly after bring your business making not only you feel good, but making them feel good as well. Try to teach them how to do things such as saving a search in a MLS, emailing listings, saving listings and similar tasks. All in all, they are adding to your business this way and it can only lead to great things.

Lastly, do NOT micromanage them! Many agents respond to this by saying, “but what if they don’t do it right?” Well, it is not that they won’t do it “right” it is that they won’t do it YOUR way. You need to let go of what you’ve been doing in the past to make room for the new because clearly something needs to change. Additionally, in most cases, they often do it better than you which may catch you off guard at first but you need to remember it is only making you and your business greater. You need to give them the freedom to be the person you hired them to be and let them do their thing.

If you haven’t already realized, there are only positive outcomes that will happen if you were to hire an assistant. After going through these 3 phases, you should see a massive positive change in not only the business but with you as a realtor. Now start looking for that assistant before all the good ones are taken!

Click to download your Free Guide To Hiring An Unlicensed Assistant –>> Agentsboost – Hiring An Unlicensed Assistant

Strength and courage,
Wade

Why Real Estate Agents Fail In This Business…

Wade Webb on October 7, 2020

why realtors failWhy do nearly nine out of every 10 agents fail and quit the real estate business? I’ve worked with and studied real estate professionals for 3 decades, and this week I am sharing some of the biggest reasons why agents fail. Avoiding these pitfalls will help you join that elusive “Club 13” — the 13 percent of agents who actually survive and truly succeed in this business.

  1. Being Interested vs. Committed. Just being interested in your real estate career isn’t enough. Liking houses and liking people isn’t enough. When you’re interested, you do things when they’re convenient. Success in real estate is all about being fully committed, which means doing whatever it takes as long as it takes to achieve your goals. Are you all in? If you’re not fully committed, it’s time to reassess your career choice. It is too easy to get in and even easier to get out.
  2. Being Strategic. Can you explain your market trends easily? Do you truly know your market? What’s selling? What’s not? To survive in real estate, you need to look at your marketplace from a strategic standpoint. You must look at the hot sheets every day, the stats every month and know what is trending every quarter. You have to own that knowledge and become the knowledge broker in your market. It’s not enough to simply like houses and enjoy working with people. Take a step back, analyze your market and make sure you know it, and you know your place in it. Now the numbers, trends and truth about your local market and share it!
  3. Fear of Making Mistakes & Desire to Look Good. There’s a lot of vanity in real estate, which can lead to people shying away from anything that might paint them in unflattering light. But you can’t be afraid to make mistakes. Mistakes are how wisdom is gained. Mistakes are how we learn and grow. Accept it’s okay to make mistakes or not know the answers to everything. Try new things, see what works, learn from what doesn’t, and always keep moving forward. The more mistakes you make, the more you’ll bridge the gap between knowing and not knowing.
  4. No (or Wrong) Role Model. Having someone to look up to, to aspire to, to model your behaviors on is a hugely critical step to help you reach that “next level” in real estate. Far too many agents have no role model for their business. Or they have the wrong one. To accelerate your ascent in this business, find someone who is successful in both life and business and model your behaviors on theirs. We all smell like those we rub up against.
  5. Your Gas Station is Only Open One Day a Week for an Hour. Once a week you try something once and can’t figure out why nothing is working. As a real estate agent, your No. 1 priority is attracting customers. It’s not a part-time pursuit. Don’t get me wrong it is not 7 days a week 24 hours a day. Far too many agents do just a little bit of marketing once a week and hope for the best. Lead generation and lead conversion need to be your primary focus. If there was a way to teach every new agent this philosophy and force them to live up to it, that 87% failure rate would decrease dramatically. Focus on the “Core 4″… Database. Open Houses. Geographic Farming. Online Presence.
  6. Job vs. Business Owner. Monday-Friday, 9:00-6:00 Mentality. Being a real estate agent isn’t a job. It’s a business. It’s YOUR business. You need to become and act like a business owner. You’ll get out of it what you put into it. Especially if you’re new, you absolutely must put in the time and effort. All the money is made before 9:00am and after 6:00pm. If that doesn’t work for you, you might be in the wrong business.
  7. No Sales Swagger. Long ago NAR released a report that said the vast majority of new agents come into real estate with no sales experience, no marketing experience and no negotiation experience. What are the essential skills of succeeding in real estate? Sales. Marketing. Negotiations. Hmmm. If you haven’t mastered these three skills, you need to be working on them constantly. Put yourself in situations where you learn the objections, get hung up on and gain that experience. Putting yourself in those situations repeatedly will break down those fears of calling FSBOs, expired and the like. I often encourage brand new agents to work with FSBOs and expired to break them in with “the most challenging” clients. When you know what to say, everything becomes easier.
  8. It’s Math. No Goals Broken Into Numbers That Get Measured. When you know your numbers, you put yourself in control. On average, how many leads does it take you to convert one sale? 30? Great! 162? Great! “I dunno.” Not great! As long as you know your numbers, you know what you have to do. If you don’t know your numbers, you’re just hoping for that winning lottery ticket. Knowing your numbers makes your business predictable. Being predictable leads to success. Know your numbers!
  9. No Schedule, Weak Habits and Routines. If you’ve followed me for a long time, you’ve heard me say it a million times: “Show me your routines and I can predict your future.” If your schedule isn’t aligned with your goals, instead of achieving your goals, you’ll end up wherever your schedule takes you. The key is figuring out the specific activities that will lead to the achievement of your goals. Then you schedule those activities. The role of discipline in your success cannot be underestimated. Schedule everything and find a way to hold yourself accountable.
  10. Lack of Financial Management. Lots of people get into real estate thinking it’s a low overhead business with an opportunity to make big, giant paychecks. Those days are long gone. This business is so competitive, you need a funding plan not only to survive, but to invest in your business and build it in an efficient way. Make sure you’re managing your money smartly in order to avoid that 87% failure rate. Profit is not a bad word.

Now that you have a better idea of the causes for failure the next decision is what are you going to do with this information? What action are you going to take? Feel free to comment below what you plan on doing next to ensure you’re a member of the 13% Club!

 

Strength and courage,
Wade