In the spirit of the season, I am choosing to write an entry about what we have to be thankful for. As Realtors, in a less than stellar market, we still have to give thanks for many things. We are able to be involved in the lives of many people and through this involvement we can help them find a great deal of happiness. One of the truly exciting things we do on a daily basis is helping clients reach their dreams. In some cases we help people sell an old home and move on to the next stage of life. In others we help people find their first DREAM home and begin the stages of their lives.
Either way, it is always one of the biggest decisions our clients ever have to make. Being the good Realtors that we are, I know we all do our very best to ensure our clients know that they have made the right decisions. I am thankful that I am able to help. I strive daily to be able to help in a manner which is as stress free and as easy and fun as possible. There really is no better feeling than one where you can be proud of the job you did and knowing you have helped someone reach their dreams.
We all should be grateful for having a job. While Realtors take a big risk as independent contractors, in most cases we do it for our own personal reasons. Even though it has been tough financially for many, we still get to come to work each day and try to reach our goals. For those of us who try hard and don't give up we find that reaching our set objectives is hard work but not impossible. It is fun to reach our goals and even exceed them. We may not have made as much money as last year but at least we get to try each and every day. As sales people we must understand that just trying is part of the job and part of the fun. We can come to work, keep our heads held high and do the things we know are right to reach our objectives. There are many many people who have no job to go to and who have lost most, if not all of their incentive. We are lucky because in our job we always have incentive. Hard work will always pay off in the end. Either in the short term or in the long term, if we do what we should do every day the deals and the clients will come. This is a perfect reason to give thanks, a thanks for being in a position to have a chance to succeed and one that is entirely left up to us.
At the end of the year my office really puts it's best foot forward when it comes to doing community service. As individuals we always have something going on we have agents who have worked to raise money in events such as the Tour to Tanglewood, the Heart Walk, who have worked with the humane society on food drives, worked with Habitat and on and on. As a team we have done many things throughout the year such as a blood drive, the Walk for Wishes, and even had a yard sale and lunch gathering just to raise money to help out some sick team members that have struggled to make ends meet. Here at the end of the year the team will join together to support the community by participating in the Festival of trees and to gather presents for everyone at Vienna Village which we will deliver to them and have a sing along of Christmas Carols. What a wonderful feeling to be able to bring a little bit of joy to those less fortunate than us. I give thanks for having such a magnificent team to be part of. I hope that in some small way I have helped them throughout the year, I know that I can not count the number of times they have helped me. They have inspired me to do my best and to support them in any way I can. I thank them all.
In closing I wish everyone a safe and Happy Thanksgiving! Enjoy family and friends and come back next week ready to conquer the world each and every day.
Wednesday, November 24, 2010
Tuesday, November 16, 2010
Three common issues or mistakes in a transaction
The third, most common and biggest error I see in transactions is caused when agent do not read and completely understanding what it says in the contract.
Read and understand the Offer to Purchase and then read and read it again!
Every time an agents comes to me about an issue with a transaction the first thing I say to them is let me see the contract. They will then tell me their issues and ask for help figuring it out. In almost every case the answer is right there in front of them in black and white. I have read and re-read the offer to purchase so many times I think I could recite it in my sleep however, when an issue comes up I read it again. I try to ensure that I understand what the contract says and how it might have been changed by what the agent has written in it for their clients.
It is our jobs as agents to understand what is written in the contract. We need to be able to explain it to our clients, both buyers and sellers. I can tell by some of the issues there are agents in our market who have never actually taken the time to read or understand the contract. It is very easy to pick out who has at least read it and who has not simply by what is written in the blanks the clients are supposed to fill in.
Some of the most common things I see are the following:
In Paragraph 8. The entire paragraph is describing what the difference is between a pending and a confirmed assessment, and who is responsible to pay such assessments. There is a blank for the agent to fill in any known special assessments. Just prior to the blank there is a statement (insert "None" or the identification of such assessments, if any). Why in the world would anyone write "None if any seller to pay"? The only answer to that question is that the agent has not read the contract, or if they have they do not understand the english language. If there are NO KNOWN assessments the only correct word to be written on that line should be "NONE". That is it, nothing else is needed and in fact the agent has been told not to write anything else.
Paragraph 7. c last sentence - this apply's only if the contract is NOT (and it is written in BOLD) subject to financing. An agents who puts a date in that slot when the contract is subject to financing per the terms on page 2, I submit, has not read or does not understand the contract.
With all that being said aren't you glad we are going to a new contract on January 1? I am so happy with the new contract I could shout YEA! At least in the new contract there are only 2 dates to worry about. I can see it now however, agents who do not read and understand the contract are going to freak out when they and their clients find out there is no financing contingency, or any number of other changes that only the agents who read and understand it will know about.
As we move towards the new year all agents should take time every week to read the new contracts. They should go to as much training as they can find about all the changes. If everyone would do this we would all be better off come January 1.
If you want to be the best agent you can be, if you want to represent your client like a true professional, if you want to have a huge advantage over the competition, I beg you to READ and UNDERSTAND AND THEN READ READ AND READ the new offer to purchase and contract again and again.
Wednesday, November 10, 2010
Three common issues or mistakes in a transaction
The second issue I see come up a lot is not qualifying your buyers prior to looking for a house.
In this day and time when gas can cost you anywhere from $2.50 - $3.00 per gallon, does it make sense to drive a prospective buyers around looking at homes before you know if they could qualify to buy one? Your buyer clients need to get pre-approved for a loan before they start shopping. We all know how hard it is to get buyers approved these days. Even people who in the past would have had no problem getting a loan are having more and more difficulties qualifying for financing. Get you buyers in front of a loan officer as soon as you can.
If your buyer is going to shop the loan around, as most do, they should do that as soon as they start looking for a home. After the loan officer has said they should qualify and you get them in the car to show, their next step should be to start shopping the banks; NOW. When they have picked a house they should have the banks narrowed down to 2 at most, then they simply can make a call to the banks see who's rates are the best and apply for the loan.
In January when the new offer to purchase and contract comes out it will be even more important to have your buyers pre-approved and ready to go before writing the offer. With an option or due diligence contract your buyers need to be prepared to get the process underway immediately with respect to everything they might want to do. Financing, inspections, appraisals etc. it all has to be done in the due diligence time period. In my opinion this is a very good thing for us as agents. Buyers will take less time on these things and be much more focused on completing them in a shorter time frame.
In toady's world with a buyer who is ready to decide on a loan, you can help them write a better offer than the next offer because you can put an application time within 2 or 3 days rather than the 5-7 we typically see. A day here or a day there on an offer can make all the difference in the world to a seller. The shorter time frames the better!
If you do not have your buyer handle this process upfront you may be showing homes to a person who can't even qualify to buy one. That makes no sense at all and in fact costs the agents both time and money. Spending time with buyers who can't buy or sellers who can't sell is completely counter productive. Especially in a market that is slow, any time you waste on unproductive things takes time away from doing really productive things like prospecting for actual clients.
Remember to own the process in your transactions. It is your job to lead the buyer in the right direction and to keep them focused on the ultimate outcome, a closed deal! We all remember how nice that can be.
Driving unqualified buyers around - not a productive thing to do
In this day and time when gas can cost you anywhere from $2.50 - $3.00 per gallon, does it make sense to drive a prospective buyers around looking at homes before you know if they could qualify to buy one? Your buyer clients need to get pre-approved for a loan before they start shopping. We all know how hard it is to get buyers approved these days. Even people who in the past would have had no problem getting a loan are having more and more difficulties qualifying for financing. Get you buyers in front of a loan officer as soon as you can.
If your buyer is going to shop the loan around, as most do, they should do that as soon as they start looking for a home. After the loan officer has said they should qualify and you get them in the car to show, their next step should be to start shopping the banks; NOW. When they have picked a house they should have the banks narrowed down to 2 at most, then they simply can make a call to the banks see who's rates are the best and apply for the loan.
In January when the new offer to purchase and contract comes out it will be even more important to have your buyers pre-approved and ready to go before writing the offer. With an option or due diligence contract your buyers need to be prepared to get the process underway immediately with respect to everything they might want to do. Financing, inspections, appraisals etc. it all has to be done in the due diligence time period. In my opinion this is a very good thing for us as agents. Buyers will take less time on these things and be much more focused on completing them in a shorter time frame.
In toady's world with a buyer who is ready to decide on a loan, you can help them write a better offer than the next offer because you can put an application time within 2 or 3 days rather than the 5-7 we typically see. A day here or a day there on an offer can make all the difference in the world to a seller. The shorter time frames the better!
If you do not have your buyer handle this process upfront you may be showing homes to a person who can't even qualify to buy one. That makes no sense at all and in fact costs the agents both time and money. Spending time with buyers who can't buy or sellers who can't sell is completely counter productive. Especially in a market that is slow, any time you waste on unproductive things takes time away from doing really productive things like prospecting for actual clients.
Remember to own the process in your transactions. It is your job to lead the buyer in the right direction and to keep them focused on the ultimate outcome, a closed deal! We all remember how nice that can be.
Monday, November 8, 2010
Three common issues or mistakes in a transaction
I wanted to write a piece about the three most common issues in a transaction or mistakes I see agents making. Instead of writing a long post I will break it out into three posts.
Explaining agency is a critical step in the agent sales process and is one which is required. I think we as agents owe it to the public to explain agency and ensure that it is understood. Educating prospective clients is a critical part of establishing a good, honest and trusting relationship. One of our first steps in client relationship building is the opportunity to explain agency.
It really is a perfect time to make yourself stand out of the crowed of other Realtors. If you are able to explain agency succinctly and correctly you will be one of the few agents who can. You will be the professional agent in your clients eyes.
This opportunity is ideal because you can insist that your prospective client listens and you can blame it on being required to present it. I guarantee that your clients will respect you and trust you much more once you have done your job and done it well while explaining agency.
I have heard every excuse in the book as to why the agent couldn't talk about agency or why it was done so late in the process. THERE IS NO EXCUSE, nor should any agent want one, rather agents should love the opportunity to start dialogue. I had a hard and fast rule that when I met people at a house to view it, they did not get in the front door if they refused to allow me to tell them about agency. In fact I used it to my advantage anytime I could.
I had a prospect who wanted to view one of my listings, I met them out at the house, introduced myself and told them that prior to going inside I needed to discuss agency with them. At first they looked at me like I was from mars, and told me they had seen 8 other homes with 8 other agents and none of them went over the agency disclosure. I responded that I was required to do so and in fact the perfect reason why they should do business with me rather than the other 8 was because I was the only one doing it correctly. A bit bold maybe, but true, and you all know it!
They listened to my explanation, understood it and signed the brochure. I showed them the house and they were to call me back later in the day with a decision to do business with me or not. They called me in the evening and asked me to be their realtor, they told me that I was indeed the only agent who did the job right with respect to agency and trusted that I would do everything right in a transaction! I sold them a $250,000.00 home within 2 weeks.
Being able to establish trust is critical to your success, engaging in important and meaningful conversation with your prospective clients is without a doubt the best way to kick the relationship off on the right foot. Use the agency discussion to set yourself apart from the other Realtors. Don't be afraid to discuss it and remember you can talk about agency too late in the process but you can never do it to early.
AGENCY DISCUSSIONS
It really is a perfect time to make yourself stand out of the crowed of other Realtors. If you are able to explain agency succinctly and correctly you will be one of the few agents who can. You will be the professional agent in your clients eyes.
This opportunity is ideal because you can insist that your prospective client listens and you can blame it on being required to present it. I guarantee that your clients will respect you and trust you much more once you have done your job and done it well while explaining agency.
I have heard every excuse in the book as to why the agent couldn't talk about agency or why it was done so late in the process. THERE IS NO EXCUSE, nor should any agent want one, rather agents should love the opportunity to start dialogue. I had a hard and fast rule that when I met people at a house to view it, they did not get in the front door if they refused to allow me to tell them about agency. In fact I used it to my advantage anytime I could.
I had a prospect who wanted to view one of my listings, I met them out at the house, introduced myself and told them that prior to going inside I needed to discuss agency with them. At first they looked at me like I was from mars, and told me they had seen 8 other homes with 8 other agents and none of them went over the agency disclosure. I responded that I was required to do so and in fact the perfect reason why they should do business with me rather than the other 8 was because I was the only one doing it correctly. A bit bold maybe, but true, and you all know it!
They listened to my explanation, understood it and signed the brochure. I showed them the house and they were to call me back later in the day with a decision to do business with me or not. They called me in the evening and asked me to be their realtor, they told me that I was indeed the only agent who did the job right with respect to agency and trusted that I would do everything right in a transaction! I sold them a $250,000.00 home within 2 weeks.
Being able to establish trust is critical to your success, engaging in important and meaningful conversation with your prospective clients is without a doubt the best way to kick the relationship off on the right foot. Use the agency discussion to set yourself apart from the other Realtors. Don't be afraid to discuss it and remember you can talk about agency too late in the process but you can never do it to early.
Tuesday, November 2, 2010
Video is the waive of the future- STAND OUT IN A CROWD
One of the most important yet hardest things to do in real estate is to make yourself STAND OUT IN A CROWD of Realtors. Your choice in company to work for is the first step, when making that decision you need to evaluate what tools the company brings to enhance your business. Once you have chosen a company then it is your job to use all the tools, technology and support of the company to market yourself as the agent of choice. A large part of a Realtors job is to market themselves to the public. This effort is where the public, potential buyers and sellers, gets their first impression of you!
You know what they say "the first impressions are the most important". Since most companies and real estate agents are already on the internet, the individual agent needs to do something more to get their message out. The public is getting more and more into looking at videos. I think all agents need to have a personal video on the internet to allow prospective clients to learn more about them.
The video need not be expensive to do and does not need to be a professionally produced video. It does however need to be well done, tasteful, humorous and informative. You can have an agent web site but clients can only see your picture and read about you. With a video done correctly the prospects can really get to know you and your personality.
It is not easy, but with practice you can talk about yourself in front of a video camera. I recommend writing yourself a script and practice prior to shooting the video. You want to make yourself as likable as you can, a smile goes a long way. Use some humor about yourself and introduce yourself to the camera as if you were at a party introducing yourself to a potential client.
Pick a few bullet points about yourself and make them come to life. It is impossible to tell everything there is to tell about yourself so again pick some specific points which you think make you STAND OUT IN A CROWD! What do you think the potential client needs to know about you in order to select you as their agent. You might even consider a testimonial from a past client or two to help introduce you. I have watched a lot of agent videos on line and the ones that are upbeat, happy and fun are the ones that keep my interest. The agents who simply say how much they have sold and that they are a million dollar performer make me want to move on to the next one. I want to get to know the people, not hear a bunch of stats about them.
Your agent video should be short and sweet, if it goes much more than 3 minutes the prospects wont watch it all. So be specific and on point. Be imaginative and fun. Be interesting, professional and captivating but most of all be short. If you can get the point across that you are above and beyond the other agents in the market in 2 and a half to 3 minutes, you will be the agent they would want to work with. You leave them with the impression that you are personable, fun and imaginative as well as focused. I like agents who can focus on the task, get clients to see the right houses, keep the process on track and get transactions closed in an easy and enjoyable way.
There are many choice in camera on the market today. The price range is from about $100.00 and up. I recommend investigating on the internet first, talk to others who have used the different cameras. Decide your budget and buy one soon. There is no reason to spend hundreds upon hundreds of dollars on a camera, nor is there reason to pay a professional videographer to do it for you. Find a decent camera, write your script and have some fun. Get your video on the internet today. The public is waiting to see you. If a picture speaks a thousand words then a video speaks a million.
You know what they say "the first impressions are the most important". Since most companies and real estate agents are already on the internet, the individual agent needs to do something more to get their message out. The public is getting more and more into looking at videos. I think all agents need to have a personal video on the internet to allow prospective clients to learn more about them.
The video need not be expensive to do and does not need to be a professionally produced video. It does however need to be well done, tasteful, humorous and informative. You can have an agent web site but clients can only see your picture and read about you. With a video done correctly the prospects can really get to know you and your personality.
It is not easy, but with practice you can talk about yourself in front of a video camera. I recommend writing yourself a script and practice prior to shooting the video. You want to make yourself as likable as you can, a smile goes a long way. Use some humor about yourself and introduce yourself to the camera as if you were at a party introducing yourself to a potential client.
Pick a few bullet points about yourself and make them come to life. It is impossible to tell everything there is to tell about yourself so again pick some specific points which you think make you STAND OUT IN A CROWD! What do you think the potential client needs to know about you in order to select you as their agent. You might even consider a testimonial from a past client or two to help introduce you. I have watched a lot of agent videos on line and the ones that are upbeat, happy and fun are the ones that keep my interest. The agents who simply say how much they have sold and that they are a million dollar performer make me want to move on to the next one. I want to get to know the people, not hear a bunch of stats about them.
Your agent video should be short and sweet, if it goes much more than 3 minutes the prospects wont watch it all. So be specific and on point. Be imaginative and fun. Be interesting, professional and captivating but most of all be short. If you can get the point across that you are above and beyond the other agents in the market in 2 and a half to 3 minutes, you will be the agent they would want to work with. You leave them with the impression that you are personable, fun and imaginative as well as focused. I like agents who can focus on the task, get clients to see the right houses, keep the process on track and get transactions closed in an easy and enjoyable way.
There are many choice in camera on the market today. The price range is from about $100.00 and up. I recommend investigating on the internet first, talk to others who have used the different cameras. Decide your budget and buy one soon. There is no reason to spend hundreds upon hundreds of dollars on a camera, nor is there reason to pay a professional videographer to do it for you. Find a decent camera, write your script and have some fun. Get your video on the internet today. The public is waiting to see you. If a picture speaks a thousand words then a video speaks a million.
Monday, November 1, 2010
Smart phones
The days of the flip phone are gone. To be the best agent you can be, if you haven't done so already, it is time to upgrade that cute little phone to a smart phone. In the age of being mobile you need a device which will allow you to get your email, text, make calls, and access the internet as quickly as you would if you were sitting in front of your computer.
Instant information and communications are what the clients are looking for. Today's top agents are the ones who can provide this instant gratification to their clients. With the clients having access to the same type of information you have via their phones what will set you apart? The speed at which you get back to them. The first one to make contact usually will get the client.
I happen to have an HTC Droid, but that doesn't really matter, there are many different choices when it comes to smart phone technology. Iphone, Droid, Blackberry the brand name makes no difference as long as you are able to get and respond to your email instantly, access the internet instantly, download apps which can access programs you need to do your business, text, make phone calls, sync with your calendar and open and read documents and spreadsheets. In addition please take the time to learn the phones features and functions so you are an expert while using it.
Of course your smart phone comes with some sort of monthly or annual plan with a cell provider, again the name brand is not as important as the quality of service. Ask around and find out which provider has the best service in your area, then find a plan which will give you the most access at the best price. So this is going to be a monthly expense you need to budget for, but it is a monthly expense you can't do without.
In conjunction with the technologies we have already spoken about, your smart phone will make you stand out in front of your competition. With Zipforms, docusign, documanager and smart phones you will be a truly mobile agent. Mobility and instant access is the name of the game. Go out today and start your search for the right smart phone with the right monthly plan today.
Instant information and communications are what the clients are looking for. Today's top agents are the ones who can provide this instant gratification to their clients. With the clients having access to the same type of information you have via their phones what will set you apart? The speed at which you get back to them. The first one to make contact usually will get the client.
I happen to have an HTC Droid, but that doesn't really matter, there are many different choices when it comes to smart phone technology. Iphone, Droid, Blackberry the brand name makes no difference as long as you are able to get and respond to your email instantly, access the internet instantly, download apps which can access programs you need to do your business, text, make phone calls, sync with your calendar and open and read documents and spreadsheets. In addition please take the time to learn the phones features and functions so you are an expert while using it.
Of course your smart phone comes with some sort of monthly or annual plan with a cell provider, again the name brand is not as important as the quality of service. Ask around and find out which provider has the best service in your area, then find a plan which will give you the most access at the best price. So this is going to be a monthly expense you need to budget for, but it is a monthly expense you can't do without.
In conjunction with the technologies we have already spoken about, your smart phone will make you stand out in front of your competition. With Zipforms, docusign, documanager and smart phones you will be a truly mobile agent. Mobility and instant access is the name of the game. Go out today and start your search for the right smart phone with the right monthly plan today.
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