Seven Uncommon Elements of Real Estate Sales Success

May 11th, 2012

What differentiates top producing agents from other agents? If you want to join the ranks of real estate’s top agents, the seven characteristics below are a great place to begin.

1. Willingness to do what their competitors don’t do

I recently did an Inman article called “There’s Gold in Calling Cold.” In that article, there’s one conclusion that is pretty stunning. Every agent who participated in this study on cold calling, gave up after about 11 hours of cold calling activities. Yet the research showed that it takes 12 hours of cold calling to generate one listing. The agents who do tremendous amounts of business are those who are willing to door knock, cold call, call on expired listings, or do other activities that other agents simply can’t force themselves to do.

2. Emotional Resilience

Research shows that top performers bounce back quickly from set backs. Their attitude is that “If one door closes, another will open.” Rather than letting a disappointment stop them, they just look at the setback or a “No” from a client as bringing them one step closer to the next “yes.”

3. They Persist

Top performing real estate agents are persistent. No matter how many hang-ups or “No’s” they hear, they keep prospecting until they hit their daily goals. They set aside specific prospecting time each day and hold that time as the most important appointment of your day. They know that without consistent lead generation, they will have no business.

4. They Listen

The most successful top producers are good listeners. They understand the importance of asking clarifying questions rather than talking all the time. Their excellent listening skills translate into showing buyers fewer homes because the agent hears what the buyer really wants. They also know when to stop talking and when to close.

5. They are willing to say “No.”

Desperate agents will often take any business they can find. This is not the case with top performers. The best agents pass on unrealistic sellers and refuse to do business with those who bend the rules.

6. They know the inventory

Top producers know the inventory so well that they can price most properties accurately without even looking at the comparable sales data. This level of market familiarity gives them a huge advantage against competitors who lack this knowledge.

7. They know their scripts and dialogues

It’s important to be able to overcome objections easily. When you know your scripts and dialogues, you feel more confident.

If you want to raise your production, choose one of the skills in this list and work on developing it. Once you have mastered that skill, move to the next skill. The path to increased production–just take one step at a time.

Posted by Bernice Ross

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How to Get Zillow and Trulia Leads at No Charge to You!

May 6th, 2012

A lot of agents are unhappy about having to pay to advertise on sites such as Realtor.com, Trulia, and Zillow. Did you know that there is a simple way to generate leads on Trulia and Zillow that costs you absolutely nothing but the time it takes for you to answer client questions online?

While everyone seems to be focused on creating leads from social networking sites, there’s a much better approach called profile marketing. Both Trulia and Zillow offer this service. On Trulia, complete a profile and then answer questions posed by Trulia visitors.

On Zillow, click on “Advice.” Next, enter the name of your city and state. To see questions posed by people in your area, click on buyer, seller, or a number of other information fields. Zillow aggregates the questions and answers by topic.

What’s cool about this approach is that you can find buyers searching for agents to represent them. Here are two recent posts for Austin Texas. Note the number of people who answered the question vs. the number of page views the answer(s) received.

 Q: How do you figure the fair market value of a house?

1 Reply—52 views

Q: Austin first time home-buyer looking for buyer’s agent.

2 Replies—107 views

Older posts also continue to generate additional page views. The two posts below are a month old.

Q: My rental lease is up at the end of July. How soon prior should I begin looking at homes to buy? 

2 Answers—203 views

Q: I’m thinking about buying:

4 Answers—220 views

Here, the buyers have already identified themselves as being interested in meeting an agent. This takes much less effort than trying to figure out a way to generate leads from Facebook and Twitter. If you regularly provide good answers to consumer questions, you have a high probability that they will contact you. Furthermore, this approach is highly targeted to the area(s) you serve. An important point to keep in mind: provide a solid answer to the question, but never include the phrase “contact me” or any other type of sales pitch. This is the quickest way to turn off a potential lead. If they are interested, they will contact you.

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What to Do When Your Real Estate Deal Starts to Fall Apart

April 29th, 2012

What do you do when you get bad news about a transaction? How do you handle it with your client? Do you call, text, or meet face-to-face? In other words, how do you deliver the bad news without losing the transaction? Here are three simple steps to follow that can help you keep your deals together

1.  Get face-to-face

One of the most important steps that you can take to keep your transaction together is to deliver any bad news face-to-face. Text messaging and email cannot adequately convey your concern. There’s no tone of voice indicating your empathy nor is their any way your clients can know your level of confidence in terms of meeting the challenge. Those emotional signals are stripped away when you communicate through email or text messaging.

The telephone call is not a great choice, but  at least your clients can hear your tone of voice. Nevertheless, a huge proportion of what you want to communicate to keep the transaction together is carried in your body language, which again, is inaccessible if you are not face-to-face.

If your clients don’t live in your area or you find it impossible to meet with them personally, a fairly decent alternative is to use Skype. The video allows your clients to experience your concern as well as to see your body language.

2. Outline potential solutions and put the client in charge

Before you deliver the bad news, do your best to come up with two or three solutions to meet the challenge you are having. When you do meet with your clients, outline the issue and then say, “Here are three different strategies for coping with this issue. Do you have any other suggestions and if not, which strategy makes the most sense from your perspective?

3. Tell Clients to Expect Challenges

In about 95 percent of all real estate transactions, there is usually some challenge that has everyone involved convinced that the transaction will not close. The good news is that 90 percent of the time these transactions do close. It’s important to let clients know this ahead of time so when it does happen, you can remind them that 90 percent of the time these issues do get worked out. So shift gears from talking about the problem to searching for solutions.

Following these three simple steps can help you work through most issues with your transactions. The key again is to listen, get face-to-face if possible, and jointly work with your clients to solve the problem.

Posted by Bernice Ross

 

Celebrate Earth Day with Three Great “Green” Apps that Feed Your Tummy and Your Pocketbook

April 22nd, 2012

Today is Earth Day which first began on April 22, 1970 with an environmental “teach-in” conducted by Wisconsin Senator Gaylord Nelson. Today, over 500 million people in 175 countries will participate in celebrating this day.

Going “green” not only protects our earth, it also can save you money as well. Below are three green apps that not only support Earth Day, they will support you to better feed your tummy and your pocketbook throughout the year as well

Locavore: If you want really great, fresh food, your local farmer’s market is the place to go. My husband and I regularly hit one of the local farmer’s market every week. While some of the food may not be as pretty as what you see in the markets, you can’t top it for the incredible taste and freshness. Locavore tells you where the local farmer’s markets are located, the foods that are in season, as well as having terrific recipes as well.

Also, keep in mind that farmer’s markets are not limited to just fresh fruits and vegetables. We get everything from award winning confitures (homemade jams and jellies including such treats as Key Lime Curd and Fig-Walnut Conserve) as well as the best homemade tortilla chips every, homemade breads, exquisite handcrafted chocolates, and so much more. Best of all, locally grown foods help you to avoid having allergies as well.

Green Genie: This app is available on iTunes and is packed with environmental information as well as ways to save money on your utility bills and get paid for reducing your emissions. For example, Green Genie links to an article on how to save money on your water bills by looking for the “Water sense” label. If you are committed to environmental causes, they also have a Facebook Group as well where you can be in conversation with like-minded individuals.

GoodGuide is available for both Itunes and Android. Use your smart phone to scan the bar codes on various products. The app takes you to GoodGuide’s ratings for over 120,000 different products including food, personal care, household cleaners, baby and kid products, food, and many other products as well.

You can customize the app so it gives you the data you want. For example, if you’re concerned about nutrition, it will provide you with information on calories, the quality and safety of the ingredients. This app also provides information on products in terms of human rights and energy efficiency as well.  According to the folks at GoodGuide, their “mission is to help you shop your values wherever you shop.”

Posted by Bernice Ross

Are You Missing the Most Important Piece of the Sales Equation?

April 15th, 2012

I’m certain that you have heard the expression that “Buyers are liars.” It’s common for buyers to say they want a two-story traditional red brick house with a white picket fence and they end up buying a single story ranch home.

The reason this happens is that when the buyer responds to your question, “What type of house would you like to buy?” they are making the response based upon the dominant (normally the left) hemisphere of their brain. This side of the brain regulates language and reasoning. In contrast, the non-dominant hemisphere of your brain (normally the right hemisphere for most people) regulates emotion. The two sides speak to each other through a structure that joins them called the corpus callosum. It is the non-dominant or minor hemisphere that really influences the buying decision.

While the left or dominant hemisphere loves to analyze everything and break into little parts, it’s not always good at seeing the big picture. In contrast, the minor hemisphere has virtually no language, but it does see the big picture and is rich in sounds, images, taste, touch, and other sensations.

A good way to explain the two different sides is to use the word “chocolate.” The dominant side says the word and knows how to spell it. The minor side gives us the flavor of chocolate, the pleasantness, whether it’s a hot mug of cocoa or double chocolate ice cream, the feelings or memories it may invoke, in other words, a whole richness that far exceeds a few letters on a page or a few sounds turned into a mere word.

So how does this apply to doing more real estate sales? Here are two key points.

1. Tap into the emotional mind: The simple way to do this is to appeal to all five senses. If you are the listing agent at an open house, have pleasant music playing in the background and make sure there are plenty of pillows and other signs of relaxation. If you really want to drive the comfort factor, stage the house for taste and scent. Two favorites are cinnamon rolls and almost any type of chocolate. Homemade bread is another example.

2. Ask about their childhood favorites: In the example at the beginning of this post, the buyers may “think” they want a traditional, but if grandma had a ranch house and they have great memories of grandma’s house, then there is a high probability they will buy a house that is like the house they loved from the childhood. How can you discover this? Ask your buyers to describe their favorite house from their childhood. Get as much detail as possible and, if there is a house that is similar, show it to them–you will probably generate a sale.

The bottom line is that both sides of your brain are involved in the decision making process. Without tapping into the minor or emotional side, however, making the sale is much more difficult.

Posted by Bernice Ross

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Two Cool New Ways to Find Real Estate Pricing and Listing Information

April 6th, 2012

Have you ever been out showing property and your buyers fell in love with a house that was not listed? They’re eager to know the price, but searching the public records is next to impossible while you are out in the field.

One option is to download the Zillow app for your smart phone that pulls up their Zestimate (their estimate of the property’s value). The app also has comparable sales information as well. Zestimates are notoriously unreliable, but now there are two other great resources that can help you in your search.

The first one is from Chase Bank and has to be accessed through the browser on your smartphone. This is the system that Chase uses when they are appraising a property for a refinance and they will not be sending out an appraiser.

https://www.chase.com/online/Home-Lending/home-value-estimator.htm

A much better tool that is just fantastic and is a free iPhone app is called HomeSnap. HomeSnap has put together the public records from all over the country and will generate a price for you based upon the public sales data. Now here’s what’s really great about this tool. You DON’T need the address. Merely load the app, snap a picture of the property, and it generates a price estimate, provides sales data, as well as allowing you to track what you have searched. Talk about super simple.

Posted by Bernice Ross

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18 Ways to Up Your Deductions

April 1st, 2012

It’s tax time again—did you make the most of your deductions? Before you file your 1040 this year, you may want to make sure you’ve taken every allowable deduction for which you were eligible. Depending on your tax rate, every dollar you deduct pays you 28-55 cents. Check your 2011 Schedule C or corporate tax return against this list to determine how effective you were. (Remember to always verify with your accountant whether or not a given deduction is allowable.)

  1. Did you deduct your mileage driving to and from the office? (This is NOT deductible, because it’s considered commuting.) Change commuting to a deductible activity by driving by FSBOs, driving to a listing to refill the brochure box, or previewing property before going to the office.
  2. Did you use your appointment book, your tablet, smart phone, or computer to log when you met with clients, any money spent (for example on parking meters, lunch, or soft drinks for kids), and number of miles driven? In an audit, this will be “proof” of your activities.
  3.  The IRS limits “gifts” to $25.00 per person. Thus, for a husband and wife you can legally give a house-warming gift up to $50.00. If you would like to do more, consider giving them a home warranty to your buyer/seller. You can credit part of your commission at close to the seller or buyer to pay for the home warranty. The one catch, however, is that you must disclose the credit in writing to all parties including the lender. (In most states, “referral fees” may only be paid to licensed agents/brokers.) Before doing this, be sure to check with your CPA or tax professional to make sure that this is allowable.
  4. Did you deduct for petty cash items like pens, pencils, keys, note paper, hammer, tape, stamps, etc.? The IRS accepts “cash” write-offs up to $25.00 if you have a receipt or note the cash amount in your appointment book by date and amount.
  5. Are you depreciating your car, computer, printer, and other large items you use in your business?
  6. Did you deduct car washes/polish (or supplies you use to clean your car yourself)?
  7. The IRS only allows a 50% deduction for entertainment. Instead of taking clients out to lunch or dinner, hold a client appreciation event (such as a party or open house) and take the deduction under advertising and promotion. You can also do the same thing for broker open houses.
  8. Did you also deduct the expenses for your Internet Service Provider (ISP), computer software, as well as any web hosting/design fees you paid?
  9. Did you deduct your auto expenses including gas, insurance, repairs, license fees, smog inspections, etc. based upon the percentage of total business miles you put on your car?
  10. Did you keep a mileage log?
  11.  Did you deduct for your open house refreshments you serve each week?
  12.  Did you volunteer your time for a charitable organization? Check with your CPA to see if you can take a cash deduction for the time you volunteered.
  13. Did you deduct part of your home phone expense provided you used your home phone for business? Be careful with this since the IRS wants to see records showing the percentage of home office use as well as home telephone use. If you work from home regularly, it may be smart to have a dedicated line for your business.
  14.  Did you deduct your education expenses including your mileage to and from any educational events?
  15. Did you deduct any website expenses including hosting fees, design fees, fees for online ads or other related expenses?
  16. Did you deduct for all your print marketing materials including postcards, brochures, and mailing costs?
  17. Did you deduct for keys, lock boxes, valet parking, meter parking, and other miscellaneous expenses?
  18. Did you record the name, purpose, and date of each entertainment expense on your cash or credit card receipt?

Remember, the key is to keep accurate records by noting the client, the date, and purpose on your receipts. Also, always check with your CPA to verify your deductions meet current IRS guidelines.

Posted by Bernice Ross

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Technology Is No Substitute for Connection

March 25th, 2012

Are you tired of getting beat up about the fact that you’re not blogging, you’re not doing enough on Facebook, you don’t have a Twitter account, you’re website doesn’t have enough lead capture, etc.?

Well here’s the bottom line–all the fancy social media sites and tech tools are worthless to your business unless you take those tools and they generate a face-to-face meeting that results in a listing or a sale.

Rather getting caught up in the “I should be doing this” rat race, put all of those should’s aside and look at what is working in your business. The next question is did any of the technology tools help you either generate more leads or maintain stronger connections with your clients? If so, which ones? Concentrate on using these tools in your business, because they’re what is working to get you face-to-face which in turn, helps you close more deals.

The point here is that every single real estate agent is unique. Your market is unique, your strengths and weaknesses are unique, and your clients are unique. The key to success is identifying your strengths and then expanding on what is working. As Joeann Fossland says, “No one ever got to the top by working on their weaknesses.”

If you’re like most agents, there will be one or two technology tools or lead generation sources that really work for you. Once you can identify these, the next issue is how can you use them to strengthen the connection with your clients?

Most agents can only manage about 150 personal connections on a regular basis (this is true for almost everyone.) Go through your contacts including your past client list and decide which 150 are the most likely to do business with you in the future or send you a referral. Make a point of being in regular contact with these people. You can use email, the social media, your phone, or old-fashioned postcards. The key is to choose what fits you best and that helps you maintain a strong connection with your “high probability” contact list.

Posted by Bernice Ross

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  1. How to zap the 5 myths that block peak performance using the 5 Laws of Stratospheric Success.
  2. Profit from little known social media and web marketing secrets to generate and convert lead after lead for your business.
  3. Use our digital and print Pre-Listing packages to convert more listings, Expireds, and FSBOs at the right price and a full commission.
  4. Effortlessly convert more buyer leads and negotiate more effectively, including overcoming the toughest objections.
  5. Integrate traditional marketing strategies with the latest social media and technology tools.

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Three Ways to Overcome Obstacles in Your Life and Your Business

March 19th, 2012

Everyone faces obstacles in their lives. The question is what strategies will you use to confront the obstacles you face. The next time you’re feeling challenged, here are three proven ways to help you cope:

1. Whenever you say the words I can’t, substitute in I can. Each of us has more choices and options to accomplish a given task than we ever dreamed possible. Begin by affirming that you can do the task and let your mind start to find a creative way to accomplish it.

2. Fear and lack of opportunity go hand in hand. Determine what beliefs, assumptions or expectations you have around a given task. Most of us mistakenly assume that we have no assumptions. The key is to assume you have at least one belief, assumption, or expectation that you aren’t aware of making. In most cases, when you can identify the assumption, it becomes much easier to cope.

For example, ask yourself: “What assumption, belief, or expectation am I holding to make this task harder than it has to be?”

Be creative and adapt this question to fit your current situation. You can tell when you’ve uncovered the culprit — your level of fear will diminish as your ability to accomplish grows.

3. Play with new ideas to accomplish current tasks, no matter how silly they may seem. When you are stumped on how to cope with an issue you are facing, be creative. Come up with as many ridiculous ways as possible to cope with the issue. In the process, chances are you will actually find a viable solution.

If you’re thinking that you’re not that creative, you can build your creativity by looking for unusual ways to accomplish routine tasks. For example, come up with three new driving routes to reach your office. To strengthen your brain’s problem solving ability,  ignore the practicality aspect and focus on being creative. By practicing on low risk situations or decisions, you can build the flexibility needed when you tackle more challenging situations.

Posted by Bernice Ross.

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Five Strategies to Make More Real Estate Dough(R) In Your Real Estate Business

March 14th, 2012

Are you ready to make more Real Estate Dough in your real estate business? If so, please check out this seven minute sample from our brand new  Real Estate Sales Training Program, “Real Estate Dough(R) Experienced Agent Training Online.”

Unlike other training where you have to sit through a long boring video or you can’t rewind or fast forward the player, our new training platform lets you get the exact training segments you need, when you need it.

Our 14 session training program covers everything from lead generation, prospecting, lead conversion, branding, how to convert sellers and buyers, negotiation and offer presentation strategies, web marketing, how to use Facebook, Twitter, LinkedIn, and Google Plus, as well as how to generate referrals and convert Expireds and FSBOs.

To preview the program, check out our seven minute demo called  Five Strategies to Make More Real Estate Dough(R) In Your Real Estate Business. This is just a small sample from the actual 12 hour program. Here’s what you will learn in just 7 minutes:

1. How to overcome the objection, “It’s cheaper for me to rent.”

2. How to generate listing leads for picky buyers.

3. Which day of the week is the best day to list a house?

4. A simple strategy for building LinkedIn referrals and getting better Google Ranking,

5. How to avoid the #1 Mistake most agents make on Facebook.

This program has taken 4 years to create including a full year to do the recordings and online version of this training. We believe that this is the best real estate sales training available and hope that you will feel the same way. If you want to take your business to the top, Real Estate Dough Online Training is the way to do it. Again, check it out at Five Strategies to Make More Real Estate Dough(R)  and go out and make lots of Real Estate Dough(R) in your real estate business.

Posted by Bernice Ross, www.RealEstateCoach.com