The Business of Real Estate
Three Rookie Mistakes for Sales Agents to Avoid

Three Rookie Mistakes for Sales Agents to Avoid

By on Aug 3, 2018 in Blog, Personal Growth, Real Estate | 0 comments

Sometimes, when thinking about how to sell homes, it can be useful to go back to the basics. If you find something holding you back from your goals, it’s always useful to ask yourself whether you’re executing the fundamentals as well as you can be. For surprising numbers of Realtors out there, one or more of the items listed below are known to fall through the cracks. 1. Mispricing the Home Pricing is, beyond doubt, the single most important step in securing a successful sale. This is something every Realtor knows in principle, but, surprisingly enough, there are still some agents who advise the use of price per square foot (PPSF) as a value indicator. PPSF may well be a standard for appraisers and tax collectors, but neither of these parties is tasked with actually selling the home and working out what price the current market will bear. For a realtor’s purposes, PPSF is only a meaningful measure of value if all the homes of a given square footage in a neighborhood are otherwise identical, which in most cases is extremely unlikely. Agents may, of course, encounter clients who want a valuation in PPSF, because they believe this reflects fair market value. There’s nothing to stop them from providing it, so long as they explain its limitations and avoid actually using PPSF as the primary guideline for pricing the listing. A comparative market analysis is far more reliable. 2. Using Substandard Visual Marketing It’s a commonplace piece of Realtor wisdom by now that photos and videos are among the most important tools for marketing a property in the digital age. And yet, despite this, there are enough blurry, poorly composed, ill-conceived and badly Photoshopped images on MLS to provide the subject matter for an entire website in itself. The reason for this is simple enough: Knowing intellectually that quality photos are important is one thing, but actually acquiring the skills and visual judgment to be able to take and use them in marketing is a different step altogether. Taking good photos is not necessarily in everyone’s skill set. Appraise the kinds of images you’re using with brutal honesty, and ask yourself if you’re one of those people. If so,...

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3 Important Tips For Avoiding Real-Estate Burnout

3 Important Tips For Avoiding Real-Estate Burnout

By on Jul 6, 2018 in Blog, Personal Growth, Real Estate | 0 comments

It’s a perennial topic in the profession: Your business is hot and you’re closing deals, but at the price of insanely long hours that sap your full productivity and creativity. It’s the kind of pattern very few can keep up for long before it leads to costly mistakes in business or, just as bad, disruptions to your home life and your network of family and friends. Late nights lead to poor sleep, which leads to dysfunctional mornings in a pattern that can quickly become a vicious cycle. How do you break the chain? We’ve assembled three of the most important tips for avoiding burnout as a real-estate professional. 1. Control Your Time and Set Boundaries with Clients Your clients can’t know your schedule and parameters instinctively. If you’re always available, they’ll come to expect that and act accordingly. The result can be urgent calls as you’re sitting down to dinner or trying to get some sleep. Train your clients to understand the parameters your operating hours. Put messages on your voicemail and email that tell your clients what specific times you’re available and when you’ll get back to them if they call after a certain time. If you don’t want to commit to this for an entire week, start with a couple of days when you don’t allow work to interfere with blocking time for your family, friends and general relaxation. Schedule days off and schedule relaxing “me” time every day, even if it’s just an hour in the morning for breakfast and coffee. 2. Systematize Your Business for Working Smarter, Not Harder “Work smarter, not harder” is a cliche phrase for a good reason. Trying to maintain laser focus for eight, 10 or 12 hours at a time, much less around the clock, is an exercise in diminishing returns. Instead, schedule 60-minute blocks of focused activity interspersed with exercise, walks or just breaks to go outside. Don’t manually prospect when you can leverage websites, email marketing, real estate CRM systems, hotlines and time management software to make your time more efficient and productive. Working smart and systematically can shave hours off your workday, provided you’re also following Tip #1. 3. Take Control of Your Email, Contact and Information...

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5 Books to Read for Greater Success

5 Books to Read for Greater Success

By on Mar 13, 2018 in Personal Growth | 0 comments

Bill Gates attributes at least some of his success to the fact that he reads 50 books a year, but you don’t need to whip through a hardcover per week to benefit. Follow the advice in these five gems and watch your client list grow. The Millionaire Real Estate Agent – Gary Keller, Dave Jenks, Jay Papasan While some books concentrate on data-driven strategies or psychology of selling, The Millionaire Real Estate Agent wraps it all up in one comprehensive handbook that aims to help agents establish a solid foundation on their way to wins and riches. The authors have crowdsourced a plethora of information, and it’s all applicable to new and experienced agents alike. Plan out your very first business or scale up. This is your roadmap — all you have to do is read it and drive. 7L: The Seven Levels of Communication – Michael J. Maher Some agents spend the vast majority of their day trying to get new clients in the door or on the phone, but that’s exhausting and ineffective. Maher’s book is the tale of a man named Rick Masters who ditched ads and promotional gambits in favor of meaningful connections and referrals. You’ll learn how to communicate in an authentic, engaging way, building personal relationships and a steady stream of referrals in the process. The Book of YES: The Ultimate Real Estate Agent Conversation Guide – Kevin Ward Calling all introverted agents and brokers who are phone-phobic: You’re not alone! If you freeze up on client meet-and-greets and stumble over your pitch no matter how hard you practice, Ward’s catalog of expertly choreographed conversations could be your key to breaking out of your self-imposed box and conquering your sales plateau. Even if you think you’re the smoothest talker this side of the Mississippi,The Book of YES can help you tweak your sales speak, boost your confidence and make every conversation exponentially more effective. The HyperLocal HyperFast Real Estate Agent: How to Dominate Your Real Estate Market in Under a Year – Daniel James Lesniak with Keri Shull New real estate agents sell less than four homes a year, and the average experienced agent only sells 12. If you want to get rich...

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