career in real estate: Coaching Tip September 8, 2010 - 09/08/10 05:52 PM

 
The Home TourYou’ve completed all of the initial steps before you start showing property, it’s now time to set-up your home tour and schedule showing appointments.Here are the critical steps:   1. Less is more:  The more homes you show a buyer, the more confused they get.  Drill down to the specific wants and needs of your buyer.  This information is gathered during your buyer counselling interview.  Keep the tour between 3-5 homes, any more than that can create confusion and indecision.
   2. Create a map: Provide the buyer with a map that details the location of each property … (1 comments)

career in real estate: Coaching Tip September 4, 2010 part 2 - 09/04/10 08:00 PM

SHOWING THE HOMENow it's time to get them into the car and start the homes tour .... ???Of course, that will depend on your market-inventory knowledge.Certainly you can convert all kinds of incoming buyer calls to appointments, but if you don't know the current inventory, you're going to waste a lot of your time, the buyers time, and look very unprofessional.Knowledge is power, do you have market?  Do you know the current inventory?  How much time do you spend previewing new listings?  This comes under Schedule management.s  I'll give you some ideas on that further into this series.You can qualify … (7 comments)

career in real estate: Coaching Tip September 4, 2010 part 1 - 09/04/10 07:53 PM

INITIAL APPOINTMENTSo congratulations, you have converted an incoming buyer call to an appointment.  Now what?    * Are you going to charge right out the door and start showing houses?  I sure hope not.    * Approach the buyer in the same fashion that you deal with a seller.    * Do you have a buyer presentation?  Do you have a buyer qualification process that you use?    * Do you have a buyer questionnaire that you use?  How do you determine the buyer's wants and needs?    * Do you immediately connect your buyer with a loan officer to discuss financing options and a … (2 comments)

career in real estate: Coaching Tip September 3, 2010 - 09/04/10 07:47 PM

 
 
CONVERT THE CALLWhen you get that incoming buyer call, they are full of questions and just want answers.How do you gain control of an incoming call?  Is it by providing answers or when you ask questions? Just find out what the buyers needs are, then deliver based on those wants and needs.Here are a couple typical mistakes I see when a buyer calls in.  The agent goes into sell mode, the agent provides all the information; the buyer graciously accepts the information and hangs up but the needs go un-serviced and the agent doesn't get an appointment.  Who … (0 comments)

career in real estate: Coaching Tip August 29, 2010 - 08/29/10 07:56 PM

LEAD GENERATION
Buyers can be very time consuming, if you don't have a specific SYSTEM in place.Your next series of tips will take you through a system that will funnel well qualified buyers your way, increase your conversion rates and decrease the amount of time you have to spend with them.How are you currently generating your buyer leads?  Rather than sit back and wait, our market demands ACTION!  Now is the time to really sit down and think of various "systems" that you could put into place that will garner these leads even while you might be away.  Yes, you … (1 comments)

career in real estate: Coaching Tip August 28, 2010 - 08/28/10 05:22 PM

Working with Buyers (4)What does the buyers home search process look like?    * Median number of weeks searched: 10    * Median number of homes seen:  10How much time are you spending with your buyers?  If you're spending more than 10 weeks with a buyer are they a real buyer or someone wasting your valuable time?The length of the typical home search rose from eight weeks in 2007 to ten weeks in 2008. During the search for a home, buyers viewed a median of ten homes before making a purchase.Among buyers who used a real estate sales representative / broker when … (0 comments)

career in real estate: Coaching Tip #2 August 27, 2010 - 08/27/10 10:21 AM

 
Working with Buyers (3)
What information sources do buyers use in their home search?•    90%  Internet•    87% Real estate agent•    59% Yard sign•    46% Open House•    40% Print Newspaper Advertisement•    26% Home-book magazine•    18% Home Builder•    8% Television•    6%  Billboard•    4%  Relocation Company•    2009 NAR Survey Results
Evaluate your current strategies to capture buyers.  How would you measure yourself in the above areas?
Your next tip will measure the buyers active home search process.
(1 comments)

career in real estate: Coaching Tip August 27, 2010 - 08/27/10 10:15 AM

Working with Buyers (2)
What else does the repeat buyer want from their real Sales Representative / Broker?
•    Tell them what comparable homes are selling for - 8% of buyers want this from their real estate Sales Representative / Broker.•    Help determining how much they can afford - 4% of buyers want this from their real estate Sales Representative / Broker.•    Help find and arrange financing - 2% of buyers want this from their real estate Sales Representative / Broker.
Be sure you don't make a habit of "winging it!"  Do you have up to the minute knowledge of … (0 comments)

career in real estate: Coaching Tip August 26, 2010 - 08/26/10 09:38 PM

Working with Buyers (1)Rather than racing blindly after as many buyers you can come in contact with, wouldn't it be valuable to know what the expectations and behaviour of today's buyer?  This series of tips will focus on the buyer's expectations, wants and needs; and the strategies and the tactics for you to use to secure more buyer closings.The first two tips will provide you with what a repeat buyer wants most from their real estate Sales Representative/Broker.The agent expectations by the repeat buyer are to:    * Help find the right house to purchase -53% of buyers want this from … (2 comments)

career in real estate: Coaching Tip August 24 - 08/24/10 11:12 AM

How much are you going to invest in your business for the remaining year?
Your first consideration is "How much did you invest in your real estate business last year and what was your return on your investment (ROI?)  Secondly, what were the dollars that produced "results"!  Start making a list of your activities, dollars spent and what were the results!
Here is your measuring stick and rules:•    You must constantly be measuring because you can't manage what you don't measure.•    Look at your past expenses and determine if you received a favourable return on the investments in your business.•   … (1 comments)

career in real estate: Coaching Tip August 22 - 08/22/10 05:24 PM

Action steps to accomplish your Business PlanLet's not make this a complicated process, the only magic pill is not reinventing what you do, just make a decision to some specific action steps and be consistent.Start by sticking with what has been successful in the past, what has worked before and make sure that you're consistent.  Interesting, it really isn't that complicated a process but a little coaching and mentoring sure helps.So, what does a balanced plan of attack look like?    * A consistent marketing plan    * A consistent prospecting plan    * A consistent internet strategy    * A database management system    … (1 comments)

career in real estate: Coaching Tip August 21 - 08/21/10 01:19 PM

Do You Know the Sources of Your Business?
There are two sources that generate business, human resource or activities and financial resources or dollars you spend to generate business.  You must give thought to "Why and What Benefits would it be to me, to source my business? Look at every transaction that closed in the last 12 months and determine the source of each transaction.
•    How many transactions came from an ad call?
•    How man transactions came from the internet?
•    How many transactions came from open house?
•    How many transactions came from referrals?
•    How many … (1 comments)

career in real estate: Coaching Tip August 20 - 08/20/10 09:21 PM

WHAT IS YOUR CURRENT PRODUCTION?To consider a Top Notch Business Plan you need a baseline and statistical information to start the process.  Here are some of the tough questions relevant to begin the process.    * How many transactions are you going to close?    * What is your average sales price going to be?    * What is your totals sales volume going to be?    * What is your average commission percentage per transaction?    * What is your gross commission income going to be (before commission split)?    * How many buyer closings will you have?    * How many seller closings will you … (11 comments)

career in real estate: Coaching Tip August 19 - 08/19/10 07:35 PM

YOUR BUSINESS PLANI'm sure you would agree that productivity is never an accident!  Wouldn't you agree that it's usually the result of a commitment to excellence, through intelligent planning and focused effort?  Here are just some of the thoughts you can use in as your planning objectives.    *  Do you have a written Business Plan in place?    *  How many transactions are you going to close this year?    *  What is your average sales price going to be?    *  What is your average commission percentage per transaction?    *  What is your buyer to seller ratio going to be?    *  What … (2 comments)