Training and Best Of Summary Post (21 Things Even Your Broker Doesn't Know)

By
Real Estate Broker/Owner with Northern Virginia Homes - FRANKLY REAL ESTATE Inc
http://actvra.in/qlQ

FranklyRealty.com is growing! And with that it requires "neused" agents to get a crash course in the Frankly way. You know, the preverbial (yes!! been dying to use that word, even if it doesn't fit perfectly) drinking the office Koolaid.

So this post will recap some central concepts and put them into one 3-4 hour read. Those of you that love designations to add to your name, if you read all these and pass a test, I will give you the official "LY" designation!

 John M recommended I call this "21 Things Even Your Broker Doesn't Know" piggybacking on the bestseller "21 Things I Wish My Broker Had Told Me"

 

Best of the Best. No time to read the rest? Start with these.

  1. Go FSBO!@ Save $20,000. The #1 most popular blogpost for Realtors to share with this potential FSBO client. Covers all the hurdles that
  2. Exclusive Buyer Agency Agreement. Finally a post that helps consumers understand why it helps THEM to get one signed. Clients have read this and asked ME if they could sign it asap to get started.
  3. Excellence Comes Standard™. The most obvious stuff, but no brokerage does it.
  4. Vegas odds (video), A concept for how to help a buyer offer on a home. We don't suggest a price, we give them data and some estimated chances of winning. It is up the client to roll the dice.
  5. FranklyCRA- Comparative Realtor Analysis Our secret weapon in negotiations by knowing more about the track record of the other agent.
  6. Don't trust Realtors that SELL you on buying or rush a customer.
  7. The "Don't Buy" (for the wrong reasons) pitch. How it can help your sales in the long run.
  8. Lead Conversion. p90x Style!

 

Buying Philosophy:

 Listing Philosophy:

  • Staging Required, and can an agent stage themself? I think not. And Don't buy our Staged Listings.
  • Throw up Listings. WHen a client wants their listing up NOW! Gotta tell them to slow down in order to sell it faster.
  • Live Video Required. ANd it is free from VideosByAddress.com. Your video posted on every IDX. Unlike Youtube which is not allowed by MRIS since Youtube has illegal branding. See video too.
  • Picking a Listing Agent is TOUGH! Talks about how I had to help a friend find a Listing Agent in Chicago so I know how hard it is to find a good one.
  • How appraisers are killing our listings.
  • Home Inspection for "Info purposes only" = disaster waiting... If they only want to inspect for information, then inspect AFTER the closing.

Rebating & Commissions: 

Short sales:

 Title Insurance

  • Title Insurance. 95% buy it, 10% Know Why. Did you know you are more likely to be struck by lightning then have a total failure of title and need your Title Insurance. Yet people don't buy Lightning insurance. Not saying to not get it, I'm saying to first try and understand it.
  • Don't forget the title insurance "reissue rate" to save your client $500.

Timesaver:

 Things I think suck:

  • Sucky Listing Agents, I Vent.
  • Relocation companies, Mostly suck.
  • Lending Tree Sucks. This is important to understand when your client says "dont worry, I have a great deal on a loan with a lender online. THen 2 days before closing the guy bails or changes the rate.
  • Data can be your friend, but oftentimes Data just sucks. Like Wash Post data showing a price increase or decrease in areas.
  • Also Admin fees suck.

Photos:

Marketing

  • $3Million Dollar Client from a $11 ad. How to place tiny ads in the Washington Post to bait new buyers. Also I listed a $3M home for a $1 commission. That is how I was able to have $11 ads to run and get $3M buyer for another home.
  • Ask me about how I used a $1 commission to sell a $1M house to beak into a market. Heck I'd pay $100 to get a listing I ws dying for.

 

VIDEO Tutorials

FranklyNews were 45+ videos I did for Inman News. Very focused on helping agents and brokers. Here are some highlights:

1a) Work Less, Make More. Strive for 80-90% capacity. My favorite concept. If you get overworked you can't reach the next profit bracket.

1b) Why I joined Linked in. The power of Linked in Is amazing. Most don't fully get it. If you do it properly and get thousands of connections, then when you get a lead, you will very likely be connected to that person in some way. That leads to a higher chance of getting the lead to trust you if you know XYZ person.

2) Market Timing and the "up and coming" area pitch. I dont like it.

3) Fiduciary Duty explained.

4) How to get FREE PRESS!!. This is a killer one. Can really transform your business for a newbie.

5) The "Quick Question". It is the necessary evil, but you gotta understand how it is for a broker. More reason to use IM and SMS instead of a phone call.

6) When picking a Domain Name

7) An agent's main job is no longer finding homes.

8) Sunk Cost. When to walk away from a hassle client.

9) Admin fees blow, but not necessarily is it the broker's fault.

FranklyRealty on Youtube.

This is the consumer facing video blog and Wheel Estate Cam. Still many tips for clients that our agents should "get".

- Don't Buy Ask Why. The myths of buying that many agents use to trick clients into buying.

- Lowball offers Don't work. And why. Explains how they seem sexy to put in a lowball, but the data shows it doesnt work.

- Bill of Rights for Clients.

- Vegas odds, System for helping buyers come up with a price to offer.

- Shady Agent bonuses. CNBC segment.

- Buyers should never ask a Realtor if "Now is the time to buy."

- Managing a client's expectation. Really important concept.

- Realtor Adjective Game. Especially a good learn for newer agents. It only takes time to master, but this will help you know what to look for.

- Popcorn Agents. WHy a consumer should pick an agent early on and not just expect me to drop everything for them when they come knocking on my door wanting to see a $100k underpriced bank listing.

- Buyers don't like Condo fees, but instead of ignoring condos, know how to calculate the difference in buying power and better compare them to a Townhouse.

- Don't pick a Listing Agent by Bullet Point.

- If an agent recommends looking in a higher price point, they aren't always doing you a disservice. It might be that your dream home is just in the next bracket.

- Example of some late night data mining.

- Using Technology to get clients a better deal.

 

Highlights from FRANKLYMLS.com

FranklyMLS.BlogSpot.com shows you all the new features of the site and some HOW TOs.

- Frankly Price Predictor. Understand the concept and not to take it too seriously.

Hopefully I will do a summary post on FranklyMLS unique features. Also don't miss the Video Tutorial page.

 

Please let me know if you find any typos.

Frank

Broker MD, DC, VA

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Cheryl Ritchie 12/28/2011 12:44 AM
Topic:
Real Estate Sales and Marketing
Groups:
FMLS & FR-com Training
Lead Conversion
Northern Virginia Agents
Realtors®
Tags:
frankly training
ly designation

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Rainmaker
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Phil Leng
Keller Williams Eastside Market Center - Kirkland, WA
Phil Leng Team - Residential Real Estate Experts &

Hi Frank,

If this were broken into 8 or 9 posts I think I might read them all.

As it is, it is too long.

Phil

Dec 28, 2011 12:32 AM #1
Rainmaker
848,085
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Thank you I have flagged this one to keep and review from time to time.

Dec 28, 2011 12:50 AM #2
Rainmaker
347,847
Catherine Ulrey
Keller Williams Realty Portland Premiere - Salem, OR
Equestrian and Acreage Property Specialist

Holy cow, this is going to take awhile to get through, but thanks for putting it together!  I will bookmark for the future.

Dec 28, 2011 12:51 AM #3
Anonymous
Anonymous
Frank
Hey Phil, I probably wouldn't read it if I were you. It is more of a training manual for agents joining the firm. And I didn't want to make it multiple posts since the entire point of it is to have the key concepts all on one page. Scrolling is better then clicking.
Dec 28, 2011 01:10 AM #4
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Rainmaker
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FRANK LL0SA Esq.- Northern Virginia Broker .:. FranklyRealty.com

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