Brooke Wolford
By Brooke Wolford
We have all gotten sucked into this world of technology. We do everything we can to stay on top of what’s new and hot and purchase the latest iAnything. Even I can’t help but admit that that I do like the “shiny” things in life. However, the other evening, I looked over at my 10-year-old son. My son has his own laptop, iPod, cellphone, and every gaming system imaginable. He’s learning a ton about technology and is even dabbling in learning how to code. Being the techie that I am, I feel proud. But while watching him type on his computer, listen to his iPod, and simultaneously check his cellphone, I began to think about the possibility that he was missing out on basic relationship building opportunities. I think for many of us, we are heading down the same path.
Recently, at the St. Paul Area Association of REALTORS® YPN Smarty Pants Tech Bar, a lot of agents were asking technology-related questions like, “What apps should I be using?” and “Why and how should I use social media?” Many seemed overwhelmed. They all wanted to know, “What gadget or social media site will solve my latest business problem?” I sat at the gathering knowing that it was this question itself that was their greatest problem of all. Continue reading »
Jason O'Neil
By Jason O’Neil
Last week, I received an unusual call from a seller. As a REALTOR®, getting a call from a seller is not out of the ordinary. However, when this particular seller explains that he has developed a list of questions to use for a “prescreening” of potential REALTORS®, I really perk up. Despite what some may think, the approach did not come across as arrogant or stodgy, and as he asked his questions, I could only think how professional, thorough, and very interesting they were, and how crucial it was for me as his prospective employee to answer them.
After I hung up the phone, the experience prompted me to develop my own set of questions that are not only important for sellers to ask, but are also equally as important for REALTORS® to answer:
1. In what areas or neighborhoods do you predominately sell homes?
2. On average, how many days do your properties spend on the market?
3. What is your sale price to list price ratio?
4. More important, what is your sale price to original list price ratio?
5. What is your marketing strategy?
6. What is your communication strategy? How do you reach out to potential clients?
7. What is your team or company composition?
8. What three attributes set you apart from other agents?
9. What is your process for determining a listing price?
10. How do you make your listings stand out in the market?
I know most real estate professionals have been asked these questions countless times before. We could talk for hours about just one of them, explaining our marketing strategy or relating all the ways we are unique when compared with other REALTORS® in our market. But have you ever really taken the time to craft written answers to these questions? Continue reading »
Melissa Krchnak
By Melissa Krchnak
You’re really lucky if this hasn’t gone down with a friend before:
Friend: Melissa, can you answer this mildly vague real estate question? *insert excitement*
Melissa: Of course, Friend. I’m happy to help with all of your real estate needs.
Friend: Awesome! So, we’re buying this house and our agent said… *insert face palm*
Have you ever had that go down? And, you know what killed me? The next time I saw them:
Friend: Hey, Friend 2, have you met our REALTOR®, Melissa? *your REALTOR®, Melissa?!?!?!*
That’s right. I’m happy to accept the title as *their* REALTOR® even though I — and I really do blame myself — missed the boat on helping them with their purchase.
You want to know a dirty, little secret? I didn’t think they were financially ready to purchase. That was such a valuable lesson. Not only did I learn I needed to get better at my follow-up/touches/dripping, I learned that I shouldn’t judge or assume anything about my clients (or my friends), including what I believe they can or cannot afford.
If you’ve yet to have a friend use someone else, please heed this lesson and learn from my mistake. I’m glad I was able to help my friend with her purchase. I just wish I would’ve been one of the REALTORS® getting paid at the end of the day.
Melissa Krchnak is the assistant team leader for Keller Williams Realty in Rancho Cucamonga, Calif. Connect with her at kwrancho.com.
Michelle Flaherty Philbrook
By Michelle Flaherty Philbrook
A while back, I got a call on a condo listing of mine. The potential buyers were a retirement-age couple looking for a new place just large enough for their kids to stop by for a visit, but just small enough that their fledglings couldn’t fully return to the nest.
I showed the condo, and when it wasn’t a fit, I brought them on as buyer clients. After we became more comfortable with each other, this couple confided in me that they initially thought I looked “way too young to be [their] agent,” but that in the context of having met other agents both recently and over the years, they felt I was uniquely equipped help them meet their goals. I think the reasons we were so compatible can be applied rather universally, so if you don’t mind entertaining the occasional demographic stereotype, read on for how Gen Y traits can uniquely serve some common Baby Boomer needs.
Baby Boomer with a Sense of Urgency? Meet Gen Y with Fast Texting Fingers. As a general rule, most people don’t become more patient with age — a fact of life that works in favor of agents raised in the age of text messaging and real-time e-mail. When these buyers inquired via e-mail on my condo, I called them right away. And when the property didn’t work for them, I got their search set up the same day. They told me later that none of the other brokers came close to that level of responsiveness.
Baby Boomer with Intelligent Questions Based on Experience? Meet Gen Y with Fab Research Skills. The way that I was able to quickly aggregate property information from multiple (and at times obscure) sources beyond the MLS really impressed my boomer clients. The 2010 Census confirmed that the percentage of post-secondary graduates among the U.S. population is at an all-time high, so it follows that most YPNers can likely offer extensive research skills. And in an industry like ours with ever-changing guidelines, best practices, and technology, it is more valuable to be a quick study than a deep topic expert.
Baby Boomer with Very Specific Needs? Meet Gen Y Power Networking: Continue reading »
Dave Robison
By Dave Robison
The Average Marketing Scenario
A couple years ago a loan officer asked me a brilliant question that they should have asked themselves before they spent $30,000 on a failed marketing campaign. “Dave, I have had a billboard for the past year on I-15 and I don’t get any calls off of it. What is going on?” I sat there for awhile trying to think of his billboard and I couldn’t remember it. Later that day it hit me. It took me all day to remember it. The loan officer had a prime location with his name and phone number and his company name on it. It said something like “your loan officer” or “call me for a mortgage.”
His marketing wasn’t working. He wasn’t getting any calls. I had that same marketing plan before. I had that same marketing on a moving van for three years. It was typical agent marketing that consists of: name, phone number, and how cool you are — it doesn’t work. I rarely got any calls, and nobody knew who I was. Then, I changed it and my business started to change.
There are two keys to smart marketing:
1. Can people remember you or your marketing?
Have you ever heard that famous statistic that the average home buyer/seller forgets their agent’s name within six months? I tested it out once. I met someone who said they just bought their home four months ago with the president of the Salt Lake Board of REALTORS®. I said, “Ohhh, awesome! What is their name?” Of course I knew their name, but I was wondering if the statistic really worked. They couldn’t remember. They said she is the president and surely I must know who they were talking about. Of course I knew, but how was this person going to recommend her to any of their friends and family?
Now lets talk about the loan officer’s billboard. After I drove by the sign, I couldn’t remember his phone number, name, or website. What a waste of money. His only chance of being remembered would have been if I wrote down his phone number the next time I saw the billboard, and kept it for when I had a need. Fat chance at that.
So what did I do to change my marketing after unsuccessfully advertising on a moving van for three years? it came down to branding. First, I created a scene of a desert in the background with my picture on it, and a Web address: UtahDave.com. Why in the world is there a desert when I’m trying to sell a home? Because every agent has a home on their marketing materials. I wanted it to be different, and the desert scene goes with Utah.
I don’t think the desert is key to your success, it just happened to work for mine. Maybe if I was “AlaskaDave” I might have an igloo instead of a desert. Geico has a Gecko, and the last time I checked they don’t sell geckos. The main thing is finding a special branding or memorable image…just don’t be like everyone else and have a home be your background.
The proof is in the pudding. I just got a listing appointment…and where did the listing come from? Continue reading »
Jennifer A. Klein
Derek Sandoval
By Jennifer Klein and Derek Sandoval
There is a shift toward a seller’s market in many areas of the country. Placer County Association of REALTORS® YPN members Jennifer Klein and Derek Sandoval discuss contributing factors, including lack of inventory and fewer distressed properties.
Jennifer Klein is a REALTOR® in Northern California who is experienced in short sales, investments, and property management. Connect with Jen at RosevilleAndRocklin.com, JenKlein.com, and @JenKleinSac.
Derek Sandoval has worked for Keller Williams Realty in Roseville, Calif., since 2009, and specializes in residential, REO, and short sales. Find Derek at www.dereksellshomes.com and dereksellshomes.featuredblog.com.
Stefanie Hahn
By Stefanie Hahn
I loved the idea of endorsements on LinkedIn. A fast, easy way to show someone what you are truly great at in your career. When I dove more into endorsements, seeing how LinkedIn displays and asks your first level connections to endorse your skills and expertise, I was a bit disappointed in the not-so-random nature of which skills appear for others to endorse.
How do you feel about LinkedIn endorsements?
Stefanie Hahn is the education director for Coldwell Banker Hearthside, REALTORS® in Collegeville, Pa. Visit her Web site: www.StefanieHahn.com or connect with her on Twitter @sahahn.
Anand Patel
By Anand Patel
The invention of the DVR was a beautiful thing. According to ACNielson, the marketing research firm, by 2011 more than 40 percent of U.S. households had DVRs giving families the ability to breeze right over TV commercials and get right back into their favorite shows. Who wants to watch annoying commercials for products and services you have no interest in, right?
Just like fast forwarding television commercials we have no interest in watching, many residential agents pass up on perfect commercial real estate referral opportunities simply because they have no contact (or interest) with the commercial world. Instead of tapping an additional income source, they are skipping right over the commercial.
If you work exclusively as a residential sales agent, what do you do when your buyer, who just moved, to town asks you about commercial real estate because they want to open up a new business? Do you tell them you have no clue and wish them luck in their search? Or, do you have a basic understanding of the commercial market in your area and a great commercial REALTOR® you can refer them to?
In many markets, commercial real estate is picking up. Here in Tampa, Fla., we are seeing new businesses enter our market as they are in expansion mode. I have talked to several new entrepreneurs who are also looking to call Tampa home, as they are finding this to be prime time to make the move both personally and professionally. This scenario is playing out in many markets around the country.
This is a ripe opportunity for real estate professionals who only work in residential real estate to make referral income by partnering with a strong commercial agent. Here are some ideas:
- Attend introductory commercial real estate educational classes held at your local REALTOR® association. If they don’t offer any classes, now is a good time to encourage them to do so. Better yet, this may be an opportunity for your YPN group to offer a commercial 101 class, filling a void in your association’s current educational offerings.
- Attend networking events Continue reading »
Melissa Krchnak
By Melissa Krchnak
For everyone who laughs at a joke a comedian makes, there’s that one person that doesn’t get it. And yet the comedian doesn’t change his joke. For every person who appreciates you being on top of it with your follow-up, there’ll be that one person who thinks you’re too aggressive. Don’t stop your pursuit of success.
I heard someone on Oprah talking about how life can be tough if you take things personally. She used the analogy of someone not liking her to herself not liking pineapple. So, when she doesn’t like that one person or they didn’t like her, it is akin to her not liking pineapple. It’s not personal; it’s just that the two aren’t meant to work together.
So, to my YPN cohort: Don’t get hung up on that one person who thinks of you like pineapple. For so many others, you’re exactly who they want.
Melissa Krchnak is the assistant team leader for Keller Williams Realty in Rancho Cucamonga, Calif. Connect with her at kwrancho.com.
Dave Robison
By Dave Robison
Have you ever received a letter after a closing from the other brokerage thanking you for the successful closing? Have you been bombarded by e-mails stating that XYZ Brokerage has the best broker and systems to help you be successful? There are literally hundreds of brokerages to choose from, and yet I feel they say the same thing: higher splits, best service, etc., etc.
The question is, how do you really know XYZ Brokerage is going to help you more than ABC Brokerage? Is it by the number of agents at the brokerage? If the brokerage has hundreds of agents, maybe that is the place to go? I have had a thought lately that if an agent wants to choose a brokerage that will help them succeed, it’s time to find a brokerage that is willing to put their money where their mouth is.
When I was a kid, I remember I wanted a Sports Illustrated subscription. It was the cool magazine for kids to read. I asked my mom and she said that if I practiced the piano a few times a week and did some other chores she would get me the magazine. I got the magazine, but you know what…I never did any chores or practiced the piano. I remember thinking, “Mom hasn’t even asked me if I did what I agreed to.” I remember thinking she must not care, so I never did it but I still got the reward. I occasionally think of that moment and the principles of accountability. My mother never had a system of holding me accountable. I was free to do what benefited me the most. Since I wasn’t held accountable, I didn’t perform.
In building a real estate team, I learned that people perform if they are held accountable. When you are held accountable, you put your money where your mouth is. You perform or you don’t benefit.
I believe there is a brokerage of the future that would embrace this principles of accountability. Today, if a brokerage wants to grow profitability, they recruit an unlimited amount of agents. They may promise to help you be more successful, however, they are free to recruit your competition to help them be profitable as well. If we are to apply the principles of accountability to a brokerage, then it would be structured differently. Imagine a brokerage where they only had a limited amount of agents. Let’s say 100 agents. How would they grow profitability? The only way they would grow is if their 100 agents continually sold more homes and were more successful. Now their focus is on you being more successful (not recruiting their fallback) because they are held accountable to it. I believe the broker/owners would innovate and personally grow from it. This is a brokerage that puts their money where their mouth is.
Are there any brokerages that you know of that do this? Is it a brokerage of the future? Would you prefer to be with a brokerage of 1,000 agents doing three deals a year, or a brokerage of a limited amount of 100 agents who are all doing 50 deals or even a 100 each a year? Who will put their money where their mouth is?
Dave Robison, known as “Utah Dave,” is a broker/owner of Robison & Company Real Estate.
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