Wade Corbett
By Wade Corbett
It never ceases to amaze me how REALTORS® can treat each other sometimes. I recently had an experience with a buyer’s agent who could not have been more rude or bullheaded. I never like to talk poorly about anyone as it’s not my nature and I don’t think it’s very professional, but in this case, it may be necessary for today’s lesson. There are loathsome people throughout all walks of life and it’s impossible to avoid all of them. Why though, do some real estate professionals think that being difficult to work with helps anyone? Our primary duty is to provide our client with quality service in a lawful manor. After all, we wouldn’t make it too far without our clients, would we?
Recently, I sold a property that had a cracked septic system. Knowing that replacing this system would be financially impossible for my clients, I opened my bag of saved favors to ensure they would be able to sell their vacant home. I was able to convince one of my best contractors to replace the septic tank for less than cost, (yes, she actually lost money replacing it), as a massive favor for me. With breakneck speed, we obtained the appropriate permits, and the job was done in just a few days. Even so, the buyer’s agent was not impressed, and without going into any detail, was very unprofessional during the entire ordeal. The other agent actually called my favorite contractor to fuss about the pace of the work being done. Meanwhile, this agent called me horrible names and insulted my real estate abilities to my contractor!
The property did end up closing after continued scrutiny from the buying party. My sellers, a married couple who live several hours away, knew nothing of the troubles mentioned or the ugliness of the buying side. All they knew was that I was going to do everything in my power to ensure that the property sold. I ended up calling in a lot of favors and I took a significant loss on my commission. However, my hard work paid off. Since the deal closed, the sellers have referred me additional business, given me marketing space on their website—at no cost—and called me many times to thank me for all my help!
All in all, the buyer’s agent was very difficult to work with and at some point impossible to communicate with. It was clear from early on that this agent was only interested in making a commission and not on her client’s well-being. So what’s the lesson here? We should all try to be friendly and courteous to one another. There’s no reason to ever be hurtful to a fellow REALTOR®!
Have you ever had a negative experience with the other party in a real estate transaction? If so, how did you handle it?
Wade Corbett is a REALTOR® with RE/MAX Southland Realty in Garner, North Carolina. Connect with him at WadeCorbett.com or facebook.com/WadeCorbettInc.
Dave Robison
By Dave Robison
When I first got into this business, I was immediately struck by the enigma that is a real estate team. No matter how closely teams resemble one another on paper, real estate teams will always vary in terms of production. Take two teams of five agents each, and even though experience level or age or any of those factors may match up perfectly, one team will still produce an average of ten home sales per agent in a given year while the other may only produce five. Now I ask: If you could somehow figure out how this successful team achieved such high sales, would you do it?
What we’re talking about here is almost like body building. What does it take to win a body building contest? Well… I’m not completely sure but I do know that if you’re going to create a high performance body, you better be committed to it and willing to the pay the price. For body builders, that probably means countless hours in the gym and careful monitoring of their food intake. While real estate success may not require you to put down the sweets and hit the weight room, building a high performance team takes just as much drive, dedication and willingness to change. Most agents will never build such a high performance team because they don’t put in the effort that’s required. Growing is not the easiest endeavor; in fact, it’s oftentimes downright uncomfortable. As the saying goes: No pain, no gain.
So what are the obstacles standing in the way of high performance team success? Here are the most common complaints:
- Once I train an agent, he or she will just leave to start on his or her own. Why would I train my competition?
- I know of agents or had an agent who worked with me and left and took some of my clients. Why would I want to risk that again?
- My clients call me because they want to work with me. So wouldn’t it reflect poorly on me if I hand them off to someone else?
- I don’t have enough time to put in this extra work. Don’t you know I’m already busy as it is?
- I don’t have enough money to build a brand or advertise this team. How would we succeed without a big marketing budget?
Many agents use these “excuses” as reasons why they shouldn’t join a team. Well, that’s just good news for you because now you’ve got less competition to worry about. As long as agents don’t want to jump across those hurdles, you will enjoy increased market share. The secret is for you to acknowledge these complaints and push on anyway. (Remember that whole “no pain, no gain” thing I mentioned?) Think of these obstacles as your weight room reps; overcoming each one makes you stronger and more likely to become a high performance team.
This method has worked for my team for the past five years. Last year, we averaged 40 home sales per agent. In our market, that’s more than ten times the average agent sales. The results are real. So how do you increase your sales with the same amount of agents as other teams? You focus on becoming a high performance team, acknowledge the stumbling blocks in your way—like those five common complaints listed above—and keep moving forward regardless. Continue reading »
Jay O'Brien
By Jay O’Brien
Do your clients view your commission as hard-earned income or a jackpot paycheck? I would be willing to bet the majority view a REALTOR®’s income as the latter. In fact, we constantly hear about the bribery and illegal kick backs awarded to those referring clients in the way of their friends or family. The idea of this should really raise the red flags. Are there actually consumers out there who feel comfortable earning a credit solely in exchange for doing business with a certain “professional”? Sounds more like a multi-level marketing philosophy than a legitimate sales technique. Why are so many real estate agents quick to offer their compensation to someone else? In simple terms, they need the cash.
Consider these staggering statistics:
- 90 percent of agents complete no more than 3 transactions a year (Orange County MLS 2012)
- 65 percent of agents sell zero homes a year (Orange County MLS 2012)
- Only 1.8 percent of agents sell a minimum of one home per month (Orange County MLS 2012)
- The median real estate income was approximately $39,140 last year (BLS.gov / May 2012)
Now consider this:
According to a 2013 MIT study, for a single adult, the least required annual income to survive in Orange County (before taxes) is $27,284. For a family of 4 to keep their heads above water—or above the poverty line—one must earn no less than $50,390 a year.
Assuming an average commission of 2.5 percent earned (excluding taxes and brokerage splits), this means only 11.6 percent of agents can afford to live off their income.
Enough with the jargon, here’s the real question: Continue reading »
Jason O'Neil
By Jason O’Neil
I do not believe that mobile is the future of online real estate search. Why you ask? Because mobile is online real estate search and consumers have already been conditioned to get the information they want from their smartphone. With the popularity of real estate apps and searches, it’s difficult to make an argument that the mobile real estate revolution hasn’t already arrived.
According to the Google/NAR Digital House Hunt Study, “36 percent of home buyers use a mobile device while watching TV.” We know that home buyers use different technology during every different phase of their home search, but as practitioners, are we reactive or proactive in how we respond, adapt, and offer technology to our clients?
In an effort to be proactive, I have spent this past year informally polling all of my buyer clients on their search habits. What I’ve discovered is that some like Trulia, some like Zillow, some like to perform a basic Google address search but a lot are using the realtor.com® app. While there are no major differences with any of these apps, my polling revealed that mobile real estate search preferences vary according to personal style and familiarity with the application or program.
Personally, I have been evaluating the realtor.com® mobile app for iPhone. So far, I think it has fairly good features not only for the agent but also for the consumer. And my clients are loving it! The real difference between this app and many others is that with the realtor.com® app, I can add my clients using my login information—much like a friend request on Facebook—and once my client accepts, we are connected. Because of this feature, there’s a collaborative aspect to this app; I can send my clients homes they may be interested in and more importantly, they can send me homes they want to see or get more information about.
For example: Last weekend, one of my clients was driving around looking at neighborhoods, saw a home, opened the realtor.com® app, and used it to get details about the home. Instantly, the details were sent to my phone, which alerted me of my client’s desire to see the property. This is a perfect example of the collaboration between home buyers and their agents that our industry has been talking about for years.
If you haven’t done so already, I encourage you to download the app and ask a few clients to do the same. They will be happy you are involving them in the home buying process and you’ll be able to check out some pretty neat technology. Mobile is not the future, mobile is now. So what are you waiting for?
Sam DeBord
By Sam DeBord
One of the biggest hurdles for new REALTORS® is overcoming a lack of experience when meeting with a potential client. Motivation, marketing skills, and preparation go a long way, but they can fall flat when faced with a simple seller question:
“So, how long have you been selling real estate?”
Many REALTORS® who are fairly new to the industry are already outstanding salespeople. However, it’s still reasonable to expect a home buyer or seller to question the experience of their potential representation. The difficulty for the newer REALTOR® is that there is no way to speed up the length of time he or she has been working in the industry.
There is, however, an easy way to increase the depth of that experience. Exhibiting experience is not just about the number of years a REALTOR® has been selling homes. It’s much more about the knowledge gained during that time.
Consider two responses to our previously-mentioned home seller question:
Response 1 : “I’ve been selling homes in this neighborhood for 18 months, and have sold six homes so far this year.”
Response 2: “I’ve been serving this community as the government affairs liaison for the local REALTOR board, as well as selling homes here since 2011. I’ve helped a half-dozen clients sell so far this year, while also working on a task force that’s helping to ensure fair foreclosure practices and to secure property rights for our local homeowners.”
Which response do you think will win the seller over?
Working with a local board is the fastest way to achieve a wider range of experience, and contribute to your community at the same time. It shows potential clients that you’re trusted by the public as well as your industry associates.
The local boards are always searching for newer, younger, fresher ideas from their member base. Don’t be intimidated by the names or the experience levels of the committees. You’ll be surprised how much appreciation new members receive when they commit to more influential roles within their local organizations.
Give your local board a call, and add a title or two to your e-mail signature. Government affairs, social media, property rights, information systems, communications, education−there are a plethora of opportunities. Fast-track the depth of your experience, and you’ll quickly grow your credibility within the industry, as well as your confidence when communicating to potential clients.
Sam DeBord is a State Director for Washington REALTORS®, and managing broker with Coldwell Banker Danforth. Connect with his team at SeattleHome.com.
Anand Patel
By Anand Patel
Having just returned from Great American Realtor Days (GARD) in my state’s capital of Tallahassee, Fla., I am energized for my first trip to Midyear Legislative Meetings & Trade Expo in Washington, D.C. this May. GARD is an annual event for REALTORS® from across the state of Florida to meet and discuss key real estate issues with our senators and representatives. It is an opportunity for our elected officials to hear the collective voices of REALTORS® as they come together in solidarity. With Midyear, I’ll be getting a second chance to do just that, only this time, on a national level, so I can only imagine how much more intense an experience it will be!
This year is also my first time serving on an NAR-level committee, and I am really looking forward to meeting some of my fellow committee members. Serving at the national level offers the opportunity to network and share ideas with some of the brightest and best in our business from across the country. This alone makes trips like this worth it.
Outside of committee meetings, Midyear offers ample networking opportunities and time to build upon existing relationships I’ve created at past conferences. With the YPN Reception and Capitol Hill visits, I think this is going to be an incredibly unique experience. I’ve also decided to turn this into a family trip, so my family and I will be spending some time in the city of Washington, visiting museums and the world famous Smithsonian’s National Zoo. There’s nothing wrong with mixing business with pleasure!
Who else is attending Midyear for the first time? Or are you still debating whether or not to go? I personally guarantee that if you make it a point to meet new people, come with an open mind, and observe and learn from those around you, it will be well worth the trip.
If you have attended Midyear in the past, please comment below and share your experiences so that those attending for the first time can know what they have to look forward to!
See you in DC!
Jennifer A. Klein
Derek Sandoval
By Jennifer Klein and Derek Sandoval
Pocket listings, or home listings that aren’t posted on the MLS, have become a hot topic lately. Placer County Association of REALTORS® YPN members Jennifer Klein and Derek Sandoval discuss the ramifications of pocket sales as well as buyers’ frustrations with this method of selling a home.
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.
Wade Corbett
A very wise man named Obi Wan once said: “I feel a great disturbance in the Force.” OK sure, it’s a Star Wars quote, and I’m talking about the housing market and not a metaphysical power, but the overall message still applies! If you pay close attention, you’ll notice the market has begun to shift. Depending on your area, you may be seeing a little change, or you may be seeing a lot of change already. The latest numbers reflect this positive upturn and show that real estate is drastically improving.
If you’ve been in this industry for the last six or seven years, you know that selling real estate takes a certain amount of hustle. When the market is less than stellar, you’ve got to work harder in order to keep business alive. Maybe you’ve had to hold your transactions together with duct tape to prevent them from falling apart. Or maybe you’ve been working 60 hours to do what 40 hours used to accomplish. Either way, kudos to you! But with the market springing back to life, does this mean an end to the “hustle era”?
Two weeks ago, I had the immense pleasure of addressing a class full of aspiring new REALTORS®. If I had given my speech in 2009, this class would have had 25-30 students in attendance. In 2013, the class consisted of 50-70 eager students, all scheduled to take their licensing exam the following week. As I addressed the students, I began to notice that a large majority of these future REALTORS® were very young! Why are these young people hoping to join the real estate sales force? I believe they know about the shift! They know the real estate marketing is going to gather steam, and they want to get in before things really start to pick up.
As the stock market, jobs, and overall economy continue to improve, the real estate market will inevitably follow suit. But is your business model prepared to handle the improving market demands? Do you have your systems in place to take on a larger work load while still trying to hold those difficult transactions together? You may want to consider tweaking the way you run your business to accommodate for the changes that are to come. Foresight is essential to success.
My prediction for the next few years: I firmly believe that new construction will rise at a fast pace over the next several years. How many young people have put off getting married, having children, and buying homes because of the lackluster economy? As the economy improves, more and more of this generation should be purchasing homes and starting families. Currently, there is not enough housing available for Generation Y. As this generation begins to plant their roots, numbers show that new construction must increase to supply their future demand for homes.
Now that I’ve put in my two cents, what do you think? How will the positive changes in the housing market affect the real estate industry?
Wade Corbett is a REALTOR® with RE/MAX Southland Realty in Garner, North Carolina. Connect with him at WadeCorbett.com or facebook.com/WadeCorbettInc.
Scott Newman
By Scott Newman
Every real estate professional has experienced it: those slow times, the off-months, the hot streaks that suddenly go cold… call them what you will but when things turn sluggish at the office, it can not only be a confidence and momentum-killer but also a disaster for your business plan. So how do you avoid the roller coaster of income fluctuations typical of our industry? For me, that question can be answered with one word: networking.
But merely handing out business cards or posting flyers to community bulletin boards won’t put money in the bank. To really make networking your solution to spotty earnings, I propose thinking outside the box. With a little creativity, you can truly use the practice to generate a more consistent flow of business.
Party Time
As REALTORS®, we all love to schmooze. It’s basically written into the job description. It’s also one of the best ways to meet new people and generate leads. Who’s to say you’ve got to wait for the next Facebook invite to come through before you have an opportunity to stretch your schmoozing skills? Imagine for a moment that you were the one organizing the party instead of just being an attendee. In fact, why wait for an event when you can plan one of your own at the very time your business needs a little boost?
Along with some referral partners, I’ve been hosting a quarterly networking event for the past year that’s gotten rave reviews. Setting up the event is relatively painless; I partner with a local bar or restaurant and bring in sponsors to cover the bulk of the costs. Then, I invite a wonderful mix of local prospects, business connections, and past clients. Everyone has a few drinks and a bite to eat and it’s a great way to stay top-of-mind when it comes time for people to recommend your services. In fact, I have closed several deals with people I’ve met at my networking events already! Continue reading »
Melissa Krchnak
By Melissa Krchnak
I’ve had a few friends over the last couple weeks who have pledged to stay off social media for a day or longer. While I applaud their restraint, I’m not sure I understand the motivation behind this extreme social media diet. For me, Facebook and Twitter simply fill in the gaps of a day rather than being a thief of my valuable time.
In all fairness, I will admit that I’m completely in love with Instagram and that it’s my go-to whenever I’m in need of a quick social media fix. But despite my penchant for grainy filters and pictures of my friends’ latest meals, I’m not at the point of needing a social media intervention because it hasn’t cut into my productivity at work. This isn’t the case for my friends though; I often see them struggling to get anything done because they’re too busy perusing posts or else creating status updates of their own. For these addicts, breaking up with social media—however temporary the split—is a necessity and the practice becomes a zero-sum game: Either stay off all social media sites completely, or else get nothing accomplished during the workday.
Are you your biggest hindrance? If so, it might be time for you to take a breather. I’m not saying you should abandon social media altogether; it’s still an important way to target potential clients in your market and increase awareness of your personal brand. What I’m advocating for instead is to give yourself the required space away from the “like” button to re-think your social media strategy. Instead of seeing social media as a hindrance, focus on getting more purposeful with the content you share so that you can view it as a benefit. Especially if social media is one of the major ways you connect with clients, make sure all information coming from your accounts is useful and interesting. By making social media more of a mindful business practice and less of a productivity inhibitor, you won’t be wasting time on the sites because really, you’ll be working.
So I ask: Is it time for you to have a social media intervention and change your ways?
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