By Anand Patel
A few weeks ago, Rob Reuter made the exciting announcement that the Young Professionals Network has grown to 300 networks (and counting). This is a commendable feat in the short 4+ years YPN has been around. As a part of Florida YPN, I’m very proud that 12 out of the 26 new networks established nationally to date in 2013 are from within the great state of Florida! Needless to say, the YPN “bug” has caught on and will continue to spread.
As YPN continues to grow around the country, it is also important to focus on quality as the networks multiply in quantity. The last thing we would want to see is networks fizzling out and failing after just a year or two post-launch. If you have ever been involved with Toastmasters International, you may know that not only do they place importance on mentoring new members who join a Toastmasters’ club, but also on mentoring new clubs as they become established. This way you help ensure member participation and club success as they start out their initial year.
As YPN members we can apply the same principles to the many new YPN networks being established around the country. Newly appointed YPN chairs are actively seeking guidance, tips and advice, and would be happy to hear from experienced networks. Here are some ways you could be a mentor and some advice you can share with new networks in your geographic area or across the country:
- Reach out to the YPN chair, association executive or staff liaison of the new network and offer to share your experiences. Calendar in some time, for example: Agree to spend 15-20 minutes every few weeks on the phone to speak with them. This doesn’t have to be a burden on you and take up too much of your valuable time. Fifteen minutes on the phone and perhaps corresponding via email can go a long way in helping a new network out.
- Share advice on how to select your inaugural YPN committee, selecting a vice-chair and how often to meet. We all know YPN is a great entry-point into association volunteerism but keep in mind that this may be the appointed chair’s first experience as part of a committee as well. Continue reading »
By Rob Mehta
Recently, I attended one of the most “unique” YPN events I have ever attended. Quite simply, it was the “World’s Largest Tuesday Morning Sales Meeting.”
Drawing a crowd in this industry is no easy feat, but when a group of Midwest minds with moxie got together, they were determined to attract more than just a couple people. Thus was the birth of the “Biggest Tuesday Sales Meeting EVER,” a free education event in June that drew a whopping 430 attendees. It was created by the Metro YPN (Young Professionals Network) of the Saint Paul Area Association of REALTORS®.
Success of this event, like so many others, relies heavily upon the shoulders of the chosen speaker. SPAAR’s Metro YPN invited Travis Robertson this year, and he continued his long streak of dynamic, informative presentations. Robertson spoke about the world’s top agents and their marketing techniques, citing specific examples. He had attendees laughing, hugging, and asking a plethora of questions.
SPAAR’s Metro YPN consists of Continue reading »
By Dave Robison
How many times have you heard it? You are your very own business owner in real estate. You are an independent contractor, you incur and write off expenses, you spend your own marketing dollars and you work your own hours. You own a business.
It definitely sounds like a business.
Years ago, I was convinced I had a business, but what I realized was my business was really a job — it was unprofitable and I couldn’t sell it. It was unprofitable because I was paying myself all the money it made. I couldn’t sell it because if someone bought it they would have to hope my friends and family would use them as a REALTOR®. Also, who was going to buy my business when what they’d really be buying is a job. Who wants to buy a job?
Why is it not a business? Because it was missing 3 things.
Here’s the difference between a job and a business: A job is when you have to do the work yourself to get paid. A business pays the employees market wages while giving owners a 10-15 percent profit off of gross revenues. A business allows the business owners to be able to go on vacation and not have to answer sales calls. A business should be able to be bought or sold. It would be nice to sell your company and retire, right? Or maybe you want to stay involved after retirement but pay someone else to run your business operations. How many agents do you know who truly have a business or can sell their business? I would say it is extremely rare in our market.
So, you want to own a business? Here are the three things that will transform your career/job into a saleable business.
1. In order to sell a business you have to pay yourself a market wage and make a profit. Continue reading »
By Rob Reuter, YPN Manager
YPN has hit another milestone. On Thursday, Aug. 8 2013, the Punta Gorda-Port Charlotte-North Port Association in Florida confirmed the formation of their Young Professionals Network becoming the 300th network of YPN.
In addition to establishing its 300th network, YPN also achieved the following milestones in 2013:
- More than 150 NAR Committee & Advisory Board positions are filled by YPN members, including nine chair and vice chair positions.
- 23 YPN members will be 2014 presidents of their local association.
- 170 YPN members are RPAC Major Investors so far in 2013.
It’s amazing how far YPN has come in such a short amount of time. But we need to keep going! In an association where the average age is 57, and only 11 percent of total membership are under 40 (according to NAR’s 2013 Member Profile), there is a need for the network to introduce future association leadership and involvement opportunities.
By Sam DeBord
The National Association of REALTORS® recently voted to approve updates to its operating agreement with realtor.com® and allow more flexibility for the Web site. There has been a wide range of reactions from REALTORS®. This blog is part one of my five-part series in which I will discuss the propriety of the agreement.
Let’s start with some background: NAR does not own the Web site. It merely owns the domain name, realtor.com®, which it has licensed to Move, Inc. to operate. Many discussions center on this issue still today. This agreement started in the mid-90s. Whether or not some members liked it, it is a 20-year old moot issue. NAR only owns about 2.5 percent of Move, Inc. They are merely a marketing partner with whom REALTORS® have regulatory clout because of our ownership of the domain name.
The new agreement between NAR and realtor.com® approves four major changes:
- Display unlisted new homes and new-home communities.
- Display unlisted rentals.
- Obtain listings from entities that are not REALTOR®-owned and controlled, as well as from brokers who are not REALTORS®.
- Identify properties where a notice of default has been recorded, auctions of distressed properties, short sales, foreclosures, and bank-owned properties. (Listing brokers will have the option to opt out by calling the realtor.com® customer care center.)
Individual consumer FSBOs remain precluded from the site, and the changes will be implemented in a way that preserves realtor.com®’s accuracy advantage, according to Move executives.
NAR directors are members—not some faraway body of executives. Continue reading »
By Anand Patel
“Why do you do this for free?”
“What do you get out of it?”
“When do you have time to make money?”
“Why do you waste your time with that?”
“What’s the point?”
If you volunteer some of your time and talents to National Association of REALTORS® (or any other organization) at the local, state, or national level, you have heard all of the comments above before. Obviously there needs to be a balance between giving of your time and working your business, but you and I both know the incidental benefits, rewards and satisfaction that come with giving back to our industry.
Do you have a spouse, a business partner, a friend or family member who takes on some of the burden while you are volunteering? I am not nearly as involved as many of my colleagues in the industry around the country and abroad, but with two young children at home I know my wife takes on a lot of burden while I am away at conferences, leadership academy sessions and other meetings. And I admit, many times I take it for granted. I am writing this post not only to serve as a reminder to each of you who also give of your time, but also really for me to never forget that we need to take the time and thank those who support what we do in helping improve our industry. They may not always understand why we do it as there are usually no visible short-term benefits, but they still support us. We travel for a few days, we attend events in the evening, we are working on the weekends on matters that do not seem to directly correlate to our businesses, but our friends, family, and spouses still pick up the slack for us.
Take a moment and say thank you to your business partner who stays back while you hit the annual conference, your family or spouse who helps with the kids while you are away, and anyone else who makes it easier for you to keep giving back. To my wife, today, I say thank you! Thank you for always supporting me. You truly are “Super Mom!” Oh….and by the way, I’ll be gone to San Francisco for a week in November for a conference…gotta run!
Anand Patel is broker and president of Pangea Realty Group based in Tampa, Fla. You can connect with Anand on Twitter: @anand_tampa, Facebook: www.facebook.com/prgtampa, or LinkedIn: www.linkedin.com/in/anandpatel1.
By Sammer Mudawar
Buying and selling residential real estate is one of the most emotional transactions consumers conduct. Understanding client psychology, managing expectations, and using effective communication are the three most valuable skills that a real estate professional needs to develop for a successful career with less stress.
Understand the psyche of your client and your chances of a smooth transaction increase dramatically.
Is the client a standard seller who has lived and raised their family in the home for the past 25 years, but has not done many upgrades? Perhaps prepping this client for the possibility of offensive offers from cash investors will be important to making sure they don’t take things personally, or worse, become unreasonable sellers.
Understanding client psychology is important, however, equally important is they understand your psychology. It is vital to the client relationship that they understand your goals are in-line with theirs, and as a fiduciary you will only represent their best interests. Breaking down the walls in the beginning is one of the best ways to get on the same page as your client.
Here are two examples of how to manage expectations with buyers and sellers. Continue reading »
By Scott Newman
Many agents forget that barriers to getting deals to the closing table exist in both good and bad markets. We are seeing a lot of appraisal issues in the Chicagoland area as over-regulation and timidness on the part of appraisers to push values — despite undeniable appreciation — has resulted in many deals dying at the financing stage.
How do you avoid becoming one of the statistics? Follow my 3 practical tips below…
Know Thy Appraiser
The biggest mistake an agent can make is not meeting the appraiser at the property.
To assume that your appraiser is a true expert on that particular neighborhood, city, property type, etc. is foolish. You know what they say about people who assume!!
You need to be there — both agents should be present, in fact, to show solidarity. Make sure you walk that entire property with the appraiser and give him or her the comparables you feel best reflect the true value of the home. Also, follow up with them afterwards to make sure things are going smoothly.
Remember, lenders are no longer allowed to speak to the appraiser on their file, so you are the first and last line of defense in making sure someone who’s under-qualified doesn’t blow up your deal .
Know Thy Lender Continue reading »