By Jessica Hickok
As in every job, there are difficult tasks that you have to take on. One of the difficult tasks that we face as REALTORS® is telling a seller that their house is overpriced and that they need to make a reduction in order to get it sold. However, you can make this job easier taking the following action steps:
- Documentation. Sure, this one is easy because we’ve heard it a million times. Do your homework and show the actual market analysis and really study the comparables. Especially the U/C’s and Solds in the last six months. Know the data inside and out and then show your seller the facts on paper. It’s hard for anyone to ignore the data and the facts when they are staring them in the face.
- Don’t use the economy as an excuse. Actually, don’t use any excuse or apology when advising your seller to lower their list price. Oftentimes people feel like they need to apologize to soften the blow. You have nothing to apologize for, because it is what it is. Give the facts and stand firm in it. You didn’t create the market conditions.
- And lastly, stay in contact with your seller. Don’t let several weeks go by without being in touch with them. When you are constantly in contact updating your seller, it will be easier to ask for the price reduction. Keep in contact with your sellers via e-mail, text messages, Facebook and/or short phone calls just to say hello and give a quick update.
So swallow the frog while it is still a small tadpole. Be proactive in research, make no apologies for doing your job and keep in contact. It’s been stated that one of the big pet peeves a seller has is that their real estate practitioner doesn’t let them know what’s going on. The bottom line is that your sellers will respect you for doing your job.
Jessica Hickok, a self-proclaimed blogging- and Twittering-fanatic, is with Dizmang Properties in Springfield, Mo. Visit Jessica’s blog: www.jessicahickok.com.
By Jessica Hickok, 2009 NAR Conference Blogger
It’s Sunday, day 3 of the annual conference here in beautiful San Diego, and I can’t help but think I don’t want it to end…however, I’m really excited to get back to work!
Every year that I have attended the NAR Annual Conference and Expo, I always find it to be a huge shot in the arm. A shot of motivation, a shot of confidence in what I do, and a huge shot of ambition to become even better.
I have put together a list of my personal top 5 highlights of the conference this year and find it to be reason enough to plan on attending next year’s conference.
1. Networking with your peers and colleagues is invaluable.
I have attended some fabulous parties and tweet-ups and learned so many new things about how my fellow REALTORS® balance things with their personal and business life. It’s always fun to meet your online friends in real life.
2. I found out that Transaction Desk is going mobile!
The Expo trade show floor is huge and I have found some new alternatives to managing our office listings and contracts. One thing that I’m super excited about is that Transaction Desk by Instanet Solutions is bringing their stuff to the mobile device! Talk about time saver!
3. I Crossed Something Off My Bucket List.
Speaking for the first time at NAR was a huge accomplishment and opportunity for me. One of the best things you can do to learn more for yourself is to teach what you know to someone else. Again, talking with colleagues is all about sharing and learning. During our property management session, we received so many questions from others that it got us thinking and planning new ideas for the way we run our business. Thank you guys for contributing to our session!
4. I saw the Priceline Negotiator!
Granted, I didn’t get to actually meet William Shatner in person because of the time crunch I was on, but I did get to see him and snap his picture from approximately 10 feet away. NAR does a great job of setting up things to where you don’t feel excluded if you have something else that you need to get done.
5. I love what I do and I believe in the NAR organization all that much more.
It may sound cheesy, but I get all pumped up about what I do from discovering new things. And that is the biggest highlight. I’m proud to call myself a REALTOR® because it is a brand that I believe in and that has treated me, and 19,000 others, very well over the last four days. Can’t wait to see you all next year!
Jessica Hickok, a self-proclaimed blogging and Twittering fanatic, is with Dizmang Properties in Springfield, Mo. Visit Jessica’s blog: www.jessicahickok.com.
By Jessica Hickok
Although selling real estate can be a very lucrative career, there can be some downtime when listings are hard to move, ultimately casting a negative cloud over that whole lucrative career thing.
That’s where residential property management can swoop in and save the day. Property managers typically charge a monthly management fee, which is usually a percentage of the collected monthly rents. It is also common to charge a leasing fee to the owner/investor. This leasing fee is a percentage of the first month’s rent in addition to the monthly management fee. This covers the agent’s expenses for the time it took to show the property and prepare it for lease. Not to mention, it gives you a nice profit. Of course, these fees are all agreed upon, up front, in the Property Management Agreement.
Don’t want to do property management for the long haul? Hate backed-up toilets?
No problem! Take on clients with overpriced listings. You know, the sellers that need to sell, but can’t? My company often gets phone calls from sellers who want us to rent out their property until it sells. Many times we don’t accept them because these types of properties are generally not long term.
So if you’re a little phobic of the rental property management scene, but still need a monthly paycheck, consider taking on some of the short term-rental properties mentioned. And keep in mind that a plumber is only a phone call away for the those backed-up toilets. This is a good opportunity for you to test the waters of managing rental property without a long-term commitment.
I’m excited to be co-presenting this idea with Paul Dizmang, aptly titled “8 Effortless Tips to Tackling Rental Property Management” on Friday, Nov. 13, 2009 at the NAR Annual Conference and Expo. The conference is held in San Diego this year and you won’t want to miss it. Register online for this fantastic event by going to http://www.realtor.org.com/conference, I hope to see you there!
What are your suggestions that we, as REALTORS®, can do to find that extra income while still practicing what we love?
Jessica Hickok, a self-proclaimed blogging and twittering fanatic, is with Dizmang Properties in Springfield, Mo.