By Scott Newman
So you’ve made it through the worst of the real estate bubble, you’ve developed a nice client base, and you’re taking over the entire industry – great! If that’s the case, then this blog isn’t for you.
Instead, this blog focuses on what we as veterans of the industry can share with the newbies to shorten the learning curve and help create another reputable professional who gives our industry a good name.
The following are my top three “I wish I knew that when I first started” tips to make your transition into a real estate career as painless as possible.
1. Simple Math
So many real estate agents come into this business thinking of the riches they’ll make selling homes for a living. Many even come up with lofty goals for themselves, “I’m going to make $200,000 my first year in the business.” Does that sound familiar?
Well, the problem is that most agents don’t stop and break down the math behind creating that kind of volume. They end up focusing on the big picture when it’s the attention to the little details that will create the success they desire.
For example, let’s say you’re new to the business and don’t know a lot of people, and that the average home price in your area is $200,000. Simple math tells us that you will make $3,500 per transaction at that price, assuming you have a 70/30 split. At $3,500 per deal, you’d need to complete 58 transactions a year to make your $200,000 – that’s more than one house a week, which is a large volume even for a veteran real estate pro. Continue reading »
By Brian Copeland
This week, I turn 40 and my future with you is, well, uncertain. While we’ve never defined “under 40” as what the Young Professional Network’s age limit is, it has turned into an awkward elephant in the room no one is willing to talk about. So, let’s talk about it.
We’ve heard “young and young at heart” as the basis for who we are and who we want to be. Is this program of NAR about youth, leadership entry or new, bright attitudes? I don’t know, but hopefully in this dialog today, I’ll have a clearer picture.
What if YPN is in the middle of turning the statement “60 is the new 30” on its head? What if 30 is the new 60? Huh? We’re in the middle of equipping, training and inspiring a new generation to have the knowledge, street-smarts and tatters of a seasoned veteran to this industry.
I look at REALTORS® like Tiffany Curry who is 32 years old. Already, she has been the REALTOR® of the Year for one of the largest associations in America. She has served as president of a major metropolitan’s Women’s Council of REALTORS® chapter. She has chaired her local YPN, served on a heavy-weight NAR Presidential Advisory Group (PAG), and sat on numerous NAR committees.
I see Kenny Parcell. Kenny hovers below that 40 mark with a resume that would support the “30 is the new 60” hypothesis perfectly. He’s been his local president, state president, NAR Leadership Academy graduate, NAR liaison, and chair of several leadership groups.
Are these examples the exception? They could be, but I would argue that this type of mentoring and nurturing is part of a new breed NAR has started to grow. So, that leads me to the most troubling question, should we be called the Young Professionals Network? Continue reading »
By Melissa Krchnak
I obviously am not an expert in what anyone else’s listing presentations are like, I only know mine. Yet I heard someone talking about the Olympics recently, and with my market’s emphasis on the need for more inventory, it got me thinking. Is your listing presentation like watching cycling or gymnastics?
I can dig both, and yet I watch them with a different level of interest. See, I can put cycling on and read a book or cook my breakfast or check Twitter. I know I probably won’t miss anything major and I’ll look up every now and then to see who’s ahead. With gymnastics though, it goes from one event to the next so fast. I’m so engrossed with how competitive it is, that I have to keep my eye on the TV or I’ll miss something great. So, is your listing presentation creating lots of interest with a fast-paced and quick finish? Or is it uneventful and lasting for hours?
My suggestion if it’s dragging on? Hit the high points, move through each piece effortlessly, and put a bow on it in 45 minutes or so. Any longer and you’re losing them. Remember what your mom used to say about visiting friends’ houses? “Don’t overstay your welcome!” Just get your agency and listing agreement and get out. You can get disclosures signed, pictures taken, etc., another time. This is strictly presentation time.
So, are your clients watching cycling or gymnastics when you’re presenting?
Melissa Krchnak is the assistant team leader for Keller Williams Realty in Rancho Cucamonga, Calif. Connect with her at kwrancho.com.
By Dave Robison
All the top producers have something in common. Yes, they all have something other agents want, such as higher sales, more disposable income, and more free time. But how do they achieve this? It’s not by buying an iPad or iPhone. Can you guess what it is they have in common?
NAR reports 87 percent of agents don’t have assistants.
An agent recently asked how I came to the decision to hired an assistant. This agent is excited to grow their business and take the next step into creating a sales team. After thinking about it, I realized how my business expanded due to having assistants, and how my lifestyle is more enjoyable. Here is my advice for agents who are considering hiring an assistant:
When do you hire an assistant? There are two main, simple steps. Whenever I hire a new assistant, I do it after analyzing what I’m doing with my time. My first step is figuring out how much time I’m spending in each area of my business. My second step is deciding if there is a certain area I could focus more time, and whether that time would produce a large enough return for my bottom line while paying a new assistant.
For example, recently I realized I’m spending a ton of time on e-mails, answering simple questions from my clients and other agents. I have a transaction coordinator who I keep busy with 20 to 30 deals under contract at one time. She is already very busy, so I couldn’t add more to her plate. I figured if I can have a licensed assistant take care of all the routine e-mail and simple calls all day for me, then I could spend more time getting more listings. Now it’s time to do it. I hired my second assistant so I could focus on increasing sales.
How do you hire your assistant? Continue reading »
By Anand Patel
We’ve all been there before: You’re at an important meeting and asked a question that you just can’t seem to formulate the perfect answer to on the spot. But, 30 minutes later, on your way home as you replay the meeting in your mind you come up with numerous things you wish you had said earlier. Now you are kicking yourself thinking, “Why didn’t I say that!?”
What if I told you there is a very inexpensive way to help you develop the skill to think on your feet along with improving your overall communication and leadership skills?
One of the single most important organizations I got involved with a few years ago is my local Toastmasters club. Toastmasters provides a friendly, encouraging environment that helps individuals improve their speaking and leadership skills regardless of their current level – amateur speaker to orator, mail-room clerk to CEO (my club consists of entrepreneurs, professors, artists, IT professionals, military personnel, students and many others). It is a workshop type setting where you learn-by-DOING. If you want to learn more about the history of Toastmasters or how to join, you can visit www.toastmasters.org; but in this post, I want to briefly share with you four ways you will immensely benefit from joining and participating in a local club.
Learning to speak “off the cuff”
One of the most beneficial parts of a Toastmasters meeting is the “Table Topics” section. This is where you are called upon to speak for 1-2 minutes on a topic that someone has just told you about. You have to quickly formulate your ideas in your head and speak “off the cuff.” There are numerous benefits in developing this skill for real estate professionals – from improving your negotiating skills to handling seller objections on a listing presentation.
Developing leadership skills Continue reading »
By Jared James
We live in a world where everywhere you look everyone seems to be arguing about something because everyone has their point-of-view. And, of course, they are always right. Sometimes when I flip through the channels while I am at home or on the road in my hotel room, or I read a particular blog, I am left to wonder if the person that I am listening to or reading their words actually even believes what they are saying.
For many years this couldn’t have been more true, as I have read articles and heard people make the argument that you are better off selling your house on your own and not paying a broker… especially in today’s world of the Internet. What in the world do you need a REALTOR® for, anyway? As long as you have access to the Internet, why waste 6 percent, right?
And then I came across a recent Wall Street Journal article written about Colby Sambrotto, the former CEO and founder of many REALTORS®’ most favorite website, www.forsalebyowner.com. Stick with me here because you can’t make this stuff up. Apparently, the Godfather of the “you don’t need a Realtor” movement had tried to sell his house on his own for some time and finally got tired of wasting his time and did what he knew had to be done… HE HIRED A REALTOR®! You can check out the article for yourself here: http://www.roost.com/app/index.php/public/roostbar?bid=41320&k=285bc240dd1b129a347eb05c568cb7bf.
Not only did Mr. Sambrotto hire a broker and pay them 6 percent, but he also ended up getting multiple offers on his home and eventually accepting one for a whopping $150,000 over his asking price. Yes, you did just read that right. Continue reading »
By Jeremy Williams
When meeting with one of our top-producing REALTORS® today, the topics covered made me think about how often both seasoned agents and new agents try to “wing it” when it comes to their businesses. Taking this approach can lead to undue stress and burnout if not addressed quickly. It can lead to the question, “Why am I doing this?” If you are experiencing these feelings, here are some steps to get you back on track.
1. Write down a list of all your weaknesses.
2. Sit down with your broker, manager or team leader to go over the list. Prioritize the list. Don’t expect to address all areas in which you are weak at one time. Take your top three-to-five areas in which you need improvement. Focus on items that are directly tied to the amount of time you are working and those items related to revenue generation. Examples: You need an assistant to leverage your time. Your database is not in order, and your follow-up with potential clients lacks as a result of not being organized.
3. Create a plan to address those issues.
4. Set realistic objectives and goals to overcome your highlighted weaknesses. Continue reading »
By Dave Robison
When the Focus is On Getting More Money:
Recently, I talked to an agent who, unfortunately, didn’t quite know where their focus should be. It can be really tough to know. If more agents did, they would be selling a lot more homes.
If you can learn these secrets, though, you could be consistently successful. As John Wooden would say it, “Skill may take you to the top, but it takes character to stay there.”
The agent who didn’t quite know their focus had many outside influences affecting them: They were doing a loan modification; their time was limited due to a new baby; and they stacked up a lot monthly bills creating a “higher lifestyle” for themselves in previous years. All of these things added stress, taking time and focus away from work, on top of less pay than previous years and too many bills.
But this particular agent figured the split with their broker was the cause of stress. They thought that if they got more money for what they were already doing, it would help.
So this agent went to the other agents in their office to see how they felt about getting a higher split. “A higher split?” some of the other agents asked. “Of course. But is that possible?” The agent wanting more money said, “Of course its possible. I mean, look at the broker and all the vacations they are going on. We are the ones struggling with a loan mod and the broker is in Cancun, we deserve more money and the broker can afford it.” Continue reading »