Don't Strike Out With Your Time Management

Provided By Realty Times

We, as real estate agents, have the ultimate responsibility to control our time. We are the owners of our time, and it is our responsibility alone to control it. It rests on no one else. Being strong in our time management skills can mean the difference between success and failure in real estate sales. Unfortunately, we have three strikes against us before we even start.

Strike one: The general public has little or no respect for us. They do not understand what we really do. Most people think that, if they call or page us, we should return their call within minutes and drop everything to show them a home or meet with them. They think we should show them our listing at any time of the day or night, even if they have no intentions of buying it, it is out of their price range, they have not met with a lender yet, or they have already selected another Agent who will be representing them in their purchase.

If the prospect on the other end of the phone has no respect for your time, that prospect will not have respect for the other parts of your service either. He will not have respect for you as a person. If a prospect has little respect for you, his attitude will not change when he becomes a client.
You must earn a level of respect for your time on the first call, whether you call the prospect or the prospect calls you. You must set the tone that my time is valuable, and, if I am going to give you, the prospect, some of my time, I expect to be paid. I am making an investment of my time with that prospect to turn him into a client.

How many times have you called an attorney to ask a few quick questions and were billed for 15 to 30 minutes of time? You will receive a statement almost every time. Attorneys rarely choose not start the meter when they pick up the phone. Of course they start it because the caller is buying their knowledge and their time. Why should we as Agents be different? That is truly what we are selling.
I know I provide as much value as an attorney, do you? What do you make per hour? Do you know that number? If you do not, you should. Focus on doing the activities that pay you what you are worth per hour. There are only a few activities that we do that allow us to be highly paid.

Strike two: We help perpetuate the problem by not controlling our clients. There are too many Agents who are available 24 hours a day, seven days per week. There is no other profession whose individual members are on-call 24 hours a day, seven days per week. Yet we seem proud that we are there for our clients at all times. Our clients do not work a schedule like that in their jobs, why should we? Take back your family time. Inform your clients of your days and evenings off and stick to your schedule. Do you really want to do business with someone who does not want you to have days off or family time? It is solely up to you to set a clear standard.

Strike three: We are independent contractors. We get to do what we want when we want. I have observed some of the work habits of my colleagues. It is not a mystery to me why many of my colleagues do not make any money. It seems to be the grand mystery to them for some reason, but not to me. If many Agents in the business left real estate sales for another sales job, they would not last a week. If you want to be successful, you must treat yourself and your career with respect. Show up at the office at the same time every day.

Complete your workday at the end of the day. Do not regularly take a two-hour lunch break. Treat this career like a real job or a real career. Your clients are counting on you to do so. If you have that philosophy, you cannot help being successful. I have never seen an Agent who came in early and put in a full day's work who was not successful. Remember that no one is going to help you develop the time management disciplines you need but yourself. Your broker or manager will not be able to magically give you that ability.

Do not start behind in the count. Take back control from your clients on the first encounter. If you are looking for more specific help, give us a call. We have products and services that will help you take control of your business and your life. Make the step of control today!

Why it matters who signs the addendum first

Provided By Texas Association of Realtors
Shared By Jeannie Bauer


Does the order in which a buyer and a seller sign the addendum for lead-based paint matter?
Yes. The seller must sign first, because the seller provides information to the buyer regarding any known lead-based paint and/or lead-based paint hazards, as well as any records and reports pertaining to lead-based paint and/or lead-based paint hazards. The prospective buyer must have this information when deciding whether to conduct a risk assessment or inspection for the presence of lead-based paint or lead-based paint hazards. Note that the disclosure must be made before any contract is executed.

IGNITE

Just a reminder the IGNITE series starting this month!

If you are unable to make it, call me to set up the next set of classes!

IGNITE skills to spark your career!

Ignite develops the habits, and delivers the activities, models and systems, that create momentum for a productive real estate career. Each session will have you engaged in real estate activities – you’ll be getting leads, working your business in class and learning to service buyers and sellers, from setting the first appointment to closing the deal.

Objectives:

• Build your career with KW systems, models and tools.
• Do daily lead generation activities that will fill your pipeline with prospects.
• Time block for maximum effectiveness and productivity.
• Develop job aids that are customized to your style and area of specialization.
• Learn powerful scripts – know what to say in every situation.

What is Your Business Philosophy?

Provided By Realty Times

What is your business philosophy? Do you know the answer? You should be able to write it out and articulate it clearly. Whether you know it or not, you do have an answer. Your standard business practices and procedures for what you do make up your business philosophy. It is the guidelines you follow for daily business.

One part of your business philosophy should encompass your value per hour, which is the amount of money you are worth per hour. What are you willing to do to earn the money you make per hour? It could also encompass your average commission check. If you understand your value per hour and your average commission check, you can determine the type of people you are willing to serve. Some Agents may not be able to help people in a certain price range because of their hourly wage or average commission check amount.

If you have developed and understand your business philosophy, you are better equipped to qualify potential clients. When the buyer does not give you the exact answer you need, you can refer him to another Agent in the office or drop him because he does not meet your philosophy.

You were not put on this earth to help everyone buy or sell a home. There are people you cannot help. There are people who, as much as you try, really do not want your help. Although most Agents will continue to work with them, hoping to win them over, my philosophy was wishing these types of clients the best of luck and sending them on their way. You should consider doing the same thing. Often, these people actually believe they know more about selling and buying than Agents do. Now why would you want to spend your time trying to prove to them that their reality is false? You are going to lose either way in that discussion. Wouldn’t you be better off to throw them back like an undersized fish? Let someone else catch them and waste their time. The truth is that fish is not going to grow much more once you put it in your bucket, or do I mean car! This strict philosophy does not make the people who don’t fit your business philosophy bad people. It does not make you a bad person, either. It just makes you a businessperson who expects a reasonable profit for the time you are investing.

Once you are clear on your philosophy of what a client is and what you expect from them, you do not have to deal with people who do not conform to your philosophy. You need to concisely define your world of business. This definition will enable you to better select the people to serve. We have all selected the wrong people, spent large amounts of time and money working with people we should not have, and felt awful afterwards. In some instances, we were never paid or appreciated for our efforts. You will feel much better turning them down before you invest your time, energy, and money in a losing cause.

Knowing the client you are looking for before going out to search for clients will enable you to find them. There is a law of life called the law of attraction. That law clearly states that you will have a tendency to attract what you are thinking about and looking for. For example, if you were thinking about buying a black Jeep Grand Cherokee, and you went out driving, it is amazing how many your mind will find on the road. You may never have noticed them before, but because you are contemplating a purchase, you see them everywhere.

Do not get frustrated if you are having difficulty finding clients who meet your business philosophy. You will ultimately attract the well-defined client you are looking for. Why not create a strong philosophy and definition of your clients, so you will start to attract those types of clients? You will also learn to quickly dispense with those who do not meet your standard or philosophy, so you will be able to invest your time wisely to find the right clients for your business.

Negotiating: The Three P’s Approach

There’s talk lately of markets that are experiencing multiple offers. Maryland, Phoenix, Ariz., Seattle, Wash. and Boise, Ill. are watching inventory drop and offers heat up!

As we watch this trend, we couldn’t help but think of a critical skill when it comes to multiple offers: Negotiation. Negotiation is a skill that can be learned and perfected with experience. Finding which needs are fixed and which needs are flexible is crucial when you’re working to secure the best possible outcome for your buyers and sellers.

We pulled together some best practices for negotiating and bringing the buyer and seller together; it’s called the Three P’s Approach.

1. Prepare

Preparation is the key to building confidence and ensuring a smooth negotiation process.

Think and act strategically

• Know your goal. Have a clear goal in mind for the negotiation, which is to reach a win-win agreement. A win-win agreement means that both the buyer and seller are, at a minimum, satisfied with the outcome of the negotiation process. Remind your client of their reason(s) for moving in the first place, and that when the contract closes, they’ll be able to move on with their lives. Keep them focused on their motivation.

• Know your client. Make sure you fully understand your client’s goals. Learn in which areas they are willing to negotiate and where they will stand firm.

• Think ahead. Anticipate what the other party wants out of the negotiation. Write down how you think they may counter the offer and how you plan to handle it.

• Set clear expectations. Prior to meeting with the other party, set clear and realistic expectations with your client. Aim to always under-promise and over-deliver. Stress to your client the importance of moving quickly to create a sense of urgency.

• Be informed. An informed mind is an empowered and confident mind! Ask open-ended questions and use active listening to find out as much as you can about the other party and their agent. This helps you know with whom you are negotiating, on what points you will negotiate, and where you and your client have leverage.

Comply with regulations

• Obey the laws. Every state and locality has its own set of laws that regulates zoning, mortgage qualification, and other real estate matters. Stay current on your local regulations and stay out of court!

• Know the documents inside and out. Become familiar with your local Board of Realtors’ governing forms. Take the time needed to understand the form templates and what belongs in each field.

Keep reading for No. 2 and 3.

2. Present

Move into the negotiation process by stating your current offer to the co-op agent and listening to the response.

Guidelines for presenting the offer or counteroffer:

• Call the co-op agent to let them know the offer or counteroffer is coming, then invite them into the buying loop in eEdge where they will be able to view the offer contract.

• Pay attention to nonverbal cues. While it is not always possible or practical to make your presentation in person, a face-to-face meeting allows you to analyze body language and facial expressions. Otherwise, present your offer by phone and listen for verbal cues.

• Keep quiet once you present an offer. Sometimes, letting the other person do most of the talking is the most powerful negotiation technique because of what they will reveal.

• Listen carefully to what is important to the other party. Write down what they say to demonstrate that you are taking them seriously, and then move on.

• Stay calm and relaxed. Either party may have a strong emotional reaction to the price or other terms of the offer. Be a calming influence until they are able to see the situation rationally again. Remember—you are there as a representative for your client. Keep your emotions out of it.

• Focus on the customer’s needs. Isolate the objections of both sides and offer solutions that will satisfy the other party while still meeting your client’s core needs.

3. Position

Positioning is moving both parties closer to each other until you have full agreement.

• Acknowledge the common ground—where the buyer and seller are in agreement and are at the same position. Then, identify which positions may be easily adjusted and which are set in stone.

• Ask “what” and “how” questions to better understand the other party’s values and why certain things are important to them.

For example, say you represent a seller who wants to close in thirty days. If a buyer wants to close within sixty days, ask your client:

“Mr./Ms. Seller, you are requesting a thirty-day closing. What is important about closing in thirty days?”

Practice Your Positioning:

1. Choose a partner. One person will play the buyer agent and the other will play the listing agent.

2. Take a few minutes to review the scenario and information under your role.

3. Using what you’ve learned so far in this session, take 1–2 minutes to prepare for negotiation.

4. With your partner, practice a negotiation. Go back and forth two times, both aiming to arrive at a win-win agreement.

Professional Necessity: Putting Service First

Provided By Realty Times

As the real estate industry responds to economic and technological change, one constant remains: the power of real-life relationships to (positively) influence business transactions, win the respect of potential clients and strengthen existing contacts with buyers and sellers. All of these benefits rely on establishing a presence within your community, where people have a chance to meet you and get a better sense of your expertise - the very essence of your character - so you can be successful. On a practical level, that means landlords and tenants need to know about your skills and the best form of promotion you can practice is intelligent self-promotion. Meaning: you need to let your work speak for itself; and that work - the signage indicating your representation on behalf of commercial or residential clients, your support for various civic organizations, your accessibility, your years of experience - should lead everyone to the same conclusion: that you are a trusted colleague, someone who is there is offer insight and bring parties together.

I write these words from my own experience, aware of the importance of being both a business leader in my community and an active citizen of my community. The two are separate but connected, giving me the opportunity to have a fuller appreciation of the way my city operates and the opportunities available within my area. Again, these advantages follow good individual and corporate citizenship; they are the results of investing in yourself and letting your work (and your favorable recognition) be the ultimate means of attraction. My advice is, therefore, simple: make service your priority, knowledge a necessity and professionalism an unbreakable strength.

Compare these recommendations to the alternative, where the promise of short-term gains and quick marketing does nothing to build permanence for yourself and those you seek to help. Which brings us back to the importance of being part of a real estate business that emphasizes transparency and service. In that situation, in an environment where your peers encourage building sustained relationships between buyers and sellers, and where you work with a real estate firm with a noted reputation for success, you will advance. But these rewards come with distinguishing yourself from the competition, from accepting that you need to immerse yourself in the events and news - the day-to-day lives of your fellow citizens - so you can be a valuable guide for clients.

The best way to accomplish these goals is to consistently deliver for your clients, as opposed to relying on advertising or social media to be a substitute for substance. That is, these tools - all the marketing tactics at your disposal - are only effective if you have a proven ability to unite buyers and sellers, and finalize deals.

The same rule applies to a real estate services company: service and leadership determine everything; they are the effect of credibility and independent thinking. In fact, these lessons mark a return to common principles and a way for all professionals - within and outside of the real estate industry - to succeed.

These recommendations empower everyone, thus earning praise from clients and attention from prospective buyers and sellers. Consider these points a blueprint for advancement, a reminder that real estate professionals can – and should – follow the path of integrity and independence. For this advice helps the public at large.