For real estate agents, past clients represent a wealth of new business in years to come if the relationship is nourished and kept up after the sale. The problem for some agents is that they lose touch Read more...
For real estate agents, past clients represent a wealth of new business in years to come if the relationship is nourished and kept up after the sale. The problem for some agents is that they lose touch with past clients after doing business with them, but there are a few reasons you should devote extra time to making sure you remain connected.
In generations past, people often bought their home and stayed there for their entire lives, sometimes even leaving the property to following generations. Today, people are far more mobile than ever before. For real estate agents, there are two big reasons to maintain contact with past clients:
They May Need Your Services in the Future. People rarely stay in the same home for the duration of their lives and many people also invest in other properties. Return business is great because you build an ongoing relationship of trust and friendship. It’s much easier to keep a current client happy than to try and obtain a new one.
Happy Clients Recommend You to Others. Even for clients who will rarely, if ever, need your services again, it's important that you maintain a positive experience and connection. These clients will often have friends and acquaintances who are looking to purchase or sell homes and that can mean a great pipeline of referral business for you. We even see this with our real estate school. The great majority of our new students have been referred to us by a former one.
4 Ways to Rekindle a Connection with Past Clients
If you haven't previously made it a point to market to past clients, you're not alone. Many agents lose or drop contact with one-time clients over the course of months or years since a sale. The good news is that it's never too late to reconnect.
Here are a few ways you can reach out to old clients to build an ongoing relationship.
Start By Going Through Your Past Client Lists. The first step to rebuild these relationships is setting some time aside to go through your past sales. Review notes and old emails on clients to give yourself a quick refresher on who they are and their lifestyle. As an agent, you deal with a lot of people throughout the day, so taking the time to review all the past information you have can be a great start. Remember, though, if a good deal of time has passed, that client has likely experienced some major life changes and may be in a different place financially so tread lightly.
Send a Personalized Note. A great way to reconnect is by simply being honest. Send them a personal note. This can be through email or physical mail. If you do send a letter by mail, hand addressing it can be great because people are less inclined to see envelopes that are handwritten as sales material. The note can be a simple re-introduction, maybe an apology for not being in touch, and a personal note about something in their life. You can also include your personal social media accounts and contact information and let them know you'd like to stay in touch.
Acknowledge an Anniversary. If sending a note out of the blue sounds a bit awkward to you, it's always great to go with the old stand by of sending a card or note for an occasion. This might be the anniversary of the purchase of their home or their birthday.
Find Them on Social Media. Social media can often be the best way to resume contact with old clients. People often accept friend requests from a wide variety of contacts. Take some time to hunt for your past clients on your favorite platforms and use those channels to reconnect. You might include a personal note right when you reach out or once they've accepted your request to connect.
Ways to Maintain an Ongoing Connection
There are a lot of ways to reconnect with old clients, but maintaining that relationship is the real goal. Here are a few ways that you can cultivate an ongoing relationship with these contacts so that you stay in their thoughts if they ever need an agent for future real estate dealings.
Send a Thank You for Referrals. If a past client referred you to someone, make sure you acknowledge that. You can send them a quick thank you note to show your gratitude for the trust and recommendation.
Plan a Coffee or Small Gathering. Small events can be a great way to maintain a connection. You can host a small thank you event for past clients or offer a seminar on some aspect of property ownership. There are a million different ways to plan an event that make it worthwhile for contacts to attend and it gives you the opportunity to build an in person relationship. If your office has a large training room consider using that as free space to host your event.
Send Them Updates On Property Sales in Their Neighborhood. Many people really appreciate knowing when a home goes on the market in their area. They may also be interested in knowing when one sold, so they can introduce themselves to new neighbors.
Keep Them In Your Future Marketing Lists. Whether you send out email campaigns or routinely do newsletters to give your prospects worthwhile information, it's a great touch to keep past clients in the funnel on these efforts.
Past clients can represent a great market for future sales and you've already cultivated their goodwill by doing a great job on the property needs they've had so far. If you've let a lot of time lapse between contact, it's still worth your time to try to reconnect when possible.
If you are considering taking online real estate classes call us at 888 768 5285 and we can help you get enrolled
For additional ideas, check out this blog:How to Keep in Touch with Real Estate Clients Using Email
Love,
Kartik
|
Real estate is most often thought of as being a numbers business. This is probably because it’s an intricate business that includes heavy regulations, lots of red tape, and major financial intricacies. Read more...
Real estate is most often thought of as being a numbers business. This is probably because it’s an intricate business that includes heavy regulations, lots of red tape, and major financial intricacies. For many people, their home purchase represents their largest investment. With that in mind, agents sometimes concentrate on the business and legal sides of real estate.
While you certainly don't want to overlook the hard and fast figures, real estate agents need to remember that the core of our industry is people. Unlike other investments, the home you buy is less about the money as it is about emotion. If you need a statistic to back up that premise, look no further than reporting suggesting that staging a home makes it sell faster.
Of course, real estate agents know that the psychology of staging a home is all about helping prospective buyers imagine the life they would have once they purchased their home. It's not about the dollars. It's about the quality of life.
How to Approach Real Estate in a People Centric Way
Whether you're a new real estate school student, experienced agent or investor in properties, it's important that you understand that the end client is looking for more than a great financial investment. That's not to say that buyers and renters aren't looking at the bottom line at all. People have budgets they need to adhere to. But when they do make a final decision on where they're going to live, they're going to choose the best home that meets their lifestyle and emotional goals within a given price range.
For a real estate agent, this means meeting your clients' needs in a proactive way. You have to recognize that they're not only investing in a property, they're planning the kind of life they want to have. The neighborhood and community will play into their decision almost as much as the actual structure of the home.
This is why so many real estate agents use drones and spend a great deal of time learning as much as possible about the neighborhoods. These extra insights help you find the right community and neighborhood for your specific buyer. A couple with a young family may be more interested in a neighborhood with a lot of family friendly activities and amenities. On the other hand, a single professional might be more concerned with culture, nightlife, and easy access to travel.
Finding the right home for a buyer is about finding the right atmosphere, too. A great agent will listen to the types of things their buyer is saying and ask pointed questions about the type of life they enjoy. A buyer might not know all the things they're looking for until they see it, but the right agent will have a great way of getting to know the buyer and showing them all the amenities in a property and area that they will love and appreciate.
It's Not Only About the Property, It's Also About the Experience
Real estate is a bit of a juggling act. You have to know the ins and outs of contracts and loan documentation. You need to know the neighborhoods and market pricing. You need to be up to date on the latest construction and property trends. But the biggest piece of the puzzle is your ability to connect with your buyer.
The home buyer's experience should be a primary goal for any agent. This includes listening to what they're looking for and having the knowledge and foresight to find the best properties that meet their ideal home needs. A great agent knows how important this purchase is for the buyer. A home is unlike any other purchase because, at the end of the day, you're investing in the place that you will raise your family and make your memories.
An agent needs to place customer service as the highest priority. In any business, you want to be receptive to the client and always follow through on the things you agree to - like making sure you remember meetings and scheduled showings. In the real estate industry, you may also need to do a bit more hand holding with some clients.
It can't be overstated how important this purchase is to the client. They may want to view a property more times than average or have extra questions about the property history. Ideally, as an agent, it isn't just about getting the client to purchase. It's making sure that they are happy with their home for years to come.
The big reason I wanted to write this blog post is because I want all our real estate license students to realize that the experience of buying a property is almost as important as the property itself.
Love,
Kartik
|
Many people who are in the market for a home consider purchasing a foreclosure for various reasons. The two most common motivating factors include getting an inexpensive place to live and purchasing so-called Read more...
Many people who are in the market for a home consider purchasing a foreclosure for various reasons. The two most common motivating factors include getting an inexpensive place to live and purchasing so-called "investment properties" that can be renovated and sold for a nice profit. There's nothing inherently wrong with these concepts, and a good number of buyers do indeed find major bargains.
But like everything else in the world of real estate, there are pros and cons to purchasing a house that is in foreclosure. The best way to approach the question is to look at what it means for a property to be categorized as "foreclosed," and what the most common advantages and disadvantages are when it comes to buying foreclosed properties. Learning how to invest in real estate can be an important tool for any consumer.
What is a Foreclosure?
In the broadest terms, a property becomes a foreclosure when the original owners can no longer make the payments and the bank takes ownership and possession of the home. At that point, buyers aren't dealing with the former owners of the house. They're buying directly from the bank (different than a short sale discussed below).
Banks don't like being in the home-selling business, so they're often anxious to unload whatever houses they are holding in inventory. There are lots of reasons a home can go into foreclosure, but the inability of the original owners to honor the terms of the original note is the most common scenario.
What are the Main Advantages of Buying a Foreclosure?
Foreclosures can be attractive buys for a number of reasons:
Low price: The most common advantage for buyers is a price that could be lower than market value. In some cases, banks are willing to accept offers that are less than you would pay if the home were being sold by its original owners. As far as banks are concerned, the high level goal of selling a home is to recoup their investment. If they can do that, and if there aren't several other buyers bidding the price up, then they're usually glad to get the asset off their books and into your possession through a sale. Prices on foreclosures can be lower than market value.
Title can still be clear: If you are buying an REO from a real estate broker and there is a standard escrow you can often get title insurance on it guaranteeing that the title is free of clouds.
Financing is virtually the same: In many cases, you can still use FHA, VA or conventional financing options to purchase a foreclosure. The only difference is that you're submitting your bid to a bank rather than a person. Expect the bank to make a counter-offer if they aren't happy with your first bid.
Investment opportunities: If you don't plan to live in the house and have the funds for upgrading or repairing it, then a foreclosure can be a smart way to invest in a potentially profitable piece of real estate. Some people have slowly built up a small portfolio of homes for sale by acquiring low-cost foreclosures and having them repaired.
What are the Disadvantages of Buying a Foreclosed Home?
There's a downside to buying foreclosed homes. Here are common disadvantages:
Closing can take a long time: Depending on the reason the home went into foreclosure, it might take you several months to close on the property after you decide to buy it. If you're in a hurry, or need to use the house as your main residence, time may not be on your side.
This is more true with a short sale. A short sale is different from a bank-owned foreclosure because the seller is not the lender in a short sale. The reason that short sales can take a longer amount of time to go through is because in a short sale, the seller needs approval from their lender to sell the property for less than the amount owed on the home. This third-party approval can take time to process.
Condition is usually "as-is": This is the main disadvantage of buying a foreclosed home. The condition is often quite bad and you have to do your best to figure out how much it will cost to bring it up to par. Generally banks selling foreclosures are exempt from providing a buyer with many of the disclosures that you would otherwise get from the prior owner. That means a thorough inspection at the very least. Next, you'll need to hire one or more contractors to give you estimates for repair work. Perhaps the roof needs to be replaced or there are plumbing problems.
You'll need to be approved and have good credit: You need to check with your lender and see if you can get approved for financing on a foreclosure. That typically means you'll need at least "good" credit and perhaps much better than good. Like any real estate deal, do not venture into the foreclosure market until you get a go-ahead from your own lender.
There's a reason it's still on the market: Foreclosed properties that have been up for bids for a may have "hidden problems." Think of it this way: why have so many other potential buyers passed on the chance to buy the house? By far, the most common reason is the condition and the potential cost to repair it.
The Big Picture
The key point to keep in mind is that buying a foreclosed property can be either a very good or very bad financial move. You have to perform your own due diligence and find out what the pros and cons of a specific property are. Are extensive repairs needed? Do you have the funds to bring the house up to a high standard of quality and sell it for a profit, or live in it comfortably? Will your lender approve your application to purchase a foreclosed property? Are you ready to have the home inspected and take care of the necessary repairs? Are there unknown facts about why the property has been on the market, with no buyers, for x number of days?
Be sure to do a thorough analysis and try to get answers to all your questions. One thing that can be of great help is working with a Realtor who specializes in foreclosures. That way, you'll have the added advantage of expert advice every step of the way. What's the bottom line on buying foreclosures? If you take your time, work with a professional and do plenty of research, it's possible to find good deals. But never approach the process if you're in a rush, know nothing about the real estate market or are expecting to guarantee yourself a quick profit.
If you are interested in learning more about the real estate market or becoming a real estate agent so you can invest on your own, call us at 888-768-5285.
Love,
Kartik
|
Whether you are a brand-new real estate agent trying to launch a career or are a seasoned agent looking to increase production I wanted to write a quick article for you. The below is a list of some of Read more...
Whether you are a brand-new real estate agent trying to launch a career or are a seasoned agent looking to increase production I wanted to write a quick article for you. The below is a list of some of the common traits I have observed in successful real estate agents.
Whether you are considering enrolling in a real estate class or are about to take a crash course to prepare for the real estate license exam the below list should prove useful
1. Manage Your Energy Level
Being able to run at a high level for a sustained period is critical to your success as a Realtor. It isn’t enough to just say “Work smarter and not harder.” You have to do both. Managing your energy level throughout the day is critical so you can work as hard as possible and continue to push.
The reason that this is so important is because many real estate agents and other outside salespeople tend to eat poorly, work long hours and lack consistent exercise.
The highest producing real estate people consciously try and escape this trap. How do they do this?
A consistent eating schedule of things that (for the most part) fuel their energy long-term - meaning plenty of vegetables, fruit and water. This also means a consistent program of vigorous exercise for at least 30 minutes a day on a ritualistic basis.
2. Focus on Improving One Area at A Time
There is a famous proverb that says “If you chase two rabbits, you will catch neither.”
The best businesspeople attack and focus on one target at a time, reach it and move to the next goal.
The secret is to cut up each goal into bite sized pieces that you can accomplish in short bursts so that you can rapidly move on to reaching the next one.
For example, if your goal is to have a better listing presentation, you might cut the entire presentation into 1/3 pieces.
The first third might be the verbal presentation itself.
The second third might be the physical presentation and other collateral material.
The final step might be objection handling practice.
The best agents don’t move on to tweaking their physical presentation until their verbal presentation is right.
Breaking the broad goal of “I want to have a better listing presentation” into pieces like this will result in the broader goal being achieved but in a shorter period of time.
3. Start with Baby Steps, Then Accelerate
It’s an interesting thing when I talk to newer real estate agents about their goals. I will often ask students why they want to get into real estate and what they plan on getting out of the course and their new career. Often they will say things like “I want to be rich!” Or “I want to make $250,000 my first year!”
I never want to crush someone’s dream or tell them that the thing they seem to want so badly isn’t possible. I think back to when I was a young 20 year old starting out in the business and if someone told me that my goals were unrealistic I would have dismissed them as being too negative and pessimistic.
With that being said, setting goals just for the sake of sounding overly ambitious can be dangerous and not useful.
The best businesspeople set rational and attainable goals with specific deadlines.
In the context of real estate sales this process might involve initially calculating how much you need to live on a monthly basis. Next, determine your average sales price in your area and the average commission per deal. Finally, ask yourself how many deals you need to do to achieve that income amount.
Example:
Average sales price = $600,000
Average commission = 2.5%
Average commission= $15,000
My expenses = $7,000 per month
Needed income = $84,000 per year
I need to sell 6 homes per year to survive.
My goal = 6 homes per year
Once you have proven that doing 6 deals a year is possible, you can then set loftier goals.
Remember that being great doesn’t happen by accident and a process must be followed. I would encourage you at this early stage of your real estate career to adopt habits and set goals that give you the greatest chance of success in a highly competitive industry.
Love,
Kartik
|
When you're in sales, the first impression can be the gateway to success. For real estate agents, it's the first step down a long and potentially lucrative path. The good news is that working on your first Read more...
When you're in sales, the first impression can be the gateway to success. For real estate agents, it's the first step down a long and potentially lucrative path. The good news is that working on your first impression will serve not just your career, but every other relationship you have in life. I wanted to write a blog post to take you through what a solid first impression looks like, how it helps you better relate to your clients, and what their takeaway will mean for your bottom line.
How to Create a Great First Impression
1. The Basics
Most of making a good first impression is common sense. However, just because it's easy to understand, doesn't mean it's easy to do. Even natural extroverts have to continually practice their manners and mannerisms before they get it right.
Smile: Nearly half of all Americans say that the smile is the most memorable feature after meeting someone new. A fresh-faced smile sends a signal to people that you're happy to work with them and you're ready to get the work done.
Focus: When it comes to meeting new clients, the nervousness of making a good first impression can be enough to force your head down. Eye contact is both polite and helps forge an instant connection with clients.
Listen: Anyone who's ever dealt with a salesperson knows how frustrating it can be to feel as though your words are going straight into the wind. Active listening means paying attention, asking questions, and responding to the clients' real concerns.
2. Dig a Little Deeper
A first impression is more than just following the basics. Picture the guy with the comically huge grin plastered on his face, the woman with off putting eye contact, or the agent who effusively responds to every statement as if it's the most fascinating thing they've ever heard. In the strictest sense of the word, they're smiling, listening, and focusing, but they still aren't leaving the right impression.
To really master the directions, you need to practice sincerity with each step. Express genuine emotion when appropriate, but remember that subtlety can also go a long way. Give a small grin when meeting people and save the teeth for the last minute. Follow-up on client statements that are vague or need further information. Blink normally when making eye contact and don't be afraid of looking down for a second if the conversation is getting too intense.
3. Practice Makes Perfect
Practicing your first impression doesn't necessarily mean going to your local bar and talking to endless strangers. It can be as simple as setting up role-playing with people you already know and trust. Have them provide honest feedback and constructive criticism about the sincerity of your smile, the volume of your voice, and the firmness of your handshake. These comments can go a long way if you're trying to understand how other people see you during their first interaction.
When you're shaking someone's hand, look into their eyes and strike a balance between death grip and limp. Use the first name as quickly as possible during the conversation so you're less likely to forget their names halfway through. Make sure that you’re annunciating your words and the volume of your voice is appropriate for the context of the environment.
4. Do Your Prep Work
Once you've taken care of some of the more subjective aspects of the first impression, you should have a much easier time addressing the more practical work of meeting someone. Being prepared can be as simple as getting to a meeting early or donning a sports coat or blazer to make your outfit just a touch more professional.
Before you meet with clients, it helps to know as much as possible about what they're looking for. Even if it's as simple as knowing they want a duplex rather than a single-family. The art of sales can get complicated, so it helps to hit the ground running.
5. Express Yourself
As tempting as it can be to remain neutral during your meeting, blandness will ultimately not help you be memorable. The truth is that even the most successful real estate agent may turn off a client or two with their personality, but it's ultimately better than being seen as forgettable. You can still be polite and respectful while expressing your personal opinions.
To stay on topic and to maximize the first few seconds with a client, some agents may give a short elevator speech where they emphasize their particular brand. So whether you're a bulldog in negotiations or the master of the short escrow, letting clients know upfront can be a good way to stand out.
Unlike most traditional sales, successfully navigating a property sale can take months or longer. If you hope to maintain your reputation and relationship with your clients for that long, you need to get off on the right foot. Use these tips to stand out from the crowd, so you're the one who ends up growing customer base.
This may be a slightly different blog post than I normally write, but so many of our real estate school students express their nervousness in meeting clients early in their careers. Hope this helps.
If you are interested in taking online real estate courses please visit our website or call us at 888 768 5285.
Love,
Kartik
|
Welcome to the world of people. Some clients you have are going to be just terrific. Others can make you regret getting into the real estate business altogether. Most are probably going to be somewhere Read more...
Welcome to the world of people. Some clients you have are going to be just terrific. Others can make you regret getting into the real estate business altogether. Most are probably going to be somewhere in between.
With that said, one of the benefits of working in our real estate business is the ability to work one-on-one with people. Not only are you helping to fill their needs, but also create positive, long-lasting relationships in many cases. Remember that after you finish real estate school with us and get out into the real world you’re going to find that not all people are as easy to deal with as you might like. Sometimes, you’re going to have a client that is.. well.. let’s just call them challenging.
Whether you are a seasoned real estate agent or a new Realtor who just passed the real estate license exam, there are a few simple things you can do to make these difficult relationships easier to manage.
#1: Keep Your Calm
No matter how awful the things are that the client may be saying, it’s essential to remain professional. If you have to rant and get some of your frustrations off your chest do so in private (not with agents or other clients). It is always important to keep the focus on the transaction. Remember, you do not have to work with them again.
Consider this. When a client is difficult, you may feel as though they are not worth your time or energy. Keep in mind that some difficult clients may be self-aware enough to recognize this about themselves. If you stick with them long term, they are more likely to continue the process and transact. They may even surprise you and refer you other business. It’s not always going to be easy, but it can be necessary to stick it out and maintain your composure and professionalism.
#2: Listen to Their Underlying Concerns
What happens if you encounter is a client that’s seemingly always unhappy? They complain about every property even though they’ve just asked to see it. They may say that the price is too high and the neighborhood isn’t good enough.
A true leader can recognize that constant negative behavior like this may point to a larger, underlying problem. Sit down with your client and talk about what you’ve looked at and the concerns you have had thus far. Then, ask them what they really want. Try to uncover their concerns. Are they truly ready to buy? Perhaps they are not sure if they have their finances teed up. In other cases, they may be be a fear of completing the purchase and make this type of commitment. Their complaints are just symptomatic of another issue.
Bear in mind that there are situations where their concerns will be valid. Perhaps they don’t feel you’re putting enough time into them or that you aren’t giving them what they need. It’s important to get them to clarify the root of the problem so that you can address it and move on.
#3: Respond to Them Sooner
Let’s say a client contacts you at 9 pm. What he or she said is irritating to you. You want to clarify the situation, but it’s already so late. Are you going to spend the night tossing and turning as a result of this situation? If so, it’s better to respond now and get it over with, so you can sleep.
The key here is when a client raises a concern about any factor, make it a priority to get it figured out as soon as you can. This helps to validate the client’s concerns. That doesn’t mean you are agreeing with them or even accepting any type of blame. Rather, you are simply moving things forward to the next step in the process.
Be sure to restate their claim or concern. For example, you might say, “Thank you for your email. I understand you are concerned with the timing of this sale….” You do not have to provide a solution right away, but you can tell the client you’re working on it or set up a time to talk about it.
#4: Let Go of Fear
Let’s say there is a client that just downright doesn’t understand the rules of the game. The buyer may want to underbid every property you show them. What about a seller who is adamant about overpricing the home? Worse yet, what about a seller who is refusing to make proper disclosures to a buyer? In these situations, you may be afraid to lose the client, but you have to step outside of that fear.
Be frank and honest with your clients all of the time. Tell them what is going to happen in any given situation. “If we underbid this by that much, we’re going to lose it to a competitor’s bid. Here’s what I think we should do.” Or, state, “It’s legally required to communicate this information. If you are not willing to do that, I need to step away from this relationship to protect my real estate license.”
Sometimes, you have to say what they need to hear frankly. Taking charge like this doesn’t mean being aggressive, but it means reminding them, in a positive way, that you know what you are doing.
#5: Find a Solution as a Priority
When clients are difficult, there is generally a reason for this. Your goal is not to ignore that concern. Rather, it is to find a compromise or solution that works for them.
We are in the business of helping people, and that often means figuring out what they want and need without them clarifying this. There will be times when you will miss the mark or make a mistake. The great real estate agent will admit those mistakes and find a solution to recover the client. How can you improve this situation if you were wrong?
On the other hand, if the client is wrong, you may want to throw your hands up and walk away. Before you do that, explain what’s happening. Then, offer more than one solution. By giving your client an option, you put the ball in their court. They now remain in charge of the outcome.
Difficult clients happen in every business. As you work to build your real estate career, you will find that there are 10 good clients for every bad one. Those are good odds, and it can mean that that one individual is pushing you to become a better agent, one that has to step outside of their comfort zone to support their client and your real estate sales business.
I’m always looking to bring our readers value. If I can be of service, please let me know. Feel free to reach out on Instagram or by phone at 888 768 5285.
Side note - If you read this and aren’t scared away at the prospect of real estate sales and want to enroll in our real estate school, feel free to do so here. We would love to have you as our newest student!
Love,
Kartik
|
Happy holidays! Did you finish your real estate license courses as yet? Have you prepared for the real estate exam?
In a way, I almost feel bad for our real estate school students who get their real Read more...
Happy holidays! Did you finish your real estate license courses as yet? Have you prepared for the real estate exam?
In a way, I almost feel bad for our real estate school students who get their real estate licenses during the holidays. Becoming a Realtor in December can be a tough thing. A common objection that real estate agents get around this time of year is that sellers and buyers say they want to “wait until after the 1st”. While potential clients are waiting you aren’t earning.
I wanted to write an article to answer the question of “Is selling your home during the holidays, a good idea?”
Traditionally, home selling during November and December can be a bit slower depending on your market. People often put it off until the New Year for no real reason other than the perception might be that the first quarter of the next year is better than the fourth quarter of the prior one.
It’s important to recognize that there is no “best time” to sell a property - the best time is when your client is ready to move. There are a few key reasons why selling during the holidays could be the ideal choice. If you have clients that are on the fence about moving now, communicate the following as to why this could be the perfect time to list.
There Are Far Fewer Homes on the Market
Perhaps the most compelling reason to list during the holidays is that there tends to be less competition. Depending on where you live, inventory can be a concern. People are buying homes throughout the year – including the final quarter. At the same time, fewer sellers list at this time, creating more opportunities for your listing to sell faster and for more money.
Compare this to the spring and early summer when there are more listings that tend to hit the market. This increase in supply can contribute to more of a buyer’s market as supply increases which can drive marketing times up and prices to soften. When your home hits the market during the holidays and it fits a buyer’s needs, and it’s the only one that does, buyer don’t have that luxury of tire-kicking. This can work in your favor as a seller every time.
You Might Sell Faster, Too
Along with that increased demand for your property is the likelihood that your home will sell faster. Redfin did a study back in 2013 that found homes listed during the fall and winter months sold 65 percent of the time – which is more than any other time of the year. They also found that homes that sold between December 21st through March 21st sold closest to their listing price.
For sellers, this means a sale more likely closer to list price.
Holidays Buyers Are More Committed
When selling a home during the spring and summer months, you’ll find that many of the showings rarely write offers. While that may be for many reasons, one key fact is that many people looking at homes during summer might not be ready to buy. They are browsing or window shopping during the summer. The weather is nicer and open houses can be a “thing to do” on a lazy Sunday afternoon.
However, buyers looking for a home during the winter months are likely to be far more serious. They are ready and tend to be qualified buyers, too. Consider why this may be. A person buying a home in December probably does not want to spend all of their extra time going from home to home – there’s much more to do. Family might be in town during the holiday season, the kids may be off of school - personal time is at a premium this time of yet. Net-net wintertime buyers are often serious buyers and ready to go.
You Can Create Some Holiday Magic to Show Off Your Home
Though you shouldn’t overdo it, adding a bit of holiday magic to your listing can be an excellent way to move buyers into action. For example, if you live in an area where people routinely decorate for the season, adding a few holiday decorations and creating a formal, but elegant display can help people see themselves in that home next year, doing the same. In other words, the holidays can work for you here.
As a real estate agent, the holidays present an opportunity to light up the fireplace and to bake some cookies, too. Why go to this trouble? You’re setting the stage and creating an opportunity for the potential buyers looking at your listing to see what life could be like if they buy from you. What other time of the year is your home as inviting? The holidays can be magical.
People Moving for Jobs Need Homes Before January
Many people switch positions and relocate around the beginning of the year meaning they might be forced or at least incentivized into buying a home in December. You may find that this creates an influx of buyers for you in the last few weeks of the year. If you live in an area where job growth is plentiful and high-paying positions are common, this is a key reason to take listings now rather than wait until the New Year.
When Is The Best Time To List A Home for Sale?
There’s no right answer to this question. We should be ready to help our clients whenever they need it and do what’s in their best interest. The perceived benefit of waiting until the spring months to list might not be real. Remember that the spring and summer periods are when sellers may have increased competition to sell.
If you are considering enrolling in our real estate license school, please feel free to reach out on Instagram or call the office at 888 768 5285.
We are always happy to help! Just like selling a home, starting real estate school to get your real estate license doesn’t have a “best time”. The best time is when you are ready. There’s no time like the present!
I'm looking forward to having you as our newest student!
Love,
Kartik
|
I don’t think that anyone can deny that nearly every business should have a website of some sort. To the extent you can, it’s far better to control your own digital footprint rather than have the Read more...
I don’t think that anyone can deny that nearly every business should have a website of some sort. To the extent you can, it’s far better to control your own digital footprint rather than have the world do it for you.
According to one recent study, an incredible 93% of all interactions between a business and its customers begin in the exact same way: with a search engine like Google. For that reason alone, the quality and execution of your real estate website is of paramount importance - especially in those fragile early days of your career.
OK so you finished real estate school and have passed the real estate license exam and obtained your real estate license. Your career can begin in earnest. But without the right, thoughtfully designed website to make your presence known, you're not going to get as far as quickly.
Thankfully, designing the perfect real estate website - one that is compelling, that properly speaks to what you do and your value proposition - isn't necessarily as difficult as you might think. All it requires is the right approach, and for you to keep a few core things in mind.
Understand Your Goals
Before you think about the actual design of your website, you need to come to terms with exactly what that design needs to do. Yes, there's a certain element of marketing at play here in that your website is supposed to be selling something. Only instead of pitching your products and services, in our real estate business you're really selling the most valuable asset of all: yourself.
But even more than that, you need to understand that your website is more than just an advertisement. It's a way to make people aware of your unique perspective on the real estate industry, it's an opportunity to establish yourself as an authority in your market and it's a way to begin building trust - essentially all at the same time.
If your site comes off as little more than an expanded advertisement that someone might see when searching through Google, you're not going to be able to do any of those things. Therefore, your real estate website needs to be genuine, honest, informative and legitimately helpful - all in equal measure. These four qualities need to inform every decision you make moving forward, from design all the way down to the type of content you create and share.
Get Specific With It
There's a common misconception out there that the right real estate website needs to appeal to the largest audience that it can. But the truth is that your visitors will rarely come to your site looking for a home across an entire state, or even in a larger city. They're going to be looking for information on current listings in specific neighborhoods, and you need to be able to capitalize on that.
All of this is to say that you shouldn't build your site in a way that claims you're an authority on "real estate in California" or even "real estate in San Diego, California." Hone in on specific neighborhoods and communities that you have the most experience with. Integrate Multiple Listing Service (MLS) and Internet Data Exchange (IDX) search capabilities into your site in a way that allows people to focus their efforts on those places they really want to live in. Establish yourself as an authority at first in a few specifically targeted areas and work on building your reputation - and your client list - over time.
You can always expand your focus later as your business does the same, but in those early days don't be afraid to get as granular as you possibly can.
It's Also About Supplementary Features
Remember that the goal of your real estate website shouldn't JUST be to offer listings for homes in those areas, though. Listing sites are a dime a dozen - the chances are high that people will have seen information about a lot of those current homes in other areas before they ever stumble across your domain.
Instead, you need to go above and beyond that idea - turn your site into a true informational and educational resource in every sense of those words. You should absolutely be writing blog posts that give insight on current trends in the industry. Poke around my blog. I’ve been in our business for almost 20 years and I have written over 200 articles and recorded over 1,400 videos on real estate topics. This helps to establish me as an industry expert. Remember, however, that I started out just like you - 0 followers and 0 content. It takes time and consistency to make it work. The sheer volume of content being produced every second is making it harder and harder to get noticed. This underscores the fact that you have to pump out as much high quality content as possible to get known.
So what to do? As a new agent take the time to write a few hundred words that take an important real estate topic and break it down in a way that is easy for anyone to understand. Write about what people should look for in a first home and what they shouldn't be focusing so much of their attention on, for example. Try and integrate videos, a comment section, mortgage calculators and other things that will make the house hunt as easy as possible.
Don't forget that you're not just trying to get someone to buy or sell a home. You're trying to convince them to buy or sell a home with YOU. To get to that point, people need to see you as an authority - articles and videos go a long way towards establishing precisely that.
Reviews, and Lots of Them
Last but not least we arrive at the concept of reviews - something that is particularly important in terms of your long-term success in real estate.
People aren't just going to take your word for it that you know what you're talking about. Real estate has always been built on relationships - someone wants to buy a new home and they immediately turn to their friends and say "hey, do you know anybody I can call for help?"
The Internet operates in exactly the same way, to the point where a massive 90% of people who responded to a survey who read online reviews claimed that those positive reviews absolutely influenced their eventual buying decision.
When you close on a deal with a client, ask them to write you a review. Then, get that review up on your website as soon as you can. Then, share those reviews on social media sites like Facebook and Twitter - which should also be integrated into your site. Do this as often as you possibly can.
This will help you establish social proof, which truly is the currency of the modern era. The more someone sees that others value what you do, the sooner they'll start to value it, too. At that point, you'll have a steady stream of hot new leads headed straight to your door.
At the end of the day don’t be afraid to shine and show off a little. If you can add value somewhere by earning a 5 star review or writing a blog or recording a video do it! Don’t be afraid to show the world that you are a real estate expert and you know what you’re doing.
If I can be of service, please let me know. You can connect on Instagram here or reach out by phone at 888 768 5285.
Love,
Kartik
|
It’s Saturday and I’m at a local coffee shop banging away on the keyboard. I like working on stuff like this on Saturday and Sundays. It’s quiet.
Yes i have a few people in the office today, Read more...
It’s Saturday and I’m at a local coffee shop banging away on the keyboard. I like working on stuff like this on Saturday and Sundays. It’s quiet.
Yes i have a few people in the office today, but it’s nothing like the sometimes pandemonium associated with a weekday.
I wanted to write a quick article about why weekends matter to the entrepreneur because it’s not hard to argue that there’s never been a better time to start your own business. Between the ability to reach a large audience and access to technology, individual people with great ideas and a solid work ethic have a better chance to succeed in today's market. However, that does not make success an easy thing to achieve.
Statistics indicate that around 62% of adults think that becoming an entrepreneur can be an excellent career. When you break down those numbers, though, you'll find that nearly 50% think they themselves are equipped to become an entrepreneur and 40% believe it's easy. Let's just cut to the chase — the people who think it's easy are mistaken. Ask any entrepreneur who has even a modicum of success and they have likely taken ridiculous risks and worked very hard to make their baby fly.
Notwithstanding those “entrepreneurs” who have “Phds”. If you're wondering, a PhD means “Papa Has Dough”. For the most part, I’m not talking about those who had a family member give them money to “start their own thing”. I’m talking about the real entrepreneurs who started from nothing and actually built something great.
Entrepreneurship sounds like a great business because Instagram and other social media outlets inundate us with information about the benefits of being self-employed. Some of this propaganda includes an excitement about the work you're doing, the ability to make a living doing the things you love and being your own boss. What you might not be aware of is that small business owners often work longer much longer hours than their employees. At least they do if they're building a successful business.
I'm not totally complaining about the glamour that the Internet has put on the business of real estate. It's helped push lots of people to enroll in our real estate license school and pass the real estate exam.
Still, it's important to remember that there is only so much time in a day and time is your most valuable commodity. This is why many entrepreneurs work every day and set their schedules so that they can optimize the time when they're working. If you have a great idea and are launching your business, here are some reasons you should consider working weekends.
Why Entrepreneurs Don't Follow the Typical Weekend Schedules
For a typical employee, there are set number of days where work is required and specified days off. The most common model by far is Monday through Friday, 9-5. This may vary but, for the most part, Saturday and Sunday are days off to catch up on personal errands or spend time with family and friends. These are the reset days for the typical working world.
For an entrepreneur, taking these days off completely may not be possible if they want their business to thrive. Because the rest of the businesses they deal with are likely closed on one or both of those days, the weekend becomes a fantastic time for entrepreneurs to catch up, refocus, and innovate.
This doesn't mean that you have to work around the clock to run a successful business. In fact, doing that can easily lead to burnout. A work/life balance is important for healthy relationships outside of your career. But most entrepreneurs do find ways to use their hours creatively to improve their productivity. This might mean taking downtime on a weekday so that you can work through the weekend. It might also mean working part of the day on a weekend so that you can participate in social events around your work schedule.
Benefits to Using Weekends for Work Time
There are a few reasons that entrepreneurs work through many of their weekends. Here are a few benefits to working through other peoples' downtime:
• Fewer Distractions. Working on a weekend allows you more time to focus uninterrupted. This is true whether you're a business owner or work on a team. Because your clients and other professionals usually don't work on Saturday or Sunday, you won't have to spend time fielding calls from clients, attending conference calls, or attending to different things that might pop up during a regular business day. This gives you the uninterrupted time you need to focus on a single task.
• Time to Plan. Weekdays tend to fly by with many demands and few chances to catch up. This is especially true for small business owners who often take charge of multiple aspects of their company. With the rest of the world off the clock, the weekend gives you time to assess your previous week. You can check to make sure you've stayed on schedule with assigned tasks (and catch up on tasks you didn't get to). This time is also a great way to plan ahead for the following week. If you choose a day over the weekend to plan and assess your progress every week, you'll be more likely to keep your benchmarks in mind and achieve short term and long term goals.
• Less Rigid Schedule. Working on weekends doesn't have to feel like you never get a day off. You don't necessarily have to work from the office and you can even plan your hours to suit your mood. I’m sitting in a coffee shop right now with my laptop and a latte. It feels little less like work when I’m in a pair of Jordan’s and jeans as opposed to a suit and tie.
There Are Down Sides, Too
Successful entrepreneurs build their businesses to a large degree because they've put in the work and effort. That does come with sacrifices. While it's true that many small business owners use weekend hours to help them get ahead, that doesn't mean it's always easy.
For lots of us including myself the work is something we love and are excited about. We often enjoy putting in long hours and have a sense of pride and purpose in what we are doing. However, that doesn't mean it's always easy to spend your Saturdays and Sundays working when the rest of the world is getting that time to take care of their personal needs.
Here are a few negative points to working weekends that you should be prepared to navigate:
• Loved Ones May Not Understand. If your significant other is on the “regular” world schedule, they may not understand the long hours you put in at your company and it can lead to arguments.
• Most Personal/Social Obligations Are On Weekends. This is especially true if you have children but even single people will find their social calendar is mostly full of events on weekends.
• You Miss Out On Some Great Events. It's not all about obligations. Working those hours also means you'll miss out on fun events that you'd enjoy attending. A football game in the middle of a Sunday might be something that is playing on the TV or online in the background as opposed to you being able to physically attend the game.
Building a thriving business means working longer hours than you would as an employee. That's simply a truth. Weekends offer you hours to catch up and get ahead of your competition.
I’m always looking to bring you value. If there is anything I can do to help, please reach out on Instagram or call the office at 888 768 5285.
If you are interested in becoming a real estate agent, please call me or my team. We are happy to be of service.
Love,
Kartik
|
A little different type of blog from me this time. I wanted to write something for those that have already finished our real estate license courses and are working in the field.
I was browsing some Read more...
A little different type of blog from me this time. I wanted to write something for those that have already finished our real estate license courses and are working in the field.
I was browsing some listings on the MLS recently and was horrified at some of the pictures agents were uploading but even worse was of the copy used to describe the listings. Problems with syntax, punctuation and tense were not uncommon.
If you have a listing now or are going to take one soon, I would recommend making sure your ad copy is extra tight. Remember that besides pictures, the ad copy is the most important part of your listing marketing material.
There are really no hard and fast rules for writing real estate ad copy, but guidelines exist to help you capture reader attention and generate responses. The goal is to highlight enough desirable features to prompt an online visitor to click through to the full listing, or to prompt a reader to call for additional information.
The prime directive is to avoid the temptation to "oversell." Use superlatives in moderation and be sparing when including value judgments in your descriptions. Remember that only one home can be the "best value" in a neighborhood, and even that is subjective to the point that it has little meaning to a prospective buyer.
Readers tend to gloss over phrases like value-priced, priced to sell and won't last long. Common terms like amenity-filled, chef's kitchen, memorable views, and stunning architecture are overused and ineffective. The goal is to be descriptive in a manner that is meaningful, while still leaving something to the imagination so that the reader wants to know more.
Writing Real Estate Copy 101
Writing ad copy that gets results isn't difficult, but it can require thought. Here are specific elements you can employ to make your efforts more effective.
First, define your target audience: Online property descriptions will have a different focus, and a different tone, than a printed brochure or an open house handout. But all copy should include, at minimum, a headline or title. It might be as simple as the property address; however, if you can use a catchy descriptive phrase, do so. Something like "Come Home to a View of the Ninth Hole" would appeal to someone looking for golf course property.
Then, add gas to the fire of imagination: Place yourself in the potential buyer's shoes and provide a "hook" that makes them want to continue reading. Focus on the lifestyle that can be theirs if they move into the home. "Enjoy a refreshing cool drink on your expansive poolside patio as you look forward to your next tee time at the award-winning course adjacent to your property." A brief description of the overall appeal of the community and the home's general description can be included here.
It can be as brief as you wish, or it might run to several paragraphs, depending on actual space and your purpose. Say something like: "This 3-bedroom, 4-bath, 3-car garage contemporary offers everything necessary for living the good life -- privacy, convenience to schools, shopping and entertainment, an easy commute to the business center, and abundant leisure time enjoyment options with neighbors and friends."
Finally, highlight the most important home features: This is where you should strive to paint meaningful word pictures. Be descriptive, but not overly detailed. Leave some specifics out. You might say something like "Old-world craftsmanship is evident in the finishes used throughout the home's 4,200 square feet, especially in the fine wood paneling and bookshelves of the home's private office."
Or, you can point to the evidence of upscale options and trendy finishes that "include an eco-friendly, sustainable choice of recycled glass countertops in the kitchen, low-VOC paint throughout, and main-level flooring crafted from reclaimed timbers."
Whatever you write in words is always better when accompanied by professional photographs that graphically illustrate the same features. It's not necessary to include a book's worth of photos, but words and pictures are better when they go hand in hand. There is little more disheartening for a prospective buyer than to read a glowing description of a home spa retreat only to find that there is no photograph of the space included with the listing or in the brochure. Coordinate your efforts with your photographer and your marketing team.
Keywords and Buzzwords
Define your potential market. Imagine what prospective buyers would type in to an online property search: Don't simply toss around phrases like "high-end finishes, family-friendly neighborhood, or spectacular views." Instead, utilize popular keywords to generate interest, adding filters and qualifiers as needed, such as the city or subdivision. Examples include:
• Beachside Cottage
• Ski Retreat
• Urban Condo
• City Lights
• Mountain Views
• Polished Wood Flooring
• Gated Community
Know Your Market
The copy you write about a high-end home will naturally be different from the copy that describes a mid-price starter home, but the same principles apply. However, don't make the mistake -- in either case -- of believing that buyers on one end of the price spectrum are any less concerned about quality and value, energy savings and sustainability, style and safety, or built-in features and community amenities.
Make every effort to describe a lifestyle rather than listing specific features. Weave specifics into general descriptions of rooms and spaces. While studies have confirmed that online readers appreciate skimmable copy and bullet points, lists can be overused. Typically, 8 to 10 bullet points are sufficient. Always stop short of making your property description simply a "laundry list" of features.
To write meaningful copy, acknowledge that there are some home features that should be specifically mentioned:
• A backyard pool, because it can be either a selling point or a deal killer, depending on the buyer;
• An eat-in kitchen;
• Ensuite baths for each bedroom;
• A detached garage, casita or other type of auxiliary building;
• Specialty spaces, including an exercise room, home theater or media room, finished attic, in-law or au pair quarters; and oversize lots or adjacent acreage or public land.
• Solar panels, or alternative energy provisions, including 240V electric car charging stations.
Use your in-depth knowledge of the local market to determine what other features deserve mention, knowing that your decision might vary substantially from one neighborhood to the next, and even from one season to another.
Monitor reactions and responses you receive, and adjust the way you write your next property description based on the feedback offered by clients.
Finally, never forget to include your contact and broker information (along with Department of Real Estate license number) and a call to action. You never know who will become your next client, or when and how they will appear. Ensure that you can be reached by anyone in need of your services!
Of course if there’s anything I can do for you, including helping you get started in our real estate license courses, please let me know or call 888 768 5285.
Love,
Kartik
|
