I recently received an email that went like this:
"Dear Kartik:
“I'm addicted to social media and I can't get over how successful all these real estate agents on Instagram seem to be. I see every Read more...
I recently received an email that went like this:
"Dear Kartik:
“I'm addicted to social media and I can't get over how successful all these real estate agents on Instagram seem to be. I see every other realtor on 'the Gram' closing what seems like an endless amount of real estate transactions and I can't seem to keep up. I've done eight deals so far this year and I compare myself to other realtors online and it seems like I'm doing so much worse than they are.
How do I break my addiction because I keep comparing myself to other people online?"
This is a very good question, actually. I think that a lot of people these days are addicted to their cell phones and specifically to social media. I mean, the addiction to our phones and technology has gotten so bad that the latest version of the iOS operating system actually has a screen timer showing the user how much time was spent on their phone.
Anyway, there was actually more to this email. The writer had actually listed a few agents that seemed to be doing really well on Instagram and I used a system called Broker Metrics to look up how many deals these agents had done. Turns out that he author of the email had actually done MORE deals than the agents that he was comparing himself to!
Now, I know that there's different ways that you can count how many deals you did. I understand that sometimes transactions can be co-listed or maybe you're on a team and the offer was written in the name of your "team leader" and you didn’t get credit through the MLS. I understand all that. But, it's important to remember that the things people put on Instagram or Facebook or Twitter are the most pleasant parts of their lives. Society picks and chooses what they want to share with the rest of the world. All these posts to is try and control your perception of their reality.
Remember to keep the following in perspective:
1. Much of society is addicted to technology. Particularly their cell phone.
2. A subset of that society is admittedly addicted to social media.
3. Not everything that you see on social media is real.
So, it's important that we stop comparing ourselves to people online because more than half of it is fake. So, go back to work. Focus on what makes you successful. Closing real estate transactions, helping clients, stacking cash and building a career. Forget what everybody else is doing online. You could spend your whole life on the sideline watching what other people are doing, or you can get in the game, play and win.
Love, Kartik
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How to Use Social Media to Get Real Estate Business
Social media is one of the most important ways to get business today. Most people are on their phones interacting in the digital world at least as Read more...
How to Use Social Media to Get Real Estate Business
Social media is one of the most important ways to get business today. Most people are on their phones interacting in the digital world at least as much as they are with the physical world. Nurturing relationships online through outlets like Facebook and Instagram can help build trust and brand recognition between you and a prospective client.
To better understand how people in the real estate business use social media I recently met with a good friend who works at a large mortgage company in Orange County. When I met with her for a recent interview she was working with an escrow company and helped build their business using the power of Instagram and Facebook. She was kind enough to share some insider tips on how she uses social media, specifically Instagram, to gain followers and new prospects.In this interview, I was able to find out three key things:
• What she posts
• When she posts
• How she decides what to post
Danielle Benevides has done a great job building this escrow company using Instagram. Here is the gist of our interview, which you can also watch in full here on my YouTube channel.The main takeaways from our interview are these strategies:
1. Merge your personal and professional accounts into one.
2. "Like" other people's posts and engage with them.
3. Reach out to your followers by sending them messages.
4. Post at times when people will be more engaged with social media, such as before work, during lunch, after work and before bed.
5. Post updates that present you as a productive and successful professional, such as you going to an open house, you meeting with clients, you selling a house and so on. Be personable and relatable through these posts.
6. Find an Instagram account in your field that you admire. What makes it so successful? Ask yourself are there models that you can copy before you start doing your own thing? It’s important to not blatantly rip off others and be authentic as you consider this strategy.
7. When you build a following, you can do more and gain an even bigger following. It’s easier to go from 15,000 followers to 20,000 followers than to go from 0 followers to 5,000. Scale is important.
How Danielle Benavides Uses Instagram to Gain Business
Danielle: "Basically, I'm very intentional with what I post on Instagram. I'm very intentional about who I add. It's all a very methodical process. Something I encourage agents to do is to merge their personal profile with their business one. So far, that's really worked to my benefit. By merging accounts, I'm exposing what I'm doing in my daily routine, such as being out with new clients, visiting an open house or doing anything related to business. I'm posting these things and people recognize it. I'm also liking other people's photos, which establishes an online relationship."
Kartik: "Some people think that the business page and personal page should be separate. You don't think so. Why?"
Danielle: "I think it should be all in one. It's time-consuming to go back and forth and log into different accounts ... I hear from agents that they don't even log into either their personal or business profile. When you're trying to juggle two accounts, you won't have the best results."
Kartik: "What about people who didn't grow up with technology or those who may think that social media isn't relevant to their business?"
Danielle: "I work with some clients who aren't really into social media. I encourage them to at least try it out because it is something that they should put into their business. Social media can be a huge part of their success."
Kartik: "What is a good engagement strategy for those who want to get started?"
Danielle: "What I have found myself doing is that I will purposely go on Instagram and start liking pictures of real estate agents that I follow. I even go into my search bar and find real estate agents I know. I seek them out and message them if I want to, like send a DM about my escrow services. You're not working that hard to send a message online. It cost me more gas and time to visit friends than to touch my phone and start sending messages."
Kartik: "A lot of people struggle about what content to post and when they should post it. What do you do?"
Danielle: "It's important to post at certain times of the day when people are more likely to look at their phones or check social media.
• Before 9 am: Lots people get to work between 7:30 and 9 am and check their social media with a cup of coffee.
• Noon during lunch.
• After 5 pm: Work is over and people have some downtime.
• Between 8 and 9 pm: The day is usually done and there's some wind-down time before bed.
Kartik: "What are your end goals with social media?"
Danielle: "My goal is to continue building my following and use it as a tool to get business. I also want to be a leader in my field. I want people to use me as an example, just like the people I look up to on Instagram. I try to follow their methods and implement them into my strategy."
Learn More About Real Estate and Social Media
Once you build an audience around yourself, you can monetize and build your brand even more. I'm so thankful to hear some expert tips from someone who has used Instagram for her business with real results.
If you’ve considered taking online real estate classes visit our website here. If you want to take real estate classes in Los Angeles or in Orange County we have you covered also! To learn more about using social media for real estate, subscribe to my YouTube channel here.
Love,
Kartik
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5 Things I Love About Home Ownership No matter what you’re selling a basic belief in it is critical. It’s hard to sell something that you yourself don’t see value in. I genuinely love real estate, Read more...
5 Things I Love About Home Ownership No matter what you’re selling a basic belief in it is critical. It’s hard to sell something that you yourself don’t see value in. I genuinely love real estate, and there are countless reasons why. Because of this, I have no problem talking about it with everyone I meet. However, for this blog, I’ll limit myself to just a few reasons.Here are five things I love about homeownership.1. Fixed PaymentsWhen you get a home loan with a fixed interest rate, you lock in your payment for the next 15 to 30 years. Your payment is locked – even if the world around you changes. This means your payment will stay the same even while the cost of living is guaranteed to increase over time. This predictable and stable payment will help you plan financially without the fear of increased living expenses.On the other hand, if you rent, your payments are virtually guaranteed to increase as demand and population increase.When you own your own home, your housing expenses are locked in, which only gives you more margin because you’re not continually paying more to live at the same property.2. Likely AppreciationOver time, the value of your home is likely going to increase. Just how much won’t be the same every year, but on average California real estate goes up 4 to 8 percent annually.In some years, values may rise more than 20 percent, and in bad years values can go down — but everything ultimately averages out to a steady rate of appreciation between 4 and 8 percent.Without any effort you’re going to get richer through appreciation.3. StabilityOwning a home gives you a measure of stability and certainty in your life. You also get more control over basic lifestyle decisions without having to ask a landlord for permission. Do you want to paint your walls? Go ahead! If you want a dog, you don’t need to ask your landlord or pay a pet deposit — after all, it’s your house.Also as I mentioned before, fixed payments provide a static housing expense that won’t go up with inflation. In an uncertain world, this is a good thing.4. Forced SavingsIt doesn’t matter if you’re frugal or not — owning a home forces an increase in net worth over time.Even if the value of the home never goes up, the mortgage balance is going down through the process of amortization. This forces you to build some level of net worth even if your property isn’t appreciating.In California, you’ll gain more equity by an ever-decreasing mortgage balance, which will give you access to funds in the future. If your home appreciates, so you’re getting richer on both ends — with both a decreasing balance and higher home value to give you more equity.
5. Your Home Is an AssetYour home and other real estate form part of your estate, which can be left behind for future generations. The fact that your house is passable to others helps leave behind a legacy and keep wealth within your family.As a renter you are getting value in that you have a place to live temporarily, but the big picture is that you are helping pay off your landlord’s mortgage with ever-increasing monthly payments.I understand that in some markets people have the position that it is cheaper on a monthly basis to pay rent compared to a mortgage and that (in theory) that difference could be reinvested elsewhere but the truth is that so few people actually do that. For most of us, if we have money in our pockets we tend to spend it.Learn How to Buy and Sell Homes in CaliforniaDo you want to take real estate classes and get into the exciting world of buying and selling homes? Are you ready to share the benefits of home ownership with others? Then find out more about real estate classes in Los Angeles or even online real estate school today!
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Are We in a Real Estate Bubble?
A topic of debate in our industry these days is whether or not we are in a real estate bubble. With supply still relatively low, housing starts that don’t keep pace Read more...
Are We in a Real Estate Bubble?
A topic of debate in our industry these days is whether or not we are in a real estate bubble. With supply still relatively low, housing starts that don’t keep pace with demand and prices inflated, my impression is yes.
What do you think?
First, I want to follow up on a video I recorded earlier this year. I reflected on a tour I did of some new construction where Lennar homes had built homes within homes – sort of like an in-law suite. I then discussed what I suspected to be a real estate bubble brewing, even back then.
Back to the Mini Homes
These mini houses were built because Lennar might have suspected that housing prices in California had become so unaffordable that buyers would actually need demised space inside their homes so buyers could have their parents, children or tenants rent out the smaller space to offset the mortgage payment. The builder might also have predicted that joint families are becoming more likely for a greater number of buyers.
I spoke of an affordable housing crisis that had to come to a head somehow. Read on for some California market statistics that have me concerned:
The Numbers Say It All
In San Francisco County, the median home price as of Feb 2018 was $1.73 million. There was a strong increase in appreciation in San Francisco county because in January 2018, the median home price was just $1.33 million.
I’m located in Southern California, so naturally, I was interested in local statistics too. As of March 2018, the median home price was $805,000, but in January 2018 the median price was $780,000.
Frankly, I’m a big believer that we are in a bubble. It’s no secret that many in the real estate business don’t want to admit that the economic environment for housing might be in bubble territory. But I’ve been saying that we’ve been in a bubble for the past year.
Why Are Prices Increasing?
Prices are always some interplay of supply and demand. Supply could be defined as the number of houses on the market at any given time and demand refers to the number of qualified buyers.
We have had constraint in supply for the last few years relative to demand. The number of houses on the market in most areas just isn’t enough to satisfy the demand. This has caused prices to increase and a reduction in marketing times. According to the California Association of Realtors the average time to sell a home in California has recently been as low as 18 days!
Low supply coupled with relatively high demand because of low interest rates and other factors have resulted in an extreme amount of appreciation. I believe that this isn’t sustainable and the market must balance out eventually.
Why the Correction Might Not Be as Extreme as the Previous Recession
Despite the fact that I am a believer in the law of entropy I’m fairly confident that the next real estate market correction is unlikely to be as pronounced as the 2008 crash. This is not to say that another correction might not be worse, but I predict that the upcoming one should be a softer landing. It’s no secret that underwriting standards are pretty conservative these days. People generally have to qualify for financing and submit a bunch of documents to prove their financial ability to repay. There aren’t as the same number of stated income and stated asset loans out there that precipitated the 2008/2009 crash.
What will happen and when? We can’t be sure. Maybe it will be an international geopolitical event, maybe a domestic event or something else significant that will cause the market correction. Maybe interest rates edging up will cause the market to shift.
I just know that these prices aren’t sustainable.
A Brief Update: July 2018
This blog was based on statistics I found in earlier in 2018. Current stats from the California Association of Realtors state that the median price for homes in San Francisco have decreased to $1,620,000 as of the time of this writing. However, this is still a 7.9 percent increase of what the median was in May 2017.
In Orange County, the median home price has risen to $838,000, which is a 5.4 percent increase from its value in May 2017.
In short, the numbers still support my theory that we’re in a bubble.
What Do You Think?
Leave a comment on my YouTube video on this topic here. I would love to know what you think. Do you think I’m right? Am I wrong? Do you think these prices are just the new normal?
If you are interested in real estate classes in Los Angeles or even an online real estate school, check out our website here.
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Ways to Market in the Real Estate Business
It's impossible to build a successful real estate business without developing and maintaining a healthy sales pipeline. One obvious way to drive Read more...
Ways to Market in the Real Estate Business
It's impossible to build a successful real estate business without developing and maintaining a healthy sales pipeline. One obvious way to drive sales is to have a deliberate marketing effort, but with so many ways to market yourself as an agent, it can be daunting having to choose between so many marketing channels.
In this post, I’ll go over a few of the most effective to help build your marketing roadmap.
As always if, you are interested in online real estate classes or a live real estate school, visit adhischools.com.
Networking
One of the easiest and least expensive ways to market and raise awareness about you and your business is to start networking. In the physical world, this could be something as simple as handing out your real estate business card to people you meet and letting them know what you do. Although the person to whom you gave your card many not have an immediate real estate need, consistent networking can lead to a long line of referrals. The best part: This word-of-mouth promotion is free, and you never know who they will meet with real estate needs.You can also participate in local community events, particularly if you are in residential real estate. Whether you hang out at the farmers market or have a booth at a street festival, being involved in the area in which you sell will make people more inclined to work with you. Set a goal to recognize as a resource for local real estate.But what about networking in the digital world? This could mean maintaining social media accounts on popular platforms like Instagram, Twitter and Facebook. There are different ways to reach people once you're signed in. Don’t forget to post helpful and interesting content (like I do with our blog *cough* *cough*) adding friends, liking other people's posts, sending direct messages and more. After you meet someone in person, don’t be shy about asking to connect on Facebook, or following one another on Instagram. Make a conscious effort to reach out online, especially after making a personal contact.
Setting a Marketing Budget
While not a law, realtor.com says that you should be spending 10 percent of your commission income on marketing. Overall, have your spending match the caliber of what you're trying to sell. Compare the marketing associated with a starter home and a luxury mansion - they are totally different. If you’re interested in learning more about the luxury real estate market, check out my YouTube video.In most real estate markets nationally, the starter home is going to get plenty of interest solely based on price, so you may just need to create a listing in the MLS to get interest and have a few nice photos up. The luxury market, however, can be more competitive and particular, so save your money for extravagant and decadent open houses, professional photography/videography and promotions you will do throughout the listing period.
Paid Promotions
While on the subject of a marketing budget, there are plenty of ways to promote yourself that are worth the investment. Here are just a few ways to use your marketing budget to the max.
Boost your SEO
According to the National Association of Realtors, 90 percent of people searched for their home online. Increase your online search rankings in a local home search.
◦ Consider pay-per-click Google Ads to get your page higher in the paid search results.
◦ Hire someone with SEO knowledge to make your website organically rank higher.
◦ Increase your presence online by paying for premium memberships on listing sites like Zillow and Realtor.com. You can gain more visibility as potential buyers browse what's available because your profile will be featured while they are swiping through.
• Pay to boost your social media posts to reach people outside of your normal friends list on platforms like Facebook.
• When it comes to direct mail, utilize the services of a professional postcard marketing company like www.farming.cards to get your name and message into the homes of potential customers.
Be Memorable
Great marketing that is consistent will keep you fresh in the minds of your leads and contacts. When you are out there promoting your business and winning the trust of your sales pipeline, guess who your contacts are going to call when they have real estate needs?
Don’t Neglect the Direct Sales Approach Also
Marketing is great, but don’t forget direct sales. Work the phones, door knock and directly engage your customer. All of the aforementioned are totally F-R-E-E. =)
Learn More at ADHI Schools
Effective marketing is key to becoming a successful real estate agent. At our real estate school, we'll teach you strategies for becoming an excellent self-promoter and a real estate powerhouse! Register for ADHI Schools today!
- Kartik
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How to Dominate a Farm in Real Estate
You've finished your real estate classes and passed all the tests. It's official: You're now a licensed real estate agent. All those sleepless nights Read more...
How to Dominate a Farm in Real Estate
You've finished your real estate classes and passed all the tests. It's official: You're now a licensed real estate agent. All those sleepless nights filled with studying alluvium soil and the laws of the land have added up and paid off. After you put the blast the good news on Instagram, the question hits you: What next?
Starting off in real estate is at once the most exhilarating and scary times you'll find yourself in. After all, real estate agents aren’t in short supply, especially if you’re in Los Angeles or Orange County. The question becomes how do you pick a specific market area and get the majority market share in that community?
Breaking into high-end, luxury real estate isn't for the faint of heart nor for those who are off put by the idea of getting their hands dirty. This market is especially challenging for those with no prior experience, connections or repertoire. However, this doesn't mean there isn't a way to to get the job done. I’m warning you: It's will take work. (But hey, nothing worth having comes free — or in this case, without immense effort on foot.)
In order to get your name out there for those in your target market, your first step is to farm that area.
What Is Farming in Real Estate?
Farming a market is when you select a geographic or demographic area to focus on in hopes of growing your brand and ultimately your market share in that area. As time passes, you consistently nurture the market you've selected to farm through various marketing tactics that, over time, allow you to be seen as a trusted member in the community. Though geographic farming (as opposed to demographic farming) is generally thought of as the more common of the two forms of farming, both can lead to big breaks for newcomers to the realty world.
Consistency Is Key
To successfully break into your target market by farming, you need to be consistent. Farming is a long-term investment — not just financially. It's all about building and maintaining relationships with those in the community, and that takes consistency on a regular basis.
While you strive to make your name a well-known one in your selected area, you can work on building trust and connections by means of consistent communications. You can keep members of your selected community up to date with any new trends or events in their neighborhood by sending biweekly postcards — appropriately branded.
Knowledge is King
It's now a basic job requirement to stay on top of any and all changes that may occur in the market you're farming. Know if there’s a new shopping center being built in the area. Understand any new zoning changes that might be taking place in the near future. Keeping up on these changing market dynamics can be critical in continuing to bring value to your farm area. For example, door knocking with the latest pumpkin pie recipe is great around Halloween, but what about communicating recent sales in the area? If prices have risen or fallen it would be valuable to share this with owners in your farm area.
People love talking real estate - especially if it directly impacts their community.
Plan For Return On Investment (ROI)
When you're first starting out, it can seem like you're constantly dodging bullets and climbing hills. Needless to say, things can seem pretty daunting with a minimal client pool and little experience. Hey, that's why you're farming, after all! There's nothing to be ashamed of about being the new agent in town, but that's no reason to remain stagnant.The great real estate agents know that having a plan and executing it properly is mission critical. Make a budget and set achievable ROI goals. While time, progresses and your year march on, you can alter your initial plan with the insights you've gained thanks to new connections within your farming area and a better understanding of the people within the market.It's also important to bear in mind that farming by definition is a long-term thing.
Awareness Is Key
Being seen as the go-to source of knowledge in the area you're farming is the end goal. It means you're trusted and respected within the community, and have proven to be a reliable source.
Once you've established your role as the neighborhood's professional real estate agent, you'll have direct lines to various homeowners in the area. By coming around consistently and sharing valuable neighborhood and household insights, you're raising awareness about you, your brand and the service you provide. Also possible - the more people you know the more referrals you are going to get.
Keep in mind the law of numbers is alive and well - especially in real estate sales.At times, your real estate journey may seem daunting, but with proper farming, you'll have a positive rapport in the community and numerous satisfied clients in your phone. Follow up with them with intent and determination.
The biggest lesson I’ve learned from nearly 20 years in this business is that consistency is king.
Want to take real estate classes? We offer online real estate education as well as live classroom real estate courses. Let us know how we can help. =)
-Kartik
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FOLLOW UP IN SALES
If you have ever sold anything, you know that it’s extremely rare that a sale is made on the first contact. Even for something as benign as a shirt or bag, the customer Read more...
FOLLOW UP IN SALES
If you have ever sold anything, you know that it’s extremely rare that a sale is made on the first contact. Even for something as benign as a shirt or bag, the customer may need to come back to the store or review the item online a few more times before committing to the purchase. Before you enroll in a real estate school, it's important to be aware that real estate sales is just that - sales. Follow up is probably the most important aspect of the sales business.
Much of the time, it will take at least 3-4 contacts before your customer signs. In the case of real estate sales, it might take even more contacts as the sales cycle can be longer given the transaction size.
Even though this is a fact of business, most sales people don’t follow up nearly enough or as hard as they should.Reaching out to customers after an initial contact makes several positive impressions at once.
Here are just a few of them.
Follow-up and follow-through show your client:
• You're trustworthy.
• You're available.
• You care about their experience.
• You think they're special.
Mastering the art of the follow-up helps you become a more successful salesperson.
• You learn what the customer expects or wants.
• You give a customer the chance to be heard.
• You can convert a contact into a lead.
• You make the contact more inclined to work with you over other agents.
• You stay fresh in the customer's mind. Even if they're not ready to buy/sell right now, they may be later.
With so many benefits, you should definitely pursue following up as a key prospecting strategy to help you nurture leads and build more business.
How Many Times?
Statistics about agents who followed up more frequently versus those who didn’t are staggering. A recent report shows that agents who follow up on their leads five or more times made at least $200,000 per year. Those who followed up less frequently, even three times, reported significantly less earnings.To many of you, three times seems like a lot already, but it looks like five times is the magic number. Real estate depends on many tenacious sales tactics like this one. If you need to overcome the fear of prospecting, remember that the sale is made in the follow through, not in the initial contact.
The Nature of an Effective Follow-Up
If you're not following up with customers, you're setting yourself up to fail. The real estate game is all about gaining new prospects and leads. As such, you must constantly build your sphere of influence, your pipeline and ultimately gain the trust of new people.But before you pick up the phone or hop on the computer, you should take some time to review the best practices of a follow-up. It's more than just randomly calling people you meet. You need to contact people intentionally.
• First, have the right attitude. Sit up straight and exude confidence in your body language and voice. Your customers can sense if you're not sure about what you're selling.
• Follow up with hot leads first. These are the people who are most likely to become clients. You will get a higher success rate when you prioritize hot leads. Plus it’s easier to build your confidence with warm and hot leads rather than “leads” that are unlikely to buy.
◦ Segmenting your contacts is a valuable habit that will help you determine which contacts are more likely to lead to a sale — and therefore more worth your prospecting hours. Try cutting your prospects into groups of “hot” “warm” and “cold”. You must define what “hot” “warm” and “cold” mean. To me, a hot lead is one that will sign a contract in the next five to seven days.
◦ Follow up with a new lead within the first day.
◦ A hot lead should be reached every day
◦ Contact cold leads on a less frequent basis, between monthly and annually, depending on the nature of their real estate needs.
Hit multiple channels
Some people prefer one kind of contact method over the other, so being present on multiple channels can do wonders in reaching them. Here are a few to try:
◦ Phone calls
◦ Emails
◦ Text messages
◦ Social media DMs
◦ Event invites
◦ Direct mail postcards (check farming.cards as a valuable tool).
Vary your approach
You can make direct calls some days or use softer marketing techniques at other times. Sometimes offering informational content reaches leads without seeming too "salesy," such as sharing home-buying tips on a blog or advice on HVAC repair in a video.
Learn Real Estate Marketing and More at ADHI Schools
This is just the tip of the iceberg when it comes to a great real estate marketing strategy. When you take our online real estate classes, you'll learn the ins and outs about becoming a great agent who can nurture great client relationships. Follow up is a critical part of that.
-Kartik
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I recently received an email from a former student who asked me a question that every agent is bound to ask after getting busy. Whether you are taking real estate classes in Los Angeles or going to our Read more...
I recently received an email from a former student who asked me a question that every agent is bound to ask after getting busy. Whether you are taking real estate classes in Los Angeles or going to our real estate school in Orange County the below is applicable.
The email goes like this:
"Dear Kartik, I'm doing well in real estate and I think it's time to hire my first assistant. How do I go about finding someone, and when did you hire your first assistant?"
I'll answer his questions here.
How Do You Go About Finding an Assistant?
Overall, to hire someone, you need to take the following steps:
• Create a job description of the tasks you need performed.
• Properly screen candidates. Don't make impulse hires! There’s a great saying “Be slow to hire and quick to fire!” Good advice.
• Offer them a fair wage to reduce turnover.
After you hire someone, you should ...
• Train them well.
• Stay on the same page with your goals.
• Run your business by the rules created at the beginning but be willing to bend.
My Experience
To fully answer my student's question, I'll also explain my first hiring experience. I hired my first assistant four years after starting real estate, mainly because I had a lot of plates in the air at once. I was running my real estate brokerage business and working at the real estate school at the same time. Naturally, I was feeling overwhelmed.I actually feel like I got lucky with my first assistant. In fact, she's still working with us as the manager of our real estate school. I never screened an applicant before hiring her, but just ended up with a great assistant who stuck with me for the years to come.However, after gaining some experience in hiring more employees, I can now give you some real pointers.
Write It Out
The first thing I'd advise you to do is write out the job's description. What do you personally feel overwhelmed with? Do you need a personal assistant who can get your car washed one time a week and pick up your dry cleaning? Or, do you need a real estate assistant who can organize your files, input your listings into the MLS or oversee photographers and videographers? Hire someone who has experience doing these tasks or get someone who is willing to learn them well.
Properly Screen Candidates
In reality, hiring someone is always a little bit of a crapshoot. You’re going to do all you can to examine resumes and make applicants take personality tests, but there's always an element of luck in the hiring process. However, properly screening your candidates can reduce the chances of making hiring mistakes.
Here are some basic rules to follow:
• Don't randomly hire. Too many agents hire friends or friends or a spouse who was laid off, and then five months later they wonder why it didn't work.
• Avoid impulsive hires, even if you're in a rush.
• Check out their resume and make sure they have a background in the tasks you are giving them or are a good fit to learn.
• Use personality tests and other assessments, but don't let the scores define their destiny. I've seen someone who was told he didn't fit the agent personality profile become a successful broker and start his own company!
Prevent Frequent Turnover
Good talent usually sticks around with good pay, so offer a fair wage to eliminate turnover. After all, who will stick around if you offer just minimum wage? I've had people stay with me for five years, 10 years, even 14 years. Why? It's because I always think about how I can put more money in their pocket.I ask myself how I can make them more money ... because when they're making more money, I'm making more money, and the company's making more money. Pay your employees a fair wage and they'll not only work hard for you — they'll stick around.
Train Them and Have Accountability
After you hire someone, you'll need to do some degree of training. You should also hold them accountable for staying on task. Many agents like to have periodic meetings or phone calls to set goals and objectives because being on the same page is important. Whatever frequency you feel you need to communicate is up to you. I have some members of my sales team that I literally call three or more times per day. This might be a bit much for some of my readers, but it is what it takes when you are getting something off the ground from scratch.
Play By The Rules
Now that you're a boss, you need to make sure that you have all your legal ducks in a row. Have worker's compensation insurance for your assistant and withhold the right amount of taxes. Make sure the people you hire are properly classified as either independent contractors or employees.
Learn From the Best
Congratulations on getting to a point where you can hire your first assistant! I wish you the best of luck in the hiring process and hope you find the right person to join your growing business.If you are looking for the right real estate school, check out our website for real estate classes, or call us at 888-768-5285.
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Lots of people ask me how I find time to write as much content as I do and record as much video content as I have over the last many years. A lot of people have viewed our YouTube channel at my real Read more...
Lots of people ask me how I find time to write as much content as I do and record as much video content as I have over the last many years. A lot of people have viewed our YouTube channel at my real estate education company and want tips on how to create video content and podcasts. I decided to write an article about this from the perspective of the real estate salesperson. Since the vast majority of people reading my blog or watching my videos aren't really looking to start an education company, rather they are looking to get into the real estate brokerage business.
It's important to remember that real estate sales is just that - it’s sales! The more customers and clients you have the more money you’ll ultimately make. But how many potential clients can you reach a day by cold calling and door knocking? No matter your answer, podcasts can increase that number exponentially and expand your reach.
Consider the facts:
• Over a quarter of Americans listen to a Podcast monthly.
• In 2018, over 50 billion episodes were downloaded and/or streamed.
• Podcast listeners are wealthy, educated and loyal.
• The average podcast listener tunes in to seven episodes per week.
• California has the highest number of podcast subscribers of any U.S. state.
Recording a branded podcast is a distinctive and effective way to tap into this potential market — even more than paid advertising. Your podcast will put your voice and message in the homes and cars of potential clients in a way no other tool can. Podcasts position you as an expert in a given field.
Choose Your Topic and Message
You have something unique to offer listeners: your real estate experience and expertise. Buying and selling a home or building can be stressful, and most people see high-end real estate as daunting, too difficult to manage or something "other people" do. Your podcast can bring transparency to the process and clients to your doorstep.Choose a topic for your show that is specific to you and sounds great. A narrative or talk-show format can work well. It should be something you can discuss for 100+ episodes. Once your podcast becomes popular, you can broaden your topic. To get started, however, a frame to work within will help you stay focused.Your topic should also support the underlying message you are trying to convey. Always ask yourself what you want your listeners to leave your show knowing or wanting.
Find Your Voice
There are lots of different styles of podcasting. Choose one that aligns with you. Will you interview guests on your show? Maybe interview past clients or your broker? Converse with your co-host about real estate trends? Take your audience on audio tours of designer homes? Talk about investing in real estate? Regardless of what you decide to go with, it should sound natural and practiced.
Give It a Name
Listeners will decide whether to listen (or not!) by your name. It should be something that captures the topic as well as the message you are trying to send. A clever or witty name will grab your audience's attention. Is there a word or phrase that captures your mission? A regional phrase that is recognizable to potential local clients?Avoid names that are too specific. Instead, select something that is memorable, searchable and available as a domain. Your listeners will want to engage in your content across platforms. Your Podcast can drive your listeners to your YouTube channel, your Instagram or other platforms. If you don’t have these created - do it now! These will provide additional ways for you to attract clients and listeners and give you more credibility and provide additional ways for your audience to connect with you.
Respect your audience
Podcasts convey your message directly to your subscriber. They are intimate and create a connection between listener and host. Treat this relationship as though each listener is a client. Hopefully they will be! Practice, practice, practice. Just hitting record isn't enough to make your show worth turning in to hear. You may find that writing a script gives structure to your recordings. Or, if a more informal style is what you are after, try to stay on topic.Your audience will expect consistency. If you are going to produce a weekly podcast, don't skip a week! Choose a format and schedule that works for you. On the ADHI Schools’ YouTube channel, sometimes I will record 3-6 videos per week and leave these stacked away in a Google drive. This way, I always have content to bring to the community.
Invest the Time and Money
Buy proper recording equipment. This doesn’t have to be a big expense, and it's worth it in the long run. Nobody wants to listen to a muddied recording. You will need to edit your podcast for long pauses, errors or content that isn't relevant. One of the affordable and easy to use software options on the market will help. I recorded a Podcast about the audio equipment we use, but your setup doesn’t have to be this elaborate.
Join the Community
The podcasting community is tight-knit and supportive. Listen to other podcasts. These shows aren't your competition — they're your biggest resource. Inviting guests from other podcasts onto your show can help you make connections to potential listeners or clients.
Take Real Estate Classes
If you are interested in taking real estate classes in Los Angeles click here. Our real estate class schedule can be found here. If you want to call the office, please do so at 888-768-5285.
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It's nice to get a piece of a pie, whatever the size. But let's be honest: Would you prefer 3 percent of a $300,000 listing or of an $18 million mansion? The luxury real estate market is where you can Read more...
It's nice to get a piece of a pie, whatever the size. But let's be honest: Would you prefer 3 percent of a $300,000 listing or of an $18 million mansion? The luxury real estate market is where you can earn the big bucks — but breaking into it isn't easy.
Fortunately, one of my former students Jason Peteler recently sat down with me and discussed how he got into this lucrative market. Newer real estate agents can successfully transition into the luxury business by embracing these four points:
Be good at marketing.
Be good with people.
Know your area.
Don't start out alone!
1. Master the Art of Marketing:
Your image is everything in the high-end market. That's why marketing is the key to putting your best foot forward and spreading awareness about your brand.
You need to be where your potential clients are looking. The current trends are overwhelmingly in mobile and social media. If you're not on Facebook and Instagram yet, you need to create accounts today. If your website isn't mobile optimized, get some help to update it ASAP.
Every time you post, you should present yourself in a way your clients want to see you. Do you want to look negative and unmotivated? Of course not! Instead, post about your current successes and create the image of a confident and competent professional.
Get creative and post infographics, pictures and videos. You can even go "live" for a behind-the-scenes tour of a new listing!
2. Remember It's All About People!
Peteler briefly touched on being a "therapist" in his interview, and he's spot on. Imagine the stress buyers experience when buying or selling average-priced homes. Now multiply the commitment and risk by 10, and you have a client who's parting with or purchasing a high-end property.
Great real estate agents can help their clients cope with the stress and pressure involved with one of the biggest financial moves of their life. This interpersonal skill can make or break a transaction, because maintaining a good agent-client relationship keeps the ball rolling.
3. Know Your Area!
Who wants to work with an agent who doesn't know anything about the local area? When high-end clients approach an agent, they're looking for expertise. When you know the area well, you can sell the listing well.
Acquaint yourself with the area by spending time there: Eat at the local restaurants, talk to residents, walk around and soak in the sights and mood of the district. The more you know about the area, the more your clients will trust you.
4. Don't Start Out Alone!
Real estate agents who have successfully broken into the luxury market virtually agree on one point: Don't try to do it alone. You'll need to learn the ropes from agents who have real experience in the high-end market.
This can mean co-listing with another agent, being part of a team or even becoming someone's "apprentice." In fact, Peteler says that you should first follow a template: Copy what you see has worked for someone, and later you can expand upon it and innovate.
5. Get in Touch!
Another indispensable quality a luxury real estate agent needs is a solid education. To find out more about our real estate courses, contact me today. You can call the office at 888-768-5285 and we would be happy to help get you enrolled in California real estate license courses!
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