Getting on the Same Page

I had a good meeting with my boss today.

We are both busy people who have a lot on our respective plates and are never really without something to do. It is just a fact that one of his "plates" is making sure I am doing all I can to provide assistance, support and value to the associates and managers within our organization so they can continue to deliver outstanding service and memorable experiences to their clients and customers. 

When you start getting busy it becomes easy to think you're on track with your actions and on schedule to deliver what is expected but having some check points along the way is always a good idea.

How do you make sure you're on the "same page" with everyone and anyone who might be reading from the same manual?

Servicing Your Sellers

How are you "touching base" with your Sellers during the listing process? It might be a wise practice to schedule weekly "check ins" with all of your Sellers so you can discuss your marketing efforts, any changes in the market (new listings, price changes, new pending deals, buyer activity) and upcoming events you may have planned.

Doing this weekly allows you to create open communication with your clients and let's them always know what you're doing to not only maximize exposure on their home and generate potential interest, but eventually earn your fee they will pay you when it sells.

Another thing this might do is eliminate many of those "got a minute" interruptions that some Sellers might bother you with throughout the week if they knew they could count on your weekly call. Be sure to put it in your schedule and be diligent about making the call. Prepare your thoughts the morning of these calls and anticipate any questions or concerns they may have for you.

Scheduling these "check ins" at the time you take the listing will start your relationship off on the right foot and show them that they have listed their home with a true sales professional instead of someone who just sits back and waits for the market to deliver an offer. These weekly calls also eliminate the possibility of your Sellers saying they "never hear from you."

Positioning Your Purchasers

If you're a full time Realtor in today's challenging market, you know you don't have time to be a chauffeur and spend your day working with "lookers." You want to work with people who are ready, willing and able to buy, right?

We spoke in The Realtor's Toolbox earlier this year about the 5 Reasons for a Buyer Counseling Session (see video blog series here) so let's assume that this is where your relationship truly begins with each Buyer. How are you making sure that you're always on the "same page" with your clients who are searching for that next place to call home?

Are you what might be called a "Pop Tart Agent" who just jumps and runs when a client wants to see a house or do you have a system to identify the right listings that match what the client has identified as their needs and wants? If you don't get control of your schedule don't be surprised if your schedule grabs control of you.

Schedule your showings and don't be afraid to ask your clients after each session if they want to explore moving forward on any of the houses you showed - also known as "asking for the sale." If you feel that you're spending too many sessions just "looking" don't be afraid to schedule another "mini" Buyer Counseling Session to verify that what you're showing them and what they are looking for are still in alignment. Otherwise you're not only wasting their time, you're wasting your time!

Get in Tandem with Your Teammates

Do you keep in touch with your lenders, inspectors, attorneys and title companies? How do your systems you have in place ensure that you and your office staff know what is going on with your transactions? If you have a team of agents you work with, do you schedule regular meetings with each other so everyone knows what going on with your clients? Does your manager have a good idea of what your current "pipeline" looks like so he or she can help you keep all the deals you're juggling from falling at your feet?

Constant communication, dotting every 'i' and crossing each 't' can be a good idea because you never know when a question or emergency might arise.

Don't leave success to chance. Make sure you're utilizing systems and scheduling regular meetings with anyone who has a chance to affect or impact your business. That way you can focus on building relationships, solving problems and having fun.



Photo via Flickr - courtesy of Horia Varlan

Caution - Distractions Ahead

Welcome to the proverbial "Dog Days of Summer." We surpassed the halfway point of the year over the holiday weekend and I am sure that many of you thoroughly enjoyed your Fourth of July celebrations with friends and family. Heck, some of you might have even pulled a few deals together between the parades and fireworks.

Work Zone Ahead - Long Delays Possible

Now it's time to put up some orange barrels for the serious "work zone" we are approaching. We've entered the time of year when we might be tempted to take our foot off the gas and go into cruise control. It almost seems like we're in slowing traffic and we're all ready to start rubber-necking.

Here are just a few things that might be taking some of your attention away from your business plan:

• The kids are home from school and they tell you every day how "bored" they are.
• The kids are home from school and every day you have to transport them someplace - sporting events, play dates, summer camp, the movies, etc.
• You have a vacation coming up and you've got to get ready for it.
• You've got family coming to visit and you need to get the house in order.
• The pile of mulch in your driveway isn't going to spread itself in your flower beds.
• (insert your own "woe is me" story here)

Trust me, I get it.

On one hand, we say to ourselves, "Where has the first part of the year gone? It seems like it was just January." On the other hand, we try to justify that we'll be okay and can still hit our plans. We just have to get through the busy summer months and then we'll be able to re-focus. Those ready, willing and able clients will just magically appear at our doorstep like Ed McMahon with the oversized check.

Seriously answer this...When was the last time you looked at your business plan? Technically you should be exactly halfway to your goals you set last winter or at least on pace to be close to half way home. Are you?

Have you met with your manager, coach or business partner to determine what needs to happen in the next 30 days? 90 days? 6 months?

Is your "why" still as important today as it was when you first thought of it or are you allowing outside influences to turn it into a "why me?"

There Is Business Out There

I just did a quick check of our local MLS. As of today, there are currently 15,459 homes on the market for sale here in Central Ohio with an average listing price of $204,693. They've been on the market an average of 138 days.

Do you have some active listings that need some attention? Could you schedule a meeting with your Sellers to re-evaluate your current position in regards to competition? It might be the perfect time to ask the Sellers if their motivation is still the same as it was on the day you signed the listing agreement.

As of today, there have been 9,325 properties sold since January 1st. Those sold properties were on the market for an average of 102 days and sold for an average sold price of $153,296. 

Are your Sellers aware of the list to sale price ratio that is realistic in your current market so when an offer does come in, they aren't shocked? Is your low end inventory level rising or falling? If your listing has been on the market longer than the average for the solds, what is the market telling you?

Fifty a Day?

A quick test drive of the ol' calculator tells me that with 9,325 closed properties since January 1st, there have been approximately 50 sales each day. And because there are two sides to every sale, that means there have been 18,650 clients sitting at a closing table at some point this year.

Were they working with you? I might suggest you do the same exercise in your local area right now. You might just come up with some great insights, talking points or inspiration for a detour route around the distractions.

[Managers - this is a great exercise to use at your next sales meeting. Do the research and come up with your local market numbers. Ask the questions in the form of a quiz and reward the agent who is the closest to knowing the current market. You can then discuss the importance of knowing your market and the competence and confidence it will bring.]

The question is are you going to quit rubber-necking, put your foot on the gas pedal and accelerate your business into the fast lane? Start building relationships today. Find ways to solve problems today. It's important that you have fun today.

Once you get past this bottle neck, it's nothing but open highway up ahead. Turn up the radio and enjoy the ride.

(I suggest you type the words 'listings sold' into the search box that appears to the left of this text on the blog page. There are some relevant posts that might give you some more ideas of where you might find some additional business opportunities)

Five Reasons for a Buyer Counseling Session - Part 5 of 5

It's been said that in the absence of value, price will always be a factor. How are you demonstrating to your clients that you bring value to their real estate search? Do you lay out a step-by-step plan to find the right house, negotiate the sale and help them manage through the transaction? Is your explanation of fiduciary duty clear and understandable so they know why it makes sense to become a loyal client?


In this last part of our five part series on reasons to hold a Buyer Counseling Session, we discuss showing value. Click here if you don't see the video below.




Click here for Reason #1 - Identify Needs
Click here for Reason #2 - Gain Control
Click here for Reason #3 - Build Rapport
Click here for Reason #4 - Establish Expectations

Five Reasons for a Buyer Counseling Session - Part 4 of 5

When you're working with Buyers, it's always hard to anticipate how they will react to the houses you show them. What sounds good on paper and what looks intriguing on the web might be exactly the opposite of what the client (or you) were thinking you might see.

Buyers rarely have an idea of how long the search might take...or how quickly they could find the right house. It also might surprise some people how much an agent does for them from the start of the process through a successful closing.

In our five part series on reasons to hold a Buyer Counseling Session, today we discuss the importance of establishing expectations. Click here if you don't see the video below.



Click here for Reason #1 - Identify Needs
Click here for Reason #2 - Gain Control
Click here for Reason # 3 - Build Rapport 

Five Reasons for a Buyer Counseling Session - Part 3 of 5

As you continue to get in front of potential Buyers this summer, I hope you realize how important it is to begin to develop a detailed understanding of who the people are who you're helping to find a house that will be their new home.

Remember, it's not your clients job to have something in common with you and it's not a requirement to have something in common with them. I am sure that most of you reading this will agree that as soon as you can find out some common ground, the better the relationship will be between parties and the better the transaction will go thanks to the similarities that you may share.

Reason #3 in our 5-part series of why Realtors should hold a Buyer Counseling Session is all about Building Rapport. (Click here if you don't see the video below)



I hope you're starting to see the power of meeting face to face with prospects before you invest any time and efforts to sell them anything before you have sold them on working with a professional like you.

Click here to see Reason #1 - Identify Needs
Click here to see Reason #2 - Gain Control

Five Reasons for a Buyer Counseling Session - Part 2 of 5

In the last post, we explored the importance of identifying needs when meeting with potential Buyers so ytou can be better prepared to help them find the right house.

In this post, let's take a look at the second reason to hold a Buyer Counseling Session. (click here if you don't see a video below)



In tomorrow's post, we'll discuss reason #3 to hold a Buyer Counseling Sesison. I hope we'll see ya tomorrow.

Five Reasons for a Buyer Counseling Session - Part 1 of 5

Cabin fever is a few months old and the spring weather has hit most of the country. There's just a few more weeks left before the kids are out of school for the summer and inventory levels are starting to recede from their high levels in the last few years. 

Now before anyone thinks the hot market is coming back, hold your horses. It's very typical that the market will heat up a bit with new listings hitting the market so I thought I'd use the video blog to share some thoughts on how to approach the Buyer boom that will be happening in the next few months.

Let's take a look at five reasons you should be holding a Buyer Couseling Session (BCS) to pre-qualify and prepare to serve Buyers in today's market. The first reason to hold a BCS? Let's try to identify needs.

If you don't see a video below, click here.




In tomorrow's post, we'll discuss reason #2 to hold a Buyer Counseling Sesison. I hope we'll see ya tomorrow.

Would It Pose a Problem for You?

"Doctor, Make Me Feel Better....Just Don't Do It Too Quickly"

Can you imagine ever saying this to someone in the medical profession as you're writhing in pain on the guerney in the ER? Would you ever tell your attorney, "take your time getting me out of jail and proving my innocence? I want the District Attorney to come to that conclusion on his own and come down here and let me out personally."?


I am guessing that you are shaking your head, right?

I heard a disturbing story from one of our associates yesterday. Let me know if you've heard this before or had it happen to you.
 
Please Tell Me You're Making This Up


A Seller had recently received an offer on their new listing. It wasn't a full priced offer but in today's market, it was a very good offer. It was a border-line "acceptable with no counter offer" kind of offer.


Sadly, the Seller felt that the house must be underpriced and decided to not reply to the offer. It seems that the Seller felt that any offer coming in that quickly after placing the home on the market should have been at full price or perhaps even higher. The Seller feels that they will certainly get higher offers. 


When (and if) this home finally sells, I wonder if the Seller will be upset if the future buyers don't leave them a tip on the table after the closing too? You know, for all the hard work and kindness they showed.


Is Your Best Offer Your First Offer?


Many agents have said this to their clients, especially when negotiating an offer. I don't think there is anything that can definitively prove this is true but experience tells us that offers usually don't get higher the longer a home stays on the market, right?


The longer a home is listed, the more potential buyers will begin to question it's perception of value. The lower the perception of value, the lower the demand for that home. Add to that an increasing supply of inventory and that's not a good recipe for the market value of that specific home ever going up in value.


Three Questions from Buyers


When a home hits the market, has great curb appeal, shows well and is positioned properly on the pricing scale, the buyers that walk through the door (having seen all the other competing homes on the market) will most likely ask themselves or their Realtor, "What's it going to take to get this house?" That is the kind of reaction every Seller should be aiming from the day they put their house on the market.


After a house has been on the market for a month or two, the slowly dying stream of buyers begin to ask, "I wonder how much the Sellers would come down from their asking price?" There doesn't seem to be urgency on either side of the table with the Buyers not encouraged to submit a "test" offer and the Sellers are just standing their ground.


Once a home has been on the market for more than three months (sometimes less depending on the local markets) the main question out of their mouths will be "what do you think is wrong with it?" 


Address It Up Front


Here's a quick and easy way to avoid the issue that came up with the unfortunate Realtor and his unrealistic Seller from the top of this post. Ask the Sellers during your initial marketing presentation or interview, "If I was able to sell your home in 30 days or less, would that pose a problem for you?" You're not saying you guarantee it will be sold and you're not even saying it will be sold at all. You're just trying to find out if that would pose a problem to the Sellers.


Most Sellers would say "No, that would be great," or "Wow! Do you really think we could have an offer that quickly?" And while it's true that some might say "I would think that meant that we underpriced it, right?" at least you would have a chance to educate them on the customs of your local market, current statistics (such as list/sale ratio vs. days on the market) and their options when negotiating offers.


You could even address the three "questions" Buyers will be asking during the Selling process. Ask them if they went through those phases when they purchased the house they are now selling.


You Can't Answer Someone's Prayers Until You Know What They Are Praying For

Under the same logic, it's hard to exceed your clients expectations when you don't even know what they expect. Use the pre-listing process to set expectations of the market, how it functions and what everyone's role will be - before the home hits the market, during the listing period, after a successful contract has been negotiated and all the way through the successful management and closing of the transaction. 

Let me ask you, if you were able to work with Sellers who were better prepared for all the scenarios that could occur, "Would that pose a problem for you?"


Until next time, keep building relationships, solving problems and having fun.

It's Time to Spring Into Action

Monday Morning Match is a short post - maybe a quote, inspirational story or idea - intended to spark some motivation inside each of you so your week gets off to a fantastic start on Monday morning.

Is the season changing where you're at? Can you sense that winter is fading away and the warmer weather is bubbling up like a geyser, ready to burst forth?

How about your real estate market? Is it starting to make some noise? Has "cabin fever" hits it's boiling point? Will buyers be ready to take advantage of these low interest rates and tremendous opportunities on homes priced well below their peak prices?

Are you working hard each day to secure appointments with sellers who want to take advantage of the blossoming number of buyers ready to burst forth upon the neighborhood? Appointments with sellers are to listings what April showers are to May flowers. Put on your galoshes and start making calls.

Today ends February - traditionally one of winter's months. Tomorrow begins March and that signals spring. I hope you're not just getting started trying to generate business for 2011 today because any engine started today will need time to cough, sputter and idle for a while before hitting a steady cruising speed.

No, the salesperson who will pop through the last layers of winter's resistance this week will certainly be the one who planted their seed in the fall. Those who score new listings and ready buyers will be the ones who worked the ground and fertilized relationships throughout the winter. The first spring colors to grace the dreary landscape will be signals that a new season is here and a bouquet of success will be on the table for Easter.

Don't delay in breaking through the frosty ground. We all know that in the next few weeks, "For Sale" signs will be popping up in yards across town. What are you doing today to make sure your name is on them tomorrow?

Buyers will be coming out of their dens. Will you be there to help them find a new home for the summer.

Remember...the early bird will get the worm.

Set your alarm and get out there early.

"Today I went out. It smelled, it felt, it sensed spring. I had for the first time faith - not intellectual belief, but a sudden feeling of turning tide. Yes, there will be spring."

~ Ann Morrow Lindbergh