Mission Forge

Agent video systemizing and handling, part II   3/4/2020

Mission Forge Podcast part 2 of 2

1)     Copy this content then make it your own.  My list is not your list, you need to tailor it to your business style and market place.  

2)     Start simple, but start.  Do not wait until you have the entire series completed.  Do the introduction to buyers, then the introduction to sellers.

3)     Pro-tip---you can always redo the videos.

4)     Find a quiet and comfortable spot, film using your phone.

5)     Now you have choices.  For getting the content out there.

6)     Keeping on your hard drive and sending out on demand defeats the purpose

7)     Share to your FB business page, put them on your Youtube Channel, website, etc.

8)     Hashtag yourself and your videos.  This is a searchable function.  If you have a personal brand do this. If not, then make one and use it everywhere.

9)     Remember these are also acting like mini commercials for you to allow potential clients to get to know like and trust you.

10)                        Play around with the length…as long as you have solid content you will keep your audience, but do not be afraid to be more concise and expand later.  I would target 5 minutes per video as a rule of thumb.

Here are some suggested content for your Buyers

1)     What you can expect (getting ready for the initial consultation) 

-Let’s get to know each other

-talk about agency and disclosures

-ask me anything

-tell me your expectations

-what are your needs time wise, financially, etc.

-what type of house

-what I will do for you

2) You want decide to buy a property with me what now?

   -Let’s put it in writing-who pays the commission?

    - Here is a list of expenses you can expect during the process

    -Time to talk to a lender

     -creating a portal search in the MLS

     -Open House visits and what to do

    - suggested apps to use

     -Showing schedules

3)     Showing houses and the approach to an offer

-how long will it take to find the right house

-how long will we be looking during the day

-will we take breaks for meals

-how long will each showing take

-If you find the right house should you sleep on it?

-The things you should be prepared for to make an offer

4)     Making an offer

-Electronically or in person?

-Reaching out to the cooperating broker?

-what the essential requirements are.

-Your approach, got to have it, make an offer and negotiate, I’ll take if they come WAY down.

-How long can negotiating take?

-what is ratification?

5)     We have a deal!

-who gets a copy of the contract?

-who will be inspecting your home and when?

-plan to be at the home inspection

-negotiating the inspection repairs is often HARDER than the original contract

-termite/moisture

-go to loan application/pay for the appraisal

6)     Approaching closing and beyond

-double check your availability of funds needed to close

-prepare time off of work for the closing

-double check you have utilities lined up

-communicate with the schools for your children

-plan for coverage for your little ones as needed

-board your pets as needed

-plan for a curve ball or two

-Take deep breaths and enjoy the moment, do not be overcome with stress

-enjoy your new home

-exit survey/reviews/consider referral

Mission Forge Podcast
Creating a video presence and systematizing at the same time.      3/4/2019
Part 1 of 2
Preface: Video is a fantastic way to get your message to the intended audience, but it is also fast becoming a way for Realtors to grow their sphere of influence. There are statistics out there, but I am not going to go through them.  Video = more effective than not.  A lot more effective.  By preparing video content potential consumers start to get to know, like and trust the agent before having met the agent, or having met the agent in a professional way.
  There are several types of content an agent can create for the consumer. ONE--Probably most popular is the home tour, or featured home, or open house tour (not much thought to this, but there are creative ways to do it better).  
    TWO--Also popular is the public service announcement, or community engagement video (the sky is the limit here and you are wide open to be creative as you can). 
    THREE-- There are also many different series agents can do to inform the public about real estate hacks, tips and advice on popular family, life and home topics. (once again, there is a wide range of ways to go with this and you are only imposing the limits here)
    FOUR-- But I would like to talk about another series of video agents should consider designed to inform their consumers while at the same time systematizing their business.
Wait.  Pause.  What is systematizing?
Systematizing is a process to become more efficient and keep you from reinventing the wheel each time you do something. We are all busy and systematizing makes us more productive. Meal preparation comes to mind. Having different laundry baskets for bright garments and white garments is another form of systematizing. Filing your receipts in prelabeled folders throughout the year to avoid having to refile them all at tax time is another form of systematizing. 
  The entire goal is to do things less often and more efficiently. People put systems in place to free up time and then do more of what they enjoy.
   Have you ever tried to grocery shop in a new grocery store?  That is an example of life without systematizing.  You get used to the aisles and where everything is and you can move through the store quickly.  Take that system away and you spend twice as much time in the store.
What if you could systematize, serve your clientele in a meaningful way, and attract new business at the same time? If agents can conquer their irrational fear of video, this is a fantastic step forward in their business.
Well I did a quick calculation and estimate you could save 36 hours a year by systematizing in this way.  24 transactions, 6 conversations per transaction at 15 minutes each is 2160 minutes. 2160 minutes is 36 hours.
  While I was at a conference recently, I sat next to an agent and this idea was brought up after the talk.  She wanted to use video give her clients the big picture messages during the life of a transaction.  She would have the videos prepared and ready to send out at the right time.  By doing this she would save time, separate herself from the crowd, and have content to share with others considering her services.
   I thought this was a genius idea.  It reminded me of a similar idea I got from a new agent in my office.  I was developing content for new agent training and he had to miss one of the courses.  We were scheduling a new meeting to get him up to speed and he suggested I put the courses on video.  I thought it was a genius idea.  I modified it a little into podcast format due to the length of the sessions, but now have each of the courses available for anyone to see (or hear in this case).
 Here are some suggested content for your sellers
1) What you can expect (getting ready for the initial consultation) 
-Let’s get to know each other
-show me your home (the good, the bad, and the ugly)
-ask me anything
-tell me your expectations
-what are your needs time wise, financially, etc.
-where are you going
-what I will do for you
2) You decide to list with me what now?
   -Let’s establish value
    - Here is an estimate net sheet
    -Entry strategy
     -Agreed upon repairs
     -Open House Schedule
    - Lock box and sign discussion
    -data entry and syndication discussion
   -Showing schedules

3) Listing is live
-how long will it take to get an offer
-what to expect when I get an offer
-What if we do not get an offer?
-talk to me about negotiation?
-should I take a contingent offer?
-do deals fall apart?
4) We got an offer! Now what?
 What is the price?
 What is the loan type?
 What are the concessions?
 What are the contingencies?
 What is the downside?
 When will it close?
 
5)_You are under contract? Now what?
 Get ready for the Home inspection
 Get ready for the Appraisal
 Get ready for the termite and moisture inspection
 Start to pack
 Set up utility transfer
 Have a back up plan, just in case
 Let me check on the loan process
6) preclosing to close date
 Communicate with the title company
 Communicate special needs 
 Communicate fund transfers
 Be vigilant about money transfers.
 Expect a couple of day delay in access to funds
 Communicate changes
7) post closing activities
 Be available for missed items, openers, special instructions, manuals, warranties
 Expect an escrow check for refund later
 How to deal with mail
 Reminder to notify friends, family, and others
 exit survey/reviews/consider referral

Three lessons from my trip to Vegas

1-Don't Gamble you will lose. Take risks but do not Gamble
2-Connect with your consumers quickly and in a meaningful way. Look them in the eyes.
3-Do not be distracted by flashy gizmos and sounds. Industry need will take you off course. Work your plan. You know what needs to be done. 
Promised reference:
Ken Eddy in Secrets of Success says take care of everything inside your four walls.

Do you know the difference between first right of refusal and a home sale contingency? Which protects the seller? Which protects the buyer?

I. Checklist for Open House

□ Plan the OH 7-10 days in advance (more if mailers)

□ Market the open house to maximize attendance

□ coordinate with owners and perhaps other listing agents

□ Prep the owners to do their part with interior and exterior prep

□ Develop a theme, simple to advanced

□ Keep Safety in mind, always

□ Sign in sheet and other materials

II. Action items for Open House

a.     Do not throw an open together, plan well and execute

b.     Strong marketing will increase attendance by 50-100%, get in the MLS, send several email reminders to your sphere, use social media as a blast point, text your favorite agents a few times, send mailers, knock on doors of neighbors, early signage with permissions

c.      If you coordinate with other LA’s you can go in on a meaningful give away prize

d.     Don’t be Vanilla, use an easy and attractive theme tied to the calendar or current events

e.     Use a cooperative vendor to sit with you or a co agent, friend or spouse.  Open houses are a dangerous proposition (share alternative live open)

f.       Put an OH kit together so you do not reinvent the wheel each time.  Systems will really help you

g.     #1 have a purpose to gather contact information of those who enter

III. Best Practices for Open House

a.     Honor the owner (who is in their home)?

b.     Honor the agent (are they represented)?

c.      Honor the consumer (give value, be prepared)

d.     Honor yourself and follow up with value

e.     Be proactive during all interactions

f.       Plan to be early and stay late in case

g.     Bring materials, flyers, mortgage options, tax records, recent sales, other actives….

IV. You oughta & gotta for Open House

a.     Turn on all lights and fans

b.     Pick a time and duration suited for your event

c.      Have a back up activity in case it is slow

d.     Broadcast classic jazz or classical music, or a sporting event

e.     Talk, listen, listen, listen, listen

f.       Establish wifi to answer questions

g.     Have owner available by text for questions

h.     Be willing to shift gears and adapt

V. Pitfalls for Open House

a.marketing the event late

 b. arriving to the event late or as it starts

 c. not engaging the visitors

 d. not insisting they sign in

 e. discounting the effectiveness of Open Houses as a way to serve clients and grow your business.

VI. Notes for Open House

______________________________________________________________________________________________________________________________________________________________________________

VII. Capital Tips from the Pros for Open House

Serve a popular food item in town

Try different times of day, AM and PM

Go live 1 hour early, at the start, and ½ way into the event

Bake cookies

Park away

Great lead ins with balloons/EXTRA RIDERS

OPTIONS: BROKER/PUBLIC/EVERYDAY/LIVE

NO LISTINGS/NO PROBLEM

Too Many listings/No problem

Email me for sign in sheet and feedback form  [email protected]

I. Checklist for Termite & Moisture

□ Know the options for ordering the report and payment

□ Know the Scope of the report and the delivery deadlines

□ Know the difference between treatment and repairs

□ Know the difference between WDI and WDO

□ Know the contractual language

□ Understand the obligations of the seller to remedy issues

□ Counsel sellers on pros and cons of a pre listing inspection

□ Counsel buyers on the pros and cons of an annual warranty plan

II. Action items for Termite & Moisture

a.     Establish who will order and who will pay for report

b.     USE addendum to add WDO if needed (explain difference)

c.      Include outside structures as needed into the scope 

d.     Determine if home is on a crawl space or slab foundation

e.     Inquire about existing warranty plans

f.       Inquire about previous treatments

III. Best Practices for Termite & Moisture

a.     Educate the buyer and manage expectations

b.     Educate the seller and manage expectations

c.      I recommend a pre-inspection for listings

d.     Look for signs of previous treatment

e.     Make sure the termite bill is on the CD!!

IV. You oughta & gotta for Termite & Moisture

a.    Look for obvious signs of trouble during showings

b.     Standing water, termite tubes in the garage, clogged gutters

c.      Listen to the home inspector for warning signs

d.     Know the buyer cannot perform/pay for anything with a VA loan

e.     Make sure the report is performed within the proper time frame

f.       Educate buyers of the shelf life of a report

g.     Educate buyers about important maintenance and warranties

V. Pitfallsfor Termite & Moisture

a. when sellers ignore their crawl space and major damage occurs

b. treatment costs and damage repair exceeds the cap amount

c. The inspection company is the same as the repair company

d. Home under warranty is assumed to have no damage

e. Home under warranty with damage the warranty does not cover

VI. Notesfor Termite & Moisture

___________________________________________________________________________________________________________________________________________________________________________________________________.

VII. Capital Tips from the Pros for Termite & Moisture

Develop good relationships with termite and moisture pros

Learn about the value of having a dehu

Learn about the value of encapsulation

Learn about the value of crawl space fans

Understand the theories about opening and closing vents

Get a second opinion for work

Endeavorous owner can handle moisture barrier issues

I. Checklist for CMA/Appraisal

□ know how to perform a CMA with your MLS

□ identify 3-6+ Comparable properties

□ know the subject criteria, including distinguishing features and limiting features

□ CMA is forward looking and Appraisal is current/historical

□  Appraised value will need to match or exceed the sales price in most cases

□ Have a basic understanding of adjustments-see list below

II. Action items for CMA/Appraisal

a.     Practice running CMAs on properties you know

b.     Compare homes that are similar in age, style, location, size using recent sales

c.      Use adjustments to level the playing field

d.     Look back 3, 6, 9, 12, 15, 18 months as needed

e.     Stay in the immediate area if you can.

III. Best Practices for CMA/Appraisal

a.     Understand the VA/FHA/CONV guidelines

b.     Be a resource for the appraiser if needed

c.      Have documents available for important upgrades

d.     Stay up on trends in the market—may influence report

e.     Appraiser will work through the listing agent, BE READY.

f.       Understand bracketing when doing a CMA

g.     Don’t compare apples and oranges (you cannot adjust one to the other)

h.     Consider market during CMA

i.       Consult and consider AVMs during CMA

j.       Consult and consider the taxes assessed value during CMA

k.     Consult and consider past sales, MLS history of the subject during CMA

IV. You oughta & gotta for CMA/Appraisal

a.     Be willing to use your CMA  to defend sales price

b.     Make the Appraisers job easy, provide access, offer comps, prior appraisals, sketches

c.      Understand Conventional, FHA, VA appraisal guidelines

d.     Spot obvious appraisal show stoppers

e.     Counsel the seller on the importance of the appraisal function

f.       Counsel the buyer on the importance of the appraisal function

g.     Know who pays for, who orders, and the approximate cost of appraisal

h.     Run new CMAs as the market changes.

i.       Run different CMAs using different tactics and compare.

V. Pitfallsfor CMA/Appraisal

a.Over pricing a listing, taking a contract higher than expected appraisal value

 b. Loan type will influence the appraisal guidelines

 c. FHA/VA appraisals can stay with a property for a period of time

 d. Appraisals can be challenged, but by the BUYER

 e. Increasing markets are hard for appraisals to keep up with Values

VI. Notesfor CMA/Appraisal

____________________________________________________________________________________________________________________

VII. Capital Tips from the Pros for CMA/Appraisal

Three appraisal types

Sales comparison Most common

Cost-included as back up by good thorough appraisers

Income Capitalization Great for rentals, apartments, Quads, Triplex, Commercial

Possible adjustment amounts

Bedroom $4000

Bath full  $2500

Bath half  $1500

Square footage 25% of the price per foot, ie. $140/ft.  adjust $40 per foot

Basement $8000

Screened porch $6500

Fireplace $2500

Fence $2500

Att 2 car garage $10000

Att 1 car garage $5000

Det  2 car garage $7000

Det 1 car garage $3500

Minor updates/upgrades $10000

Major updates/upgrades $20000

I am not an expert on the subject of mental health but it seems to me there is a problem in these United States.
People are boxing themselves out and being boxed out, if not isolated by societal trends.
What power could an individual have to seek small antidotes to feeling down, such as laughter, exercise, proper rest, and diet?  What power do we have to give others a smile, look them in the eye, give them the time of day or be compassionate, kind, and empathic?  How far would it go if each of us opened ourselves to a single stranger, a colleague, an acquaintance for just a minute or two to see how they are feeling?
What impact could that have over a week, or a month, or a year if we each positively impacted another person each day.  At the same time if we sought to improve our own discouragement by seeking the accumulation of small positive events, the world might experience a tidal change.
Mental health should become easier and more common to talk about, and less of a subject we lower our voices to speak about. We all have minds that have a state of health.  It is subject to change, so let's agree it is okay to talk about it.

I. Checklist for Showing Property

□ Have a CLEAR understanding of what the consumer wants to see

□ You may not REFINE this understanding until you witness what they want to see

□ Search multiple sources to find matches, MLS, FSBO, buyer leads, your sphere…who would sell if?

□ pull listings 3-4 days ahead, review all showing instructions, review all agent comments, call/text LA to confirm avail.

□ follow LA instructions (first impressions are KEY) you ARE being judged, and presented to the seller!!!

□ arrange available matches in a reasonable order for driving.

□ listen to what they client says, but with in the law and reason

□ track every showing and all properties sent to buyer via MLS Portals

II. Action items for Showing Property

a.     Know your buyer and understand the house they want. Consultation.

b.     Understand time constraints posed by distance and showings 

c.      Update LA/LO with changes

d.     Prep buyer with proper expectations of cadence of the day

e.     Take notes from you, take notes from buyer, take more notes

III. Best Practices for Showing Property

a.     Check in with LA, read all instructions

b.     Prepare materials for your buyer to have during showings

c.      Set expectations for your buyers about appt. procedures

d.     Always knock and announce your entry

e.     Leave your card, turn off all lights, unless told not to, text when finished

f.       Send feedback/update to LA for goodwill, also prep for purchase offer

g.     Consider buyer special needs (and your own) for long groupings of showings. 8 in a day is a lot. 

h.     Respect personal needs like hunger and bathroom breaks

i.       Put your phone on silent, but still check for important texts and VM

IV. You oughta & gotta for Showing Property

a.     Have appt. for a listing that is available

b.     Have access path/method clear. (gate codes, CBS codes)

c.      Have compensation path clear (non MLS showing)

d.     Have buyer lender letter, explain ed to buyer about EMD and HI cost

e.     Take notes, plan for breaks, possible meals, and things you did not expect

f.       Be prepared to plan more showings or to write an offer.

g.     Communicate with listing agents about updates.

h.     Point out good, bad, and the ugly (not your opinion but your experience)

i.       Listen more and talk less.

V. Pitfalls for Showing Property

a. If you plan your route poorly it will cause issues.

 b. Be flexible and let the situation become fluid if needed.  Just update all involved.

 c. stay in touch with buyers to establish and maintain procuring cause

 d. offering opinions versus insights can set a bad tone, send the wrong message

 e. not preparing materials for the buyer to have during showings

VI. Notes for Showing Property

VII. Capital Tips from the Pros for Marketing

Houses do the heavy lifting

Bring a clip board, tape measure, flashlight

Rainy days are the best for showing property

Showing at night?  Confirm utilities.

Try to avoid letting clients use restrooms at house.

Try not to let clients wander alone though-out the house.

Do inside first, then outside so you do not track dirt.

If another agent comes as you are leaving and you let them in, you are on the hook for issues possibly.