Real Facts on Real Estate

All good things must come to an end. Check out this week's episode to see how to keep in touch. 

When having a home inspection done a home does not simply pass or fail the inspection. Each item within the home receives a review of its own condition. Understanding this is important when it comes to properly explaining the process. Having your clients understand the process is one key element of keeping the deal together.

Based on the contingencies in the offer the home inspection contingency can have different means. Most common is the home inspection results must be to the buyer’s satisfaction. There is also times clients will make their inspection subject to fixed costs for repairs. This means they will only negotiate or walk away if the issue is more expensive than their contingency allows. Based on the contingency they chose to use you then have that power to negotiate. 

After the bad home inspection it is time to talk about what your buyer wants to do. You can review with them whether it is best to walk away, negotiate money, or negotiate repairs. If the repairs are to be done who is to make the choices. All these things and so much more must be worked out when negotiating a home inspection. Tune in today to learn more.

In today's episode I talk about how the NAR settlement was by far one of the largest shake ups in the industry in a long time. The last shakeup this big was coincidentally enough the introduction of buyer agency. This is an important step in understanding how we deal with this moving forward.

I also review how one of the biggest changes I have seen since the settlement would be the amount of discussions around commissions. It has agents, brokers, attorneys, mortgage brokers, buyers, sellers, banks, and even the government talking about commission. I think this helps the settlement reach its goal of more commission awareness. I know for most agents it was a time to learn how to talk about commissions inside out to make sure to be ready to speak with clients. 

Overall I talk about my experiences when booking showings. So far I have not run into one solid NO on commissions with each agent answering differently. Some listings have offered seller direct commission, some have offered cooperating compensation, and some have simply said I suggest you put it in the contract and we can see what the seller says. It will be interesting to see how this all plays out. 

Tune in today and learn how to deal with the changes. 

In this week's episode we go over how being a yes man is a dangerous game in sales. This tactic can lead to you becoming a slimy salesperson who doesn't always keep their promises. Sometimes the answer is simply no. Learn to speak the truth and learn why it works.

Learning to set realistic expectations is another important skill to learn as a real estate agent. Setting false expectations on timelines or costs can really come back to haunt you when the timelines or costs change as time goes on. This means you can succeed with less force and more flow. Imagine clients looking to work with you? 

When trying to help a client land a home they love in a multiple offer situation after struggling to find “the one” it is important to give them a reality check. Share with them numbers that would work to get the job done and land the home, remind them the timelines if they miss this home. This same rule applies to taking a listing and pricing it. Tune in today and land more deals right away. 

Real estate is by far one of the most complex jobs you will ever get into. You need to know everything from marketing to contract. You must understand homes and understand people. The key is to get started and keep learning.

When starting out you may not have the sales achievements you wish you had. Site milestones and accomplishments off of your brokerage and other agents at your brokerage to get started. It is ok to boast off what your team has done because you are going to follow the same recipes for success. Look to show them what their future will look like. 

Starting off it is easy to want all the business. There are billions of people in the world and they all need housing. Learn to identify a niche market so that your message can be heard. Yelling at people who do not care does not work. Whispering to those who care will gain attention. 

At first I used to see my client as more of the boss. They had the money and needs. I went and served them. Then I learned that you are a mentor and a guide to your clients. Use the education and knowledge you have to help them with an informed decision. Lead with confidence.  This will lead to much more success. Tune in today and check out the entire episode. 

Now that we are post the NAR settlement it means agents need to talk about compensation more. From talking with buyers to asking listing agents about it, commission is a big discussion.  Whether we like it or not the settlement made this conversation the front of every interaction. Really, it has been a great thing

When talking with buyers it is crucial to be open and clear at the same time as keeping it simple to understand. Trying to show off your knowledge can be a little confusing for the client to retain. Make sure to guide your clients towards patterns of success.

For agents it is important to talk with the list broker and find out what commission if any is being offered and how it is being paid. Remember how it is being paid will change what paperwork and contingencies are needed for your offer. These conversations should be enriching and help one another guide our clients.

Conversations with sellers now have a few extra variables as well. Tune in and learn what to say. Is it always necessary to have compensation? This is many other things are reviewed this week. 

If you asked most agents why they got into real estate there tends to be one answer that is most common. They got into real estate because of the limitless earning potential and pay that reflects efforts, knowledge, networking, and some luck, not just an hourly wage. Knowing this it is easy to understand that agents are often money driven.

Once a real estate agent gets past the honeymoon stage of becoming an agent they start to notice the work needed to succeed. It is then that they realize the limitless earning potential means you must have a relentless drive. That is why I made this episode to help agents find that inner fire. I want them to know that it is all about the clients and the Benjamins come as a biproduct. 

We must remember our clients feeling on our pay. Oftentimes clients are confused by commissions and how it is earned because they reflect back to their job where they produce an hourly wage. It is our job to show them examples and make them an example of how we get them more money, reduce stress, and successfully move their entire lives all while being a great mentor and guide.  Make sure to take the time to learn to explain this to them in detail. Tune in today. 

When it comes to real estate there are a million ways to build a business. This week we focus on the one thing every agent needs to be doing. Real estate agents need to be constantly communicating with the sphere of influence in order to build a healthy business. This means every real estate agent needs to have a clear, concise, and organized contact list.

It is easy to meet new leads. It is easy to think your friends and family will use you. But the real question is will they? With so many contacts coming and going in real estate it is important to have a place to properly organize and store them. Most agents use a CRM software to help them make this task easy and efficient.  

Choosing not to organize and obsess over your contacts is a setup for failure. Chasing each and every lead that comes in only to drop them when after closing is not going to build a referral based business. The more you work to be a great communicator and keep in touch with your contacts the more you will see the positive effects. Listen today and put the tips to action.   

This week I am kicking it old school and talking about personal brands. When thinking about getting into the real estate business it is easy to be confused that by joining A big brand you will win. The truth is each agent at a brokerage really needs to create their own personal brand. How would you define your brand?

Tune in to learn more about making career forward choices. Choosing a brand that represents your personal brand goals is the best choice when picking a brokerage. If you like being an individual, personal touch, and attention to detail then a boutique brokerage is best for you.  Understanding your end goal helps you understand what you need to do to get there. 

Remember with all the hype about online that the real world exists. Personal branding is more than just what you display on a well curated social page. A personal brand is who, what, and how people think when they see you.  Make sure the real you and your personal brand match so it is a natural transition from friend to client. 

With all the new focus on the NAR settlement I think a lot of agents are forgetting what to say on a first showing. In this episode I make it clear the things you need to start saying to create lasting relationships. Rushing right into the professional hat versus the trusted advisor and mentor spot could get you in trouble. 

While out your first showing it is important to get to know the person. Using F.O.R.D (Family, Occupation, Recreation, and Dreams) is a good way to learn about someone and build a relationship.  These things are great for opening people up. Remember while it is the rules that we get the contract signed no one has told us how to get there. Building relationships gets the contract signed. 

When meeting new people it is important to remember that the goal and the way the process will work is set by the client. Learn to rise to their expectations and follow their boundaries. Many agents confuse who is buying the house. They give their own opinions. They change the clients thoughts. They do not ask and then let the client decide their own needs.

Acting normal may seem like a clear solution to meeting with new people but for some people it is not. Strangely enough people tend to change who they normally are when meeting new people which can give off an uneasy vibe. By acting as a friend and normal the client will be more open to helping you understand their goals. 

With all this new contract stuff let's stay focused. The name of the game is to become known, liked, and trusted. With the NAR settlement it now made us need to accomplish this faster than ever. Follow these guidelines to get there.