Sep. 4, 2008
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To Blog or Not to Blog….That is the Question!
Blogging has been touted as the new answer to giving the consumer what they want. The first 10 years of the web was all about static information. Many are barely keeping their heads above the rising tide of available information and have found without interpretation, it is something to fear downing in without finding the foothold that leads to knowledge. The web has entered what’s been dubbed as Web 2.0 and no, it isn’t a program to buy or download. It is a description of the new way the web is being used: as an interactive playing field where community and participation bring opportunities previously lacking.
So what’s this mean to you? NAR has estimated there are only 4% of real estate agents currently blogging. At the two largest real estate related platforms, right here at RealTown and over at ActiveRain , there are slightly over 100,000 members at each location. Many of these bloggers are using both platforms, so the numbers are quite small when compared with the 1,200,000 members of NAR. As with any new technology that is part of a larger, important trend, the early adapters have an edge.
At their most effective, blogs can give your business some solid benefits:
· Increase your status as a local expert
· Increase your website traffic
· Create interaction with your target market
· Provide the consumers with current, valuable information and resources
· Create prospects
But, blogging isn’t for everyone.
To decide if this is what you need to do, ask yourself a few questions:
· Are you willing to make a commitment to spend time weekly?
· Do you enjoy writing?
· Do you want to build some Internet business?
· Are you willing to invest in the learning curve to get up and running?
If the answer to most of these questions is no, blogging would probably turn into a chore that makes you feel overwhelmed and guilty. One solution would be to outsource it. There are ghost bloggers and ways to have others maintain and create your content. This is not as personal, but does give you a presence, although the costs will be much higher.
If the answer to most of these questions is yes and you haven’t started blogging, you should consider this a part of your overall marketing plan and see where and how it fits. If building Internet business is part of your business plan, blogging makes sense and would be a place to budget time and money that was previously being used in other ways, like print advertising or postcard campaigns. In today’s markets, a realistic appraisal of what is working and what isn’t and some new strategies might be the answer to staying very competitive. Blogs help you inexpensively create that positioning.
To Blog or Not to Blog? That is the question! I believe gives an agent the differentiation and positioning to be successful with what the public is looking for in 2008 and beyond! What do you think?
For a step by step webinar that will enhance your blogging, join my Fairy BlogMother, Frances Flynn Thorsen and me in NoBloggerLeftBehind
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May. 27, 2008
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Broker, Owner, Manager Mastermind Calls
Sometimes, it is lonely at the top.
A Mastermind group is a great way to expand your thinking and be supported by a like-minded community. I am forming a new group that will meet for 60-90 minutes monthly beginning June 27. There are a few more spots available. Only $85 per month. E-mail me if you are interested.
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Apr. 2, 2008
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Is Your 2008 Strategy On Target?
The first quarter of the year is gone! That makes it a good time to do a reality check with your business plan. Are you on target? Are you ahead? Are you behind? With the current financial situations, many people have become more cautious. Many who don’t need to move are holding off. If your business plan for 2008 didn’t take into consideration this changed climate, do some research and, if necessary, some re-strategizing.
One of the reasons the great hockey player, Wayne Gretzky, had an edge over his competition, was because he looked to the future: "Some people skate to the puck. I skate to where the puck is going to be." Where is your market going? What changes are needed for you to be positioned to hit your target this year?
Block a couple of hours on your calendar to work on your business in the coming days. If you do this every quarter of the year, you will find you can make course corrections and be more powerful in achieving your goals.
Here are three steps to take:
Review the first quarter numbers
If you’ll take the time to do an in depth view of this, you’ll discover information to make and keep you profitable.
Numbers to track:
- Your Gross Production
- Your Net Proceeds
- The Number of Listings Taken
- The Number of Buyers Sold
- Average List Price/Average Sales Price
- Where each transaction came from
- Where your advertising dollars were spent
- Absorption Rates for your selling area
Compare To Your Plan
If you are right on target, congratulations! Keep up the momentum and take a look to see if there is any fine-tuning that can leverage where this year’s business is being generated from to enable you to maximize what is already working.
If you are behind: What is the gap? What will it take to get on target by the end of the 2nd quarter? What actions need to be increased? Take a look at where you have gotten business this year. Is your marketing plan aligned with the results you are getting? In other words, is where you are spending your money where you are getting business from? If the Internet is generating 20% of your income and print ads are generating 5%, is your marketing reflective of this? Where can you tweak your actions and dollars to be more effective?
If you are ahead, great job! I like to see my coaching clients have their financial objectives met by the end of October so they can relax towards the end of the year, if they want to (or just get real picky about working with the perfect clients, instead of the high maintenance whiners). What IS working? Can you go deeper with your impact in these areas to take advantage of the trend?
Strategizing For the Future
- Regardless of which category your numbers fell into, perhaps the most important action you can take from this business planning session is to look for the trends.
- Are the niches you are focusing on the ones where the activity is occurring? Look at the MLS data to see what trends emerge. If you do geographical farming, review last year’s numbers vs. this year’s.
- What new areas are emerging? A young new home subdivision (3-5 years old) is a great place to establish a foothold as a guru before anyone else does.
- What changes in consumer buying trends should you be taking into consideration? A need for homes with offices could be an opportunity, if you target that market. With consumers hungry for information and learning they educate themselves before they call you, would call for using good content on your website like informative reports or using a hotline such as Automatic Response Technologies. You will get a special if you use my code 5250.
- It is possible to have real estate in an IRA and this could be a great opportunity to generate sales that weren’t going to happen anyway by contacting your clients to share this opportunity with them. There is some great information on Self-Directed IRAs at Pensco Trust
- The sub-prime issues have caused problems in many areas, and repossessions and short sales are a substantial part of today’s inventory. Building alliances with lenders and banks now could yield new business.
Wayne Gretsky also said, "You'll always miss 100 percent of the shots you do not take." And "The fundamentals of the game are never going to change, but the things you're going to do, that changes." Every marketplace offers individual and unique opportunities. The agents that are aware and awake to shifting BEFORE others see the trends will have an edge! Will you be there?
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Jul. 15, 2007
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Multitasking: Smart or Dumb?
You probably know the feeling: you have lots of roles. You are a businessperson, a spouse, a parent, a caregiver to your parent and a volunteer on many community activities…..so it seems the only way to be time-efficient is to do several things at once. Sort mail while talking on the phone, send e-mail on your PDA while sitting in a committee meeting, help with homework while designing your next marketing piece. Multitasking seems the only way to keep juggling and to get it all done. Sound familiar?
A growing body of scientific studies suggests what I have been telling my coaching clients: multitasking is actually inefficient and will, in the end, take you more time and impact the quality your results as well as your physical wellbeing. Many agents complain to me they need to be more focused and yet they are doing so many things at once, their brain is robbed of the opportunity to do one thing well before moving to the next.
Doing more than one activity at a time diminishes the focus on both and will usually result in a lower degree of excellence. The cost involved in the juggling is high, according to a study by Carnegie Mellon University. Subjects were asked to listen to sentences while comparing two rotating objects. The study found the resources available for the brain to pay attention visually dropped 29 percent and the listening brain activation dropped by 53%. So sorting your junk mail while talking with a client may result in throwing something away you should have kept or missing a clue to something amiss with the client!
From a standpoint of time -which multitaskers think they are maximizing- studies have shown it takes at least 25 percent more time to return and restart an activity when it has been interrupted. The more complicated the tasks, the more time is lost according to a study in the Journal of Experimental Psychology. So, the benefit to doing one thing with complete focus and attention is actually a time saver. You’ll find that scheduling time or setting boundaries (such as a closed office door) when you can do projects without interruptions will help you accomplish more.
Other reasons to rethink your multitasking relate to the results of the stress it creates internally. Your short term memory is affected. What we baby-boomers are now lovingly referring to as a “senior moment” can usually be traced to multitasking. According to David Meyer, a psychology professor at the University of Michigan, “Intense multitasking can induce a stress response, an adrenaline rush that when prolonged can damage cells that form new memory.” Additional information on adrenaline addiction and how to overcome it is documented at www.joeann.com/ada.htm
You can consciously reduce your multi-tasking by noticing it. The practice of meditation is valuable in quieting the external chatter and allowing you to create more focus. Mindfulness and experiencing each moment, instead of rushing through your activities will benefit you with more satisfaction and awareness. Truly being present and listening in a deeper way to each person you come in contact with will benefit you in better communication and relationships. When you don’t answer the phone while you are working on a project, or when you close that office door, you can reduce distractions and become much more efficient. Getting plenty of rest will pay off in increased groundedness and focus. So, next time you get the urge to multi-task, challenge yourself to stop and give each task attention, one thing at a time!
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Apr. 26, 2007
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Expired Listings? An Opportunity or a Distraction?
 As market inventory has increased in most areas, more listings are not selling and show up as expired. Conventional wisdom is this is one of the best places to prospect if you want to increase your business. Sometimes this is true, but sometimes not. Should you be spending some time in this niche?
My question for my coaching clients is to ask themselves each day "what is the highest and best use of my time?" My companion question to ask yourself, "What 3 actions could I take today that would make the most difference?" Hint: these are not usually the squeakiest to-do items, but rather the things that could have a major impact on your short and long term goals.
Often,the action that makes the biggest difference is prospecting! While I am in alignment with the concept that you'll be able to build business faster and more effortlessly with the people who know, like and respect you, I also believe most agents need to be looking outside these people if they really want more than they have now.
Expired listings offer an opportunity with a group of people that have an interest in selling. Now, you'll notice I didn't say they were motivated to sell, because, quite frankly, many of them are not. This is one of the reasons this niche takes some forethought and a great system to work.
A Shameless Plug.....To give yourself the structure & system, join the next Real Estate Expired Game™ !
When I say some are not motivated, what I mean is they are not realistic about what they think their house should sell for or what they need to do to make it saleable. When this is coupled with a lack of need to sell (being transferred or bought another house), it might just be a total waste of time.
 Here are some success strategies for working with Expireds.
1. IT IS A NUMBERS GAME. I've been saying for years that it is a RELATIONSHIP GAME rather than a numbers game, and I still believe that most of the business we get is about building relationships. Expireds, however, may be in a hurry to get their house get back on the market and get sold quickly. You don't have the luxury of wooing them and building relationship over time. You must get their attention immediately and do it with credibility and differentiation so that they believe you are DIFFERENT than their previous agent. You don't want every one of these listings (Remember what I have said about life being too short to work with high maintenance people who don't respect you.... AKA jerks!). You have to be ready to get "no's", to not take it personally or let it mean anything about your worth, and to move on. You just say ,"NEXT"!!!
2. KNOW WHEN TO SAY NO. If you sense these people are either not a good fit for you personality-wise or they are not going to list where they need to, walk away. You must have standards to build a good business. Time, energy and money spent on people who aren't willing to do their part is wasted and lost forever. It is not much different than a doctor telling someone they need to stop smoking and the person not listening and then developing lung cancer. If the client won't do what it will take to get the home sold, it isn't your fault it doesn't sell. However, shame on you if you let them talk you into "trying" it when you KNOW it won't work. Set your standards and stick to them.
A Good question to ask yourself is: "Would you rather be liked or respected?"
Walk away with your integrity in tact (and they probably will call you when it expires again!)
3. Have Empathy - These people usually are disappointed, frustrated or just plain mad! Their previous agent promised to get the job done so they'd be able to move into the next chapter of their life and it was a lie! So, don't take their frustration or anger personally. Ask them, "What happened?" This is different than asking them why they didn't think their house sold-subtle but different. You'll hear clues of what they want in their next agent. Let them vent. Don't try to give your solution right away, but give them time to wind down by expressing all their frustration. This will build their perception of your communication skills!
4. Be There First - The common perception is that these people are getting inundated by agents, however, I do not usually find that to be the case. The majority of agents are relying on passive contact. If you are the 1st or 2nd agent to actively connect with them-either on the phone, or if you are scared of the DNC rules, by dropping by, you have over a 60% chance of getting the listing IF they relist. Timing counts. If they are going to re-list, they will be in a hurry to get their house back on the market. Use a service like TheRedX to find the contact information, scrubbed against the DNC list and that gives you scripts and materials to manage the contacts.
5. Wow Them! - Differentiate yourself immediately. You don't have the luxury of building relationship slowly, but you must impress them with services, knowledge and skills that the other agents are not demonstrating.
This is
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When you want to show up with your tablet computer.
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When you want to demonstrate your call capture system.
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When you give them an excel spreadsheet they can use as a scorecard when they interview other agents, listing your designations, your unique marketing tools!
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Or, how do you Wow them??????????
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Take the number of homes currently on the market (let's say 20)
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Divide by the number of homes that sold last month (Let's say 2)
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This gives you the # of months of inventory (Gives you 10)
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Now explain it this way " Mr & Mrs Seller, we have 10 months inventory on the market.
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This means only 10% of the homes are going to sell next month and 90% are not.
If this does not change their thinking and their strategy, it may be this is one to walk away from!
Most agents give up after a few7. Hang In There! contacts. The average seller will not make up their mind until they have had multiple contacts from you. But this needs to be systemized so that it is a no-brainer. Use an action plan to give you a daily list of what letter, card, call or visit needs to be made. Or use a service like TheRedX.
Consistency is important. You are demonstrating how you differentiate yourself.
The importance of following up is made clear in these statistics from the Association of Professional Salesmen and the National Sales Executive Association:
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2% of sales are made on the 1st contact
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3% of sales are made on the 2nd contact
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5% of sales are made on the 3rd contact
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10% of sales are made on the 4th contact
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80% of sales are made on the 5th-12th contact
7. And Then There is Condition. Their previous agent probably didn't take the time to coach them on presentation. Do they need to clear the clutter? Do they need to make some repairs? Take out the shag carpet? Give them the stats from www.Realtor.org on what their return will be on various repairs or upgrades. If they are moving, they need to start packing anyway.
Here is something I found interesting: bad photography is right up at the top of the list with reason's why something doesn't sell. Doesn't that amaze you? Especially given how easy it is to use a digital camera to take lots of photos and how easy it is to make a virtual tour.
www.Point2Agent.com is offers free virtual tours with their Premium accounts.
www.microsoft.com/photostory is a wonderful free program that uses your photos for a pretty cool looking tour. What other resources are you using?
You'll never list any if you don't get started. And, you'll get better the more actions you take....If you need ideas and support, don't wait, The next Real Estate Expired Game™ starts on Monday, April 30
I have also hosted a conference call that is available as a podcast here about getting listings sold that has some good tips on what it takes.
6. It is all about price. You must know how to approach this so they are educated by what you share and do not dig in their heels to justify their point of view. Most likely their previous agent wanted the listing so badly, they let the seller take the lead. Be prepared not just with comps but with absorption rate information. Narrow the price and area as you would for a CMA, but then do this:
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Feb. 20, 2007
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The FSBO Real Estate Game™
For the last 4 years, I've been leading a training session called The FSBO Real EstateGame that was developed by Patti Kouri and me to help agents conquer those unrepresented sellers and help them. The way it works is using a daily teleconference call, a grid and point system.
Agents must get 10 points a day from the grid of activities that looks like this:
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There are 30 items on the grid and the ability to add items that may not be on the list but that are building business.
On each call, there is skill building and brainstorming and masterminding. The best thing is that for the Game, agents often get outside their comfort zone because they are playing and take way more action because of the group dynamics. I have learned lots about these UNREPRESENTED SELLERS on these calls!
Why Should I Have A FSBO Niche in my Business Plan?
What should you do?
If your business strategies haven’t been redesigned to fit the expectations and needs of the Internet consumer, now is the time to do it. While your FSBO strategy is only one segment needed to address the Internet consumer revolution, it can be a very lucrative one. To ignore this would be like refusing to believe that airplanes were going to replace trains.
Your strategy must focus on the consumer’s style and desires and buying preferences. Sure, you think you have been client-driven…..but are you really the easiest to buy from? To get information from? To deliver to the consumer what they want 24 hours a day, 7 days a week? Do you give information first and build trust or do you expect you can hold out and think they will eventually need you?
The FSBO seller often believes that all an agent does is put a sign in the yard, run an ad, put it on the Internet and wait. Unfortunately, sometimes this is true. So these sellers figure they can do that themselves and save thousands of dollars. Or they think they are smart to at least try it, since Uncle Joe told them how easy it was when he did it! With the ability to do market research on financial options, comparable sales and the listings in our MLS systems on the Internet, this FSBO feels self-confident and cocky. You really can’t blame them. As an industry, we haven’t communicated well and educated the public to the myriad of services that we provide that they are unaware of.
Here are some additional articles on working with FSBO's that will give you some good tips:
Four Good Reasons To Work the FSBO Market
How to Capture More FSBOs by Knowing Their Style
Top Ten Questions For FSBO Sellers
Is it time for you to make some money from these FSBOs?
For an agent wanting to increase business, prospecting for-sale-by-owners is one of the fastest ways to do it.
Have you seen an increase in the FSBO numbers in the last couple of years? History tells us over 80% eventually will list with an agent and usually within 60 days. There are forecasts that this will continue to increase over the next five years. Have you asked yourself how you should be positioning yourself to be taking advantage of the trend?
Like everything else in the real estate business though, successful agents are using different strategies with creative systems and programs to land this business than they used in the 20th Century.
- What’s Out is the high pressure, numbers game approach
- What’s In is the building of relationship and trust through systematic, value added contact.
As agents, we know that selling a home is not just putting up a sign, running an ad, posting it on the Internet and in MLS and waiting. In the 2005 NAR Profile of Home Buyers and Sellers, the “typical FSBO home sold for $198,200 compared to $230,000 for an agent-assisted home." This is 16% more! And this doesn’t take into consideration the time, hassle and risks they will have with showings, taking calls, opening their home up to unqualified strangers and their unfamiliarity with the legal process.
You know you can do a better job and net them more money, even after they pay your commission, but most consumers need some education about the true facts. Your negotiating skills, your ability to pre-qualify prospective buyers, your broad ranging marketing systems and your ability to handle the inspection and disclosure processes will almost always increase the bottom line for a seller. However, most consumers simply aren’t aware of all of this and they feel empowered because they have done some research and they, mistakenly, think that information is knowledge.
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Jan. 16, 2007
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Fossland's January Forum: Getting The Listings Sold
Today's Forum was
Everything You Ever Wanted To Know About Getting Your Listings Sold
My Top 10 Tips for Getting The Listings Sold:
#10 Price it Right or SAY NO
#9 Know Your Numbers: Use the Absorption Rate Formula to show sellers their odds in getting their home sold
#8 Make it Market Ready: It needs to be the prettiest
#7 Have Open House Events!
#5 Use Technology
discount
#4 Use Multiple Pictures, Visual Tours, Floorplans
#3 Use The Internet
#2 Re-Evaluate and Educate the Sellers Often
#1 Your Thinking!!!!!
Articles That Fran shared:
Thanks for your interest
Have a week that is BEYOND ORDINARY....it's up to you!!!!!
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Dec. 11, 2006
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GET COOKIN’ In 07 or Are you Making Soufflés or Toast?
Now is a great time to set the foundation in place to make 07 your best year ever – both professionally and personally.
Grab a pen and paper and take a few minutes to jot down everything that really matters to you as an individual.
Suggested Areas to include are:
- a significant personal relationship,
- your family,
- your relationship with your children,
- physical health and fitness,
- your personal financial situation,
- your physical environment at home, and at work,
- your personal style ie wardrobe, hair, etc,
- your business overall,
- your personal sales income,
- your personal/ spiritual growth.
Now I want you to just picture in your mind what a 10 (perfect) would look like for you in each area, and let yourself dwell on that for a few minutes- feels amazing huh! Now I want you to think back to 06 the year that has been and give yourself a score out of 10 for each area. 5 being ordinary, 8 being great but could be better..
Now ask "If I could be, do, have everything I want (because you really can!) what would I need to change next year? What would it take to move my score from where it is now to an 8 or higher.?"It might be making a commitment to finish at 5pm one night a week , organizing a regular babysitter and having a date night with your significant other to reignite the flame of passion between you. The benefit of that would be heading to work each day with a great smile and attitude…
Next gather your real estate numbers, - the main ones you need are the number of listing opportunities you had, the number you actually listed, the total possible commission from those, the total number you actually sold and the total commission you earned. I suggest you break it down monthly from Dec 05, and then have an annual tally…
Now work out your conversions, and look at what they are telling you. Maybe you have lots of listing opportunities but are not closing enough, maybe you get the listing but aren’t converting them to sales, maybe you just haven’t been prospecting effectively and you need to create more listing opportunities…
Now with this in mind set your income goals for 07, and work that back into number of sales, number of listings to get that, number of listing opportunities you need to create…using those exact conversions you have reached in 06.
Now look at your conversions, what is the area that if you improve will make the biggest difference to your income….and ensure you do some focused training on that for the year…
Success in real estate and in life is no accident! You can do it and have an incredible year in 07, in every area of your life! By working smarter, stocking the right ingredients and following the right recipes - you can achieve whatever it is you want. Often the difference between success and failure is not working harder, its being focused on what you really, really want, and being consistent in following the recipe. Decide now to take control of your time and set aside a few hours to set some meaningful goals that will get you excited and enthusiastic about your life and real estate business in 07. Make 07 the year you stopped settling for toast and started cookin soufflés!
Karin Hanna is a fully licenced real estate agent, experienced trainer and professional real estate coach. To make coaching available to every real estate agent who wants to get ahead faster and easier than they could alone, she has created www.realestatekitchen.com go there now and you can register for a free silver membership. If you are serious and really want to get your life and sales cookin in 07 upgrade now to an annual gold membership for just $99. For all readers who go for gold before Dec 31, 2006. Karin will also give you a personal one on one coaching session valued at $200 and $20 of your membership will be donated to CARE.
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Dec. 9, 2006
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Consumers Are Demanding Choice!
Beginning this month, I am the guest hostess for a Podcast at
www.AgentRoundUp.com
The December Podcast features an overview of what it takes to serve today’s consumer.
By clearly defining your positioning in the marketplace, you are better able to show value.
First define which segment of the market you want to work in terms of compensation: the low end, the high end or the middle. Next, determine the model that best fits your consumer’s needs: A fixed percentage, a fee for service or menu of services model.
Listen to the interview with real estate broker, Mollie Wasserman, author of Ripping The Roof Off Real Estate: It’s Not What You Save, It’s What You Keep
Mollie’s book is intended to help the consumer understand how the real estate industry works and how they can put the most money in their pockets, depending on their needs. With her partner, Paula Bean, a new course has been developed to train real estate agents in working and getting paid for their consulting and expertise.
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About Me
Resources, articles and thoughts on being awesomely productive and creative while enjoying a life you love! Don't forget to visit my web site at www.joeann.com for even more information and resources. COMMENTS ARE WELCOME. Please notice the Post A Comment link at the bottom of the posting.
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