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 How market knowledge can help you build your business

Created by:
Point2 ., Vendor,  Saskatoon,  --

Date: February 5, 2010, Number of Replies: 22


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The answer to this question lies in your ability to benchmark your business and market outlook against others, so you can identify if there is an opportunity for you to boost your business and revenue.

Let's say that on average, agents in your area, on a scale of one to ten, rate the market an 8 or a 7, yet you would rate it a 6 or a 4. While others' opinions may not seem to matter at the outset, the fact that they reveal a more optimistic view could mean they have figured ways to do better than others.

Maybe they have identified a new target market niche they chose to focus on. Perhaps they decided to specialize in an active market such as foreclosures or short sales. Or perhaps they have implemented new online marketing strategies that are delivering serious results.

The key is that information on how agents and brokers are doing in your market, and in other markets for a number of other reasons can flag an opportunity that you can build on. To seek, to think and to search for new ideas that can elevate your own outlook and expectations, simply because others seem to be doing better.

Have a look at how agents in your state are doing and read their commentaries towards the end of the latest Real Estate Confidence Index (RECI) report (available entirely for free on the RECI website).

You can even be first to receive the February report (and every month you participate) when it comes out, and influence overall results for your market with a more valid and realistic outlook on business in your area, strictly by increasing the response count to the survey, which only takes a few check boxes to complete. Let's be numerous. Start here: http://tinyurl.com/point2reci

Your questions and feedback are always appreciated.

 

 

 

 

 

 

 

 

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Colleen Schultz Licensed Real Estate Agent,  Eden Prairie,  MN

Date: June 27, 2010

"Let's say that on average, agents in your area, on a scale of one to ten, rate the market an 8 or a 7, yet you would rate it a 6 or a 4. While others' opinions may not seem to matter at the outset, the fact that they reveal a more optimistic view could mean they have figured ways to do better than others."
Read more: http://www.realtown.com/community/RealTalk/view/LMQQVQA#ixzz0s7jRAYq8

I think it is insightful that consumers will see our optimism as a reflection not just of the market itself, but also of our ability to work with the market that exists. In this case, optimism is more than sunshine - it is consumer confidence. And that confidence will entice people to work with us!

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John Cleek Licensed Real Estate Agent,  Louisburg,  KS

Date: June 28, 2010

Colleen wrote in part:

I think it is insightful that consumers will see our optimism as a reflection not just of the market itself, but also of our ability to work with the market that exists. In this case, optimism is more than sunshine - it is consumer confidence. And that confidence will entice people to work with us!

Colleen,
You are absolutely right. People like to be around other people who are positive, enthusiastic, optimistic, and make them feel upbeat. We don't have to be so over the top that we make those around us uncomfortable, but there is no question that the more positive we are, the better response we are going to get.

Why would anyone want to do business with an agent who tells them the sky is falling. If we want people to develop greater confidence in the real estate market then we have to exhibit a high level of confidence ourselves.

Don't Stop Thinking about tomorrow!

John Cleek, Ph.D., Author
Seven Steps to Home Ownership


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Gary Nagle Licensed Real Estate Broker

Date: June 28, 2010

High Definition Service!

Gary Nagle
Broker/Realtor®
Plasma Realty
1646 W. Hwy. 160 #8133 (803)-493-2470
Fort Mill, SC 29708
www.fortmillhome.com

"Buy with me and get a FREE HDTV!

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Mark Jay Information Technology,  WI

Date: June 28, 2010

Colleen wrote in part:

I think it is insightful that consumers will see our optimism as a reflection not just of the market itself, but also of our ability to work with the market that exists. In this case, optimism is more than sunshine - it is consumer confidence. And that confidence will entice people to work with us!

John Cleek responds:

You are absolutely right. People like to be around other people who are positive, enthusiastic, optimistic, and make them feel upbeat. We don't have to be so over the top that we make those around us uncomfortable, but there is no question that the more positive we are, the better response we are going to get.

Why would anyone want to do business with an agent who tells them the sky is falling. If we want people to develop greater confidence in the real estate market then we have to exhibit a high level of confidence ourselves.

Don't Stop Thinking about tomorrow!

Mark Jay comments:

I think the point of view or attitude that will resonate with consumers in more nuanced than John Cleek suggests but of course, SHOULD be along the lines that Colleen advocates but with a lean to understatement rather than "over statement".

My attitude and approach is contained in the following bit of "script" or narrative. There are a couple of parts to the attitude or message.

"This is definitely a difficult market and many in our business are struggling. Having said that, my team and I are having a pretty good year so far, better than last year and much better than the year before that." "We're doing some things that others aren't and it's paying off"

"Why do you ask? Are you thinking about buying or selling… or do you know of someone who is?"

No matter what the answer is, close for the person's contact information-especially their e-mail addy-and get them on your marketing drip.

You must maintain congruency with what consumers are hearing and reading and viewing in the broad culture around us all to be credible. You can't be overly optimistic or enthusiastic about current market conditions or people will turn you off as being just another bullshitting salesperson. If you're starting point is congruent with the social background in effect you will have general credibility which you can then leverage to YOUR particular situation with credibility. Things in general are 'bad', your particular situation is 'good' and then question back. I assume that people ask about how the real estate business is "going" because they have a need now or coming up.

Having accomplished that narrative cascade you then MUST transition from answering the question to ASKING a question back. Your posture should be warm and friendly but at the same time relaxed confident and direct. If you come across as too effusive you might pass right past 'BSing salesperson' to MORON in the eyes of consumers you are trying to engage.

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Carolyne L Licensed Real Estate Broker,  Serving Brampton ON Canada,  --

Date: June 29, 2010

Just curious. Not criticizing. The last line of your post, Gary... regarding the free TV [that reads: "Buy with me and get a FREE HDTV!"]... is this not considered an inducement - sort of like a finder's fee? Is it permissible in all trading areas?
Years back I recall a seller giving away a brand new car to the agent who sold his house (he was a car dealer)... but it was the seller not the agent who was providing the enticement.

Can anyone speak to this?
Around here agents promise (in writing and in advertising, including on line) to give the buyer half of their commission earned or some other division of the commission, yet finder's fees are not permissible. Apparently it must be legal, but I can't for the life of me figure how this works.
Personally, I have had countless sign calls where the first thing the caller wants to know is how much I am going to rebate to him from my commission earned. I always tell these callers that they need to call their own agent; that I am working for the seller. They argue. They don't want "their own agent," they just want part of the commission to go to them.
Most times their response is that they ALWAYS and ONLY deal with the listing agent, because the listing agent HAS TO GIVE THEM BACK PART OF THE COMMISSION. WHAT? Besides, I thought this was not permissible (unless perhaps it would be disclosed to the seller at the time of taking the listing - in writing that this would be part of the marketing - and then the seller wants a reduced commission, part of which at closing would be handed over to the buyer). And just what part of the commission does the agent get to have? This scenario happens regularly in our trading market.
Where does this advertising fit in the order of permissions? Is there not an overlap into the , or is it all just tied to the semantics of the English language and its interpretation?
Thanks
Carolyne
www.Carolyne.com
Serving clients in Burlington and Brampton ON CA
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Date: June 29, 2010

"Why do you ask? Are you thinking about buying or selling or do you know of someone who is?" says Mark Jay.

I heard an interesting twist of the above: Why do you ask? Are you thinking about buying, selling, renting or
investing? You know, every area is different. Then go into...it's a good market if you're buying...a slow market
if you're selling...

Cordially,

Eileen Landau, BA, MA, e-Pro Internet Certified
Over 30 Years of Successful Full-Time Real Estate Experience
BAIRD & WARNER REAL ESTATE
836 West 75th Street
NAPERVILLE ILLINOIS 60565
Universal Direct: 630-297-7550
www.moveuptonaperville.com
www.moveuptonaperville.blogspot.com
MoveUPtoNaperville@Yahoo.com
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Chuck Tanner Licensed Real Estate Broker,  McDonough,  GA

Date: June 29, 2010

Most times their response is that they ALWAYS and ONLY deal with the listing agent, because the listing agent HAS TO GIVE THEM BACK PART OF THE COMMISSION. WHAT?

I guess I will go broke because I am not parting with my paycheck and all you realtors that are to get the business need to STOP!!!! What's next, do we pay the buyers in order to sell them a house.

Chuck Tanner, RDCPro, e-PRO

Associate Broker

Re/Max Advantage

770-898-1700 fax 770-898-1742

Cell 770-560-9449

chucktanner.com

chuck@chucktanner.com

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Win Singleton Licensed Real Estate Broker,  Falls Church,  VA

Date: June 29, 2010

Carolyne wrote - "Personally, I have had countless sign calls where the first thing the caller wants to know is how much I am going to rebate to him from my commission earned. I always tell these callers that they need to call their own agent; that I am working for the seller. They argue. They don't want "their own agent," they just want part of the commission to go to them.

Most times their response is that they ALWAYS and ONLY deal with the listing agent, because the listing agent HAS TO GIVE THEM BACK PART OF THE COMMISSION. WHAT?"
Pretty simple. Just tell them "No". As you correctly stated, as agent for the seller, you are obligated to promote the interests of your seller client, including showing the property whenever possible to prospects to try to facilitate a sale. But you don't have to discuss with that customer anything about what brokerage fee you and your firm have agreed to with your seller client at all. In fact, the terms of your listing agreement between your firm and the seller is actually confidential and none of their business.
Our Virginia real estate rules and regulations do allow the real estate company to rebate a portion of their brokerage fee to either principal in a transaction. Even though it is allowed, it certainly doesn't mean you are obligated to do it. Of course these callers are making the arguement that if you sell it to them and give them a rebate equal to the selling firm's fee, you would still be making as much money as if it was a co-op sale with another real estate firm. (They must have read about this ploy on the Internet somewhere...)
So it is easy to tell the prospect, "As a representative for the seller, I will be happy to show you my seller's property. But I and my firm don't give rebates." That will usually end the conversation. They will keep calling around until some whimpy agent is willing to "cave in". Just let them call someone else. :-)
Win
**********************
Win Singleton, CRB, SFR, e-PRO
Associate Broker
Northern Virginia Real Estate, Inc.
1018 Shipman Lane, Suite 200
McLean, VA 22101
(703) 536-7631
wins@winsingleton.com
Licensed in Virginia
**********************
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Deb Jamail Licensed Real Estate Agent,  Bayou Vista,  TX

Date: July 9, 2010

It is hard for me to believe how some people are. It seems to be happening more and more as times get tougher. Both buyers and sellers requesting 'discounts'. I often will ask a buyer what they do for a living and how would they react when arriving at the office, and their manager tells them…"I need you to perform all of your same work functions today, but I am cutting your pay in half." It brings it down home to them.

When sellers start demanding commission discounts, I like to ask them.."In listing and selling your property, what is it you DON'T want me to do. They always reply…"I want you to still do everything."

Deb Jamail, GRI

REALTOR, Owner

"Making Your Home Our Business"

Neptune Properties

3109 Neptune Dr

Bayou Vista, TX 77563

Direct: 832-671-0998

Office: 409-935-9156

Fax: 409-935-3875

Visit My Website

Neptune Properties

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Chris Newell Real Estate Educator ,  --

Date: July 10, 2010

<<It is hard for me to believe how some people ARE. It seems to be
happening more and more as times get tougher. Both buyers and
sellers requesting 'discounts'. I often will ask a buyer
what they do for a living and how would they react when arriving at
the office, and their manager tells them"I need you to perform
all of your same work functions today, but I am cutting your pay in
half." It brings it down home to them.
 

When sellers start demanding commission discounts, I like to ask
them.."In listing and selling your property, what is it you
DON'T want me to do. They always reply"I want you to still
do everything." Deb Jamail, GRI>>
 

On a scale of 1 to 10, how does that work for you? Honestly.
 

There are some real underlying issues, common to the majority of agents, that are exposed in the quoted text above. To thoroughly understand them is a long process; To start learning how to escape from these issues, follow this link and sign up for the free webinar: http://thatrealestatecoach.com/2010/07/09/effortless-selling-for-real-estate-and-mortgage-agents/
 

Newell

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Date: July 10, 2010

I completely agree that our knowledge of the real estate market is essential and our optimism is the trigger that will inspire both buyers and sellers to continue to work with us. Not only do we need to know about the real estate market, but also national and world events. When the economy collapses in Greece, money is coming to the US - the long term results will filter down to an positive stock market news and the psychology of economic recovery will follow.

We do create our own destinies - if we keep saying the sky is falling, it will.

Pat Linnell, Broker

ABR, CRS, GRI

Sandy Hook, CT

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Jim Williams Licensed Real Estate Agent,  Oklahoma City,  OK

Date: July 10, 2010

One point to bring up when clients want you to cut commission, "I have not
had a pay raise in several years, when was you last pay raise."
Jim
Jim Williams GRI,Broker Associate, ABR and e-PRO
Century 21 Gold Castle
3627 N.W. Expreeway
Oklahoma City, OK 73112
Office: 405-840-2106
Direct 405-503-3463

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Oakley Roberts Licensed Real Estate Broker,  Fort Collins,  CO

Date: July 10, 2010

How many Realtors have ever figured out what it costs them to run a listing? What is your hourly rate? What do you think the hourly rate of your average middle class client is? If by chance you sell your own listing do you double your hourly rate?

Oakley Roberts

Sent from my iPad

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Ronny Geenen,  Glendora,  CA

Date: July 10, 2010


I completely agree that our knowledge of the real estate market is essential and our optimism is the trigger that will inspire both buyers and sellers to continue to work with us. Not only do we need to know about the real estate market, but also national and world events. When the economy collapses in Greece, money is coming to the US - the long term results will filter down to an positive stock market news and the psychology of economic recovery will follow.

We do create our own destinies - if we keep saying the sky is falling, it will.

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