Archive for September, 2007

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Free Way To Stay In Touch With Your Clients!

Saturday, September 29th, 2007
How often do you mail a letter, newsletter or postcard to your client database?
With first-class postage stamps at 41 cents, your expenses continue to go up again unless you change your method and frequency of communicating with your clients.
What’s one way to keep your postage expenses down? Start blogging!
What’s blogging? It’s a web log (an on-line journal) that you can write in your own words. Now I have to tell you, at first, I thought blogs were dumb and a waste of time, but one of my mentors has a blog and it’s really had an affect on me. He’s writing about things that are of interest to me as well as sharing bits and pieces about his own life. I now believe that this is better than buying and sending a non-personal, pre-printed, 4-color newsletter to my client base.
I just started writing a blog for my clients and I’m not an expert writer at all. You can check out my blog address at: http://www.cincinnatirealestatenews.com/.
It’s real easy to start your own blog. Just go to: http://www.blogger.com/ and get started. It’s Free. There are other free or inexpensive blogs out there, but this is the one I chose.
I look at a blog as a place where I can communicate with my clients in my own style, offering them information that will hopefully add some type of value to their life, whether through real estate, financial issues, or every day aspects.
It’s my recommendation to NOT purchase a blog-writing service where you would pay about $400/yr for them to write your blog. It defeats the purpose of writing a blog and sharing your thoughts and beliefs to your clients and others.
It’s also a place for them to find out a little more about me and my family and what’s happening in our lives. When information comes from you personally, instead of being regurgitated from another source, it’s so much more powerful and your clients know you care about them.
You can also add photos to your blog entry. It makes it more interesting. Make sure that you aren’t copying someone else’s photos.

If you don’t have many clients’ e-mail addresses, just make a list of those you need to call and ask them for their preferred e-mail address and that you won’t give it to anyone else. Let them know that you’ll be sharing information that will be beneficial to them.

Also, imagine how much time and money you’d save every month by not printing and mailing a snail-mail newsletter. I believe today that e-mail is getting to be a tougher medium to communicate with people through, but even with all of the spam out there, I’m still always looking for e-mail from people that I know and trust. Aren’t you?
So here’s the steps you need to do today:
Step #1- Go to http://www.blogger.com/ and register for your own free blog.
Step #2 - Get as many of your clients’ preferred e-mail addresses as possible. I don’t care if you only have 5. It will grow. If your clients like it, ask them to forward it to their family and friends. Ah-ha! Yes, future referrals!
Step #3 - Make an entry into your blog as least once a week. Feel free to look at mine to see the different topics I write and then do your own. There are articles and short topics all around you every day. Make a file to save everything you want to write about. After you get the hang of it, it will only take you 10 - 15 minutes write an entry.
Step #4 - Send an e-mail to your client base with a link to your blog, adding the headlines of your posts. I would only do this once every couple of weeks to once a month depending on how much you write.
One other place to start a free blog and gain valuable real estate information from many of the best agents and lenders in the country is ActiveRain Real Estate Network. You can register for free at my link. Click here: ActiveRain Real Estate Referral Network. If you don’t join this network, you are really missing out.
Go ahead and start your own blog. Don’t wait!

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10 Action Steps To Sell Your Listing In Today’s Market!

Friday, September 28th, 2007
If you’ve had your listing for more than 45 - 60 days, you’ve probably received calls from your seller asking you why their home isn’t sold yet.
It’s happened to all of us at one time or another.
What you need to do is contact your seller to set up a time to meet at your office within 48 hours of your phone call. This gives you time to prepare and gives the seller time to find a sitter if they have children. You don’t want to have any distractions during this meeting. That’s why you need to meet at your office, plus it puts the meeting in your home court.
Here’s the 10 action steps you need to discuss with your seller:
  1. Explain the Buyer’s Market Realities to the Seller
  2. Prepare a new C.M.A. & Seller Net Proceeds Sheet - (Make sure loan pay-off figures are accurate)
  3. Review Showing Comments & Discuss Property’s Condition
  4. Discuss the Seller’s Motivation - Is Now The Right Time For Them To Sell?
  5. Re-Evaluate Your Marketing Plan
  6. Have the Property Staged & Take New Photos
  7. Spice up the Ad Copy - Use “HOT” Buttons
  8. Answer All of the Seller’s Questions Completely
  9. Change Your Mindset - It’s Not Always a Quick & Easy Sale
  10. Decide on Changes to Price, Condition and/or Marketing

If you have a listing that isn’t selling, don’t wait until a few days before the listing expires to contact the seller.

You need to tell the sellers at your initial listing presentation that you will be sending them market updates by e-mail on a weekly basis (actives-pendings-solds), so that they can see what happening or not happening in the market at that time. You don’t want them mad at you, because you didn’t communicate enough with them.

The reality is properties are selling…maybe not as fast and for as much money…but they are selling. If your listing isn’t selling, then you need to do the ‘10 action steps’ above to increase your chances for putting a SOLD sign in their front yard.

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My Son Always Says "I Have A Question…"

Friday, September 28th, 2007
I’ve heard that every day for the past couple of years from my son and at first I thought it was pretty cute, but after awhile it started getting on my nerves.
I kept thinking, ‘why not just ask the question?’
But then I got to thinking that young minds are always learning and that’s something we as adults sometimesforget to do…be inquisitive.
How can we learn to do a new task if we don’t have the skill set to do it? How can we learn from making a mistake if we don’t ask what went wrong?
When testing an ad campaign, asking questions can put you back on the right track.When negotiating an offer with your client, asking questions can help you understand their needs better and bring together an agreement quicker.
When thinking of a question to ask, consider the following key words:
Who, What, When, Where, Why & How
Never just ask a “Yes/No” type question. You’ll never learn much that way. A “Yes/No” question doesn’t allow you to delve deeper into the topic you’re looking to gain knowledge on. You need to deteremine how detailed of a question you ask to get the most out of the answer.
Have you ever met someone you really admired, wanting to ask them lots of questions, but your mind goes blank? It’s a learned skill. You may want to write down your questions before you meet them. Remember to start with your key words. People are impressed by those who ask well-thought out questions and then listen intently to the answers.
So before you ask a question, really think about what needs to be asked to get the maximum information to help you. Also, the next time you have a question, get ahead and ask it. Don’t think that you’re dumb for asking the question, praise yourself for speaking out and finding the answer from someone who knows.
In reality, the more questions you ask, the quicker your learning curve will be to complete a task.
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So, what’s your most pressing problem right now in your real estate business?

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A Powerful Marketing Truth……

Monday, September 24th, 2007
A Powerful Marketing Truth…… People forget!
They forget about you, your company, your products and services, within days and months of doing business with you, or after reading your ad or sales letter - they forget all about you.
People have a million things on their minds and they are bombarded by thousands of distractions each and every day.
Assuming that your clients or prospects will call you if they need your your help - without you reminding them of you and your business — is like expecting a beautiful green lawn to care for itself.
Most people don’t believe this truth…they believe their clients and prospects are thinking about them all the time. They believe that helping a client through a real estate transaction and wishing them luck at the closing is enough to expect referrals in the future.
You’ve heard the phrase: “People don’t care how much you know until they know how much you care”.
A prospect requests information, they mail it to them and then they never contact that prospect again. They also wrongly believe that contacting their clients once or twice a year is more than adequate. Because people forget — quickly!
It doesn’t matter whether youre in a HOT market or SOFT market, one of your primary weekly activities needs to be keeping in touch with your clients - current and inactive. (I don’t like the phrase - ‘past clients’. It makes them sound like they’re gone.)
What are great ways to stay in touch with your clients?
~ Call them 3 times after closing - one day after, one week after and one month after.
~ Send them a letter or electronic newsletter either monthly or at least quarterly (Personalize it as much as possible. Don’t just send out a totally generic newsletter).
~ Write a blog for your clients - you may update them on market conditions, provide them with financial news that may affect their mortgage, tell them what’s happening with you and your family, etc.
~ When you just happen to be passing by and have a minute, stop by and say “Hi”!
~ Pick up the phone and call them to see how they’re doing and if there are any services that they need, but they don’t know who to call. You should have a list of reliable contractors and professionals who you can recommend to them. (If you call during the day, you’ll probably leave a lot of voice mail messages, but you’re still making contact.)
Whatever you do (and there are hundreds of ideas) to keep in touch with your clients, it’s not most important what it is, but that you took the time to see how they’re doing. They may not always say it, but it’s appreciated.
I’ve always felt that you don’t normally expect to hear from your doctor, dentist, accountant, etc, over the years, but being a real estate agent brings you closer to your clients during the time you’re helping them make a major change in their life.
These strategies will keep you closer to your clients and increase your chances of receiving referrals from them as well as being there when they’re ready to make their next move.
To your success,
Dan

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It’s Time To Be REAL With Our Clients!

Friday, September 21st, 2007
With the fourth quarter of 2007 looming, we’re getting into the time of year, where many people take time to re-analyze their business goals.
While the real estate business does slow down, understand that in the past, 5% of all home sales in a year still sell in each month…Nov - Dec - Jan.
So if you still have motivated buyers, help them find a home while they face less competition from other buyers this time of year and have more motivated sellers wanting to sell.
If you still have motivated sellers, update your CMA and present it to them to help them make a pricing or staging concession that will help them sell their home more quickly.
I have to tell you a story: I recently showed a home that I was in total shock that people could live in a house the way they did. I felt sorry for the sellers. I couldn’t believe that the listing agent listed the home in the condition it’s in. As listing agents, we need to share our expertise and knowledge with sellers about what needs to be done to help them prepare their home for sale. Don’t be afraid to be truthful, but be tactful. You aren’t doing them any favors by having them think they’ll be able to sell.
Also, there are times when you need to decide not to list a home if a seller isn’t heeding your advice or wants to list the home at a price higher than you’re comfortable with based on market statistics.
I’ve turned down several listings this year after meeting with sellers, because of pricing or staging issues and the homes are still on the market.
On a listing appt, you need to decide if you want the listing as much as the seller deciding if they want you.
As it appears we’re in a buyer’s market in most areas, you really need educate your clients about the changing strategies it may take to sell their homes.
Don’t over-promise, then under-deliver.
Do the opposite!
Do you complete a seller’s net proceeds sheet with accurate numbers, i.e. payoffs, to show what they can expect to walk away with at the closing table? (I give them 3 different sale prices…low…medium…high.)
When you receive an offer, you can go back to the net sheet and review what you had previously discussed. (Have them initial the form, in case their memory is short.)
To your success,
Dan

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Let’s Play KNOCK-OUT Time!

Friday, September 21st, 2007
Do you ever find there are not enough hours in the day to do what you want?
Do you have too many projects in your head that you’d like to complete, but can’t seem to find the time to start, let alone finish them?
Well, I have a simple strategy for you that will help you start completing these projects, so that you can earn more money in less time, because you have more systems in place in your real estate business.
It’s time to get these ideas out of your head and out of your file cabinets and take action.
It’s called “KNOCK-OUT TIME”.
What you do is select a project that, if you are totally uninterrupted for up to 12 hours in one day, it will be completed.You need change your voicemail for the day or have someone else handle your calls and business for the day.
That’s crucial, because any interruptions will cause you significant delays and interfere with your thought process. (You could even say you’re at a training seminar all day and you’ll return calls after your finished.)
But once you start the project, don’t stop until you’re finished. It’s critical to your business.
In the days leading up to your KNOCK-OUT TIME, assemble everything that you need to complete your project. Let’s say it’s a pre-listing packet. Review what you currently have and decide how you want to improve it. Format it in a way you’re comfortable with.
Once you have everything written out, you can either design it yourself in a Word document or you may want to out-source your project to someone else to finish it up for you.
If you go online to a place like http://www.elance.com/, you can write up a proposal on what you need done and people from around the world will quote you a price. You’d be amazed at how inexpensive some of the quotes are, but you have to be very specific in what you want done.
Then you can review the bids for your project and select someone to do it for you. elance.com is the go-between company, so you pay them and don’t have pay the bidder directly. You can also see how the bidders were rated on other jobs before you decide who to use.
To your success,
Dan

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Analyze Which Strategies Work Best!

Tuesday, September 18th, 2007

I have some focused questions for you to ponder to yourself:

  • What have been your top 3 income-generating business pillars in 2007?
  • What was your top income-generating pillar in 2006?
  • Was it also one of your top 3 pillars in 2007?

Are you still using it or did you stop to then try something else that ended up being less profitable?

Often times, you may have an effective pillar for generating business and then you get busy with something and stop doing it. Then 3 months later, you wonder why your business is down.

If you have a pillar of your business that’s been effective for you, but its results are starting to decrease, you need to do one of two things: 1) really analyze the system and see if there’s any way to improve upon it and 2) see if there are any parts of the system that can be delegated to someone else, so that it will free up your time.

Yes, you’ll be paying someone else to do it, but it’ll still be an income stream for you and you can move onto another project - something else that you’ve wanted to do.

To your success,

Dan

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Is Your Business Tiger-Tough?

Monday, September 17th, 2007
I happened to watch Tiger Woods yesterday play the last few holes at the season-ending Tour Championship. What an amazing accomplishment! Tiger won by 8 shots! He was playing in a twosome with PGA Tour veteran Mark Calcavecchia, whose 16 years older and 80 pounds heavier than Tiger.
Other golfers around him were shooting 60, 62s, 63s and 64s, yet he just played his own game and demolished everyone else. He hit the fairways 70% of the time. In past years, when he struggled, it was because his tee shots were all over the rough or in the trees. With his consistency this year (7 wins earning him almost $11 million, not including the $10 million deferred payment for winning the FedEx Cup), he was very tough to beat.
When asked if he was in his prime, Woods said, “I don’t think so. The whole idea is to try and keep improving.” As great as Tiger is, he believes he can be better. He has a plan and he sticks with it every day. He doesn’t let bad days get him down. He “grinds it out” from the first tee to the final putt.
What does this have to do with your real estate business?
Everything!
How has your business been this year?
Have you consistently followed your business plan?
Is your income level up or down?
Are you happy and busy or are you in a funk?
If you’ve been struggling, then it’s time to take action on the final 3 months of 2007. Here are some steps you can take to jump-start yourself, if you need it:
  • Go through your client and prospect databases. Delete those who you didn’t enjoy working with or have moved while using someone else.
  • Pick up the phone and call some of your favorite clients. Ask how they’re doing and offer to give them some assistance in their assessing their home’s market value or calculating their re-financing options or providing the name of a contractor for some needed home repairs or improvements. I know everyone says to ask for referrals, but if you haven’t talked to them in a very long time, I’d save that for another call.
  • Attend some continuing ed classes or go to a state or national real estate conference. Get your creative juices flowing again and find out what’s working for agents in different areas.
  • Go back to your business plan and just do the daily activities you said you would do.

One of the problems with getting back into the groove of listing and selling again is that it can take time. Don’t measure your results on a daily or weekly basis. Count the number of activity steps that you’ve completed every day. Reward yourself for doing what you said you would do.

If your real estate is not where you want it to be, then you need to take action and over time it will work. Yes, there may be fewer property sales happening in your area, but there are also more agents leaving the business, so the buyers and sellers are still out there. You just need to work harder and smarter to find them.

Now, what first step are you doing to take today to change your business? Tell me. Then do it!

To your success,

Dan

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Start BRANDING Yourself!

Saturday, September 15th, 2007
Do you advertise or use a “Yahoo”, “AOL”, “MSN”, “Earthlink”, “Hotmail” or similiar account when sending out e-mails to your clients or prospects?
You are making a big mistake!
Did you know when you use any of those e-mail accounts, you are potentially advertising for other real estate firms?
These e-mails have hot links back to their web sites where other real estate companies have advertisements that may entice your clients and prospects to click on to their web sites.
DON’T promote your competition! It may also appear to consumers that you aren’t professional or savy enough to have your own business e-mail address.
When you use your “yourfirstname@yourfirstandlastname.com” e-mail address you are keeping your clients and prospects focused on your web presence and not someone else.
It’s too easy for people to surf the web. You want them to stay with you as long as possible.

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Is That Your Magnet on the Fridge?

Saturday, September 15th, 2007
How many times have you seen a magnetic business card on a refrigerator from an agent, who ended up not being the person who has the listing on the home?
I know I’ve seen it hundreds of times. Why is that?
Is it because the item provided no value to the consumer? Probably.
I believe we too often get lured into buying promotional items that offer no real value to our clients.
I recently read a story about an agent, who saw a past client many times over the year, but when they drove by the client’s home the other day, there was a competitor’s for sale sign in the yard. I’m sure that’s happened to many of us at one time or another, if you have any length of time in this business.
In this story, there could be any number of reasons why the seller listed with another agent, but it really boils down to this: If you give your client enough of the right kind of attention and offer them things of value, (i.e. periodic CMA updates, contractor referrals and other items that can help improve their property value), you have a much better chance of continuing to service their real estate needs into the future.
You probably won’t be able to keep 100% of your clients, but you’ll maintain most of the them!

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