28: Why Providing Showing Feedback Is So Important

I timed myself as to how long it took to write feedback after a showing.  It took 14 seconds.

14 total seconds of my day.  That’s all.

Why is it then that only about a third of agents take the time to provide any type of feedback?  I don’t care if it’s a brief reply such as “interested” or “not interested”.  That at least gives me what I need to know.  Those simple words allow me to give my client some type of update.

Is it really that hard?  Does 10-30 seconds of time really cost that much?  Or is the effort just too great to reply to my email (or text or actually call me back after my 3rd inquiry about what the buyer thought).

real estate showing feedback
 

I think it’s reasonable that if a seller leaves their home for an hour on a Sunday morning to enable a buyer to visit, that the buyer’s agent will take 15 seconds to give an update afterwards.  Or am I totally out of line thinking this is logical?

Providing that feedback, as brief or in-depth as it may be, is so important because:

It Helps Show Our Clients That We Are Watching Out For Them – To sellers, getting feedback is common sense.  If we can’t get it, it makes us look like we’re not paying attention.  Or, worse, that we don’t know what we’re doing.

It Provides Direction – How do we know what to fix if we don’t know what’s broken?  Feedback gives an unbiased opinion of the property from an outsider.  Sellers are often way too attached to their home to see the faults.  When an outsider can point them out, it can help give credibility to needing to fix things that maybe the seller didn’t think were problems.

Pricing & Value – Although you have to expect that a serious buyer is probably going to provide feedback that the “price is too high,” other non-interested buyers will likely be giving you their honest opinion on if the price is at market value or not.  We all know that sellers think their house is more special than every other one on the block so, if 10 people are saying it’s priced too high, then maybe the seller will finally get the hint that their over-priced property needs to come down.

What Goes Around, Comes Around – As agents, we have an informal brother/sisterhood, right?  We have to watch out for each other.  I’m a believer that what goes around, comes around.  So, providing feedback to others is the best way for you to get feedback of your own when you need it.

The next time you visit a home as a buyer’s agent, make sure to provide feedback within 24 hours.  We all help each other, don’t we?

 

 

27: When Should You Ask For Time From A Real Estate Prospect?

I’m not sure what it was about these past 2 weeks, but I’ve received an abnormal number of calls and emails from complete stranger salespeople asking me for my time.

The last email was especially egregious and began like this…

“Hey John – I know you’re crazy busy, but I’m looking to grab 20-30 minutes of your time for a quick call/screen share sometime in the next few weeks to show you our software system…”

On a side note, this person also emailed me 3 more times to follow up.  Each email was sent at exactly the same time of day, which is clearly a sign that I was on an auto-emailing system and not even being contacted by a real person.

real estate prospect time
Anyway, back to his initial email.  The first note this guy sends me is nothing but a request for my time.  I’ve never heard from him before and there was zero attempt to understand what I might need (which, by the way, is definitely not related to what he’s selling).

He’s just asking for something from me and offering zero value in return.  And, by the way, he’s not asking for something tiny.  He wants up to 30 minutes of time (or more).  This got me thinking about when it’s reasonable to ask for my real estate prospects’ time.

I considered that it might be after “x” number of contacts or “y” number of days.  However, what I think it really comes down to is that:

It’s acceptable and reasonable to ask for a prospect’s time after you’ve already provided them with some type of value first.

I don’t think there’ necessarily a specific timeline attached to value.  If I conduct a webinar with a solid 45 minutes of solid educational material, I think it’s reasonable to ask for someone’s time after that even if it’s the first day of my relationship with this person.

I believe that the response you get to asking someone for their time is more related to the strength of the value you’ve provided to them rather than the length of time you may have been in contact with them.

There are a lot of people that are in my database that I’ve “checked in” with for over a year.  That’s a pretty long time.  But, if I haven’t really provided them with any type of value over that period, I shouldn’t expect them to want to suddenly do business with me just because they’ve been on my list for a while.

As a real estate agent, I’m going to think a lot more about the value I can provide to people over the course of the coming year.  If I provide something that’s tangible and educational to them that helps them achieve their goals, I think that is completely deserving of them giving me 15 or 30 or 60 minutes of time when it makes sense to meet up.

Thank you, Mr. Email Guy who rudely asked me for my most precious asset, my time, without offering something in return.  It was a great reminder as to how I should attempt to be in contact with my own prospects.

No matter how long or short of a time I’ve known someone who’s looking to buy or sell, it’s my goal to consistently provide amazing value along the way.  Do that and I think you can ask for as much time as you want of someone.

How about you?  When do you think it’s reasonable to ask for someone’s time?  I know some great sales people who are very direct and cut right to the chase and successfully contradict my entire article.  Are you more of a “value mindset” like me or do you charge right in?  Let me know in the comments.

 

26: Is Being A Real Estate Agent Fun?

As a former recruiter helping people find jobs, I met with people every single day and listened to their story of why they wanted to change jobs and what they were looking for in a new one.  There were always the necessities of what people had to have, such as a certain salary or job location.

But, when it came down to it, what I found most people really wanted in their job was simply to be interested in it.  They wanted to like their jobs and not dread the 8-10 hours a day they were putting in.

In other words, most people just wanted to have a little fun in their jobs.

If you’re thinking of becoming a real estate agent, you’re probably wondering how you might like this type of role and if you’d have any fun doing it.  So here are some things you should consider regarding what being a real estate agent entails.  If you don’t think these types of activities are fun, then you probably won’t think being an agent is very fun, either.

real estate agent fun
 

1.  Love Helping People

Being a real estate agent is WAY TOO HARD if you don’t enjoy the aspect of helping people.  If you’re in it strictly for the money, you’re probably not going to put in the amount of time and effort that is required when things get tough.

For example, when a deal is headed south, when negotiations seemingly come to a stand-still, when your client unpredictably changes his mind, or when you get an “urgent” call at 10:30pm on a Saturday night, it’s often hard to see the light at the end of the tunnel.  But knowing that your actions will help your clients is often the motivation that will keep you going.

2.  Thrive On Pressure

When you’re dealing with customers who are spending all the money they can afford (no matter if that’s tens of thousands, hundreds of thousands, or millions), they expect you to make things happen the way that they want them to.  There’s a ton of pressure when your client expects you to sell for way more than the market will bear, when your client wants that 600K home for 500K, and when the inevitable unexpected wrench in the works pops up in the middle of the deal.

If you don’t love pressure and people relying on you, real estate is not going to be fun.

3.  Work Independently

Some people can work independently without supervision and some can’t.  There’s no right or wrong if you’re one or the other.  But you need to recognize which you are.

If you’re not fully able to get out of bed in the morning and do what you need to do with the proper priority without someone watching over you and making you do it, each day is going to be tough for you.

4.  Run A Business

Yes, you’re a real estate agent.  But, you’re also more than that.  You’re also a full-fledged business and you need to think about operations, marketing, accounting, client relations, customer follow up, goal-setting, prospecting, and a ton more.

If you are looking for a 9-5 job where you can clock in and then clock out and forget about the day, then being a real estate agent may not be very fun.

5.  Prospect For New Business

If an agent is going to fail, it’s probably because of a lack of prospecting.  The bottom line in being a real estate agent is that you need to always be hunting for your next deal.  It’s how you put food on the table.

If you’re afraid of reaching out to new people or, worse, you found this type of activity to be downright dreadful, then being a real estate agent surely is not going to be fun.

Remember that different agents to all types of different kinds of prospecting and you don’t have to love every type.  For example, I hate cold-calling people primarily because I did that for about a decade in my recruiting job.  I just don’t love that type of outreach.  However, I am all about digital and online farming and prospecting.  That’s what interests me and that’s what I’m good at.

You couldn’t pay me to pick up the phone and dial for dollars, but I love putting together facebook ads and doing webinars.  That’s the type of prospecting I do and how I get a lot of my business.  To me, that’s fun.  If you have some type of prospecting that you consider fun, then you’ll have a much better chance to succeed in this business.

How about you?  If you’re thinking of becoming a real estate agent, which of these 5 topics do you think you’d have the most fun with?  If you’re a current agent, what else do you think you need to consider for real estate to be a fun job?

 

25: How Hard Should You Push In A Listing Presentation?

The ultimate goal of a listing presentation is to get a home seller to list with you, of course.  But, during the meeting with the home owner, how hard should you push him/her/them towards that goal?

In my last meeting with a home owner the other day, I left without a listing agreement.  I probably could have pushed harder.  However, the listing wasn’t my absolute goal for that particular meeting.  My goal was something else.

This particular seller was a brand new prospect to me.  She had signed up for one of my webinars from a facebook ad I was running.  She attended the webinar and spent about 46 minutes listening to me talk about how she should go about selling her home with “best practices” in mind.

listing presentation pressure
 

Since she had attended the webinar, I really didn’t need to go through a typical “listing presentation” at her home because she was already familiar with me and my approach.  This, of course, is the whole point of the webinar – to build that initial level of trust that I know what I’m talking about.

During the course of some follow up with her after the webinar, I learned via email that she had tried to sell about 6 months ago and had gone through a horrific experience with a real estate agent.  Unsurprisingly, she was very weary of agents.  I was able to arrange a phone conversation to discuss this in more detail and that turned into an invitation to meet up in person.

This brings me back to the point of what my goal was for this meeting:

To establish trust, not necessarily get a listing.

Based on the fact that I knew that she wants to sell but had no intention to try to list for another 10 weeks (based on the season) and that she had a terrible experience with another agent and that, when I met up with her she was in the midst of baking cookies for Christmas, I didn’t want to push too hard.  I just wanted to establish trust.  I don’t think she was in the right mindset to commit to me – or anyone else for that matter.   I think if I would have gone in with the clear intent to have her sign on the dotted line, it would have backfired.

But, what if she lists with someone else?

Well, although she said she had one other agent to talk with, she was not seemingly “shopping” the best price or giving other indications that she’s got a gazillion other agents to interview.  If it’s me and one other person, I’m down for a shootout between myself and them.

With all this in mind, what I did at the end of the conversation with her (which was 75 minutes long) was set up another appointment to come back and to bring a very firm selling price with me.

I did this so that I could have more facetime with this seller.  It allows me another chance to be in front of her to further show  that I can be the right choice for them.  In the meantime, I’m sure we’ll have another 2 or 3 emails and maybe another phone call.  That all adds up to about 7-10 total points of contact before I go and visit a second time.

So, how hard have I pushed so far and how hard will I push in the future?  Well, I don’t think I’m pushing very hard at all in this case.  I truly feel that the tortoise will win this race.  I just have to stay in contact and keep demonstrating a high level of expertise.  I guess a die-hard salesperson could have gone in for the one-meeting listing appointment, but I really think that would have been a tough road on this one.

I really enjoyed meeting with this home owner and I think she’ll be a good client.  When you help people that you want to work with, they often end up choosing you without any sales games.

And, usually, it’s because they didn’t feel pushed into it.

What about you?  How hard do you “push” in a listing presentation?  Leave a comment below and let us know.

24: Top 7 Ways To Improve Your Real Estate Facebook Ad Conversion

There are 10 gazillion facebook ads competing for your attention every time you visit their site.  Well, maybe it’s not quite that many, but it’s a lot, to be sure.

With that much competition, it’s imperative that you create ads that have a super-strong call-to-action so you can increase your conversion rate of your real estate ads.

What’s a “call-to-action” you ask?  Well, it’s basically the request that you’re making of the viewer.  Maybe you want them to sign up for something, download a free report, or take some other action.

When you’ve got a great call-to-action, the conversion rate of your ad goes up.  So, here are the top 7 ways to increase the effectiveness of your ad and drive that conversion higher and higher.

tips to increase facebook ad conversion rate
 

1.  Inspire Action

The whole point of your facebook ad is to get your prospect to take some type of action, right?  So, the very first thing any ad must accomplish is to tell the prospect exactly what it is that you want them to do next.

Use words that inspire and propel action.  Examples of these types of words include:  register, download, attend, visit, sign up, call, email, click, etc.

For example, if  you were trying to get someone to sign up for a webinar on home selling, your ad might say:

  • “Register for our Home Seller 101 webinar.  Click here to sign up.”

2.  Be Direct

People on facebook are in a passive state of mind.  They’re not looking for your real estate services.  So, you must be direct in what you are asking of them so they don’t have to think about it too hard.

If you want them to download a free home buyer checklist, be direct and say “Download this homebuyer checklist.”  Don’t confuse your prospect by sugar-coating your words and trying to make your offer sound fancier than it really is.  Just get to the point and make your call-to-action as direct as possible.

3.  Add A Deadline

When people are faced with a limited-time offer, they’re forced to make a decision or lose out.  So, adding a deadline and creating a sense of urgency helps people make their decision sooner rather than later (and hopefully they will decide right then and there).

If you’re advertising an open house, you have urgency built into the ad because there is a very specific time and date of the event.  If you’re advertising a webinar, again, you have a specific time and date and you could also throw in “limited space available.”

4.  Make It Free

Whatever it is you’re offering in your facebook ad, make it free.  Everyone loves free stuff.

Examples include:  Free home buyer checklist, Free webinar, Free home seller net sheet, Free list of local lenders/inspectors, etc.

You’re trying to increase your conversion rate, so don’t put a price on anything at the beginning.  Make your offer “free” and you’ll reduce the friction your prospect has to giving you their contact info.

5.  Introduce a Fear Factor

I don’t generally sell “fear” to my clients, but introducing a small bit of a “fear factor” can make a difference to some people.  No one wants to make a mistake, especially people who have already had a bad experience with a real estate agent or who have been involved with a real estate deal gone wrong.

Effective headlines that have a bit of fear built in include:  “don’t hire the wrong real estate agent”, “will your house ever sell?”, and “are you paying too much for your house?”

6.  Be Brief

Related to point #2 above, your ads should be brief as well as be direct.

No one is going to read a novel-length advertisement in their newsfeed.  So, your ad needs to be short and to the point.  It’s a mistake to try and warm people up with a bunch of copy before making your call-to-action pitch.  No one cares what you have to say.  Get right to the point and be brief.

7.  Use A Testimonial

One really cool thing about facebook is that it will essentially add testimonials to your ads for you.  For instance, if you’re advertising to a pool of people and a friend of someone in that pool has liked your ad, it will say “Sally Jenkins Likes This.”

But you don’t want to leave the testimonial piece entirely in facebook’s hands.  Instead, you can proactively highlight testimonials by including them in your ad.

Maybe you’ve got a high-profile client that is letting you use their image for your ad.  Or, more likely, you’re using a local client who has given you permission to use their picture or video for your marketing purposes.

Testimonials and recommendations can often help strangers trust you just that little bit extra to send them over the edge and take you up on your call-to-action request.

Summary

There is an art and a science to increasing your facebook ad conversion rate.  Use these tips and see your real estate ads perform better.

 

 

 

23: Why You Shouldn’t Trick Your Real Estate Prospects

So I get a call the other day from one of the big internet portal sites.  And they tricked me.

Here’s how they did it and why it makes me think less of them now.  Here’s also why I think we as agents should avoid this same type of behavior.

I was in a zone where I was getting things done and generally avoiding all other interruptions for a while (no email, phone, texts, etc.).  But my phone rang with the caller ID showing my local area code.  So, figuring it had a greater opportunity to be a real connection of mine than one that came from 10 states away, I picked up the phone.

23 home portal trick
 

“Hey John – this is Sammy from homeportalsite.com” (obviously, fake name and domain used here).  With a super-energetic voice, she proclaimed “I finally have zip code areas available for you to advertise in.  They’re in really high demand and they just opened up, so I wanted to give you the first opportunity at them.”

I’m not sure why anything in high-demand needs sales people to cold call you about it, but that’s a story for a different time.

Anyway, it was a short conversation as I explained that I do my own marketing.  But before the call ended, I remembered that the caller ID was from my own town so I asked “when did you get an office in Naperville?”

Her response was the basis for this whole article.

She said “oh, we don’t have an office there.  It’s just that our phone system creates a calller-ID number from the location where we’re calling to.  It’s helps in getting our calls answered.”

First, bravo for using technology in a creative way.

Second, I view this particular creative implementation of technology to be a trick.  Had I known who it was – or who it might have been – I wouldn’t have picked up the phone.

This, of course, is why they use it.  Because they know that I wouldn’t have answered the phone if it was a sales pitch for something that few people want.

This feeling of being tricked got me a bit frustrated.  The call was a waste of my time and, further, it makes me think even less of this company now because I know that their product is of so little value to most people that they have to come up with inventive ways to connect with me just to beg for my attention.

This got me thinking about the value that I provide to people:  

Is what I do of so little value that I have to trick people into talking with me?

I’m working hard to make sure that it isn’t.

I understand that prospecting is essential to stay alive in real estate.  I know that not everyone is going to want to hear from me at all times.  And I know that some people will see or hear me and think “oh great, another cheesy real estate agent” and not give me the benefit of the doubt.

But I also know that I’m not going to trick people into talking with me.

I feel that what I do has strong enough value that, if you’re in the market to be buying or selling, then you won’t be offended if I contact you in a straight-forward and transparent manner.  And I think we’re in a day and age where consumers are absolutely repelled by anything that has the slightest hint of shady sales tactics.

People don’t want to be tricked.  They have very limited time and so it requires us to up our game to make sure that when we do connect with them, they feel good about us when the conversation ends.

What do you think?  Is this just an arrogant rant or do you think that it’s right and good to employ any and every way to connect with possible new prospects, even if the method is a little devious?

Let me know in the comments below.

22: How To Earn Clients By Finding A Need And Then Filling It – Barry Burnett

audio interview arrow
 

 

Summary

Learn how Barry Burnett sees opportunity everywhere and creates business where there was none before.

Barry Burnett RealtorProfile

Agent:  Barry Burnett

Real Estate Market: Burbank, CA.  Roughly $600K-$1M average sale

Steal His Ideas:

  • Give, give, give
  • Find a need and then fill it
  • Earn clients
  • Be brave enough to ask for the referrals you deserve
  • Ask, ask, and ask some more
  • Love what you do and be passionate about your efforts

Strategies

Starting on his first day when his boss said “here’s the desk, here’s the phone, welcome to the business, you’re on your own…and I’m not kidding”, Barry has gone on to be extremely successful selling homes over the last 4 decades.  Here’s a summary of how he did it.

Find and Fill

His overall strategy is to “find a need, then fill that need.”  If you stay focused on that, it will keep you busy forever.

But where do you find the needs?  Well, you have to look hard.  Think around the corners and look past the edges.  For example, if you’re looking at FSBOs, examine the copy that the home owner has written.  What is their need?  Obviously they need to sell their house, but what is beyond that?  Do they need to sell soon?  For a certain amount of money?  What is the need that you can notice that others have passed by?

Client Specialist

My first question to Barry was “how do you get clients?”  His simple answer was “earn them.”

I love that.

He goes on to say that he’s a “client specialist” and not a specialist of any particular type of geographic area or a property type.  He works with clients and ASKS how he can help them.

22 find fill need
 

Have Passion

“I don’t do real estate as a job.  I do it as a lifestyle and I consider it a participation sport.”

You have to love what you do.  At 4 decades into the business, Barry still works 11-14 hours a day.  That’s because he loves what he does.  He gives and gives and gives some more to his clients.  Because they know he is genuine and is giving to give (and not giving to get), they feel excited to help him back.  Mostly, that’s with referrals.

Ask, Ask, Ask

He is not shy about asking for referrals – as long as you’ve earned the right to do so.  There is no set schedule he goes by.  No planned attack.  He just asks.  Again, he just asks.  And, often, he gets.

Further, he recommends sending out “seasonally appropriate” information.  Like a local football schedule in the fall or tax tips at the beginning of the new year.

Marketing Vs. Selling

“Seasonally appropriate” information is marketing. It gets your name out there.  But, marketing doesn’t close deals.

So, you have to be able to sell, too.  Marketing is reminder of who you are and selling is the “ask” to see if you can create and facilitate a deal.

His Radio Show

Barry has a real estate-related show on a radio station.  He provides real estate investing advice.  He doesn’t do it to necessarily build his business.  He does it to provide accurate and helpful information.  But, of course, this translates into creating authority and trust in his skills and experience.

Lightning Round

What’s the worst marketing/prospecting/sales tactics you’ve done that others should avoid:  Don’t convince your clients to buy your passion.  Instead, help them to achieve theirs.  Also, be prepared to do everyone’s job, not just your own.

What keeps you motivated:  the constant hunt to find a need and then fill it.

You’ve got 30 days and $1000, what do you do:  knock on doors where ever people are (at businesses, out shopping, etc) because they’re often not at home

How You Can Do What He’s Done

Barry’s plan of attack is simple.  He is genuine, straightforward, and gives, gives, and gives some more.  By being passionate about the help he is providing, he is confident and diligent in asking for referrals.  And, of course, he gets them.

You don’t have to have a fancy radio show to build an audience.  You just have to love what you do and provide authentic and valuable information.  From there, your audience will grow all by itself.

More about Barry can be found on his website and his radio show.

21: [TB] Does Facebook Work For Real Estate Agents?

audio interview arrow
 

Does Facebook work for real estate agents?  Is it something that can help you generate real leads?

In my opinion…

…YES.

does facebook work for real estate agents?

First, it’s important to consider that Facebook is NOT a great fit for every business.  For example, besides being in real estate, I own a local pet services company where we do things like dog walking, running, and pet sitting.  Facebook doesn’t work that great for this type of business in terms of generating new customers (but it’s awesome for keeping current customers and generating referrals).

The reasons for this are many.  Chief among them though is that, unlike with real estate, people shop for dog walking services quickly and they’re proactive about it.

This means that they know what they’re looking for, do a search on the internet, and then are likely to give their business to the first seemingly-reputable business they can find.  It all happens within a matter of minutes.  So, to win in that game, you have to be found exactly when someone is looking for you.  That’s where organic SEO and Google PPC come into play.

However, in real estate, we know that this is not at all how things work.

Real estate shoppers aren’t looking for real estate agents.  They’re looking for homes or information about homes in regards to selling or buying.  Agents enter the picture only after they’ve already done research of some sort.

And, often, agents are only in the equation because that have to be, not necessarily because a home shopper wants them to be.

Plus, we know that home shoppers and sellers don’t start their research on the internet and then buy their dream home 10 minutes later.  Instead, the buying and selling cycles are typically drawn-out affairs that last for 3, 6, 12, or even 18 months or longer.

This might sound bad at first.  But it’s precisely because of this long sales cycle that helps Facebook be a great fit for real estate agents.

Second, it’s critical to know that Facebook won’t be successful for your real estate business based on the typical “social media” mindset that we’ve been taught for the last few years.

Instead, you should be thinking of Facebook as your “social advertising system” and not as just a place to post your latest open house info and latest community home sale stats.

Indeed, you’re going to have to pay a few bucks to make Facebook work for you as a real estate agent.  This “pay to play” mindset makes some people mad because they’ve been used to a free ride for so long.  But paid advertising really is the secret to generating real estate leads with Facebook.

You need to forget about the “old days” when you could post something and have 90% of your fans see it.

Now, you’re lucky if 10% of them see it.

That’s why you must adapt to how Facebook is working today.

You’ll need to get used to promoting posts (no, not with the “boost post” button, but with the Power Editor).  You’ll need to be able to create ads and “lead magnets” that get people into your sales funnel, email list, and/or into a Facebook custom audience.  And you’ll need to get used to building a relationship with these people and following up with them on Facebook, in paid ads, with email, and in other creative ways.

That last point is really where Facebook shines.  Remember that this is a place to build trust and a relationship over time.

Where most real estate lead generation systems like direct mail, cold-calling, and pay-per-click ads fail – or, at least break down – is that there’s a lack of relationship building.  Getting a complete stranger to trust you these days off of a one-time connection is brutally difficult.

So, face that facts and accept that instant conversions aren’t going to happen for you.  No one is going to go from stranger to your customer in 8 seconds.

Instead, embrace the opportunity of building a relationship.

It’s going to take some work, but this relationship-building is where Facebook is different from other lead generation things you can do.  And this is precisely why it can work for you as a real estate agent.

20: What Separates The Top 5% of Real Estate Agents From Everyone Else – Brian Icenhower

audio interview arrow

Summary

Brian Icenhower is an amazing real estate trainer, manager, agent, and more.  He shares what separates the top 5% of real estate agents from everyone else.

brian icenhower real estate coachProfile

Guest:  Brian Icenhower

Market: Kansas City

Steal His Ideas:

  • Top agents consistently lead generate every day
  • Timeblock your day and don’t let yourself be disturbed
  • If you want buyers, get listings
  • An administrative assistant is a great first person to hire in your business

Strategies

It’s the very rare agent that consistently and proactively lead generates for even 1 or 2 hours a day.  But it’s these agents that make up the vast majority of all real estate sales.

Avoid the real estate roller coaster by generating leads each day.  Don’t just transact the business you have and then start all over with the lead generating once you’re through.  Instead, block time to do something each day that gets you closer to having a new client.

There are two ways to work in real estate:

  1. live in the same place for years and years where everyone knows you
  2. for everyone else, you need to timeblock your day to get new leads (usually, do this in the mornings)

If you’re working more than 65+ hours a week and you’re not closing 45+ transactions, you probably either have a time management problem or you’re working with a ton of buyers and few sellers.  You can handle 4X as many listing sides than buyer sides at the same time.  So, top producers are always on the listing side.

So as to not “bother” the general public when you’re prospecting, always tie the reason you’re contacting them into providing them some type of value.

When marketing a listing, try and tie your activities in with opportunities for you to get business at the same time.  For example, when calling neighbors of a listing, make part of your conversation about if they are looking to buy or sell anytime soon.

If you’re looking for business right now, the easiest and first thing you can do is gather everyone you know and put them in one place where you can easily access their info to contact them regularly.  Constantly be building this referral base of people.

The best use of an agent’s time to get the quickest conversions is by calling for-sale-by-owners and expired listings.  That’s because you know they want to sell their home right now.

Scripts are important.  Top agents know that, whether you use someone else’s scripts or your own, you’ll eventually start saying the same things that you know will work.

Every agent can benefit from having a website and other online marketing materials.  When potential customers come to check you out online before they hire you, they want to see a reputable and professional online presence.  However, the core to all your activities starts with proactively contacting people.

When you consistently do not have time to prospect for new business, that’s about the time to hire someone to help you out.  Typically, this will happen when you reach about $6 million a year.  The person you hire should be an administrative assistant, not a buyer’s agent.  This person can actually help you make more money than when you’re by yourself because you have more time to do more important revenue-generating activities.

brian icenhower real estate interview

Lightning Round

What’s the worst marketing you’ve done that others should avoid:  Broker open houses

What keeps you motivated:  Be of service to people

You’ve got 30 days and $1000, what do you do:  Preview properties, knock doors around listings, buy a subscription to a database of FSBO and expireds and start calling people

How You Can Do What He’s Done

Here are the only things a top-producing agent should be doing:

  • generating leads
  • negotiating contracts
  • going on listing appointments
  • showing property
  • (everything else should be done by an administrative assistant)

Resources

Find additional commentary on this topic at Brian’s site, The Real Estate Trainer.

Cole Realty Resource

Real Estate Scripts

CallFire

Mojo Call Dialer

Vulcan 7

 

19: 5 Ways To Establish Authority In Your Real Estate Market

audio interview arrow
 

 

Having “Authority” in your real estate space/niche is the key to gaining new clients.  That’s because a real estate transaction is a big enough deal to most people that they not only want, but they feel they NEED, a true expert.

Here’s one of the definitions of Authority:

  • the confident quality of someone who knows a lot about something or who is respected or obeyed by other people

19 - 5 ways to authority
In real estate terms, consumers want an authoritative person that knows the area, average home prices, which schools are better than others, how to get the most money, or how to negotiate the cheapest possible price, among other things.

Real estate agents have traditionally tried to command this authority with having a ton of signs in the ground so the community sees their name.  And they try with direct mail farming, or door knocking, or picking up the phone 125 times a day and cold-calling their way to success.

More often than not, these approaches include some self-proclaimed authority such as:

  • The #1 agent in Springfield
  • I’ve sold more houses than anyone
  • I’ll get you 3.6% more money than another agent

But with a consumer’s instant ability to find out everything about you in a matter of seconds, isn’t there a new and better way to command authority?  One that’s easier over the long run and, in the end, more effective, powerful, and economical?

I think that the ultimate way to establish authority in your space as an agent is to consistently and predictably provide value to people.  Teach them something they didn’t know.  Earn their trust over time with knowledgable and thoughtful insight.  This insight is what they cannot get from a faceless algorithm on Trulia or Zillow.

Here are 5 ways to start creating and earning authority:

Provide Your Opinion

Real estate can be a very subjective experience.  One person’s “dream home” is another’s shack.  So, develop your own opinion and stick to it.  Stay committed to why you believe homes should be priced a certain way.  Don’t be afraid to state why you think a buyer might like a certain home over another.  Don’t be shy to give your interpretation of what they local real estate market looks like today and where you think it’s headed.

Consumers can find home-related facts anywhere.  But your opinion and interpretation of those facts is what makes you valuable.

Learn From Others

Your authority is directly related to the value of the insight you can provide.  Can you surround yourself with other agents who know more than you – or with agents who know different things than you?

Constantly be learning.  From this, your ability to teach your clients new things will be increasing and evolving.

Evolve To Meet New Demands

Real estate is changing like never before.  To stay relevant, we must demonstrate our ability to not only to keep up, but to be ahead of the trends to be able to provide our clients with new ways to sell and buy before they start asking for them.

Like every industry, real estate is evolving.  I don’t think you’re going to go out of business if you’re not tweeting 20 times a day or posting your new listings on Instagram.  But I do think that to work with new clients, you will need to be skilled with tools and techniques that consumers are hearing about in TV commercials, in the media, and through their friends and family.

Be Prepared To Reinforce Your Position

If you’re sharing your opinion and encouraging your clients and prospects to adopt new tools and new ways to think, be prepared to answer when people ask you “why.”  Leep in mind that an authority may flex, but typically does not change position for no reason.

Be prepared to stay true to your thoughts, methods, and processes.  Give people thoughtful structure and your perfect audience will cling to it and trust you.

Be Seen And Heard

It’s hard to become an authority if no one ever hears of you.  So, you need a platform to broadcast through.

What that platform is depends on your audience, but I’d suggest that it should be a digital presence.  More specifically, your website should be your main hub because that you own and can completely control.

Earn Your Authority

Authority you’ve earned is much more valuable than that which you’ve proclaimed upon yourself.

Demonstrate what you know in a manner where people can access it at any time and you won’t have to be convincing people to trust you.  Instead, they’ll come to you already trusting and believing that you’re the authority and, therefore, the solution to their problem.