Mission Forge: Recent Episodes
Bobby Jankovic
Welcome to Mission Forge where Iron Sharpens Iron. This is a space where ideas are explored and broadcast to imrpove the skills of anyone wanting to improve.
Podcast on MLS---Focus on the needs of the client.
How do cooperation and compensation help sell? A listing broker offers to compensate a buyer broker who pairs a buyer with the listing.
What is syndication? The broadcasting of listings, similar to songs on radio stations
How many do you need to subscribe to as an agent? It really depends on several factors, namely the geography you cover. But also if you are a buyer agent or a listing agents matters. The key factor should be the impact the subscription has on your clients.
To fully market your property as a seller, how many MLS should your listing be in? The answer is changing day by day. Some think a single subscription is enough, others insist multiple subscriptions are needed. What would help your client the most?
Should you choose an agent based on how many MLS systems they subscribe to? It would be very wise to have the MLS conversation with both your buyer agent and your listing agent.
How much does it cost to subscribe to an MLS? Roughly, $1000 a year per subscription , assuming that you are also buying the MLS key system.
What is the value of a listing to an owner? Without a doubt, MLS brings value. BRIGHT MLS study
How can buyer agents find my listing if it is not in their MLS? REALTOR buyer agents have a number of alternate tools, including the ones consumers have. They may opt to search in RPR which is a value added conglomerate MLS exclusively for Realtors.
How are small MLS systems helpful? Strengths are service, reaching more Realtors who only have one subscription.
How are large MLS systems useful? More scale and power, strong value add ons, that make life simpler.
This amazing story ties the physical and spiritual worlds together. It involves a sad tale or two with a joyous rescue from an observer who just wanted to help someone feel better. The ensuing results have helped others and it is not over yet. I hope you enjoy learning about Matthew's Cross. There is always something positive to grab on to and amplify.
Williamsburg has it's fair share of confusing intersections. There is a reason why it is fairly common. Listen in. East of the Mississippi, metes and bounds is a common system used to define land boundaries and it is a system not know for regularity. It is rather peculiar as is the land and those who have built upon it. In the west the system of land division is very systematic (think about a town square) and you will begin to understand the origins of these systems if you listen to this podcast. #missionforge
Uncle Bob inspired #missionforge when I was 11. He was a man of Iron who saw the iron in others, me on that day. What did he say that sparked my love of learning and sharing? Rest in Peace Uncle Bob. Thank you for remaining a pillar of strength and tradition.
We all know what it means to get to the bottom line. But have you ever heard of a Top Line approach to business? YOU SHOULD! Top line budgeting focuses on revenue. Bottom Line budgeting looks at expenses. If your expenses are fixed that is a waste of energy. You need to focus on increasing revenue!
missionforge wants you to have the conversation with your new and recent buyers about how to prepare for the eventual sale of the home they just paid top dollar for, or paid more than top dollar for. Some strategies are to stay longer than you anticipated, additional payments, aggressive maintenance, smart additions, staying atop of trends, become a landlord, and prepare for impact.
Just as you prepare for a medical check up, you should prepare for a business check up. I was found to have low Vitamin D levels, so I am taking measures to fix that. Are you suffering from low vitamin P (prospecting) in your business? What are ways you could increase your vitamin P levels in your business?
As Mission Forge turns 2, I pause to remember those who inspire me and give thanks and also remember a key component that we are all of value, all possess iron to both sharpen others and be sharpened by others.
You need to be clear on your value proposition. The world has no way of considering your value unless you display it clearly and often. It must be fresh and concise and pertain to their needs. You are always applying for a job in real estate. The resume needed should be fresh, deep and relevant to the needs of the consumer you want to work with. How can you dial into those needs? Take a listen.
Use of Electronic calendar: 20 reasons ways to streamline and be more productive (ie. that was easier than before).
- Calendar can be shared with others via permissions-save time, polite, professional
2. Events can be emailed to others to act as invitation or confirmation, polite, professional, eliminates error
3. Calendar can be printed or saved to PDF-saves time and effort when documenting for taxes or other purpose.
4. Can be used to document mileage to business events-avoid redundancy, ease of use, ease of access
5. Using address of the event you can link straight to directions for the trip-safety, convenience, documentation
6. Entry of a contact phone number will let you dial straight from calendar-safety, convenience, documentation, ease of access.
**7. Entry of a contact email will let you compose email straight from calendar- safety, convenience, documentation, ease of access. - Make notes directly after or during an event for later reference-ultra-convenient and more accurate. Copy and paste later.
9. Import other calendars to be a part of yours-big time saver for adding other events to your calendar. See conflicts right away.
10. Sync with desktop/tablet versions for uniformity…super important—a must.
11. Reminders and alarms for events or calls/dial backs-critical step for time blockers and also to keep small and large task on target for delivery**. - Easy to repeat events or reschedule events and appointments-
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Add tasks
14. SEARCHABILITY--when did I meet with Jebediah?
15. Streamlining-no more appointment cards, bulky calendars, post it notes, paper scraps. -
There is no risk of loss. Always with you. Cloud based
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add files to events
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add specific calendars, listing, buyers, prospecting, pop by, sphere, etc.
19. Color coding for specific activity groups, family, personal, business
20. Gmail users can integrate email for push notifications for reservations, flights, bills due and for hotels stays.
After curing the Covid-19 Virus inside of 9 months, society needs to ask itself, now what? What societal issue is next on the list for tackling? Is it Cancer, obesity, homelessness, drug addiction, heart disease, autism? Let's keep the barriers to great research low and fund what matters. I say we collectively identify one priority topic at a time and beat the snot out of it in rapid fashion.
There is no proof of purchase when it comes to karma. As popular as it is, the existence of karma is no more provable than the existence of God. Both of these are massively believed in, weighing in at 90%. This tells me that the belief in God and Karma are not exclusive and that underlying the faith we have is a desire to quell the fears caused by the unknown. Faith and belief are powerful beacons for our guidance and survival, allowing us to create positivity and do good to one another.
To validate someone is to support the value of their statement. This does not mean you support the truth what is being said. When you validate others, you also invite validation in return. This will elevate the conversation and improve the outcome for everyone. #missionforge
missionforge examines Farmer David Hula and his talks on growing award winning amounts of corn. Check him out on Youtube by searching his name, or his farm, Renwood Farm. The lessons I took away are to start with a positive attitude, do not look for the magic ferry dust, work hard and spend a lot of time among your people learning what they need. Take time to try new things and examining how they are working. Lastly, share with others and learn from others. We grow better together. #missionforge
Is the Tie a bacteria trap? A germ holder? The Virginia Governor advised to not wear a tie. This throws me into a little chaos. How will I send the right message, what can I wear going forward?
Mary's first words upon learning the Jesus had risen from the dead, were to exclaim, "Teacher!" It is an interesting aspect to the wonderful story of Easter. Why of all things did she say that? Was her relationship as a student what she missed in his absence? What meaning does it have to you in your business and your life? Do you have a teacher? I am not asking spiritually, though that is an important question. But do you have a coach, mentor, or teacher who leads you?
Conditions matter for a good fire, but a strong business can burn brightly in any conditions. Be like the fire and combine opportunities and make things happen.
Making small sacrifices and smart decisions creates time to reflect on the best choice for you. Having choice creates a positive mental mindset that can cascade throughout your day and into your life. Financially, this becomes additional savings or disposable income. Mentally, the shifts from defense mode to positive control. It starts with seemingly insignificant choices.
You choose to become a licensee in Real Estate. You choose which firm to hang your license. You choose to join the National Association of Realtors or not to. I want to provide education regarding the VALUE available to those who join. Are you aware of the VALUE at your fingertips? Make the professional decision to be informed and support your professional organization and support those who support you.
People love to ask "How's the market?" I've never been able to answer that question in the middle of a pandemic AND during a crash of the stock market. So here is my answer to: interest rates, buyer traffic, seller traffic, showing houses, listing of houses, pending sales, closed sales and more. I'm seeing things are still alive, although down 25-33%. It could get worse, but will hopefully return quickly once the kink in the hose is released.
Setting the table: Fact #1
Buyers get ghosted! They would reuse a buyer's agent but too often ignored after closing.
88% would use you again but only 11 do?
77% of buyers are being ghosted. The great 1 and done theory is no way to build a business.
Listing agents use a buyer's book to help create future business. But is this ethical? Yes, according to my interpretation of the Realtor Code of Ethics, it is.
Standard of Practice 16
REALTORS® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have with clients.
.....not intended to prohibit aggressive or innovative business practices which are otherwise ethical
.... is intended to recognize as unethical two basic types of solicitations:
1) First, telephone or personal solicitations of property owners who have been identified by a real estate sign, multiple listing compilation
2) Second, mail or other forms of written solicitations of prospects whose properties are exclusively listed with another REALTOR® when such solicitations are not part of a general mailing but are directed specifically to property owners identified through compilations of current listings
...does not preclude REALTORS® from contacting the client of another broker for the purpose of offering to provide, or entering into a contract to provide, a different type of real estate service unrelated to the type of service currently being provided
...The fact that a prospect has retained a REALTOR® as an exclusive representative or exclusive broker in one or more past transactions does not preclude other REALTORS® from seeking such prospect’s future business.
So what is a buyer book?
As a service to the seller you will provide valuable information to the buyers regarding the home and the area. Make it so good there is no way it will ever go anywhere but somewhere very accessible in the kitchen. DO NOT heavily brand the content. Do not be selling yourself. This is not a commercial for you or your services. It is not a solicitation. Provide value that will help your seller by attracting buyers. Think of a three ring binder filled with page protectors of colorful and useful content.
Utilities
Warranties
Home specific information
Schools
HOA contacts
Local attractions
Popular events
Craft breweries and wineries
Restaurants
Shopping
Pizza delivery (leave a free coupon for a moving day pizza)
Agent video systemizing and handling, part II 3/4/2020
Mission Forge Podcast part 2 of 2
1) Copy this content then make it your own. My list is not your list, you need to tailor it to your business style and market place.
2) Start simple, but start. Do not wait until you have the entire series completed. Do the introduction to buyers, then the introduction to sellers.
3) Pro-tip---you can always redo the videos.
4) Find a quiet and comfortable spot, film using your phone.
5) Now you have choices. For getting the content out there.
6) Keeping on your hard drive and sending out on demand defeats the purpose
7) Share to your FB business page, put them on your Youtube Channel, website, etc.
8) Hashtag yourself and your videos. This is a searchable function. If you have a personal brand do this. If not, then make one and use it everywhere.
9) Remember these are also acting like mini commercials for you to allow potential clients to get to know like and trust you.
10) Play around with the length…as long as you have solid content you will keep your audience, but do not be afraid to be more concise and expand later. I would target 5 minutes per video as a rule of thumb.
Here are some suggested content for your Buyers
1) What you can expect (getting ready for the initial consultation)
-Let’s get to know each other
-talk about agency and disclosures
-ask me anything
-tell me your expectations
-what are your needs time wise, financially, etc.
-what type of house
-what I will do for you
2) You want decide to buy a property with me what now?
-Let’s put it in writing-who pays the commission?
- Here is a list of expenses you can expect during the process
-Time to talk to a lender
-creating a portal search in the MLS
-Open House visits and what to do
- suggested apps to use
-Showing schedules
3) Showing houses and the approach to an offer
-how long will it take to find the right house
-how long will we be looking during the day
-will we take breaks for meals
-how long will each showing take
-If you find the right house should you sleep on it?
-The things you should be prepared for to make an offer
4) Making an offer
-Electronically or in person?
-Reaching out to the cooperating broker?
-what the essential requirements are.
-Your approach, got to have it, make an offer and negotiate, I’ll take if they come WAY down.
-How long can negotiating take?
-what is ratification?
5) We have a deal!
-who gets a copy of the contract?
-who will be inspecting your home and when?
-plan to be at the home inspection
-negotiating the inspection repairs is often HARDER than the original contract
-termite/moisture
-go to loan application/pay for the appraisal
6) Approaching closing and beyond
-double check your availability of funds needed to close
-prepare time off of work for the closing
-double check you have utilities lined up
-communicate with the schools for your children
-plan for coverage for your little ones as needed
-board your pets as needed
-plan for a curve ball or two
-Take deep breaths and enjoy the moment, do not be overcome with stress
-enjoy your new home
-exit survey/reviews/consider referral
Mission Forge Podcast
Creating a video presence and systematizing at the same time. 3/4/2019
Part 1 of 2
Preface: Video is a fantastic way to get your message to the intended audience, but it is also fast becoming a way for Realtors to grow their sphere of influence. There are statistics out there, but I am not going to go through them. Video = more effective than not. A lot more effective. By preparing video content potential consumers start to get to know, like and trust the agent before having met the agent, or having met the agent in a professional way.
There are several types of content an agent can create for the consumer. ONE--Probably most popular is the home tour, or featured home, or open house tour (not much thought to this, but there are creative ways to do it better).
TWO--Also popular is the public service announcement, or community engagement video (the sky is the limit here and you are wide open to be creative as you can).
THREE-- There are also many different series agents can do to inform the public about real estate hacks, tips and advice on popular family, life and home topics. (once again, there is a wide range of ways to go with this and you are only imposing the limits here)
FOUR-- But I would like to talk about another series of video agents should consider designed to inform their consumers while at the same time systematizing their business.
Wait. Pause. What is systematizing?
Systematizing is a process to become more efficient and keep you from reinventing the wheel each time you do something. We are all busy and systematizing makes us more productive. Meal preparation comes to mind. Having different laundry baskets for bright garments and white garments is another form of systematizing. Filing your receipts in prelabeled folders throughout the year to avoid having to refile them all at tax time is another form of systematizing.
The entire goal is to do things less often and more efficiently. People put systems in place to free up time and then do more of what they enjoy.
Have you ever tried to grocery shop in a new grocery store? That is an example of life without systematizing. You get used to the aisles and where everything is and you can move through the store quickly. Take that system away and you spend twice as much time in the store.
What if you could systematize, serve your clientele in a meaningful way, and attract new business at the same time? If agents can conquer their irrational fear of video, this is a fantastic step forward in their business.
Well I did a quick calculation and estimate you could save 36 hours a year by systematizing in this way. 24 transactions, 6 conversations per transaction at 15 minutes each is 2160 minutes. 2160 minutes is 36 hours.
While I was at a conference recently, I sat next to an agent and this idea was brought up after the talk. She wanted to use video give her clients the big picture messages during the life of a transaction. She would have the videos prepared and ready to send out at the right time. By doing this she would save time, separate herself from the crowd, and have content to share with others considering her services.
I thought this was a genius idea. It reminded me of a similar idea I got from a new agent in my office. I was developing content for new agent training and he had to miss one of the courses. We were scheduling a new meeting to get him up to speed and he suggested I put the courses on video. I thought it was a genius idea. I modified it a little into podcast format due to the length of the sessions, but now have each of the courses available for anyone to see (or hear in this case).
Here are some suggested content for your sellers
1) What you can expect (getting ready for the initial consultation)
-Let’s get to know each other
-show me your home (the good, the bad, and the ugly)
-ask me anything
-tell me your expectations
-what are your needs time wise, financially, etc.
-where are you going
-what I will do for you
2) You decide to list with me what now?
-Let’s establish value
- Here is an estimate net sheet
-Entry strategy
-Agreed upon repairs
-Open House Schedule
- Lock box and sign discussion
-data entry and syndication discussion
-Showing schedules
3) Listing is live
-how long will it take to get an offer
-what to expect when I get an offer
-What if we do not get an offer?
-talk to me about negotiation?
-should I take a contingent offer?
-do deals fall apart?
4) We got an offer! Now what?
What is the price?
What is the loan type?
What are the concessions?
What are the contingencies?
What is the downside?
When will it close?
5)_You are under contract? Now what?
Get ready for the Home inspection
Get ready for the Appraisal
Get ready for the termite and moisture inspection
Start to pack
Set up utility transfer
Have a back up plan, just in case
Let me check on the loan process
6) preclosing to close date
Communicate with the title company
Communicate special needs
Communicate fund transfers
Be vigilant about money transfers.
Expect a couple of day delay in access to funds
Communicate changes
7) post closing activities
Be available for missed items, openers, special instructions, manuals, warranties
Expect an escrow check for refund later
How to deal with mail
Reminder to notify friends, family, and others
exit survey/reviews/consider referral
Three lessons from my trip to Vegas
1-Don't Gamble you will lose. Take risks but do not Gamble
2-Connect with your consumers quickly and in a meaningful way. Look them in the eyes.
3-Do not be distracted by flashy gizmos and sounds. Industry need will take you off course. Work your plan. You know what needs to be done.
Promised reference:
Ken Eddy in Secrets of Success says take care of everything inside your four walls.
Do you know the difference between first right of refusal and a home sale contingency? Which protects the seller? Which protects the buyer?
I. Checklist for Open House
□ Plan the OH 7-10 days in advance (more if mailers)
□ Market the open house to maximize attendance
□ coordinate with owners and perhaps other listing agents
□ Prep the owners to do their part with interior and exterior prep
□ Develop a theme, simple to advanced
□ Keep Safety in mind, always
□ Sign in sheet and other materials
II. Action items for Open House
a. Do not throw an open together, plan well and execute
b. Strong marketing will increase attendance by 50-100%, get in the MLS, send several email reminders to your sphere, use social media as a blast point, text your favorite agents a few times, send mailers, knock on doors of neighbors, early signage with permissions
c. If you coordinate with other LA’s you can go in on a meaningful give away prize
d. Don’t be Vanilla, use an easy and attractive theme tied to the calendar or current events
e. Use a cooperative vendor to sit with you or a co agent, friend or spouse. Open houses are a dangerous proposition (share alternative live open)
f. Put an OH kit together so you do not reinvent the wheel each time. Systems will really help you
g. #1 have a purpose to gather contact information of those who enter
III. Best Practices for Open House
a. Honor the owner (who is in their home)?
b. Honor the agent (are they represented)?
c. Honor the consumer (give value, be prepared)
d. Honor yourself and follow up with value
e. Be proactive during all interactions
f. Plan to be early and stay late in case
g. Bring materials, flyers, mortgage options, tax records, recent sales, other actives….
IV. You oughta & gotta for Open House
a. Turn on all lights and fans
b. Pick a time and duration suited for your event
c. Have a back up activity in case it is slow
d. Broadcast classic jazz or classical music, or a sporting event
e. Talk, listen, listen, listen, listen
f. Establish wifi to answer questions
g. Have owner available by text for questions
h. Be willing to shift gears and adapt
V. Pitfalls for Open House
a.marketing the event late
b. arriving to the event late or as it starts
c. not engaging the visitors
d. not insisting they sign in
e. discounting the effectiveness of Open Houses as a way to serve clients and grow your business.
VI. Notes for Open House
______________________________________________________________________________________________________________________________________________________________________________
VII. Capital Tips from the Pros for Open House
Serve a popular food item in town
Try different times of day, AM and PM
Go live 1 hour early, at the start, and ½ way into the event
Bake cookies
Park away
Great lead ins with balloons/EXTRA RIDERS
OPTIONS: BROKER/PUBLIC/EVERYDAY/LIVE
NO LISTINGS/NO PROBLEM
Too Many listings/No problem
Email me for sign in sheet and feedback form Bobbyj@remax.net
I. Checklist for Termite & Moisture
□ Know the options for ordering the report and payment
□ Know the Scope of the report and the delivery deadlines
□ Know the difference between treatment and repairs
□ Know the difference between WDI and WDO
□ Know the contractual language
□ Understand the obligations of the seller to remedy issues
□ Counsel sellers on pros and cons of a pre listing inspection
□ Counsel buyers on the pros and cons of an annual warranty plan
II. Action items for Termite & Moisture
a. Establish who will order and who will pay for report
b. USE addendum to add WDO if needed (explain difference)
c. Include outside structures as needed into the scope
d. Determine if home is on a crawl space or slab foundation
e. Inquire about existing warranty plans
f. Inquire about previous treatments
III. Best Practices for Termite & Moisture
a. Educate the buyer and manage expectations
b. Educate the seller and manage expectations
c. I recommend a pre-inspection for listings
d. Look for signs of previous treatment
e. Make sure the termite bill is on the CD!!
IV. You oughta & gotta for Termite & Moisture
a. Look for obvious signs of trouble during showings
b. Standing water, termite tubes in the garage, clogged gutters
c. Listen to the home inspector for warning signs
d. Know the buyer cannot perform/pay for anything with a VA loan
e. Make sure the report is performed within the proper time frame
f. Educate buyers of the shelf life of a report
g. Educate buyers about important maintenance and warranties
V. Pitfallsfor Termite & Moisture
a. when sellers ignore their crawl space and major damage occurs
b. treatment costs and damage repair exceeds the cap amount
c. The inspection company is the same as the repair company
d. Home under warranty is assumed to have no damage
e. Home under warranty with damage the warranty does not cover
VI. Notesfor Termite & Moisture
___________________________________________________________________________________________________________________________________________________________________________________________________.
VII. Capital Tips from the Pros for Termite & Moisture
Develop good relationships with termite and moisture pros
Learn about the value of having a dehu
Learn about the value of encapsulation
Learn about the value of crawl space fans
Understand the theories about opening and closing vents
Get a second opinion for work
Endeavorous owner can handle moisture barrier issues
I. Checklist for CMA/Appraisal
□ know how to perform a CMA with your MLS
□ identify 3-6+ Comparable properties
□ know the subject criteria, including distinguishing features and limiting features
□ CMA is forward looking and Appraisal is current/historical
□ Appraised value will need to match or exceed the sales price in most cases
□ Have a basic understanding of adjustments-see list below
II. Action items for CMA/Appraisal
a. Practice running CMAs on properties you know
b. Compare homes that are similar in age, style, location, size using recent sales
c. Use adjustments to level the playing field
d. Look back 3, 6, 9, 12, 15, 18 months as needed
e. Stay in the immediate area if you can.
III. Best Practices for CMA/Appraisal
a. Understand the VA/FHA/CONV guidelines
b. Be a resource for the appraiser if needed
c. Have documents available for important upgrades
d. Stay up on trends in the market—may influence report
e. Appraiser will work through the listing agent, BE READY.
f. Understand bracketing when doing a CMA
g. Don’t compare apples and oranges (you cannot adjust one to the other)
h. Consider market during CMA
i. Consult and consider AVMs during CMA
j. Consult and consider the taxes assessed value during CMA
k. Consult and consider past sales, MLS history of the subject during CMA
IV. You oughta & gotta for CMA/Appraisal
a. Be willing to use your CMA to defend sales price
b. Make the Appraisers job easy, provide access, offer comps, prior appraisals, sketches
c. Understand Conventional, FHA, VA appraisal guidelines
d. Spot obvious appraisal show stoppers
e. Counsel the seller on the importance of the appraisal function
f. Counsel the buyer on the importance of the appraisal function
g. Know who pays for, who orders, and the approximate cost of appraisal
h. Run new CMAs as the market changes.
i. Run different CMAs using different tactics and compare.
V. Pitfallsfor CMA/Appraisal
a.Over pricing a listing, taking a contract higher than expected appraisal value
b. Loan type will influence the appraisal guidelines
c. FHA/VA appraisals can stay with a property for a period of time
d. Appraisals can be challenged, but by the BUYER
e. Increasing markets are hard for appraisals to keep up with Values
VI. Notesfor CMA/Appraisal
____________________________________________________________________________________________________________________
VII. Capital Tips from the Pros for CMA/Appraisal
Three appraisal types
Sales comparison Most common
Cost-included as back up by good thorough appraisers
Income Capitalization Great for rentals, apartments, Quads, Triplex, Commercial
Possible adjustment amounts
Bedroom $4000
Bath full $2500
Bath half $1500
Square footage 25% of the price per foot, ie. $140/ft. adjust $40 per foot
Basement $8000
Screened porch $6500
Fireplace $2500
Fence $2500
Att 2 car garage $10000
Att 1 car garage $5000
Det 2 car garage $7000
Det 1 car garage $3500
Minor updates/upgrades $10000
Major updates/upgrades $20000
I am not an expert on the subject of mental health but it seems to me there is a problem in these United States.
People are boxing themselves out and being boxed out, if not isolated by societal trends.
What power could an individual have to seek small antidotes to feeling down, such as laughter, exercise, proper rest, and diet? What power do we have to give others a smile, look them in the eye, give them the time of day or be compassionate, kind, and empathic? How far would it go if each of us opened ourselves to a single stranger, a colleague, an acquaintance for just a minute or two to see how they are feeling?
What impact could that have over a week, or a month, or a year if we each positively impacted another person each day. At the same time if we sought to improve our own discouragement by seeking the accumulation of small positive events, the world might experience a tidal change.
Mental health should become easier and more common to talk about, and less of a subject we lower our voices to speak about. We all have minds that have a state of health. It is subject to change, so let's agree it is okay to talk about it.
I. Checklist for Showing Property
□ Have a CLEAR understanding of what the consumer wants to see
□ You may not REFINE this understanding until you witness what they want to see
□ Search multiple sources to find matches, MLS, FSBO, buyer leads, your sphere…who would sell if?
□ pull listings 3-4 days ahead, review all showing instructions, review all agent comments, call/text LA to confirm avail.
□ follow LA instructions (first impressions are KEY) you ARE being judged, and presented to the seller!!!
□ arrange available matches in a reasonable order for driving.
□ listen to what they client says, but with in the law and reason
□ track every showing and all properties sent to buyer via MLS Portals
II. Action items for Showing Property
a. Know your buyer and understand the house they want. Consultation.
b. Understand time constraints posed by distance and showings
c. Update LA/LO with changes
d. Prep buyer with proper expectations of cadence of the day
e. Take notes from you, take notes from buyer, take more notes
III. Best Practices for Showing Property
a. Check in with LA, read all instructions
b. Prepare materials for your buyer to have during showings
c. Set expectations for your buyers about appt. procedures
d. Always knock and announce your entry
e. Leave your card, turn off all lights, unless told not to, text when finished
f. Send feedback/update to LA for goodwill, also prep for purchase offer
g. Consider buyer special needs (and your own) for long groupings of showings. 8 in a day is a lot.
h. Respect personal needs like hunger and bathroom breaks
i. Put your phone on silent, but still check for important texts and VM
IV. You oughta & gotta for Showing Property
a. Have appt. for a listing that is available
b. Have access path/method clear. (gate codes, CBS codes)
c. Have compensation path clear (non MLS showing)
d. Have buyer lender letter, explain ed to buyer about EMD and HI cost
e. Take notes, plan for breaks, possible meals, and things you did not expect
f. Be prepared to plan more showings or to write an offer.
g. Communicate with listing agents about updates.
h. Point out good, bad, and the ugly (not your opinion but your experience)
i. Listen more and talk less.
V. Pitfalls for Showing Property
a. If you plan your route poorly it will cause issues.
b. Be flexible and let the situation become fluid if needed. Just update all involved.
c. stay in touch with buyers to establish and maintain procuring cause
d. offering opinions versus insights can set a bad tone, send the wrong message
e. not preparing materials for the buyer to have during showings
VI. Notes for Showing Property
VII. Capital Tips from the Pros for Marketing
Houses do the heavy lifting
Bring a clip board, tape measure, flashlight
Rainy days are the best for showing property
Showing at night? Confirm utilities.
Try to avoid letting clients use restrooms at house.
Try not to let clients wander alone though-out the house.
Do inside first, then outside so you do not track dirt.
If another agent comes as you are leaving and you let them in, you are on the hook for issues possibly.
I. Checklist for Marketing
□ business card ideas-different occasions, cheap, target distribution.
□ All profiles-RE/MAX, Zillow, Realtor.com, MLS, etc. (need a brief bio)
□ Social Media profiles, Facebook, Instagram, Linkedin, etc.
□ Identify your sphere and push the boundaries, groups, spouse, interests, etc.
□ Develop a Marketing plan with prongs-Social, Mail, Face to Face, Business Cards, other.
II. Action items for Marketing
a. Order cards
b. Work on profiles
c. Start adding names and contact numbers to your CRM (contact relationship manager)
d. Seek reviews/testimonials/likes when appropriate
e. Create a personal brand
III. Best Practices for Marketing
a. Be honest, sincere, courageous, aggressive, persistent
b. If you are not certain, ask permission
c. Always identify your office and contact information to the office
d. Hand out many business cards
e. Advertise under the supervision of the broker
IV. You Oughta & Gotta for Marketing
a. Check with your broker before running a campaign, ordering
b. Disclose according to DPOR (Virginia Regulatory Board)
c. Properly use RE/MAX and Realtor Images
d. Follow Fair Housing Rules
e. Talk to people about what you do
f. Use approved suppliers
g. Be patient
h. Follow up
V. Pitfalls for Marketing
a.spending money without approval and you are out of compliance
b. not doing small things daily, throughout the day.
c. not resonating or connecting with the market
d. not tracking results
e. Not giving it enough time to see impacts
I. Checklist for Mortgage
□ have a list of preferred lenders, to include those in the office and others you trust (3-5)
□ buyer always chooses, but you can suggest and recommend
□ qualify buyer VERY early in the process—notice I did not say at the beginning
□ communicate with lender throughout, be skeptical of hard to reach, unknown, out of area lenders
□ know the loan types and also make suggestions to the buyer to consult with loan officer
II. Action items for Mortgage
a. Collect cards from preferred lenders, make a quick list easy to distribute
b. Get to know them (ask for their card & they will probably buy you lunch)
c. Connect with them on social media
d. Seek reviews/testimonials/likes when appropriate
e. Ask them ways they can help your business, ie. Postacrds, open houses
III. Best Practices for Mortgage
a. Understand the different loan products
b. Be a resource, not the source
c. Exercise your right to know, be willing to slow process if you’re in the dark
d. Stay up on trends in the industry
e. No-one knows where rates will go, but know the rates!!!
IV. You oughta & gotta for Mortgage
a. Understand FHA
b. Understand VA
c. Understand Conventional
d. Understand FHA 203-k
e. Understand VHDA (conv or FHA)
f. USDA-rural
g. Be patient if a client needs time to qualify, help them
h. Understand Cash
i. Understand LTV or Loan to Value
V. Pitfalls for Mortgage
a. Not being involved in the process will bite you. Loan officers may not be forthcoming.
b. Loan type may influence quality of offer to seller
c. Down payment may influence quality of offer to seller
d. Pre-qual vs. Pre-approval may influence quality of offer to seller
e. As a listing agent you will need to help the seller make decisions on offers
Some things are built to last.
Analogy to the wooden bottling Crate
Explanation
Manufacturing designed to be more cyclical causing replacement and increased consumption of goods.
Did the person who built my wooden bottling crate have any idea the crate would be around for generations?
We do not manufacture things in Real estate.
What are our materials?
What are our building blocks.
These are our actions, methods, routines and manner. We don’t have boards and nails.
The assembly is the fruit of our actions
putting it all together in a way but that is meaningful and memorable.
If done right, the Realtor creates an experience for the consumer.
Think of it as being the director of the movie. You are not an actor.
Imagine an audience viewing the entire transaction in a theater.
Is it a production they would watch again,
Or one they would walk away from?
Assembly is the fruit of our actions. putting it all together in a way but that is meaningful. No control of the outcome, but we can direct the way things unfold. If done right, the Realtor creates an experience for the consumer. Credit to Kendall Bonner and her podcast Improve Your Hustle.
Lastly, Realtors don’t often think about retirement.
But we have no retirement built into our business.
What if you had 20, 25, 30 years of valued experiences?
Hundreds of satisfied clients who are your advocates.
What could you do with that?
Have you considered the value as a means to retire?
Show up with your manners, as politeness should be the coin of the realm. Demonstrate you care by taking the time to exercise good manners.
Prepare and practice like you want to play. Teams that make it to the play offs and the superbowl, practice to win, and prepare for any contingency. They play to win.
Listen more than seems right and allow for the client to direct the direction of the occasion. You need to avoid the schpeel and the rote memory blurb that you practice.
Imagine you have an injured friend who you take to eat at your favorite buffet. Here in town it would be Peking. Know your content so well that you treat it as a buffet for a friend who cannot walk. When you are done listening, you know exactly what they would like and you will deliver.
A-Game-- bring yours or stay home. If you are not in all the way, someone else is. This is not the 4th grade—and 4th grade is a hard year, by the way. Nothing against the 4th grade. But as adu
Start with a win! Adam Contos shout out. RE/MAX CEO podcast
Think of your important tasks from the moment you awake. If you have important tasks the day ahead, think of them as you go to bed, and first as you awake. What are the simple and easy steps you can take right away to set your mind on a win? Do you rise 15 minutes early? Prepare a final review of your work? Check one or two last resources for additional content? Take one more proof read?
Hit the nail on the head with content that is deeply relevant to the audience. Spencer Johnson wrote a popular book called the 1-minute Manager. Spend a minute thinking about the situation you are preparing for. Spend a lot more tie preparing what is called for, then spend a minute before you enter the appointment and recall the thoughts about who you are meeting with and what they need you to bring to the table.
Planning-
a-get a goal based on your needs and wants--not sure what to list for your wants? Talk to your family and they will surely give you some ideas. Not sure what to list for needs? Look at last two years of expenses and average them. housing + lodging+ food+ utils+ insurance+
b-be sure to write it down. I strongly suggest using an excel spread sheet, but paper and pencil is fine also
c-Consider breaking your annual goal into smaller quarterly goals, book idea the twelve week year. Advantages are that you do not get lost in the distant ending of the year from now. You can also adjust as you go.
The 12 Week Yearby Brian P. Moran (Author), Michael Lennington (Author)
d-know your expenses, your financial needs, MLS dues, Realtor Dues, key fees, advertising expenses. I am sorry to say, but this is called budgeting. Ugly word that no one likes. But if nothing else look at your last 2 years of taxes and especially at your Schedule C. Take the average of those expenses and plan your budget for the next year.
Execution
**a-if you have reasonable goals and expectations your goal should be achievable in modest routine steps through out the year. You should have monthly goals (1/12 of annual or 1/3 of quarterly)
b-And those tasks and expenses can be divided into weekly and even daily tasks. USE GOOGLE Calendar for tracking your due dates for business expenses (color code them to schedule C) All advertising might be red, dues could be green, etc.
c-separate spending into personal and business. Though not required, it makes tracking much simpler at tax time and any time you want to analy*https://www.irs.gov/pub/irs-pdf/i1040sc.pdf*ze either personal or business. I suggest a separate business credit card, checking and savings account.
d.-plan expenses ahead, document them, and be able to prove the expenses are justifiable business expenses. Know your schedule C categories. See attached and also the link to IRS instructions. https://www.irs.gov/pub/irs-pdf/i1040sc.pdf**
Strategy
a-If you commit to tracking, you can work a strategy into place. Track results to watch expenses, using an app or a simple spreadsheet. Old school? No prob, just use a notepad.
Apps are BizXpenseTracker, Shoeboxed, Expensify, Foreceipt
b-tracking will allow you to identify what works and what is not working so you can fine tune, reallocate, and improve. Look for patterns, make connections, fix what needs fixing and dump the rest. Do not obsess over small abnormalities, especially if you know the root cause (ie. lost your phone and had to replace it for a big expense) that is not likely to occur again soon. Pay more attention to the routine day to day, month by month patterns.
c-cancel old subscriptions to websites, clubs, services you do not use or that were not helping. Call and negotiate terms on existing ones you want to keep, look for cheaper alternatives prior to calling so you are ready to walk away. Doing this could easily free up $1000 you could reapply to market to past clients.
Application
a- be very careful look at your commission income as divisible and not the whole dollar. You are dealing with a raw dollar that has other obligations. As a 1099 independent contractor you absolutely must pay taxes, must consider other benefits you do not get afforded by your work such as health insurance, retirement, sick leave, emergency fund, etc. Consider AFLAC, consider hiring an accountant to advise you
b-diversify your income. Consider multiple streams of income as a Real Estate agent. You should work with sellers, buyers, tenants, landlords, and you should participate actively in referral, incoming and outgoing, you should be a buyer, a landlord, a seller. You are on the front lines of RE and you get a discount due to your job.
c-invest in relationships. Always work to strengthen your relationships with other practitioners, vendors, your clients and the public in general. If you do nothing else this day or this week, but build up a handful of relationships, you will have helped your self and those others.
d-have a business reserve fund to get you through the down times. If you do your business planning correctly these should not happen or they should happen ingrequently, however, you MUST have reserves so that you can withstand the unforeseen months with no income. It gives you financial muscle and the confidence in your deeper abilities when you know you can withstand slow periods. I suggest starting small, a month or two, then build to 3 or 4. Aim to hit a target you can live with, but 6-8 months would be IDEAL for any business.