Andrea's Blog

When Does a Prospect Become a Client?

Fri, 17 Jul 2009 14:20:21 -0500

When dealing with prospects, real estate professionals should have a list of criteria they must meet in order to become a client, taking into consideration the amount of time and effort spent on each transaction.

To avoid wasting time and energy, real estate professionals should gauge the buyer or seller's motivation by determining when they plan on moving; and they should find out whether they have the financial resources to close the deal by requiring them to provide a pre-approval letter from a lender or meet with the agent's lender.

Real estate professionals should also determine whether the prospect has reasonable expectations, respects their time and expertise, tells the truth, and does not pose a moral or ethical compromise.

Finally, try to assess whether the prospect could become a satisfied client and whether the commission to be earned is appropriate for the time and energy they will commit to the transaction.

10 Tips for Mastering Phone Etiquette

Mon, 04 May 2009 11:06:11 -0500

10 Tips for Mastering Phone Etiquette

Here are some basic cell phone etiquette rules to keep in mind when interacting with colleagues and customers:

1. Remember who you're working with. How would you feel if you were having an important conversation with a sales associate, and she broke off the discussion every time her mobile phone buzzed? Your customers are your boss. They want your attention, and you're compensated for the time you spend with them. Block out all other issues while you're working with them and make sure you give them your full, undivided attention during the appointment.

2. Bluetooth headsets are not meant to be permanent. It's good to use hands-free devices such as Bluetooth headsets, especially when driving or multitasking-but they don't have to be affixed to your head 24/7. If you're showing a property, attending a meeting, or simply having lunch with a client, get rid of the headset! Bluetooth is fine when you're alone in your office or driving in your car, but try to avoid keeping it in your ear all hours of the day.

3. Talk at a normal tone. Seventy-two percent of people in the above-mentioned Synovate survey said the most annoying cell-phone violation is people who talk too loud. Most cell phones can pick up very quiet noises. Not to mention, most people around you don't want to hear your entire conversation. Some experts suggest a 10-foot zone, meaning you should try to be at least 10 feet away from other people when talking on your cell phone. While this rule may be difficult in some situations, try to practice speaking at a soft and normal tone.

4. Don't forget vibrate or silent modes. Next to the "loud talker," the most annoying cell phone habit is a loud, annoying ring, especially when it blares during a meeting or other relatively quiet function. Make it a habit to check your cell phone regularly when entering a meeting or important gathering to make sure your cell phone is either turned off or switched to the vibrate position.

5. Avoid goofy ringtones. Hearing your favorite song every time your phone rings may seem cute to you, but it could be construed as offensive, obnoxious, or simply unprofessional to others. Stick to generic-sounding ringtones when programming your phone.

6. Don't text and drive. Chances are that you've passed someone on the highway that is driving and trying to text. Don't be that person! (And don't be near that person, either!) This is dangerous and should be avoided at all times. Plenty of major road accidents involve texting. If you must text in your automobile, do so while your car is parked.

7. Don't reply to a missed call with a text. In general, if you miss a phone call from someone, avoid responding with a text like, "What did you need?" This rule can be broken in certain situations, however. For example, you might be in a movie where you need to reply with a text indicating you will call back as soon as possible, but do so sparingly.

8. Avoid talking on your cell phone in certain places. Most people will agree that certain places are off limits to talking on your phone-for example, at the movies, in elevators, while standing in line at the bank, and during a meal at a restaurant. If you have to think twice about whether you should use your cell phone, you probably are not in a good place to be talking on it-so put it away.

9. Don't multitask unless you need to. We've all done it, but it's bad phone etiquette, and the person you're talking to can tell when you're distracted. Sometimes its inevitable. But when possible, stop your other tasks, focus, and give the caller your full concentration.

10. Let callers know when you're using your cell phone. In many circumstances, it's good to remind or inform the other party that you're using your cell phone in case distractions or a disconnection arises. Plus, some information may be confidential, and your client or customer might not want to share sensitive information if she knows you are communicating through a mobile device. When applicable, take the time to let your callers know you are speaking on your cell phone, and if they have any important or confidential information they wish to share, you will call them back from a land line or meet them in person.

In any case, the next time you reach for your smart phone, be sure to remember some of these simple phone etiquette strategies-your customers, and those around you, will be glad you did.

Smart Starts: Rookie Success Stories

Sat, 02 May 2009 13:51:56 -0500

Smart Starts: Rookie Success Stories

The first couple years in real estate can be tough. These rookies share their success secrets.

Taking the leap into the real estate profession can be tough even in the best of times.

While each new sales associate approaches the business in a different way and many rely on past experience in other careers, the successful rookies share two attributes: enthusiasm for real estate and a dedication to their clients and customers. Whether painting a Web site logo with chalk on a sidewalk, blogging at all hours, delivering gas or pressure washing a house, these sales associates all go beyond the norm to sell a house, help a buyer or develop their network.

Tips for Home Sellers Competing against Foreclosed Homes and Short Sales

Fri, 01 May 2009 10:39:42 -0500

Tips for Home Sellers Competing against Foreclosed Homes and Short Sales

Price the Home Correctly: Home sellers need to price their home according to today's market and not based on the high price that a neighbor might have received a few years ago. Using a combination of an online appraisal and a licensed home appraiser will help today's seller price the home accurately based on recent sales activity.

Market the Home More Effectively: Traditional home sellers have access to more marketing channels than distressed properties, since not all distressed properties are found on the Multiple Listing Service (MLS), or by popular websites like Realtor.com. Traditional home sellers, including for sale by owner sellers, can market their properties with these resources to reach a larger audience of buyers than financially distressed homes.

Keep the Home in Top Condition: Foreclosed homes are typically in disrepair and are in need of some repair or renovation after having been left vacant. It can easily cost a new owner tens of thousands of dollars and months of work to get the home back in shape. A home seller should stage their home to give it the appearance of being in "move-in" condition. The house, as well as all closets, should be kept clean and free of clutter to create the appearance of a more spacious home. Sellers can make their home stand out by doing things like landscaping the front yard to improve curb appeal, replacing worn-out carpets and old appliances, applying new paint in key interior rooms, and tackling other minor home improvement projects.

Offer a Quick Closing: An advantage of being a conventional home seller is being able to offer a quick closing, often an advantage for buyers who wish to move quickly. Distressed properties can take many months to reach a closing date. Sellers should be prepared to offer a 30-day closing date to attract buyers who want to move quickly.

Qualify Interested Buyers: Nothing is more discouraging than spending weeks with a prospective buyer, only to learn that he or she is unable to obtain a mortgage. To avoid such situations, make sure that your buyer is pre-approved for the loan amount necessary to finance the purchase of your home.

NO ONE REALLY KNOWS

Mon, 27 Apr 2009 17:05:42 -0500

NO ONE REALLY KNOWS

Housing has hit bottom, says economist one. Housing will hit bottom this summer, says economist two. Housing won't hit bottom until 2010, says economist three. Some liken housing data to the weather: If you don't like today's statistics, wait until tomorrow. The "facts" will change. Here are some mixed signals:

· The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, reported that home prices rose 0.7 percent from January to February 2009.

· The February 2009 RPX Monthly Housing Market Report said home sales increased month-over-month in 22 of 25 key metropolitan statistical areas and 13 of these areas posted the largest gain in February 2009 since 2006.

· The National of Association of Realtors® reported that existing home sales dropped in March 2009, and median prices fell 12 percent from a year earlier.

• First American CoreLogic announced that national housing prices declined 12.2 percent in February from a year earlier and have been in decline for 24 straight months. It predicted that home prices would continue to decline through 2010.

MARKETING

Sat, 25 Apr 2009 06:03:32 -0500

MARKETING

When selling foreclosed properties, I believe that truth in advertising, even if brutal when pointing out flaws, is a success strategy. The unvarnished truth is what sells. Buyers want to just see it the way it is, and if you just give them that, that alone is a draw.

7 Tips to Avoid the Vacant Home Look

Fri, 17 Apr 2009 15:54:31 -0500

7 Tips to Avoid the Vacant Home Look

Give the house a lived-in look. Get a neighbor or family member to make the house look occupied by parking a car in the driveway, opening and closing the drapes and taking in any mail.

Groom the yard. Use a lawn service during the summer to keep the grass cut and a snow removal service in the winter to scrape the walks and driveway.

No outstanding nicks. Hide the effects of missing furniture. Paint and replace rugs so there are no faded spots or blemishes on the walls. Cover accent paint that alone looks odd.

Leave some furniture. A few chairs, tables, lamps and beds (or empty mattress boxes with spreads) give buyers a sense of space.

Keep the utilities on. Set the thermostat at a comfortable level during the winter and summer.

Hire a maid. Make sure the home remains spotless.

Check the homeowner's policy. Understand the coverage when the home is vacant.

CREDIT SCORES

Thu, 16 Apr 2009 10:33:25 -0500

CREDIT SCORES

Mortgages are slipping through the fingers of potential borrowers because lending rules are getting stricter. Even people with above-average credit may have trouble getting loans, and some borrowers could lose a home under contract if their score slips a point or two between pre-approval and closing.

Do you have that problem too lately?

INNOVATIVE WAYS TO MARKET

Thu, 09 Apr 2009 17:10:07 -0500

INNOVATIVE WAYS TO MARKET

Homeowners move once every seven years on average, according to NAR, making it important to keep in touch with past clients for repeat business. To do that, some real estate firms use creative techniques. Chicago's Dream Town Realty has become a part of clients' morning routines by sending a pound of coffee beans to certain clients on a monthly basis. HER Real Living in Columbus, Ohio, provides moving tape printed with the company's logo to help buyers prepare for the move and keep the company in mind. Meanwhile, agents increasingly send friend requests to past clients on Facebook and LinkedIn, and they keep track of birthdays and important life events by responding appropriately. Some firms even host annual events or throw neighborhood parties for homeowners who want information on how to dispute property taxes. By helping, agents hope their names will be remembered because they helped homeowners save money.

IT'S ALL IN THE CONTENT

Thu, 02 Apr 2009 16:15:09 -0500

IT'S ALL IN THE CONTENT

Web content can include Web site copy, blogs, reader comments, service reviews, forums, Tweets, e-mail newsletters, white papers and articles. Content is a valuable marketing tool if it prompts visitors to stay on a Web site longer or inquire about products or services, which is why more Realtors are now using Twitter and other social networking sites. Content creation is even more affordable these days, and might involving launching an e-mail newsletter or other basic features, using reviews or forum posts as the foundation for advertisements or campaigns, or launching a company blog.

Buyers Want Quick Response from You

Sun, 15 Mar 2009 06:50:26 -0500

Buyers Want Quick Response from You

A recent survey by the group shows that over 50 percent of prospective home buyers want a response to their telephone inquiries within 30 minutes.

This makes it crucial for real estate professionals to carry a BlackBerry, iPhone, or other personal digital assistant at all times.

The poll also indicates that 80 percent of buyers search online for two months before contacting a sales associate, and 40 percent search for practitioners through Google and then view their Web sites or social networking sites.

After finding a professional to work with, they view about a dozen homes before making a purchase.

The real estate market anywhere, at any time, is what you see it is!

Thu, 05 Mar 2009 08:04:19 -0600

The real estate market anywhere, at any time, is what you see it is! If you believe you can succeed in the market, then you can. If you believe that the market is a disaster for everyone, then you cannot.

If you think nothing else will happen today ... then nothing will happen. You can go to all the classes you want to teach you about real estate, to motivate yourself to work harder, but if you do not believe in your own ability to succeed, it won't happen.

Of course, real estate professionals have to be realistic about the market in which they work. You can't constantly have 20% price increases along with 2% wage increases. That kind of market had to come to an end.

So, now, real estate agents need to face the truth of the current market and they have to believe in their own ability to sell homes in this market.

Everything else is teachable, but believing in yourself has to come first.

Here are some basic principles which will allow a sales professional to have not just a good year, but an extraordinary year, regardless of what the real estate market is doing in your area.

Aim. You need to have a definite aim in life, not just a vague sense of what you'd like to be doing in a few years. This aim is what defines your days

Self-confidence. Every sales professional needs to develop a strong sense of confidence in his ability to do anything. Success is impossible without self-confidence.

Initiative. If you don't take a chance, you don't stand a chance. Sales professionals are by nature risk-takers.

Imagination. Every successful sales professional needs to be creative in developing solutions to the problems that occur in every transaction and in finding new ways to attract new business.

Action. You need to be active, not passive in order to be successful, particularly in a slow market.

Enthusiasm. Enthusiasm builds confidence in you and confidence in your clients. No one wants to work with an agent who lacks passion about real estate.

Self-control. Times are tough and agents, along with everyone else, can get frustrated. But expressing that frustration is one of the fastest ways to lose a client or lose a deal.

Develop a habit of performing more work and better work than you are paid to perform. The greatest gift a Realtor can give is great customer service, not an expensive closing gift.

Develop an attractive personality. Everyone in the sales community needs to recognize the traits that make others comfortable and pleasant to be around, and to develop these traits themselves.

Accurate Thought. Would you want to work with a scatterbrain while making the largest investment of your lifetime?

Concentration. Clients need focused, thoughtful support more than ever.

Persistency. There is no giant step that does everything. It's a lot of little steps.

Failures. Learn to look at your failures as lessons to be learned and then they have a positive impact on your life and your career.

Tolerance and Sympathy. If someone hurts you, learn to forgive them and try to be understanding. The greatest revenge is success.

Work Ethic. Develop the good work habits that earn you a reputation as one of the hardest working agents in your market.

The Golden Rule. Ultimately, in real estate as in life, you reap what you sow.

In good markets or bad markets, the best people succeed and the ones who make excuses always fail. Life is a series of choices. I choose success and so should you.

How do you encourage buyers to act instead of waiting?

Sat, 28 Feb 2009 06:38:43 -0600

How do you encourage buyers to act instead of waiting?

You explain that it's a great market. You are never going to know when we have hit the bottom and once the market turns, interest rates will go up.

I ask buyers how far they think it's going to go down, if they say they don't want to buy until the very bottom of the market.

When they say perhaps another 5%, I suggest they just offer 5% less. People are afraid and we just need to educate them about everything. They need to feel that they are being heard.

OPEN HOUSE PARTIES?

Wed, 25 Feb 2009 15:09:40 -0600

OPEN HOUSE PARTIES?

Realtors are becoming more creative with open houses, turning them into parties. Some agents offer car washes, prize drawings, food, gifts and other entertainment. Others hold open houses on Saturdays and weekday evenings instead of Sundays to avoid competing with football games and other events. Supporters of large-scale open house gatherings say they help attract attention; however, some real estate professionals say buyers prefer quiet showings that allow them to view the property without distractions. Clustered open houses also are becoming more common, with agents joining forces to promote listings in the same neighborhood. What are your thoughts?

Write for people not currently looking for a home

Tue, 10 Feb 2009 10:58:07 -0600

Write for people not currently looking for a home

A real estate blog must combat audience churn and attract readers not yet in the market for a home. If you write only about home buying and selling strategies or your new listings, you will have a tough time building a longer-term audience.

Readers will lose interest once their transaction is complete. People not yet in the market won't be interested in your blog at all.

To build an audience that stays with you, cover topics outside of the home transaction sphere. Write about home improvement. Highlight cool things to see and do your community. If you pique the interest of homeowners who are not yet looking to buy or sell, they will be much more likely to turn to you when their time comes. After all, you will have been conversing with them for a long time.

Blogging can be an important tool in your marketing arsenal. To improve your results, stay local. Set a writing schedule. And remember to write for those not yet in the home market. Your blog can make you a trusted local authority, and that's great for your brand and your business.

8 New Ways to Get Leads

Sun, 01 Feb 2009 09:44:47 -0600

Blogging

If you're blogging, then kudos for you. But are you getting the most you can out of your blogging? There are benefits to where you blog. Blogging on your own site is great for SEO, but it won't necessarily get you the greatest number of qualified hits. The more you blog, the higher your rank and the more leads you can get. So if you're a blogger, I might consider moving your blog to a high-traffic real estate blog. And if you've been meaning to get a blog started, now is the time!

BlitzTime

Have you ever tried to join a BNI (Business Networking International) group only to be told that the Realtor spot was already taken? This is a common occurrence in the BNI world. In fact, most BNI chapters that I know of were formed at the start with a Realtor, a mortgage officer and a financial planner because that's the only way these three professions can usually get into a BNI group. Well, no more.

There's a new way to network (and make a little extra cash) and it's called BlitzTime. Using this tool, you get to contact people one-on-one and talk to them about your business. You can even identify who you'd prefer to talk to. Plus, you can run your own events specific to real estate that get potential clients to come in and chat with you. What's even better, is that BlitzTime is now offering an affiliate program which will allow you to make a commission on each person who signs up to BlitzTime as a result of your invitation. So you can create a group and run events to bring in potential customers and cross-referrers-and make a commission on them joining the site.

Meetup Groups

There are many ways in which you can glean business from the social networking site, Meetup.com. You can create your own Meetup group around the subject of real estate-investing, first-time buyers, etc. Or, you can be more subtle and look for the groups that relate to the life transitions that usually result in real estate transactions. You can attend new parent groups or retirement planning groups, or wealth creation groups, or job search groups, etc. It's all about being in front of the right person at the right time. Or, you could just go to groups that you like and meet people who may or may not be interested in buying and selling-at least you're getting out and meeting new people and that's the key to getting more business.

Craigslist

If you haven't been posting your listings and advertising for buyers on Craigslist, then you're missing the boat. Craigslist is like an online classified ad section of the newspaper. It's one of the top ranked sites in the country and gets millions of page views per month. If you write a compelling ad (something that offers the target something of value to them), you could get multiple leads per week for $25. That's a deal.

Commenting on Blogs

Housing Stats and Charts

Fri, 30 Jan 2009 15:52:11 -0600

Housing Stats and Charts

Sales of existing homes in the Greater Fort Myers are were up an astounding 181.7% in December, with a total of 1034 properties sold versus 367 during December '07. Short Sale and bank owned properties continue to influence market prices, as the median price dropped to $97,750, which is below 2003 levels.

10,326 single-family homes were listed for sale in the Greater Fort Myers area during the month of December, with an estimated 8.8 month supply of inventory - this is in sharp contrast to a year ago when the inventory supply was nearly 23 months. Sales activity remained steady at year end with 8,768 single family homes sold in 2008, an increase of 86% versus the prior year.

Florida is selling!!!

Wed, 28 Jan 2009 08:01:13 -0600

Buyers from across the nation and around the world snapped up bargain-priced homes in Lee County in December, pushing sales up 146 percent from a year ago.

Realtors assisted in the selling of 1,064 homes in Lee in December - up from 432 in December 2007 - according to the Florida Association of Realtors. Last month, 600 existing homes were sold.

The median sales price fell 50 percent to $106,900, from $215,200 in December 2007. The median price was essentially flat from November, up about $800.

For the year, 8,217 existing homes sold in Lee, up 43 percent from the 5,753 in 2007. The median price was $158,200, down 38 percent from $254,700 in 2007.

"For the past six months, it seems like every month has been better than the last," said Valerie Busic, a Realtor with Busic, Chesser & Associates.

INTERNET NEWS

Sat, 24 Jan 2009 05:03:16 -0600

INTERNET NEWS

Did you know that 32% of buyers in 2008 first learned of the home they purchased by seeing it on the Internet? That number was up from 29% in 2007 and from just 2% in 1997. As more home searches are done online, we must expand our Internet presence and improve awareness of our public MLS search engines.

PRODUCE YOUR OWN VIDEO TOUR

Wed, 21 Jan 2009 18:09:13 -0600

PRODUCE YOUR OWN VIDEO TOUR

We can create video tours on our own, but we need the right equipment. Ideally, you should purchase a "prosumer" level camera for a crisp image and a fluid-head tripod for smoother shots. Additionally, use high-definition videotapes and take advantage of lighting. For interior and exterior shots, pan side-to-side and up and down, taking care not to film cluttered spaces and not to walk with the camera. Film the exterior in the evening light for best effect. When editing, consider adding music and narration, using such programs as iMovie or Windows Movie Maker. In addition to moving to the next shot on a sound or beat, try to coincide the narration with the image on the screen.

REPOSITION YOUR LISTINGS

Mon, 19 Jan 2009 14:10:46 -0600

REPOSITION YOUR LISTINGS

Most home sellers find that they cannot sell their properties for as much as they want, and we increasingly reposition the listings. When a seller puts their home on the market on day one, they very well could be the best priced home in the best condition. But if over the next 30 days,10 more competitively priced homes come on the market, then the seller's home may no longer be in a position to sell. Depending on the owner's motivation and price movement in their market, we might discuss the latest market data with sellers every couple of weeks, or every 60 to 90 days. Once the most up-to-date data is in hand, sellers and agents can decide whether to lower the asking price, provide incentives, undertake home upgrades, or hold off selling until the market improves. Agents often lower the price slowly over time so that the property shows up on hot sheets; and they might want to consider updating marketing materials with more information or better photos.

ONLINE SHOPPERS NEED YOU

Wed, 14 Jan 2009 15:21:31 -0600

ONLINE SHOPPERS NEED YOU

Home shopping alone - without the help of a professional even when online - can become a huge handicap for home buyers. Here are four reasons:

• Late information. Shoppers who limit themselves to only looking at real estate Web sites will overlook some very good properties, possibly one that is perfect for them, and they won't get up-to-the minute information.

• Fake listings. Web operators sometimes try to collect page views with fake listings to pump up their advertising returns, and that wastes the time of real home shoppers. It's also frustrating for shoppers to find an interesting home that's not available.

• Questionable information. Home value Web sites only go so far. Sites like Zillow.com and Cyberhomes.com put prices out there that may or may not be an accurate reflection of neighborhood or housing value. Working with a professional means the buyer gets the benefit of a broader range of knowledgeable resources.

• Process help. Once a home shopper has found a property, working with a pro means they'll follow the right path to close the deal. For anyone except experienced investors, going it totally alone can be risky.

ALL A-TWITTER

Mon, 12 Jan 2009 09:37:34 -0600

ALL A-TWITTER

Given the overlap between business and personal relationships, we should take advantage of Twitter and Facebook to market ourselves in subtle ways. For example, we could remind family and friends of what we do for a living via status updates. We could indicate that we are on their way to an open house and leave the address, or talk about a home we just listed and mention the address. Through these subtle messages, we can make sure family and friends remember us when they need to buy or sell a home in the future.

SET THE STAGE FOR A SALE

Sat, 10 Jan 2009 19:10:52 -0600

SET THE STAGE FOR A SALE

Simple fixes and staging practices can focus buyers' attention in the right places and keep them from getting sidetracked by personal items in the home. Here are some staging suggestions.

· Eliminate countertop clutter. A countertop covered with small appliances and utensils looks crowded, not spacious.

· Pack up the too-personal. Don't leave toiletries on the counter. Stash family photos.

· Be prepared for snoops. Prospective buyers pull open drawers, look in closets and peek behind the shower curtain.

· Make sure things work. Dripping faucets, burned-out light bulbs and squeaking hinges detract from the home's appeal.

· Think "white-glove clean." Mop, dust, vacuum, clean baseboards and wash windows. Make sure the house looks fresh and smells neutral.

· Make sure the front door is clean and the hardware polished. Power-wash walkways.

· Store furniture that makes rooms feel crowded.

• Show every room for the kind of room it is. Maybe you've turned your formal dining room into a home office. Get rid of the desk and computer, and bring back the dining table and chairs.

FOCUS ON OUR HOME PAGE

Wed, 07 Jan 2009 15:55:37 -0600

FOCUS ON OUR HOME PAGE

We need to take a close look at our Web site home pages to ensure we attract visitors' attention from the start. The home page should offer something that prompts them to click further into the site. The site also should feature content for buyers, sellers, other agents and brokers, and local businesses so visitors can find useful information in one place. For instance, the site should have listings, sell-through statistics, rate calculators and community links. Additionally, we should showcase our personalities and build credibility by sharing a little about ourselves. Finally, we should freshen up our sites regularly by posting new content and changing headlines.