Sometimes old school prospecting just works

There is a primal fear that most real estate agents have about making “cold calls” to generate business for themselves.  Whether they state outright that the avoidance is about not wanting to feel rejected, or whether they hide behind excuses built around a "do not call" list, the simple act of picking up the phone and calling residents of a neighborhood in hopes of finding a potential listing is terrifying for many people, and often they simply refuse to participate.

That’s too bad, because if done correctly, cold calling works, and you -- the Realtor reading this post -- could be supplementing all of your other activities and income by doing so.

Now, those of you who know me might be thinking, “Wait, but isn't he that 'social media' guy? The one who does not believe in old-school real estate practices?”

Well, yes, I do have a proclivity toward the use of social media in building strong relationships and engaging others. But that doesn't mean the computer is the only way I reach out to people. Online networking is only one part of my overall business strategy. I am also on the phone all day long, mostly with people whom I've never met face to face.

The fact of the matter is that Realtors still need to interact with the public in traditional ways as well as new ways. In fact, we need to engage with people in every way that people now engage with each other, through every medium that the modern world uses. Yes, that means using FaceBook and Skype, but it also means picking up an old-fashioned telephone -- or even a shiny new smart phone -- and reaching out to strangers who might find you to be a resource.

Is there a chance that some people will reject you? Yes, absolutely. But there is also another possible outcome, which is that some won't. Let's say that you set aside one hour each day to make 10 calls. About

3 out of every 10 people you contact will actually discuss their home with you on the phone, and 1 out of 10 will agree to schedule a listing appointment with you. That's 5 new appointments generated each week. Provided you have a successful listing presentation strategy, at least 1 and hopefully 2 out of these 5 appointments will turn into listings. And to be conservative, let's say 1 out of every 2 listings actually sells.

Let's do the math:

Ten calls a day = five listing appointments a week = two listings a weeks = eight listings a month = four sales a month.

In my office, the average list price is $400,000, so we're talking about $1.6 million in additional sales volume each month. Not bad for one hour a day of phone calls, right?

Now, you do need to know what to say and how to say it, and you need to practice, but all that requires is that you carve out time to work on it with people who can help you perfect your approach. You just have to make the commitment to make things happen.

It's true that I spend a lot of time and effort on my social media outlets, but I also make calls every day to agents in my marketplace. I am not obnoxious (at least I hope not!), but I am persistent, much more so than my laidback online persona. I call people I want to call, but I call. Every single day. And therein lies the difference between those who make it rain and those who don’t.

If you can make a call and procure an appointment, regardless of the outcome, you have already won the battle, because so many in the same position will not even get that far.

So here is my challenge to you: make the time tomorrow to call just 5 residents of homes near one of your office's listings, and tell them you are on a mission to find a great buyer for that house. Ask them if they know anyone who has considered moving into the neighborhood. Then wait and see what happens.

Someone just might answer yes!

To read more from Darrin please go to: 

SEO strategies I learned at Coldwell Banker’s Gen Blue

If you are buying or selling a home in Washington D.C. this is just something you must know.

Now, your agent will provide it for you, BUT, if by chance they don't or you feel their data is out of date, this link will have the most recent information for you to make a well informed decision.

Their blurb: Web Soil Survey (WSS) provides soil data and information produced by the National Cooperative Soil Survey. It is operated by the USDA Natural Resources Conservation Service (NRCS) and provides access to the largest natural resource information system in the world. NRCS has soil maps and data available online for more than 95 percent of the nation’s counties and anticipates having 100 percent in the near future. The site is updated and maintained online as the single authoritative source of soil survey information.

Harry Reid’s Last stand? A First time Home Buyer Tax credit extension

The Senate, by a 60-37 vote, today approved an amendment Senate Majority Leader Harry Reid (D-NV) offered to the tax extenders bill that would extend the first time homebuyer tax credit.  The amendment would extend the date by which a homebuyer must close on a home from June 30, 2010 to Sept. 30, 2010 in order to qualify for the credit.  The cost of the amendment would be offset by denying tax deductibility for punitive damages.

For the downloadable PDF please go to CBblogestate...

What you need to know when you list a house after a rental!

by Don Den­ton, Branch Vice Pres­i­dent Capi­tol Hill

In the Dis­trict, if you own a res­i­den­tial rental prop­erty, IT MUST BE REGISTERED AS EXEMPT (OR NOT) FROM RENT CONTROL.

Where we run into prob­lems is with harry home­owner who gets trans­ferred to Chicago and decides not to sell but to rent his home or condo until he returns. At some point he decides he isn’t com­ing back and he calls you to list. When you are inter­view­ing a prospec­tive client(a seller) and the prop­erty is ten­anted, the first words out of your mouth should be, have you prop­erly reg­is­tered the prop­erty as a rental. This means that at some point he went to DCRA and reg­is­tered as exempt or not exempt from rent control.

That prob­a­bly also trig­gered a Basic Busi­ness License. If he didn’t and every­thing goes swim­mingly, than life is good. How­ever, if it is a sin­gle fam­ily prop­erty the like­li­hood is nearly 100% that the new buyer will want to occupy and you will have to give the exist­ing ten­ants a notice to vacate. The notice to vacate has a blank for the “exemp­tion num­ber.” With­out that num­ber, you can not give a legit­i­mate notice to vacate. You can write in “applied for” or leave it blank. It could then get bounced back from DC or, more likely if the tenant/landlord rela­tion­ship has gone south, a smart ten­ant advo­cacy type will imme­di­ately notice the lack of an exemp­tion num­ber and thus a defec­tive notice. Besides screw­ing up your set­tle­ment, the ten­ant has just been handed a loaded pis­tol and the land­lord could be sub­ject to repay­ment of up to three years of rent he has col­lected. A lot of money.

If the prop­erty has not been prop­erly reg­is­tered, your seller can do one of sev­eral things. A. Wing it and hope it all works out. B. Con­sult with an attor­ney (Irene Lind­ner 202–429-8888 x 102) and fol­low her advise. C. Call an expe­diter (Scott Ham­mer 202–302-0342) and get the build­ing reg­is­tra­tion straight before you list it. Could take 3 to 4 weeks(requires a prop­erty inspec­tion). D. Nego­ti­ate an agree­ment with the tenants(and hope they abide by it). Basi­cally cash for keys and have them agree to be out by a date cer­tain. Make sure in this agree­ment they agree to exe­cute any nec­es­sary ten­ant pur­chase forms and any TOPA affi­davits required by the title com­pany. Fail­ing to deal with this can place you in a very ugly situation.

Last week I started a Facebook fan page called Wash DC 365.  The focus? Well, here is the description from the site:

"Washington, DC is the seat of our nation’s government. Home to some of the most powerful men and women in the world.  Washington, DC is a city steeped in tradition whose majesty is unrivaled by any other in the country.  To its residents, Washington is something more. It’s a city that is rich in cultural diversity. It’s a place to get immersed in history. It's a place to see, to explore, and to experience. It’s the place we call home. 

We welcome you to share in the treasures our great city has to offer, one beautiful, delicious morsel at a time."

Anyway, with mid-year coming up I thought ya'll would like to check it out.  Have fun and let me know what you think!