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real estate advice: The Benefits of Investing in a Down Real Estate Market - 02/02/09 02:17 PM
Here are some of the benefitsof investing in a down real estate market from an addition to the wiki by Peter Vekselman - he has an interesting take on the market.
The real estate market being down is not necessarily a bad thing. Sure the credit worthiness of investment banks and even the general public is being questioned, but all is not lost.
In fact, the silver lining is, oddly enough, real estate itself. Real estate is still worth something, though not at the hyper inflated values you may have been seeing a year (or even half a year) ago.
… (3 comments)
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real estate advice: How Important Are Referrals for New Real Estate Agents? - 01/19/09 10:24 AM
Referrals are one of the best ways to develop new business. A new agent can invite referrals by contacting his or her “sphere of influence” (people you are intimately familiar with, such as friends and relatives) and asking, “do you know anyone in your subdivision, gym, at work, interested in buying or selling a home?”
This question will prompt the memory of a specific individual and a reply providing the name and contact information of a prospect.
Open-ended questions, such as “do you happen to know of anyone,” will lead to open ended answers, such as “not off the top of … (6 comments)
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real estate advice: Gossiping With Your Real Estate Clients - Good Relationship Building or a Major No-No - 01/09/09 05:31 PM
I've talked to a couple of people about this topic recently so I thought it would be interesting to bring up. Where do you draw the line between jsut visiting and building a relationship with a client into outright gossip about other agents, agencies, other buyers and more.
Is it ever ok to indulge in a little gossip or should it be avoided at all costs in your interactions with your real estate clients?
Although most of us enjoy listening to gossip, we are also prone to negatively judge those who engage in this practice to excess.
Real estate is a … (7 comments)
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real estate advice: Once I Have My License, How Do I Sell My Real Estate Services Before I Gather The Necessary Experience? - 10/22/08 11:56 PM
Show your Real Estate exam preparation guide to your prospective client and ask how many of the questions they would be able to answer correctly.
Then rest your case.
Although the pre-license course is relatively short, it covers a wealth of material related to the financial, legal, ethical, tax, listing, and selling and contractual real estate information.
A real estate agent provides expert consulting advice to the client.
Your lack of experience is balanced by the fact that you are associated with a knowledgeable and experienced broker.
When offering your services as a new agent, refer to the years of experience … (12 comments)
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real estate advice: What Types of People Succeed in Real Estate? - 10/21/08 11:59 PM
Any and all types of people can succeed in a real estate career and many originate from fields such as retailing, teaching, communications, government, and the armed forces.
According to a National Association of Realtors (NAR) Members Profile, nearly 70% of sales agents came to real estate from a non-related field and only one in four agents had previously worked in a management or sales position.
Education is very important to the success of an agent. Most states require a high school diploma or equivalency certificate, but a college degree is not critical.
In fact, just three of every ten … (7 comments)
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real estate advice: Do I Have to Provide Real Estate Services Free of Charge? - 10/13/08 11:46 PM
My answer to that question is yes, most definitely. You have to be prepared to do lots of work you might not get paid for. Realtor®’s services are provided free of charge until the time of closing. What's your opinimon and how do you deal with this aspect of real estate?
Although you should always strive to have your prospect sign a buyer brokerage or listing agreement, there is no reason why you should not go the extra mile and provide information and assistance free of charge.
In time, you will learn how far you can go without hurting yourself (yes, … (5 comments)
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real estate advice: Do all Clients Need the Same Level of Support? - 10/13/08 09:40 PM
What do you think?
Although all clients should feel they are in excellent hands and receiving quality service, some clients are more self-sufficient (those known as drivers, who want to get to the point and see you move forward aggressively on their behalf) than others (the more laid-back personality, which expects to be led carefully, needs lots of information and explanations).
It is the agent’s responsibility to know whom she/he is dealing with and cater to the particular personality. Often, difficult clients need more support.
They must feel you are listening to their problems and understand their difficulty. A good agent … (3 comments)
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real estate advice: What Is Involved In Property Management? - 10/10/08 10:53 PM
The property manager’s job, for an investment property, is to supervise every aspect of the operation and to produce the highest financial return over the long term.
The manager’s tasks include tenant relations, renting the property or units, building repair and maintenance, accounting, advertising and the supervision of personnel and contractors.
The boom in condominiums and retirement villas has resulted in a growing demand for property managers. In addition, large businesses, which own real estate for their own use, hire property managers to maintain and manage them.
Property managers are usually paid a salary and, in the case of apartment buildings, … (1 comments)
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real estate advice: Focus on Providing a Solution for your Client, Not Just Selling at Them - 10/06/08 11:43 PM
Focus on helping your client (s) make that decision by listening, analyzing and really paying attention to what they want.
If you can give them what they want, it will often make the sale.
Granted you have those who will walk regardless, but more often than not, excellent customer service pays off in big ways.
The best approach to excellent customer service is to keep in mind that your customer must feel he or she is getting more than what they are paying for.
Think about selling as providing a solution to a problem a potential buyer has: which house … (3 comments)
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real estate advice: Never Underestimate The Power of Client Referrals - 10/06/08 11:35 PM
As your business grows, you will be able to obtain feedback from your clients regarding your service and
potential areas you can improve.
Your client’s feedback is essential in helping you better your approach to excellent customer service, which is central to your success in the sales arena. In addition, your satisfied clients will become your best mode of advertising.
Never underestimate the power of referrals. Word of mouth is the cheapest and often most effective way to promote your business.
… (8 comments)
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real estate advice: What Is Involved In Real Estate Appraising? - 10/03/08 08:27 PM
The field of real estate appraising requires advanced credential designation and, in most states, appraisers must be licensed.
Most real estate appraisers offer their services to lenders and taxing authorities.
The job of the real estate appraiser is to gather and evaluate all available facts affecting a property’s value and render and “opinion of value.”
Appraisal is a real estate career opportunity that does not require property selling, while demanding a special set of skills of its own.
Many agents obtain their real estate appraiser certification to supplement their real estate sales agent license.
The job incorporates office and fieldwork and … (0 comments)
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real estate advice: How Much Should I Promise My Client? - 10/02/08 11:48 PM
Promises to your client should be realistic and achievable. It is better to under-promise than over-promise to manage expectations.
It is better to provide a positive surprise than to under-deliver on a promise. Be sure to live up to your promises.
If you promise to get something completed by a certain date, make sure you do or keep your client appraised on any unexpected delays.
In real estate, it can be difficult to project how and when a property will sell.
The best you can do is to put every effort into delivering an outstanding service and live up to advertising … (4 comments)
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real estate advice: How Do I Follow Up on Cold Calls? - 10/02/08 11:45 PM
Your first cold call will typically not result in a business relationship. Consider it a way to introduce your business. A good rule of thumb is to consider ten contacts to develop one lead.
Your goal shoud be to sign a written contract, whether a listing or buyer brokerage agreement, although you may need to invest some time upfront to earn your customers' trust before asking them to sign a lenghty buyer-brokerage agreement.
In real estate, cold calls and prospect contacts may even just result in an expansion of your database.
Useful “lead-in” lines for follow up include: “I just found … (3 comments)
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real estate advice: How do I Negotiate with the Lender to Avoid Foreclosure? - 09/26/08 10:22 PM
As soon as you realize you are having difficulties paying your mortgage, it makes sense to research your options. Don't wait until it is too late and you must face foreclosure.
Most lenders prefer to negotiate a solution in agreement with the borrower than to go through the process of foreclosure and many lenders will work with the borrower to complete a short sale.
Your first step should be to contact your lender and begin negotiations. Develop a budget to prove to the bank that you can make your payments, if the bank agrees to lower your payments.
The foreclosure negotiation … (2 comments)
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real estate advice: What's The Worst Financial Mistake You Can Make as a Realtor? - 09/25/08 08:30 PM
What's your opinion? I think the biggest mistake made by agents is spending their commission before the sale is closed.
Many things can happen to derail a sale:
The client does not qualify for the loan; The inspection unveils a major problem, which kills the sale; The client decides they don't like the place; The client backs out; There's a problem somewhere else...
Remember that a sale is not complete until everything is done and you have deposited your commission check in the bank and it has cleared.
Nothing is set in stone, so be sure you know … (8 comments)
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real estate advice: How Do You Deal With Internal Family Dynamics When Selling Real Estate? - 09/25/08 07:55 PM
How do you deal with the drama and politics of internal family dynamics when you're selling? Do you have certain ways of dealing with particular types of dynamics, or are they so different you have to wait until you're in a situation to feel it out? How do you handle it when one spouse likes a place and the other doesn't?
Imho, when working with people, it is always important to learn to differentiate and cater to the different personality types. This will serve you well in satisfying their particular needs. For example, an engineer will likely want to obtain very … (4 comments)
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real estate advice: Real Assistants vs. eAssistants - Which is Better? - 09/24/08 05:14 PM
I call them "e-Assistants" because that's essentially what a virtual assistant is. Having never used a virtual assistant, I'm not sure if they're better or worse than real assistants, but from what I've read it seems to depend on the employer.
Some people relish the face to face interaction and more control that a non-virutal assistant offers, but perhaps virtual assistants inspire the same amount of confidence in a different person.
Real Estate Professionals are busy, busy people and, especially if you're an independent Realtor on a budget, you might not be able to afford a full-time asst; maybe a virtual … (5 comments)
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real estate advice: Beware of Brokers Competing With Your Listings...Right? - 09/24/08 02:29 PM
I started thinking about this question when a new realtor asked me to go into more detail about that aspect, and I didn't know the answer, so I figured I'd put it to you, the experts. This new agent assumed that of course it makes sense for brokers to have the same listings as their agents because that's what the broker uses to give them leads, so was confused about why it was a bad thing.
Would any of you go into a little more detail about the "beware" sign of brokers competing with your listings? Is this even ethical? Why … (2 comments)
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real estate advice: Should You Rely on Your Real Estate Broker for Leads? - 09/24/08 02:11 PM
On the previous "What Questions Should I Ask My Broker" post, I got a great comment from Castellum Realty to the effect that relying on a broker to get you leads or help you out by paying for your advertising is just wishful thinking:
"As mentioned, relying on your broker to get you leads, pay for your advertising is relying on a miracle. That is just not how things work in the Real Estate Business. Newbies often rely on those things hoping that they'll get leads when an agent is busy but I've never met an agent who was too busy to … (9 comments)
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real estate advice: In Real Estate, Is Dressing the Part Really That Important for Sales Agents? - 09/23/08 03:51 PM
You have probably heard the term, “Dress for Success” a million times. Its one of the most important elements anyone in sales should pay attention to, and this includes those in real estate sales. How about you? Do you feel its important to dress the part?
IMHO, dressing for success does not necessarily mean you must invest a lot of money in impressive clothes. Rather, you should dress for your comfort and that of your client.
You also want to dress appropriately for the situation.
For example, if you are going to show land, you may want to wear jeans … (20 comments)
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