FranklyRealty.com is growing! And with that it requires "neused" agents to get a crash course in the Frankly way. You know, the preverbial (yes!! been dying to use that word, even if it doesn't fit perfectly) drinking the office Koolaid.
So this post will recap some central concepts and put them into one 3-4 hour read. Those of you that love designations to add to your name, if you read all these and pass a test, I will give you the official "LY" designation!
John M recommended I call this "21 Things Even Your Broker Doesn't Know" piggybacking on the bestseller "21 Things I Wish My Broker Had Told Me"
Best of the Best. No time to read the rest? Start with these.
- Go FSBO!@ Save $20,000. The #1 most popular blogpost for Realtors to share with this potential FSBO client. Covers all the hurdles that
- Exclusive Buyer Agency Agreement. Finally a post that helps consumers understand why it helps THEM to get one signed. Clients have read this and asked ME if they could sign it asap to get started.
- Excellence Comes Standard™. The most obvious stuff, but no brokerage does it.
- Vegas odds (video), A concept for how to help a buyer offer on a home. We don't suggest a price, we give them data and some estimated chances of winning. It is up the client to roll the dice.
- FranklyCRA- Comparative Realtor Analysis Our secret weapon in negotiations by knowing more about the track record of the other agent.
- Don't trust Realtors that SELL you on buying or rush a customer.
- The "Don't Buy" (for the wrong reasons) pitch. How it can help your sales in the long run.
- Lead Conversion. p90x Style!
Buying Philosophy:
- Why you should try and get Seller Subsidy built into the price, even if it means increasing the price.
- Don't skip Photoless properties, they sell for $15,000 less!
- Why not to pitch a client to "Buy Now." Didn't work in 2007, shouldn't work now.
- Stockbrokers Can't Predict Stocks, Realtors Can't Either! -It doesn't need to be our job to be cheerleaders. People should buy a home when they are ready for their lifestyle. I don't believe in buying BOTH as an investment AND a "home." On a related note "Don't Sell people on Buying" and "Needle in the Haystack DEALS dont exist.
- Buyer Agent Bribes and Bonuses- I don't want our customers to think we can be bribed, so we don't accept "bonuses" offered to the buyer's agent to bring a client in.
- My thoughts on Affiliated Business arrangements. I don't like them. Focus on your client and not selling them side things for a kickback.
- Why buying a bigger home might be LESS risky. Death of the Starter home.
- How to use TERMS to win in a bidding war.
- Don't use Tax Assessment to value a home or to make an offer.
- New construction can be risky. Especially if they decide to liquidate the remaing units AFTER your client bought.
Listing Philosophy:
- Staging Required, and can an agent stage themself? I think not. And Don't buy our Staged Listings.
- Throw up Listings. WHen a client wants their listing up NOW! Gotta tell them to slow down in order to sell it faster.
- Live Video Required. ANd it is free from VideosByAddress.com. Your video posted on every IDX. Unlike Youtube which is not allowed by MRIS since Youtube has illegal branding. See video too.
- Picking a Listing Agent is TOUGH! Talks about how I had to help a friend find a Listing Agent in Chicago so I know how hard it is to find a good one.
- How appraisers are killing our listings.
- Home Inspection for "Info purposes only" = disaster waiting... If they only want to inspect for information, then inspect AFTER the closing.
Rebating & Commissions:
- Realtor Rebates. Free Money or Expensive Savings? "I used to rebate, and then I got good." I have no problem with that business model.
- What is "Prevailing Realtor Commissions." A hush hush expose on commissions.
Short sales:
- Short Sales, what are they. This is an old post when only 5% are real, but it really covers what a SS is.
- Questions to ask Short Sale Listing Agent BEFORE showing an older 5/2008 post but still mostly relevant. You realy need to know more about a SS before bothering with it.
- Short Sale Predictor on F-MLS
Title Insurance
- Title Insurance. 95% buy it, 10% Know Why. Did you know you are more likely to be struck by lightning then have a total failure of title and need your Title Insurance. Yet people don't buy Lightning insurance. Not saying to not get it, I'm saying to first try and understand it.
- Don't forget the title insurance "reissue rate" to save your client $500.
Timesaver:
- Phoneless Showing Business Cards Special cards to leave after a showing that are phoneless and asking for all feedback requests toi be sent via email. Otherwise you get 5 calls after showing 15 homes while you are driving. Nobody can have a memory like that, so ask for an email.
- Don't look like a spammer, change your email headers.
- Instant Messaging 101 and Live Chat (see video too)
- Gmail Canned Response. I have like 40 canned emails. Everything from what our referral fee is, to the bank wire info, to longer emails.
- Youmail, voicemail transcribed. I get angry when I hear somebody still listens to voicemail. What a time killer. And it uses Humans unlike the free Google Voice.
- VIP filtering of gmail to alert you via text.
- Your Voicemail should help people skip the message.
Things I think suck:
- Sucky Listing Agents, I Vent.
- Relocation companies, Mostly suck.
- Lending Tree Sucks. This is important to understand when your client says "dont worry, I have a great deal on a loan with a lender online. THen 2 days before closing the guy bails or changes the rate.
- Data can be your friend, but oftentimes Data just sucks. Like Wash Post data showing a price increase or decrease in areas.
- Also Admin fees suck.
Photos:
- Wide Angle Real Estate photos showing you what an extra 50% wider image looks like. Also ask me for the private link to the video of a 2 hour Photo class.
- Buyer Agent Photo Albums. Save hours and your clients will love you. Also you build a portfolio of homes to share later.
- Fill Flash, the secret to better photos.
- Using a collage for your main MLS photo.
Marketing
- $3Million Dollar Client from a $11 ad. How to place tiny ads in the Washington Post to bait new buyers. Also I listed a $3M home for a $1 commission. That is how I was able to have $11 ads to run and get $3M buyer for another home.
- Ask me about how I used a $1 commission to sell a $1M house to beak into a market. Heck I'd pay $100 to get a listing I ws dying for.
VIDEO Tutorials
FranklyNews were 45+ videos I did for Inman News. Very focused on helping agents and brokers. Here are some highlights:
1a) Work Less, Make More. Strive for 80-90% capacity. My favorite concept. If you get overworked you can't reach the next profit bracket.
1b) Why I joined Linked in. The power of Linked in Is amazing. Most don't fully get it. If you do it properly and get thousands of connections, then when you get a lead, you will very likely be connected to that person in some way. That leads to a higher chance of getting the lead to trust you if you know XYZ person.
2) Market Timing and the "up and coming" area pitch. I dont like it.
3) Fiduciary Duty explained.
4) How to get FREE PRESS!!. This is a killer one. Can really transform your business for a newbie.
5) The "Quick Question". It is the necessary evil, but you gotta understand how it is for a broker. More reason to use IM and SMS instead of a phone call.
6) When picking a Domain Name
7) An agent's main job is no longer finding homes.
8) Sunk Cost. When to walk away from a hassle client.
9) Admin fees blow, but not necessarily is it the broker's fault.
FranklyRealty on Youtube.
This is the consumer facing video blog and Wheel Estate Cam. Still many tips for clients that our agents should "get".
- Don't Buy Ask Why. The myths of buying that many agents use to trick clients into buying.
- Lowball offers Don't work. And why. Explains how they seem sexy to put in a lowball, but the data shows it doesnt work.
- Bill of Rights for Clients.
- Vegas odds, System for helping buyers come up with a price to offer.
- Shady Agent bonuses. CNBC segment.
- Buyers should never ask a Realtor if "Now is the time to buy."
- Managing a client's expectation. Really important concept.
- Realtor Adjective Game. Especially a good learn for newer agents. It only takes time to master, but this will help you know what to look for.
- Popcorn Agents. WHy a consumer should pick an agent early on and not just expect me to drop everything for them when they come knocking on my door wanting to see a $100k underpriced bank listing.
- Buyers don't like Condo fees, but instead of ignoring condos, know how to calculate the difference in buying power and better compare them to a Townhouse.
- Don't pick a Listing Agent by Bullet Point.
- If an agent recommends looking in a higher price point, they aren't always doing you a disservice. It might be that your dream home is just in the next bracket.
- Example of some late night data mining.
- Using Technology to get clients a better deal.
Highlights from FRANKLYMLS.com
FranklyMLS.BlogSpot.com shows you all the new features of the site and some HOW TOs.
- Frankly Price Predictor. Understand the concept and not to take it too seriously.
Hopefully I will do a summary post on FranklyMLS unique features. Also don't miss the Video Tutorial page.
Please let me know if you find any typos.
Frank
Broker MD, DC, VA
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