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Monday, 26 August 2019
Agent Resource Center
This Old House - Do-it-Yourself

Setting a Foundation in Your Real Estate Business

Written by Posted On Thursday, 15 March 2018 10:56
LOCAL RECORDS OFFICE, PEKIN, IL LOCAL RECORDS OFFICE, PEKIN, IL

PEKIN, IL - As you get deeper into your real estate business, it can be easy to forget the fundamentals. This back to the basics advice will boost your motives in building a stronger foundation for your real estate business, says, Local Records Office. The core in real estate is to strive for a balanced skill set. And when you a serving a wide range of a market, making a strong foundation is the key to being successful, because this business is about creating a strong pipeline and more traffic.

 

 

Invest in yourself and when we say ‘yourself’ we mean, ‘your real estate business’

 

It can be rather difficult to decide on whether investing is a good option. In order for your business to grow, you will need to take time in investing in areas of your business and not just throwing your money away. Give technology a chance to generate leads, and try out new skill-tactics that will help your business thrive.

Start with free marketing options- call friends’ family, and people in your sphere of influence to get a head start, go door knocking and introduce yourself to neighbors, and attend networking events.

Hiring a coach- it’s your responsibility to monitor your business plan and hit your goals, so paying for a more experience coach ensures that you will have a backer board to push you and help motivate you to succeed.

Use free trials- this can be a great way to assess the value of a new technology tool, by tracking with a calendar, and taking stock of a product where you save time and money. Also, using free software where you store things in your cloud will not require you to invest in the latest gadgets.

 

The three c’s

  • Consistency
  • Commitment
  • Creativity

Marketing your real estate business

 

  • Direct Mail
  • Online Profile
  • E-mail
  • Social Media
  • Incorporating Technology
  • Networking

Prospecting

 

 

  1. Connect with 5 new people a day, and always look for additional client sources
  2. Ask prospects a service-oriented question, and find out what service they are seeking to put your conversation aimed in the right direction.
  3. Never stop, until you run into complacency, as some deals inevitably fall apart, and the loss commission can be devastating. When you stop, it will take you more time to start up again.

Srivatsaa claims that there is one secret ingredient to success ---when two real estate agents both look the same, both know the business, and both have the same relationship with the client, the one who wins the business “is the one with the swagger” and he explains, “at the end of the day, it’s about upping your confidence.”

Each person joins this field with different aspirations, different skill sets, and backgrounds, but to his estimation, about 80% of agents are not sure why they are doing what they are doing, and that is jeopardizing their success. And having a better understanding of your goals will also help bring you the confidence to reach them.

 

 

Setting the right expectations

 

It is important to help your buyers understand and give them advice on being realistic about what they are able to afford and what options are available in their price range.

Make sure buyers are preapproved before you start looking for a property. This will give them a solid outlook early on in the search process.

Walk through the entire buying process, especially first-time buyers so they understand what is involved and empowers buyers with information to make the process run more smoothly.

Explain the value of offering a reasonable offer price because lowballing with offend sellers and is a huge risk in losing out on the negotiating process. Especially with the low-inventory, highly competitive market we have today.

 

 

Listing presentation

 

Tour the seller’s property before scheduling an appointment, and ask the seller to show you around the home to get an idea of its strengths and weaknesses.

Practice makes perfect and it is important to knock down the key points and have a good flow, instead of rambling from being unprepared and nervous.

Ask for the business and iron out the next steps, as to whether any repairs are needed before putting it up on the market, and this way the seller’s decision to work with you will get the whole process moving quickly.

 

 

Establishing a sales price for the home

 

Some sellers are stuck on the exact number in their head, and can become resistant in selling for less. Make a case by providing credible local market data and CMAs, and know when to end the relationship when the client is going too far south and being inflexible on their sales price, says, Local Records Office.

Help clients understand the comps in the area as it may vary depending of the market, and be prepared to explain the research and criteria, from how geography to time on the market, and other factors affect the property comps.

Testing the market, and the price is too high, it will make the seller more comfortable with understanding the price point of their property comparative to other properties. When you are direct with the seller the price being too high and the reason for not bringing in buyers, it will cause less frustration in the end when you both understand you have their best interest at heart.

Accept walking away when the time is right, as you are talking about pricing it can be a little difficult to gauge whether or not the client is accepting your input. Sense it out and do not be afraid to ask whether they are more comfortable seeking a different agent. Also, communicate any staging fees or who is responsible for paying the marketing under the agreement.

 

 

Negotiation / Closing

 

When you are in an agency relationship, it is your duty to protect your client’s best interests, though it must be a give and take between the two parties to satisfy both the buyer and the seller.

Do not get caught in the middle when they reach a point of a disagreement, agents should step away from the fight and not take sides. As the transaction is about the clients, make sure to never throw low ball prices, or burn bridges. Work at being cooperating and your best interest is in executing the best deal so that everyone wins.

Ask questions to the appraisers, neighbors and people familiar with the area and that can lead a better valued estimate on your behalf. When you are dissatisfied with the appraisal, suggest to your client to retrieve a second appraiser. And your lender has to approve which appraiser is doing the appraisal.

Let clients know not to make any big purchases before closing

The big-ticket items can affect your client’s credit score and creditworthiness and may make the lender rethink their mortgage approval.

 

 

Client follow-up

 

 

Your relationships with clients will not end once a transaction is complete. Keep in touch to get referrals, and choose you as their agent in mind the next time they buy and sell. Have a reliable system to stay in touch.

CRM management tools will help you to stay in touch with clients. Remember to keep it simple.

Make communication personal as the generic campaigns and junk mail will end up in the trash, meet face-to-face and show clients you are interested in them as human beings. People like doing business with people they like.

Touch base once a month to make a regular contact and keeping you on their mind will build a good baseline to start with. Keep a various form of contact, by using e-mail, phone calls, and in-person. This way they won’t forget who you are.

 

 

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