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In today’s world of dealing with unproductive Internet leads, it is time to cultivate the tried and true methods of yesteryear, the referral. A referral is often a warm lead from a trusted source. But have you ever sent a referral to another broker, and then never heard from that broker again? Join the club. 

What is your conversion rate on getting or giving referrals?  With over 2500 referrals given each day in the US between agents, you may want to focus on building a stream of income from this underserved resource. But when you are actively giving or receiving referrals, keeping track of status might be a challenge.  

The communication of status and updates might be consistent or ,all too often, you never hear what the status is. Did the client have a good experience? Did the referral result in a sale?  With the success or failure of the transaction, would you ever refer to that agent again?

Statistics tell us that people are moving to many different areas, and when they are referred to a professional by another professional, confidence levels raise to a more comfortable level.

However once referred, the referring agent is often not compensated with future referrals.  Losing the contact, or infrequency of prospects wanting to buy or sell in a given area, can block getting a steady stream of future referrals going forward.

Want more referrals?  Here are a few tips to increase the flow of referral income to your bottom line:

1. Have a referral marketing plan in place to intentionally solicit and offer referral reciprocity.  Include in your current marketing messages an offer of specific relocation resources to target groups of prospects that may be in a position to give you referrals.  Tailor your messaging to engage other real estate professionals in neighboring states that you are a resource for anyone coming to your destination area. Follow up with your sphere of influence and update them on migration trends for second home destinations.  Poll your past clients with a non-solicitive checkup/check-in and remind them that you can leverage your services all over the country through your network to help their friends and family. 

2. If you are located in an area with close proximity to other states,  consider contacting top producing agents and companies of your offer to help their agents and their prospects that might be coming your way. Be consistent with updating this group with recent changes in your area that may be a new asset to those considering moving to your area.

3. Check out a new referral platform that organizes the referral process.  Created by a practicing agent from Nevada, Todd Miller saw the need for a more systematized process for giving and getting referrals. He and his partner, Oana Sterlacci, developed ReferralCloud.co.  (Note: Not .com- www.ReferralCloud.co)

This system acts as a referral coordinator for any real estate agent client referral and rewards those agents using the platform to more referrals acquired from inbound resources.

They addressed the fragmentation of the referral process by streamlining the online platform that shares real clients, not just a “lead”.  With no monthly fee, ReferralCloud.io includes other strategic partners for referrals like lenders, to promote their services. With their position as a directory, agents who want to increase referral business may want to consider a platform that supports the referral process.

For more information about ReferralCloud.co,visit their website and click here for our video interview with this dynamic team.

Posted On Friday, 21 May 2021 00:00 Written by


Todd MillerOanaTodd is the owner and broker of Nevada Realty Solutions, with his partner Oana Sterlacci.  In 2009 Todd and Oana sold over 1,100 houses and were the #1 team in the nation as reported by the Wall Street Journal.  Todd lists properties for banks, and regular sellers, including short sales.  Todd also works with investor buyers and regular home buyer with his team of highly talented agents.

Posted On Thursday, 20 May 2021 00:00 Written by

Even as I write this article, jobs in industries ranging from entertainment and media to manufacturing and medicine are being transformed by artificial intelligence (AI) and its many iterations. Many people don’t even know they are already in a competition with AI and that several facets of their job are already being accomplished by a digital application or intelligent machine. Workers will not be able to outpace these machines simply by working longer hours or moving faster on the assembly line.

The Science and Art of Every Profession

There is a science and an art to every professionIn school, we learn the science side of our profession. When we graduate, we begin to learn the art side of our profession.

It’s likely that when you see the word “art,” you are used to applying it to business and careers in moviemaking, designing, engineering, marketing and mass media, to name a few. However, there is an art side to everything, encompassing competencies that many refer to as the “soft skills.”

For example, cardiothoracic surgeons spend nearly a decade in college, medical school and beyond absorbing everything they can about the human heart, the human body and how to safely operate on a living person of any age. Every single cardiothoracic surgeon learns those same pieces of information, a veritable how-to process that is heavily regulated and improved upon every year to ensure everyone who earns the qualifications to operate on someone’s heart adheres to a best-practice procedure.

But even amid that educational system of checks and balances, there is an art side to this as well. After graduation, they begin to develop soft skills, such as creative problem-solving and effective collaboration, to name a few. Over time, each and every cardiothoracic surgeon refines their own unique approach to the process, whether it is how they hold their tools during surgery, how they solve problems or their bedside manner in keeping a patient confident in their skills. This is similar for every profession.

AI Will Have Science Covered

Increasingly, the science side of our careers will become increasingly autonomous, and at some point, intelligent automated systems will be able to do the science part of our jobs better than us. The good news is that AI will struggle with the art side: the 12 competencies I’m sharing in this article. For humans to thrive in the future, we need to get much better at doing what humans do best.

12 Competencies for Future Success and Advantage

One major way to learn how to grow your abilities in leveraging the “soft skills” of any career is by understanding my 12 competencies for future success and advantage. While I delve much further into these concepts in my books and teach them in my Anticipatory Leader Learning System, let me give you these competencies now, along with a brief analysis of each:

1. Anticipatory Leadership — Hard Trends provide high levels of certainty and the confidence to make bold moves. Future success and advantage will come from learning to differentiate between the Hard Trends based on Future Facts™ that will happen and the Soft Trends, which are based on assumptions of what might happen. This competency has transformed how individuals and companies plan and innovate.

2. Relationship Building – Good relationships are based on trust, and trust is earned through shared human values such as honesty, integrity and delivering on promises. Future success and advantage will come from elevating your ability to increase trust, helping you to build stronger relationships. Without positive relationships, even the most amazing technology can become irrelevant or — worse yet — damaging.

3. Technology Savvy – Humans don’t all need to be technologists; you don’t have to know the physics of smartphones or AI in order to use them. Future success and advantage will come from being willing to learn new things and becoming aware of what the new tools are in a variety of fields in order to creatively apply them to build a better tomorrow. 

4. Strategic Listening – Passive listening is when someone follows along with what is being said. Active listening involves paying focused attention to words and phrases that uncover strategic and innovative insights. Future success and advantage will come from increasing your ability to be an active, strategic listener and learning to ask better questions — the type that draw out better answers.  

5. Emotional Intelligence and Empathy – The ability to recognize our own emotions and to understand and share the feelings of another in real time (empathy), as well as the ability to discern the different feelings people have and label them appropriately, is a competency that can be learned. Future success and advantage will come from elevating our ability to both identify and use emotional insights to guide constructive behavior to help people better adapt to changing environments. Empathy is also a critical component for drawing audiences into a personal or business story.

6. Cultural Intelligence & Diversity – Different cultures have different ways of thinking and acting, and different ways of communicating that go beyond language, including very different meanings for the same physical and verbal expression. Future success and advantage will come from elevating our awareness and understanding of the differences and embracing them so that we can maximize the innovative and competitive advantage that comes from different ways of viewing a process, product, service, problem or situation. 

7. Effective Communication – When you consider the varied ways we communicate — be it verbally, in written form and even in facial expression and body language — it’s easy to see how humans can be far better than AI at accurately and holistically capturing and interpreting the subtlety and varied meanings that communication can carry. Future success and advantage will come from getting better at applying the context and expression of both visual and verbal communication by applying a wide array of multisensory subjective elements that make up good communication. These are the components of communication that humans do best.

8. Effective Collaboration – Cooperation is based on scarcity: You cooperate with a person, a team or a company because you have to, and you only share what you need to in order to protect your part of the economic pie. Collaboration is based on abundance: You collaborate because you want to, and you openly share because the goal is to increase the economic pie for all. Future success and advantage will come from elevating your ability to form collaborative relationships that operate at high levels of trust and the idea that working together builds something better for us all. 

9. Adaptability & Agility – You cannot accurately anticipate everything; there will be changes that no one could have seen coming. Future success and advantage will come from improving your ability to adapt to change as well as your agility by learning to react to disruptions and problems as quickly as possible. Adaptability requires someone to be open-minded and nonjudgmental — attitudes that all humans can improve and leverage.

10. Creative Problem-Solving and Tenacity – The creative application of technology unlocks innovation and growth, and innovation at its core is applied creativity. Once a creative solution is identified, tenacity is often needed to see a solution through to a successful application. Future success and advantage will come from improving your ability to identify the real problem, and to creatively apply technology by using creative principles such as The Law of Opposites and Problem Skipping and by learning to identify Hard Trends that will happen and their related opportunities.

11. Service Delivery – A major component of the overall customer experience is the level of service delivery they receive. Future success and advantage will come from elevating your ability to not only fully interpret the subtle nuances in voice and facial expression, but also what the person is thinking and feeling but not saying. In addition, working with a customer over time creates a trusting relationship, and over time a good customer service representative develops an anticipatory sense of what a customer may want or need at a deep emotional level — often before the customer is aware of it. 

12. Selling, Persuasion & Influence – Selling, persuading and influencing represent one core competency because they are all focused on one thing: changing a behavior to create a desired result. We are all selling or persuading or influencing someone to do something multiple times a day, often without even knowing it. Future success and advantage will come from elevating your ability to sell, persuade and influence at ever higher levelsWhen combined with some of the other competencies in this article, humans can outperform machines every time.  

After reading through the list, you may have thought to yourself: Some people are naturally better than others at some of these competencies; for example, some are naturally better at sales or naturally more creative. This is true of all 12 competencies. However, I have found that when people start getting better at one, they also get better at the others because they are all connected. 

The only way humans can beat the exponential growth of advanced AI-enabled automation in the future and have meaningful, good-paying employment or self-employment is to become increasingly more valuable than machines. Time is growing short — now is the time to be an opportunity manager and start getting better at all of them. If you don’t, you will soon be a crisis manager falling behind exponentially faster.

To discover how to apply these 12 competencies and, better yet, learn how to use future certainties to transform disruption and change into opportunity and advantage, consider signing up for my Anticipatory Leader Membership today!

 

Source: Burrus.com

Posted On Wednesday, 19 May 2021 00:00 Written by
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Posted On Monday, 17 May 2021 00:00 Written by

“I don’t regret the things I’ve done. I regret the things I didn’t do when I had the chance.”

We have seen lots of moving and shaking going on this week in the home financing market.  The inflation data ran hot, sending the 10-year bond yield into a spike.  When the bond yields spike, it typically bumps up the price of mortgage rates. Rates were up about an eighth of a point.   This Richter scale blip could spell higher bumps in the mortgage rates later.  When the financial markets move around, you may want to put yourself in a solid place. 

Several mortgage clients put themselves in a stable place and are enjoying some bragging rights right now.  The Smiths refinanced and lowered their interest rate and freed up a few hundred dollars per month by lowering their mortgage payment.  They plan to take part of the extra money and pay off debt. The other part of their savings is to take some memorable vacations. 

The Millers have ratcheted down their mortgage rate and eliminated ten years off their mortgage term. Now they can retire without being tied down to a mortgage payment. 

I have celebrated with the Garcia’s who took this opportunity to refinance, pull cash out to upgrade, or modify their home.  John and Jane Doe bought an additional house.    

The Johnsons bought their first home and locked in a fixed-rate mortgage in the high 2’s that will help them build wealth and keep their budget on track.  They don’t have to worry about the landlord raising their rent every year. 

The opportunity is there now but will be gone one day, and we don’t know when.   Do something today, and don’t regret missing the opportunity. 

Home prices are steadily rising. The National Association of Realtors announced that the median home price rose 16.2% year-over-year to $319,200. That means the houses selling in the neighborhood where you want to live selling at $200,000 last year are now selling for about $232,000.  That is a $32,000 difference over 12 months or a $2666 per month increase. 

The Millennial generation leads the home buying market, with Generation Z making their entrance into the real estate market.  Demand is predicted to remain strong for home buyers.  The lack of homes available to buy is currently continuing to push prices up.

As mortgage professionals, we can win trust and appreciation from our mortgage clients when we listen carefully to what the customer wants to accomplish from the new mortgage. Ask good questions like, “What do you want to accomplish with this mortgage?” “What is the maximum house payment that is personally comfortable for you?”   Asking open-ended customer questions like these can move you to the customer’s side of the table. You will be in a better position to help them choose the very best mortgage terms to meet their goals. 

Posted On Monday, 17 May 2021 00:00 Written by

While some are struggling to get deals to go together, those focusing on what it takes to win the deal keep on winning. As I spoke to the issues in the past about “winning vs. whining”, you can make a choice every day about your approach to the market in which you work. You can whine about the issues and the challenges, or you can identify the solutions and the strategies necessary to help your clients win!

Record numbers of homes being sold tell us that there is an opportunity. Greater numbers of buyers wanting these homes creates the challenge of how to navigate the market to put your client in the best position to win. However, the plan is not a one and done solution or strategy that will make it all come together for you, it takes a series of strategies to optimize results and secure the win. Remember, more than one strategy at a time to make the win a reality, and the process of winning incorporates the possibilities that there are losses along the way. The good news is; your client only needs to win once!

A few things to keep in mind are:

1. Get your client in the best possible position to buy.
2. Give them a buyer improvement plan to follow each week so they become stronger and more flexible in their options.
3. Set the stage by setting expectations about their specific market.
4. Use all the tools available to be sure your clients and referral partners can make their best offer possible and be sure to include the power of speed to the closing table.
5. Be sure you, the client, and your referral partners are on the same page and working toward the same solution! 

As originators you need to use your experience about what people are doing to win their offers and help your current clients benefit from your experience. Yes, it is a challenging market, but it also a market ripe with opportunities. Use your winning strategies to keep on winning!

Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Monday, 17 May 2021 00:00 Written by
Charles T. Jones, a great speaker and writer and lover of books proclaimed that “You will be the same 5 years from now as you are today except for the people you meet and the books you read!” He influenced me to begin building a robust library some forty years ago, and it has been one of the most rewarding activities I have ever been involved in.
 
An interesting phenomenon has taken place in the last century. In the eighteen hundreds and early nineteen hundreds, people relied on books to learn and gain sophistication through being “well-read”. Today we have so much information inundating us that we hardly have time to sort and process it. Technology has changed our world substantially in that regard. The learners of 150 years ago simply did not have the choices we had. Books were sacrosanct in the lives of many.
 
Today lots of people, this writer included, still carve out reading time and enthusiastically forge ahead devouring 100 to 200 books a year. I keep a to-read stack of books in my library that is usually 15-20 books high. That’s ok, as I like my reading habits just fine and I continue to learn and grow from both new and old books alike.
 
When recently going through my library I came across a 1st edition copy of The Place of Books in the Life We Live by William L. Stidger (copyright 1923), which I have been reading. In his foreword, he said “Books are like the windows of a tower. They let light in. Every life is a growing tower. It is put stone by stone. The higher it grows, the darker it gets if we do not put in a window here and there to give light. That is what a book does to a life. It lets light into that life.” Well said, indeed.
 
Stidger believed that a book could frequently be the turning point in the life of a boy or girl, or man or woman. It can change the course of a human life, awakening the soul like nothing else. He believed that a well-read teacher could add fifty percent to his or her efficiency adding greatly to their usefulness to the human lives they touched. He further believed that books would keep the soul and the world alive, and raise people to greater heights.
One of the greatest things we can do is to encourage others to be eager readers. We can give books for gifts and urge others to expand their horizons through the creation of excellent reading habits.
 
The previously mentioned Charlie Jones paid his kids a modest sum as they were growing up for each book they read. They had to give him a short written book report and he also challenged them orally with questions about the content and what they learned. He was convinced until his death that he helped all of his kids enjoy a better life through exceptional reading habits.
 
Arnold Bennett (1867-1931) once declared “The aim of literary study is not to amuse the hours of leisure; it is to awake oneself, it is to be alive, to intensify one’s capacity for pleasure, for sympathy, and for comprehension. It is to change utterly one’s relation with the world.” It is obvious with statements of this sort that reading was deemed critical to one’s growth and quality of life. I believe it still is, and my hope is that we as responsible adults will continue to offer encouragement to others to experience the life-changing activity of reading books.
 

Near the end of Stidger’s book I was inspired to read a quote from Bishop William Quayle (1860-1925)… “Ah, my soul, hast thou learned the lure of the book, and hast thou learned what a book is as a delight, and hast thou learned, not as a scholar reads, to get to be great, or to read as the egotist reads, to be thought wise, but hast thou read as God would read, to catch good and to see far, and, to learn to live, and to blazon thy scutcheon with the radiance of the morning light?” Read on, friends, and inspire others to do the same!

Posted On Friday, 14 May 2021 00:00 Written by

Golf courses report that there has been a resurgence in golf attendance as the pandemic slowly diminishes. Golf courses seem to be the perfect venue for the family, especially Par-3 courses or even the pitch-and-putt places. The community in which I live is a golf haven and recently upgraded its Par-3 course changing its name from Peter Hay, who was the first professional, to “The Hay.” The upgrading was done with excellent style and class.

I recently read in Golfweek that the PGA (Professional Golf Association) is planning on a  program to dispense $40 million in bonuses to some 10 stars deemed to have an impact in drawing the most fans to PGA tour events. Some of the star players mentioned were Tiger Woods  who is in long-term recovery), Bryson DeChambeau, Ricky Fowler, Rory McIlroy among others. It seems here that money could be of more help elsewhere. First and foremost, golf tournaments are and have been very generous in giving monies to local and national charities. Further, the prize money awarded to winning golfers today is greater than ever before.

As the PGA tour unfolds, it seems that many unknown names are atop the leader board each week. As an example, where did Hideki Matsuyama, who won this 2021 Masters, appear from? If you follow golf you know he is well respected on the tour, but his name value hasn’t matched up with Phil Mickelson, Dustin Johnson, Jordan Spieth, or other names in that realm. However, please mark Matsuyama in your book as it is likely he’ll be atop the leaderboard quite often.

Maybe more importantly, is this PIP plan a proper way to attract patrons to the PGA golf tournaments? As the restrictions for the pandemic ease, most golf followers will be flocking to courses. This idea of rewarding some players, regardless of how they perform, is antithetical to the golf industry. If you attend NFL, NBA, NHL games, those players already have their paychecks deposited. Not so in golf! PGA golfers have upfront costs that are not compensated until they perform well enough to earn prize money. Moreover, while golf is not a T*E*A*M sport like others, there is a “golfing family” attached to the professional game. Will this bonus pool create a division?

Will you log-in your thoughts about this bonus pool for “stars”?

Posted On Friday, 14 May 2021 00:00 Written by
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