Short sales and foreclosures are a unique niche most agents will encounter at some point but frequently don’t have the skills or expertise to handle. Short sale negotiator and expert Angela Burton joins us to share her background, how she helps negotiate short sales and what it takes to work this niche.
Takeaways + Tactics
1. You don’t have to be a short sale expert yourself - you can bring in a short sale expert to help you negotiate with the banks and give your client the best service
2 Short sales take an average of 3-6 months
3. Beware of buyers wanting to buy a short sale - your buyer agent fee cannot come out of the listing side, so your buyers are responsible for paying you directly
We believe real estate could radically change in the next 5-10 years, so you may need to shift gears to stay in the business. You might even need to learn new types of transactions and a new way to manage transactions for your clients by putting together a custom team of outside experts. Take Angela’s advice and binge on educational content on YouTube and take advantage of company training programs. They might lead to whole new source of business for you.
Guest Bio
Angela Burton is a short sales real estate expert, negotiator, property manager and licensed agent. She serves as Short Sales Negotiator for Significa Corp and as a listing agent for Keller Williams in Pittsburgh, PA. Angela has over 20 years experience in every facet of the real estate industry, including sales, investing, financials, appraisals, working with hedge fund investors, REO’s, apartment buildings, eviction hearings and much more. To bring Angela in as a short sale expert to help your existing client, or to send her referrals in the Pittsburg area, contact her at 412-345-8050 or email angelaburton412@kw.com.
Over the years Greg has accumulated many legal pad lists full of free and low-cost tools and resources for agents, and today he’s opening those legal pads and sharing the goodness with the rest of us.
First we tackled a question from the Scripts & Objections Facebook Group on how to handle a potential listing who wants to wait till they make improvements before listing. Greg explained how he would follow up and offer value with resources like his Good Guy List, pop-by’s, check-ins, offering to meet up with vendors he recommended to introduce them in person, etc.
The first set of tools and resources are for local market and neighborhood stats that will help you stay informed on your target areas.
http://www.homesnap.com/
http://www.neighborhoodscout.com/
http://homedisclosure.com/
Next we talk about how to use Zillow to find market information, and https://www.padmapper.com/ and https://www.rentometer.com/ to look for rental information. This is great for a seller client who’s looking to rent after their sale.
If you work with clients where English is not their primary language, https://en.duolingo.com/ is a great free language learning tool that makes learning fun through gamification. You can also use Word Lens (just bought by Google) to use your smartphone to translate the printed word from one language to another in real time. Check it out at: http://questvisual.com/.
Next Greg dips into some general tech tools and interesting resources, such as LTE-U, which may allow you to use free WiFi from the unlicensed spectrum of existing LTE networks. Visit: https://www.qualcomm.com/invention/technologies/lte/unlicensed to learn more about LTE-U. Updater.com http://www.updater.com/ is a free time-saving app that helps you manage your moving process including updating contacts and contacting utility companies. If you want to find someone in your database who’s contact info is outdated, use PeopleFinders.com to perform a skiptrace - http://www.peoplefinders.com/.
We finish up by sharing some more real estate resources:
AM Open House: http://www.amopenhouse.com/home/
Jeff Cohn’s favorite resources including Altek World for Craigslist Posting: http://jeffsfavoritetools.com/
The Personal Marketing Company - 5-Year Postcard Follow Up for Seller Clients: https://www.tpmco.com/(S(asjadsxlhljabooxwvj24bu5))/default.aspx
AmazingClubs.com: Item-of-the-Month clubs perfect for closing gifts and pop-by ideas for past clients and sphere - http://www.amazingclubs.com/
PopByIdeas.com: Drop-off item ideas with scripts and taglines to go with them - http://www.popbyideas.com/
Word of Mouth: Tips and tricks to keep you top of mind and generate word of mouth with your sphere of influence - http://wordofmouth.org/
Now that you’re armed with some great resources, apps and tools, go out and start using them to build your business and make your life easier!
Feel like your clients are beating you with sticks to lower your commission? In our latest episode we share two different perspectives: 1. Scripts to deal with the objections as they come up, and 2. Ways to prevent commission-cutting objections from coming up at all.
Takeaways + Tactics
1. You do not work FOR the client - The client has hired you to lead them to a certain result
2. Understand when to cut your losses and move on to other potential clients who are a better fit for you
3. Marketing efforts like building a platform and using media appearances, social proof and success stories can eliminate commission objections from every coming up
So many agents do not honestly believe that they are in charge. They believe they work for the sellers or their broker. BS. YOu are driving the ship, you’ve got to have ownership of that. And that starts with protecting your commission. -Greg McDaniel
First we answer a question on how to generate seller leads on Facebook, and Greg shared his team’s strategy for using actual buyers and their criteria to run a custom ad. Of course, you get the buyer’s permission (and use no last names) but otherwise give somes details on the buyer’s situation and the exact type of home they’re looking for.
Then we dive deep into scripts and how to handle objections from potential sellers during your List Pres/CMA meetings, Greg shares his favorite scripts for each situation. One of his favorites is to simply state what your side of the commission is and ask the seller, “What would you like to pay the buyer’s agent?” This script hits a couple birds with one stone; it reminds them that you don’t receive the full commission, explains how it’s split and forces the seller to think about attracting buyer’s agents rather than what they’re paying in total commission.
Next we go into 7 keys to prevent commission objections from every coming up.
1) Go in by Referral
2) Have an Ideal Client
3) Have a Platform
4) Have Success Stories - Testimonials, case studies, online reviews
5) Have Social Proof
6) Have a System For Everything
7) Ask Questions
You are the captain of this ship - YOU run the deal. It’s your job to get the client the result they want, and that starts with protecting your commission so you and buyer agents have every incentive to sell your client’s home.
If you needed a new client right NOW, what would you do? In our latest agent interview, Trey Willard shares how he’s built a referral-based real estate business thanks to the relationships he’s built with the 1,600+ people in his database. Trey can call any of those 1,600 people right now and they’d be happy to take his call.
Takeaways + Tactics
1. Facebook Gifts are an easy way to thank people for sending you a referral
2. The higher the level of human contact with your database - the more effective it is
3. Before calling someone in your database, check their Facebook Timeline first
Prospecting and internet lead gen should only be built on the foundation of a great database. Start with the people you know and make sure they know what you do. You don’t have to aggressively ask for referrals. Make simple check-in calls, bring value and make a genuine connection with them and the referrals will come naturally.
Guest Bio
Trey Willard is the the Lead Residential Agent for Donnie Jarreau Real Estate, a new division of a prominent local developer. Prior to starting this division, Trey was Keller Williams Rookie of the Year (2010) and Top Producer 2010-2012. Any referrals you have in the Baton Rouge area, please send them to Trey via email: trey@donniejarreau.com.
Live streaming video is taking over the social media conversation. The tactics will change constantly but there are 4 strategic uses for live streaming that will always apply.
Takeaways + Tactics
1. Live stream your Open Houses to demonstrate your value to current and potential clients
2. Use live streaming tools to build a Platform and reach a larger audience of your sphere and potential clients
3. Offer live streaming video as an alternative to your weekly update calls
First we answer a question from the Facebook Lead Gen Scripts & Objections Group on how to make prospecting calls on Sundays, and Greg rants about his exhausting Super Bowl experience.
We also teased our upcoming test with a live streaming video platform called Smiletime, which allows you to host a live interactive video show with live chat and video call-ins from guests. We’re excited to run our first event and hopefully it goes well enough that we can make it a recurring interactive podcast event.
Then we dive into live streaming video, and the 4 main strategic uses:
Better client interaction- Instead of a weekly phone call update to sellers, offer a Skype, FaceTime or Google Hangout update. I would much rather do a video call than an audio call.
Demonstrating Value to Existing Clients - Live streaming Open Houses, door-knocking sessions, phone call sessions, open house invites, etc.
Platform- Building trust by using regular scheduled live streaming. Trust is about promises made and promises fulfilled over time.
Attracting New Clients Through Shareable Content- Housewarming parties, neighborhood events, local business interviews and anything else that is ideal for sharing.
Live streaming is just picking up momentum and might be poised for mass adoption. This creates a great opportunity to leverage these tools to build deeper relationships with clients and sphere as well as reach a larger audience through a Platform.
Jay Samit joins us again to judge the best business ideas we’ve come up with over the last 30 days. For those who watched Jay’s original appearance, Jay challenged us to come up with 3 problems a day and ideas to solve them. Today we pitch our best ideas and get live constructive feedback on how to improve our business ideas.
Takeaways + Tactics
1. Every day write down 3 problems you might be able to solve
2. Don’t nurture an idea - kill it every possible way you can think of till you hit a Zombie Idea
3. Scratch your own itch - some of the best product ideas were created by people outside of an industry solving their own problems
So take the 30-day challenge and start writing down three ideas a day for problems you could solve. Doing this exercise helps you to see the world in a different way - as a series of problems that can be solved instead of just obstacles to your happiness. In those 90 ideas could be the seeds of a billion dollar company.
Guest Bio
Jay Samit is a serial entrepreneur, intrapreneur, innovator and pioneer in the music, video distribution, social media and eCommerce space. His background includes stints as head of Digital Distribution at EMI, adjunct professor at USC, senior management roles at Sony and Universal Studios and taking the video chat service ooVoo to over 100 million users. He currently serves as the CEO of SeaChange Int’l, and recently released the book Disrupt You!
Visit JaySamit.com to receive a free copy of the 40 page Disrupt You! companion workbook.
Who the hell are we and why do we do this? In our latest episode we decided to tackle all that in one show. We share our backgrounds in life and real estate, the purpose and future of the podcast and why we don’t sell coaching.
Takeaways + Tactics
1. Don’t give up - even market crashes create opportunities to get better
2. Know your competitive advantage so you present it to potential clients in any form- verbal, written, voicemail or email
3. Sometimes you have to humble yourself and ask for help
Remember, even market crashes can create opportunities to get better, learn new skills and become even more successful. It’s all in how you respond to what happens to you.
100% of nothing is still nothing. That’s why we believe commission splits should be toward the bottom of your list of concerns when looking at brokers. In this episode you’ll learn the key things that make a great brokerage so you know exactly what to look for when selecting a brokerage to join.
Takeaways + Tactics
1. Don’t chase commission splits. 100% of nothing is still nothing
2 Interview multiple brokers - don’t join a brokerage where you’re swimming uphill against the culture
3. Look for brokerages where the incentives are aligned so agents and admin staff are motivated and rewarded for helping newer team members
Look for a friendly, knowledgeable, experienced and generous atmosphere around the broker office, and take the time to ask current agents, office staff and agents who have left the brokerage you’re interested in to get the full picture of that brokerage. Only then make your decision on brokerage to join, and whatever you do, don’t chase commission splits!
Borrowing against life insurance policies are a creative (and possibly tax-free) way for buyers to come up with their down payment. Insurance Planning Specialist Rob Hansen joins us to share how that works as well as lessons he’s learning building referral relationships with Financial Advisors.
Takeaways + Tactics
1. Homebuyers in their 40’s to early 60’s with 10+ year-old life insurance policies are great candidates for borrowing against their policies
2. Hone your elevator pitch to referral partners by focusing on the benefits to them of working with you
3. When building referral relationships, look the part. Your dress and style should convey that you are a part of their world.
In summing up his approach, Rob explained that people buy from you based on three things: Why should I work with you? What do I get out of it? and How does it benefit me to work with you? Focus on answering those three questions and you’ll attract more clients, more referral relationships and more business.
Guest Bio
Rob Hansen is an Insurance Planning Specialist at BKA Financial. In addition to helping consumers with their insurance needs Rob also drives revenue for financial advisors by identifying and delivering life insurance solutions for Financial Advisors and their clients. Connect with Rob via phone at 925-200-3635 and via email at rhansen@bkafinancial.com.
With the rise of shows like Entrepreneur on Fire and Smart Passive income, many agents are interested in hosting their own podcast. In our latest episode, we talk about the 3 specific purposes for real estate agents to host a podcast, and interview John Lee Dumas, host of Entrepreneur on Fire, on the nitty gritty details of hosting a consistent, high-quality podcast.
Takeaways + Tactics
First we address the reasons a real estate agent might host a podcast and the target audience for each. 1. Real Estate Market Show- Similar to a real estate radio show, this would be aimed at a general audience of buyers and sellers. 2. Community & Local Business- This would be an interview show with key vendors, contractors, lenders and local businesspeople, speaking to a general audience. This allows you to build relationships with key referral partners and stay in front of them by providing value rather than just by contacting the to ask for referrals. 3. Recruiting - This would be aimed at local agents, giving tips and strategies that are working for you and your agents, attracting other agents to join your team.
We kick off the interview with John Lee Dumas by going back to how John started Entrepreneur on Fire, meeting his initial target guests in person at events and approaching them about coming on the podcast. One great strategy he shared is that when he spoke with potential guests he referred to the first 20 guests he was booking as The Power 20 , which is a great strategy. Giving something a name and a personality can make it far more enticing.
From there, once he had a few high-profile guests he was able to leverage their name and credibility to book his next round of guests. We also discussed how far in advance he would book guests, and John shared the story of moving around a dentist appointment in order to accommodate Seth Godin’s schedule, in comparison to his schedule now which runs 8 interviews back-to-back on Tuesdays.
Next we talked about the curse of knowledge and why John doesn’t prepare for his interviews other than skimming their 50-word bio just before the interview. It only took about 450 interviews to get to the point where John is completely comfortable with that approach.
Knowing your target audience is critical to growing your podcast, and John shares exactly who his “avatar” or ideal listener is and how he developed that avatar to the point where he named the avatar and can describe this ideal listener in great detail. John points out that if you try to resonate with everyone, you end up resonating with no one. Find your niche, build raving fans, get initial momentum and then look to broaden and expand out from there.
John also shares why you need to take every opportunity to engage with your listeners, and ask them what they’re struggling with so you as the host can help create the solution to those pain points. That’s been the key to John’s monetization strategy, which has led to his founding Podcaster’s Paradise, Webinar on Fire and the Freedom Journal.
We finish up by talking about the challenges of putting out a daily podcast, how John records and maintains a consistent 7-day a week publishing schedule while building other parts of the business, and how John would launch a new podcast in this saturated environment.
So if you’re thinking of starting a podcast, start by identifying exactly what your goal is, who your ideal listener is, and get out there and meet them. Learn what their struggles and challenges are so you can create content that helps address those pain points, and then make it easy for them to appear on your show and share it with their friends.
Guest Bio
John Lee Dumas is the founder and host of Entrepreneur on Fire, a top ranked business podcast featuring interviews with 1,200+ of today’s most inspiring entrepreneurs. In addition to running his flagship 7-day-a-week podcast, John also founded and runs Podcaster’s Paradise, Webinar on Fire and recently launched The Freedom Journal, a goal-setting planner that has raised well over $300k on Kickstarter. Learn more at thefreedomjournal.com and check out his podcast at eofire.com.
Are you trying to create win-win deals when you negotiate for your client? Wrong move, says our latest guest, Michael Lee, author of Black Belt Negotiation and Cross-Cultural Selling for Dummies.
Takeaways + Tactics
1. Practice negotiation in your daily life by negotiating everything
2. Don't worry about the other side - if they accept the deal, they believe it's in their best interest
3. Reach out to FSBO's by offering a free book that breaks down the sale process and shows the real value Realtors provide
As Americans we are raised in a non-negotiating culture, which puts us at a disadvantage when making the biggest purchases of our lives, like homes and vehicles. We negotiate because we must, not because we want to. Time is money and we’d rather save time by spending more money, versus other cultures where time is more plentiful and money is scarce.
Michael gives some practical tips for improving your negotiating skills by looking for opportunities in your daily life, plus tips for working with clients from other cultures who want to negotiate hard in a seller’s market.
You’ll also learn Michael’s approach to FSBO’s, including his FSBO booklet and how he follows up to get the appointment. Make sure to skim past the tech issues, Michael had internet issues at times but he gives some great information throughout the episode.
Guest Bio
Michael Lee is an 8-time published author, speaker, multi-cultural selling and negotiation expert. He is currently the Managing Broker of Realty ONE as well as President of EthnoConnect and a member of the National Speaker’s Association. Connect with Michael by phone 800-417-7325 for any of Michael’s books, speaking engagements or information on joining Realty ONE.
Watch the On-Demand Replay
As Jim Rohn said, Your level of success will seldom exceed your level of self-development. For our latest episode we’re joined by mega-agent, team leader and business coach Jeff Latham, who shared his entrepreneurial story and some of the self-development strategies and mindset shifts behind his success.
Takeaways + Tactics
1. Be the lighthouse, not the tugboat
2. Everything is connected - lack of development in one area of life inevitably affects every other area, including your business
3. Recruiting isn’t about process or tactics - becoming the best version of yourself will attract amazing people and those people will attract more business
<em>When we become the best version of ourselves we can possibly be, everything in life gets better. And the better it gets, the better it gets. And the right people come into your world very effortlessly, and all you gotta do is just take care of yourself and be happy.</em> -Jeff Latham
We started by reviewing Jeff’s background, including his initial success in his 20’s and how he went from a 6 figure income to selling only 8 homes a year after the market crash. His key decision was to invest in training to learn how to sell bank-owned properties. By implementing what he learned he was able to turn his business around and list and market these properties, which led to hiring buyers agents and put him on the path to growing a successful team.
Jeff pointed out that you don’t have to wait till you have an overflow of buyer leads to start bringing on buyers agents. For Jeff’s team, he’s looking for three things in a buyers agent: they have high energy, grit and they care about people. Bringing on amazing people is like a magnetic force, they will attract more business to the team through their efforts.
This brought up the topic of how Jeff attracts agents to his team, which is part of his larger philosophy on success. He shared the concept of the lighthouse and the tugboat and how that informs his approach, which is to focus on being the best version of himself, which in turn, attracts success to him.
“It’s all connected. If you’re crushing it in business and you’re not paying attention to your family, your significant other, that’s going to draw on your business.” Jeff shared how he focuses at five things: Faith, family, fitness, finances and fun, and zeroes in on the ONE Thing he can do in each area.
We also dig into Jeff’s morning routine, including meditation and journaling, which help Jeff get a sense of clarity. Greg also shared his dream book and how he uses it to review his goals daily, and Matt shared how he uses post-it notes to review his 90-Day Objectives and One Year Goals daily.
Success isn’t about the single-minded pursuit of money or fame, it’s a process of becoming the best version of yourself possible. Everything is connected, so find the ONE thing you can do to grow in your five key areas of life, and you will attract success to you like a ship to a lighthouse.
Guest Bio
Jeff Latham is a mega producing agent and founder of Latham Realty Unlimited, a successful real estate brokerage selling over 200 units a year in Washington state. Jeff is also the co-founder of Latham Coaching Unlimited and The Freedom Evolution, which trains mega-producing agents and mortgage brokers how to develop the best version of themselves, increase their income and systematize their business while working fewer hours. To apply for Freedom Evolution Coaching, visit: <a href="http://applyforfreedom.com/" target="_blank">Applyforfreedom.com</a> .
If you don’t understand 1031 exchanges, you might be costing your clients thousands. 1031’s apply to any property with a business or investment component, this could include primary residences if there’s a home office, farm or commercial space involved. So it’s important to understand 1031’s to help your clients roll their equity over into a better investment property and help them build wealth.
1031 exchanges allow you to preserve all your equity, reinvest into a better piece of investment property. It’s a dream come true when it comes to investment property in real estate. -James Callejas
Takeaways + Tactics
1. 1031 exchanges allow you to pay zero taxes - it’s a dream come true for real estate investment property
2. Rule of Thumb - 1031’s can apply to ALL except: primary residence, 2nd home and flipper properties
3. Identify the next property before selling the existing property - and bring in a 1031 expert early in the process to facilitate the deal
Now that you’re armed with the basics of 1031’s you can look for opportunities to serve your clients better and, in the process, present yourself as a trusted advisor looking out for their long-term interests. This separates you from every agent who just wants to take the listing and collect their commission.
Guest Bio
Over a period of 17 years, James, IPX1031® Vice President and Account Executive, has learned about 1031 Exchanges from the bottom-up, starting with documenting the process in accordance with IRS regulations all the way to running seminars and educating audiences. James has received the prestigious CES® (Certified Exchange Specialist) designation by the Federation of Exchange Accommodators. James frequently speaks to investors, commercial brokers, REALTORS®, attorneys and CPAs on the “ins and outs” of exchanges, associated tax implications and how to build wealth within real estate by utilizing 1031 Exchanges. You can connect with James by email: james.callejas@ipx1031.com or phone: (415) 291-5181.
We see so many agents struggle because they’re overwhelmed by choice. They attempt too many things at the same time. So in this episode we focus on the options -the pillars - you can choose to build your business on, and why you should work on just one at a time.
3 Takeaways:
1. Top teams are often built on just 2-3 pillars that drive 80% of their business
2. Each pillar of your business requires mastering a new skillset - The more you focus on one pillar, the faster you build the skills that make that pillar work for you
3. Go talk to 3 people in your Sphere of Influence TODAY. Sphere leads are still a key pillar of top teams around the country, even those who generate thousands of online leads
We started by sharing some tech tools like IFTTT, Appear.in and Facebook Mentions, and handled a couple of questions on losing listings by not getting the paperwork signed at the appointment. Greg reminded us all that it’s not about the close, it’s about the open. Your listing appointment is your opportunity to put them on the Value Rocketship. If you show that you bring more value than any other agent then signing the agreement is natural and you don’t need to push them to sign it on the spot.
Next, Greg shared the results of his year-end sales evaluation, why his team is dropping online lead generation systems (except eQQuity), how they grew their business 23% from 2014-15. We also talked about Greg’s 2016 strategy, which involves hiring a calling assistant to work the online leads they already have, and what really determines a “lead.”
Matt then shared some stats from Jeff Cohn’s team in Nebraska, which made around 100,000 calls in 2015, including the average time it takes for an online buyer lead to close (6 months) and how many legitimate leads they need in order to expect one deal (33). We also went over Jeff Cohn’s “3 Buckets” framework which are Sphere, Internet Leads & Prospecting.
But why work on just one pillar at a time?
First, every pillar involves mastering a new skillset, and the more you focus on one pillar the faster you build those unique skills. It’s better to be a mile deep and an inch wide, than a mile wide and an inch deep.
The second reason is time and testing. If you want to build a successful pillar such as a marketing strategy, it rarely works perfectly right out of the gate. It will take testing, iteration and gradual improvement to get things dialed in. Greg recommended 8-12 months at minimum to see results from any one marketing strategy.
We share our top 3 fastest-converting lead sources
We all have a tendency to overestimate what we can get done in the short term, and underestimate what we can get done in the long term. Rather than working on 50 different ways to get clients, focus on one pillar, master it for a year, then add another pillar next year.
Investors struggle to find great properties and agents struggle to generate listings leads. In our latest episode, investor Peter Vekselman shares how his investing-first approach appears to have solved both of those issues. He also shares what he’s doing and the results they’re seeing with one of his referral partners, Pete Kuc in Jacksonville, FL.
3 Takeaways:
1. Take a consultative approach in your listing appointments. Be the trusted advisor, not a salesman.
2. Work with an investor or investment group to give yourself a powerful option in your listing appointments to create a win-win deal for everyone
3. Set your timelines, money and execution plan first - long term commitment and testing are the keys to marketing success
There’s no secrets in marketing. We all do the same thing, except 99% of people don’t know how to do it the right way, and the other 1% make all the money. -Peter Vekselman
First, Peter explained that his strength is marketing - in the Atlanta market alone he’s generating around 1000 inbound calls a day - so he set up a call center that negotiated investment purchase deals with those seller leads. All the leads he couldn’t work with, - so called “dead leads” - were being wasted because he had no way to turn them into good referrals to local agents.
The key was flipping the process. By using the call center to “scrub” the leads first and turn them over to an agent, he was able to build a system that still accomplished his goal of finding investment properties but also created so much goodwill with sellers that he was able to turn those “dead leads” into real listings for his partner agents.
That unlocked the door for nationwide expansion. Years of marketing experience and testing allows Peter to generate a 20% response on postcards versus a typical 3%, which means he can go into markets around the country and immediately generate hundreds or thousands of seller leads. The leads are scrubbed by his call center and turned over to partner agents (like Pete Kuc) who follow up, set listing appts and take listings. Pete Kuc then shared his experience with this type of seller lead - which include running 40 CMA requests per day - and how this process creates a very consultative approach.
Here’s the key for agents that don’t have the team structure in place to partner with Peter. You can partner with an investor (or investment group) who are prepared to fund purchases, and you can go into listing appointments with that same consultative approach, with multiple options in hand for helping that seller. Imagine having the ability to give the seller options even if they desperately need to sell and can’t afford to fix their home properly.
Toward the end, Peter shares his approach to marketing, using direct mail as an example. If you want to master direct mail, you make a long-term commitment, in terms of timelines, money and execution, and then you test and evaluate over that time period till you have it dialed in. You don’t send 50 postcards and then abandon the idea or draw a lot of conclusions from that. We hear this from agents a lot, they tried something once, or they tried sending postcards for a few months and it “didn’t work.”
If you want more power in your listing appointment, having an investment group behind you as an option to listing the home is a powerful card to play, and helps you take a consultative approach in the listing appointment. By truly putting the client’s best interests first and looking for alternative solutions to their challenge, you earn their trust and become a trusted advisor and not a salesman. If there’s one thing you take away from this episode, it’s that. Be the trusted advisor, not a salesman.
Guest Bio:
Peter Vekselman is a real estate investor and entrepreneur based in Atlanta, GA, having bought and sold over 3,000 properties and managing 100+ construction projects. Peter is expanding his seller lead generation system nationwide and looking for top agents with strong listing partners in place to handle the leads Peter is able to generate. In Peter's home market he's currently generating over 1,000 inbound calls a day from prospective sellers. Connect with Peter by calling 404-915-9685 or email him at peterv@pvretraining.com.
Pete Kuc is a real estate investor, team leader and entrepreneur based in St. Augustine, FL. After years on the development side, Pete transitioned into locating and putting together investment deals, which led to meeting Peter. Since then he has developed a team of agents to work the seller leads generated by Peter Vekselman's system. Connect with Pete on his video blog: http://mayrealestategroup.blogspot.com/ or email p.kuc@mayregroup.com.
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With rising home values in markets like San Diego and San Francisco making it near-impossible to make monthly cash flow on rental properties, investors are looking outside of the state for investment opportunities. But how do you know which markets to look at, and how do you evaluate properties you can’t see in person?
Takeaways & Tactics:
1. Look for markets where homes can be purchased for between $100-150k and generate $200-300 monthly cash flow
2. Look for BORING markets with steady growth - stay away from areas with high fluctuations in home values
3. Cut to the chase with savvy investors - Show them how the numbers work
In our latest episode, Ben Smith from the Real Wealth Network join us to answer those questions and share strategies they use to connect investors with turnkey property rehabbers and property management companies to create new investment opportunities.
Ben explained exactly how they find markets with good cash flow potential, how they find a seasoned turnkey investment company in that market and pair them with great property management (if necessary) to create the infrastructure for a good investment location. You can reproduce this yourself by connecting with agents and companies in out-of-state markets, or you can use Real Wealth Network who already has those connections.
We talked about Ben’s favorite markets, like Jacksonville and Cincinnati, why those markets are so fantastic for out-of-state investment, and the differences in working with beginner versus savvy investors. Beginner investors need some handholding with buying out of state by helping them narrow down all the choices to just 2-3 potential markets; whereas savvy investors are mainly concerned with the numbers.
Toward the end of the episode, Ben shared exactly how to become a millionaire real estate investor in 12 years with only 10 homes. By purchasing each home for around $100k and taking the cash flow from all the properties and applying them to pay off each home in succession, you’ll have 10 paid-off homes and well over a $1 million in net worth. This is a great retirement plan for real estate agents!
If you work with investors or clients who want to use a 1031 exchange, educate yourself on out-of-state investing or refer them to Ben at Real Worth Network (membership is free). And if you plan to stay in this business, get into investing and start acquiring properties to build your net worth to the point where you are “job-optional.”
To connect with Ben Smith, call 925-280-2817, visit http://www.realwealthnetwork.com/ or email ben@realwealthnetwork.com.
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Events are a great way to connect with your database and past clients and have fun while building your business, and in our latest episode Greg shares how to run the 3 types of events that have been successful for his team.
We start by sharing our favorite podcasts for business, marketing and entrepreneurship and answering a question about scripts for calling people listed on Zillow’s Make Me Move.
Next Greg shared his structure for monthly events to connect with his sphere on a regular basis, and how to create an event that fits your personality and target market. Then Greg explained why you should be throwing quarterly events for just the clients who worked with you in that quarter, and why it should be a step up in quality from your monthly event.
Last, Greg shared how to throw a yearly blow-out event for all your clients, past clients, leads, friends, family, referral partners and your entire sphere. Greg’s team event is so well known to his database that the one year they decided not to have the event they actually received calls from their sphere asking if they had been taking off the invite list!
3 Takeaways:
1. Invite everyone in your sphere to a monthly event at a venue that fits both your personality and your target market
2. Throw quarterly events for just the clients who worked with you during that quarterly
3. Look for charity events or causes to get involved in or incorporate worthy causes into your event calendar to connect with your sphere and meet new people
Now that you have the structure, look for unique venues for events, causes you can get involved in, and social events that you can model to create your own event calendar for your business. Throwing events allow you to build genuine connections with your sphere and build your business while having a lot of fun.
How do you break into the business as a new agent, or break into a new market? Ashley Horcher did both, getting into real estate after moving to the Bay area. In our latest episode, Ashley shares how she built her business over the past two years on 5 low-cost lead generation activities, including Zillow and Facebook private messages.
3 Takeaways:
1. Get more Zillow reviews by sending a closing gift with handwritten request note paired with an email with your Zillow profile link
2. Send Facebook private messages to reconnect with your database and generate referrals
3. Pick up as many Open Houses as possible - They're one of your best free marketing options
So follow Ashley's example: Start with your sphere and use free and low-cost options to connect with them combined with Open Houses. This allows you to break into your target market while capturing as much business from your personal sphere as possible.
Housing prices are up and experts are predicting they might rise another 6% this year alone. Is that really possible with interest rates potentially going up further?
Bay Area mortgage expert Tony Mendes is back to share his predictions for 2016, and we covered a lot of ground. We talked about the implications of TRID, why you should only work with lenders who are fully trained on TRID, and the trends supporting rising home values in the Bay and other metro areas around the country.
Listen to Tony and Greg talk all things Bay Area real estate on KDOW 1220- www.kdow.biz and connect with Tony at BayAreaLoanSource.com.
Entrepreneurs are working on projects right now that will disrupt and transform our lives in the next 5 years. So how do you thrive and even capitalize on all this disruption? For special guest Jay Samit, the answer is to disrupt yourself first.
3 Takeaways:
1. Be the best at what you do - or the only one doing it
2. View the world not as a series of obstacles but as problems that can be solved
3. Success doesn’t make you happy; happiness makes you successful
You only have to be right for a nanosecond to become a billionaire. -Jay Samit
In this very special interview episode, serial entrepreneur, digital innovator, industry disruptor and author Jay Samit joins us to share insights into how to capitalize on the coming disruptions and the mindset and strategies behind his repeated success.
We start by discussing how crowdfunding and the sharing economy are disrupting real estate finance and even the size of homes. Jay also shares what he believes is the most significant societal change affecting real estate today - women delaying the start of families.
Jay then shares his prediction for transportation (which generates more backlash than of his other predictions). He also reveals a strategy you can use to break down the value chain of any industry to uncover hidden opportunities, and shares why you only need to be right for a nanosecond to become a billionaire.
Next, Jay shares a daily exercise to create a ‘deal flow’ in your life that rivals the best VC firms, why you should kill your ideas until you find the Zombie Idea, and how most big disruptions don’t start with an “Aha moment.”
We finish up with a couple questions for Jay in which he outlines how to give yourself an unfair advantage in predicting disruption, what motivates him to keep achieving, the key to success as an entrepreneur and much more.
Show Highlights:
2:10 The secret to Jay’s repeated success - Looking at the world not as a series of obstacles but as problems that can be solved
2:35 The most significant trend in residential real estate - Women delaying families - How the sharing economy will affect home sizes
4:35 Crowdfunding and real estate
6:50 You only have to be right for a nanosecond to become a billionaire
7:23 Jay’s statement about the future of transportation that generated the most hate of any of his change predictions
11:04 How to look at a business and break down the value chain to find where the most value is made and could be unlocked
15:00 The daily exercise that creates a “deal flow” in your life that rivals the deal flow at billion dollar VC firms
19:00 The misconception of the “Aha moment” and why you should kill your idea instead of nurturing it
23:08 How to use Other People’s Money (OPM) by finding businesses who can benefit from you solving a problem
25:20 They key to success with VC firms - Learning how to speak in a way so that they want to give money to you. It’s the only test in your life where you get to write the questions
27:38 Be the best at what you do, or the only one doing it
28:22 How to have an unfair advantage in predicting change - Why you must commit to a lifetime of learning
30:27 How Jay stays motivated and why it actually gets easier to achieve as you develop your track record
34:10 Your career will be disrupted - Why the illusion of security robs ambition
36:34 Success doesn’t make you happy; happiness makes you successful
38:58 The definition of an entrepreneur
Toward the end of the interview, Jay challenged us to write down 3 problems every day to uncover disruption ideas, and then pitch our best disruption ideas to him on a future episode. We’re looking forward to going through that process and having Jay back on the show! If you’d like to join us in the challenge, download Jay’s 40 page companion workbook here.
Guest Bio
Jay Samit is a serial entrepreneur, intrapreneur, innovator and pioneer in the music, video distribution, social media and eCommerce space. His background includes stints as head of Digital Distribution at EMI, adjunct professor at USC, senior management roles at Sony and Universal Studios and taking the video chat service ooVoo to over 100 million users. He currently serves as the CEO of SeaChange Int’l, and recently released the book Disrupt You!
Visit JaySamit.com to receive a free copy of the 40 page Disrupt You! companion workbook.
I used to drive all kinds of leads - 400-500 leads a month - people registering on my site. The issue I found there is there was no personal connection. They didn't want to talk to me. Anyone you message after you connect with them on Facebook, Instagram or Twitter you've got a 95% chance of a response. -Rod Watson
As an agent it's critical to find your platform - your stage to deliver your message and connect with your database and future clients.
In our latest episode, Rod Watson joins us to share how he used Instagram and Twitter to break into the San Diego luxury market, and continues to use them to build his following and connect with potential clients.
Rod shared shared how to post listings to Instagram and use your profile link to drive people to landing pages or your IDX site, and how to use Instagram as a movie editor to post short video clips of your marketing efforts, a great strategy to reinforce your farming efforts.
Then we discussed Twitter, and Rod shared why you should use Twitter to post to other services, and how often to post to get engagement and build a following. He also outlined
3 Takeaways
1. Message people ASAP after connecting with them on social media
2. Twitter is like massive wall of constantly updating content - post there first and use Twitter to repost to other networks
3. Look up the owners of Expired listings on LinkedIn to look for mutual connections who might be able to give you a direct introduction to that seller
Working with buyers can be challenging - even frustrating - if you don't have the right process, scripts and confidence. In our latest episode we answered buyer-specific questions dealing with every phase of the buying process.
3 Key Takeaways
1. Use the Cheating Script to discourage buyers from working with other agents.
2. Never EVER take out a buyer without Proof of Funds or Pre-Approval letter.
3. For Open House follow up, the phone is king. But if email is your only option, do it Sunday night or wait till Tuesday.
We also shared a strategy Jeff Cohn's team uses for gift card giveaways to encourage registrations at Open Houses and make follow up easier. You bring three things to the table for buyers - your time, energy and knowledge. Being confident in the value you bring and putting a structured process in place for buyers will solve a lot of the questions we answered in this episode. So get working on your scripts and systems; an ounce of prevention is worth a pound of cure!
The endgame is to have the people who are good at what they do rise to the top and make more sales because of it. -Kristian Peter
Every agent who works with sellers is looking for that edge - that technique, tactic or strategy that will convince the seller to list with them. Credibility is often one of the hurdles a listing agent must jump before a seller is comfortable listing.
Enter HomeBuzz, a unique app created by our latest guest, Kristian Peter, a 20-year real estate investor, broker and leader of a team at one point ranked #1 in in Keller Williams (in GCI).
3 Takeaways:
HomeBuzz has the potential to disrupt the industry, so go download it today (it’s 100% free) and start reviewing homes, building credibility and showing how you’re more experienced and skilled than other agents.
Guest Bio:
Kristian is a real estate innovator, investor, and entrepreneur, having sold over 2,500 properties and developed multiple web and mobile apps. Kristian is now CEO of HomeBuzz, an enterprise mobile platform that allows real estate brokers, agents, and mega teams to showcase their dominance of markets by gamifying the job of the real estate professional.,
In this special Q&A episode we pull some questions from the Lead Gen Scripts & Objections Facebook Group, run by our friend Aaron Wittenstein.
We started by explaining how to set client expectations so you don't get calls or texts at all hours, then we deal with a questions on farming and seller client objections, including turnover rate, total number of homes to farm and how to set realistic expectations on price.
3 Takeaways
Not already a member of the Facebook Group? Head on over to Facebook.com/groups/gotobjections to join, we're both members and enjoy interacting with other agents and coaches to see what's working around the country.
Every agent - no matter how many years (or days) in the business - has something that sets them apart from other agents. In our latest episode, 6 Figure Coach Genny Williams shares the process to finding your Unique Edge.
3 Takeaways:
1. Never use words like Integrity, Honesty or Trustworthy in your marketing.
2. Find your Unique Edge by first looking at your skillsets and success stories.
3. Build an Ideal Client Profile starting by listing the types of clients you don’t want.
We start by taking a question from an agent via Facebook on how to deal with the objection: “Why shouldn’t I just work directly with the listing agent?” Greg gave his perspective and favorite scripts, and then Genny shared how to use your stats, concessions and negotiation skills to answer that objection.
Then we cover how to eliminate this objection upstream with better marketing, and why most agents are using bland and boring marketing full of buzzwords they should never use, like Honesty and Integrity.
Genny then gave us an overview of the process to find your Unique Edge, starting with your skillsets, past experience and success stories. She shared her own story of using her top 3 skillsets in her marketing, and stories of successful clients who’ve done the same. We also cover two different approaches you can take as a new agent, and why Genny told everyone that she was new to the business.
We finish by showing you how to narrow down your ideal client - starting with who you don’t want to work with - and how to overcome obstacles and mindsets that hold you back from working exclusively with your ideal clients.
Show Highlights:
4:45 Objection Handler - “I want to work with the listing agent.”
6:45 Why you must know your stats - what you save your buyer clients on your avg deal
9:00 How to use concessions and negotiation skills as part of your point of difference to buyers
11:45 Boring agent marketing and why you must stand out to a buyer before they even contact a listing agent
14:30 Why you should never use the words Integrity, Trustworthy and Honest in your marketing. Those are words other people should be using to describe you, not words you use to describe yourself
19:00 International real estate differences
22:12 Overview of the process for discovering your unique edge - Start by looking at skillsets you get feedback on from family and friends
26:20 How to grade your perfect day, based on your personality and prospecting methods, and hold yourself to it
29:00 How to look at your background positions, past experiences and past successes that might reveal something unique about you
31:00 Clients only know what you tell them. If you tell them a success story, they don’t know if that’s your only one or if it’s just the tip of the iceberg
33:00 How to use your lack of experience in the business to your advantage
34:50 Genny’s background and how she applied her 3 key skills to her own marketing to find her Unique Edge
36:40 How to create an Ideal Client Profile - Start with who you DON’T want
38:10 Obstacles to working with higher niche clients or selling real estate while renting, and why none of those things really matter
40:15 Listing Appointment Tip- Use Facebook to find the rough number of potential buyers for that specific home and share how you will attract that demographic
43:00 How Genny helped one of her clients transition from working all over the city to farming his higher-end neighborhood and becoming the dominant agent in the area
45:40 How Greg articulates the team’s message and point of difference to their market
This process can be used to craft an Ideal Client Profile and an appealing message that will attract them. Knowing yourself, your strengths and your ideal client is the first step in building a fun and fulfilling real estate career.
Subscribe to Real Estate Uncensored on:
iTunes: https://goo.gl/P4twTZ OR Stitcher: http://goo.gl/lVjrOX
Binge on back episodes at: http://www.mcdanielrealestatesystems.com/