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Monday, May 13, 2024

    Just curious: Why aren’t you telling your clients what you do for them? Sure, we’ve all seen the memes or infographics that list the tasks agents perform, but do you supply these to each and every client that signs on with you?

    Do you outline on your website and in your listing presentations what you actually do for clients? And, no, we aren’t talking “negotiate to get you the best deal,” or “make suggestions on how to get your home ready for the market,” although those items do have a place on the list.

    We’re talking a lengthy and impressive list of everything you do to earn the money you’re paid.

    It’s truly a pity that this is even a suggestion. Do you wonder what your doctor, lawyer, veterinarian, hair stylist or plumber does to earn the money you pay them?

    Apparently, buyers think that all you do is run MLS searches and open doors for them and sellers think your biggest contribution is helping to figure out home value and sticking a sign in the yard.

    Unfortunately, the real estate agent’s “respectable profession” has been downgraded to a pastime, according to Justin Fox at Forbes.com.

    Unlike other professions, to get the respect you deserve, you’ll need to earn it – to prove your worth.

    Sucks, I know. 

    Provide them insight (available in the postcard section under the Get More Listings Series)
    From their mouths to your ears

    “With the press of a button, the home was online and buyers began touring the home,” a home seller told Andrea Requier at MarketWatch.com.

    “However, my listing agent was not giving the tours, the buyer’s agents were. After the home sold, I realized that my agent did very little to earn his share of (the commission),” he concluded.

    Notice how the seller credits both technology and buyers’ agents for the traffic through his home. He doesn’t seem to have a clue that his listing agent is responsible and exactly how much work it took to generate that traffic.

    We can place the blame for real estate consumers’ ignorance of your job duties on others, but since so much of what you do is performed behind the scenes, the blame lies with agents.

    It’s not enough to tell prospective clients how amazing you are. It’s not enough to list your statistics and to sling a snappy slogan at them.

    This is not your parents’ real estate industry

    “Emerging technologies and data-driven startups are empowering consumers and fundamentally changing the way they buy and sell properties,” according to Tommy O’Shaughnessy at ListWithClever.com.

    “What’s more, discount and nontraditional brokerages are challenging the longstanding reign of the traditional realtor model.”

    There are real threats to what we once assumed was a pretty bullet-proof profession. Now is not the time for complacency; not when all of these emerging technologies and alternative brokerages are busy proving their worth to the consumer.

    What else real estate consumers don’t get

    Interestingly, nearly half of home sellers think the buyer pays their agent’s commission, according to the results of a Clever Real Estate study published in February 2019.

    Other interesting tidbits from the study include:

    • Nearly half of listing clients were unaware that they would be paying the buyer’s agent.
    • Nearly 40 percent of the survey respondents feel that artificial intelligence technology can sell a home better than a real estate agent.
    • Millennial home sellers were twice as likely to say that their agent was “unimportant or not important at all in the home-selling process.”

    Yikes!

    Far too many agents aren’t educating their clients and it’s to the point now where their ignorance of the process and what you do to earn the commission is discounted below that of artificial intelligence.

    Provide peace of mind and confidence (available in the postcard section under Get More Listings Series)
    It’s time to let them know a few things

    To prove your value, start with explaining every last detail of the buying or selling process.

    Explain to your buyers what to expect from the mortgage process, from start to finish, including the major players (loan processor, underwriter, etc.) and what duties each performs. This shows your knowledge – stuff they wouldn’t get if they were winging it on their own.

    Go over the purchase agreement and all other forms the buyer will be expected to sign, explaining when he or she will receive it, what it means and what happens after it’s submitted.

    You’ll naturally want to explain your part in the process as well. Assisting with repair negotiations and stressing the importance of performing the final walk through with a professional at hand are two you don’t want to neglect.

    For instance, you might want to explain to a home seller:

    “After you sign the listing agreement, I’ll head back to the office and call the sign company to ensure a sign is placed in your yard. I’ll begin the marketing campaign by writing a description of the home for the MLS entry. Then, I’ll …”

    Step-by-step, what you do from list to close, or from the time a buyer signs on with you to close.

    It should go without saying that you should explain complicated terms. Even some you don’t think are complicated, such as contingency, escrow, earnest money and title search.

    A glossary of common real estate terms on your website can streamline this process. Just steer them to the right page.

    Speaking of your website, how about creating an infographic outlining all the steps that you take when working with clients and posting it on your site?

    So much of what a real estate agent does goes on behind the scenes. How are consumers going to know what you do—the value provided by working with you—if you don’t let them know each and every duty you perform?

    Send at least 100 Just Curious About Selling postcards from the Get More Listings Series.
    Let them know you’re ready to listen (available in the postcard section under Get More Listings)

    Need help targeting the perfect niche of buyers or sellers? Use our mailing list tool to create the ideal list (it’s easy) or call our support team for assistance at 866.405.3638!

    PLUS: When you have time…here are Free ways we can help you have an INVINCIBLE 2019!

    1. Become a Listing Legend Free eBook 

    Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here 

     

     

    2. “Get More Listings” Free Online Webinar

     

    “Get MORE Listings & Begin to Dominate Your Market!” Free online webinar. Learn the 3-7-27 strategy for explosive growth, why 95% of agents have less than 20% market share, and how to become the agent everyone competes against. – Click Here

     

     

    3. The 12 Month Done-For-You Strategic Marketing Plan

    The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. – Click Here

     

     

    4. The Free One-Page Real Estate Business Plan

    Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan.  – Click Here

     

     

    5. The Free Online ROI Calculator

    Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! – Click Here

    Provide a fresh perspective (available in the postcard section under Get More Listings Series)

      Client predictions in real estate 2018

      Meet your future clients

      ProspectsPLUS! has dusted off the crystal ball and made your predictions for your trending listing clients.

      Once you know your audience it’s a lot easier to target your marketing, so read on to get to know these homeowners.

      The oh-so-reluctant homeowner

      If inventories remain as constrained as they were last year, finding listings is going to be like finding that elusive white rabbit in a snowstorm.

      However, a recent survey by Value Insured has found that homeowners understand that they’ve built up considerable equity.  And, with interest rates so low, they now know it’s truly a great time to sell.

      But, many of these sellers will also be buyers.

      They read and watch the news, and have heard the horror stories of bidding wars over too few homes on the market and home prices rising at alarming rates.

      In fact, more than 60 percent of the homeowners surveyed said that despite the great timing to sell, they are going to wait until buying becomes easier.

      Freddie Mac is optimistic that the wait won’t be so long.

      They’re predicting that new construction will ramp up and, combined with higher interest rates, prices should moderate.

      Homeowners that will jump into the market

      Generation X – the 62 million folks who will be between the ages of 42 to 53 this year – comprised the largest listing pool last year.

      The Value Insured study we referenced earlier found that more than 60 percent of them will be looking for a larger home.

      A National Association of Home Builders (NAHB) survey finds that the average Gen X homeowner currently lives in a home with 1,880 square feet of living space.

      And, what will they buy?

      Gen X has more children still at home than any other generation. But, look at the age span and you’ll agree that this group of real estate consumers has a diverse array of lifestyles.

      Aside from the large group of families with children, the generation includes empty nesters, singles, and couples.

      That said, studies show us a number of generalizations that can be made about Gen X housing preferences.

      • Lifestyle and neighborhood are more important than home amenities, according to the NAHB study.
      • Nearly three-quarters of Gen X homebuyers want a detached, single-family home with three or four bedrooms and at least 2,300 square feet of living space.
      • The older among them hope to age in place, so are demanding single-story homes.Listing Inventory Series of postcards
      Don’t write off baby boomers

      The media loves to vilify baby boomers – those who will be between the ages of 54 and 72 – for the low housing inventory.

      It isn’t that simple, claims Trulia’s Ralph McLaughlin. “Surprisingly, we find the share of owner-occupied homes owned by boomers is actually positively correlated with inventory.”

      He goes on to point out the real reason behind the inventory crunch is homebuilders.

      “Homebuilding’s impact – or a lack of it in some places – is by far and away the biggest influence when it comes to inventory woes.” Ralph states. “This outweighs other explanations by a large margin.”

      Many industry experts state this is the year boomers finally decide to sell.

      And, if you sell real estate in Maine, New Hampshire, Montana or Vermont (the states with the largest populations of boomers), you may want to specifically target this generation.

       

      But, some won’t be buying another home

      While Gen X home sellers will most likely be buyers as well, don’t automatically expect two transactions from your boomer clients. “Baby boomers are the fastest-growing group of renters,” according to Amy Zimmer at cnbc.com.

      And, this group of would-be tenants state, overwhelmingly, that they will be renting so that they can ditch the maintenance headaches of homeownership.

      “For many years I was responsible for a house, a family, corporation, and employees,” says a forum poster at aarp.com.

      “I don’t have to worry about painting the house; the roof leaking; mowing the lawn; replacing the water heater.” “I don’t have to worry about a thing now,” he says of his decision to sell his home and rent a condo.

      Life Event Downsizing

      Those boomers who do plan on buying another home after they sell the current home will be looking for the following features, according to an NAHB survey:

        • Home office – Remember, many boomers plan on putting off retirement. A home office offers flexibility in transitioning from the brick-and-mortar, 9-to5 routine.
        • Tech and media centers, specifically wireless home networks that offer remote control of the home’s features.
        • Good lighting and lots of natural light
        • Wider doorways and hallways – For boomers who hope to age in place.
        • Either one-story homes or homes with the master suite on the first floor. For some reason, our knees seem to be the first place on our bodies in which we begin to feel our age. Stairs are uncomfortable.

      Listing Inventory Series of postcards

      Listing agents have a lot to be optimistic about right now.

      A healthy job market, rising home values and, hopefully, an ease in the housing shortage.

      Target marketing to Gen X and baby boomers may just be your key to a prosperous year.

      Send I Have a BUYER from the Listing Inventory Series to at least 100 new prospects in an area where you want more listings.

      Create a Lifestyle Targeted mailing list here.

      Need assistance taking your marketing to the next level?  Call our support team at 866.405.3638 today!  

      PLUS: Whenever you have a moment…here are 3 things to check out that will help you CRUSH IT!

      1. The Free Real Estate Business Plan

      Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan – Click Here

      2. The Online Sphere of Influence Calculator

      Top real estate professionals state 66% of their business comes from their sphere of influence. So how many people do you need in your SOI? Check out our Sphere of Influence Calculator (from your desktop) to find out the answer – Click Here

      3. The 12 Month Done-For-You Strategic Marketing Plan

      The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Listing Inventory, Geographic Farming, and Sphere of Influence – Click Here

      Also…check these out 🙂

      3 Click Postcards – Just snap, tap, send all from your mobile phone

      MLS Mailings – Automated Just Listed, Just Sold Postcards

      Market Dominator System – Become a neighborhood brand

       

      Start by Answering the Questions Already in the Minds of Consumers

      By Julie Escobar

      A new month – and a new marketing season are straight ahead — and both buyers and sellers in our markets have been inundated with information regarding the economy and the housing industry on television, in print and on the internet.  Some good information – some misinterpreted, and some just flat out wrong.

      What consumers need more than ever is a RELIABLE, TRUSTWORTHY resource to help them best understand how market changes affect them most. What’s my home worth today?  What if I wait a year to sell?  What are interest rates going to do?   Should they sell?  Should they buy?  Should they move up to the next size home or is that a risk?

      The questions are many – and the answers are yours for the giving – IF you can capture (and keep) the top-of-mind attention of the folks in your area.

      One direct response series that is getting great response for agents is our Free Offer Series.  Sending three over the course of 2-3 months can certainly help you create the top-of-mind awareness and show potential sellers that you are the agent to ask when they have questions.

      Consider kicking off this campaign free home market analysis starting with the Market Analysis postcard.   This allows you to spotlight your ability to deliver the information sellers are looking for in a professional way and tap into today’s consumers’ natural desire to search out ‘free’ offers and trusted resources.

      Step one:  Login to your free ProspectsPLUS.com account. (Or easily create an account and profile in a matter of minutes. Once your profile is ready – the system will automatically populate your information into all of the 680+ marketing tools on the site.)

      Step two:  Select the Market Analysis Postcard.  You can leave as is or customize to suit your marketing style. Click here to watch a video on how to select a postcard series.

      Step three:  Add your mailing list or use our mapping tools to create a mailing list. If you need help with mailing lists – call our support team at 866.405.3638 or click here to see all of our comprehensive mailing list solutions.

      Step four:  Place your order then track it. It’s that easy! Click here to watch a video on tracking your postcard order.

      Making your job easier is our goal.  That’s why we’ve re-engineered the Master Marketing Schedule to offer free offer door hangerstrategic and creative solutions for building your business faster, easier, more affordable and with way less headaches. In fact, if you’re following the Schedule – this week is a great time to get out in those geo farms and start making real connections.  Our Free Offer Door hangers are a great compliment to the Free Offer postcards and the perfect leave behind when you’re door knocking in the market area you most want to dominate.

      Putting systems for staying in touch in place don’t have to be tough – or time consuming.  Most of our top customers schedule 15-30 minutes at the beginning or end of every month to focus on what marketing tools they want to go out.  When they choose a campaign, it’s easy — they simply pick the next one in the series, order and get back to their high priority tasks. Some even delegate a member of their team to make it their priority that something is always being sent to their sphere and farm so top of mind awareness is always there.

      Kudos to the agents that are working their systems and are willing to share their experiences with others. We so appreciate you all. For example, Cozett shared with us on ResellerRatings, “I like how ProspectsPLUS! puts marketing at my fingertips and then handles the time consuming work of mailing and distributing materials if I need them too.”  Or Jeremy who wrote on our Google+ page, “ProspectPLUS! is a real lifesaver for me. I have been looking around on how to keep in contact with my sellers. I needed more than just a phone call. The postcards are a highlight to my business now. This has also allowed me to start farming a few neighborhoods that I drive through with a more personal touch.”  Or Bradley who wrote on our Facebook Page, “ProspectsPLUS makes it so easy for me to market to not only my sphere but also to my farming areas. In less than 5 minutes I can have all of my postcards ordered and off my plate so I can work on what I do best…selling homes!”

      We’d love to hear from you too! In fact, give us a shout out with a review now on our Google+ Page and you’ll be entered to win one of our monthly prizes! Wait until you see what’s in store for July!

      Have questions or need help developing the marketing plan that’s right for you?  Call us today at 866.405.3638 or email us at pmc@prospectsplus.com.  We’re here to assist!

       

      (It’s More Than Just Money!)what you lose by not staying in touch

      By Julie Escobar

      We frequently share the BENEFITS of building and maintaining a salable book of business or sphere-of-influence such as knowing where your next commission is going to come from, developing long-term friendships and relationships, solid referrals you can count on, etc.  What we don’t usually talk about is the flip side of that coin.  What is it COSTING you when you DON’T stay in touch and follow up with your sphere or farm?

      What if ONE prospective seller or buyer fails to call you when they are ready to sell or buy because they ‘forgot’ you were in real estate since you didn’t stay top of mind?  Because you didn’t follow up when you said you would?  Because you stayed in stealth mode, waiting for the phone to ring?  Because you didn’t create a database to manage your lists, so they simply slipped through the lack of system?

      We know that on average, top agents get more 66% of their business (or more) from their sphere.  (People who know you, like you, trust you, and you’re top of mind with.)  We also know that 1 in 12 will deliver a transaction or referral per year on average.  So let’s run SIMPLE numbers using our SOI calculator…

      If I wanted to make $200,000 per year in real estate and my average commission was $6,000 that would mean I would need AT LEAST 33 transactions in a year (plus whatever your fall-through rate is) to reach that goal.  If 66% of that is coming from my sphere – that means I can count on 22 of those transactions coming from the people I am staying in touch with. If 1 in 12 are sending me that business, then I’ll need at least 264 in my sphere to hit the numbers.

      The reverse of that is this…22 commissions LOST. That’s $132,000.  But it’s even more than that-right?  Because let’s face it, if good news travels fast, bad news travels faster-doesn’t it? So, for every broken promise, lack of follow up, or poor customer experience you provide, that can mean a loss of not just a customer, but every referral they might send your way.  Add social media in the mix, “don’t use Agent X because they don’t follow through” – and you’ve got a slippery slope that’s tough to recover from.

      1. Commission loss per seller or buyer? _____________ (Average commission)
      2. Loss of referral?  ______________ (Average commission x let’s just say 2 referrals)
      3. Loss of re-list and future sale? _____________ (Average commission x average homeowner moves – lists, sells, and buys new – every 9 years)
      4. Loss of marketing dollars spent on those sellers and buyers not recaptured? ________________

      Lastly, loss of reputation as a turn-to, stand-up, get-the-job-done agent.  That’s really too much to calculate, isn’t it? And that’s not YOU anyway!  You’re the stand-up agent-right?  Besides, staying top-of-mind is an easy, and affordable investment.  Remember that SEND-CALL-SEE + NETWORK approach I’ve shared in the past.

      Start with how many you need in your sphere by heading over to our Sphere of Influence Calculator.  

      SEND – let’s take our example from above – if I needed to stay in touch with my sphere of 264 customers listing-inventoryevery 30 days to stay visible, (and help earn that $132,000) – and I wanted to send a standard sized postcard first class, that would be 62¢ per card  or $163.68 per month.  Or you could choose jumbo cards, or newsletters, our Dominator, or even handwritten cards – or better still a combination of all of the above. See what your budget allows and start somewhere, but be consistent every 30-45 days.

      CALL – you should call your customers every three months.  If you break down that 264 number over 12 weeks — that means you just have to call 22 per week to reach everyone.  Easy FEB-Dominator-FRONT-Largepeasy!

      SEE – you should see your customers at least two times a year.  Many agents host open houses, holiday events, or even neighborhood block parties (with sponsors for each) which gives them a chance to see many customers at once.  Take that top 20% of your list – the ones who consistently send you business – and be sure to spend some one on one time with them.  Take them to lunch.  Drop by a gift. Deliver tickets to the movies for their family.  Our Master Marketing Schedule has some terrific ways to creatively connect each month.

      NETWORK – In today’s hyper-connected world, networking has to be part of the equation. From social media to joining local groups, to developing a mastermind of like-minded people to share with — networking is a key source of knowledge AND referral business.

      Don’t lose any more dollars, branding, or reputation to lack of connectivity.  You are your business.  The connection you have with each and every one in your sphere will determine whether they stay a client (and a referral source) or whether you take a loss.

      Need help? Contact our team at 866.405.3638 today.

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