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Wednesday, November 20, 2024

business strategies

    In today’s real estate market, agents face unprecedented challenges, making mindset and personal development more critical than ever.

    Low inventory, fluctuating interest rates, and new NAR (National Association of Realtors) rules around commission transparency make the competitive landscape tough.

    Fall typically signals a slower season, and many agents may feel the pressure to push harder. Still, it’s also an opportunity to focus on personal growth and mental health to stay resilient in the long term.

    Stress Management in a Competitive Market

    The current real estate environment can be stressful. Low inventory means fewer homes to sell, leading to fierce competition among agents.

    The pressure to secure deals and satisfy clients can affect your mental well-being. Stress management should be a priority to avoid burnout. Simple practices like mindfulness, deep breathing exercises, or taking short breaks throughout the day can help reset your focus and energy.

    Agents who manage stress effectively are likelier to make clear decisions and maintain better client relationships. To create balance and protect your mental health, set boundaries with work, such as not responding to emails or calls outside of designated hours.

    Work-Life Balance: The Key to Longevity

    Real estate is notorious for demanding hours, but maintaining a work-life balance is essential for long-term success. As the fall season brings fewer transactions, use this time to reflect on how you can better balance your work commitments with your personal life.

    Setting clear goals, scheduling time off, and prioritizing self-care activities will help you recharge and prevent burnout.

    Agents who invest time in their personal lives often return to work with a renewed sense of energy and purpose, which leads to better client interactions and more sustainable success.

    Building Resilience in the Face of Rejection

    Rejection is a part of the real estate business, especially in today’s market, where buyers may be more hesitant due to higher interest rates, or sellers may hold off due to uncertain market conditions.

    Building resilience is essential to weathering these ups and downs. Focus on what you can control—your skills, your attitude, and your mindset.

    One way to strengthen resilience is to view setbacks as learning opportunities. Whether you lose a deal or face difficult clients, every experience can provide valuable lessons that contribute to personal growth.

    Mental Health: An Industry Priority

    The NAR has recognized the importance of mental health in real estate, especially with the increasing pressure on agents.

    Prioritizing mental wellness, practicing self-compassion, and seeking support when needed are vital in navigating this challenging industry.

    In conclusion, as the real estate industry evolves and becomes more competitive, cultivating a strong mindset and focusing on personal development will be crucial for thriving in your career and personal life.

      The fact that 89% of homebuyers say they will use their agent again says a lot about the fantastic job real estate agents do with their clients.  

      Yet, only 12% of buyers used their former agent when buying another home (NAR).

      Weird, isn’t it?

      Something happens – or doesn’t – between the closing table and the time your client engages in another real estate transaction.

      Let’s cure the disconnect between “first-timer” and “client-for-life.”

      Former clients are “warm” contacts

      Unlike picking up the phone for cold calling, a call to a former client is like calling a friend.

      It is one of the more comfortable tasks in an agent’s business. If they hired you in the past, they clearly know, like, and trust you. 

      Your only job with these past clients, at least right now, is to remain top-of-mind with them.

      Here’s just one reason why:

      “Depending on which study you believe and what industry you’re in, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one,” claims Amy Gallo at Harvard Business Review.

      Here’s another stat that you may find impressive, “Increasing customer retention rates by 5% increases profits by 25% to 95%”, Frederick F. Reichheld and Phil Schefter, Harvard Business School

      The Holiday scheduled campaign is shown above. To learn more, Click Here.

      Large and splashy or understated?

      Reaching out to former clients doesn’t have to cost a lot or be overly extravagant.

      A phone call, a postcard dropped in the mail, or a check-in on social media are all perfectly appropriate ways to get your name back in front of a past client.

      Here are a few more inexpensive ways to reach out to former clients:

      • Put together a quarterly market update and direct mail it to former clients.
      • Keep in touch via a monthly or quarterly mailed newsletter. 
      • Send out birthday, anniversary, and annual home anniversary postcards.
      • Include them in Just listed/Just sold postcards you’re mailing to announce transactions near your clients’ homes.
      • Take them out for coffee, cocktails, or lunch.

      Naturally, a large and splashy “touch” would be more memorable. These include client appreciation events. The key to a successful client retention strategy is consistency. 

      The most important part of these conversations

      The question used to be, “Who do you know that might be thinking of buying or selling a home?”

      Today, the question is best when it’s narrowed down.

      If you have read the book Guerrilla Marketing in 30 Days, you are familiar with this concept. In it, Jay Conrad Levinson suggests trying to narrow “… the universe of those you ask.”

      Here’s an example:

      Marcy is a former client who loves playing tennis. Instead of using the broad question, narrow it down to “Who do you play tennis with who might be thinking of buying or selling a home?”

      Instead of combing through her mental database of everyone she knows, her mind turns to the tennis court and her conversations with fellow players.

      Former clients most likely want your services when they buy or sell real estate.

      Don’t let so much time go by that they forget your name. Reach out and stay in touch with them to stop leaving what should be easy money on the table.

      PLUS: When you have time…below are some marketing tools to help support your success.

      1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

      Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct, response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you. Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here

       

      2. The Free 6-Month Done-For-You Strategic Marketing Plan

      The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

      3. The Free Interactive 6-Month Real Estate Business Review

      The Free Interactive 6-Month Real Estate Business Review allows you to enter your business goals for the remainder of the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your goals.   – Click Here

      4. The Become a Listing Legend Free eBook 

      This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

      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

       

        It’s large and in charge, apparently. One can barely find a website that isn’t, at least in part, utilizing artificial intelligence (AI).

        But AI isn’t just the King of the World Wide Web. Many industries are using it, including:

        • Healthcare
        • Financial services
        • Data Analytics
        • Sales and marketing
        • Energy
        • Transportation

        Even Starbucks utilizes AI’s predictive analytics capability to better understand their customers  Let’s look at a broad overview of a few ways that real estate agents can use AI in their businesses too.

        Kick lead generation into high gear

        One of the most attractive aspects of AI for real estate agents is its ability to simplify lead generation.  Traditional methods of finding potential clients can be time-consuming, and tedious and often yield mixed results.

        AI, on the other hand can analyze a huge amount of data from various sources to identify high-quality leads.  These sources may include social media, online behavior, and market trends to name just three.

        These insights allow agents to target the right audience more effectively, ensuring that their marketing efforts are both efficient and impactful.

        Streamline follow-up

        Talk about tedious and time-consuming! Consistent follow-up with leads and an agent’s SOI often fall through the cracks because of how odious the thought of it is.

        As we all know, however, a lead that sits with no nurturing is useless and, “the fortune is in the follow-up.” An AI-powered CRM system can be a game changer, especially for agents who generate a lot of leads.

        Let AI send out personalized messages, schedule follow-up calls, and even predict the best times to reach out based on the lead’s engagement history.

        The Holiday scheduled campaign is shown above. To learn more, Click Here.

        AI: The appraiser in your back pocket

        Whether working with a buyer or a seller, getting an accurate property value is crucial. AI can help here, too. By using algorithms, it can analyze details such as location, market conditions, and property features.

        Improved client satisfaction

        How about an AI-driven chatbot and virtual assistant? Yup, that, too is possible. These tools can handle a variety of tasks, from answering common inquiries to offering instant responses and personalized service.

        Efficient transaction coordination

        This one is an agent favorite. AI can automate document management, scheduling, and communication between parties to the transaction.

        For instance, AI-driven platforms can track the progress of each transaction, send reminders, and ensure that all necessary paperwork is completed and all parties are notified. 

        Check out AI tech to see how it can help streamline the business end of your business, freeing you up to bounce down the street and make money!

        When you have time…below are some marketing tools to help support your success.

        1. Put Your Real Estate Business a Step Above with Your Own Branded Magazin

        Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct, response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you. Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here

         

        2. The Free 6-Month Done-For-You Strategic Marketing Planner

        The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

        3. The Free Online Real Estate Business Plan

        The Real Estate Business Plan allows you to enter your business goals for the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your financial goals.   – Click Here

        4. The Become a Listing Legend Free eBook 

        This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

        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    

         

          The recent settlement between the National Association of Realtors (NAR) and the Department of Justice has sparked discussions across the real estate industry.

          While there are concerns about potential impacts, there are also potentially positive aspects for real estate agents to consider.

          Anytime an industry experiences a disruption, innovation within the industry rises to meet these changes, and this time will be no different.

          The following are some thoughts to consider as you navigate the changing real estate industry landscape.

          Commission flexibility

          With more flexibility in commission structures and compensation arrangements, agents have the opportunity to differentiate themselves and offer unique value propositions to clients.

          This could incentivize agents to enhance their services and find new ways to add value throughout the home buying and selling process.

          If you don’t provide your clients a complete list of your services (including value-added) during the listing presentation, get one together.

          Now more than ever, buyers and sellers need to understand the irreplaceable level of value and expertise you provide for them.

          The Market Update Series is shown above. To learn more, Click Here.

          Increased transparency

          The changes brought about by the settlement may lead to more transparency and clarity for both agents and consumers.

          By removing blanket compensation offers and encouraging negotiation, the settlement empowers agents to have more open discussions with clients about commission rates and compensation structures.

          This transparency can help build trust and foster stronger relationships between you and your clients.

          New business models

          The settlement could result in a more dynamic and adaptable real estate market.

          With increased flexibility in commission arrangements, agents may have the opportunity to explore new business models including fee structures, partnerships, collaborations, consulting, and value-based services.

          This could lead to a more resilient and innovative real estate industry that is better equipped to serve the needs of clients in an ever-evolving market landscape.

          While the NAR settlement presents challenges, it also offers opportunities for real estate agents to innovate, build trust, and adapt to a changing industry landscape.

          By embracing these changes and leveraging them to your advantage, you can position yourself for success in the coming years.

          When you have time…below are some marketing tools to help support your success.

          1. Put Your Real Estate Business a Step Above with Your Own Branded Magazin

          Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct, response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you. Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here

          2. The Free 6-Month Done-For-You Strategic Marketing Planner

          The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

          3. The Free Online Real Estate Business Plan

          The Real Estate Business Plan allows you to enter your business goals for the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your financial goals.   – Click Here

          4. The Become a Listing Legend Free eBook 

          This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

          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

            Although the attribution is under debate, Albert Einstein famously defined insanity as “… doing the same thing over and over again and expecting different results.” 

            Regardless of who truly gave that one to the world, it sure is true, isn’t it?

            As we head into a fresh, new year, it’s time to do a lookback at 2023. What worked? What didn’t? What did you hope to accomplish that you didn’t? Where are the gaps in your marketing plan that need to be filled?

            Is this the year you’ll hire help? 

            Today we throw out some ideas. No, nothing new, but perhaps new to your business in 2024.

            Understand your audience

            “Census data shows that 4 in 10 Americans are finding it difficult to cover their expenses,” according to Emma Newbery at Fool.com.

            “On average, Americans need an additional $11,434 to afford the same standard of living in October 2023 compared with January 2021 …,” suggests Aimee Picchi at CBSNews.com, citing a study by the U.S. Senate Joint Economic Committee.

            Sadly, the media doesn’t seem to understand the plight of average Americans in this economy. They deliver the news as if we’re doing peachy, making money hand over fist without a care in the world.

            Naturally, those struggling the most are not likely in the market to buy a house right now. But, rest assured that a chunk of the higher earners in that 40% of Americans just may be.

            The Get More Listings II Series is shown above. To learn more, Click Here.

            Are you online enough?

            Strengthen your online presence via social media and a robust offering of advice and information on your website.

            The secret? Ensure that what you post is irresistibly sharable.

            These topics don’t all have to be real-estate related. In fact, those that are shared the most tend to be community-related, such as those about local coffee shops, restaurants, dog groomers, etc.

            Yes, you’ll want to throw in educational real estate pieces to show your expertise and educate your followers. But social media is a place for them to get to know all aspects of who you are.

            Get a Niche

            Have you considered specializing in a real estate niche? Focusing on one group of people, type of property or neighborhood is an amazing way to stand out from the crowd of other agents in your area.

            Popular and lucrative niches include:

            • People – veterans, ethnic, foreign buyers, generational (for instance, baby boomers, or Gen X), new-home buyers.
            • Geographic – as mentioned earlier, this might be specializing in a particular neighborhood, condo community, or beach-front properties for instance.
            • Property type: luxury, starter homes, condos, multi-generational homes, new construction, waterfront, golf course.

            Use your content, both website and social media, to show them you’re not blind to their plight. Keep them abreast of the local market, but have some fun too. Any positive news you can provide will have them coming back for more.

            When you have time…below are some marketing tools to help support your success.

            1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

            Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct, response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you. Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here

            2. The Free 6-Month Done-For-You Strategic Marketing Plan

            The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

            3. The Free Interactive 6-Month Real Estate Business Review

            The Free Interactive 6-Month Real Estate Business Review allows you to enter your business goals for the remainder of the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your goals.   – Click Here

            4. The Become a Listing Legend Free eBook 

            This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

            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

              “Hello Mary, this is Edith at the IRS and I notice that you missed claiming several deductions on your tax return,” is a phone call nobody ever has or ever will receive.

              Yet, despite all the terms and conditions placed on them, about 39.6 million Americans claim more than $1.1 trillion in tax deductions on itemized returns. 

              Sounds like a ton-o’-money, doesn’t it?

              Consider this: 2.2 million tax filers who didn’t itemize, but took the standard deduction instead, gave the government nearly $1 billion that they didn’t have to.

              Sure, itemizing is a hassle but that’s why we hire accountants, right? Your only job is to keep track of all of your expenses. 

              And, as a real estate professional, you have a lot of expenses that can be transformed into deductions.

              Document everything

              Guesstimates of your mileage, how much gas you used and other auto-related expenses will get you about as far as a Zestimate gets a homeowner looking for home value. 

              Relying on them may cause you to leave money on the table.

              Then, the IRS requires accurate documentation, should you be audited. 

              “The devil is in the detail,” warns Bill Zumwalt, former tax coach to real estate agents. “If you have documentation, it will be your friend.”

              OK, so let’s jump into some of the more common automobile deductions that apply to the real estate professional and some tips on how to document them.

              The Empty Nest Series is shown above, Click Here.

              Bought a car in 2023?

              Yup, it’s a fact: being a buyer’s agent means practically living in your car. 

              Without getting too technical, if you’re thinking of getting a new tin can to be locked up in all day, and it happens to be a “heavy” SUV, you may want to purchase or lease a 2024 model.

              A heavy SUV, by the way, would be something like a Tahoe or Land Cruiser— any vehicle with a gross vehicle weight rating (GVWR) of more than 6,000 pounds. You can find a list of qualified vehicles at mileiq.com.

              The depreciation deduction falls under Section 179 of the IRS code. “Section 179 is a provision of the US tax code that allows businesses to deduct (i.e., write off) the purchase price of qualifying equipment, vehicles, and software in the year it was purchased, as opposed to depreciating it a little at a time over several years,” according to the experts at Crest Capital.

              You can bone up on the details at IRS.gov.

              Deductible auto expenses

              Keep careful records of your mileage this year because you’ll get more money per mile than you did last year: 65.5 cents per mile driven for business use.

              And, keep in mind that mileage may just be your biggest tax deduction, according to CPAs at Rick C. Reed and Company in Texas.

              Don’t neglect the following expenses, though:

              • Car washes
              • Repairs
              • Gas (including tax on gas)
              • Tires
              • Parking
              • Tolls
              • Depreciation
              • Maintenance costs
              • Vehicle registration fees
              • Lease payments
              • Insurance

              Learn more about vehicle expenses online at IRS.gov.

              When you have time…below are some marketing tools to help support your success.

              1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

              Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct, response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you. Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here

              2. The Free 6-Month Done-For-You Strategic Marketing Plan

              The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

              3. The Free Interactive 6-Month Real Estate Business Review

              The Free Interactive 6-Month Real Estate Business Review allows you to enter your business goals for the remainder of the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your goals.   – Click Here

              4. The Become a Listing Legend Free eBook 

              This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

              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

                Look at the bios of some of the most successful humans on the planet, and two themes run consistently through them: they’re workaholics and they aren’t content with being average. 

                Former NFL wide receiver Jerry Rice didn’t win 36 NFL records by working at it part-time. And, although he is considered by some to be the greatest all-around NFL player of all time, it isn’t talent alone that got him the accolades.

                Rice was typically the lone guy on the field after practices were over and the rest of the team was on their way home.

                Six days a week, during the off-season, Rice spent mornings running along a five-mile trail in the Oakland, California hills and lifted weights in the afternoon.

                You either want to win or you don’t and judging by the effort he put into his craft, Jerry Rice obviously wanted to win. 

                “Become a master of your craft. While everyone else is relaxing, you’re practicing and perfecting,” admonishes Benjamin P. Hardy, author of “Willpower Doesn’t Work.”

                What’s your plan?

                Rice knew that his speed was mediocre, at best. How did he overcome that weakness? “By leveraging his greatest strengths,” according to James Clear, author of “Atomic Habits.”

                Since he knew he couldn’t be the master of everything, he focused on perfecting his assets – “precision, endurance, and strength,” according to Clear.

                What are your strengths as an agent? Focus on improving those skills and use them to maximum advantage.

                If your communication skills are top-notch, practice those scripts until they flow effortlessly. If it’s your negotiation skills that surpass others’, work on leveraging those skills to produce marketing-worthy statistics. Problem solvers can look for new and unique situations to leverage their strengths.

                Delegate for the win

                Too many agents spend all of their time working in their businesses and not on them. 

                It’s evidenced by the lousy listing photos that litter the MLS, by the poor grammar, spelling, and punctuation in too many real estate blog posts and by the lack of basic SEO practices on agent websites.

                Leveraging your strengths requires understanding that you can’t do it all. At least not effectively. If you want to win, you’ll need to delegate. 

                If you aren’t a professional photographer, ditch the idea of purchasing that fancy new Canon and put the money toward hiring a pro.

                If you aren’t an ace writer, stop littering your site with blog posts that do nothing for your business and hire a writer. And, stop trying to take care of all the little details and hire an admin person. 

                Free up the time you need to use your strengths to maximum advantage.

                When you have time…below are some marketing tools to help support your success.

                1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

                Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct, response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you. Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here

                2. The Free 6-Month Done-For-You Strategic Marketing Plan

                The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

                3. The Free Interactive 6-Month Real Estate Business Review

                The Free Interactive 6-Month Real Estate Business Review allows you to enter your business goals for the remainder of the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your goals.   – Click Here

                4. The Become a Listing Legend Free eBook 

                This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

                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

                  Today, we’re offering two tax tips to help take the sting out of 2023.

                  Home office deductions

                  And, here you thought the biggest perk to working from home was not having to deal with office politics.

                  Having a home office offers a slew of tax deductions and, according to Crumbaugh, many agents miss a lot of them.

                  And, even tenants can take the deduction. So, part of what you pay every month in rent on your home would be deductible.

                  Some of the more commonly overlooked expenses, a percentage of which can be deducted, include:

                  • Homeowners or renter’s insurance
                  • Mortgage interest
                  • Property taxes
                  • Utilities
                  • Repairs and maintenance (of the office area)
                  • Depreciation
                  • Casualty losses

                  As you can imagine, the IRS has a number of stringent requirements to meet before these are considered allowable expenses and they all have to do with whether or not your home office is really an office.

                  Oh, those silly skeptics at the IRS.

                  Basically, your home office must be your primary place of business and you must use the space regularly and exclusively.

                  Read the fine print at IRS.gov.

                  Assigning work to your kids

                  Dusting, wiping the mud off signs and lockboxes, and even doing online research are all jobs that your kids can do for you. In fact, if there’s something you normally hire someone else to do, consider hiring your child or grandchild instead.

                  “The IRS has accepted that your child may be an employee of your business,” says author and attorney, Stephan Fishman at nolo.com.

                  We aren’t talking about child labor here, but what we’re talking about is well within the limits of the Fair Labor Standards Act. The rules are different when the child is working in a family business.

                  Now, those are the federal agency’s guidelines. State rules vary, so speak with your accountant or with the state Department of Labor.

                  You’ll be able to deduct your child’s salary and any fringe benefits you offer, such as health insurance. And, check this out:

                  Your child won’t be subject to Medicare or Social Security taxes if your business is “a sole proprietorship or a partnership in which each partner is a parent of the child.”

                  And, if the kids are younger than 21, you won’t have to pay unemployment taxes for them.

                  Finally, your child won’t have to file a tax return as long as his or her income doesn’t exceed the standard deduction—helpful information when deciding how much to pay the child.

                  Get more information on hiring your kids from the IRS. We aren’t tax professionals but what we do know is the power of tax deductions. Work with a professional to ensure you get every deduction you are entitled to.

                  PLUS: When you have time…below are some marketing tools to help support your success.

                  1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

                  Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct, response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you. Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here

                  2. The Free 6-Month Done-For-You Strategic Marketing Plan

                  The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

                  3. The Free Interactive 6-Month Real Estate Business Review

                  The Free Interactive 6-Month Real Estate Business Review allows you to enter your business goals for the remainder of the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your goals.   – Click Here

                  4. The Become a Listing Legend Free eBook 

                  This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

                  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

                    A few years ago, when Spencer Krull, Director of Training and Productivity Coach at Keller Williams Santa Monica, CA, was a working agent, he talked to me about his coach, Steve Shull of Performance Training.

                    “Real estate agents always like to complicate things, and we love getting in our own way. Steve simplified the process for me,” he said.

                    Although he resisted the idea, his coach convinced him to try door-knocking. “I door-knocked three times a week. It worked,” Krull said. “Coaching is only of value if you’re going to do what your coach tells you to do.”

                    From simple steps, such as those suggested to Krull, to attitude adjustments, there’s a lot to be said for business coaching.

                    “I am really in the breakthrough business. I help people to find a way to break through from where they are to where they want to be,” Tony Robbins tells Inc. editor-in-chief Eric Schurenberg.

                    How to choose a real estate coach

                    When you’re thinking of hiring a coach, consider the different types and formats out there. There are many options, from real estate specialists to general business and inspirational coaches.

                    Coaching comes in various formats, from e-courses to teleconferences and webinars to live, one-on-one sessions.

                    Choosing “the one” isn’t easy and gets even more confusing if you turn to Google to learn how.

                    The Inspiration Series is shown above. It’s available for single postcard mailings and as a scheduled campaign. To learn more, Click Here.

                    Entrepreneur Tim Kitchen hired a coach to help him with his startup, Exposure Ninja. It’s a rather long story, but the coach’s advice cost Kitchen loads of money. The lesson learned is to “ … only take the advice of people who have done what I want to do,” he tells Alison Coleman at Forbes.com.

                    Sometimes, someone who hasn’t walked in your footsteps may be just what you need, as President Bill Clinton found out when he sought out the help and advice of Tony Robbins.

                    On the other hand, many coaches specific to the real estate industry have done what you want to do. And, because results are dependent on so many variables, it’s challenging to pick “the best.” Some agents have worked with several coaches before finding the right fit.

                    Take a look at this blog post over at TheClose.com. Emile L’Eplattenier breaks down The Best Real Estate Coaches of 2023 and lets you know what niche each fulfills.

                    Don’t give up if you don’t feel comfortable with the first coach you try because finding the right one can launch your career to heights you never thought possible.

                    PLUS: When you have time…below are some marketing tools to help support your success.

                    1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

                    Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct, response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you. Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here

                    2. The Free 6-Month Done-For-You Strategic Marketing Plan

                    The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

                    3. The Free Interactive 6-Month Real Estate Business Review

                    The Free Interactive 6-Month Real Estate Business Review allows you to enter your business goals for the remainder of the year and get a breakdown of how many prospects, listings, closing, and so on are needed to reach your goals.   – Click Here

                    4. The Become a Listing Legend Free eBook 

                    This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

                    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

                      We hope you’re able to take time this summer to relax and enjoy some downtime with friends and family. Even a solo day by the pool or at the beach would be cool, right?

                      Summer lounging and books are pretty much inseparable, and we’ve come up with a list of three that are worth checking out.

                      1. “Objections: The Ultimate Guide for Mastering the Art and Science of Getting Past No” Jeb Blount

                      Handling objections is one of the more challenging aspects of a real estate agent’s job. Trying to get inside someone else’s head to figure out where the reluctance is coming from seems impossible. 

                      “Objections” by Jeb Blount helps you make it possible. Blount, a seasoned sales expert, provides valuable insights and strategies to help readers navigate through objection busting effectively and close deals successfully.

                      Each chapter focuses on a specific aspect of objection handling. We like the practical examples and real-life scenarios that make them relatable.

                      One of the strengths of “Objections” is its emphasis on the mindset and psychology behind objections. 

                      Then, he provides actionable strategies and techniques to handle objections effectively. 

                      The content might be considered repetitive at times, as certain concepts and strategies are reiterated throughout the book.

                      Overall, “Objections” is a valuable resource for any real estate agent who finds objection-busting challenging and is seeking ways to improve their negotiation skills. 

                      Available at Amazon.com, BarnesandNoble.com, and AbeBooks.com

                      2. “Mindset Reset for Real Estate Success: How to Become #1 in Your Market While Enjoying a Balanced Life,” Orly Steinberg

                      “Mindset Reset for Real Estate Success” by Orly Steinberg is a compelling guide tailored specifically for real estate professionals.

                      One of the standout features of this book is Steinberg’s emphasis on work-life balance. The author acknowledges the demanding nature of the real estate industry and offers practical strategies to help readers avoid burnout and find harmony between their personal and professional lives. 

                      Additionally, the book offers valuable insights into building and nurturing relationships with clients, which is always important in real estate. 

                      Steinberg’s writing style is engaging and relatable, making it an enjoyable and informative read for both experienced agents and newcomers to the field.

                      Available at Amazon.com.

                      3. “The Real Real Estate Agent: Generate More Leads, Clients, and Referrals by Being Yourself, Having More Fun, and Making a Difference” by Aarin Chung

                      Judging by Amazon reviews, agents are loving this book.  “The Real Real Estate Agent” by Aarin Chung focuses on authenticity, enjoyment, and making a positive impact. 

                      Chung encourages readers to embrace their unique qualities, passions, and strengths rather than conforming to a generic mold of what a real estate agent should be. 

                      Chung also explores the importance of having fun in the real estate business. The author believes that enjoying the process and finding joy in the work can have a significant impact on success. 

                      The book also provides practical guidance on the basics: generating leads, acquiring clients, and maximizing referrals. 

                      What we like best about the book is that Chung also addresses the importance of making a positive difference in the community. By giving back and being socially responsible, agents can create a meaningful legacy and enhance their reputation. 

                      “The Real Real Estate Agent” is written in a conversational and relatable style, making it an enjoyable read for real estate professionals at all stages of their careers. 

                      Readers who are already well-versed in personal branding and leveraging social media may find the book’s insights and strategies too basic or familiar. Available at Amazon.com, BarnesandNoble.com, and BooksAMillion.com.

                      The Real Estate Times Series is shown above. To see more, click here.

                      PLUS: When you have time…below are some marketing tools to help support your success.

                      1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

                      Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you. Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here

                      2. The Free 6-Month Done-For-You Strategic Marketing Plan

                      The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

                      3. The Free Interactive 6-Month Real Estate Business Review

                      The Free Interactive 6-Month Real Estate Business Review allows you to enter your business goals for the remainder of the year and get a breakdown of how many prospects, listings, closing, and so on are needed to reach your goals.   – Click Here

                      4. The Become a Listing Legend Free eBook 

                      This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

                      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. 

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