Did you know that one in seven US home investors lost money on their investment in March?
While I don't feel too bad for them, it's worth noting that profits are down for flippers and investors in the marketplace. And the reason for this is simple: holding costs are higher, interest rates have increased, and there's less inventory to choose from. So when a property that meets their criteria does come on the market, there's higher competition for it.
But as a REALTOR, you can help investors and be the person they turn to.
Let me share my personal experience:
Twice this week, I had different agents representing buyers call me. Their approach was interesting. They said, "Hey Jim, I noticed you recently purchased some real estate investment property. I have an investor myself who's looking to buy something. Do you have anything that you're holding that you'd be willing to sell now that you've bought some other...
Brittany Hodak joins Jim for a special edition of the podcast. Brittany is an award-winning entrepreneur, author, and customer experience speaker who has delivered keynotes across the globe to organizations including American Express and the United Nations. She has worked with some of the world’s biggest brands and entertainers, including Walmart, Disney, Katy Perry, and Dolly Parton. She founded and scaled an entertainment startup to eight figures before exiting, and she is the former Chief Experience Officer of Experience.com. Forbes said of her debut book, Creating Superfans, “If you have customers, you need this book. Period.”
Hey guys, I want to share two real estate opportunities that many agents are overlooking:
The first opportunity is targeting the most likely seller in America - baby boomers aged 45 to 55 who are downsizing or right-sizing their homes.
According to a recent study, 10.4% of all listings will fall under this category.
Now, when these baby boomers downsize, their current homes may need some repairs or upgrades. Many of them may not have the money or the desire to fix them up, and that's where you can come in.
Reach out to these homeowners and ask if they would consider selling their homes without having to do any repairs or upgrades. Let them know that you are working with buyers who are willing to put some sweat equity into the property. This messaging will resonate with many of these sellers who are looking for convenience.
The second opportunity is to capitalize on the decline of iBuyers in the market.
Many iBuyers have gone out of...
As a real estate professional, I often get asked about the biggest demographic group that's currently buying homes.
Well, the answer might surprise you:
In fact, they make up the vast majority of buyers on the market. So, if I want to get these potential buyers off the fence and into homeownership, I need to focus on their motivations, not just on getting more business.
Here are the top three reasons why millennials are buying homes.
1. Millennials want to build equity in their own home instead of building someone else's equity through rent payments.
This is a powerful message that needs to be a part of our marketing campaigns. Have you ever stopped to think that every time you make a rent payment, you're helping someone else build their wealth? What if you could start building wealth for yourself and your family by owning your own home? Homeownership is within everyone's capability, and I can help...
I want to discuss how to follow up with a seller effectively. Having a reliable follow-up process is essential to getting the seller to sell their house for the highest possible price.
Many agents don't have a set follow-up plan, so I encourage you to adopt a consistent and rigid one. This means that you are consistent in delivering your follow-up to the seller. It all starts with a conversation where you set the seller's expectations when you first take the listing. You say, "Hey, Mr. and Mrs. Seller, I'm super excited to be your listing agent and start working with you. We're going to get your home sold."
One of the things I like to do is to have a weekly follow-up call, and I will provide a complete update on what's happening. This includes virtual showings, physical showings, feedback from agents, the seller's peer group, and any new listings that hit the market. I will also send you a physical report every week.
I have a great idea for my fellow real estate agents out there.
It's called the Buyer's Eyes Strategy. Here's how it works:
When I have a client selling their house, I treat them as if they are a buyer in the market for a home in their price range. I put them in the MLS as if they are a real buyer, and they start receiving emails with new listings, price changes, and updates on pending or sold houses. This helps them stay informed, in real time, without having to wait for me to tell them what's going on.
I also get CC'd on the same emails, so I'm seeing what they're seeing. This allows us to have a productive conversation and make any necessary adjustments or changes to their selling strategy.
They start receiving these emails right away, and they'll get updates every day or every couple of days. This way, they become really familiar with the market and can make informed decisions about their own...
Use this script to have the "Red Flags" conversation with sellers before you list their house, so they value you as an agent (and don't shift the blame onto you):
"As your real estate agent, I want to discuss a crucial conversation with you, Mr. and Mrs. Seller. When we list your house, one of two things can happen. Either A) we have showings, which means the market is accepting our price. People are viewing the property, and this indicates they believe the price is fair.
Or B) we have very few or no showings, it could be an indication that the price is too high. If that's the case, I'll come to you immediately, and we'll have to make a quick adjustment. We don't want to be one of those listings that sit on the market without any action.
But there's also something else that can happen, a second red flag, other than price: We can have a lot of showings, but no one pulls the trigger and makes an...
I have a really powerful way to have an honest conversation about commissions with a seller.
This is a great script from one of my top producers.
Here's what he says: "Hey, listen, here's my listing fee. My listing fee is [X, which could be 2.5%, 2%, 3%, or whatever number you choose.] I'm not trying to price-fix here. But what we really need to talk about is what we're going to pay the buyer's agent. We need to look at this as a marketing incentive to get buyer's agents to show the property.
To help you make a decision on what to offer the buyer's agent, I recommend doing a commission map survey. Put a pin on a map and look at every listing that sold within a certain radius, such as a mile, five miles, or half a mile. Of the listings that sold in the area in the last six months, you can see what commission they offered to the buyer's agent.
Based on that, you can decide where you want to be. You...
Garrett Maroon will blow your mind during this interview with ideas, strategies, and methods for building an incredible real estate business. Garrett has built a seven-figure business with a database of less than 300 people, closing over 50 transactions a year for 9 years straight! He has simplified his approach into what he describes as his Perfect 36 which he outlines for us in-depth during the podcast. In addition, he walks us through how he went from having a team of 8 agents to just one agent (in addition to himself) and an assistant. Plus he explains how he now transitioned completely out of production and spends less than 5 hours a week running his real estate business. Get your notepad and paper out, you will want to take notes!
I recently learned a great secret about social media advertising from Gary V's head of marketing.
This strategy brought them a 160x return on investment, so it definitely works. Typically, we as business owners focus on creating the most creative and visually appealing ad, as well as targeting the right audience.
However, we often forget about engagement, which is the third important component...
The algorithm watches for engagement, and when it sees it, the algorithm promotes the post to more people. This is why some ads are successful and some aren't.
One way to "juice" engagement is to start with a core group of advocates and ask them to comment on the post. We can also ask our sphere of influence for help. We can say, "Hey guys, please comment on my ad if you like it. Let me know what you think."
Most people who are close to us are happy to help.
Engaging with comments is important. We should respond to...
Implement game changing lead generation strategies, grow your sphere of influence, improve your presentation skills, build systems, tap into follow up tools, learn time management strategies, and tap into your true potential.
This is your time to create the business and life you deserve!
✔ Take Control of Your Career!
✔ Manage Your Time Effectively!
✔ Attract Clients Instead of Chase Clients!
✔ Plug into Proven Systems!
✔ Tap Your True Potential!
Fresh ideas, new scripts, cool tools, and the hottest trends in the real estate industry are coming your way. Have an amazing day!