One question sellers often ask is this- "Should I improve my home or sell it?"
That's a interesting question because sometimes sellers will say, "I think I'm going to wait until I put the garage door on, or the garage door opener in, or the new dishwasher in, or I'm going to put a new roof on and repaint the house."
Usually we would say that's great because we want the house to be parade-ready and priced right but this is not a normal market. This is a frenzy market. We are seeing 71% of listings sell in the first 30 days for 99-100% of list price. Which creates a dilemma, sellers who invest dollars back into their home may not necessarily get 100% of that money back.
For example, fixing a garage door is the number one item that you could do to a home to increase its salability. But even today, you're still not going to get 100% of that money back as an investment. Sellers on average are getting about 85% of their investment returned. A deck edition is the second most important...
Do you know anybody who owns a vacation rental or a property in a place where people come to vacation frequently? There's some good news around vacation rentals and second home sales right now. Studies are showing that vacation rentals have seen a 44% gain in sales from last year.
For those of you who live in these areas, whether there are vacation rental possibilities or vacation home ownership possibilities, make a point of reaching out and farming those communities and pointing out the good news.
You could say, "A new study just came out showing that there's been a 44% increase in sales and in the market for vacation homes and 2nd Homes. Crazy question would you consider selling your home for the right price? If so, I'd love to have a conversation with you about how we can get you a premium price in this market. Give me a call, text, or direct message today."
That simple message could be a social media post, an email, a text, or a phone call. Remember, we can access those phone...
Do you feel confident when you talk to a buyer or seller for the first time? Do you feel like you own the conversation? If you don't feel that way, then the reason might be that you don't have competence.
When you come into a room, you want to be the smartest person in the room when it comes to your profession. Unless you've hit that standard you are never going to be at your highest level. Here is one easy way to gain competence that will help you feel more confident when you're having conversations with buyers and sellers.
Know your numbers. Every MLS has a monthly report which will give you the monthly stats to compare each month and year over year statistics. Look at the numbers for pending sales. Where are they in your market? How many properties sold last month in your market? How about new listings? How long does it take the average home to sell? What is the months of supply in your market? How do these numbers compare to the previous month and the previous year?
It's likely that you know someone who has had a business close this year. We're seeing this across the country; about 8,000 businesses have already closed in 2020 . With Covid-19 and to online shopping - small business are suffering. Shockingly - 61% of retail purchases this year were done on a mobile device and that number is likely to grow in the coming months.
So what can you do to help people in your database who own a business that are struggling right now? First it's important to understand that we are all small business owners. We are all in this together. When a local business closes - it hurts the owners sure, but it also hurts the suppliers, the building owners, the employees, vendors, and countless other people who rely on small businesses in the community.
Four Ways You Can Help:
1) Endorse them on social media.
"I'm going to feature a local business every single week on my social media throughout this COVID crisis. I want to make sure that we're supporting...
A recent study that shows about 6% of people are taking advantage of eviction moratorium laws. In other words, they're not paying their rent and they're just staying in place. In those cases where the tenant is unable or unwilling to make their rental payment, it can become a burden on the people that own these investment properties.
Why? Because they have to continue to make their own mortgage payments.
As a real estate professional we should reach out to investors as a resource. How? Try using the "Lock In Your Upside" script:
"My name is (your name) with (your company name). I am calling about an investment property at (address of units) did I reach (owner name). Great! Quick question - how did you do with rent collection last month? You know, the biggest challenge that I'm hearing from rental owners in the market when I'm talking to them is that they're having a challenge with the eviction moratorium. The reason for my call is that we have still...
Do you find yourself getting a lot more friend requests right now? I am. In the past I might get one or two a day, now I'm getting four or five, sometimes 10 a day. Why is that? More people are at home and they are on their social media much more than ever!
So what can you do with that information?
We know we're supposed to be reaching out to our sphere with phone and video calls, writing handwritten notes, and Zoom meetings. But let me give you something else to do as well. Set a goal of sending out 10 friend requests on Facebook, following 10 people on Instagram, and connecting with 10 people a day on LinkedIn.
Yes, you can make 30 connections a day and it doesn't take a lot of time. But don't just connect - go deeper - endorse people on linked in and try using Facebook and Instagram as another CRM platform.
Look for life change. If someone is posting about losing their job, having a struggle with their kids and homeschooling, or they're going crazy in...
Here's a quick technique you can use in the field today to unlock more buyers, more sellers, and more opportunities.
It's the 'What's Stopping You?' technique.
This simple question can be added to almost any script to open up conversations, engage clients in a thoughtful conversation, and uncover leads that you may have missed using a traditional approach.
Watch this three minute video to see the technique in action!
Here's something to think about as you're coming into contact with your database this week which is the power of - The Next Step.
As you're making contacts, think ahead to the context of your next conversation. This is critical because you want to make contacts in context. If I'm talking to somebody and they mention that they're going to Hawaii, or their wife's having back surgery, or they got a new dog, you want to make those notes in your contact database, your CRM, so the next time you talk to them, you're talking in context about what they just talked to you about a week or two ago.
If you're always focused on what you want to say and you're not acknowledging what's going on in the client's lives, there's not going to be as much resonance, or as much of a connection. Instead you will come across like a typical salesperson. Our goal when making contacts is to elevate our client relationships to friendships.
To apply this technique requires a few...
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!
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