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Podcast #65: The Upstream Referral Model Featuring Pro Insight CEO Justin Stoddart

 

Whether you’re in real estate, lending, insurance, wealth management, banking, tax, or other industries that interact with property owners, Big Tech is driving up your cost of client acquisition. So what’s the solution? Listen as Justin Stoddart CEO of Pro Insight lays out an incredible strategy for going upstream in your business model to tap industry professionals who can provide you with a steady stream of high-quality referrals. This low cost high value strategy can be implemented by all agents regardless of how long you have been in the business. This win/win business model can be a complete game changer for agents looking for a unique way to begin working with more buyers and sellers.

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How to Leverage the “Halo Effect” to Unlock More Buyers, Sellers, and Closings

 

Do you ever judge somebody when you meet them for the first time?

The answer is, we all do. We can't help it. It's human nature. In fact, there's a scientist, Daniel Kahneman, who recently passed away. He was an expert in this field. He pioneered the idea of heuristics, or the ability to quickly make decisions by rapidly processing millions of pieces of data.

Some of us benefit from the "halo effect," which means people make a positive judgment about us based on how we present ourselves. Others don’t benefit from this phenomenon.

So, how do you present yourself?

There's something I like to refer to as the "million dollar—or maybe in today's world, $5 million—standard."

This means if you got a call today from someone asking you to list their $5 million house, would you be ready within 10 minutes to walk out the door and do it? Or would you be struggling, thinking, "Oh my gosh, I'm not ready for this. I have to get a million things put together."

This standard of...

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Why REALTORS Need to Address Climate Change: 30% of Clients Are Moving!

 

Here's an interesting question to put out on social media to your audiences:

Would you move from your current market because of climate change?

I've been in the business for 35 years, and we never really talked about climate change as a motivator for people to move. But it's becoming more and more of a reason for people to relocate. In fact, 30% of Americans today, especially young people, say they would move because of climate change or make a decision about where to live based on it.

That’s why this is an interesting question to ask on social media.

Climate change can take many different forms. In my market area, for example, it's fires.

We had a fire come through our neighborhoods that burned down 2,700 homes. It was one of the biggest fires in the nation for destroying homes. Absolutely devastating for our community. We went through several summers of fire, and a lot of people moved because they couldn't deal with the smoke and terrible air quality.

On the flip side, you...

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How To Respond to a Seller Who Doesn’t Want to Pay the Buyer Agent Commission

 

Let's pretend a seller says, "Nope, I'm not paying the buyer agent commission."

This can happen, albeit rarely. When it does, it’s your job to educate them on what comes next. Just because they say they don't want to pay it doesn't mean they won't receive offers requesting them to do so.

It's likely most offers will include language requesting the seller pay the buyer agent commission of X dollars. Then, the seller will have to decide to either reject the offer or counter it. We need to educate the seller about this.

You could do this by saying, "Hey, I totally get it. But just so you know, most offers we receive will still ask you to pay the buyer agent commission. At that time, we can look at the overall offer and decide if you want to do that or reject all offers that include that verbiage."

"I wouldn't reject everything out of hand. I'd suggest looking at the whole spectrum—what they're offering versus what your net will be. We can judge it on an offer-by-offer...

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The Recent Homeowners Equity Update Unlocks Client Excitement Across Your Entire Database

 

Here's an amazing number you should share with everyone in your sphere of influence:

The average American homeowner now has $298,000 in equity, a record high!

This presents a fantastic opportunity to update your clients on their equity growth over the past year. We should do this every year with our clients, and if you haven't done it yet, make a point of doing it now.

Consider shooting a quick video and saying:

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"Hey, good news! Across the country, the average homeowner now has $298,000 in equity. If you're curious about your equity position, I'd love to do a PAYER report for you.

What's a PAYER report? It stands for Personalized Equity Analysis Report. It provides a quick update on your home equity and where you stand. If you're thinking about selling, I'd love to help you. Or, if you're considering investing in more real estate and building even more equity, I'm happy to assist you there as well. At the very least, get a copy of that free PAYER report.”

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That's the...

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The Hidden Power of Assumable Loans in Real Estate which Unlock Premium Prices

 

A question you should ask every seller when you’re about to list a property is: "Do you have an FHA, USDA, or VA loan?"

These loans are often assumable, making the property highly valuable. If they have an interest rate below 5%, the house can fetch a premium price.

For example, if current interest rates are at 7% and a buyer can assume a 4.5% loan, it's a fantastic opportunity. There are some caveats, though. Be cautious about locking up veterans' benefits, preventing them from using those benefits elsewhere. If the seller is retiring or doesn't plan to own another home, they might be okay with someone assuming their loan.

For USDA and FHA loans, the buyer must qualify. They can't be a deadbeat; they need to qualify for the loan. Most buyers in a position to assume these low-interest loans will be thrilled, and your sellers can get a premium price.

Start asking sellers, "Do you have an FHA, USDA, or VA loan, and would you be okay with it being assumed?" There are many...

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How to Seize the Massive Commercial Real Estate Opportunity of 2024!

 

Here's a massive opportunity for you when you're looking at your sphere of influence. If you've got a list of people in your sphere that own businesses or are entrepreneurs with locations, we’re in a unique position with the commercial market right now. In many areas, the commercial market is really struggling.

The script for reaching out to these business owners in your sphere of influence is straightforward. Start by asking, “Do you rent or own your current location?”

Most will be renters, some will be owners.

If they say they are renters, you can respond with this:

“If you'd like to own, this is one of the best times in the last 10 years to buy commercial property. There are several factors at play:

  • Vacancies are high
  • Rents are declining
  • Rental prices and commercial real estate prices are stable, with some areas seeing decreases

There’s a real opportunity to get a bargain in today’s market.”

Or if they already own their property, ask,...

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Podcast #64: Insider Secrets to Working with Real Estate Investors Featuring Ed Mathews

 

Have you ever wanted to work with more residential income investors? If so then this podcast is for you! During the show we dive deep into the world of residential income investing with Ed Matthews founder and CEO of Clark St Capital, a company that helps C-level executives diversify their wealth by investing in real estate. We dig into key information, an investor's “Buy Box”, the differences between A,B, and C condition levels. One negotiating sentence that is an absolute must know – if you want to unlock creative deals. Spend 30 minutes and walk away with a ton of key information on working with investors!

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Podcast #63: Using Social Media as a Fast Start Lead Generation Tool Featuring Rockstar Team Leader Dani Hampton

 

Dani Hampton is an expert in using social media as a key part of her lead generation strategy. Listen as Dani outlines what she does on a daily basis to build relationships with her online “sphere of influence”. Explore her journey from being on a team to building her own 10 person team while overcoming health challenges and building a family. Everyone should take her advice on how to have work life balance even while closing over 140 transactions in one year!

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Podcast #62: Building Teams and High Performance Brokerages Using Technology with Sisu CEO and Founder Brian Charlesworth

 

If you are building a team or Brokerage don’t miss this conversation with Sisu CEO and Founder Brian Charlesworth. Brian brings insight into how the best teams and office leaders manage performance and add value to their teams with systems, lead management, and measurement tools. Growth in the real estate industry is essential to building profitable organizations and Brian has his pulse on the highest performing teams in America!

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Fresh ideas, new scripts, cool tools, and the hottest trends in the real estate industry are coming your way. Have an amazing day!