Feedback is one of the most important things we can collect on behalf of our sellers in order to adjust prices, adjust terms, adjust condition, and to get that property really tuned up for the marketplace.
So one thing is we gotta make sure we're going out and trying to collect that feedback. And when we do that, I'm gonna ask three questions:
1. Would you think of the price?
2. What did you think of the condition?
3. What did you think of the neighborhood?
Those are my three questions. I'm sending this by text to every showing agent. But I'm gonna also add one more question. My fourth question, which is maybe the most important is:
4. Can you tell me, did they make an offer on another house or did they actually purchase another property and get in contract?
When I do that and I find out that I can actually deliver that by act to my seller and say, "Well, Mr. and Mrs. Seller, here's the feedback. And they went ahead and made an offer...
Here's a number that we should be talking about with our spheres of influence, our friends, our social media audiences:
And this is 15.9.
Now what's 15.9 represent?
15.9% is the amount that the average renter had as an increase in the rent last year.
And it's likely that this is gonna have again this year or some similar high number, and probably the year after that.
It's supply and demand. There is high demand and low supply. So it's the same thing that's happening to us in the real estate industry, right? We have low supply, high demand causes prices to rise.
So if renters aren't careful what can happen is if rents continue to rise, they could have rent that's increasing by 10%, a year or more over the next 2, 3, 4, 5 years. They could easily be paying 30, 40, 50% more for rent in a few years.
And they think their rent's high now. Wait another couple years, it's gonna get higher.
So what can they do? What's the...
A few of you are suffering from what I call referral resistance. What's referral resistance mean? It means you've got a pretty good size database of people, a sphere of influence, and it's not performing well.
In other words, you're not getting a lot of referrals. Your sphere of influence isn't sending you buyers and sellers.
It's because the people in your sphere don't quite trust you enough. They don't quite see you as the expert that you know you are. And because of that, there's resistance to sending you referrals.
So how can you overcome referral resistance?
I'm gonna give you three quick techniques to help you with that:
1. You have to be the experts in their minds, not yours.
How do you do it? You need to be giving them information regularly about the real estate market. Now, this is super easy to do because you are given information all the time. One of the places you are given information from is your local MLS system....
There's a great book by a guy named Harvey Mackay. He wrote the book Dig Your Well Before You're Thirsty.
And in the book, he talks about this $25,000 question, and I'm gonna pose this question to you.
So the $25,000 question kind of goes like this:
Imagine you own a muffler shop or some kind of business. And it's payroll week and you don't have the money to pay your employees. And you know, if you don't pay 'em, they're all gonna walk because everybody's trying to hire right now. So the question mark is it's 2:00 AM you wake up in the morning and you're like, I've gotta come up with $25,000 by tomorrow morning. Otherwise I'm probably gonna lose my business. Who do you call? In your friends list, your personal friends list, right now, is there someone you call and get $25,000 from by tomorrow morning?
If the answer's no, the reason you probably don't have anybody that qualifies in that category is because you haven't helped enough...
If you were to go back in time for the last 24 months and look at every closing you had, would all those people you closed a transaction with have given you a recommendation or endorsement online?
In other words...
If you closed 20 transactions, do you have 20 endorsements on realtor.com, Zillow, Facebook, or Google Business? Or are you missing a lot?
If you're missing a lot, you're missing opportunities. Here's why:
If you look at a couple of agents in your market, you might find this, I see this all the time. You might have an experienced agent that's crushing it — doing 30-40 transactions a year. Then you have this brand new agent who just started their business a couple of years ago and only closed 10-12 transactions each year.
But... online, they're getting a recommendation or endorsement from every single client. And sometimes clients they didn't even close a transaction with, but just had a good experience with them. So...
Here's a super easy technique this time of year, which is super effective:
Go back to 2021. Look at every transaction you closed. Pull the HUD statement from your closing and then send that onto your client.
Why would you do that?
Because now it's tax season. People are gonna start filing taxes. They're gonna realized they lost those documents. And you can provide a real service to them by sending them those documents,. Just email them over and put a little note on that that says,
"Hey, I know tax season's coming. Thought I'd make it easy for you to file your taxes. There's some things here that may be a deduction for you or may save you some dollars in your taxes. Here you go.
By the way, hope you're enjoying the home. If I can help you or your friends with anything in the future with real estate, your referral is my highest compliment."
Something like that. Simple, easy, and guess what? Your clients will love it. They'll thank you....
I have a question for you:
Who is your #1 competitor in your marketplace?
When I ask that to a live audience, I'll hear all kinds of the typical brand answers. You'll hear the brands in their marketplace: Remax, Coldwell Banker, eXp, John L. Scott, Sotheby's, etc.
And I always tell them, you're all wrong. Your #1 competitor in your market is Zillow. Zillow is coming to eat your breakfast, lunch, and dinner. And in a large degree, they already are. Now, yes, Zillow has stumbled with their flipping operation. But does that mean they're going away? No. If anything, we should be more terrified now than ever, because they're going to turn and focus their entire attention back to where they actually started out, which is selling leads to REALTORS. They are not going away.
What does this mean? When lose something to Remax or eXp, you need to ask yourself:
Did I really lose that listing to those companies? Or did somebody go on Zillow, fill...
There's a new stat from the National Association of REALTORS, which states that 53% of our buyers and sellers now fall into a specific demographic group.
You can probably guess what that is...
It's the millennial generation.
Millennials aren't kids anymore. They're actually in their mid twenties or early thirties. They are definitely the driving force in the market. And they're far, far bigger than the baby boomer generation ever was.
So when we look at just statistically, the numbers of this, we have to embrace millennial marketing. It's super important.
And there's some things that we can do to do a much better job with them.
1. Social media
You know I was going to say that. That's where they're at. We've got to go where the audience is. That means we're doing 5 to 15 posts a week on different platforms that we know they use.
So some of you might be doing Facebook, Instagram, TikTok, YouTube, you name it. You just got to figure out...
What if from every listing you take, you received five transactional sides? Imagine you take 10 listings in the next 12 months. And that leads to 50 transactional sides.
Is it possible? Absolutely.
And more importantly, we have to look at what we've done the last 12 months — how many listings did we take and how many sides did we create? If we are leaving money on the table, it's probably coming from the activities that we're not doing when it comes to our listings and those opportunities are so massive.
We have a system which I call the "5 Star Listing System" and it identifies the five easy transactions we can secure from every single listing we take.
1. We're going to sell the listing that we take
Now, that sounds simple in today's market. 95% of listings are selling as soon as they hit the market. But as the market transitions, as the market shifts, believe me, we're going to need to be able to refine our presentations and...
We just got stats that show listings have increased again. For the past several months, they've been increasing. And now they've increased again by another 4.1%.
So now we're about 2.6 months of supply in the country. Not a lot, but more than it's been in a long time.
So we're starting to see listings come back to market.
The question is: Are you starting to see more listings come into your portfolio?
If you're not, you have to ask yourself why.
The number one reason why we don't have as many listings as we should is we're just simply not asking for them. We're not asking enough people to give us listings as we should. And we're not asking for enough referrals.
I'll give you one technique that blew my mind recently that one of my students used. And I received it because I'm on his mailing list.
He sent me his resume, his resume letter, the resume letter had a cover letter, just like a regular resume. And on the cover letter, it...
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