Hey everyone, I've got a question for you:
What are your standout moments when working with buyers?
It's vital to consider the service aspect of our job: Service is what we do for our clients, while hospitality is about how we make them feel.
We are essentially in the hospitality business, aiming to create emotional, “WOW” experiences for our clients that leave them saying, "Wow, I can't believe what you just did for me."
These are the moments that lead to referrals and repeat business.
Let me share three examples of “wow” moments that can enhance your buyer representation business.
First, implement a pre-meeting questionnaire: Just like when you visit a doctor, send your clients a short questionnaire ahead of time. Let them know it will help you serve them better. If they don't complete it, suggest arriving 15 minutes early to the meeting to fill it out. This simple step can improve your...
Are you actively farming your own neighborhood?
It's a straightforward marketing strategy that many agents overlook. So, why should you consider farming your own neighborhood?
Well, it all comes down to the fact that people prefer doing business with those they know, like, and trust, especially when they share a common bond.
When you live in the same neighborhood, potential clients are more inclined to choose you as their REALTOR. However, this won't happen if you're a "secret agent" – someone they don't even know lives nearby and can serve them.
To get started, you need to establish yourself as a local expert.
Begin by introducing yourself through a letter or postcard. Let them know you're a resident and express your interest in being their preferred REALTOR. Share your credentials and accomplishments to give them confidence in your abilities.
Next, demonstrate that you're an active agent....
I want to help you become the go-to expert in your market.
You should aim to be seen as the trusted authority that people turn to with their real estate questions. To achieve this, you need to consistently share information and content about the real estate market.
Let me share an example of a script I recently created for our agents in our coaching program. This script focuses on national market statistics that you might find valuable:
First, let's talk about inflation. You may have heard that inflation has recently risen to 3.7%. One common question I receive is, "How does this affect the real estate market?"
Well, the most significant impact has been on mortgage rates. Mortgage rates have climbed to the mid-sevens, almost hitting 8%. This has caused some potential buyers to hesitate. However, there is some good news:
Surprisingly, we are still selling approximately 91% of the number of homes we sold...
I've got a hypothetical scenario for you:
Imagine a buyer walks in and says, "I want to buy this specific house. We've found it online and want to pay you directly. Convince me why your fee, whether it's 2%, 2.5%, 3%, or whatever you charge, is worth it. What value do you offer beyond finding the house?”
Remember, they've already found it. This is crucial for buyer representation. Let me share some ideas about this, drawn from my experience teaching the Accredited Buyer's Representation (ABR) class for NAR for a decade:
Let me guide you through building value. When working with buyers, start using this language: “You know, finding a house is surprisingly straightforward. My real work begins once we've found the house.”
It's crucial to show that the house hunt isn't the challenge; anyone can do that.
“But what I do is special. Here's what I do: First, I conduct thorough research on the house. I...
I've got a story from my trip to Boston with my wife. While our son was in summer camp, we embarked on a delightful foodie tour of Little Italy, guided by an amazing teacher turned tour guide. He shared the rich history of the area, led us through fantastic shops, and treated us to mouthwatering cuisine. Toward the end, he pulled off a brilliant move relevant to your real estate efforts.
As we basked in the afterglow of a satisfying tour, he proposed a group photo. After the snap, he asked, "Who wants a list of all the restaurants we visited today? Just give me your email, and I'll send it over."
We all gladly obliged. Upon reaching home, his email contained the promised picture and the tour's culinary highlights. Here's the genius part: he added a well-placed plea for a review, taking advantage of our post-tour excitement. We promptly provided a glowing review.
He went further, offering even more value. For...
Why aren't you getting more referrals?
The problem is you're not asking for referrals. You think you are, but you're not.
Let me give you a natural and fun way to ask for referrals that people love:
Think of your sphere of influence as your personal sales army. Imagine you recruited a hundred or more salespeople to work for your team. If you gave them an assignment, do you think they would bring you sales?
Of course they would. The reason they're not doing it now is because you're not giving them guidance as the sales manager.
So here's an example of what you can do: Send a mass text, email, personal calls, or even a video text to your sales army, saying:
“Hey guys, I'm really short on inventory right now. If you see a house with a preferred sale sign or a vacant house, could you quickly take a picture and send it to me? It could give me an edge in getting that listing. Thank you!”
Another idea is to...
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...
Do you have a hospitality mindset?
I heard two stories that really brought this home.
The first story is about a restaurateur in New York City who overheard a group of four customers talking about how they had never had a hotdog in New York City, despite just having a $500 lunch at his high-end restaurant. The owner of the restaurant went to a hotdog vendor across the street, bought four hotdogs, had the chef cut them up and arrange them elegantly on a plate with all the condiments the customers wanted, and had the maitre d' bring it out to the customers. They were amazed, even though they had just eaten a five-star meal.
The second story is about Steve Wynn, who owns the Wynn Casinos in Las Vegas and all over the world. He implemented a process where all managers have a daily brainstorming session before every shift, and one of the things they discuss is positive experiences they've had with guests.
One of the stories that...
Did you know that more people in America have pets than children? It's true!
20 years ago, 48% of American families had kids at home. Today, that number is down to 40%.
On the other hand, the number of Americans with pets has increased dramatically, from 56% in 1988 to 70% today.
As REALTORS, this information is valuable to us because it affects our conversations with buyers. When talking to potential buyers, we should ask if they have pets and if their pet will impact their home buying decision. Many people will engage in conversation about their pet's needs and how important they are to the family.
But what if we took it a step further and specialized in working with families that have pets or selling homes with pet-friendly features?
This could be a complete differentiator in the market, as it's not a common focus for REALTORS. Sometimes we need to think outside the box to stand out.
If you want more ideas like this that help you...
Hey guys, you probably saw that the amount of jobs that were added in August to the economy was actually way lower than expected.
A lot of people attribute that to the rise of the Delta virus and people may be slowing down on hiring. But one thing we can be sure of is that there are a lot of jobs available in America.
There's 10 and a half million jobs available right now. One thing that we're starting to see is unemployment benefits being turned off. Or at least not the incentives added by the federal government. So that might bring more people to work.
But right now we've got to deal with what's here now.
So job wage growth in America so far is up about 4.8%. The challenge is that inflation is also a 5.2%. So it's eating up all those gains. When we look at this in terms of what's going to happen in terms of the real estate market, Lawrence Yun — the chief economist for the International Association of REALTORS...
Jim would like to talk to you about your real estate business with a complimentary 30 minute coaching session.
During the call be prepared to discuss - Your goals for the next twelve months. Your time management and priority management strategies. Your willingness to change and adapt to a changing market landscape, and your biggest choke points - what's really holding you back
The road to transformation starts with small steps. Take your first towards a better real estate business today...