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...
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...
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...
I recently heard a great story about a real estate agent who moved to a new market and didn't know many people. She knew it would be challenging to succeed without a sphere of influence, so she came up with a brilliant strategy:
She researched the top 10 things people want to do in the area and created a video about each of them. She then posted the videos on YouTube and TikTok, and connected them to her website and blog.
By doing this, she was able to reach a wider audience and get her name out there.
She also used Facebook and Google pixels to remarket to people who visited her website, and started putting ads in front of them.
This strategy paid off, and it paid off big:
She went from zero to 10 million in business in just one year!
If you're interested in trying this strategy, don't worry - it's not technical or difficult. Everything you need to know can be found on YouTube, and most of it is free. The only cost is for ads, but...
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...
I have a quick question for you:
Are you marketing your marketing?
You might be wondering what I mean by that, right? Well, let me explain: As real estate agents, we do an amazing job for our clients. We use drone photography, staging, postcards, social media marketing, and more to showcase their properties. We go all out to sell their homes in record time and get them top dollar.
But who actually experiences all of this marketing? Sure, the buyers who purchase the property may see it, as well as a small group of people in our closest network. However, not everyone is seeing all of our marketing efforts. In fact, on social media, only about 4-6% of our audience is actually seeing our posts.
So, how do we market our marketing?
One approach is to create a success portfolio. Whenever you have a beautiful, photogenic listing, go all out and create a home book, do exclusive videography, Matterport, and everything else....
Do you want to be a better recruiter?
As a seasoned recruiter with over 30 years of experience, I can tell you the secret to successful recruiting is this:
Recruiting is like owning an NFL or NBA team.
You need to understand that recruiting is all about building relationships with people. People join people, not companies or brands. If they don't like you, they won't come to work for you.
So, first and foremost, you need to establish a career-long relationship with people in the marketplace.
To build these relationships, you need to have conversations with potential recruits. Top recruiters in the NBA, NFL, and NHL are cold-calling and creating connections with people. They're showing them the organization's value, passion, and vision of how they can help them win. Ultimately, people want to be with a winning team and need to see how you can help them make more money and make their life easier.
It's not all about commission...
I want you to think about how many homes you sold last year that were your listings. So let's assume you sold 10 listings or five listings. What if I told you that you could take that 10 in times by five and have 50 transactions as a result of those 10 listings? Or if you took five listings, you times out by five and you could have 25 transactions. Does it sound impossible? It's not impossible. It's totally doable. You just gotta rethink how you're approaching your listings.
What smart, wise, savvy agents do, superstars do is they say, "Hey, I've got one listing and I can turn this into five transactional sides. Now how can we do that?"
I'm gonna walk you through it right now.
What are the five transactional sides that we create?
As a coach, I tell my students that if they want to be highly visible on social media, they need to meet a minimum standard of five posts a week, two videos, and two stories.
Visibility is more important than ability because if you're invisible, no one knows to do business with you, no matter how good you are.
But many students struggle with knowing what to post. That's why I recommend two game-changing ideas:
1. Educational marketing: When was the last time you posted something educational on social media? Try to educate your audience about the real estate market. You could talk about interest rates, inspections, appraisals, down payment programs, and much more. People love learning new things, and an educational post will establish you as an expert in your field.
2. Opinion posts: People want to hear your professional opinion, and they trust experts who deliver them. Think about highly paid professionals like doctors and...
About a year ago, my wife and I decided to downsize as we hit our fifties. We have four kids, but three of them had already moved out, leaving us with just one. So, we moved from a bigger house into a smaller one. We realized that there are a ton of people just like us all around the country.
Before we downsized, we used to live in a big house near a golf course, and whenever we received marketing from REALTORS, it was always the same thing: The marketing was all about them getting a listing, and we could read right through it.
They just wanted our commission, and it wasn't very effective.
Over the years, we received door hangers, mailers, and all sorts of stuff, but as a REALTOR myself, I couldn't help but wonder if these methods were effective or not. Sure, anything is better than nothing, but what can you do to be more effective?
The key is to focus on the why of someone considering making a move, instead of what you need.
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!