Working with Investors and Flippers

Investors and flippers are very smart people; they look at the major chunks of the house and the price – that's all that matters to them. If you work with an investor or a flipper, there are several things you will have to keep in your mind, so you don't waste their time or your time. After all, in the real estate business, time is money.

Read below to find the things you must keep in mind before working with an investor or a flipper:

Think from an Investors/Flippers Perspective

When you assist an investor or flipper in getting the right house, ensure that you put yourself in their shoes before you start suggesting. Investors and flippers are not looking for a house to live in themselves, so the color of the wall and the type of tiling do not matter much to them. Instead, the house's foundation, the drainage system, and the roofing are more important to them.

When hunting a house for investors, ensure that's what you look for.

They Want Numbers

An investor/flipper is investing money in the house for a greater return, knowing the basics. When working with them, ensure that your number game is on, and you give them numbers for whatever you are suggesting.

If you ask them to buy the corner house on the 6th street, tell them how it will be beneficial, give them numbers!

Working with an investor or flipper can be both easy and difficult, depending on how you operate.

Working with Diverse Clients

What is the biggest challenge a real estate agent faces? Dealing with a diverse clientele. Yes, it is right. It is not easy to deal with all kinds of clients since not everyone wants the same thing. You will come across some clients that want to buy a house, some who want to sell a house, others who want to invest in houses, and in this situation, the real challenge is dealing with them.

We have found some of the tricks that work like magic for everyone. Keep reading:

Communication is Important

It is very important to focus on your communication. It would be best if you had a welcoming and confident tone so people who are coming to you can trust you. If you are not confident, your diverse clientele will always second guess their choice. You must always communicate the facts and figures to your clients honestly, even if their judgment is clouded – that is what will set you apart from all.

No One Size Fits All

Yes, you cannot have the same mindset when dealing with a seller, buyer, and investor – they all want different things. When dealing with a client, understand their position and what they are looking for. If one client is in urgent need of money and asks them to wait two years for a better price, it will not make sense to them. However, if someone comes to you who can wait some time for a better house, and you tell them to wait for two years that might actually be beneficial.

We understand that it might come as a challenge, but that’s the fun.

5 Tips on How to Find a Real Estate Mentor (for Agents, Brokers, and Realtors)

Identify Your Needs 

Before you start out looking for a mentor, take some time to identify first what kind of mentor you need in this specific stage of your career. What do you need to learn? What do you need guidance in? If you are looking to specialize in a specific niche market, you need a mentor who’s already an expert in it. 

Another thing that you should consider are your core values, your real estate goals and strategies, and even your passions in life and in business. Your ideal mentor’s values and goals should closely match yours. This is because as social beings, our business and personal lives are deeply intertwined. 

Do Great Work 

Doing excellent work attracts the attention of more experienced real estate professionals. You have to give your potential mentors a good reason to invest their time and knowledge in you. They are busy after all. They will have to see potential in you, as well as a benefit in mentoring you. 

Tap Your Existing Network 

If you are a new real estate agent, you’re likely required by the state law to work with a brokerage in the first 2-3 years of your career. This is a great place to find a mentor. 

Somebody in your agency can teach you the basics, from understanding real estate processes to handling transactions effectively. When you move to a specialization, your network in the agency can point you to the right person if you can’t find one in the company. 

For real estate vets, your office is a great starting point too. But don’t just stop there. If there are agents in your city whom you look up to and who are doing the kind of work that you want to do, see if they are open to take you in as a mentee. 

Expand Your Network 

This is one of the purposes of networking. If you haven’t quite found somebody whom you want to be a mentor, start meeting more real estate professionals. Here are some ideas: 

●     Join local meetup groups

●     Attend networking events

●     Attend conferences and industry events

●     Go to their free trainings

●     Go at their usual hangout spots 

Bear in mind that although you’ll find excellent potential mentors, many of them may not be able to take you in for whatever reason. That’s why it’s best to make multiple mentor connections. That increases your chances of finding one. Or many. 

Nurture Your Relationship 

Mentorship is a long-term business (and even personal) relationship that takes time to grow. It is built on mutual trust and respect. Don’t force a mentoring relationship and don’t just ask somebody you admire to be a mentor if you haven’t formed a strong bond with them. 

The slow process of nurturing your relationship with a potential mentor is also an opportunity to test if the mentoring relationship works out for the both of you. Keep your options open.

 

 

 

 

 

How to Build Business through Social Media

Social media is more than just getting people to follow your brand. Users are now increasingly choosing to check their social platforms for reviews, including asking friends and family for their opinions, before deciding to eat out at a particular restaurant, visit a certain hair salon, or purchase a product. If you don’t have a social presence, consumers will more likely move on to the next business that does. 

When it comes to using social media to build your business, some strategies are more effective than others. After all, the last thing you want to do is put all your efforts into it, only to see nothing in return. From blogging to tapping influencers, check out these tips to get your business booming on social media. 

1. Blog Your Way to More Customers 

Several businesses do not have the budget for a professional marketing campaign. Fortunately, that does not mean they can’t make a big impact online. One of the most powerful ways to build your brand on the internet, which you can use on social media, happens to be free: blogging.

You do not have to be a celebrity to create a buzz or impart valuable knowledge to prospective and existing customers. You and your team can establish yourself as experts with content that is interesting and informative but not sales-y. Use posts as content for your social media to share information about your field, a particular cause, or a social issue, but stay away from trying to pitch your product to your readers—at least not in every post you publish. Blogging is also a tool to boost your search engine results. By blogging consistently each week, you will increase your chances of being found on search engines. Here’s the rule of thumb: try to publish new posts at least twice a week. 

2. Get Social Online 

Social media marketing has the term “social” in it for a reason. In old-school broadcast marketing strategies, such as TV or radio adverts, the audience cannot directly respond to what they are seeing or hearing. When it comes to social media marketing, you need to remember that you are not just showing a product and telling your customers, “Buy me!” Instead, you are showing them a topic related to the product and encouraging them to engage with both you and the product to have a conversation. 

3. Use Social Influencers to Gain Clout 

The internet, and more importantly social media, has transformed what we consider a celebrity. These days, people are making a fortune and becoming household names because of what they are saying and doing on social media. Landing one of these influencers, while sometimes expensive and always time-consuming, is a great tool to gain more brand recognition for your business. 

Social media cannot be ignored if you want to grow your business. With more than two billion people using Facebook alone, ignoring it will mean missing out on a huge part of your audience. But with social media networks plentiful, businesses have to hone their strategy to make sure that they are using the right one, the right way. No one wants to waste time and money marketing a brand on a social media platform only to find out customers are not there.

 

5 Secrets of Successful Real Estate Agents

They Have Local Knowledge 

You should know the neighborhood like the back of your hand. If you are new to an area, spend some time familiarizing yourself with the neighborhoods before you deal with clients. Know the local rules and regulations as well as the property values. 

Go the extra mile and find out other locations that present good real estate opportunities for your clients. It takes time to build local knowledge, but in the long run, it will help you build a successful business.  

They Have an Engaging Personality 

Real estate is a people-oriented business. However, not all real estate agents are pleasant to work with. Simply smiling and being friendly can score you a lot of points right away. Use this to your advantage and start building a network. Real estate, after all, is all about connections. 

But this is not to say that only extroverts alone are cut out for this business. Introverts also have an advantage for being naturally good listeners. 

Showing good work ethic will also make you more attractive. Arrive early at meetings, be courteous, empathize with your clients, and follow up on new connections. 

They Have Strong Negotiation Skills 

Across your real estate career, you will need to haggle over three major things: (1) the listing price, (2) the selling price, and (3) your commission. 

No one’s born great at negotiating. It is a learned skill. The more you study and practice, the more you become good at it and the better real estate agent you become. 

Start by setting your commission. If you can secure a good commission for yourself, you have the ability to negotiate on all other real estate matters. 

They Are Good at Communicating 

As a real estate agent, you will be spending a lot of your time speaking with people, so better hone your communication skills. 

Discuss all matters before a contract is drafted. Ask your clients questions or encourage them to ask. Listen to them attentively and take note of their preferences and concerns. Buying and selling a property, after all, is a very emotional event in a person’s life, so learn to empathize. 

Good communication skills will help you convince both parties to close a successful deal. 

They Have a Steely Determination 

Successful real estate agents act like a small business owner. As such, they have a high degree of self-motivation, drive, and smart decision-making. They take charge of their business and wake up every day determined to succeed. 

If you have a steely determination, you pursue every lead tenaciously, solve client problems strategically, market your clients’ properties aggressively, and negotiate a mutually benefitting solution for both parties. You do whatever is necessary to close the deal and get around roadblocks without loss of enthusiasm.

 

 

7 Must-Have Tech Tools That Real Estate Agents Need

Cloud-Based “Office Apps” 

The popular pick is Google Suite, which is a collection of productivity tools and apps that allow you to work from anywhere with any device because all your files and data are created and saved online (on a cloud). Google Suite includes Gmail, Google Docs, Google Calendar, and Google Drive. 

Having your files on a cloud means more robust data security as well as easier backup and recovery of files. 

CRM 

A customer relationship management (CRM) tool is a must-have for real estate professionals. It is used to keep track of all your prospects, clients, and contacts, as well as their wants, likes, dislikes, birthdays, and notable occasions so you can give them a call or write them a note. Streak for Gmail, a Chrome extension, is a simple CRM within Gmail. 

If you want a CRM tool with real estate–specific capabilities, such as website templates, email campaigns, and the ability to integrate with your social media accounts, try Wise Agent, Contractually, kvCore, BoomTown, or Commissions Inc. 

Electronic Signature 

In this day and age, you’re expected to be able to send listing agreements, contracts, and escrow amendments via email to your clients and provide an option for electronic signatures. 

Having an electronic signature service also dramatically reduces contract reworking because of missed signatures and illegible handwriting. 

Common tools used are DocuSign, DigiSigner, and Authentisign. 

Email Campaigns 

If you need more in-depth email drip campaigns and newsletters than the email options provided by your CRM, consider MailChimp, Convert Kit, and SendGrid. 

These email marketing softwares allow you to create ongoing campaigns to nurture warm leads and engage your network without the need of a designer or developer. Just pick a template and customize the content. 

Video Marketing 

From creating a video profile to home tours to social media video posts, a mobile-friendly video camera and editor app allows you to create and edit videos without the need of a professional videographer and video editor. You can easily trim your videos and add elements like titles, logos, and music. 

Consider Animoto, Canva, InShot, BombBomb, and WeVideo. 

Graphic Design 

A graphic design tool is important in creating marketing collaterals. If you know how to use Photoshop, that’s great. But if you’re a beginner, Photoshop can be too complex and overwhelming to learn. A great option is Canva, which has different templates for real estate use and an easy-to-use drag-and-drop interface. 

Collaboration 

If you work in teams with different tasks, a collaborative task management tool is extremely helpful in tracking and managing the progress of each member. 

For example, Trello, a cloud-based task management tool, allows you to create checklists, specify due dates, add comments, and upload attachments. 

You can use it together with Slack, a business communication messaging app with added features like the ability to assign tasks, upload or share files, and collaborate with team members.

 

 

Next Steps for Newly Licensed Agents

Not sure what to do now that you’ve passed the major hurdle of passing the real estate licensure exam? Here are the next steps to follow to get your real estate career up and running. 

Step 1: Look for a sponsoring broker who is a good fit 

In real estate, brokers are almost always agents with years of experience and a broker’s license. When you are just getting started in your career, it helps to tap into the knowledge and network of someone who has worked in the region in which you are looking to do real estate transactions. You can think of a broker as both your partner and your boss as they will help you maneuver through the beginning of your journey as a real estate agent in exchange for a commission split. 

Here’s the difference: 

Flat fee: This is usually determined on a monthly basis and requires that you pay a broker a set fee for their services. 

Commission split: The percentages depend on individual agreements, but a 70/30 split is common. This means that you would keep 70% of commission as the agent and hand over 30% to the broker. 

Step 2: Engage in professional organizations 

There are countless professional organizations within the industry that can help real estate professionals connect, network, and increase their knowledge of the field. A simple Google search can usually yield a plethora of statewide real estate organizations to become a part of, and you can consider a few national organizations as well. 

You can choose to become a member of an organization based on the type of property you are looking to sell, as well as the region. For example, the Association of Foreign Investors in Real Estate (AFIRE) has a global investment emphasis that other organizations might not have.

Consider what is important to you as a real estate agent and look for organizations based on that. 

Step 3: Build your professional profile 

There is never a better time than the present to start building your professional profile. Creating a website and social media presence, getting professional portraits taken, and attending local events to establish a rapport with residents of a given city are all great steps to take. Small details like carrying business cards with you can show potential clients that you are prepared and organized.

If you are not inclined toward social media, there are people who can help. Consider employing the help of a social media expert who can help you build your online presence. There are a lot of freelancers looking for work in the world of digital design, and websites like Upwork or Freelancer can help you connect with experienced designers and social media experts. 

Step 4: Set a timeline for yourself  

In real estate, if you are not selling property, you are not making money. As you are getting started in your career, it can be beneficial to set a timeline for the things you would like to accomplish. Whether you choose to outline your first five years or would rather keep things shorter term by planning the first year of your professional career, creating a timeline can be a good way to keep yourself accountable for success.

 

Working with Millennial Home Buyers

When working with a millennial home buyer, there are a few things you need to keep in your mind if you wish for the deal to succeed. Millennials are not the same as Gen Z, so the difference in choices will be evident.

Read below to find things that you must keep in your mind when working with a millennial home buyer:

Millennials Wish to Own a House

There is a big difference between wishing to own a house and needing a house. Millennials nowadays desire to own a house, so their standards are comparatively high as they are not looking for housing because their houses are small, but simply because they want to have their own house.

When hunting for a house for a millennial home buyer, you will have to develop a better house than normal.

They Can Wait Longer to Buy

As mentioned above, millennials want a house instead of needing a house. To fulfill their desire, they are willing to wait a little longer and for times when they can get a better house, at cheaper rates.

They are not in a hurry.

They Surf the Internet

When working with a millennial home buyer, there is an advantage to the real estate agents – they don’t have to formally visit the house for sale with the millennial home buyers. The real estate agents can show the houses online to the home buyer, and then once the houses are shortlisted, they can go and visit the location.

It is safe to say that millennials are looking for quality and are in no rush.

With the Real Estate Market Diversifying, Specializing Is Increasingly Necessary

There are multiple pressures hitting the real industry all at once. Some of those pressures come from new technologies. Others come from social changes.

Young people today often prefer to live without a car. They may also be remote workers. Many of them prefer to rent a place temporarily or even use a timeshare rather than purchase a house.

At the same time, people are living longer. Seniors have different needs and interests from Millennials. These are distinct markets, and it may be hard to serve both at the same time.

Increasingly, technology is taking care of basic tasks that once were done only by a real estate agent. For example, people can do an initial search for a home online from the comfort of home.

These trends mean that real estate agents really need to find a niche and develop a specialty in order to survive. The marketplace is diversifying such that it's too much information for a generalist to do everything well. A generalist is in the process of being replaced by technology.

In the future, you will want to be the "go to" person for a particular market segment. You will want to be the person with all the answers to the usual questions for that market segment that no one thinks to ask in another market segment.

You need to establish your reputation as, say, the person who serves established professionals or the person who finds retirement homes. That's the way to survive these ongoing changes.

5 Ways That Real Estate Professionals Can Use Zoom Effectively

More and more creative real estate professionals are using Zoom to conduct business. They are discovering every day that there are many great reasons to use Zoom whether they are using the base version or the advanced Pro version.

Zoom has become a convenient and effective tool that realtors and brokers use to market themselves and their inventory. Below are five ways for real estate professionals to use Zoom effectively.

1. Stay in Touch with Your Clients

A realtor needs to consistently grow their brand to be successful. It's a sound business practice to stay in touch with your prior, existing and potential customers. Zoom has brought this to a whole new level. When a real estate agent communicates with their customers, they are increasing their chances of building a solid relationship with them and potentially getting a referral at the same time. Your clients will appreciate your efforts, and they will remember you when it is time to buy or sell a property!

2. Market Your Listings on a Zoom Phone Call

Zoom showings have grown increasingly popular. Your clients can be conveniently sitting at home as you virtually walk them through a house for sale. You can invite up to 100 people to join your Zoom call with the Pro plan. These clients can be the first to see your new listings. These days, so many people are moving out of their state and sometimes across the country. Many real estate transactions are being finalized remotely either in part or in whole.

3. Effective Face-to-Face Negotiations

Agents can efficiently help to simplify the negotiation process on a Zoom phone call. Realtors can bring all parties to the transaction together to negotiate the purchase price and other terms of the agreement. Your professionalism will shine through because you've made negotiating much more efficient and much less time-consuming and nerve-wracking.

4. Host a Webinar

Share your real estate expertise on social media via Zoom, and you can achieve excellent and measurable results. Did you know that you can stream your Zoom webinar live on Facebook? It can be posted on your Facebook timeline. Zoom webinars can also reach any group of viewers you want to reach.

The participants only need to join you on Zoom to watch. If you use Zoom on Facebook Live, people watching and listening can comment in real time. It only takes a few simple steps to set up a live stream. They can even post their reviews about your presentation and content.

5. Other Ways to Optimize Zoom for Your Real Estate Business

Zoom has been commonly used for holding sales meetings for real estate sales professionals. Brokers can easily meet with their staff remotely, and agents can meet with other members of their team. Additionally, realtors can use Zoom to make their listing presentation to sellers. This is especially convenient when a property owner resides out of state or outside of the country.

 

  • 1
  • 2
  • 3
  • Select