Jan O'Brien - Real Estate Coach

Real Estate Business Plan, Goal Setting and Action Plan

Basic Business planning is a 3 step process:

1. Set Your Goals/Outcomes
   

   Keys to Achievable Outcomes and Write Your Goals - Download Keys-to-an-Achievable-Outcome.pdf

2. Create Your Written Business Plan
   

   Form to Review your Previous Year's Business Download a_review_of_your_business.pdf

   A basic 3 page Business Plan  Download basic_real_estate_business_plan.pdf

3. Track and Measure your Results
   
   Performance Dashboard - Download 07-DashboardMaster.xls

   Basic Income and Expenses Statement  - Download income_statement.pdf

Visit this post - "Three Steps to Creating A Real Estate Busines Plan" for more details on real estate business planning and to download all the business planning and goal setting forms. 

Once you have your business plan in place, it is critical to review it and make necessary course corrections at least quarterly .  On a monthly basis, make sure to use the performance dashboard or a suitable tracking form to record your actuals and compare them to your plan or goal.

From the business plan you can create your daily, weekly, monthly ACTION PLAN.  This plan will outline the income-producing activities and other tasks you are committed to in order to achieve your  desired outcomes.  Review and stick to your Action Plan DAILY! 

• Put the document in front of your dayplanner
• Post it in your workspace
• Tape it to your bathroom mirror and review it daily
• Review and record your results daily also

A basic mantra or affirmation for your consideration and real estate success could simply be:

"I make one qualified appointment daily!" 

Create an Action Plan that works for you - it may consist of some of the following activities:

1. Make ______ contacts daily
2. Send ______ personal notes weekly
3. Add _______ people to your database weekly or monthly
4. Contact _____ FSBOs weekly
5. Contact ______ Expireds weekly
6. Hold ______ effective open houses weekly/ monthly
7. Mail or email to your SOI/Past clients valuable market information monthly
8. Mail or email to your designated farm of ______  properties monthly
9. Door knock/ door drop _________ houses monthly
10. Take ____ past client to lunch monthly
11. Network with ____ business to business referrals monthly
12. Hand out 5-10 business cards, 5 days/week and actively ask for business or for permission to add them to your database

Other resources:

5 Principles of Success

Keys to an Achievable Outcome

Career Realty - Business Plan Downloads page - a more detailed excel-based business plan, samples, budgets and other tracking forms are available at this website.

Quick Link to all posts in this series:  Real Estate Business Systems Series

Real Estate Business Systems - Series Overview

In the coming weeks, I will be posting a series of articles on how to implement effective systems for your real estate business.  As I conduct group coaching sessions for Prudential Americana Group, REALTORS, I will post the supporting documents, key strategies and any audio or video files from the training classes.

The focus of these sessions is to work on your business while you are also working in the business.  Most training and coaching programs focus mainly on skillset - prospecting, sales techniques, closing, contracts, listing and selling techniques.  Of course, mastering these key real estate sales skills is critical to the overall success in your business.  I also believe in teaching solid business and financial systems which ultimately can streamline your business, increase productivity, give you more balance between work and family,  leverage your time and resources and eventually create a viable exit strategy.

The first step toward building a successful real estate team is to implement key business systems that work for you as the individual lead agent.  Once you have created and refined these systems it is easy to develop a team version that team associates (buyers agents) can simply plug into without reinventing the wheel.   

For those interested in building a team, I will be discussing team building systems and strategies upon the completion of this series on basic real estate systems.

Here's what you can expect in the coming weeks:

• Real Estate Business Plan and Goal-Writing
• Creating Your Vision, Mission, and Core Values
• Developing Your Unique Value (Selling) Proposition
• Personal Promotion, Branding and Marketing
• Past Client/Sphere of Influence/Referral System
• Listing System
• Buyer/Escrow System
• Farming System
• Lead Generation and Follow-up System
• Internet, Blogging, Social Networking Strategy
• Business Financial Basics for the Real Estate Agent

Here's the link to the Real Estate Business Systems series page

Making Money with Effective Open Houses

Open Houses...You either love 'em or you hate 'em.  And depending on your attitude as a real estate agent - they either work for you or they don't. 

In my experience, open houses are the single, easiest, most cost effective way to make money in the real estate business.

Let's consider the benefits:

• Marketing exposure for your sellers and your active, saleable listing inventory.  There have been offers written and accepted on the actuall property an agent is holding open!
• Opportunity to meet and work with buyers and sellers and make additional sales.
• The real investment is your time!  Open houses can be the most cost effective prospecting activity if done properly.
• Worst case scenario - if no one shows up - you can catch up on admin tasks, follow-up calls, mailers and other "busy" work at the open house.  Preparation and planning is required! 

Attitude is Everything!
o Know  that the open house is going to be productive
o Plan, Prepare and Know the Property and the Market
o Ask, Believe, Receive!

Selecting the property
o Location (choose a listing that has great traffic; cross streets)
o Condition, price, terms (How does the property show? Is it priced to sell?)
o Your own listings – leverage success through

• Invest in Personalized Yard and Open House Signs
• Hold open houses on listings in your farm areas

o Research office/company listings and coordinate with the listing agent to hold them open
o Vacant vs. Occupied properties
o Open houses work any day of the week!!

Business & Life Lessons from a Marathon Runner

Steve Matthews is a Las Vegas Real Estate Agent, entrepreneur, business-owner, dedicated family man and a marathoner!  Last year, at the age of 54, he ran and finished his first marathon in Chicago after only 3 1/2 months of training.  He has since completed several marathons and running events. 

Steve has an excellent blog entitled A Runners Rant where he writes about his running experience and how it relates to life and business. 

His first post:  Everything I Need to Know in Life I Learned from Running outlines 45 lessons that he expands on in his individual blog posts.  Steve's writing style is very descriptive and real.  I love how he weaves his experiences with running into excellent life tips and useful business ideas and principles.   

Steve also has a business that provides virtual tours and a very unique service called VirtualAgent.  Check out this cutting-edge technology for your website or blog at : VirtualTourStore.com.

Top 12 Real Estate Marketing & Industry Blogs

This is my current list of  the best blogs covering the real estate industry, blogging, marketing, technology and news... in no particular order - they are all great!

1. Transparent Real Estate  - Pat Kitano blogs on real estate industry and technology issues.
2. The Real Estate Tomato - Jim Cronin's blog is packed with blogging tips, advice and strategies.  RE Tomato also builds custom real estate blogs.
3. The Future of Real Estate Marketing - Joel Burslem and contributors blog on real estate web 2.0 and marketing.
4. Bloodhound Blog - Greg Swann leads the way with this popular, collaborative, cutting-edge blog on the real estate industry and more.
5. Inman News - Brad Inman and the Inman Team provide real estate industry news, an informative blog, and network of real estate bloggers and professionals.
6. Real Blogging - Another collaborative blog and real estate community with posts on key real estate topics.
7. RSS Pieces - Real estate blog training, tips and another solution for a real estate blog platform.
8. My Tech Opinion - Technology for Real Estate - A blog on all things techie as they relate to the real estate business.
9. RISMedia - Articles on real estate news, industry, business development, technology and issues.
10. The Future of Real Estate Technology - A blog focused on technology and real estate
11. Real Estate Marketing Blog - A blog about real estate online marketing and blogging.
12. Carnival of Real Estate - from the Zillow Blog Team - a real estate carnival is "a weekly summary of the best blogging posts on a given subject that appeared in someone’s blog during the previous week. A different blog hosts the carnival each week."

Share your favorites.  Post a comment to continue the conversation and the list...

The Eleven Things Everyone Must Know About Earnest Money Deposits - Real Estate Agent Tips

Welcome Back to Guest Contributor:
Steven Kitnick

Earnest money is the deposit paid by a prospective Buyer as evidence of their "good-faith" intentions to complete the real estate transaction.  The Buyer is promising to be diligent in their efforts to fulfill the terms of the Residential Purchase Agreement ("RPA").  Additionally, if the Buyer and Seller agree, the earnest money deposit ("EMD") may also serve as a source of payment, and act as the Seller's sole legal recourse, as "liquidated damages," should the Buyer default, that is, fail to perform in accordance with the terms of the "RPA".

Earnest money deposits are not required for the creation of a valid and binding "RPA".  However, it is rare that a "RPA" does not include an "EMD".  The reason for this is that an "EMD" demonstrates to the Seller that the Buyer is serious about his/her offer. Although the amount of the earnest money deposit varies, it is usually enough to motivate the Buyer to take whatever steps that are necessary to perform as outlined in the "RPA" in the time-frame specified.

The general rule with respect to "EMD" is that the Buyer is entitled to a return of the "EMD" if the transaction does not close through no fault of the Buyer. Conversely, the Seller is entitled to the "EMD" if the Buyer breaches the "RPA".  However, when a real estate transaction fails, both the Buyer and Seller may claim a right to the "EMD". 

When a dispute arises here are The Eleven Things Everyone Must Know About Earnest Money Deposits (Nevada Law)

1.  The "EMD" may be deposited with an escrow/title company handling the transaction.  They are a neutral third party that follows the Buyer and Seller joint written instructions.

2.  The real estate brokers and their agents have no authority over the escrow/title company.  Thus, they have no authority to direct the payment of the "EMD" to either the Buyer or Seller.

3.  If the transaction is cancelled, the right to the "EMD" will depend on whether there was a default under the terms of the contract, and if so, who is the party in default.

4.  The "RPA" contains a default provision that everyone should be familiar with because it will dictate what happens in the event the Buyer or Seller defaults.

5.  Neither the escrow/title company nor the brokers or agents have the authority to decide who defaulted under the terms of the contract. Only a court of law can make that decision.

The Power of Previewing and Knowing the Inventory - Real Estate Career Success Tip

It's a basic yet often overlooked ingredient for success in the real estate business...previewing and knowing the inventory.  In this fast-paced, immediate gratification world, many real estate agents have simply gotten away from previewing available listings and really knowing what's happening in the market.

Excuses abound, "There's not enough time in the day"; "It's not the best use of my time"; "Isn't that what MLXchange, pictures and Virtual Tours are for?"  The bottom line is you can't afford to not know the inventory.  It is after all the product you are selling - take the time to be the expert in your niche market, farm area, price range, and/or geographical area of town you choose to work.

Major benefits to previewing and knowing what's available right now:

• You convey confidence, knowledge and expertise with prospective clients when you can talk about properties you have recently shown or previewed.
• You will be able to convert more ad and sign calls when you can discuss the details of a property the prospect called about and elaborate on other properties that may fit their needs better.
• It is the quickest way to learn a new target market or become an expert in an area you intend to farm.

Make Previewing an Ongoing Success Tactic- Try These Ideas:

• When holding an open house, preview all the available listings in the neighborhood
• Schedule at least an hour a week to preview listings, new homes, high-rise projects of interest
• Prior to a listing appointment, take the time to preview the competition
• Attend broker Open Houses and support office caravans or car tours

Interested in a Las Vegas Real Estate Career?  Considering a change to a leading brokerage?  Visit LVRealEstateCareer.com for more information.

THE Key to Real Estate Success...Always be Prospecting!

A majority of your time in this business will be spent prospecting...that is if your goal is to succeed.  ABP (Always be Prospecting) It is the most basic, critical element of success. It is imperative you develop and follow a plan. Build your plan around annual, monthly, weekly and daily prospecting activities. Demand of yourself a weekly minimum number of prospecting contacts. If you are new to the real estate business, 90-95% of your time should be spent asking for business. Do not let pending contracts or any other activity take you out of the business of prospecting every day. Prioritize your prospects, track your results and maintain a simple follow up plan. No other task in the real estate business can be performed until you have a person who is ready, willing, and able to buy or sell.

Regardless of what prospecting method you use, the goal is the same!  The main objective is to establish rapport, put the client at ease, minimize their perception of the threat you represent and always direct your dialogue towards their needs. Your goal is to turn a prospective lead into an appointment with a motivated buyer or seller.

When qualifying a prospect you must ask a lot of questions to help you determine their needs and whether pursuing them is the best use of your time.  Remember:  Questions Attract...Statements Repel. Listen carefully to the answers, take notes and show concern and a willingness to help solve any problems or needs that you uncover.  The answers you receive are not only the client’s needs, but also tell you what methods to use to meet those needs.  These answers will also help you personalize your proposal to secure the client.

You may get objections. Do not be afraid. Objections are a good thing. Objections are simply another form of a question or concern or an indication that you have not totally gained their total rapport. It can simply mean a prospect has not made a decision. Always remember, for every no you are one step closer to a yes. When you have determined that the client is motivated to make a move in the foreseeable future, close.

Mark Stark Conference Call on Culture

Here's an audio file of a recent conference call by Mark Stark, CEO and Owner Broker of Prudential Americana Group, REALTORS.  The topic is Culture.  Mark drives home the main point that Culture is simply People!  A company is only as good as its people - It only is its people.  He elaborates on how to create a positive, fun, productive, caring, supportive, 100% responsible, make results happen culture.