16 posts categorized "Real Estate Business Systems" Feed

12 Ways to Reduce Your Risk & Liability in Real Estate

Do you have a risk reduction plan for your real estate business?  In this post, we outline 12 strategies or best practices to consider adopting to reduce your liability and help manage the risk of potential litigation as well as complaints filed with the state real estate licensing entity or your local REALTOR Association.

12RiskReductionTips

  1. Develop and use standard procedures with everyone.  Review fair housing rules and treat all prospects, customers and clients honestly, fairly and equally.

  2. Keep a communication log during your transaction.  Record your notes, conversations, milestones.  If red flags are raised during the transaction or you encounter challenges, it is particularly important to record the pertinent facts and events.  If you are using a paperless transaction management system, scan and upload all of your notes, emails and correspondence for your transactions.

  3. Use email to confirm conversations, verbal agreements, proof of delivering copies of contracts and addenda.  If your clients don't use email, then mail copies of all the contracts and documents they sign via certified or registered mail or us an overnight service like Fedex.
    Note: If you and your client prefer communicating via text, make sure to take a screen capture of important texts regarding the transaction. Or better yet, follow-up the text with an email to document the notification or important communication.

  4. Keep a record of your transaction including all paperwork, emails and correspondence. Create a file on your computer (or use a cloud-based program like Dropbox or Evernote) and a folder in your email program to organize your correspondence and documents.  Archive your closed transactions (including your emails and other correspondence) and store them in your transaction management system, Dropbox, Evernote, and/or a backup drive.

  5. Rule of 3 – always recommend three vendors, contractors, attorneys, lenders, home inspectors, home warranty companies, etc.  Consider creating a disclosure with the companies and service providers you recommend and having your clients sign and acknowledge the choices you presented.

  6. Always recommend and explain the benefits of a home inspection and a home warranty to your clients.  Get a written waiver if they choose not to.

  7. Disclose...Don’t Diagnose.  Be the source of the source.  Stay within the boundaries of your area of expertise (real estate contracts, sales and marketing). Leave the analysis and diagnosis of any potential defect, issue or concern to the appropriate expert or contractor.

  8. Educate & set the proper expectations with your clients and customers. For example:
    • Explain the entire short sale process; pros and cons of purchasing a short sale
    • Review earnest money and what happens with a cancelled sale
    • Conduct a seller and buyer interview/qualification with all clients

  9. When working with buyers, make sure your buyer is ready, willing and able to purchase.  If getting a loan, have they started the approval process with a lender?  If they are a cash buyer, do they have proof of funds?

  10. When working with sellers, ensure they are ready, willing and able to sell.  Conduct a thorough consultation prior to listing to ensure they are motivated to sell and realistic in pricing the property. With short sale sellers, ensure you have the sellers complete the short sale packet and all documentation before you list the property.

  11. Use a transaction checklist or service action plan to stay on top of all the tasks and procedures in a real estate transaction from initial contact to the successful closing of escrow.  Include any due diligence and contingency deadlines.

  12. Communicate. Communicate. Communicate… often and with all parties to the transaction!  Return phone calls and emails promptly.

 

Are you ready for coaching? Take your business to the next level today. Schedule a complimentary 30-minute coaching session today to find out more.

We also provide a wide selection of other real estate and business coaching programs that are designed with the agent in mind to help you build a successful career with real life instruction on how to implement and execute. 

Real Estate Team Builder: http://realestateteambuilder.com/

WBNL Coaching: http://wbnlcoaching.com/

WBNL Business Builder: http://wbnlbusinessbuilder.com/

Wandering But Not Lost: http://wanderingbutnotlost.com/

 

 


Real Estate Tip 8 for 2017 - Use Tracking & Accountability Tools

 

Time Block to Stay Focused & On Track

The primary goal with time-blocking is to carve out blocks of time to commit to the most important activities in your day and week. The schedule represents what your week would look like in a perfect world for you and your business. Of course, the trick is sticking to your commitments and not allowing interruptions, distractions or something else deter you from doing the activity you have scheduled.

Time-blocking tips

  • Use primary categories to guide you to scheduling the key areas for you and your business.
  • We recommend scheduling “Prospecting” time in the mornings. In our coaching experience, this is the area many people tend to not stay committed to completing.
  • If you erase, you must replace! That means if you decide you will work with a client when you have prospecting scheduled, and then you must reschedule that time block somewhere else in the week.
  • Avoid the tendency to multi-task when you are in one of your time blocks. You will be more efficient and get better results if you stay focused on the task at hand. For example, schedule 30-minute blocks for social media daily 5. Just knock it out. Stay on task and don’t get distracted with other tasks on your to do list.

Main categories to color code and schedule

Personal-Family Time Schedule your personal -family time and day(s) off first!

  • Day(s) Off
  • Workouts
  • Meditation or other morning rituals
  • Breakfast and prep for the day

I.P.A. – Income-Producing Activities

  • Prospecting
  • Follow-up
  • Client Appointments
  • Networking Events
  • Client lunches and pop-by’s

S.A. – Support Activities

  • Admin tasks
  • Paperwork
  • Training- Workshops- Webinars
  • Office Meetings
  • Prep work-research
  • Social Media
  • Team Meetings- Accountability

 

Business Planning Tracking & Measuring Tools

We created a comprehensive and easy to implement online course to support you in Setting Your Goal Setting and Creating Your Real Estate Business Plan.

WBNLFreeBusinessPlan

http://wbnlcoaching.com/membership/ 

The Free Course contains detailed video tutorials on how to customize the WBNL Coaching Business Plan templates:

  • Real Estate Business Plan (excel)
  • Goal Writing Package (fillable PDF)
  • Personal Budget (excel)
  • Business Budget (excel) (excel)
  • Income & Expenses Statement
  • Success Action Plan (fillable PDF)

Our turnkey, complete team building system includes all of the materials, supporting documents, checklists and manuals along with the step-by-step implementation training delivered via our on-demand video coaching platform. Visit www.RealEstateTeamBuilder.com to learn more about our “Team Building in a Box” system to build your profitable real estate team.

 

We also provide a wide selection of other real estate and business coaching programs that are designed with the agent in mind to help you build a successful career with real life instruction on how to implement and execute. You can learn about the other products and services provided by WBNL Coaching below:


Real Estate Tip #6 for 2017 – Implement Real Estate Business Systems

 

 

How do you answer this question….  What do you do for a living?

Are you working on your business while also working in it?

Is the business running you or are you running your business?

Most real estate agents are not running their business as a true business.  They are simply the “technician” working with buyers and sellers toward a successful close of escrow and collecting a commission for services rendered.

They haven’t spent the time to establish duplicatable and efficient systems to manage and run a profitable business.

Create and implement key real estate business systems that work for you as an individual agent in these key areas of your business:

  •     Real Estate Business Plan and Goals
  •     Develop 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 Media Strategy
  •     Business Financial Basics for the Real Estate Agent

Recommended reading:  EMyth Revisited by Michael Gerber

Our philosophy at WBNL Coaching is to guide you to running your business as a true business. Our Wanderers Club coaching & training program was designed to be your online virtual coach.

  • Conduct a real estate business assessment to get a clear picture of where you currently are and to set priorities?Get our free business assessment here: http://realestateteambuilder.com/
  • Schedule time every week to work “ON” your business systems
  • Join the Wanderers Club and use the tools, training and coaching we provide

In Connecting Your Real Estate Business; we lay the foundation for guiding you towards running your real estate business as a true business. It is also the prerequisite course for Agent Team Building. Our philosophy on team building is to get your own house in order first – that means implementing effective systems to run all facets of your real estate business.

  1. Your Business Plan & Goals
  2. Your Business Purpose & Building Your Brand
  3. Attracting Perfect Clients
  4. Build Your Database & Referrals
  5. Personality Styles, Communication Preferences & the Sales Cycle
  6. Marketing, Advertising & Lead Generation
  7. Listings & Seller System
  8. Buyer, Sales & Transaction Management System
  9. Real Estate Social Media & Technology
  10. Business & Financial Essentials & Exit Strategy

WBNL COACHING WANDERERS’ CLUB Developed with all Agents in mind, the Wanderers’ Club refocuses activities toward revenue creating action.

  • New for 2017! Daily Social Media Posts (WBNL 365)
  • Online, On-Demand WBNL Courses
  • Two Training Workshops (monthly and on-demand)
  • Monthly marketing material to send to your database
  • WBNL 52 - Weekly coaching and business tips
  • Private Facebook & LinkedIn Group
  • Special discounted pricing on WBNL events and products

Go to www.WBNLCoaching.com/membership

WCMembership - WBNL Coaching

Wanderers’ Club – Get access to all member benefits including our on-demand Training Workshop Library, receive our weekly coaching tips and monthly marketing, along with jumping in to our course curriculum ~ featuring our Connecting Your Real Estate Business Series. You can opt to pay monthly or sign up for a year and save.  ~ $44 | month or $396 | year

Basic Membership – Receive immediate access to our 3 Steps to a Powerful Real Estate Business Plan Course, Weekly Coaching Tips and access to select members only articles and downloads ~ FREE


Real Estate Tip #5 for 2017: Stay Connected to and Build Your Database

 

 

 

Connect more often with your database and actively ask for referrals!


Building your database is an ongoing and daily process. It’s a mindset.


Set a goal for the number of people you want to add to your database on a weekly or monthly basis. Every day, you will have opportunities to network and talk to others. Turn every day situations into an opportunity to discuss the real estate business and invite someone to be added to your mailing or email list.

We recommend 30-40 connections annually.  A connection could be a call, email, mailer, text or face-to-face meeting.


30-40 Annual Connect Plan Example:

  • 12 monthly newsletters
  • 4 phone calls (call A+, A, and B contacts at least quarterly)
  • 4 personal notes (after these phone calls for sure.  And any other opportunity like when you receive a referral.)
  • 4 success mailers (quarterly just listed/just sold mailer)
  • 8 Holiday postcards, emails or flyers
  • 6-8 postcards, emails or flyers (Time change, home maintenance, market reports like Market Snapshot from Top Producer)

Here are some strategies and ideas to begin implementing in your daily Action Plan today!

Remember your ABC’s  – Always Be Connecting!

  • Making connections with people then building and maintaining relationships is the most basic, critical element of success in business.
  • Do you have your “elevator speech” down? Can you easily communicate your value proposition to a prospective client in about 30-45 secs?
  • Have fun with the daily process of connecting with others.  Set the expectation each day that you are going to connect and communicate with at lest 5 new people.  Challenge yourself to see how many people you will be able to add to your database each day.

Commit to adding at least 5 people a week to your database

  • Actively handout 5 business cards 5 days a week and ask for referrals! (Everywhere – standing in line, restaurants, interacting with businesses daily)
  • Hold 2-3 Open Houses a week – you will meet prospective buyers and people to add to your database.
  • Active prospecting – FSBOs, Expireds, door knocking, calling, just listed and just solds
  • Networking and business events
  • Get involved in community events or groups


Build a habit of sending personal notes

  • Commit to a certain number of personal, hand-written notes daily.
  • Write the note in the moment – when the reason for sending the note occurs.
  • Have a supply of blank note cards and envelopes with you – in your car – at home – in the office.
  • Ideas for personal notes:
    Open house visitors
    After client contact (call or visit)
    Co-op agent on a transaction
    Business vendors and partners
    When you receive a referral
    At close of escrow on a transaction


Acknowledge your Referrals

  • Immediately upon receiving a referral from a past client or anyone, send a personal note and a thank you for the referral item.
  • The key is to have a supply of your thank you items on-hand (Gift card/movie tickets, etc.) and send a personal note immediately after receiving the referral.
  • Don’t wait to send the thank you note after the close of escrow! Make an impression immediately by acknowledging the referral as soon as you receive it, regardless if it turns into business or not.
  • Send a Starbucks card, car wash card, gas card or movie tickets along with your note

 


 

WBNL COACHING WANDERERS’ CLUB

Developed with all Agents in mind, the Wanderers’ Club refocuses activities toward revenue creating action.

  WBNL365_SocialMediaPosts

  • New for 2017! Daily Social Media Posts (WBNL 365)
  • Online, On-Demand WBNL Courses
  • Two Training Workshops (monthly and on-demand)
  • Monthly marketing material to send to your database
  • WBNL 52 - Weekly coaching and business tips
  • Private Facebook Group
  • Special discounted pricing on WBNL events and products

 

Go to www.WBNLCoaching.com/membership

Wanderers’ Club – Get full access to the site and all member benefits, view our on-demand Workshop Library, receive our weekly coaching tips and monthly marketing, along with jumping in to our course curriculum ~ featuring our Connecting Your Real Estate Business Series. You can opt to pay monthly or sign up for a year and save.  ~ $44 | month or $396 | year

Basic Membership – Receive immediate access to our 3 Steps to a Powerful Real Estate Business Plan Course, Weekly Coaching Tips and access to select members only articles and downloads ~ FREE


Powerful Real Estate Business Plans - Florida REALTORS Presentation

Today, I had the privilege of presenting to a great group of real estate professionals attending the Florida REALTORS Annual Conference and Trade Expo / Celebration '15.

Here is the Slide Deck from the session:  Powerful Real Estate Business Plans 

You can download all the customizable Real Estate Business Plan templates from our new website introducing WBNL Coaching

Step 1 – Set Your Goals (Outcomes)

Identify clear, concise, SMART goals and know your WHY for each of them.

Specific/Simple 
Measurable/Meaningful to you 
Attainable/As if Now/All areas of your life 
Realistic/Responsible 
Timeframe/Toward what you want

  • Write them down for all areas of your life (Personal, Financial, Business/Career, Relationships/Family, Spiritual)
  • Create Action Plans – break the goal down into steps and next actions.  Take action every day!
  • Measure and track your progress – you can’t improve what you don’t measure.
  • Celebrate your successes along the way – make any necessary course corrections.

Why Write Down Your Goals (Outcomes)?

  • To clarify what it is you truly desire.  Writing down your goals forces you to select something specific and decide what you want and when you want to attain it.
  • To motivate and inspire you to take action. Writing your goals down is only the first step.  It is also important to review them regularly which supports you to take the next most important action toward your goal.
  • To help you overcome resistance. Every meaningful intention, dream, or goal encounters resistance. From the moment you set a goal, you will begin to feel it.  Resist the temptation to focus on that resistance and instead focus on what you want to accomplish.
  • To enable you to see—and celebrate—your success and progress.  Written goals are like mile-markers on a highway. They enable you to see how far you have come and how far you need to go. They also provide an opportunity for celebration when you attain them.

Step 2 – Create Your Business Action Plan

FREE: WBNL Coaching Real Estate Business Plan Online Course and Downloads

Conduct an Assessment and Review of the current or previous year. Start by analyzing your previous year’s business – this form will help you gather and calculate key factors for your specific business.  Everything from sources of business to average days on market and listing to sale ratios.  Before you launch into your plan for the coming year, it’s critical to review what worked last year and to know your basic numbers.

Step 3 – Measure and Track Your Results

You can’t improve what you don’t measure.   An excellent tracking system will allow you to make necessary course corrections and adjustments as well as track your overall success. 

SECRET to SUCCESS: Create Your Daily Action Plan and Just Do It!

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 a performance dashboard or a suitable tracking form to record your actual results 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!

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

“I make one qualified appointment daily!”

FREE: WBNL Coaching Real Estate Business Plan Online Course and Downloads

 

Visit www.WBNLCoaching.com to learn more about our coaching program and online training membership options. Your FREE, basic membership includes a complete real estate business-planning course and downloads.

 


Introducing Heart | Mind | Business Coaching & Training Company

Dear friends, associates, past clients and new clients:

Post Update:  Company name change announcement: read The Magic of Being Connected & Aligned

FREE: WBNL Coaching Real Estate Business Plan Online Course and Downloads

My passion has always been to inspire, empower and educate others to discover and achieve their full potential.  I have had the opportunity to do just that throughout my life as a business coach, speaker and trainer in a variety of career positions and affiliations with large companies.

My burning desire – that deep calling that never really goes away - has been to make the transition from the corporate world to running my own successful coaching and training business. I took that plunge in 2009 with O’Brien Consulting Services where I focused on real estate agent and team coaching as well as social media consulting.

Here’s what I discovered.  It’s not fun and empowering to work solo.  I vowed that when the day came that I would launch my own business again, it would be a collaborative effort.  I envisioned a company of heart-centered, like-minded professionals who work together to positively impact the lives of our clients.

Well, that day has arrived. Every experience and every person along my path has prepared me for this next exciting step in my journey and fulfillment of my life’s purpose.  I am truly grateful for those experiences, friendships and opportunities to grow.

I am thrilled to announce that I have made that leap of faith into the world of small business ownership by founding HMB Coaching, LLC.  Heart Mind Business Coaching is a real estate, business, life coaching and training company providing both personal, one-on-one coaching and online, on demand training and virtual coaching. 

HMB Coaching: Align and Connect Your Heart (passion) and Mind (attitude) with Your Business.

It’s all about understanding your passion and attitude then connecting those elements with the path that will lead you to success. 

We designed our programs for real estate professionals, agents who are building a team, brokers, managers and business owners in any industry.

Our coaching interest list is forming now!

Join the list and be among the first to know about the actual launch date for HMB Coaching (currently scheduled for September 2015).  You will also get notified of the limited time, introductory pricing and how to become a charter member of HMB Coaching.

As we continue to build our coaching and training platform, we have created an initial site to tell you more about who we are and what we do. 

http://heartmindbusinesscoaching.com/

Get on the list and download the free Real Estate Business Plan and customizable templates to guide you through creating powerful goals and a written business plan to keep you on track to success.

You are filled with unlimited potential.  At HMB Coaching we will partner with you to unlock your heart and mind so that you can focus, stay on track, and truly enjoy your personal and business journey.  There is no doubt that when you love what you do, it isn’t really work; you are more positive and feel more alive.  In the end isn’t it really about that feeling of satisfaction that you have exceeded your wildest expectations? That you have no regrets? That you have more personal time for family and friends?  We think so too – let’s get to work!

  

Jan O’Brien

Founder, HMB Coaching, LLC
www.HeartMindBusinessCoaching.com

Jan@JanOBrien.com
702.858.9191

HMBC_200


Risk Management for Real Estate Agents: 12 Best Practices for Your Business

Developing best practices and incorporating the recommendations outlined below into your daily real estate business will significantly reduce your liability and help manage the risk of potential litigation as well as complaints filed with the department of real estate  or your local REALTOR Association.

  Riskmanagement

  1. Develop and use standard procedures with everyone.  Review fair housing rules and treat all prospects, customers and clients honestly, fairly and equally.

  2. Keep a communication log during your transaction.  Record your notes, conversations, milestones.  If red flags are raised during the transaction or you encounter challenges, it is particularly important to be record the facts and events.  If you are using a paperles transaction management system, scan and upload all of your notes, emails and correspondence for your transactions.
  3. Use email to confirm conversations, verbal agreements, proof of delivering copies of contracts and addenda.  If your clients don't use email, then mail copies  of all the contracts and documents they sign via certified or registered mail or us an overnght service like Fedex.
  4. Keep a record of your transaction...including all paperwork, emails and correspondence. Create a file on your computer and your email to organize your correspondence and documents.  Scan your emails and store them online, on a backup device and/or in a paper file.
  5. Rule of 3 – always recommend three vendors, contractors, attorneys, lenders, home inspectors, home warranty companies, etc.  Consider creating a disclosure with the companies and service providers you recommend and having your clients sign and acknowledge the choices you presented.
  6. Always recommend and encourage your clients obtain a home inspection and a home warranty.  Get a written waiver if they choose not to.
  7. Disclose...Don’t Diagnose.  Be the source of the source. 
  8. Educate & set the proper expectations with your clients and customers… for example:
    • Explain the short sale process; pros and cons of purchasing a short sale
    • Review Earnest Money and what happens with a cancelled sale
    • Conduct a seller and buyer interview/qualification with all clients
  9. When working with buyers, make sure buyer is ready, willing and able to purchase.  If getting a loan, have they started the approval process with a lender?  If cash buyer, do they have proof of funds?

  10. When working with sellers, ensure they are ready, willing and able to sell.  With short sale sellers, ensure you have the sellers complete the short sale packet and all documentation before you list the property.  Review and explain personal vs. real property; Arm's Length transaction and other common issues with short sales.
     
  11. Use a checklist to stay on top of all the tasks in a real estate transaction.  Include any due diligence and contingency deadlines.
  12. Communicate. Communicate. Communicate.  Often and with all parties to the transaction!  Return phone calls and emails promptly.

 

Are you ready for coaching? Take your business to the next level today. Schedule a complimentary 30-minute coaching session today to find out more.

Let us be your virtual coach as well.  Learn at your own pace and on your own schedule.  Our on-demand online courses integrate multi-media with an intuitive learning management system. Learn more about becoming a member of our community at WBNL Coaching.


Create a Powerful Referral System with these 7 Action Steps

SOI/ Past Client Referral System

There are 3 basic reasons why many agents fail to conquer the most important real estate system to implement – your Sphere of Influence (SOI) and Past Client Referral System.

  1. They never decide on a contact management or software solution.
  2. If they have a solution, they don’t enter the contacts, sort and categorize them.
  3. They over-analyze or never decide what to do or send out each month – thus, ultimately doing nothing for months on end.

So, let’s break it down step-by-step, get this critical system in place and generating business and referrals immediately.  The key to implementing this system is to commit to the process and set a deadline to complete each action step, one at a time. 

 

Action Step 1 - Create your list of past clients and sphere of influence.  If you have started a list or have it scattered in 2 or 3 places (MLS client, Outlook, other email program, scraps of paper, transaction folders, etc) get it all together in one place.  Make sure you have all the vital information on your contacts – names, address, emails, phone numbers, social media.  

Set deadline for completion: __________

Action Step 2 - Decide on a contact management /real estate transaction system.  You can choose a program like Outlook to get started and always upgrade to a more comprehensive, real estate-specific program.  The important thing is to choose something and just get started!  When researching and deciding on the right Customer Relationship Management software for you… consider these features to compare…

  • Accessibility (Mobile access, cloud-based, desktop)
  • Ease of use
  • Price (One time cost vs. monthly subscription)
  • Import/Export capability
  • Auto drip email campaigns
  • Action plans
  • Transaction management
  • Listing management
  • Contact/Client management 

REST – Real Estate Success Tracker  (www.GetRESTnow.com )  ($399 for single user license)

http://www.realestatesuccesstools.com
Highly recommended. Easy to use, more intuitive, not as complicated as many programs. 
Single and multi-user options available.  You install REST on your desktop/laptop but you can also remotely access from your PDA or another computer.

REST_Assured, hosted option for $34.98/mth

Top Producer, http://www/topproducer.com ($ 39.95/mth). Top Producer is a comprehensive cloud-based CRM (Customer Relationship Management) and real estate transaction management system.  Multiple related products integrate with the CRM module (MArket Snapshot, Websites, IDX, Connector for MLS)

Realty Juggler  http://www.realtyjuggler.com   ($99/yr   Free 90 day trial) Cloud-based CRM, mobile access, real estate flyers, activity/task plans, print labels, letters, drip emails, track production, team support 

Wise Agent http://wiseagent.com  ($24.95/mth  Free  30 day Trial ) Cloud-based CRM with contact manager, transaction manager, doc storage, email drip campaigns, flyers, newsletter, letters, property lists, to do lists, text and email alerts

Other CRM solutions

Real Estate Website – Your Back Office of your real estate website solution may have a CRM component

Email newsletters and email list management options:

 Research the solutions and make a decision.  Set deadline for purchase, installation and familiarization/training: _____________

 

Action Step 3 - Input all contact information into selected program.  Set aside a few hours and get this task done!  If you aren’t going to get to this task any time soon - hire someone to get this job done for you.  Computer-savvy people (teenagers, family members, your colleagues’ family members, agents in your office, local high school or community college students) are everywhere – find someone and hire them for this project. 

Set your deadline: ________________

 

Action Step 4 - Sort and categorize your database.  Optimally, complete this step simultaneously with the data entry of Step 3.  I recommend using the technique taught by Brian Buffini to sort your database:

  • A+ Multiple transactions or multiple referrals
  • A Referred at least one client
  • B Haven’t referred yet – probably will when you remind them/show them how
  • C You know them/just met them – haven’t sold them a home yet
  • D Delete - Not going to mail to them

You can also group your database by other specific categories or contact types (sellers, buyers, farm, past clients, newsletter, prospects, vendors, investors, short sale prospects, etc).

 

Action Step 5 - Create an Introduction or Reconnect letter with a deadline to mail out.

  • The letter should outline what the recipient can expect from this point forward; what services you provide; your client appreciation program; local market updates; annual market analysis of their property; business-to-business resources to name some possibilities.
  • If you are a New Agent, ask your broker for an endorsement letter from your Broker – company.  The concept here is the SOI member knows that the agent is new and may not have a high level of confidence in their ability or experience yet.   The letter reassures the potential client that not only do you get the agent but a team of professionals and support staff.
  • For those of you who have not done a great job staying in regular contact with your database, write a “reconnect” letter. 

Bonus Action Step:

Make a follow-up phone call after you send the letter or email. This one extra step will help you immediately sort your database and the major side benefit…you will more than likely generate business either directly or by referral from the activity of all the calls you make.

Make sure to cover these points on the call:

  • Ask them how they prefer to be contacted and updated (email, mail, texting, call)
  • Verify you have their preferred email and accurate contact info (use the Client Information Form)
  • Always ask for a referral!  “Who is the next person you know (or.. Who do you know…)  who is interested in investing in real estate?  Considering selling their home or buying anew home?

Set deadline for completion: __________

 

Action Step 6 - Decide on what you are going to mail or email each month.  This is the step many agents get stuck on.  They can’t decide on what to send or procrastinate about it or waste time creating their own newsletter or mailout.  Here are some suggestions to get you started.  Just pick one and do it.  You can always modify and refine later.

We recommend 30-40 connections annually.  A connection could be a call, email, mailer, text or face-to-face meeting.  Here is a sample connection plan:12 monthly newsletters

  • 12 monthly newsletters
  • 4 phone calls (call A+, A, and B contacts at least quarterly)
  • 4 personal notes (After these phone calls for sure.  And any other opportunity like when you receive a referral.)
  • 4 success mailers (quarterly just listed/just sold mailer)
  • 8 Holiday postcards, emails or flyers
  • 6-8 Seasonal postcards, emails or flyers (Time change, home maintenance, market reports)
  • Four Key Connects to include:
    • Settlement Statement (send first week of January for all closings from previous year)
    • Anniversary card, email, or call
    • Birthday card, email ,call or text
    • Annual Market Analysis
  • Current Market Data
    • Local or State REALTOR Association
      GLVAR has a Consumer Newsletter
      CAR has Client Direct – online newsletter
    • Most local Title Companies provide excellent market condition reports.  This is the information people are most interested in – what is happening in your local market.  Be the provider of that information!
    • Altos Research  http://www.altosresearch.com
    • Market Snapshot  http://www.topproducer.com/products/market-snapshot.aspx

 

Action Step 7Systemize it!  This is the final step and a key to the overall success of the system.  It simply means deciding on a day or week of the month that you will actually prepare and send out your monthly mailer or email.  Schedule it.  Place it on a visible calendar and make it happen.  Hire someone to get this task complete for you if you don’t want to do it yourself.

 

 

Join our Wanderers' Club - The Real Estate Training & Coaching Membership Platform

Member Benefits include:

  • 3 Steps to a Powerful Real Estate Business Plan Course
  • Monthly WBNL Coaching Newsletter +Access to members only articles and downloads
  • Access to All Online, On-Demand WBNL Courses
  • Monthly Training Workshops
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Nationwide Open House Weekend is April 28-29 ... Five Online Sites to Advertise Open Houses for Free!

REALTORS! Are you leveraging the power of an effective open house? This weekend, April 28-29, 2012 is the Realtor Nationwide Open House Weekend...

Potential home buyers rely on open houses to help them find the home of their dreams. This weekend buyers can have a greater chance of doing just that during Realtor® Nationwide Open House Weekend, which is organized by state and local Realtor® associations across the country. This Saturday and Sunday, April 28-29, Realtors® from coast to coast will host thousands of open houses while engaging consumers on the benefits of homeownership and bringing buyers and sellers together. More from http://www.realtor.org/topics/nationwide-open-house

According to the NAR 2011 Profile of Homebuyers, 11% of homebuyers surveyed found the home they purchased due to the yard/open house sign.

NAR_Buyers2011

 

Making Money with Effective Open Houses - Check out this blog post for details and strategies on holding effective open houses.

Leverage the power of the major online listing portals/websites... Did you know you can post your Open House on several major websites for Free? You simply need to setup your free agent profile and ensure your active listings are populated in your profile. Then simply go to the "My Listings" area of your profile to find the area to post your open house.

 

Visit www.WBNLCoaching.com to learn more about our coaching program and online training membership options. Your FREE, basic membership includes a complete real estate business-planning course and downloads.


Creating a Saleable Asset & Designing Your Real Estate Career Exit Strategy

The primary focus of much of the coaching I conduct with real estate agents is how to set-up, operate and ultimately exit from their successful real estate business.  In this multi-part series I want to discuss some of the key points and strategies for making that happen.  In my experience as a broker-manager and coach for the last 16 years, it amazes me how many top-producing agents are unbelievable rainmakers and not always the best at managing their finances or their team, setting up and utilizing effective systems and running the business like a business.

As an industry, training is primarily focused on basic sales skills, prospecting and how to generate and convert those leads or build referral business.  Of course, all these skills are critical to a successful real estate career.  In my opinion, what's missing is effective training and coaching on the basic and advanced business and financial structure and systems that any successful business uses on a daily basis. 

Here are the main areas of consideration for designing your exit strategy:

  • Determining the value of your real estate business
  • The Essential Real Estate Business Systems
  • Real Estate Team Building Systems - an overview
  • Establishing metrics to measure your business health
  • Exit Strategy - from training your replacement to buyout considerations

In this article, let's cover the factors in determining the value of your real estate business.

Without a strategic action plan and clear exit strategy, an agent desiring to leave the real estate business generally has this as an option:  Find another agent to takeover their client database and give them a referral on any business generated.  Some agents have negotiated a "purchase price" for their database.  But here's the issue - how do you determine the value of your database?  Does the agent who's "taking over your business" have the rapport and relationship with your database?  Later in this series I'll share some ideas for finding and training your replacement as an exit strategy which if leveraged with other strategies can result in a much higher purchase price or residual income agreement.

Here are some considerations to help determine the value of your real estate business:

  • The quality and size of your database. 

    What kind of historical data do you have on your clients?  Is it more than just their names, addresses, phone numbers and email? 

    Do you know....
  • Favorite Restaurants?
  • Favorite free time activities?
  • Children's favorite activities?
  • Children's schools/grade levels/ages?
  • Where did they move from?
  • Do they have plans to relocate to another city in the future?
  • Place of worship?
  • Favorite charities?
  • Investment wants?
  • On-going information requests?
  • Where they like to shop for clothes and food?
  • Their passions? Hobbies?
  • Where they vacation?
  • Marital status?
  • Place of employment?
  • What software program do you use to maintain your database?

    A better question may be...Do you use a system to maintain your database?  And if the answer is no, then this is a critical first step to handle ASAP.  Stop procrastinating already!  Make a decision on the software and/or system and hire someone to get all the contact data loaded.

    Read my post:  7 Action Steps to Creating Your SOI/Past Client Referral System for some guidance and suggestions on software programs and implementing your SOI system.
  • Have you categorized and sorted your client database? 
    I recommend the Brian Buffini system for maintaining and building referrals.  This is the category description from Buffini:

    A+    Have given you multiple referrals and you love working with them
    A      Have given you a referral and you want to receive more referrals from them
    B      People who would refer you, if they were asked and shown how
    C      People who might refer to you in the future
    D      People to be deleted from your database

  • Do you have lead generation systems in place that can easily be transferred and taught to a replacement?
  • Have you implemented effective and duplicatable real estate systems?  Listings, Buyers, Escrows, Lead Generation & tracking, Business Plan, Personal Branding & Promotion, Advertising & Marketing, Referrals

  • Do you know your numbers? Can you clearly show your track record for production currently and in the past to include income, expenses, sources of transactions, return on various marketing venues and target markets? 

  •  Do you have a real estate team in place? Do you know what the team members contribute to your bottom line?Do you have accountability systems and production tracking set-up?