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559 S. Washington Ave., Kankakee,IL 60901

P.815.929.9258 P.815.929.9200

walter@waltersanford.com

"Thank you for another great conference. Walter Sanford was energetic and delivered some great information as well." Carla Rigsby CENTURY 21 Really Group

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God’s Word Regarding Real Estate Debt October 10th, 2014 | Posted in Other Interests

PROVERBS 22:7 – The rich ruleth over the poor, and the borrower servant to the lender.

If only I had been a student of God’s word sooner…. The pain I could have avoided and the good I could have done! Now, in a position to coach some of the top agents and make presentations all over the world, I’m careful in what I endorse.

Here are 15 changes that I would have made early in my career had I been a better student of the Bible:

  1. Lose the “big hat, no cattle syndrome.” I went into debt for big houses in multiple areas, fancy cars like a Rolls Royce under the false teaching of “fake it till you make it.” People respect your hard work and goodness, not your car.
  2. The real estate industry is still pushing for lower down payments and loans open to more people. When they cannot afford the payments, people find themselves being a slave to the lender.
  3. Keeping what you own and not risking your holdings on more leverage can be a little boring, but, in the end, it is the smartest financial move. Worrying about making payments lessens your availability for other important matters.
  4. Do you have enough money to tithe? You need to have better systems in real estate and less debt, if you do not.
  5. From now on, don’t bet on the market. Bet on the income. Sure, flippers make it when it’s good, but investors make it always. You can buy to flip, but it better have a long term cash flow just in case.
  6. Being positive after taxes is a misnomer. If you don’t have taxes to pay because of a bad year, then that means it is negative (negative cash flow.)
  7. Don’t borrow short on long term assets. You might own things longer, or their completion may take longer. Always go for the fully amortized loan.
  8. Before going into debt for the fancy office, assistants, third-party lead generators, and buyer’s assistants – learn how to generate leads by yourself and for yourself.
  9. The old ways are the best. Save for taxes, pay your insurance, and have a rainy day fund before you invest.
  10. Make it a goal to have no interest rate higher than the loan on your cash flow piece of real estate. Miss a payment at Lowes and it is 20.4%.
  11. Did you know the expense factor on a piece of free and clear real estate can approach 50% of its gross income? Know how to figure net cash flow on real estate.
  12. Make sure your weekly “perfect week” reflects your core principals of how you want to live your life. Is there enough time blocked for faith and family?
  13. What good are you doing with your money? After the income starts rolling in, let’s invest in God’s work rather than adding more feathers to our nest.
  14. Can you afford to give that good tenant a break this month?
  15. When you do get rich from this great business, do you give God the glory?

The funny thing is–I have always had all the breaks, the training, and the backing. I have been blessed in real estate and life. The only times that I have felt pain in my life is when ignored God’s word. Following the rules become easier after accepting Christ and allowing the Holy Spirit to coach you.

I can give you the real estate systems through books, software, speaking events, and coaching. What you do with your success and to whom you give the glory will be a matter of how good a student you are.

Walter Sanford has been designing and implementing real estate systems for 30 years. One of the most successful REALTORS® and now wealthy from his systems, Sanford teaches his systems and strategies through his products, seminars, and personal coaching producing the best results in the industry. Do what works, do what is proven. Hire Walter Sanford. Call our office at 800.792.5837, email walter@waltersanford.com, or chat with us online at www.waltersanford.com.

 

Don’t Got Into Winter with a Low Listing Inventory September 11th, 2014 | Posted in General Real Estate, Real Estate

I am afraid that a lack of holiday listings will make it ugly for you in February. You still have a few months to increase your inventory so even if you hate seller lead generation — it’s only for a few months!

Here is a list of what I would do, if I wanted more listings in the last quarter. I have a list of twenty. Choose TEN and implement. You should have a happy start to 2015.

  1. Call the more expensive expired listings every morning.  Get some help from Landvoice.  Visit https://www.landvoicedata.com/waltersanford to get a discount, too!  Landvoice provides a service so you don’t have to research the phone numbers.
  2. Call all the homes, condos, and small multi-unit properties for rent in the weekend paper and/or Craig’s List.  Ask if they might consider selling or doing a 1031.  Unless it’s a multi-unit, it’s a 100% vacancy factor!
  3. Have forms for sellers to complete on your website like a free 48-hour phone value analysis or a buyer matching database.
  4. Email/call/mail everyone in your database with at least 5 valuable services that you can perform for them.
  5. Re-call all listing leads and let them know that the most motivated buyers come out in the winter when other sellers hibernate.
  6. Send a good FSBO letter to all FSBOs every week until the end of year. Have your favorite team lender call them with help on financing plans that can be advertised and pre-approval of all potential buyers. Have your lender use your name in the conversation.
  7. Send just sold and just listed cards out and call behind them. Get the Cole Realty Resource to help. Visit http://www.colerealtyresource.com/landing/Sanfordsystemsandstrategies/ for a special discount, too.
  8. Get the newspaper and cut out positive articles that are relative to some of your area “movers and shakers.” Add these individuals to your database, too. They won’t forget you.
  9. Hold a good open house — good area and a new listing. Ask if the attendee is a buyer or seller and provide free value for them.
  10. Call the human resource manager at the big companies. Give potential sellers the estimates of value, based on the same comparables that appraisers use.
  11. Call assisted living centers and take the tour. Ask who they use to sell the homes of their incoming clients.
  12. Mail and call all of the divorce attorneys. Offer fast valuations and a written, aggressive marketing plan for their client homes.
  13. Mail all divorcing couples with the problem of a quit claim/grant deeds and underlying loans.
  14. Send an “I have investors” letter to poorly kept properties in better neighborhoods.
  15. Send a letter to owners of 2-4 unit properties about their value because of preferential financing, 1031s, and your management expertise.
  16. Send a letter to old expireds and old FSBOs long after other agents have ceased soliciting. Follow up with a phone call.
  17. Provide ten services to out-of-state owners. Offer things like rental agreements, vendor suggestions, management referrals, 1031 accommodators, etc.
  18. Work on friending/connecting/following your database via social media outlets and spending a few minutes a day entering any conversations into your database.
  19. Have forms for sellers to fill out on your website.
  20. Call all the clients who used to belong to the agent who left the business. Let these new clients know that the broker has asked you to be their new representative at the office.

It is a matter of designing the above systems and time-blocking them as the most important activities of the day. You will never have had a better first quarter!

If you need help with these systems, we have been making improvements to them with research techniques, multi-media approaches, overcoming objections, and follow-up.

We offer solutions in many forms with books/software, seminars, and coaching. Many top agents use Sanford Systems as their trusted resource. Call us at 800.792.5837 if we can help your business.

Walter Sanford has been designing and implementing real estate systems for 30 years. One of the most successful REALTORS® and now wealthy from his systems, Sanford teaches his systems and strategies through his products, seminars, and personal coaching producing the best results in the industry. Do what works, do what is proven. Hire Walter Sanford. Call our office at 800.792.5837, email walter@waltersanford.com, or chat with us online at www.waltersanford.com

 

Loyalty to Affiliates August 12th, 2014 | Posted in General Real Estate

Real estate agents are competitors, but affiliates can be team members. An affiliate is a service provider who affiliates with your business to earn a piece of the transaction. They can be lenders, home warranty providers, title representatives, inspectors, etc. For our purposes here, we’re going to use lenders but really the same principles apply to all.

First, your broker or firm might warn you about suggesting affiliates for your clients to use. I understand this warning because if the affiliate messes up, there might be liability attached to the referring party. Maybe. In my affiliate relationships, I took care of that concern with a removal of liability clause in my listing and buyer brokerage agreements.

Furthermore, I always did what was right for my client. The client’s best choice was always an affiliate who was afraid to lose my business, if they did not meet expectations. It’s simple: if you are loyal to a great affiliate, they will devote the resources to make your life easier as a REALTOR®.

I had a favorite one to four unit lender. Look for a hard-working, smart individual who understands that top producing REALTORS® are his/her preferred client. He/she always under-promises and over-delivers. My lender would tell me when I had a client in a low-closing proposition. My lender stayed out of my office and did not tie up my assistant in gossip. 

Rates are competitive. My lender knew how to get in touch with the underwriter to “explain” things when needed. My goal was to go to the top of the list for service, follow-up, and favors.

These are the steps I followed in getting my top lender’s attention:

  1. Asked for his picture and résumé to put on my “meet the team” section of my website used to promote my one-stop service for clients.  
  2. Sold his services to my seller at the listing presentation by mentioning that the only way I could guarantee my service completely is if I worked with the team members who best know the process.
  3. Sold his services to my buyers by not wanting to work with lenders with whom I wasn’t familiar.  It is hard to orchestrate a closing with lenders who are servicing a new account where their prospects of future loans are bleak.      
  4. All offers that come in with a non-team member lender are automatically countered by a pre-counseled seller who now believes that a non-team lender may be a hindrance to close.  Counter is written: “Buyer to pre-approved by (lender) at (company).  After pre-approval, buyer is free to use any lender of their choice.”

 

Loyalty can bring many benefits:

  1. I liked to time-block my weekly follow-up on pendings for Wednesday at 1PM. My lender was always ready with a report.
  2. My lender looked for referral business for me.
  3. My lender participated in lead generation systems where it benefitted him. For instance, I did all the FSBO research and mention in my advertising to them that I had a lender who could help them. I would then have the lender call the FSBO to offer value. My lender ended up with many loans on FSBO sold real estate.
  4. My lender ceased coming in with rate sheets. Who cares about rates where the yields between lenders are almost the same? Fewer interruptions from all affiliates allowed me to work on filling the pipeline.
  5. I was on the top to the list for challenges to be satisfied. 

Try a little loyalty to a hard-working affiliate and see how you can work together as a team for mutual benefit.

For great affiliate systems, check out Teaming Up or call our office at 800.792.5837 for special pricing. 

Walter Sanford has been designing and implementing real estate systems for 30 years. One of the most successful REALTORS® and now wealthy from his systems, Sanford teaches his systems and strategies through his products, seminars, and personal coaching producing the best results in the industry. Do what works, do what is proven. Hire Walter Sanford. Call our office at 800.792.5837, email walter@waltersanford.com, or chat with us online at www.waltersanford.com.

Coaching 9-1-1 July 31st, 2014 | Posted in General Real Estate, Real Estate

Having a coach can provide the right answers when you need it.  Below is an exchange with one of our coaching clients and it provided a little “911” for his current situation:

Coaching Client: I went on what I thought was a great listing presentation yesterday. However, the couple would not sign at our meeting. They said they needed to talk. I then felt like something was up.

Walter: On the phone while making the appointment, one of the questions needs to be – “If everything meets with your approval, are you wanting to start the marketing plan tomorrow night when I meet with you?”

Coaching Client: The guy just left me a voicemail saying they loved everything I had to offer; however, they were listing with some schmo that doesn’t do any FRICKIN’ business.

Walter: Always make it your goal to get the signature! Fake that you are leaving then do the “Columbo” and say, “So, I can email all answers at the office – what are you thinking about so I can do more research for you?”

Coaching Client: They said they had a personal connection that really suggested that they use this guy. I know them as well and I can hear the conversation: the (name) Team are doing just fine and (name) really needs the business. How in the heck do I fight that?

Walter: Let’s not try to fight until you are sure that’s what happened. Call them back. “(Wife’s name) and I are always trying to improve our services. Could you help me by letting me know what I could have done differently to earn your business? Was there anything I could have improved on for you?”

Coaching Client: This other guy doesn’t even know how to spell marketing much less apply it! I am as mad as I have been since getting into real estate. Thanks for any suggestions.

Walter: If that was the REAL reason, you needed to find it out while you were there then counter it by letting them know that more than anything else…an agent makes the difference on the amount a seller nets at the closing. Experience makes a difference in –  

• A large buyer database

• More trust from buyers

• More money to spend on marketing

• The ability to convert leads into showings by uncovering needs of buyers and demonstrating how your property fulfills them having experience in negotiating

• Understanding in how to write contracts to prevent post-closing seller litigation

• Having a team who monitors every aspect of the closing successfully

• Overcoming objections and challenges in the most cost-effective manner

 

Walter Sanford has been designing and implementing real estate systems for 30 years. One of the most successful REALTORS® and now wealthy from his systems, Sanford teaches his systems and strategies through his products, seminars, and personal coaching producing the best results in the industry. Do what works, do what is proven. Hire Walter Sanford. Call our office at 800.792.5837, email walter@waltersanford.com, or chat with us online at www.waltersanford.com.

Leveraging Mundane Activities July 14th, 2014 | Posted in Other Interests

When I coach, we set up consistent, inexpensive lead generation activities for sellers. Some require a complete overhaul, and some require only small tweaks. 

Do you look for the small tweaks? You know, tweaks like those easy-to-include, natural moves taken within a mundane (but necessary) real estate activity. I have devised hundreds of these “tweaks” over the years. Proven and tested, each produces a new client when implemented. 

You have to be smart in this business while trying to get it done well – all within 50 hours a week. This is why efficiency is so important. 

Here are a few of the hundreds of small tweaks that don’t add much to time or overhead but will produce big results: 

  1. On a counseling call with a potential seller, ask if there are any other real estate needs to be marketed along with the home. Add to your listing checklist. 
  2. On a new listing, send a notice to your database prior to it hitting the MLS. The recipient can easily forward to their friends, family, and/or co-workers. This can easily provide more double-ended transactions while also providing necessary interaction with your database. Add to listing checklist.
  3. Send a letter to 2-year and newer expireds around your new listing touting that your marketing can produce more than one buyer. Add to your listing checklist.
  4. Have an “Ask (YOUR NAME)” feature on your website where the question and answer can be distributed through social media.
  5. Send a letter to small demographic owners like owners of a duplex, tri-plex, or four-plex. Explain that you have buyers taking advantage of the preferential government financing offered for small investment properties and investors looking for these small investment properties to fund their self-directed IRAs.
  6. Call closing clients. Let them know that the hardest thing you have to do is to replace great clients like them. Ask who from their family, friends and co-workers are thinking of buying or selling. Add to listing checklist.
  7. Solicit the co-op agent to come over to your office, if you are with an office that has a plan where you benefit from recruitment. Add to closing checklist. 

I could go on forever. I promise, after 40 coaching sessions with me, we will have efficient systems that make you one of the top agents in your region or franchise. Yes, you’ll still have a life, too! 

For more details or coaching testimonials, email me – walter@waltersanford.com or call the office at 800.792.5837. 

Walter Sanford has been designing and implementing real estate systems for 30 years. One of the most successful REALTORS® and now wealthy from his systems, Sanford teaches his systems and strategies through his products, seminars, and personal coaching producing the best results in the industry. Do what works, do what is proven. Hire Walter Sanford. Call our office at 800.792.5837, email walter@waltersanford.com, or chat with us online at www.waltersanford.com.

 



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