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Are You Going to Do the Same Things Again? January 9th, 2014 | Posted in General Real Estate

Going to bed late, waking up late — the world is already at your doorstep so there’s no time to exercise. Maybe you will take a look at Facebook. Oops! Where did that 40 minutes go?

An incoming call from a buyer comes next. You might really need a deal so you pop up and show the property. The buyer is a little late so you wait. The buyer sees you waiting at the door but stays on his phone until he finishes his business. When he sees the house, he asks you a ton of questions but does not do much answering. It was all wrong for him, but he says that he will get back to you.

You’re back at the office now and see that you have nine leads from third party consolidators and your IDX. They have no phone numbers, but you have a great drip system that sometimes causes the leads to interact. Most of time, they do not.

You see a flyer on your desk about continuing education. It’s another ethics class along with “Winning in the Social Media Game.” You need the hours so you sign up even though you suspect it is the last thing you need to increase your sales.

Your few sellers are mad that there are not enough showings, but they are very firm that there should not be any price reductions.

After adding up your bills and looking at your probable closings, you’ve realized that there just isn’t enough money to satisfy all.

Oh, another incoming call. This one is from a coop and the buyer didn’t approve the inspection.

Look, real estate done without a plan will kill you. There are cures to every evil in real estate. There are better business plans. You can time-block a few, proven, profitable moves. You can decide where to put emphasis. You can eliminate the time killers that are suspect in net profit potential. A simple, perfect week could fix everything. I know since I get the top agents in the nation to implement more effective business plans.

Here are some of the areas they will be working on in 2014:

Implementing at least 5 new ways to aggressively generate seller leads from the best demographics.
Converting websites from mostly buyer generating to seller generating.
Pointing all lead generation machines to more expensive property.
Making a faster listing presentation at a higher commission with fees.
Hiring an assistant who takes care of administration and generates leads for at least 2 hours a day.
Getting a better presentation that offers value a buyer can’t get on the internet.
Knowing what you have to do every day of the week and having the systems tostick to it.
Cutting expenses, increasing gross, and managing your personal assets.
Buying real estate for the long term and having the tenants pay off the mortgage.
Walking away from bad business and bad clients faster.
Implementing systems for better and more effective lead follow-up.
Leveraging business – i.e. build you buyer business into a seller lead generator or solicit old expireds around a new listing on your listing checklist
Overcoming objections effectively and providing more value. Reducing interruptions
Learning to work at work and be off otherwise.

Maybe, it is time for a tune-up. Our products, seminars, and coaching are designed to increase your net proceeds so you can buy income-producing real estate…and RETIRE. It’s time to get started NOW so that 2014 looks better than 2013.

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.

Tags: association of realtors, board of realtors, board of realtors associations continuing education CE motivational seminars, buyer management, commissions, cooperative agents, inner office communication, real estate coaching, real estate speaker, real estate systems, real estate trainers, real estate training, redx, time management, time-blocking
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Are You Thinking about Opening Your Own Place? December 9th, 2013 | Posted in General Real Estate, Real Estate

Recently, I was asked to answer some questions regarding an agent opening their own brokerage. Below are the questions with my responses, which have been taken from my personal experience and my experience with my clients.

Question One:

What are the telltale signs that a REALTOR® should break out on his/her own and start a brokerage? What are the typical tipping points in these situations?

Answer One:

Square footage! When there is need to add to the team or add infrastructure/technology but there is no place to put it, it’s time to move out on your own. A team that is separated loses synergy. If the broker cannot or will not add square footage, the agent may be forced to get his own.

Another area is lead generation. Some of the teams that I coach are so effective in generating leads that occasionally there is spill-over to other agents in the office and leads are lost. A destination without in-house competition is sometimes the answer.

Compensation is another area to consider. Sometimes top agents already supply the services for themselves. When that top agent crunches the numbers and adds up the total costs of splits, fees, and franchise costs – many times they find that that amount of money can pay the monthly mortgage payment on a building.

Sometimes a broker’s vision and goals differ so much from the top agent’s that there is dissention within the office.

You need a change of business plan. Working the pure commission life is hard! Sometimes agents want a different business model that allows income from splits and fees so that they can get away from the daily business of one-on-one sellers/buyers.

Finally, sometimes a different management style necessitates a move. Maybe an agent wants to provide a heavier training regimen or hold agents accountable, and he or she might find that easier to implement in a different environment.

Question Two:

What are the first few steps that a REALTOR® should take when the points discussed in #1 above actually happen?

Answer Two:

A. Find a location

B. Prepare a budget — looking at all costs and applying the knowledge of previous abilities to bring in income.

C. Make a list of all the marketing materials, phones, internet, and image changes.

D. Decide whether this is going to be a secret move vs. a well-advertised move. This usually depends on the relationship between the broker/owner and the vacating agent. It also heavily depends on whether the broker has a reputation of allowing a vacating agent to keep his or her listings.

Question Three:

Where do REALTORS® generally go wrong in these situations? What challenges do they encounter and how can they work through these issues?

Answer Three:

Bad mouthing by either party is not the way to go! The management of the previous brokerage bad-mouthing the leaving agent and the leaving agent bad-mouthing their previous affiliation will not help anyone. There is no reason to do either. It only hurts the image of either or both parties. The brokerage should be proud that they could provide the foundation for an agent to open their own business. The leaving agent should be thankful the experience gained at the old brokerage.

If the broker supports your moving on, then full disclosure of the move is the best way to go. Another item of contention is that the vacating agent should initially look to recruit new agents from other companies, rather than the one they are leaving.

Question Four:

Do you find that REALTORS® tend to jump the gun in these situations and perhaps not think through what it really takes to run their own brokerage?

Answer Four:

No, since most of the great agents want to stretch their wings. They were successful agents because their planning and coaching allowed them to move to the new endeavor. If there was a problem, it would be underestimating the costs of having your own brokerage.

Question Five:

What other advice would you give a reader who is thinking about this right now?

Answer Five:

The concept of the broker trying to keep listings or charge higher splits during a transition time will cause innumerable problems. Letting great people do their own thing is the gracious thing to do.

I hope this helps you make the important decisions involving opening your own brokerage. Doing so means you are opening a new type of business. You will be taking much time away from personal production and the other challenges while trying to live off of other agents in your new office. We have coached many top producers and their teams through this year long process. Good luck in your planning!

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.

Tags: associati, association of realtors, board of realtors, board of realtors associations continuing education CE motivational seminars, inner office communication, inner office relationships, lead generation, listing leads, opening new brokerage, real estate coaching, real estate speaker, real estate speakers, real estate strategies, real estate systems, real estate trainers, real estate training, redx, time-blocking, tough market strategies
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The Orphaned Client System November 14th, 2013 | Posted in General Real Estate

Agents are always leaving the business no matter if the market is great or rotten. In great markets, they leave because they move or retire. In rotten markets, they leave because they were never trained or they do not have the motivation to find the systems necessary for a tough market. Great markets make mediocre agents look great; in fact, great markets can even make mediocre agents profitable. It is only about eighteen months into a tough market that we find some of the mediocre agents do not have the necessary tools to create the needed activity to run a real estate business, whether as an individual agent or a whole office. These mediocre agents, of course, blame it on the market and fail to look around at other agents who are actively creating income by solving client’s needs no matter how bad the market gets. This phenomenon is natural and realistic. It should be expected and a plan should be created to handle it.

In this article, we will review just one great system for agent turnover. This system was one of the many responsible for increasing my net worth as a real estate agent. Both systems took advantage of the opportunities left after a good agent leaves the market place.

The orphaned client system is a fairly simple system. Simply talk with your broker (at any point in your career). Let him or her know that you are available to absorb the unsolicited clients that were left behind by a parting associate. The broker’s job is always to grow and gain market share, therefore he or she should be willing to see one of their current agents spend the money and time to make sure the company client is kept happy and continues to do business with the firm.

I must warn you that sometimes giving your broker this idea will allow him or her to implement the system! I have found this rarely happens as most brokers do not compete against their own real estate agents. Please ask your broker to allow you access to all of the closed files of any of the agents who have left the firm. Ask permission to transfer into your database the buyer and seller information from that agent. Add these people to a separate database and start the solicitation process.

The first solicitation should be by direct mail since you will find E-mail addresses are rare and sometimes phone numbers are frustrating. Though the letter will be prepared by you, please ask your broker to sign it. Here is the letter:

Date

Name

Address

City, ST ZIP

Name:

My name is (insert broker’s name), and I am the broker/owner of (company name). I have noticed in a past file that you were the (buyer/seller) of the property at (address). The agent who handled this transaction no longer works for our firm, but we wanted to maintain the same high service standards that we are known for by our existing clientele. I have taken the liberty of assigning one of our top agents to your account. This agent, Walter Sanford, will be contacting you soon to make sure that your file is updated and all your needs are known to our office.

We offer many services that you may not be aware including helping you with advice on when it is time to refinance a mortgage or offering you unique inventories of investment property that possibly no one else will show you. We also have many services that clients utilize like our property tax reassessment service, free 48-hour phone value service, and introductions to team members and vendors you might find valuable in your ownership of real estate.

It is our goal to become a continued asset to your real estate making decisions and to develop a client for life. If you have any questions in the meantime, please do not hesitate to contact Walter Sanford with (company name). I have given him access to your file. Once again, he will soon be calling to make sure your needs are updated.

Thank you for being a past client of (company name).

Sincerely,

Broker Name

Company Name

As you can see, we are trying to use the clout of the real estate broker to get your foot in the door to find out a client’s needs. Once the phone call is made, the script is simple. All you will be doing is reintroducing yourself, reminding them of the letter, and asking them if they have any needs in the next 24 months. Furthermore, you will have an additional goal of updating their contact information and confirming that it will be okay for you to contact them on a regular basis. This orphaned client concept was extremely valuable for the start of my original business.

Our products have hundreds of these tested systems. Go to www.waltersanford.com/shop to obtain your set of systems that will make you wealthy, if slowly implemented over the next months and years.

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.

Tags: board of realtors associations continuing education CE motivational seminars, lead generation, real estate coaching, real estate training, redx, time management, tough market strategies
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What Are Some Habits of Low-Producing Agents? October 8th, 2013 | Posted in General Real Estate, Other Interests, Real Estate

Signing up for expensive lead generation when they are not effective in following up on the leads — There are many sources of purchased leads, and a lack of good systems for turning those leads into business means little closed business.
“Pop-Tart” activities in handling business — This is an activity of jumping up to handle urgent business rather than finishing profitable business. A lack of time- blocking will cause an agent to put out fires rather than working on a proven plan.
Taking stupid business — What is stupid business? Under-motivated sellers and buyers are two sources. Low producers disregard the warning signs on these two groups, because they do not have the systems to produce leads and need to prove they are busy. The problem is agents actually lose money working with transactions that probably won’t close while hoping for success.
Buyer house calls — Low producers jump at the chance to work with a buyer. Top producers ask them buyers questions, get them pre-approved, have a meeting with them, and have them sign a buyer-brokerage agreement while making the buyer feel they are receiving the best service available.
Not being able to walk from sellers who have no reason to participate in this market
Working with buyers who have both minimal credit and minimal down payments
Working short sale clients who have second mortgages that are not with the same party as the first and also where there is not enough money to pay the first
Going into a short sale where the buyer will not pay for an appraisal and inspection, prior to approval
Taking too long to start lead generation — Just go out and knock on some expired doors…this morning.
Dealing with inexpensive properties — Start generating leads of more expensive listings today.
Having REALTORS® as the major component of your sphere — It’s time to get out in the real world.
Have an assistant that only gives assistance — My past assistants and those of my coaching clients generate leads.
Setting up elaborate systems to stay in touch with class “B” buyers and sellers — There are enough “A’s” to keep you busy.
Spending too much time on social media — Social media is one of the most overrated activities in real estate.
Having a website that specializes in buyers rather than sellers
Waiting for market changes — Forget the market and get seller leads. You make the change today.
Keep staging in your pocket until it is asked for by a client
Waiting for the buyer to do an inspection after they write a contract — Get the seller to do an inspection right after they list the property.
Having so little business that they cannot walk away from a bad deal, bad situation, or an unreasonable client in a nice way
Writing loose counter offers
Not keeping the pipeline full
Not handling the big problems early in the morning
Not working enough
Not spending enough time talking with or seeing clients
Having a mentor who did not sell a lot of real estate.

There are many more, but let’s start considering these first. We have systems that help with these and out right replace most of these habits. We would be honored if you became involved with us by obtaining our training systems, attending our seminars in your area, or considering personal coaching.

We have systems that help with these and out right replace most of these habits. We would be honored if you became involved with us by obtaining our training systems, attending our seminars in your area, or considering personal coaching.

Tags: board of realtors, board of realtors associations continuing education CE motivational seminars, buyer management, buyers, lead generation, real estate coaching, real estate speaker, real estate strategies, real estate training, redx, seller objections, sellers, time management, time-blocking, tough market, tough market strategies
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The Best Agents Initiate Consistent Systems to Obtain Listing Leads September 5th, 2013 | Posted in General Real Estate

Well, all the sellers are taking “happy pills.” There are more FSBOs, and they are tougher to talk to now. What are my coaching clients doing right now?

On the FSBOs, they are setting up spreadsheets that keep track of the information on all FSBO’s in their market area.
They subscribe to services like Landvoice and REDx to get lists of FSBO’s.
They check their hometown newspaper and subscribe to the rags where the really cheap FSBOs might advertise.
They check all the FSBO websites.
They have built a team of family, assistants, and affiliates who drive through town, always taking different routes. This team writes down all the FSBOs addresses with their respective phone numbers, and they pull brochures, if available.
They time-block this weekly accumulation of information for about an hour on Monday morning. Each of the affiliates knows to get his/her information in before that time frame.
Next, my clients carefully go through the ads and complete their spread sheet columns. The columns would be the following: property address; situs address; owner name; 4 spaces for phone numbers with the first one being the one used in advertising; bedrooms/baths; square footage; extra rooms; garage space; lot size; basement; upgrades; best features of the home; email address, and special circumstances. Additionally, including columns to answer these questions: is the seller a local buyer; in what city do they need an agent; why are they selling; and what date they have to close.

The first week of these activities will be tough, but it will get easier after that! After the information is assembled for the week, a call is made to the seller. Let the seller know that you show your buyers more than just MLS property. If they tell you they won’t pay a commission, tell them that commission is taken care of by an agreement with the buyer via a buyer brokerage agreement. Complete any empty slots in the spreadsheet. Let them know you would like to send them articles and information that may help them, and let them know that you will call them after they receive the letter or email.

Send them letter/email #1 out of “Grow Your Leads: Just Add Wa(l)ter” from the FSBO chapter. Call to follow-up on the value that you mention in the letter on Thursday. Time-block it.

On the next Monday, do it again. Send letter/email #2 to last week’s FSBOs and letter #1 to the new FSBOs for this week. Call the new ones on Monday to fill in your spreadsheet. With each call, you may be adding more information to your spreadsheet. Call everyone again on Thursday to see what value that has been mentioned in the letter that you can deliver to the FSBO.

There are twelve letters and twelve phone calls in addition to the initial phone call to complete the spreadsheet.

Give copies of your spreadsheet to your buyer’s assistant(s) so that he/she can start showing the FSBO whenever they have a buyer who is even close. Make sure he/she leaves a lot of material with your picture and name on it plus mention your name liberally.

Pay special attention to nice FSBOs who take value from you, have a clear reason for selling, and especially, have a definite move-out date. “Special attention” means previews, personal consultation, pre-listing consultations, and sessions to show that if you use their closing date and work backwards that now would be the time to list.

Most sane FSBOs who need to sell, have taken help from you, talk with you, and have not sold should be talking about listing around the 7th week.

In the meantime, show the property to your buyers and earn commission. Talk the “sold” FSBO into being your buyer and earn commission. Send the FSBO as a buyer referral someplace in the world and earn a referral bonus. Get the buyers to whom the FSBO didn’t sell and earn commission. Finally, build the FSBO into a raving client who becomes part of your database and earn money from the referrals and business after they have learned that being a FSBO is no fun.

As I used to own this demographic, I’m proud to see my coaching clients dominating their individual markets’ FSBOs, too! You could send another request for someone to like your Facebook page or get to work with great systems that make lots of money!

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.

Tags: association of realtors, board of realtors, buyers, for sale by owners, fsbos, landvoice, listing leads, real estate speakers, real estate trainers, redx, sellers
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Are You Going to Do the Same Things Again? January 9th, 2014 | Posted in General Real Estate

Are You Thinking about Opening Your Own Place? December 9th, 2013 | Posted in General Real Estate, Real Estate

The Orphaned Client System November 14th, 2013 | Posted in General Real Estate

What Are Some Habits of Low-Producing Agents? October 8th, 2013 | Posted in General Real Estate, Other Interests, Real Estate

The Best Agents Initiate Consistent Systems to Obtain Listing Leads September 5th, 2013 | Posted in General Real Estate

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