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In 2005, we, the real estate community, saw interest only loans with no money down. We knew the banks were going to own a lot of property. I started systems that built relationships with banks so our clients would be in first place when short sale and REO listings would be considered. Now, the market is hot in some areas and getting hotter in others. One of the many trends in this environment is the growing “for sale by owner” inventory. The FSBOs still don’t have a ton of equity but are sure they don’t need a REALTOR®. Each of my coaching clients is great in re-educating FSBOs on the fact that they probably can net the same with one of our customized marketing plans, but the indoctrination always works better with a relationship.

Question and Answer with Walter Sanford about short sales and real estate training.

How do you handle the “I’m using my cousin/nephew/sister” remark? Got a hold of an expired today and they had no motivation. Decided to wait for 18 months and they are using their nephew. Should I call them back in 9 months?

I have the privilege of coaching some great agents. They have enough business so that they can effortlessly say “no” to business that they believe has a small chance of closing. You are in a contingency business. Your income is contingent on the property closing. Lawyers who work on contingency are very careful in choosing what cases they work, and they get a 33% commission in most cases. Similarly, you need to abide by the rules below…or you will be working too much business that does not close.

Effective real estate brokerage is simply doing the most profitable activities before you do the less profitable activities. One of the greatest mistakes is believing that all net profit producing activities should be done. The great agents – those who retire wealthy – learn quickly that most activities taught today in real estate will end in net profit but only very few maximize net profit. Since maximizing net profit is a special part of real estate to me (a part that I enjoyed and pursued), I’m going to lay out the 25 ways that I believe maximum profit can be obtained from your real estate business.

You could have a seminar in your town where I could train you and your assistants! In addition to yourself, another who would benefit from such a seminar would be your lender. For years, I teamed up with my lender and suggested activities for him to make more money. One of those ideas was to bring in top real estate training talent. Each time, the lender received kudos from the attendees and earned more potential clients. You, the agent benefits from attending a seminar in his/her hometown rather than traveling across the continent. Below is a great action plan to share with your favorite lender so he or she can plan a great real estate event.

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?

Sanford Systems has the best systems for making money in real estate. Sometimes, our clients forget how to stop discounting and to instead raise their “fee.” This month, we’ll cover five ideas and next month, we’ll share five more.

Short sales are the most expensive aspect of any real estate transaction, due to the negotiations involved. It is extremely important to ask for more commission and reduce your time invested. It can easily be done by being more selective with the short sales you choose to work.

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...