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CONTACT WALTER

559 S. Washington Ave., Kankakee,IL 60901

P.815.929.9258 P.815.929.9200

walter@waltersanford.com

Walter, thanks for speaking in front of Exit Realty Florida last month. It was great stuff and my agents really appreciated you, your presentation, and your books and tapes. Thanks for an enlightening day! Steve Marabel, EXIT Realty All Stars

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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.

The Secrets Behind Referral Building by the Top Agents February 11th, 2014 | Posted in General Real Estate

Recently, Bridget McCrea of the Illinois REALTOR® Magazine asked me some questions on how to build a superstar referral system.  Below is our communication exchange, and I hope it helps you!

Question One:

Why should today’s real estate agents be thinking about improving their referral systems?  Why are referrals such a critical part of their businesses?

Answer One:

Referral and repeat clients are your least expensive buyer and seller leads.  Generating a lead from scratch takes more effort, time, and money than the “greased slide” from a happy past client, family member, co-worker, or friend.  The acquisition of good leads is the number one difference between great agents with great nets and the rest. 

Question Two:

How can an agent go about measuring the success of his or her current referral system?

Answer Two:

They can measure the success by tracing the source of their commission dollars.  Prompted by their closing checklist, each of my coaching clients writes down their net commission in a spreadsheet under a column titled “Sphere Database System.”  Whether it was a past client, sphere, or referral, the database would get the credit. 

Question Three:

What’s the first step that should be taken on this path?  What do they need to do first?

Answer Three:

Determine who should go into your database — past clients, family, friends, family of friends, friends of family, non-agent co-workers, out-of-area agents, people with whom you spend money, internet leads with whom you’ve spoken, etc.  

Next, gather their pertinent details: correct spelling of name; mailing and situs address; all phone numbers; all email addresses; preferred contact method; their haves and wants; contact history; and personal dates like birthdays, wedding anniversaries, and anniversary of purchase or sale. 

Question Four:

What other strategies/steps can an agent take to create a referral system that actually produces business and results for them?

Answer Four:

It builds on my answer to question three.  A multi-media system needs to be set up for contact, solicitation, and delivery of value:

  1. Email them every new listing before it hits the MLS as a secret listing that should be forwarded to an interested party in databased client’s lead.
  2. Old-fashioned direct mail on company stationery sent in a window envelope and a hand-signed letter with a personal note.  Only do enough every day to get 4 different letters out to the complete database, every year.  This would equal the number of working days in a quarter divided into the quantity of contacts in your database.
  3. Friend all people in database in Facebook
  4. Call enough people every day to get through your complete database twice every year.
  5. One fancy, expensive, impressive, and fun event a year where everyone in the database is invited.

 

Question Five:

Where do agents typically go wrong in this area?  What do they need to be doing better and how can they improve?

Answer Five:

Again, referring to an earlier answer, only people that know who you are should be in your database; otherwise, you are wasting resources.  Beside adding “bulk” leads instead of quality leads to the database, agents just don’t do the above activities or do them sporadically.  

These activities must be time-blocked – a time-block every day for the calls and for the letters.  It is just a few calls and letters every day.  This is much better than waiting until June to call your entire database plus you just won’t do it that way! 

Agents need to stop sending material that says they are “the best.”  Send value like information on self-directed IRA’s, invitations to sign up for listing comp services on your IDX, and other unique value propositions. 

Question Six:

After following your advice, what benefits can an agent expect?  What returns will they see if they take these steps?

Answer Six:

My clients find that their referral/repeat client division is their largest income producing system.  Per lead, it is their least expensive system. 

If an agent would like a helping hand in setting up their own repeat client and referral generating systems, our coaching program can do just that!  These are two (out of over fifty systems) that we get up and running in your first year of coaching!

 

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.

 

Need to Be Able to Say “NO” to Bad Business February 7th, 2014 | Posted in General Real Estate, Real Estate

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. 

Quickly, let’s go over what happens to you when you exert energy on non-closing transactions:

1.       You lose your enthusiasm for the business.

2.       You are less likely to have time & money for the important things in life.

3.       It is time you’ll never get back.

4.       You don’t do a very good job on low-closing percentage transactions.

When deciding to take business (a client)….

For buyers: 

1.       Have questions for them to answer before you meet.  Let them know that you can deliver additional properties to see — some “off market” — if they will answer some questions about their needs and goals.

2.       Have them pre-approved.  Let them know with their pre-approval on lender stationery provides surety of close to a seller, and therefore, gives the buyer negotiating leverage.

3.       Have all decision-makers meet when possible.

4.       Go over the plan of showing “off market” property.  Explain that this is a high-overhead activity and that you would like their loyalty.  When the answer is “yes,” have them sign a buyer- brokerage agreement.

5.       If they only want to see one property and do not concede to the items above, they are a low-closing percentage client.  Refer them by saying, “Okay, (name), if you only want to see the one property at (address), then let me give you to the office specialist in that property.  His/her name is (name of a new agent, preferably).  Let me connect you with him/her.”   Be sure that you’ve previously arranged a referral agreement with this individual.

For sellers:

1.       Have questions for them to answer before you meet.  Let them know that the more you know about their needs and goals, the better job you can do in customizing the marketing plan to achieve (their core motivation/goal in selling).

2.       Make sure they have a motivation that is real enough for them to “jump through the hoops” of a sale.  You might have to ask numerous questions about what a sale will do for them.

3.       Take the listing, if they have motivation, even if the property is slightly overpriced and ugly.

4.       If there is a lack of motivation, BE CAREFUL about taking overpriced properties or properties that don’t show well, since the price doesn’t compensate the buyer for the property deficiencies and there is little chance they will drop without motivation. 

5.       If the listing is overpriced, their motivation is low, and your warning bells are going off — refer it by saying, “(Name), I understand what you are trying to achieve, but there might be an agent at our office who has had more success in similar situations.  Let me connect you with (name).”

The only way you have the ability to refer bad business is to make sure you have the systems to generate consistent, new business.  Be proactive about new business so you don’t gum up the works with inventory or buyers that weigh you down. 

If you would like our multi-page question lists for buyers and sellers, please reply to this email with the name and contact information of someone who is hiring speakers for real estate events in your area. 

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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