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CONTACT WALTER

559 S. Washington Ave., Kankakee,IL 60901

P.815.929.9258 P.815.929.9200

walter@waltersanford.com

"Just wanted to say thank you for doing such a splendid job of delivering the “Meat and Potatoes” instead of a bunch of fluff. The feedback from everyone was assume. Everyone said they picked up an idea or two…which is exactly what we wanted. Thanks again." Shamiram Mazejy, Coldwell Banker – Clifton

READ WHAT OTHERS SAY

COVID-19 Impact on U.S. Real Estate Coach September 28th, 2020 | Posted in General Real Estate, Other Interests, Real Estate

Recently I was asked to participate in a survey from Real Estate Bees with fellow real estate coaches regarding the impact of COVID-19 on our business. Below are a few of my responses. Click here to review the survey results.

What unexpected opportunities has the pandemic opened for real estate coaches?

“Government officials are not using science in scaring everyone when only certain segments of the population are being affected. This has eliminated competition for listings and service to buyers.

Smart lead generation has increased my clients’ pipelines with less competition on the hot demographics such as expired listings, FSBO, mature people in large homes, long-term owners, non-owner occupied listings, out-of-area owners, fully amortized properties, neighbors around recent sales, and others.

People are home and picking up the phone more often. They have less distractions which allows them to listen to value-filled offers. They appreciate the upbeat attitude of my realtor clients.”

If you knew the impact of this situation on your business in advance, how would you prepare your business to mitigate your losses or even profit from it?

“Always be ready for changes in demand, interest rates, mortgage availability, etc. Since you never know what is around the corner, have a deep pipeline. Every problem can be cured with more clients whether you are a great agent or a coach.”

What marketing channels do you prefer to use during the pandemic over the rest and why?

“Potential real estate buyers and sellers have more time to read narrowly directed snail mail, explore media and the search engines, and take calls. Therefore, all of our previous marketing efforts are working better. We are finding that fashioning the message to the need of the demographic we are soliciting is accelerating our response at this time.”

It’s time to stand out from the crowd! March 31st, 2020 | Posted in General Real Estate, Other Interests, Real Estate

With the news changing daily regarding the economy, now is the time to invest in Walter’s Systems so you are ready for whatever the market throws at you. Take advantage of all Walter’s systems. $90 (plus shipping).

Take this extra time you have and organize your database. Make the phone calls. Send the letters. Take the checklists and forms and install on your website. Do the work so when all of the uncertainty ends you are the agent that stands out.

Click here to buy your set today!

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.

 

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:

  1. Implementing at least 5 new ways to aggressively generate seller leads from the best demographics.
  2. Converting websites from mostly buyer generating to seller generating.
  3. Pointing all lead generation machines to more expensive property.
  4. Making a faster listing presentation at a higher commission with fees.
  5. Hiring an assistant who takes care of administration and generates leads for at least 2 hours a day.
  6. Getting a better presentation that offers value a buyer can’t get on the internet.
  7. Knowing what you have to do every day of the week and having the systems tostick to it.
  8. Cutting expenses, increasing gross, and managing your personal assets.
  9. Buying real estate for the long term and having the tenants pay off the mortgage.
  10. Walking away from bad business and bad clients faster.
  11. Implementing systems for better and more effective lead follow-up.
  12. 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
  13. Overcoming objections effectively and providing more value. Reducing interruptions
  14. 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.

 

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.



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