Fort McMurrays Real Estate Blog

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Ten Biggest Mistakes and How to Avoid Them - Part 2

 

As the saying goes, an ounce of prevention saves a pound of cure. Consider this article, in two-part, your prevention formula. Just watch for and avoid the following ten frequent real estate agent mistakes to steer clear of trouble and success-eroding errors.  Here, in Part 2, I will cover the second five.

Making Yourself Available to Prospects and Clients 24-7
The most respected professionals are not available to their clients round-the-clock. They set normal professional work hours, they conduct business in their offices where clients come to meet them, and they make after-hours appointments a rare exception.

Doctors, Dentists, Attorneys, Accountants, and Financial Planners are service professionals, yet none make themselves available 24 hours a day 7 days a week. In contrast, most Real Estate Agents follow a work schedule that runs practically round the clock. What results from this workaholic approach is a loss of momentum and eventual burnout.

Give yourself a break. Take back control of your time. Set working hours, manage your days, schedule personal and family time each day and week, and commit to vacations that allow you to restore your energy and enthusiasm. Remember, real estate isn't your life. Rather it's what you do to fund your life.

Failing to Communicate Frequently
The biggest complaint by customers of Real Estate Agents is lack of communication. The antidote is to establish a great communication system that you and your clients buy into.

As you launch the Client-Agent relationship, explain the frequency of communication you will have with your clients and check to make sure that level of communication meets their needs.

As your clients' deal becomes a pending transaction, reconfirm the level of frequency and method of communication they prefer. Some people only need e-mail updates; others, like me, prefer the personal connection that a phone call offers.

Lastly, don't quit communicating with your clients after your commission check is cashed. Ongoing communication will win you clients for life and the kind of endorsements that lead to new clients and sales.

Being Inconsistent
This is the old tortoise versus the hare lesson. In real estate, as in most other endeavors, if you're consistent your efforts will lead to larger-than-expected rewards; if you're inconsistent your results will be notably disappointing.  Inconsistency derails success faster than any other factor.

To a Real Estate Agent, the consistent activities of daily prospecting, daily lead follow-up, daily practice of sales skills, daily personal development, weekly planning, and scheduled evaluation time will create exponential return compared to the effort invested. On the other hand, occasional bursts of activity create work with little payoff.

As an easy analogy, say that you want to lose five pounds next month and that you need to increase your physical exercise by moving your body 60 miles over the upcoming 30 days in order to achieve your goal. You could put in the miles over a few muscle-aching days (after which you revert to ice cream sundaes and afternoons on the sofa) or you could commit to walk or run two miles a day for each of the next 30 days. Which approach do you think offers the greater probability of success? The consistent approach will always win out. 

Ignoring the Fundamentals
The fundamentals of real estate sales success aren't exciting or exhilarating and for that reason it's easy to get sidetracked by new ideas that seem more interesting and innovative.

Consistent prospecting, client communication, transaction management, and flawless property marketing are hardly flashy and they never make headlines or draw crowds. In fact, on some days they feel downright boring. Meanwhile, sales gimmicks generate enthusiasm, attention, and publicity spotlights - even if for just a quick moment in time.
Agents seeking public recognition can count on being rewarded by flashy promotions, but they can't count on making more money. Remember this line like a mantra: You can build your business for your ego or you can build it for your income, but you can't do both at the same time. If financial success is your objective, stick to the fundamentals. 

Talking Too Much, Listening Too Little, and Then Going Silent
We were given two ears and one mouth . . . God is brilliant!  Unfortunately, most of us use our mouths twice or three times more than we use our ears.

When working with prospects and clients, follow this advice: Use your mouth primarily to ask questions. Contrary to popular belief, the person who asks the questions is really the person in control, not the person who is talking or answering questions. Then once you ask a question, accept and enjoy the pause and silence that precedes the response. Your power as a salesperson is intensified if you are willing to withstand the temptation to barge into the silence that follows your question.

 

1 commentPatrick (Pat) Dardis • September 25 2008 04:10PM

Five Easy Ways To Make Your Listings Shine

Via Kristina Pratt, Realtor - St. Louis' Illinois Suburbs:

In a tougher market, it's really important not to lose sight of the little things that make your listings stand out from the crowd. 

Here are five simple things that Nancy and I have found to be highly effective:

1.  Take Some Extra Time With Your Photos

When taking photographs, make sure all the blinds/window treatments are open.  Also, make sure to take some extra time to shoot a lot of different angles.  It's hard to tell how well a picture will look on the small LCD of your digital camera.  Now that we don't have to use film anymore, it's so inexpensive to take a few extra shots.  All it costs you is your time.  On average, we take 8 - 10 shots of each room.  We pick the best ones to showcase in the MLS, and use the others on our website as well as sites that we syndicate to.

2. Internet Marketing Is Where It's At

Don't just list the house on the MLS and your standard company/franchise website.  Advertise your listing everywhere that you can.  A good place to start is postlets.com - you can create free property fliers and syndicate it to websites for free.

3.  Stand Out From The Crowd

Don't just put a standard MLS listing sheet in your brochure box, or hand them out at open houses.  With a little bit of time in a program like Publisher, you can create full color, custom fliers specific to each property.  This helps people notice your flier after a day of showings because it stands out.

4. Go The Extra Mile

Take time to write your descriptions.  Make sure to make the prospective buyer feel like this could really be their dream home.  Take them on a tour of the home in your description.  Use as much space as your MLS will allow.  Expand on it on your custom fliers.

For example, instead of this in the MLS:

Custom home on five acres.  Three total fireplaces, including one in master suite that is complete with balcony.  Large kitchen is perfect for entertaining, and overlooks family room.  Home features wrap-around porch, seven bedrooms, four bathrooms, and two car garage.  Home-site is partially wooded.

Try this:

Love at first sight. You must see this charming country retreat on five+/- acres with seven bedrooms. There's a place for everyone. Beautiful windows overlook the acreage, lush landscaping and stunning wrap around porch. A dream kitchen with double ovens, ice machine and gas cook-top makes entertaining a pleasure. Three fireplaces and master suite with double closets and private balcony add to the appeal.

5.  Provide a custom property folder for your listings

Remember that some buyers looking at your listings will be relocating to the area.  It's a good idea to have a binder in each of your listings that has a copy of the following:

a. MLS Sheet
b. Disclosures (I like having everything someone needs to write a contract right there in the house).
c. local information on services such as nearby hospitals, airports, shopping, dining and entertainment

These are just a few things that Nancy and I have been doing in order to sell our listings in a tougher market.  I hope you can get some ideas for your own listings.

Visit us on-line at www.justduckyhomes.com

1 commentPatrick (Pat) Dardis • September 23 2008 06:32PM

A Financial Meltdown on Wall Street - Will it affect you & real estate?

Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages -- Mortgages :

downward arrow

Can it be any worse out there?  If you haven't heard, as the credit crisis continues, there are tens of thousands of jobs being lost just on Wall Street alone. And with a few mergers in the near future, there will be more jobs lost.

Is consumer confidence down?  You betcha !!  The Dow Jones is down over 500 points just today, the most since 9/11 in 2001. This is because of fear of a deepening of a year long credit rout caused by hundreds of billions of dollars from write downs and losses worldwide. Mortgage rates are dropping like crazy, which is good. But without jobs and less money flowing through the economy, this will hurt everyone, especially the real estate market.

 

 

fear

I have spoken to several respected people in the industry in the last week and most of them all have some major fears. I had the chance to speak to our own Brian Brady today, who told me his fears. He made some excellent points and what our economy will be going through in the near future. And I could hear the fear in his voice. But I basically told him that I try not to think about it.  That might sound shocking and possibly irresponsible. I should care, right?  The matter of fact, I do care, a lot. Hence why I love my job and why I am so passionate helping people to achieve the American Dream. But my thinking is that even though this could really affect our business, mortgages and real estate, that if the economy goes into the tank, we'll all be in the poor house.  That might sound harsh, but it's the facts.

 

 

My complaint and argument about all of this is the misleading media and those on Wall Street or those so-called financial analysts. Many people have been saying that we could be nearing a recession. My reaction to that?  "Horse feathers" !!!  For those that know me, I have been saying that we have been in a slight recession for over 2 1/2 years. Do you know what recession even means?  From Wikipedia, (NBER) defines it more broadly as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."[ a recession occurs when real gross domestic product (GDP) growth is negative for two or more consecutive quarters. Gee, 2 or more consecutive quarters. We have seen some major price changes in the last year, covering more than a few months or even a few quarters. Who controls these numbers?  Why do we keep hearing that we might be heading towards a recession, when in my honest opinion, we are in one.

 

 

squirrel saving nuts

Irrelevant to my opinions, the bottom line is that it will continue to get worse before it gets better.  Many of us should be saving our money, stashing out 'nuts', and not just for a rainy day. But for emergencies... This has been a big argument of mine in the past, to why we have so many foreclosures. It starts with the job losses or reduction in family income. But also from not saving and just spending like money grows on trees.

What I am telling you not to do is to not to not buy a house. If you can afford a home, this is one of the best times to buy. A home should be considered a long term investment. Another reason why this all became a mess. We either used our homes as ATM machines or used those types of mortgage programs that allowed us to fudge our income so we could keep up with the Joneses.

 

 

- FHA Loans - FHA Mortgages - Conventional Loans - VA Loans -

Experience & Knowledge at its BEST !!!

 

____________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information on how you can obtain your dream home, please click here : Mortgage Financing Options

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!


Copyright © 2008 by Jeff Belonger

0 commentsPatrick (Pat) Dardis • September 23 2008 06:28PM

Networking 101 - How to be the Most Popular Person in the Room

Great information here Thanks for providing it for re-blogging.

Via Jason Crouch, Broker - Austin Texas Real Estate:

When I first started in real estate, I used to spend crazy amounts of money on print advertising.  We tried it all, and then some!  Newspapers, local magazines, national magazines, mailouts, and more.  I felt like much of what I did in that initial year or two provided a quick education on which marketing truly works. 

If you want the most "bang for your buck", face-to-face networking is, in my opinion, the most effective single strategy that you can implement.  The good news is that it doesn't have to cost you a cent. 

One small step that you can take is to actually GO OUT when you are invited to a party, gathering, or just to hang out with your friends.  When you take the opportunity to discuss your business in these gatherings, this alone should bring you several transactions over time.

Here's the best part:

People ALREADY want to talk about your business!

 

If you are a real estate agent or broker, I promise you that most people are interested in how the market is doing in your area!  In fact, I have noticed that it often reminds me of the old "E.F. Hutton" commercials from the early 80's: "My broker is E.F. Hutton, and E.F. Hutton says," at which point everyone in the room stops talking to hear what is going to be said.  The tagline/motto for the ads was, "When E.F. Hutton talks, people listen."

 

YOU can be the "E.F. Hutton" at pretty much any get-together just by virtue of being a real estate professional. 

 

 

I would hazard a guess right now that the most talked-about topic at any party is either the Presidential election or the economy (gas prices, etc.).  It's not difficult to segue into real estate when discussing either of these topics.  Here are a couple of lines off the top of my head which would work well:

"I also hope gas prices come down.  I do a lot of driving with my job."  Of course, they will then ask you what you do for a living. 

"No matter which candidate wins, I hope they can get the economy back on track.  I am tired of the media doom and gloom personally.  Our business is doing pretty well, but not as good as it was a couple of years ago."  Again, they will inquire about what you do.

I think just about any discussion can be moved into your area of expertise in seconds if you are paying attention.  However, PLEASE understand that this doesn't give you license to force it, though.  If someone mentions their dead relative, don't say, "Sorry to hear about your dead step-cousin.  On another note, the real estate market in Austin is alive and well!"

The same thing goes for those in the mortgage business.  Very few people have a full working understanding of the forces that control mortgage rates, along with the subprime meltdown, down payment assistance programs, and so on.  If you can package a presentation for the average person that is understandable and not terribly long, you have just become that person's mortgage expert.  Heck, I have a degree in business with a minor in economics and I don't even understand all of it myself.

When I am around friends of friends, or people I barely know, or complete strangers, I sometimes challenge myself to bring real estate into the conversation.  Believe me, it's not that hard.  If you were an engineer or an accountant, I can assure you that most people wouldn't be fascinated with your stories.  However, as a Realtor, everyone wants to get into your head.  Either they own a home, they are thinking of buying, or they want to know if the time is right to invest.  Be that expert for them!  You will reap the benefits.

Thanks for reading!

1 commentPatrick (Pat) Dardis • September 23 2008 06:25PM

Do you use Virtual Tours to market your properties?

In Fort McMurray there are nota lot of agents using this form of advertising, and the ones that do virtual tours have purchased the equipment themselves.

If this is a good form of advertising for real estate, which from what I have read it is? But I would like your feed back?

Secondly, what kind of equipment would one need to get started?

I look forward to your comments, Patrick Dardis

0 commentsPatrick (Pat) Dardis • September 23 2008 06:12PM