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Atomic Open House

It’s time to get excited, because I’m going to talk about the Atomic Open House. The Atomic Open House mean is my best open house strategy ever.

This starts with the preparation of the house. (Please see Photo Seduction class or How to Make Your House Sexy too.) I recommend hiring a home stager, but it’s up to the agent to reinforce these principles. When you’re putting the house online it needs to look its best. I talk about selling houses like online dating, because if you were trying to get a date you would want to look your best.

MARKETING YOUR OPEN HOUSE

I think that open house directional signs are crucial because you need to direct people to the house, but I don’t use as many signs as most realtors because I don’t think it brings in good quality traffic to sell the house. My goal with an Atomic Open House is to SELL THE HOUSE.  The key to the Atomic Open House is making sure your house is marketed on all of the top websites: Zillow, Trulia, Redfin, and Realtor.com. Also, make sure you schedule your marketing in your MLS by Wednesday or Thursday.

Atomic Open House is a mindset that you are trying to sell this house and that you are going to do everything possible to generate as much traffic through this house as possible. This is not just something that you do to placate your seller. Your job is a marketer to create high-quality traffic.

CAPTURING DATA

When buyers come to the open house, you need to capture their data. I believe individual forms to capture information are better than a sign in list. I believe having a flyer ready to hand to the people entering the house shows that you’re attentive. Hopefully before the open house, you’ve already done your research and you’ve identified off-market properties for that neighborhood, but even if you didn’t, some neighbors may come to the open house. When neighbors come in, ask questions about the neighborhood and ask if they are considering selling.  Those neighbors then also become potential clients with potential off-market properties for sale.

Put this all together and you have an Atomic Open House. You’re doing a great job for your seller and you’re maximizing your end killing it at the open house!

Listing Strategies

Buyer Booklet

A buyer booklet helps you present yourself as a market expert when you meet with a client for the first time. Buyers need guidance. The most important reasons to do a buyer booklet is to educate the buyers and to give them confidence that you know what you’re doing. An elite agent asserts themself into the process to let buyers know you are the “go-to” for information about the real estate market.

Why is it called a Buyer Booklet? Many buyers get their real estate market information from emails form financial magazines and newspapers. They also go online and Google the real estate market. If you let your buyer only use these resources, you will have a misinformed buyer about the current state of the marketplace. The idea of presenting a buyer booklet is to change their mind and give them a clear understanding of three things: supply, demand, and prices. The key is you should give a twenty thousand or thirty thousand foot “view” then a street level “view”, because no statistic you give is good unless it has a comparable. For example, if the inventory is at two and half months, then you also need to let them know the average for the past twenty years is three to five months. The Buyer Booklet gives you a chance to prove your knowledge while reviewing all of this information with your buyer prior to them making an offer.

Agent Training

Open House Marketing

Open house marketing seems to be a foregone event in real estate. I don’t know why agents act like there have not been any recent changes in marketing. I still see the biggest thing in open houses is putting out lots of signs with balloons-we need to take this marketing to the next level. Traditional open house marketing strategies are events that begin the day of. More thought has to be put into planning ahead. Today’s buyers begin their search on their own, and where are they searching? The are searching online! When they see a house online they like, they are immediately looking for an access point to see that house, they aren’t waiting to see an open house sign on the weekend. If you don’t have the open house information online with the listing, you are missing up to 90% of your potential traffic.

I still feel the open house signs with balloons are good. The signs are helpful for the run of the mill traffic and the online shoppers to find you. Fresh flowers, water bottles and cookies at an open house are also great, but they are the icing on the cake, not the meats and potatoes of the open house marketing. Open houses need to be marketed on Wednesday, Thursday and Friday online. You need to see your house on every website, meaning: Zillow, Trulia, Realtor.com, Homes.com, Redfin and on all broker sites.

Listing Strategies

How to Get More Listings and Triple Your Income — Critical Components to List 50+ Homes Per Year

They key to getting more listings is becoming a “Local Market Expert.” The hard thing about real estate is that no one teaches you how to market yourself. As the numbers of agents available continue to increase, it becomes increasingly important to become an expert.

LOCAL MARKET EXPERTISE

When having a conversation with a friend, a neighbor, a family member or an open house visitor, most realtors will usually start a conversation by making relationships finding a common bond. Even though these old school sales tactics can be extremely successful, I see them losing more and more, while I see local market expertise winning more because everyone wants to list with a local market expert.

How do you get your friends, neighbors, family members and open house visitors to know you are a local market expert? This starts with you understanding several things, the first is knowing how many homes have sold in your area. Your area may be a neighborhood of somewhere between 500-1000 homes, but more importantly you should know the numbers for the area your MLS covers. For example, I live in Scottsdale, AZ, but to be a local market expert I draw all my stats from metropolitan Phoenix.

The three cornerstones of becoming a local market expert are knowing supply, demand and prices.  Supply is how many homes are listed for sale in your current MLS. The next is demand, this how many homes actually sold. The third thing is prices. Prices is a result of supply and demand, it’s important to know how much prices have gone up or down in the past quarter or year. The key thing to understand when talking about supply, demand and prices is that an individual statistic is not has strong as it is in comparison to a similar time frame before. For instance, how much did prices rise in a year, or how many homes sold this January compared to last January.

The best way for you to begin to triple your income is to study these statistics. Just knowing the statistics does not make you a complete local expert, but it is one piece of the pie.

WHAT CLIENTS WANT

What do clients want? First, clients want convenience. They want you to show them how you are going to make the process easier and they want to sell their house for most amount of money. Next, clients want their home sold fast, but they don’t want it sold fast for less money, they want it sold fast for Top Dollar. Ideally, they would like their home sold within a couple weeks. Lastly, all clients all want less hassle.(Agent Truth’s Two-Day Listing class discusses this complete strategy in detail.)

SELLING HOUSES FASTER

If you want to sell more houses, you can’t just lower the price of the house to list faster. Instead you need to create more market demand for the house. This is done by knowing who the target buyers are for the listing and finding the appealing features of the house to showcase in the listing photos.

Agent Truth is all about providing the best customer service and the best possible experience for a seller. The better the job you do for a seller in achieving their goals will get you three times the amount of referrals compared to just selling their home.

Listing Strategies

How to Run Comparables to Determine the Proper List Price of a House for a Real Estate Agents

How to run comparables for the listing price and hopefully the selling price of a home is more challenging than it sounds. The real estate industry has brokers and MLS trainers teaching classes how run comps. Yet, my motto on running comps is similar to the comp methods that industry Russell Shaw equated. His motto, as well as mine, is that comps were independently determined. Over the past five years I’ve tracked my sales, during this time my comps have been about 95% accurate.

KEY FACTORS IN WHAT MAKES A COMP COMPARABLE

I follow the same method every time I list a house. The first thing I do is I look through the tax records. I look at who the owner is, when they bought the house and other major qualifications that determine the price of the house. First and foremost, the neighborhood the house is built in is a major qualification. Neighborhoods are like families and families have characteristics. For example you have characteristics of your mother and your father, therefore those characteristics are undeniably a part of who you are and houses are very similar to this. Houses in a neighborhood are typically all built by the same builder within a couple years, so all the ACs are about the same age, all the roofs are about the same age and other features will be the same within the neighborhood.

One of the biggest determination when running comps for a house, is also one that is most commonly misused, that is the appreciation of the house since it last sold. There are too many factors of the house and the neighborhood that may have changed during the time it last sold to use the appreciation.

The next major qualification I look for is how many levels the house has. The selling price varies significantly between one level and two level houses. I don’t think it’s ever a good idea to use a two level comp for a one level house and vice versa.

Another determining factor is lot size. Whether the house has a pool or no pool is also important. Lastly, I look at square footage.

THE MOST DIFFICULT PART

The most difficlut part in running comps can be looking at the best house that sold, then looking and the quality of the upgrades and the trendiest of the upgrades. The top spaces to look for upgrades are first the kitchen, then the master bath, then the outdoor space and flooring. How do all of these compare to the house you are running comps for?

Hopefully using these parameters will narrow down your search to somewhere between five and fifteen homes to give you the most accurate comparable.

Listing Strategies

 

Selling Challenges

Most sellers are unsentimental about their homes, instead they prioritize profits from the sale over concerns about the home’s future under a new owner. As reported in the Zillow Consumer Housing Trends Report, half of sellers say maximizing profit is the most important goal, while 38 percent of sellers prioritize selling within their target time frame, and 12 percent say making sure their home has a good next owner is the most important priority.

TIMING CONCERNS

Urban sellers are more concerned compared to suburban sellers about selling within their target time frame. Urban sellers are usually selling in competitive markets where they often get their list price or higher, so it’s little surprise that these sellers are less likely to say that maximizing profits is a top concern.

SELLING FOR THE RIGHT PRICE

When sellers reflect on the entire selling process, they are overall satisfied. Sellers who do face issues during the sales process say the top four they find difficult are timing the sale with the purchase of their new home, selling within their desired time frame and price range, and entering a competitive buyers market after selling. As expected, younger generations seem to experience slightly higher levels of difficulty than older sellers. All generations find most aspects about the process easy to navigate or deal with. Baby Boomers and Silent Gen sellers report breezing through some of the activities that Millennials and Gen Xers rate difficult. Yet, as crazy as the selling process can be, most of those sellers will still go on to buy another house, and find themselves back in the market as sellers in another decade.

Are you efficiently assisting your client through the home selling process ? WE CAN HELP…LET’S GET STARTED TODAY!

A Training Coach

As a new or experienced real estate agent, you may be doing all of the “right” things for your career. You’re networking, learning about the current market and working on leads. Yet still, being a real estate can be challenging. Having a real estate coach to train you could help you out tremendously by enhancing your ability for a successful real estate career.

Ask successful people in almost any line of work and they will often name specific people that helped them get to where they are today. Coaches, or mentors, are an invaluable asset to anyone who strives to get ahead in their career. 

A good coach provides many important things, including: 

  • Accountability 
  • Encouragement
  • Calm Fears
  • Experienced Advice
  • Role Model
  • Create a Balance in Life
  • Increasing your Confidence

The real estate market is constantly changing and that makes it hard to keep up. Jeff and Phil are not only real estate training coaches, they are active real estate agents working every day with clients, so they know the current market and what buyers and sellers are expecting. They are ready to train you with their up to date knowledge and experience. SIGN UP TODAY TO GET STARTED!