Loyalty; A Fiduciary Responsibility

Real estate agents from across the country prompted me to write this article. If we step back in time 50-60 years, people

were loyal to each other. They were loyal to the people they did business with. The giving and receiving of loyalty was expected. It was almost like an unwritten law of conduct. In many cases, deals were made with a handshake. No written contract was required. What happened to it?

Then came prosperity

[Read more…]

Social Networks

Which Network Do You Use?

Which Network Do You Use?

Social Networks seem to be a main topic of discussion anywhere two or more real estate agents are gathered. Almost everyone uses Facebook, LinkedIn, Twitter or one of the many networks in an attempt to find prospective clients. Can you really find clients on Social Networks? If so, which ones are best served for finding people that want to buy or sell real estate? [Read more…]

Handling Fear of Rejection

Get Over The Fear of Calling Strangers

Get Over The Fear of Calling Strangers

Fear of rejection is probably the most common disease associated with sales people. No I didn’t make a slip of the tongue. I consider fear of rejection a very deadly disease to a sales career. Fear hits a person at a very early age and if uncontested, it becomes cancerous; to the point it is such a large obstacle, it appears totally impossible to bypass. I can tell you first hand that this type of fear is real and from the onset seems insurmountable.

Let me give you a real life example of me having fear of rejection. When I got into real estate in February 1969, everything was altogether different than it is today. I don’t think the term “lead generation” had been devised at that time. Sales seminars were few and far between, and I might add, miles and miles apart. However, every seminar that I attended, the main technique taught to generate new prospective clients was simplified by using the term “Prospecting.” For the next 25 years or so, I blocked three hours every day for just prospecting.

One of the ways of prospecting was a term called “Door Knocking.” In case you aren’t familiar with it, let me share my early experience with door knocking. [Read more…]

Success by Association

Run Your Own Race

Run Your Own Race

As a real estate educator, I am often confronted by students that are completing their prelicense course. These students inquire about various real estate companies and especially the companies that are national franchises. They are inquisitive about the various payment plans, monthly desk fees, and if the company provides training. Naturally I am more than willing to share my knowledge with them and even advise them if they ask.

After giving them a short dissertation about the agencies in their area, I quickly suggest that most companies are all good agencies. That is they all have good people working there and they have good intentions of providing professional services and growing their business to a high level of success. In most cases when I am pushed to suggest one company over another, I explain that the company they choose is a matter of choice. It’s important for a new agent to understand that almost all agencies are good; some are just more professional than others.

I don’t mean to be copping out on giving these students a straight answer. I work with many different brokerages and almost all of the national franchises so I have must remain somewhat mutual and not show partiality one over another. [Read more…]

Finding Prospects is Easier Than You Think

Prospective Clients Are Everywhere

Some real estate agents are in awe as to how many clients some agents have to work with, when they themselves have only a couple prospects. How did they come by so many prospects? Is it because their company is so much better or more proficient than mine? No to the last question. Ten thousand times no! If one goes to work for a particular real estate agency thinking they are going to provide you lots of listing and sales opportunities, you have a sad awakening ahead. No one gives you anything in this industry.

Real estate agents are self-employed; independent contractors; working for themselves; making their own decisions, and are in total control of their own destiny. Sure you have to work under the supervision of a qualifying broker, but the broker only provides you the opportunity work in the industry as you see fit. Matter of fact, since you are an independent contractor, the broker is limited as to the demands he can make of you. He can demand that you work legally, ethically, and within the company policy, rules and regulations. Otherwise you are on your own.

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Hiring an Assistant

ARE THESE YOUR EMPLOYEE'S?

Last week I included the 80/20 rule in reference to the amount of time a successful real estate agent should spend in generating new prospective clients. I stated that one should spend 80% of their work day contacting new leads and allot 20% of the day for taking care of all other business activities. Early in a real estate career, 20% of a work day is plenty time to accomplish other business activities but once production increases, 2-3 hours a day is not enough time for listing and showing appointments. When this happens one will usually spend less time in lead generation. This is a huge mistake. Securing a client to represent (lead generating) requires more expertise than a showing appointment. Lead generation is not looking for today’s sales opportunity, but it is securing future business. If you take time away from lead generation, you are reducing future sales opportunities.

If the proper preliminary work is done, and you have had the proper conversation with the clients, any licensed person can show a property. The property speaks for itself. Let’s look at a perfect scenario with Joe representing Mr. & Mrs. Jones. [Read more…]