Posted on: June 17th, 2013 by Jessy Taveras
Is it smart business for an agent or brokerage to say these words? “I’m sorry. We can’t help you with that. Your best bet would be to call one of our competitors.” The obvious answer is no! However, as surreal as it may seem, I know of agents that act in this manner on a regular basis and in many cases their managing brokers aren’t even aware. The stark reality is that many agents think that “rentals” are beneath them and the owners/managers that supervise them need to accept their share of the blame for fostering an environment where this attitude is acceptable. The objective of all real estate agents should be to develop “clients for life”. An accomplished real estate professional should assist all their people whether they wish to buy, rent, sell or find a great tenant for their property. A properly run residential brokerage operation needs to… continue reading
Posted on: June 4th, 2013 by reedc
We have all heard the saying “It’s not what you know, it’s who you know”. The real estate business is very much about who you know. The term used these days is “sphere of influence” or SOI. Whether you are an individual agent or the owner of a brokerage you want to know more people and you want more people to know you. You need a plan to methodically grow your SOI. The rental business grows SOI faster through the sheer volume and speed of transactions. From the brokerage stand point, a successful and consistent rental business means more ads, more signs, more happy landlords and more satisfied customers. In general, this means a big uptick in exposure for the company and a tremendous increase in brand recognition among the public. I teach agents that the rental business serves two purposes. The first is that rental transactions help pay your… continue reading
Posted on: May 16th, 2013 by reedc
I have a saying that I tell agents all the time “Rentals pays your rent and sales buy your home”. Agents that do rentals have much quicker and consistent cash flow. It just makes sense. The advantage to rent a few properties a month while you are waiting for your sales to happen or close is a huge asset. I want all the agents I train to become top producers that make great incomes and enjoy a fabulous quality of life. One of the common denominators of high earners is that they had the ability to “survive” the early years. You have to learn how to survive and pay your bills in this business before you can get rich. Agents that are able to rent property have the wherewithal to “last” in this business and work through the ups and downs of the economy. After the financial crisis in… continue reading
Posted on: May 10th, 2013 by reedc
Why Real Estate Agents & Brokerages Should Do Rentals– Part 1 “Start Up Capital” The rental side of the business has many advantages for both brokerages and individual agents. In this series I am going to outline many of the benefits to both companies and agents. The first topic that will be addressed is the capital required to launch a company or an individual career in real estate. The amount of capital required to start a sales brokerage is much higher than is required to launch a company that does both rentals and sales. A healthy business plan for a sales-only brokerage would include one year’s operating expenses in capital to start up, and revenue may not consistently cover monthly overhead for an extended period. In comparison, I have consulted with several startup brokerage companies with an initial emphasis on rentals and several of them have turned a profit in their second month. Quite simply, you don’t need nearly as… continue reading
Posted on: April 26th, 2013 by reedc
This is the final installment of this blog series “The G$ System: Maximizing Your Rental Business”. The big question left is “Are you doing it? Are you “executing” what you have learned in this series?” I have trained thousands of agents in my career and every month I teach a new crop of over 150 people. All receive the same instruction but the results among individuals vary widely. Why is that? What is the difference between those who make it and build careers and those who don’t? Why are some people “players” and others “pretenders”? The answer is EXCECUTION! Agents that follow through and execute based on the instruction I give them do extremely well. Why doesn’t everyone follow through and “just do it”? There are many, many reasons. Human beings are complicated and I find this part of my work fascinating. I’ve seen almost every manager I’ve ever worked… continue reading
Posted on: April 16th, 2013 by reedc
Do you want to make more money? For most real estate agents the answer is a resounding “YES!” Unfortunately, at many companies if an agent approaches management and asks the question “How do I make more money?” the only real answer that management has is “You should work harder and longer hours and then you will make more money.” That is unacceptable to me and after thousands of meetings with agents of all levels I developed a very simple diagnostic model that has incredible value for any agent regardless of experience. I call it “More, Better & Bigger”. To make more money the first question you should ask yourself is “Can I work with MORE people?” Every agent needs to reach the level of “More” that they can consistently maintain without burning out. The most common reason for agents not reaching their income goals is that they don’t have enough… continue reading
Posted on: April 9th, 2013 by reedc
One of my core beliefs is that the only way this will be a great business for most people is when the majority of their leads are “repeat business and referrals”. Churning and burning new business or cold leads is no way to make a living. I believe the business should get easier and more lucrative every year and the only way that’s going to happen is by staying in touch with everyone you do business with. In the first year or two this business owns you. You have to work very, very hard for the money you make and your quality of life outside the business is not great. Like anybody in almost any industry you have to pay your dues.It is important that you understand why you are working so hard. After the initial struggle there are few careers as lucrative and rewarding as a real estate agent… continue reading
Posted on: March 27th, 2013 by reedc
I believe that “closing” is overrated by most agents. Many agents ask me for advice on closing techniques. I don’t believe you need to be an “arm twister” to do well in this business. I have a fundamental belief that if you walk the right person into the right property at the right time that they will turn to you and say “I want it. What do I have to do to get this?” You do not need to be the pushy, aggressive, stereotypical salesperson hated by most people. In fact, you will make more money if you aren’t. That being said, you have to “ask for the sale”. In any industry salespeople need to ask the consumer if they want the product. You don’t need to be obnoxious but if they like the home and they need a place to live, you need to ask them if they want it.… continue reading
Posted on: March 25th, 2013 by Property Shark
A Study on 300,000 Listings Reveals What Words US Agents Use the Most “Your dream home,” “gleaming hardwood floors,” “soaking tub” or maybe “Sub Zero” and “wall of windows”— are you using the most powerful word combination to make your property stand out? Our analysis shows that the “tried and tested” phrases like “beautiful,” “spacious” or “must-see” are still commonly used by US agents nationwide when advertising their listings. Nevertheless, judging by how high they ranked in our list of the most frequently used real estate listing words in 2012, certain keywords referring to desirable home attributes or upgrades seem to carry a special weight with people who look for a home. Do you already have a special, ka-ching! combination of words for advertising a home? If you’re still looking to develop one, the findings below might prove to be just what you need. Most Popular Real Estate Buzzwords in 2012 “Beautiful” has been… continue reading
Posted on: March 21st, 2013 by reedc
People do business with people they both like and trust. Trust implies professional competence and good service. Ask yourself what you do to get people to like you. You need a plan. Ask yourself how you get people to trust you. You also need a plan that you consistently apply to accomplish that. How do you get people to like you? I think you already know how. Let’s face it. You have been practicing since birth. We all develop this skill set or we don’t survive very well on the planet. I shouldn’t have to teach you this. It’s more my job to remind you how important it is but here is a very simple tip. People like people who are interested in them. Ask people questions about their favorite subject, themselves! Then listen, give them your attention and show empathy. Everybody has a need to be heard and everyone… continue reading
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