Here we are, half way through the year almost. Have you looked in the mirror lately?  On a daily basis I receive emails from Realtors all around the world struggling to succeed in this business.  I am a little perplexed at all the emails actually.  As soon as I ask them my first question, though, the answer is clear.

My question is usually something like, “How are you doing compared to your yearly business plan?” or “What are you doing to ensure you have implemented your business plan?”  I always get the same old answer: “Well I don’t really have a written business plan” or “Sure, I wrote my goals down, I always do…what’s an action plan?”

So what seems to be the disconnect between Realtors and running a business?

Firstly, let’s look at yourself.  Do you run your business as a business?  I had a great letter from an Agent of mine this year, it was for me to read to all my Agents.  Anna May has been in real estate for 20 years and has had many successes.  I don’t have the email handy, but I’ll paraphrase it:

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In September 2005, I eagerly traveled to San Diego to work my first trade show for HomeGain — the California Association of Realtors annual expo. The booth was set up to the tee with newly printed literature and various giveaways (pens, highlighters, notebooks, etc.) carefully spread across the table. “This is going to be a great show, I’m going to see a lot of sales today,” I thought as visitors began to approach the booth.

However, that wasn’t the case. Every time I told someone what HomeGain did (provide marketing services and leads) I was met with one of three responses:

1. “ Oh, you’re one of THOSE companies? I’m not going to talk to you…”
2. “Yeah? I was with XYZ company and they screwed me. Are you them?”
3. (I can’t repeat the 3rd response here)

I knew then that we had some work to do……this Real Estate marketing industry for years has not treated its customers very well. Whether it’s false promises, underdelivery or an overall me first attitude; public opinion of real estate marketing companies has suffered.

That’s why almost four years and several hard fought battles later; nothing pleases me more to see the A+ rating HomeGain received from the BetterBusinessBureau. The service staff at HomeGain has worked deligently over this time to ensure that its customers are taken care of.  This includes all customers we deal with; paying and free, happy and upset, everyone.  We take the time to hear out every customer and offer every possible suggestion or solution we can.

In 2005, we received probably 10 complaint emails to every compliment. Today, those numbers have switched. We now hear almost daily from agents who are satisfied with the service in addition to the success they’ve had on product. Continue reading this post

To grow a city you need infrastructure. To grow a Real Estate team you need the same thing.

I say this because my wife Donna and I tried to grow a team before we were ready. I see other Realtors do the same thing we did. They are successful right out of the gate so they want to duplicate that success with a team. The problem is that they do not have the systems and other key growth factors in place to make a “team” successful.

A team needs 4 key items in place before they will be able to grow successfully.

1) A team needs systems in place to handle leads, client care, and all the problems that are inevitable in Real Estate. Without systems the ball will get dropped a lot and everyone will get frustrated. One agent may do very well without systems because of their force of personality or their contact base but this is not something that is easily duplicated. To grow a team you need systems that will allow everyone to duplicate success if they just follow the system!

2) The team needs an adequate amount of leads to keep everyone busy. Without leads Realtors die on the vine. Again, they will get frustrated and begin to drift. Your team needs leads and/or the tools to acquire leads or they will become a group with a bad attitude and it is downhill from there.

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The property manager will be taking on significant responsibilities with the owner’s real estate. You will be effectively handing your property over to another.  It is important to look at the contract, at a minimum it must:

1. Name all parties to the contract
2. The legal property address
3. Define the responsibilities of the manager and the owner
4. Enumerate all  fees and commissions for leasing or real estate sales.
5. Define the term of the contract
6. Both parties must sign and date the contract

Agency — What Is It?

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Many property owners that would like to sell now find they have to hold and manage. If you own far from where you live or you simply aren’t interested in managing a second business, you should consider a professional property management. 

Does One Size Fit All?

No. Property Management companies come in all sizes, some manage 20,000 units and others 500. Many property management companies are a small or family business’s. A large management company should have more resources available, but service may not be personal and it’s easy to get lost there unless you have a large portfolio. That’s the first point to consider; which size management company will give you personal service.

Interview smaller companies that would bend over backwards for your business. You may get better service and price leverage.  If you choose this route, try to assess whether the company can absorb new business quickly, it’s a litigious business and they must be responsive day one.

If you have a single family home or a smaller rental property it’s just not that attractive to many companies. Not much income and although a larger company may welcome you, they may not give you much service. You may find that suddenly, you have many more little maintenance items than ever before as they maximize income within house maintenance and repairs. 

How Do You Find Them?

Word of mouth is best. If you don’t have a personal resource then: Continue reading this post

A much cited statistic tells us that nearly all home buyers start their home search online. Many consumers type in “homes for sale” on Google or Yahoo! or visit sites like HomeGain. 

With home listings available in many places on the Internet some consumers may consider buying a home without using the services of a professional real estate agent.

This  would be a mistake.

A local Realtor understands current market conditions and home prices. Automated valuation tools like those found on Zillow and HomeGain can only serve as a starting point for assessing home values in a particular area.

A local Realtor acting on behalf of a home buyer can give real insight on home prices based on local, up-to-the-minute analysis of the market.

In addition to helping buyers understand home prices, buyers’ agents do a lot more.

HomeGain member Mitch Ribak, who is on track to sell more than 350 homes this year, recently provided us with these 50 reasons to use a buyer agent: 

  1.   Analysis of your real estate needs and determine housing criteria

  2.    Research properties

  3.    Send you listings that match your needs

  4.    Provide information pertaining to your move or relocation and short-term stay options

  5.   Educate you about home buying processes

  6.   Provide information on market conditions, schools, communities, employment, and more

  7.   Discuss your financing needs

  8.   Recommend qualified mortgage brokers

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