One of the things that we tried a few years back at our brokerage, was to provide “online chat” on our website for visitors who wanted some quick information. The thought was that it would provide the user a better experience and that we would get many more leads because of it. We thought that the ability to provide an “instant response” would engage customers in conversation. That did not turn out to be the case. So we let the project drift for a couple of years.

So what has changed that may make this strategy become a more effective experience, marketing wise? For starters, many more websites in other industries are using it, so customers are becoming accustomed to it. Customer service off of websites has taken two routes as the battle to balance customer satisfaction while simultaneously reducing costs has raged. The first effort was to go offshore, but that has proven to be less than satisfactory to the user. Keeping a fully staffed 24 hour a day team here in the states was out of the cost range for the companies. Thus the popularity of online chat for support.

Add to that these following trends and we MAY have the making of a new option for real estate agents: Continue reading this post

Several months ago I wrote a follow up blog post on our LCA program and I’m glad to say it has worked out great. Our sales are 20% of last year with the same amount of leads generated. In a market where we are still hurting, especially since the tax credit stopped, we are continuing to sell above the rest of the competition. It’s tough to quantify our numbers at this point and most likely will have difficulty until the end of the year.

With that said, we have learned some great lessons in numbers from our LCA program.

Here they are:

• We know that 10% of our calls turn into scheduled appointments
• We know that 50% of our scheduled appointments cancel for some reason or another
• We know that 33% of our appointments that show up ultimately purchase a home

So because of that we know that if we want to sell 48 homes in a year per Agent, each Agent needs to call 240 people per month to schedule 24 appointments to show 12 different customers to receive 4 sales.

Continue reading this post

When you are representing a buyer or seller, it is important to remember that the other side will develop an opinion of your client based upon your communications. Carefully chosen words will help to maintain a realistic and positive impression. When negotiations get hairy, you want the other side to feel positively about your client. Nobody wants to help the bad guy, and we all root for the underdog. By carefully choosing what you share and how you say it, it will preserve the reputation of everyone on your side of the transaction.

With this in mind, here are a few ways that I design my communications:

• If you have to say something negative, (let’s face it, sometimes it is necessary), be objective and offer an explanation that focuses on contract terms and legal rights.
• Refrain from giving your opinion or added color to the statements; stick to facts.
• Be considerate and respectful of everyone’s feelings and rights.
• Be fair and honest.
• Disclose anything that is necessary and required; know what that is and give nothing more.
• Take concerns and issues raised seriously; put out all fires early.
• If you can’t say something nice, you probably don’t need to say it.

Continue reading this post

Here I am, broker and lead of a Denver real estate team here in the heart of the country. We’ve had our share of challenges. However, we continue to invest into our business and persevere and it’s paying off. When others are asking, “How’s business?”, we can truthfully say, “You know it’s great. In fact it’s been better these past several months than during the past few years.”  Sure, it’s not as good as it could be but it is better. I’ve had to make tough but obviously necessary decisions and moves towards achieving the end goal of coming out of this lull on top of our game.

Moving Our Office

I recently moved from a small boutique real estate firm to one of the largest and fastest growing brokerages in Colorado. This move helped to bring down costs while expanding the team’s opportunity. Overnight, I increased team incentives via lower fees, and vastly increased my access to in-house agents, now candidates for my team. Instead of hiring new members from outside my company, then recruiting for my team, now I simply need to put the word out to the office.

Hiring Team Support

With some of the savings on the overhead, I hired my first administrative assistant. I’ve spent many, many hours trying to keep up with the vast amount of work I’ve created for myself and now it was time to share. By lightening my load, I’m better able to focus on the larger opportunities and issues at hand. I’m looking at everything from virtual outsourcing, to engaging consultants, to hiring hourly and even salaried employees. Continue reading this post

Want to make your real estate agent cringe? Say any of these 5 things:

“We would like a tour.”

This usually translates into, “We don’t know the area. We are not ready to buy but would like you to drive us around for several hours showings us the area to see if we like it.” Despite what you may think, real estate agents love to sell homes but really do not want to give tours. If you have been selling real estate for awhile then you have probably given a tour. From my personal experience, people who are unwilling to hop in their own car and tour themselves around are not ready to buy.

“I’d rather find a house and then deal with financing.”

Years ago when just about anyone could get a mortgage this was not such a big deal. However, today it is a different story. Lending guidelines have changed dramatically. The last thing a real estate agent wants to do is go out and show a bunch of houses only to find out later that the buyer cannot get a mortgage. It seems like the pendulum has shifted too far to the other end. I have recently seen some very qualified buyers not get approved for financing. Continue reading this post

Freddie Mac says that we have the lowest mortgage rates EVER!!  Well maybe not ever but since they started tracking the rates.   So maybe in the last 50 years or so…..

Additionally, home prices have dropped to some of the best prices in a long, long time.   So now the question is:  Do we wait to see how low home prices may go before we buy?

Here is some food for thought……

1. Many people believe that home prices have found the bottom and are making a turn upward.
2. Mortgage rates are at the lowest rate in 40 or 50 years.  It is hard to believe they will drop any further and are more likely to move upward.
3. We should look at the math.

What if………
Continue reading this post