KWABNewsletterMarch0..

Keller Williams Realty® Atlanta Buckhead Market Center
Continued fron Page 1
upon on a daily, weekly, and monthly
basis. Lead Generation/Conversion is the
first fundamental. As an agent, you
should have a clearly defined area of
expertise for your lead generation
activities. SOI, builders, banks, expired,
FSBO, etc., etc., etc. Most 7th level
agents have only 2 or 3 pillars of their
business. For example the top team in
Atlanta in 2008 was Rick Hale &
Associates. If you ask Rick, he has two
pillars - his SOI and banks. This isn’t to
say they don’t convert sign calls, open
houses, or just listed. The first two are the
anchors of his business. What are your 2
or 3 anchors? How often do you role play
and practice your lead generation/lead
conversion scripts and dialog?
The next fundamental is Consultations/
Presentations. We are in the business of
creating and setting appointments for
buyers and sellers. Once you have an
ample number of appointments, how well
do you give consultations on a scale from
1 to 10, with 10 being masterful? How
often do you role play and practice your
consultations/presentations?
Contract Writing and Negotiating is
probably
the
most
abandoned
fundamental I’ve seen in our industry.
Most agents only attend the contract class
in the beginning of the year to see the most
recent changes to the GAR contract. How
many agents follow up during the year to
improve negotiating techniques or read
books on negotiating strategies? How
Family News - Vol. 3, No. 3 – March, 2009 - Page 4
many have taken the KWU MAPS The
Language of Sales coaching program?
Finally, we have the Contract to Close
process. Fortunately, we have several
people and companies in Atlanta which
will perform these services at a high level
and low cost for KW agents. This is the
first fundamental which should be
outsourced. This fundamental will be
covered easily when the previous
fundamentals are done right.
For
example, a properly drafted contract will
cover all of the details for which a client
may have an issue. Usually, most
contracts don’t address unforeseen
circumstances.
Yet, if an in-depth
consultation would have been given, the
circumstance or issue would have been
uncovered sooner, rather than at a time
which puts the contract in peril.
In, summary, I challenge you to look at
your appointment calendar and schedule
time for practice, role playing, and
improving
your
lead
generation/
conversion, consultations/presentations,
contract writing and negotiating, and
contract to close systems. Failure to
consistently move forward with these
fundamentals will have a negative impact
somewhere in your business. Leads,
Listings, and Leverage have never
changed. 2008 was a great year for agents
who never stopped working on the
fundamentals. 2009 will be a great year
for everyone who continues to move
forward with the fundamentals.
GETTING MORE
CONTRACTS
by Kim Thomas
Closing Coordinator
770-874-6208
I’ve heard two good ideas
lately, at the team meetings,
that I wanted to pass along.
They should help you write
more contracts.
The first one is for your listings. Every
time you get a showing and don’t get an
offer, send the buyer an offer! This at least
opens up a dialogue, and could lead to a
contract.
The second one is for your buyers.
Instead of having them make an offer on
just one house, have them make offers on
their top three. Since many sellers out
there may have overpriced with the
rationale “We can come down if we get an
offer”, this gives your buyer an
opportunity to find the best deal available
among several houses. It may also make it
less scary for them to actually make an
offer, since they aren’t committing to just
one home right off the bat. Remember to
keep track of your due diligence periods,
and to check the appropriate boxes on 11.
A. 4 of the GAR contract. A good way to
explain multiple offers to the listing agent
is to say “This home isn’t our first choice,
but they did really like it. Ordinarily we
wouldn’t have made an offer, but we
thought we would give it a try and see if
we could come to an agreement.”
Keep up the prospecting, and good
luck out there!
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Keller Williams Realty® Atlanta Buckhead Market Center
Family News - Vol. 3, No. 3 – March, 2009 - Page 1
Keller Williams ® Realty
Atlanta Buckhead
3365 Piedmont Road Suite 1050
Atlanta, GA 30305
404-969-1600
bu ckhea
buc
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Family News
March 2009
A Message From The Desk
of Brenda Richterkessing
IT WAS THE BEST OF
TIMES; IT WAS THE
WORST OF TIMES…
The real estate market has
shifted drastically. Sales are
down dramatically. Inventory
has reached an all time high.
Buyers have never been more
reluctant. Fear is rampant,
anxiety high, and people are getting out of the
real estate business right and left. Sound
familiar? If you are over 40 it should…the year
was 1980. (Over 30? Let’s go with 1990…same
thing.) What is it about prosperity that gives us
all amnesia?!!! My advice: Relax, people. It
happened before and it most certainly will
happen again.
Are times really that bad…hmmm, let’s take a
quick flashback to 1980, shall we?
•Rates for a 30 year fixed mortgage…18%.
•The prime rate hit 19.5% (March of 1980).
•The Dow Jones threatened to blast through
1,000! Wahoo!
•Inflation was 13.3%!!!!
•Worst of all…Disco died.
Feel better about today?
•Mortgage rates are in the FOUR’s.
•Prime rate is in the THREE’s.
•93% of the population that wants a job has
one.
•Median household income is triple what it was
then.
And on top of all that…we are expected to live
about 10 years longer than we were 40 years
ago!!! In other words, YOU will be around to
see another shift (or two). The Bottom Line:
SHIFT HAPPENS! (Sorry, couldn’t resist that
one ? )
What you need to do:
First off, stop calling it a bad market. If you
had $5,000,000 in cash to buy real estate right
now…is it a bad market? There is no bad
market, only buyer and seller markets. What is
different is that we have NEVER seen this
market before, and the good news is people are
finally realizing that NOW is the best time to buy
that we will see in our lifetime. Allow me to
qualify that last statement. There have been two
major buyer’s markets in recent times - 1980 and
1990 (roughly). During those times, the interest
rates were between 10% and 18%. What we are
seeing today has NEVER happened before….the
lowest mortgage rates in history AND high
inventory AT THE SAME TIME!! And for
sellers, money they lose on the sale, they will
likely make up on the buy.
Fear to faith: Know that the market doesn’t
matter for you anyway, only what percent of the
market you get. To thrive now you must first go
from fear to faith. That means believe that you
WILL be OK. You will get through this. Gary
Keller recently said, “It doesn’t matter if you lose
everything (which BTW has happened to him),
our research shows you can be in a massively
different place in 5 years from today…Even in a
worst case scenario, it only takes 5 years to
‘reset’…”
Re-cast and simplify:
If you are not getting results, it is time to re-cast
your line and fish in a different spot, in a
different way, with different bait…It’s time to
re-train yourself. Re-cast your goal with what is
possible right now. Then try to simplify that goal
to a few numbers. Let me briefly run you
through what I am talking about.
1) First find your GAP. If you got real, real
lean, how much money do you need per month to
break even or hit your goal? Two things will
happen in this exercise: a) you will develop a
personal budget; and b) you will be shocked
when you annualize your expenditures
(Starbucks; restaurants; liquor store…). When
you realize you spend $1,200 per year on Latte’s,
trust me, you lose the craving. 2) Second, we
know that you need 2 appointments for every
closed listing. Find the number of listings you
need to close to break even. Then create a plan to
get that many appointments. Just focus on that
one number:
Listing appointments
needed…keep
it
simple
and
quit
over-complicating things.
(Make every buyer you close on top of that
‘play money’.)
Lastly, get hitched:
Now, there are 53 ways to generate leads in real
estate. Let’s take ONE: Your sphere of influence
or ‘met’ database. One way to look at it is: If you
got married now, and money was no object, who
would you invite to your wedding? That’s who
should be in your data base. 24:1 - That is how
many people in your database you need to
contact to get one appointment (that’s actually
talk to them). Ok, so you need 20 closings to hit
your goal; that equals 40 appointments; which
means 960 calls in a year (40X24). If you have
160 people “in your wedding” that means you
talk to 160 people every 2 months. That is 80
contacts a month or 20 per week. Can you make
calls until you talk to 4 people a day in order to
hit your goal for you and your family? People
you probably already like?!!!!! There may never
be a better slogan than Nike’s: “JUST DO IT.”
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Productivity Coach’s Update
MOVING FORWARD WITH
FUNDAMENTALS
Often agents are asked to go “back to
basics”. I don’t know about you, but going
backwards isn’t inspiring nor is it the direction
my business should be going. Basics are not
all-inclusive of the fundamentals of a highly
successful real estate sales business. So I’d
like to offer up this month the notion of
moving forward with fundamentals rather
than going back to basics.
I’d like to recall a message from the movie
The Karate Kid. In this movie, Daniel
Larusso wants to learn karate from a local
master karate instructor, Mr. Miyagi. So Mr.
Miyagi agrees to teach the young lad karate.
He quickly assigns all sorts of household
chores for young Larusso to complete. The
young boy wants to learn karate so bad, he’s
willing to complete the chores Mr. Miyagi
assigns. Even though he’s not quite sure how
this is going to help him learn karate. After
several days and chores have passed, Daniel
asks the master instructor, “How am I to learn
karate by painting your fence, washing your
car, and scrubbing your deck?”
What Daniel didn’t know was that he was
learning the few fundamental moves of karate.
To master karate you don’t need to know a
thousand different moves. You need to
practice a few moves a thousand times.
Without mastering the fundamentals he’d
never be masterful or great at karate. Just like
karate, there a few simple moves you need to
master to build a 7th level real estate business.
So let’s review the fundamentals of our
business. These fundamentals should be
worked on, practiced, studied, and improved
Continued on Page 4
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