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Top Agent Magazine Cover
NEW JERSEY EDITION FIVE WAYS TO INCREASE YOUR COMMISSION REALTORS® CAN WORK LESS AND EARN MORE – IT’S NOT A FANTASY 4 TOP WAYS TO JUICE UP YOUR OPEN HOUSE STRATEGY WHY YOU SHOULD NEVER SHUN MILLENNIALS COVER STORY IS THIS A BAD TIME TO MARKET? Top Agent Magazine Orly Steinberg 1 Executive Publisher Jessica S. Fisher Writers Stacy Brecht Laurel Davis Amy Maliga Orly Steinberg Tina Rubin COLDWELL BANKER Cameron Sullivan Alisha Thomas Feature Story Coordinator Melissa Giordano Graphic Design Len Leake Accounting Carol King Samantha Smith 7 CONTENTS REALTORS® CAN WORK LESS AND EARN MORE – IT’S NOT A FANTASY by Bob Corcoran............................................... 4 WHY YOU SHOULD NEVER SHUN MILLENNIALS Phone 888-461-3930 by Bubba Mills................................................ 13 Fax 310-751-7068 “STATED” INCOME COMMERCIAL REAL ESTATE LOANS ARE BACK—AND BETTER mag@topagentmagazine.com www.topagentmagazine.com No portion of this issue may be reproduced in any manner whatsoever without prior con sent of the publisher. Top Agent Magazine is published by Feature Publications GA, Inc. Although precautions are take to ensure the accuracy of published materials, Top Agent Magazine cannot be held responsible for opinions expressed or facts supplied by its authors. To subscribe or change address, send inquiry to mag@topagentmagazine.com. Published in the U.S. 2 by Noah Grayson............................................ 16 TRY VS. DO by Barry Eisen................................................. 19 FIVE WAYS TO INCREASE YOUR COMMISSION by Walter Sanford.......................................... 22 TOP 4 WAYS TO JUICE UP YOUR OPEN HOUSE STRATEGY by Rob Flitton................................................. 24 IS THIS A BAD TIME TO MARKET? by C.J. Hayden................................................ 28 Top Agent Magazine Get INTERNATIONAL exposure! Top Agent Magazine 3 REALTORS can work less and earn more – it’s not a fantasy ® By Bob Corcoran Close your eyes and imagine you’re lying on a beach. The waves are waxing and waning gently in front of you as the calming calls of seagulls crack above. Now, let me add something here that’s as alarming as a shark attack to many REALTORS®: there’s no cell or internet service. If that suddenly makes you sweaty and anxious, keep reading – this article is especially for you. 4 Top Agent Magazine If you’re like most REALTORS® I’ve met, your vacations often look like this: your family is frolicking at the pool and on the beach while you are holed up in your hotel room on the phone in front of your laptop tying up loose ends of your latest deal. I hate to break it to you, but that’s not a vacation. That’s simply working where a lot of other people are vacationing. So answer these two questions: If you were to go on a vacation with no cell or internet service, could your business still run? And, if you were to take, say four vacations a year, would you be able to make more money than you would without taking any vacations? about 60 houses a year. Today he works four days a week and sells roughly 700 homes annually. How’d that happen? First, he gave up his belief system that it couldn’t be done. He then committed to making it a reality. I always say your whole life changes the day your make a commitment. It’s true. It’s true in Andrew’s case and it’s true for all of my clients. Here are the key steps to take to put more money in your bank and more time on your favorite beach: 1 Examine your belief system. What do you truly believe is possible in terms of how much time you spend working versus the I’m glad you’re reading this article return on that time? Then commit to because it has the potential to change challenging any limiting beliefs. your life and give you the answers to these questions: yes – to both! Plan your ideal picture. Look into the future and get specific The key to answering the second about what you want your ideal life question with a yes is to first make to look like. sure you can answer yes to the first one. Get accountable. Sit with your family and plan your life with Let me share a quick story about them. This inserts a must – it’s called one of my clients, Andrew Duncan. accountability. You have to have it to When I first met him, he was working succeed. You need someone to hold seven days a week and hadn’t had a you accountable so that you stay on vacation in five years. He was selling track. 2 3 Top Agent Magazine 5 4 Begin building a team. I’ve come to realize most REALTORS® are an independent lot. Those who remain that way seldom if ever reach top-producer status. Why? Because they think they’re the only ones who can do the work. Explore what a team could do for you. Trust me, a good team can do a lot! E-mail me at Article@CorcoranCoaching.com and I’ll send you a free organization chart for a real estate team. 5 do exactly that. Again, e-mail me and I’ll send you a free ideal weekly schedule. Let me hear from you. Is your belief system holding you back and unintentionally limiting your professional life as a REALTOR® or broker? Are you being held accountable for your business right now? If not, why not? Please send any comments or questions you have to Article@CorcoranCoaching.com or w w w. f a c e b o o k . c o m / C o r c o r a n Coaching. Develop an ideal weekly schedule. In making your dreams come true it always comes down to doing the right things every day. An Copyright©, 2015 Bob Corcoran. ideal weekly schedule will help you All rights reserved. Bob Corcoran is CEO of Corcoran Consulting and Coaching Inc. www.corcorancoaching. com/programs, 800-957-8353), an international consulting and coaching company that specializes in performance coaching and the implementation of sound business systems into Real Estate Companies, Mortgage Companies and Small Businesses. Corcoran Consulting is headed by Bob Corcoran -- a nationally recognized leader, speaker, author, coach and consultant. To find out more about Corcoran Consulting & Coaching, call 1-800-957-8353 or visit us at www.CorcoranCoaching.com 6 Top Agent Magazine Top Agent Magazine Orly Steinberg 7 Orly Steinberg In an industry that sees new agents start up and burn out within months, it’s rare to find someone who has charted a 30-year career. But that’s exactly what Top Agent Orly Steinberg has done. “I have learned to run my real estate business professionally and effectively while retaining a life balance with my husband and family,” she explains. C 8 opyright Top Agent Magazine “If I remain centered and balanced and focused, I can be a better advocate for my clients,” she continues. “By having mastered being balanced and growing a team who can take a lot off my plate, I’m always open to new business coming my way and I can take better care of others.” Orly found her way to real estate Top Agent Magazine after leaving a job in network television news to stay home with her first daughter. “I stayed home for a year and realized I wasn’t meant to be a stay-at-home mom,” she recalls. “I was looking for something local that was really engaging and I could make my own. I went to a real estate seminar and the speaker was amazing and inspiring. I got Top Agent Magazine my license in 1986, got started and absolutely loved it right away.” One of the first things she did was develop a unique way to market herself. “I took advantage of my unusual first name and came up with the tagline ‘Only Orly,’” she explains. “I have used that on everything ever since. By branding myself and being Copyright Top Agent Magazine9 consistent with doing marketing mailings every single month, I’ve been able to create name recognition throughout the area.” Orly and her team serve Ringwood and the surrounding communities with residential real estate services. “I primarily work with first-time buyers and move-up buyers who are Copyright Top Agent Magazine 10 looking for their 20- to 30-year home in the area,” she says. “We closed about 130 transactions in 2015, using the Ritz-Carlton standard of ‘it’s my pleasure,’ service.” A self-described “education junkie,” Orly credits a good deal of her success to always seeking out new information to help her run her Top Agent Magazine business more effectively. “Early on I attended every seminar and every conference; I was like a sponge,” she says. “I really internalized and believed that if I followed the steps they outlined, I would be a success. That was the difference. When I came back from a seminar I would implement two or three ideas and it really paid off.” Now, things have Top Agent Magazine come full circle, and Orly herself is a sought-after speaker for industry events. “It’s my way of giving back to the profession and to other agents,” she says. Orly and her team are committed to staying client-focused throughout every transaction. “It’s about their timeframe, their needs, and their Copyright Top Agent Magazine 11 underlying agenda,” she says. “I’m here to help clients when they’re ready. If I stay focused on their needs and not on myself, the business will flow in.” Despite regularly being honored with industry recognition, Orly finds nothing more rewarding than dealing directly with her clients. “I have always been curious about other people’s lives and how they live them and the lessons I could glean from them,” she explains. “This profession allows me to be a witness to other people’s lives and learn from them; I’m grateful for that privilege.” Looking to the future, Orly has exciting plans to expand. “I would like to bring on two more REALTOR® partners who can list and sell, so we can serve a larger geographic area, and so I can give myself more time to travel with my husband and family.” To learn more about Orly Steinberg of Coldwell Banker, call 973.945.1070, email orly@onlyorly.com or visit www.onlyorly.com Copyright Top Agent Magazine 12 Top Agent Magazine By Bob Corcoran Why you should never shun Millennials Top Agent Magazine You gotta love real estate. You wake up every day and you’re guaranteed to see something different going on in this wonderful industry. It’s never boring. One of the changes we’re seeing as fall nears is rising home prices – up 4.1 percent the last time I looked. No big surprise there – inventory levels remain low. But I also suspect we’ll start seeing rising interest rates before the year is out. So with these two trends you have to think about buyers. How do you find and attract buyers? It’s always a vital question for REALTORS®, but especially in these market conditions. 13 A group of buyers you should mine with a heavy pick and big shovel is millennials – those ages 25 to 34. Oh I know, there are studies that show millennials aren’t buying homes. Some economists say they’re delaying homeownership because they’re also delaying marriage and having children. The good news is that practically everyone, no matter their age, still believes that homeownership is part of the American dream. Millennials are smart – and the research bears that out. As a group, they’re better educated than boomers. And I believe sooner or later they’ll enter the market. They know the numbers and they know in the long run owning beats renting. Plus, the fact remains, NAR and several other groups have said the largest group of potential first-time homebuyers in the market today are, you guessed it, millennials. Zillow Chief Economist Stan Humphries says 42 percent of millennials say they want to buy a home in the next one to five years, compared with 31 percent of Generation X (35 to 50-years old). This is why it’s key you keep millennials in your sphere. So what do you need to know to find and attract millennials? Here are a few tips you might find helpful: Know that they have a lot on their plate. They’re just starting to figure out their careers because the job market was tight when they finished school. And they’re likely considering marriage or starting a family. Plus, they probably have some school debt. So go easy on them. A home purchase is just another big item to them. Be an educator, not a salesperson. No one likes an aggressive salesperson, especially millennials. They want useful information that can help them through the process. That’s it. No pushing. Use infographics and social media to offer millennials helpful data about the market and the home buying process and benefits. 14 Top Agent Magazine Think urgency. Interest rates are projected to go up and we all know (and millennials, too) higher rates take away buying power. Millennials don’t like to lose and they’re all about saving. Have an online presence. The overwhelming majority of millennials start their home searches online. Create a solid online strategy that begins with a good search engine optimized website with strong calls to action. Include social media (join popular groups and forums), blogs, email and online advertising. Sell neighborhoods and communities, not just homes. A new NAR survey says millennials prefer walking over driving by a substantially wider margin than any other generation. And they’re the most likely age group to use public transportation. They want short commutes to work, and want to be able to walk to shops and restaurants. They also like living in attached housing. Before I let you go, I have free information on generational selling. Simply visit http://getbobsnotes.com/generationalselling. Let me hear from you. Are you targeting millennials? How can you start improving the way you’re marketing to them? Are you comfortable with them? Do you feel you understand them? If not, what can you start doing today to be a better REALTOR® for millennials? Please send any comments or questions you have to Article@CorcoranCoaching.com or www.facebook.com/ CorcoranCoaching. Copyright©, 2015 Bob Corcoran. All rights reserved. Bob Corcoran is CEO of Corcoran Consulting and Coaching Inc. www. corcorancoaching.com/programs, 800-957-8353), an international consulting and coaching company that specializes in performance coaching and the implementation of sound business systems into Real Estate Companies, Mortgage Companies and Small Businesses. Corcoran Consulting is headed by Bob Corcoran -- a nationally recognized leader, speaker, author, coach and consultant. To find out more about Corcoran Consulting & Coaching, call 1-800-957-8353 or visit us at www.CorcoranCoaching.com Top Agent Magazine 15 “Stated” “Stated” “Stated”Income Income IncomeCommercial Commercial CommercialReal Real Real Estate Estate EstateLoans Loans Loansare are areBack—and Back—and Back—andBetter Better Better bybyby Noah Noah Noah Grayson Grayson Grayson property property income income income ininin lieu lieu lieu ofofof revealing revealing revealing Do Do Doyou you youhave have haveclients clients clientslooking looking lookingfor for forproperty inferior inferior debt-service debt-service debt-service coverage coverage coverage ratios. ratios. ratios. “stated” “stated” “stated” income income income loans loans loans ononon commercial commercial commercialinferior Lenders Lenders became became became overly overly overly comfortable comfortable comfortable property? property? property? They’re They’re They’re available available available again again again inininLenders relying relying ononon stated stated stated income income income instead instead instead ofofof 2015 2015 2015 and, and, and, this this this time, time, time, lenders lenders lenders swear swear swearrelying verified verified verifieddata, data, data,and and andgradually gradually graduallyeven even even they’ll they’ll they’ll dododo them them them right. right. right. low low low ered ered eredborrower borrower borrowercredit credit creditscore score scorerere -re -quirements quirements tototo imprudent imprudent imprudent levels. levels. levels. Un Un Un --Like Like Like sososo many many many other other other loan loan loan programs programs programsquirements fortunately, fortunately,we we weallallallknow know knowhow how howthat that that real real realestate estate estatefinance finance financeprofessionals professionals professionalsfortunately, story story ended. ended. ended. Yet Yet Yet today, today, today, ininin 2015, 2015, 2015, the the the relied relied relied ononon ininin the the the recent recent recent past past past (notably (notably (notablystory good good news news news for for for borrowers borrowers borrowers and and and their their their sub-prime sub-prime sub-primeand and andalt-a), alt-a), alt-a),“stated” “stated” “stated”inin -in - -good commercial commercialreal real realestate come come come commercial commercial commercial real real real estate estate estate loans loans loanscommercial estate estateagents agents agentsis;is;is; were were were a acasualty acasualty casualty ofofof the the the 2008 2008 2008 mortgage mortgage mortgage“stated” “stated” “stated” commercial commercial commercial real real real estate estate estate len len len --meltdown. meltdown. meltdown. Soon Soon Soon afterward, afterward, afterward, mortgage mortgage mortgageders ders ders are are are coming coming coming back back back into into into the the the market, market, market, brokers brokers brokerswho bit bit bybyby bit. bit. bit. And And And the the the good good good news news news for for for allallall who whohad had hadpreviously previously previouslyem em em - - -bit looks lookslike, like, like,this this thistime, time, time, braced braced braced them them them for for for their their their fast-and-easy fast-and-easy fast-and-easyofofofusususis:is:is:ItItItlooks they’re they’re doing doing doing ititright. itright. right. closings closings closings wouldn’t wouldn’t wouldn’t even even even utter utter utter the the the term term termthey’re “stated,” “stated,” “stated,”ititithad had hadbecome become becomesososotaboo. taboo. taboo. Different Different Different Animal Animal Animal Trouble Trouble Trouble is,is,is, prospective prospective prospective commercial commercial commercialAAA To To better better better understand understand understand what what what has has has chan chan chan --real real real estate estate estate buyers buyers buyers and and and their their their agents agents agentsTo ged ged since since since 2008, 2008, 2008, let’s let’s let’s look look look atatthe atthe the loan loan loan loved loved lovedthe the theloans loans loansand and andhave have havebeen been beenged product product product itself; itself; itself; for for for when when when ititcomes itcomes comes tototo praying praying praying for for for them them them tototo come come come back. back. back. commercial commercial commercialreal real realestate estate estateloans, loans, loans,the the the “stated” “stated” product product product offering offering offering has has has always always always And And And why why why not? not? not? Prior Prior Prior tototo ’08, ’08, ’08, when when when“stated” been been a ahorse ahorse horse ofofof commercial commercial commercial lenders lenders lenders were were were ramping ramping ramping upupupbeen different different different color. color. color. With With With their their their sales sales sales volumes volumes volumes tototo compete compete compete for for fora a“stated” a“stated” “stated” loan, loan, loan, a atangible atangible tangible incomeincomeincomebig big big securitization securitization securitization dollars, dollars, dollars, borrowers borrowers borrowersproducing producing producingproperty property propertyhas has hasalmost almost almost could could could always always been been been required required required tototo support support support the the the simply simply simply state state state their their their personal personal personal and and andalways 16 Top Agent Magazine borrower’s repayment repayment ability; ability; len len-borrower’s ders have have rarely rarely relied relied solely solely on on aa ders loan applicant’s applicant’s personal personal income income loan numbers,stated statedor orotherwise. otherwise. Regard Regard-numbers, lessofofwhatever whatever income income aa borrower borrower less generatespersonally, personally,aa“stated” “stated” lender lender generates wants toto see see that that income income produced produced wants bythe theproperty property itself itself is is superior superior to to by the mortgage payment and its assothe mortgage payment and its associated expenses. At the very least, ciated expenses. At the very least, that ratio of property income to that ratio of property income to property expenses—what’s known property expenses—what’s known as the debt service coverage ratio— asmust the be debt service coverage ratio— break-even. must be break-even. Top Agent Magazine Trusting Trusting the the Data Data Benefits Benefits the the Borrower, Borrower,too too You You may may think think that that today’s today’s stated stated commercial commercial real real estate estate lenders lenders are are once again taking the borrower’s once again taking the borrower’s word word for for their their numbers numbersbut, but,this thistime, time, lenders are relying on bona lenders are relying on bona fide fide figures and accurate data to support figures and accurate data to support loan decisions. In addition, they are loan decisions. In addition, they are requiring strong borrower credit requiring strong borrower credit scores and verifiable track records of scores and verifiable track records of on-time mortgage payment histories. on-time mortgage payment histories. So, what’s so “stated” about these new So, what’s so “stated” about these new 17 Currently, Currently, Currently, for forfor aastated astated stated commercial commercial commercial real real real estate estate estate loan, loan, loan, 25 2525 for forfor purchase, purchase, purchase, plus plus plus aa a tototo 35 3535 percent percent percent down down down isisrequired isrequired required credit credit credit score score score over over over 650 650 650 and and and aatrack atrack track record record record ofofof on-time on-time on-time debt debt debt repayment. repayment. repayment. borrower asks asks asks you you you about about about a astated astated stated loans? loans? loans? Personal Personal Personal income. income. income. AsAsAs prev prev prev - - borrower - borrower loan, you’ve you’ve you’ve finally finally finally got gotgot real real real options options options iously, iously, iously, the thethe lenders lenders lenders are areare allowing allowing allowing bor bor -bor - loan, - loan, tooffer, offer, sosorespond sorespond respond with with with this this this val val -val - row row ers row ersto ers tostate to state state their their their personal personal personal income income incometotooffer, uable uable information: information: information: Currently, Currently, Currently, for forfor aa a ononapplications. on applications. applications. Those Those Those state state state ments ments ments dododouable stated stated commercial commercial commercial real real real estate estate estate loan, loan, loan, not notrequire not require require verification, verification, verification, and and and tax taxreturns tax returns returnsstated 25to35 to35percent 35percent percent down down down isisrequired isrequired required dodonot do notneed not need need totobeto beprovided be provided provided forforthe for theloan the loan loan2525to forfor purchase, purchase, purchase, plus plus plus a acredit acredit credit score score score underwriting underwriting underwriting process. process. process. AAthird-party Athird-party third-partyfor over 650 650 650 and and and a atrack a track appraisal appraisal appraisal isisordered is ordered ordered totoverify, to verify, verify, ininadd in add -add - over - over track record record record ofofonof on-onition ition ition totothe to theproperty the property property value, value, value, the themarket the market market time time time debt debt debt repayment. repayment. repayment. rent rent rent rere ceived ceived received from from from the thethe property, property, property, the thethe occu occu occu pancy pancy pancy ofofthe ofthethe property, property, property, Do DoDo commercial commercial commercial real real real estate estate estate lenders lenders lenders and and and that that that now now have have have a awinning awinning winning formula formula formula for forfor executed executed executed leases leases leases are areare ininplace. inplace. place. The The Thenow “stated” borrowers? borrowers? borrowers? Will Will Will they they they stray stray stray lenders lenders lenders are, are, are, ostensibly, ostensibly, ostensibly, waiving waiving waiving per per -per - “stated” - “stated” from from from their their their new, new, new, sturdier sturdier sturdier parameters? parameters? parameters? sonal sonal sonal income income income scrutiny scrutiny scrutiny because, because, because, inin in Only Only Only time time time will will will tell. tell. tell. The The The only only only certainty certainty certainty actuality, actuality, actuality, they they they are areusing are using using the theborrower’s the borrower’s borrower’s isthat, that, asasalways, asalways, always, the thethe race race race for forfor big bigbig credit credit credit history history history asasaasadeterminant adeterminant determinant ofof ofisisthat, securitization securitization dollars dollars dollars will will will intensify intensify intensify ability ability ability totorepay to repay repay debt debt debt and and and meet meet meet finan finan finan cial cialcialsecuritization quickly quickly and and and the thecompetition the competition competition won’t won’t won’t sitsitsit obligations. obligations. obligations. InInother Inother other words: words: words: these these thesequickly on thesidelines the sidelines sidelines for forlong. for long. long. lenders lenders lenders believe believe believe that that that any any any com com com mercial mercial mercialononthe property property property inin vestor vestor investor ororbusiness orbusiness business owner owner owner Noah Grayson Grayson Grayson is ismanaging managing is managing director director director and and and who who who has hashas weathered weathered weathered the thethe Great Great Great ReRe - Re - Noah - Noah End End End Capital Capital Capital Corporation, Corporation, Corporation, founder founder founder ofof South South of South cession cession cession and and and emerged emerged emerged with with with a aglow glow a glow ing inging a adirect a direct direct lender lender lender funding funding funding non-conforming non-conforming non-conforming credit credit credit history history history isisa ais good good a good risk. risk. risk. and and and private private private money money money commercial commercial commercial real real estate real estate estate loans loans loans upupto up to$5 to $5million $5 million million nationwide, nationwide, nationwide, and and and offering offering offering SBA, SBA, SBA, business business business and and and bridge bridge bridge loans loans loans upupup AAPowerful A Powerful Powerful Tool Tool Tool for forfor your your your toto$20 to $20$20 million million million in inparticipation in participation participation with with with thirdthirdthirdAgent’s Agent’s Agent’s Toolkit Toolkit Toolkit party party party investors. investors. investors. Contact Contact Contact Noah Noah Noah Grayson Grayson Grayson atat at All AllAll ofofthis of this this means means means that that that the thethe next next next time time time noah@southendcapital.com noah@southendcapital.com noah@southendcapital.com oror (888) or (888) (888) 268268268a acommercial acommercial commercial real real real estate estate estate buyer buyer buyer oror or7778 7778 7778 x 5. x 5.x 5. 18 Top Agent Magazine Try vs Do By Barry Eisen “Do or do not. There is no try.” – Yoda (1977) The day is done. It seems you’ve done a million things. Everything went well. You had loads of energy and you’re stoked. Clients listened to you and acknowledged the clarity and wisdom of your suggestions. Your kids paid attention. Even the dog obeyed. Great feelings! Dawns a new day... You wake up groggy, you become a magnet for clients’ frustrations, you feel invisible, the dog spits up on the thick white rug, an associate points out a huge stain on your shirt, a selling appointment cancels and it’s not even 10:00 AM. Know what you are? Normal. Look around and you will find a lot of normal. Stuff happens to us all. To some, who seem to attract more stuff than the rest (something to be said about selffulfilling prophecies) the distractions feel overwhelming and continuous. Some try their best to turn the tide. Trying doesn’t work. Doing does. Effort is appreciated, but accomplishment creates the lifestyle and is a lot more satisfying. Top Agent Magazine 19 We use the word often and teach our kids to try hard. Think of what the concept of “trying” implies. We are telling ourselves to make the effort. But how often do we confuse effort and activity with accomplishment? Is it not our egos protecting ourselves from the perceived agony of failure by saying...you don’t have to do what it takes, just appreciate the effort. It’s kinda like the controversy raging on today about all kids getting trophies for participating in a competition, even if they came in last place. Maybe rewards for the little ones keep them engaged, but the reality of life for most adults is about accomplishing, not efforting. Some try their best to turn the tide. One of the surest ways to become a victim is to try. Trying doesn’t When we commit to trying something and fall short work. Doing oftoadosuccess, we can always claim “ I tried.” Even in failure does. we can claim victory as we achieved what we committed to... I tried! Be careful of the words you use as they become converted into action. As in sports, good effort is appreciated, but the ones who want it more generally prevail. They call it Scoreboard. The “doer” is the person who takes the bigger risk of making the extra effort. Without the risk to continue and create a victory, you create “normal.” It’s safe but unsatisfying. And worse yet, this settling for the lazy way out develops into whining, excuse making, low energy, irritability and much more. Do what’s right, not what’s easy. The best of your intentions won’t create a better relationship, clean up the planet or make you more money. 20 Top Agent Magazine 7 DO’s to make a difference: 1 2 Leave every part of your day with a positive accomplishment (even a small one). In every endeavor, act AS IF you were already successful and capable. Show yourself what you CAN DO. 3 Do what’s right, not what’s easy. Read or listen to positive books or recordings at least 30 minutes each day-spend as much time with personal development as you do growing your business. Look for and apply the lessons that feel right. 4 Write out your to-do list every night before you go to sleep, whether you feel like it or not and prioritize it. Let it guide you to better decisions during your day. 5 Create a Value Added mindset that allows you to under promise and over deliver. That unexpected extra personal touch, that personalized attention, that piece of humanity, the extra door you knock, the thank you, please, your welcome can put you over the top. It is usually the little things that make a difference. 6 Develop strong enough “whys” and the “hows” answer themselves. Dig deeper than just an amount of money. Money doesn’t motivate. Figure out what moves you and your focus will become laser-like. 7 Follow through and do it not because you “have to,” but because you “get to.” Play, have fun, lighten up and shine. Barry Eisen teaches personal development seminars and coaches Southern California top producing REALTORS®. “Your business will never grow more than you do” is the theme; self hypnosis and behavior modification are the tools for playing a bigger game. barryeisen.com, barryeisen@LA.twcbc.com Copyright©, 2016 Barry Eisen. All rights reserved. 818-769-4300 Top Agent Magazine 21 Five Ways To Increase Your Commission By Walter Sanford Sanford Systems has the best systems for making money in real estate. Sometimes, our clients forget how to stop discounting and to instead raise their “fee.” This month, we’ll cover five ideas. Here we go: 1 Raise it. Before the listing appointment, fill out all paperwork with the new rate and make it business as usual. Scared? Well, make a great listing presentation. Don’t leave until you get the objection. Learn how to overcome the objection. If you have to, drop it back down to your old retail rate but only after much hesitation. 2 Email new listings. Send new listings to your database immediately, hours before it hits the MLS. This is a two-fer: #1 - Keep your database informed with secret, prelisting information that they are reluctant to spam and in the email tell them to forward this hot info to their sphere. #2 - You make more double ends with new people. 3 Institute a cancellation fee. Many agents allow sellers to cancel listings with a guarantee stating 22 Top Agent Magazine they can cancel if they are not happy with the process. If you offer this guarantee, you will always be worried about offending sellers who are serial cement heads with a bent toward overpricing. You won’t try hard enough to get the price reduction, thinking they are going to cancel the listing. On the other hand, sometimes sellers have a legitimate reason for needing to cancel, and, as upsetting as that is, you can’t sell a property that the seller does not want sold. Offer them an out and you get paid for your time, while working with a chance to get the listing back. “I offer an ‘any reason to cancel’ clause. It is $1000 in the first month and goes up an additional $500 a month after that. (Adjust for your price range.) It is fully refundable should you ever re-list the property with me and I am successful in contributing to its close.” 4 Gain limited partnership as commission. I carried many of my commissions due from builders as a limited partnership interest in their next project, rather than giving them discounts. 5 Skip the discounts. Instead of discounts, carry your commission as part of any seller carry back. It is better than taking a beating on the amount. I coach top agents on a limited basis. If you are interested in coaching or a speaking engagement, please call our office at 800.792.5837. Be sure to ask about the half-off sale on our already discounted internet prices for training systems. Don’t re-invent the wheel. Use 30 years of real estate wisdom and experience to your benefit! Copyright©, 2016 Walter Sanford. All rights reserved. Walter Sanford has been designing and implementing real estate systems for 30 years. One of the most successful REALTORS® and now wealthy from his systems, Sanford teaches his systems and strategies through his products, seminars, and personal coaching producing the best results in the industry. Do what works, do what is proven. Hire Walter Sanford. Call our office at 800.792.5837, email walter@waltersanford.com, or chat with us online at www.waltersanford.com. Top Agent Magazine 23 Top 4 Ways to Juice Up Your Open House Strategy by Rob Flitton I go to open houses, but not just because of my profession or interest in architecture and interior design. I go to open houses to see how effective real estate agents are at selling. It has been rather eyeopening because there is very little selling going on—the average open house strategy needs work. 1.Build a Dynamic Open House Booklet After they leave, open house visitors will discard a one-page for-sale info sheet naming a home’s features. But they will keep, and possibly use, a 6 or 8 page booklet loaded with interesting items that directly solve problems for them. Perhaps “selling” is considered an outdated skill, or that it feels socially awkward for agents to be regarded as a salesperson. But if you’re a real estate agent, you are a salesperson. At most of the open houses I go, I see money floating out the door every time a visitor leaves because of the agent’s inability or refusal to sell. It will require some strategic thought to nail the content and design, but perhaps include: (i) descriptives about the benefits of buying the property you’re showing, and not just data, (ii) compelling reasons why they should consider working with you along with a web link to search for listings on your website, (iii) a web link telling them how to get a prompt, written estimate on the value of their home, or to find out what other homes in their neighborhood sold for, (iv) possible discounts on real estate related services—maybe a reduction in fees from your preferred lender, or a reduced home inspection price, (v) possible discounts on non real estate related items. An open house is a lucrative opportunity to find buyer or seller clients –selling the listing itself may also be the goal, but an agent should not pass up this chance. There are 4 distinct strategies an agent can immediately employ to juice up their open houses and get awesome leads. 24 Top Agent Magazine IfIfyou youcombine combine this this dynamic dynamic booklet booklet with with properly properly trained trained closing closing language, guage, asas touched touched upon upon below, below, it is something something the the average average person person will either eitherkeep keepand and use use or or pass pass along along to someone someonethey theyknow. know.A A well well designed designed bookletcan canbring bringyou youaalot lotof of business. business. booklet interesting data—and they theyare arevoid voidofofinteresting data—and or problem-solving problem-solvinginformation. information. 2.Work The The Neighborhood Neighborhood 2.Work days prior priorto toyour youropen openhouse, house, A few days find the the names names and and addresses addresses(from (from tax records—or records—orelsewhere) elsewhere)of, of,say, say,20 20 homes in in each each direction direction from from the the Pre-internet, both both open open houses houses for open house. Pre-internet, house. resalelistings, listings,and andmodel model homes homes for resale newconstruction, construction,relied relied on on strategic strategic For the the cost cost of of postage postage and and some some new collateralmaterials materials (handouts). (handouts). Vis- sweat-equity, sweat-equity, mail mailaapostcard postcardtotothese these collateral ostensibly looking looking at at sev sev-- 80 itorswere wereostensibly 80 homeowners homeowners inviting invitingthem themtotothe the itors eralcompetitors competitorsatatthe the same same time, time, so so open eral open house house and and offering offering something something collateral materials had to have the unique and compelling—perhaps collateral materials had to have the unique and compelling—perhaps aa power toto bring bring them them back back to to your your drawing giveawayfor forthose thosewill willing ing power drawing or orgiveaway site—a great great call call to to action, action, eyeeye- to to provide provide their their opinion opinionon onthe theasking asking site—a catchingcolor, color, identification identification of of the the price price of of the the home home(and (andthe theentry entrycard, card, catching of course, will net you their email benefits of buying your product. of course, will net you their email benefits of buying your product. address address and and phone phone number). number). People People are generally nosy and like to Yet at open houses today, I primarily Yet at open houses today, I primarily are generally nosy and like to bebe see bland information sheets dis- validated, so asking for their opinion see bland information sheets dis- validated, so asking for their opinion cussing features—the listing price, on something happening in their own on something ishap pening in their own cussing features—the price, neighborhood very appealing. the square footage, andlisting the standard the square footage, and the standard neighborhood is very appealing. Top Agent Magazine 25 And, it is best to mail them again right after the open house to talk about what happened. “From our Saturday open house, we discovered 3 qualified and eager buyers that are now looking for a home in this neighborhood—if you would like to know what your home is worth for these buyers to consider, please give me a call.” dynamic booklet and say: “Please enjoy our open house, and am hoping you’ll do me a favor. This booklet is loaded with great information about, and if you become interested at some point in buying or selling, would you please call and give me the opportunity to earn your business? Or if you happen to know someone now who is looking now, would you kindly pass this booklet onto them?” Also, adding on door-knocking or If they reply with a “don’t know” type flyer-hanging to your mailings boosts of answer this usually means they are your neighborhood equity even more. indeed looking but are just not ready yet to reveal this to you, so you will 3.Close and Qualify need to work to make a connection. Engage every single visitor in closing Good consultative sales connections dialogue, because every single visitor are made when you can make them feel you’re not pushy and are able to is there for a reason. directly resolve their problem. While smiling, with shoulders erect, and maintaining suitable distance, A “yes” type of response is great, but look them in the eye and offer your you should take the qualifying step of handshake while stating your full asking them if they’re working with another agent. If they are, the dyname and company—and then ask: namic booklet comes in handy again: “Are you out looking to buy a home “If for any reason your agent is today?” unavailable to show you homes, I can be reached at the phone number in There are 4 categories of answers, this booklet. Plus, it contains fantastic and any answer they provide is an resources for searching online and a opportunity to get to the marrow of discount on financing.” what they need. There are “nos”, “don’t knows,” “yeses,” and “other.” If you can’t get a sandwich, get a bite. If they are definitive about looking, If they reply with a “no” variety of and don’t have an agent, then they are answer, then you can hand them your available for you to work with and 26 Top Agent Magazine here again you need the right type of closing and qualifying dialogue. The goal here is to evoke from them their home-buying goals so that you can match and narrow down to a single opportunity. It’s a mistake to present multiple listings to a buyer at once. Ask broad questions and then narrowing questions followed up by “if-then” questions. Example: “What types of functions do you want in your new home, or activities near your neighborhood?” Followed by something like, “is the number or size of bedrooms important to you?” Followed by, “so if I can show you the kind of home we just described, are you ready to go see it and possibly make an offer?” 4.Have Interactive Tech Tools Onsite It is the worst feeling to engage someone as a potential client at an open house and then have no tools available to solve their problem— don’t assume they aren’t going to want to do business right away. If you’re engaging a potential buyer, you better be able to instantly gratify their desire to see viable homes online so internet access and an easily view-able screen are necessary. They may ask you to go see other homes in-person, so you need to have a coagent available to either show them those homes, or spell you off as host while you do. You may be asked to write up an offer for them so you will need the tools and ability to create and e-sign documents. Naturally, any objections or “nos” you receive in this process are just fan- When a potential listing client is in tastic opportunities to learn about their front of you, you need to be able to needs and earn a connected trust. show them recent comparable sales and may even be asked to list their The “other” thing they might tell you home and will need the tools and is that they’re not a buyer at all, but a ability to create and e-sign documents potential seller. Potential sellers often for taking that listing. go to open houses to find out how their home stacks up, but are you It happens sometimes—but it never aware what the number one reason happens if you’re not ready. they attend open houses is? Potential sellers go to open houses to Rob Flitton is a Seattle Real Estate Mardirectly or indirectly interview you, a keting specialist helping independent agents to increase their income. Email Rob potential listing agent. And they hire robflitton@gmail.com at any time or call/ confident, prepared professionals. text him at 206-612-2314. Top Agent Magazine 27 IsThis a Bad Time to Market? IsThis IsThis IsThisaaaBad Bad BadTime Time Timeto to toMarket? Market? Market? by C.J. Hayden by by by C.J. C.J. C.J. Hayden Hayden Hayden Economic indicators are predicting a keep your marketing up when the recession. Consumer and business overall business climate is down. Economic Economic Economic indicators indicators indicators are are are predicting predicting predicting a a akeep keep keepyour your your marketing marketing marketing upupup when when whenthe the the spending is down; unemployment is up. overall recession. recession. recession. Consumer Consumer Consumer and and andbusiness business business overall overall business business business climate climate climate isisdown. isdown. down. The holiday season is almost upon us, spending spending spending isisdown; isdown; down; unemployment unemployment unemployment isisup. isup. up. 1. Turn up the volume. When people are traditionally aseason slow forupon inde pen - 1.1. distracted by badWhen news, economic The The The holiday holiday holiday season season istime isalmost isalmost almost upon upon us, us, us, Turn 1.Turn Turn upupup the the the volume. volume. volume. When When people people people are are are orbybad holiday plans, you may dent professionals. It’s natural to won concerns, traditionally traditionally traditionally a aslow aslow slow time time time for for for inde inde inde pen pen pen - ---distracted distracted distractedbyby bad badnews, news, news, economic economic economic need to orcommunicate more often der whether perhapsIt’s this isnatural a bad oror holiday holiday holiday plans, plans, plans, you you you may may mayor dent dent dent professionals. professionals. professionals. It’s It’s natural natural tototime to won won won -to- -concerns, concerns, concerns, more visibly. Wheremore an email might be marketing your business. need need tototo communicate communicate communicate more more often often often or oror der der der whether whether whether perhaps perhaps perhaps this this this isisaisabad abad bad time time time tototoneed have done the job before, now you may more more more visibly. visibly. visibly. Where Where Where ananan email email email might might might bebebe marketing marketing marketing your your your business. business. business. need to the pick up the phone or send Since I’ve been self-employed for have have have done done done the the job job job before, before, before, now now now you you you may may may a postcard. Instead ofphone just one follow-up almost two decades now, I’ve seen need need tototo pick pick pick upupup the the the phone phone ororor send send send aaa Since Since SinceI’ve I’ve I’vebeen been beenself-employed self-employed self-employed for for forneed cycles—and many call, youInstead may need to make two or three. several economic postcard. postcard. Instead Instead ofofof just just just one one one follow-up follow-up follow-up almost almost almost two two two decades decades decades now, now, now, I’ve I’ve I’ve seen seen seenpostcard. holiday seasons—come and go.many What Ifcall, your business istomake slowing down, make cycles—and cycles—and cycles—and many manycall, call, you you you may may may need need need to to make make two two two ororthree. orthree. three. several several several economic economic economic Iholiday notice about these “down” periods is IfIfuse ofbusiness the extra time youdown, have available holiday holiday seasons—come seasons—come seasons—come and and and go. go. go. What What What your Ifyour your business business isisslowing isslowing slowing down, down, make make make that people who frequently struggle toisuse touse ramp up alltime your marketing efforts. I Inotice Inotice notice about about about these these these “down” “down” “down” periods periods periods isis use of ofthe ofthe the extra extra extra time time you you you have have have available available available get clients typically thinkstruggle these are that that that people people people who who who frequently frequently frequently struggle struggle to totototoramp toramp ramp upupup allallall your your your marketing marketing marketing efforts. efforts. efforts. bad times to market. On these the other get get get clients clients clients typically typically typically think think think these these are are are 2.Become a necessity. When clients cutting back on discretionary hand, people who haveOn been consis - 2.Become are bad bad badtimes times timestototo market. market. market. On Onthe the the other other other 2.Become 2.Become a anecessity. anecessity. necessity. When When When clients clients clients spending, they need perceive your tently successful athave landing clients cutting cutting back back back onononto discretionary discretionary discretionary hand, hand, hand, people people people who who who have have been been been consis consis consis - - -are are arecutting services as essential. Look foryour ways seem tosuccessful believe that there is clients never a spending, spending, spending, they they they need need need tototo perceive perceive perceive your yourto tently tently tently successful successful atatatlanding landing landing clients clients “dollarize” the value offor your services. bad time tobelieve market. Per sonally, I’d services services asasas essential. essential. essential. Look Look Look for for ways ways ways tototo seem seem seem tototo believe believe that that that there there there isisnever isnever never a a aservices How canthe you helpofofyour clients save vote totime follow the lead of those who “dollarize” “dollarize” the the value value value of your your your services. services. services. bad bad bad time time tototo market. market. market. Per Per Per sonally, sonally, sonally, I’d I’d I’d“dollarize” money, cut expenses, or work more are succeeding. How How can can can you you you help help help your your your clients clients clients save save save vote vote vote tototo follow follow follow the the the lead lead lead ofofof those those those who who whoHow efficiently? Will your services help money, money, money, cut cut cut expenses, expenses, expenses, ororor work work work more more more are are are succeeding. succeeding. succeeding. them gainWill more customers, increase Professionals who have built suc- efficiently? efficiently? efficiently? Will Willyour your your services services services help help help cessful long-term businesses have their income, orcustomers, experience less stress who who whohave have havebuilt built builtsuc suc suc - - -them them them gain gain gain more more more customers, customers, increase increase increase Professionals Professionals Professionals learned that continuing to market in tough times? Tell your prospects cessful cessful cessfullong-term long-term long-term businesses businesses businesses have have havetheir their their income, income, income, ororor experience experience experience less less less stress stress stress pays off in both the best of times and inin exactly why they need you, and why learned learned learned that that thatcontinuing continuing continuing toto tomarket market market in tough tough tough times? times? times? Tell Tell Tell your your your prospects prospects prospects wait toyou, get started. the worst ofin times. But you may not they shouldn’t pays pays pays off off off inin both both both the the the best best best of ofof times times times and and andexactly exactly exactly why why why they they they need need need you, you, and and and why why why be able toofofproduce new results by wait wait wait totoget toget get started. started. started. the the the worst worst worst of times. times. times. But But But you you you may may may not not notthey they they shouldn’t shouldn’t shouldn’t marketing in the same old way. bebebe able able able toto to produce produce produce new new new results results results bybyby 3.Make use of your existing network. It’s always to get your foot in the 3.Make 3.Make 3.Make use use use ofeasier ofof your your your existing existing existing network. network. network. marketing marketing marketing ininin the the the same same same old old old way. way. way. door when someone isyour holding itthe open. Here are six suggestions for how to It’s It’s It’s always always always easier easier easier totoget toget get your your foot foot foot inin inthe the door door when when when someone someone someone isisholding isholding holding ititopen. itopen. open. Here Here Here are are are six six six suggestions suggestions suggestions for for for how how how tototodoor 28 Top Agent Magazine Become Become Becomeaaanecessity. necessity. necessity. InInIn a aslow aslow slow market, market, market, referrals referrals referrals and and and intro intro intro - - -coaching Once Once Once clients clients clients see see see you you you ininin coaching coaching work. work. work. ductions ductions ductions can can can bebebe the the the key key key totogetting togetting getting new new newaction, action, action, they’ll they’ll they’ll bebebe more more more willing willing willing totospend. tospend. spend. business. business. business.Seek Seek Seekout out outopportunities opportunities opportunitiestototo 6.Find 6.Find the the the silver silver silver linings. linings. linings. When When When com com com --propose propose propose repeat repeat repeat business business business with with with former former former6.Find panies panies cut cut cut back back back ononon staff, staff, staff, opportunities opportunities opportunities clients, clients, clients, too. too. too. Uncertain Uncertain Uncertain times times times encourage encourage encouragepanies are are created. created. created. With With With fewer fewer fewer people people people ononon the the the more more more reliance reliance reliance ononon trusted trusted trusted sources sources sources and and andare payroll payroll totohandle tohandle handle essential essential essential tasks, tasks, tasks, down down down --known known known quantities, quantities, quantities, sososo warm warm warm approaches approaches approachespayroll sized sized organizations organizations organizations present present present possibilities possibilities possibilities and and andexisting existing existingcontacts contacts contactswill will willpay pay payoff off offsized for for project project project work, work, work, interim interim interim assignments, assignments, assignments, better better better than than than cold cold cold calls calls calls orormass ormass mass mailings. mailings. mailings.for and and andoutsourced outsourced outsourcedfunctions. functions. functions.Economic Economic Economic 4.Explore 4.Explore 4.Explore partnerships. partnerships. partnerships. Working Working Working with with with a a achanges changes changes beget beget beget other other other needs. needs. needs. People People People who who who partner partner partner can can can create create create more more more opportunities opportunities opportunitiesare are are out out out ofofof work work work need need need resume resume resume writers writers writers for for for both both both ofofof you. you. you. By By By sharing sharing sharing contacts, contacts, contacts,and and and career career career coaches. coaches. coaches. Folks Folks Folks concerned concerned concerned you you youeach each eachincrease increase increasethe the thesize size sizeofofofyour your yourabout about about their their their finances finances finances need need need investment investment investment network. network. network. Together, Together, Together, you you you can can can multiply multiply multiplyadvisors advisors advisors and and and financial financial financial planners. planners. planners. your your yourmarketing marketing marketingefforts efforts effortsand and andshare share share Landing Landing clients clients clients during during during a adown adown down period period period expenses. expenses. expenses. AAA partner partner partnerwith with witha acomple acomple comple - - -Landing requires requires not not not just just just more more more marketing, marketing, marketing, but but but mentary mentary mentary business business business can can can allow allow allow you you you totooffer tooffer offerrequires more more strategic strategic strategic marketing. marketing. marketing. So So So instead instead instead ofofof a amore amore more complete complete complete solution solution solution than than than your your yourmore getting gettingdepressed depressed depressedbybybythe the thenews, news, news,get get get competitors competitors competitors can. can. can. AAphotographer Aphotographer photographer could could couldgetting inspired inspired bybyby it.it.it. When When When you you you hear hear hear about about about team team team upupup with with with a agraphic agraphic graphic designer, designer, designer, for for forinspired coming cominglayoffs, layoffs, layoffs,consider consider considerhow how howyour your your example. example. example. And And And you you you can can can help help help keep keep keep each each eachcoming services services services could could could benefit benefit benefit those those those companies. companies. companies. other’s other’s other’s spirits spirits spirits up, up, up, too. too. too. When When When you you you read read read about about about negative negative negative con con con --they they they are. are. are. InInIn a a asumer attitudes, attitudes,use use usethose those thosewords words wordstototo 5.Meet 5.Meet 5.Meet people people people where where where sumer sumerattitudes, down down down economy economy economy and and and atatat holiday holiday holiday time, time, time,better better bettertarget target targetyour your yourmarketing marketing marketingcopy. copy. copy. prospects prospects prospects are are are even even even more more more price price price sensitive sensitive sensitiveWhen When When prospects prospects prospects say, say, say, “not “not “not this this this year,” year,” year,” than than than usual. usual. usual. Instead Instead Instead ofofof slashing slashing slashing your your yourcraft craft craft a aproposal aproposal proposal that that that ensures ensures ensures your your your place place place rates rates rates tototo get get get their their their business, business, business, propose propose propose a a ainintheir intheir their 2009 2009 2009 budget. budget. budget. get-acquainted get-acquainted get-acquaintedoffer. offer. offer.AAAprofessional professional professional For For the the the successful successful successful independent independent independent pro pro pro --organizer organizer organizerorororimage image imageconsultant consultant consultantcould could couldFor fessional, fessional, there’s there’s there’s nonono such such such thing thing thing asasas aaa offer offer offer a areduced areduced reduced price price price half-day half-day half-day package package packagefessional, bad bad time time time totomarket. tomarket. market. for for for new new new clients. clients. clients. AAmanagement Amanagement management consul consul consul - - -bad tant tant tant ororexecutive orexecutive executive coach coach coach could could could propose propose propose aaa Copyright© Copyright© 2014, 2014, 2014, C.J. C.J. C.J. Hayden. Hayden. Hayden. AllAll rights All rights rights reserved. reserved. reserved. staff staff staffseminar seminar seminarinstead instead insteadofofofconsulting/ consulting/ consulting/Copyright© Top Agent Magazine 29 Get INTERNATIONAL exposure! 30 Top Agent Magazine