Why Real Estate Agents Need to Stay Motivated and on Top of Their Market

Why real estate agents need to stay motivated and on top of their market

Real estate is sales. No more and no less. You can go for months without selling anything and, naturally, be discouraged that you’ll ever succeed. Feast and famine is the order of the industry. So it is crucial that you break through this feeling to land your million dollar deal for the year. To land those deals you have to BELIEVE that you can do it – and that is why motivation is so important!

Motivation is also important for the following reasons:

a. Personality makes the sale!

Motivating yourself is essential because in real estate it is your personality, almost more than anything else, that counts. Reputation travels fast. Your success will hinge on word of mouth. Make a good impression and many more clients will want you to service them. That is why it is crucial that you feel on top of your field and that you remain confident in your abilities and skills, even when things don’t go as planned. Real estate can be hugely stressful – both for you and for your client. If a client leaves unhappy, whether it was due to your efforts or not, word-of-mouth spreads quickly and can affect your referral network and, ultimately, your bottom-line. Remain motivated!

b. Motivation gives you momentum!

Motivation pumps you up. Real estate is a feast and famine phenomenon. The famine part may be harder to sustain your energy for the feast. But the feast will come if you’re primed for it. That is why it is so important to retain your motivation so that you keep on enhancing your skills and so that you, somehow or other, manage to maintain your relish for your work. Motivated agents are more inclined to go the extra mile for their leads and clients, and the extra mile is always worth it.

c. You are self-employed

At the end of the day, you are running your own business – and that is precisely why motivation matters! As agent, you may work under a broker and the broker may provide you with marketing tools, education and mentoring, but, ultimately, you are responsible for your own results. It will be largely up to you to find the leads, manage them and close the deals. In short, you as agent are a business-person, an entrepreneur, self-employed and, like any self-employed individual, you will have to motivate yourself to keep your business going. In other words, the drive, determination, and self-discipline, must ultimately come from the agents themselves. And that is why it is so important for you to be self-motivated!

d. Motivation is one of the two most important skills!

Real estate hinges on knowledge. You’ll need to know your geographic locality inside out as well as going property prices and industry regulations. But, otherwise, the two most important factors are your personality and motivation. As regards personality, you’ll need to be gregarious, likeable, and you’ll need to possess excellent people skills. You’ll also need to have empathy in order to understand people’s situations and needs, so as to serve them best. Otherwise a positive attitude is crucial. Without that, you are at risk of defaulting on the first particularly since you’ll, likely, find the labor uphill work for you (especially in the beginning) and tend to be disheartened or frustrated. In that way, motivation underlies anything to do with real estate and is basically the corner-stone of your success.

Says Zurple, the real estate lead generation agency: Success in real estate relies on two main things – a great business strategy and a strong drive to succeed. If you’re missing one or the other, you will struggle. And if you have both – your’e on your way to success.

The bottom line is this…

Success in business, especially the real estate industry isn’t the 100 meter dash – it is a marathon. Maintaining a steady level of motion can be tricky, but it’s your main – if not your only – way to success.

Here are three tips that can help you:

  1. Recognize your progress: Take it slow and pat yourself on the back for those minor victories. Congratulate yourself for staying on task and for completing all those incremental steps that were so necessary for closing the deal.
  2. Find yourself a successful mentor: In the cutthroat industry of real estate finding someone excellent to help you can be laborious. Avoid brokers who are ready to hire you for fees. Take your time in finding someone who is a good match for you, who is honest and who has your best interests in mind so that he. or she, will give you the time and guidance that you need.
  3. Organize your time well: Set aside time to speak to clients, review industry reports and statistics, attend meetings, and see to all the other variables that go into the real estate schedule. Improve your skills as you go. Don’t avoid tasks that you don’t like. Be self-disciplined. Look to the future – don’t dwell on your failures; learn from them.

And one more thing…

Get and stay motivated!

Tips To Sell Your Home For Top Dollar In A Slow Market

How long is too long? In a dry market, a sales period of six months to one year isn’t unusual. Look at recent sales reports of similar homes nearby to determine a reasonable selling interval. In a hot seller’s market, a house that hasn’t sold within one month indicates a problem. In either case, there are several steps you can take before putting up the white flag.

  • Videotape your house, inside and out, and watch the tape as if you were a prospective buyer. Is the lawn weedy or the garden bare? Is your home uncluttered and spotlessly scrubbed? Sparkling-clean houses sell faster than those that look too lived-in or show an abundance of the owner’s personality.
  • Take a second look at your listing price. Visit open houses in your neighborhood. Are similar homes priced lower? Selling prices may have dropped since your first comparative market analysis. In a hot market, if you haven’t sold your home within one month, chances are good that you’ve overpriced it. If you do lower your asking price, consider a figure slightly below those of other comparable homes if you are interested in a speedy sale.
  • Do whatever it takes to be away from your home during showings and open houses. The presence of sellers makes it difficult for prospective buyers to take their time or talk openly with their partner and agent. Leave some treats out to make potential buyers more comfortable: beverages, nuts, cookies — anything that won’t lose freshness or be too messy.
  • Pay close attention to feedback from showings. The feedback can guide you in making home repairs, toning down your décor, making landscaping improvements and the like.
  • You can offer perks to buyers, such as cash bonus, closing costs or buy down their interest rate to lower monthly payments. You could also consider owner financing.
  • Neutralize your color scheme. Most buyers prefer pale, neutral colors that make it easier to imagine a new home as their own. Houses with white exteriors are the highest sellers; for interiors, try whites, off-whites or pale grays.
  • Expose Hardwoods and buff them until they shine. It’s amazing how many buyers will not even look at a house without hardwoods.
  • If you have dogs, cats, old carpeting, mildew or smoke problems chances are that a potential buyer may offended by the odor. Ventilate the home and invest in an air cleaning and deodorizing product to remove odors. Another option is a cleaning product with living enzymes that consume the odor causing agents and remove the smell permanently.
  • Staging your home is one of the very best ways to sell your home the quickest and for top dollar. Staging sets the scene throughout the home to create immediate buyer interest in the property. The way you live in your home and the way you sell your house are two different things. One idea is to pack up several large pieces of furniture and as much clutter in each room as possible. Don’t just shift to another room or garage, rent storage space and get it out of the house before showing.
  • Pay attention to lighting. Make sure light sources are clean. Cleaning them isn’t enjoyable, but the sparkling lighting will pay off. You may even increase the brightness factor of your rooms by adding brighter bulbs, or by placing accent lamps or cabinet lighting. Be sure and pull back the curtains and lift the blinds. For the best effect, use a balance of natural, overhead, and table or floor lighting.
  • Try readjusting your sights. Determine the lowest price you find acceptable, and consider anything more as icing on the cake. In a longstanding dry market you may even have to sell at a loss, so it’s important to take every offer seriously. You don’t want to alienate a potential buyer who has solid financing because you’ve set your sights unrealistically high.
  • If the market is underwater, consider offering an increased commission or a bonus for your listing agent as extra incentive. If you do sweeten the pot for your agent, amend your listing contract to reflect the change, and be sure it’s added to the Multiple Listing Service (MLS) book — buyer agents will also be inspired to give your house extra attention.

Real Estate Brokers – Divide and Conquer Your Commercial Real Estate Market

When it comes to winning market share as a commercial real estate broker or agent, it pays if you can divide up your market or listing territory into segments. In this way you can then focus your marketing efforts and activities.

Results in commercial real estate come from systemised focus and you have limited time available each day for prospecting and marketing.

It is a fact that you cannot be everywhere at once when it comes to prospecting and networking. As an individual broker or agent look at your market and consider the following facts:

  • What is your specialised property type?
  • Where is your market?
  • Why should people do business with you?
  • How can you cover the sales and listing territory?
  • What is your competition doing now with marketing?
  • What is your market share and how did you get that?

When you answer these questions quite clearly you can soon see the strategies required to move ahead as a top agent or broker in your local area.

So let’s look at some rules that can help you divide and conquer your local area for increased commercial real estate activity and opportunity.

  1. Determine a key service that you will be focusing on. That could be leasing, sales or property management. You can also have combinations of sales and leasing, or leasing and property management.
  2. Build a marketing package for your ‘key services’. Carry that package of information with you so you can connect with new people at any opportunity. Practice your scripts and dialogues for your ‘key services’.
  3. Identify and set up your main primary territory for new business based on local area growth and opportunity. The primary area of focus should give you 80% of your business. Assumptions should be made on the local area and how it is changing.
  4. Determine geographical or road boundaries that contain your primary area of focus. From that you can determine the desirable and active zones for sales and leasing activity. You can also determine the better streets and properties to connect with.
  5. Your territory is likely to contain many properties and businesses. On that basis split up the zone into segments of 100 properties. Segment by segment (each of 100 properties) you work through the local area to identify owners and businesses. Talk to more new people every day in those zones to identify property change and opportunity.
  6. In addition to the above strategies, connect with property developers and franchise groups separately. You never know when they may require a new location or parcel of land to build on.

New agents and brokers in the industry need a system to proceed and attract clients and property listings. This process will be a very good start in doing that. You can modify it to suit your market circumstances.

Commercial Property Leasing – Know These 4 Key Facts About Your Property Market

In commercial and retail real estate today the leasing process is critical to the income achieved by landlords and property investors. It is wise for a commercial real estate agent or broker to offer a comprehensive leasing service as part of specializing in Investment Property. There are plenty of lease deals to be done; it is just a matter of finding them.

Many times you will see market pressures on vacancy, lease occupancy, and rental levels entering into the lease negotiation between the tenant and a landlord. Make sure that you as the leasing agent have a total and comprehensive awareness of the prevailing market conditions and that you share that information directly with your client as the landlord. Prepare them for the real facts of a rental negotiation.

The landlord must be thoroughly briefed about the property market conditions prior to any negotiation with a tenant. Realistic rental levels together with appropriate lease terms and critical dates should apply to any lease negotiation in today’s business environment. Every lease negotiation becomes a strategy taking into account the conditions of the property and its improvements, the current vacancy levels, market rentals, and the requirements of investment performance.

Here are some tips to help you with understanding the property market today and the prevailing lease conditions:

  1. The levels of vacancy relating to your town or city and the property type will have an impact on incentives and market rents. Look at the potential for oversupply and understand how it may impact the future rentals and investment performance. New property developments coming into the market will shift the balance when it comes to vacant space and the quality of buildings offered for occupancy.
  2. Review the market rentals that apply within the property type and your location. Those rentals will need to be tracked and monitored for future lease negotiations and the conditioning of your clients when it comes to lease is under negotiation. Understand the impact and the relationships between market rentals, outgoings, and incentives.
  3. There are different rental strategies when it comes to outgoings recovery. In any new lease, there will be decisions to consider relating to outgoings recovery and therefore the setting of gross or net rental. Levels of market rental will apply in each case so you will need to understand the averages that apply to outgoings within the property type given your location, your town or your city.
  4. Talk to business owners and tenants regularly. Ask questions about lease occupancy and lease termination. You will soon find tenants considering property change due to the pressures of expansion or contraction within their business today. You can track all the tenants locally through specific processes of direct contact, database, cold calling, and door knocking. Every leasing agent should have a comprehensive awareness of the leasing intentions of every business within their territory. In understanding the leasing intentions of tenants locally, your professional leasing services become more valuable to the landlords of the area. That will then help you in closing more leasing opportunities and listings.

So these are some important factors to understand when it comes to leasing property locally. Take the time to connect with tenants in your market today and review the prevailing market conditions when it comes to rental, incentives, lease documentation, and property improvements. Track the enquiry rates coming to your office regularly so that you can profile tenant leasing requirements for today’s market.