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THRIVE in the Year Ahead!

1/20/2024

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​I recently received this question from an agent who received their license in 2022:
 


“I have managed to survive the last two crazy years in real estate, but frankly I’m exhausted and don’t know what to expect in 2024. How can I best prepare myself and actually start to thrive?”

This is a super-relevant question and one that most should consider, regardless of how long they’ve been in business. It’s been a roller coaster - low rates, high rates, lack of inventory, inflation - with each having an impact on seller and buyer behavior. Incorporate these five ideas into your plan and you are likely to find yourself doing more than what you thought was possible. 

  1. Focus on mastering fundamental sales skills. I could mention over 20 skills that those in our industry may rely upon, but the most important are prospecting, connecting, converting, and negotiating. Think about the buyers you may have assisted in the last few years. Did you really negotiate on their behalf, or did you simply prepare best and highest offers to beat out others? How much time did you spend each week seeking to source new business? Did you script practice, role play, listen to podcasts and read business related books? If not, start NOW. The most successful in our industry are exceptional sales people - NOT customer service representatives. 
  2. Pay greater attention to what’s happening from a national economic standpoint and within your local market. You are entrusted to help people navigate six and seven figure transactions and you must commit to being fully informed. Daily you must delve into your MLS so you may better understand inventory levels and pricing; you must also know where rates lie and what programs may be best suited for your buyer clients. Weekly you should be getting into as many homes as possible so you have first hand knowledge of neighborhoods and communities. You should review local business journals to understand which companies may be expanding, hiring, or relocating; this impacts home sales and helps you work more strategically!
  3. Track your numbers and monetize your pipeline. You are running a business, and it’s critical that you keep your eyes on your production - and profitability - with consistency. What’s your current active listing volume? What’s the anticipated volume for pipeline sellers? For buyers? What’s the potential income associated with all three? It’s easier to keep your head in the game when you attach a monetary reward to the outcome. Post your numbers in a place where you’ll be reminded of your progress and keep them updated!
  4. Incorporate a B2B approach in order to receive ongoing referrals and create consistency. You likely spend your time looking for buyers and sellers, but have you considered connecting with those who influence them? Each and every month, homes owned by those who have passed, are aging, divorcing or experiencing financial hardship must be sold - regardless of market conditions. Attorneys, retirement advisors, and assisted living or nursing home admission counselors are people you need to get into relationship with. Don’t forget to create connections and nurture relationships with out of area agents, too -  there’s enormous opportunity for referrals as people continue to move in and out of state. 
Work smarter, not harder, with a mindset of abundance and opportunity. While it’s important to be informed, it’s equally as important to be pragmatic. Don’t allow the media, influencers or even other agents create internal fear or scarcity. Avoid gloom and doom like the plague. Seek to expand your network and promote your area of expertise. I’ve seen those who stick to good habits, adapt and respond to market conditions, and surround themselves with other positive, successful people increase their market share and income exponentially in a single year - and you can, too!

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Real Estate is a Lot Like Football...

6/21/2023

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I'll make this short and sweet. 
It's hard to believe that we're approaching the halfway point in the year! I have spoken to so many agents and loan officers concerned about their YTD production and the fear they have around finishing 2023. Does this resonate with you?
Please don't allow yourself to lose hope - it's time to double down and commit to making big gains in the months ahead!
Football games are never won in the first two quarters. At halftime, a break is taken, a breath is taken, and then it's time to reassess. What plays failed to work? How did the competition show and up and defend themselves? What strategies must be implemented in order to come back strong and win? I'm suggesting that you do the same, starting NOW. 
This market has presented some enormous challenges and the majority of them are out of your control. Here's what you can control: your mindset, your activities, your flexibility, and your "plays". Stop expecting your SOP (standard operating procedures) to provide the same results as years past. Stop believing the crazy notion that you can MAKE people buy or sell (but you can promote the benefits and how to help them get what they want.) Stop praying for miracles and a Hail Mary. Instead, study your market, assess your competition, and acknowledge the behavior being demonstrated by buyers and sellers. Seek alternatives to structuring deals, increase your visibility, and try the new and untested. Be bold in your approach and confident in your delivery. Enhance your offerings, increase your skills and knowledge, and spread the word. You may not be able to change the market but you can certainly change YOU.
It's time to get back to the field - so suit up, show up, and win!

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Market of the Moment: Baby Boomers!

4/28/2023

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Did you know that Baby Boomers - those born between 1946 and 1964 - were the largest group of sellers in the last twelve months? It’s true! In fact, a whopping 52% of homes sold were owned by those between the ages of 59 and 77!

Targeting this group is smart for a variety of reasons. They are less likely to be affected by market conditions, and their “why” is significant to them - and often non-negotiable. They are motivated by achieving a sense of security, better mobility, and being closer to friends and family members. While some may stay local, others will move to states that offer a more comfortable cost of living and moderate climate and will seek communities that provide resort style amenities and better healthcare. 
These sellers are typically buying as well, which provides the opportunity for additional transactions and/or referrals. 

Before you say yes to this pillar, ask yourself if you are wired and willing to be patient, compassionate, and highly hands on. You will need to commit to the Platinum Rule - treating them the way THEY want to be treated, without resentment or hostility - especially when it comes to communication (stop texting!), contracts, and property preparation. You will be required to do more and be more - but you are also likely to EARN more. If you don’t have a heart for working with Seniors (and potentially their family members and attorneys) this may not be the route for you. 
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If you don’t want to see this ENORMOUS opportunity pass you by, here are the top 10 considerations and things to do so you may master this niche!

  1. Earn a designation. The SRES designation is one that actually means something to consumers and makes you more valid. You’ll learn about the generational characteristics of demographic groupings in the 50+ market, retirement in the 21st century, housing options (including active-adult communities, aging in place, and assisted living), finance, tax, and legal considerations, marketing strategies and counseling methods, and how to develop a team of experts and service providers for 50+ clients. This 12 hour course is available online and your $295 investment is a bargain! 
  2. Know where they are likely going. Perhaps you’re seeing new 55+ communities going up in your market; maybe you’re hearing about people moving to the Carolinas, Florida, Texas or Tennessee. In addition to what you may be noticing or hearing, you’d be smart to pay attention to census data and bookmarking How Money Walks. Green states are gaining residents and tax payers; red states are seeing a decline in their population. TIP: seek to gain referral partners where people are leaving or going!
  3. Understand their buying and selling habits. Each year NAR publishes the Generational Trends Report and if you are smart you will read it and consistently refer back to it. Boomers choose agents, search for homes, and finance them differently than their younger counterparts. Understanding how they think and act will get you more quickly into rapport and better manage expectations - yours and theirs!
  4. Partner with a Reverse Mortgage Professional. Did you know that a Baby Boomer can purchase a home using a reverse mortgage and have NO payment? That a divorcing “silver” couple can split proceeds from the sale of their marital home and purchase two more - or have one spouse stay in the home - without having to give up what they want to live comfortably? It’s true, and it’s a powerful option. Your knowledge will make you stand out and be a hero to many. Not every company offers this product, so it’s important to find a specialist. Together you can co-market, meet with influencers, and provider solutions to sellers and buyers. 
  5. Build a Transition Team. You’ll enhance your unique value proposition and be more appealing to prospects and influencers if you can provide the services and professionals needed to make a move easier. These sellers may have spent dozens of years in their home, and many things may need to be done in order to make it show ready. Your team should include an interior/exterior cleaning crew, an estate sale company, haulers, a handyman, a painting contractor, and a landscaper. Add to your team with a stager, an organizer, a storage provider and local charities who will pick up no longer needed items. For bigger jobs, be ready to contact a reliable plumber, electrician, and HVAC contractor. A kitchen and bath contractor should be a part of your list as well!
  6. Target influencers. Baby Boomers are the most likely group to be in relationship with attorneys, financial planners, retirement specialists, and insurance providers. They will call upon them for advice and ask them for recommendations - especially if a real estate agent is required! Are you the one who will be recommended? Build a list of those you need to know. TIP: ask your current SOI for their recommendations and mention their names when contacting these professionals. 
  7. Create a Baby Boomer mailing list. By building a targeted list based upon age, length of ownership, and mortgage/equity status, you can introduce yourself to prospects and deliver relevant messages that promote your UVP and make you stand out among a sea of agents who likely aren’t committed to this niche. One great resource is PropStream. 
  8. Build your investor list. Illness, property condition, financial distress or privacy concerns may lead some sellers (or their heirs/representatives) to express interest in a quick off-market sale. Identify 3-5 investors looking for opportunity and confirm that they have the ability to close quickly on the right property. Your value will rise with sellers and influencers and you’ll create more loyalty with the investors - hopefully leading to earning their listings. Don’t skip this step!
  9. Create and deliver the right content - to the right people. You’ve created a mailing list - now send mail. Letters, postcards, newsletters, and handwritten notes are more likely to be read, saved, and appreciated by this demographic and those who serve them. Social posts remain important, but be smart about it. Facebook is the preferred platform for Baby Boomers; for their children, it may be Instagram or TikTok, and for their influencers (attorneys, financial professionals, etc.) it’s LinkedIn. Where you post should dictate the tone and style of your message; always consider the language and phrasing that will resonate. You’ll also need collateral specifically designed for influencers - a 4 page, full size brochure sent with a cover letter is a great way to get your foot in the door. Use this to specifically promote your work and results within this niche and be sure to include recommendations and endorsements from others!
  10. Network like it’s your full-time job. There are plenty of business owners and service professionals looking to get in front of the same people you are. Seek them out, engage, and ask how you can help them. Chamber committees and professional networking groups will increase your validity and the likelihood you’ll earn referrals. Can’t find a group? Start your own. Join an organization like the Rotary or Lions club - their membership trends older - and dedicate your time to their efforts. Get to know the admissions staff at every assisted living community in your market and offer value. Visit every new home community designed for the 55+ crowd and introduce yourself to every salesperson and employee. Host events like a quarterly mixer for small business owners and invite them to bring someone along. Sponsor senior bowling and pickleball tournaments and engage with participants. Teach a non-credit class - along with a estate attorney, retirement specialist/financial planner - at your local community college or senior center. ​Get the idea? Don’t assume your targeted audience is sitting at home; they are out and active - and you should be, too!
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You Can Do It YOUR Way!

9/30/2020

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I've just returned from a five day trip where I spent time consulting with a rapidly growing and highly successful team. They are enormously talented, high-minded, and committed to a culture of teamwork, trust, and collaboration. 
Sunday I was included in a team building exercise - axe throwing - and it was a new experience for me. I'm not gonna lie, I was a bit intimidated and downright scared, imagining myself dodging flying weapons and worse, failing to make contact with the board!
Look closely at the picture. I made contact and I scored three points - woo hoo! -  but notice I did it with the handle, not the blade! Apparently this was a first and in that moment I thought "well of course it happened like this - it's the story of my life."
​I've always been the woman who says "judge me by my results, not my methods", much to the aggravation of the bosses, managers, and leaders I have reported to over the years.  I have always found pride in accomplishing my goals differently than others do. Why is there so much emphasis placed on doing things the "right" way? Who's in charge of your business anyway?
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I sold a lot of real estate when I got started in the business and the truth is I did it without ever making cold calls, knocking on doors, or sitting floor time for my broker. In fact, I was largely ignored and ran on instinct and intuition, choosing to do what felt good and comfortable to me. However, my feet did hit the floor each morning with intention and here's what I learned: you'll never be happy - even if you make a lot of money - doing the stuff that you hate. You simply need to engage in a number of activities to discover where your time and efforts are best spent. Once you do, be all in!
I have carried this belief into my role as a coach and consultant. You possess your own magic, secret sauce, and value proposition, and I believe it's my job to help you discover where your strengths lie. Mediocrity and the same old, same old doesn't create significance and doesn't set you apart. Be you, Boo! Our industry and your market needs what you've been divinely designed to provide!
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