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A Snapshot of COVID-19's Impact on International Real Estate, Plus 4 Tips to Persevere
PropTech Solutions' Real Estate Platform is used by real estate companies in over 60 countries, speaking more than 40 languages. The global scale of our client base gives us unique insight into the impact COVID-19 is having on international real estate. We connect with clients around the world daily and, as you can imagine, these days we have more discussions about the coronavirus than our technology. Our clients are like family to us and we don't just care about their businesses, we care about them as people. We're confident we will all get through this pandemic and emerge stronger — together. In the meantime, we all need to work together to do the best we can in this difficult situation. Here are a few ideas to help you with these very real challenges, as well as the impact we see on international real estate through our own data. Here are four ways you can help your clients cope: Send positive messages often. Our lead-to-close technology offers the ability to assemble comprehensive marketing communications. While you normally would use these to present homes or promote yourself to new clients, you can also use them to communicate with your clients and prospects on a different level. People in the buying or selling process today are going to be very concerned about what all this means long term. Help them understand life will go on and properties will continue to be bought and sold. Put together a list of simple things that your clients can do to improve their homes. We all have to maintain social distancing, which means we have more time at home than normal. Cleaning, uncluttering, painting and trying different furniture arrangements are just a few examples of activities that require little or no money and don't need the help of professionals. Assemble a list of available local professionals. Typical home repair services will be more difficult to arrange, or perhaps impossible in some cases. Collect trusted local service providers, such as plumbers, landscapers, and electricians, that are still available and share that information with your network. Turn your marketing technology into a community bulletin board. Real estate agents know hundreds, sometimes thousands of people. Connect people in your network and communicate local information in ways that no one else can. Not only will you help people in this very real time of need, but you will also develop relationships that will last long after the crisis. Visit local Facebook community pages, highlight businesses giving back and celebrate the dedicated professionals working every day to save lives. The 90-day snapshot of international real estate As mentioned, we have customers in over 60 countries, which gives us unique insight into the impact COVID-19 has on the international real estate market. We've shared just a few key findings below. Please visit proptech-solutions.com/covid for the complete report. In the last 90 days, our public-facing real estate websites outside of Canada and the U.S. experienced a drop in visitors by an average of 20%. Some geographic regions see a far greater impact than others. Given the volatile situation, this wasn't a surprise. The websites continue to generate property leads, but lead volume has decreased by an average of 48% since the start of this year and by 40% compared to the same time last year. Additionally, the total inventory of active listings across all our customers has increased by approximately 15% as new listings are still being added — albeit at a reduced rate — and existing listings stay on the market longer due to a reduction in overall sold and rental listings since consumers lack confidence in the market. As countries enact measures to restart their economic engines, record low-interest rates will make the prospect of buying properties more attractive. If we also account for the pent up demand this period of suppressed market activity will create, it's very likely we will see a period of increased real estate activity once social distancing measures are relaxed. The work agents do now to optimize and organize their contact databases, reach out to the contacts they haven't spoken to in a while, and make new virtual connections online, will pay dividends down the line. If you're planning to expand or enter the international market once this crisis is behind us, we'd love to talk. Please contact us at [email protected] For additional statistics, tips and information, please visit proptech-solutions.com/covid. PropTech Solutions is the holding company of leading global real estate technology companies, GryphTech and Phoenix Software. Together, they provide a lead-to-close real estate management platform that is relied upon by real estate businesses in over 60 countries to accelerate their growth. The technology is cloud-based, multilingual, multicurrency and purpose-built to generate new opportunities, meeting the needs of the world's largest real estate brands. PropTech Solutions' CEO, Carlos Matias, was recognized as a 2020 RISMedia Newsmaker and in 2019, the company was named a Top 10 PropTech Solution Provider by CIO Applications Europe. For more information or a live demonstration of The Real Estate Platform (REP), visit www.proptech-solutions.com or email [email protected]
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Pivoting from 'Who Wants to be a Millionaire' to 'Survivor: Corona Island'
What do Walt Disney, Rambo, and two hit TV shows have to do with tackling the challenges posed by the Coronavirus? Check out this post by Rental Beast founder and CEO Ishay Grinberg on how businesses can adapt and come out of COVID-19 stronger. In TV lingo, that's the transition most businesses experienced over the past three painstaking weeks. Early on, we all had 2020 goals--most of them ambitious, given that the economy was humming along nicely. Rental Beast anticipated another year of growth—on all fronts. The universe had other plans.
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5 Valuable Business Lessons I Learned from Dance Conventions
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Wendy Forsythe on Cultivating Relationships within Your Brokerage to Drive Success
"Get involved in your local board. Get involved in your state association. Get involved in the National Association of Realtors. Get involved in YPN or the Women's Council of Realtors or the Chamber of Commerce. Whatever it is, get involved, because that is only going to bring benefit," says Wendy Forsythe, Chief Operations Officer at HomeSmart International. Here are a few highlights from the video above: The importance of relationships as an agent, broker, executive and industry leader The importance of stepping forward. The power of not giving up. Rather read it? Check out the transcript here: Mike Schneider: Welcome back to another episode of our First Person series. Today I have Wendy Forsythe, the chief operating officer at HomeSmart International, and we're gonna be talking about the intersection of relationships and business, particularly in real estate. So-- Wendy Forsythe: Great. I'm excited to be here. Mike Schneider: So, our company's called First, and we like rewind all the way back to, how, when, and why did you get into real estate? Wendy Forsythe: Yeah, so, my real estate story started when I was in college, in Northern Canada. Mike Schneider: Wow. Wendy Forsythe: And I got into real estate as a summer job. So I got my real estate license in the summer in between my second and third year of college. And, sold a bunch of houses that summer. Went back to school, continued selling houses, finished my degree, continued selling houses, and here we are now. Mike Schneider: And here we are. Wendy Forsythe: Many years later. But, I fell in love with the industry and I knew that it was my career and I knew that it would give me opportunities that I hadn't even imagined at that stage. Being in my early 20s and, fast forward and I've just been so fortunate to be a part of this industry and, now I live in the United States and here we are. Mike Schneider: Yeah. Well, and now you're running a really big brokerage. Tell us a little bit about HomeSmart and your role there. Wendy Forsythe: Yeah. So, HomeSmart International, has 166 locations across the US. We have, as of this recording, just under 16,000 agents-- Mike Schneider: Wow. Wendy Forsythe: --and growing. Mike Schneider: Congratulations. Wendy Forsythe: Yeah. It's an amazing company. Very much focused on providing our agents with great service with a business system that allows them to reach their goals for their personal lives and professional lives and really a business model of the future in our industry with all the changes that are happening. So, it's an exciting place to be. Mike Schneider: I love that. I love the innovations on business model and technology and all of that. One of the things that's a mainstay pillar for our tech company, and I think for the industry is that relationships are really central. So, you've seen a huge spectrum of the industry. Wendy Forsythe: Yes. Mike Schneider: Can you talk a little bit about how relationships drive this business? Because a lot of people say that, but what does it actually look like? Wendy Forsythe: Yeah. I mean, there's so many different perspectives. So my days selling as an agent, I mean, relationships were key. You had that sphere of influence and those were the people that transacted with you multiple times, sent you referrals. And I think that's very consistent today. Mike Schneider: And that was a big percentage, the majority, what was that of your business? Wendy Forsythe: Uh, a big percentage of my business. Mike Schneider: Yeah. Wendy Forsythe: I mean, like any new agent starting out it, it took a while to get there. Mike Schneider: You have to build it up. Wendy Forsythe: Yeah. And then as I progressed into management and I owned my own brokerage for a number of years working with agents. That transition into their business, that relationship component. When I started working in more of the corporate roles that I work in now, we still see those relationships from the agent to the consumer perspective, but there's a whole other dynamic that opens from the relationship of leaders with-- Mike Schneider: Yeah. Wendy Forsythe: --agents, you know, in the company, with other people in roles like management and support roles, operations and training and, and all of those roles, to the industry. I mean, we work in an amazing industry. And, I've always looked at it from a point of abundance. So we come to conferences. We go to events. Maybe we're kind of competitors in a way with other brands and other companies. But, I believe in sharing and building those relationships and they can do well and we can do well and our companies can do well. And, you know, we can all prosper from that regard. So, I've been very fortunate to have long standing relationships with a lot of people as we've moved through different stages of our careers. And that's, ultimately what keeps us motivated and what really, sort of, nourishes the energy level that we need to do what we do everyday. Mike Schneider: That's great. I think that's becoming a theme too as we talk about relationships, the network component, that you really are building, and to your point, not just an individual agent's core asset, right, which is their network. But what you're talking about is the industry that you now are able to tap into [inaudible] at a broker level, at an executive level, as you're taking new business models to market. Wendy Forsythe: It is. And even at a local level, for agents, I always encourage agents, you know, "Get involved in your local board. Get involved in your state association. Get involved in the National Association of Realtors. Get involved in YPN or the Women's Counsel of Realtors or, the Chamber of Commerce." Like, whatever it is, get involved, because that network effect of those relationships is only gonna bring benefit. And when you isolate yourself, when things aren't going exactly as you hoped, you don't get the support of those relationships and that network around you. And, ultimately we all go through ups and downs, so that support system makes a big difference. Mike Schneider: That's a great recommendation, push. As you think back through being a broker, owner back in the day or from, some part, a lot of our, our viewers are agents, uh, is there a tip or a trick that you used or that you coached or that you still do today in terms of nurturing and maintaining relationships? What's something-- one thing somebody could go and say, "I'm gonna do that in 2019?" Wendy Forsythe: I don't know if it's a tip or trick. I mean, being yourself and being authentic I think is, the best thing you can do. And, I particularly remember as I was listening to young agents starting out, you meet other people that are maybe more seasoned or you aspire and you think, "Look, they've got it so together. They know everything. They know everyone. You know, I'm not there, so maybe I would sort of, hang back because of that." Mike Schneider: Sure. Wendy Forsythe: And, I just really encourage people just to like, just step forward and be yourself and say hello to somebody that you've never met. Introduce yourself. And then, just care. So, be in that moment in that relationship. And some of the people that I have the greatest admiration for have that quality of, when you and I are talking, we're in that moment together. Mike Schneider: Right. Wendy Forsythe: And then we may shift to the next conversation, but I'm in that moment, and I think that's a great quality to really foster as you think of developing your relationships personally and professionally. Mike Schneider: That's interesting. It does seem like that's something that you can learn and develop if you're intentional about it. Wendy Forsythe: Right. Mike Schneider: Um is there a question you ask? Is there something-- so you're getting to know someone new. I mean, I think that's where we get to the tip and trick level. How do you take the conversation there and be in that moment? Wendy Forsythe: It depends on the setting, but I love to ask people-- and particularly in my role, because I'm traveling across the country, I'm spending a lot of time with our HomeSmart agents, our franchise owners. I get not as much time as I would often like to spend with those people. But-- I get some time to connect. So if I'm just meeting somebody, I love to just ask them about their real estate story, cause I think we're all, like, living and writing our story every day. Mike Schneider: Yeah. Wendy Forsythe: So, you know, if we're just meeting, I'd be like, "Tell me about your real estate story." And they'll tell me about how they started in the business, why they started in the business, where they're at now, where they wanna go. And that gives me a lot more of a interaction that I can really build upon then, "Well how long have you been in the business? Well, do you like real estate? Well, why did you get your license?" So, uh, that's one of my favorite questions that I ask a lot. Mike Schneider: I like that. I like that and that you could have lots of different questions that fit that mold. But it's both, what's the story and you have the opportunity to talk about dreams and, future too. Wendy Forsythe: Right. Mike Schneider: Where do you wanna go next? Wendy Forsythe: Because what it tells me is what's important to them. Mike Schneider: Yes. Wendy Forsythe: Right? So, however they decide to take that question and answer it back to me, tells me what really is their passion and what are they excited about. So if they start telling me about, kids or vacations or debt or divorce or-- Mike Schneider: Right. Right. Wendy Forsythe: --anything, cause I get lots of interesting answers. Mike Schneider: Responses. Yeah. Wendy Forsythe: And I genuinely like people and I really like the psychology of human science. Mike Schneider: Yes. Wendy Forsythe: And, you know, why do we act the way we do? Why do we react the way we do? What is predictable about it? What is unpredictable about it? So, I've always had, that curiosity from that, element of things. So, I like hearing those answers. I think about them often at the end of the day, the people I talked to and the conversations that we had. Mike Schneider: I love that. I love that. Is there anything as you think back to either when you were running a brokerage or with, HomeSmart as a brokerage too, that you are, are implementing or coaching or trying to, you know-- what does the relationship side of the business look like there in terms of how you help your agents with that? Wendy Forsythe: Yeah. I'll focus on-- actually, I'll answer that-- I'll focus on working with our franchise owners. Mike Schneider: Yeah. Wendy Forsythe: Cause we do a lot of work on leadership. Mike Schneider: Okay. Wendy Forsythe: So, we're a large franchise company. We have independently owned and operated offices in multiple states across the country. So that's kind of our front line to the agents, cause the agents are actually making the choice to work with that local-- Mike Schneider: Of what they're gonna do and how they're gonna implement it. Sure, Wendy Forsythe: Yeah, that local owner is part of the HomeSmart brand. So, spend a lot of time, coaching and helping those business owners build their businesses. So, of course, leadership is a big component of that. Building culture is a big component of that. And, you know, when you're focusing on that, kind of, giving back mentality, you see amazing things happen with that. So that's part of what is a constant development phase, is, how do I be a good leader? What does it mean to be a leader? Are we providing the support, the tools, the relationships that the agents need and want when they're with our brokerages? Mike Schneider: That's really helpful. Well, we'll end on this one, but is there anything that you wish you had known or that you would've done differently if you had known a few years ago? Wendy Forsythe: Oh, yeah. I try to practice this now, but I have an awareness of it now that I wish I had told myself younger, and a few years ago. And that would just be everything's gonna pass. Take a breath, it's gonna pass, it's, it's gonna be okay. Whatever the outcome that I'm striving for when I don't hit that outcome, that it's okay. I'm gonna get another chance. Mike Schneider: It's alright. Wendy Forsythe: It's good. Just, keep moving forward. And it-- and I have a phrase, relentless forward momentum. Mike Schneider: Relentless forward momentum. Wendy Forsythe: Yes. So, just keep moving forward. Mike Schneider: Just keep moving forward. It'll pass. Wendy Forsythe: It, it'll pass. We'll figure it out. We'll make it okay. Mike Schneider: Wendy, thanks for being on. Wendy Forsythe: Thank you. Mike Schneider: I appreciate it. Wendy Forsythe: Thank you, it was my pleasure to be here. To view the original article, visit the first.io blog.
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3 Tips for Maximizing Productivity without Losing Your Personal Life
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Task Expands to the Time Allotted
In time management, I have a phrase, "Task Time Expansion" which happens to all of us and we need to be aware of the consequences. Have you ever had a day where you had nothing pressing, no deadlines to meet? Yes, I know that just about never happens, but you did have maybe one or two things you wanted to do that day? By the end of the day, you have not accomplished one or maybe both things despite your desire to get them done.
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Remember Single Tasking? Probably Not!
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Multitasking Can Be Hazardous to Your Brain!
Multitasking is a touchy subject. It's drawn so much fire when I've discussed the subject in the past. We all think we are experts at multitasking, when actually we are just fooling ourselves. Before we do a deep dive into the negative effects of multitasking, let's compare our brain to a few other things we can relate to and envision.
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Finding Your Inner Entrepreneur and Launching Your Own Start-up
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What Real Estate Brokerages Need to Know about Gen Z
This week at RGX, our focus is all about the future of real estate and the technology that powers it. So to go along with that, let's take a look at the future of real estate—and who will have a big role in it. Yes, I mean Gen Z. It wasn't too long ago we were talking about why real estate brokerages need to put the spotlight on marketing to millennials—and how to do it. But with millennials now reaching 23 years old minimum, they're making room for the next generation, too.
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3 Tips to Help Your Agents Work Effectively from Home
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Lessons from the Navy Seals on Getting Teams to Hit Goals
Plenty of us already struggle with hitting our own goals. Getting a team to hit their goals? That's a whole other challenge. There are plenty of strategies and ideas to steal from, but why not learn from one of the most elite team organizations in the country: the Navy Seals.
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To Adopt or Not To Adopt
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Tips on Managing Real Estate Offices Remotely (From People Who Actually Do It)
So your real estate business is doing well and you've expanded. Or you're considering the possibility. Expanding with new teams in different markets can be a highly profitable path in real estate. It also brings a handful of new challenges. We had a chat with some experts in the industry who are managing their remote teams successfully and seamlessly — and we're bringing you the insider tips.
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How to Create a Brokerage That Agents Will Want to Work At
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Building a Gratitude Brokerage Culture
When was the last time you took a moment out of your day to pause, observe your agents and staff, recognize that they are doing really great work, and then personally express your gratitude? An article by Fast Company suggests that all of us suffer from "gratitude deficit disorder." "We are hungry for genuine appreciation and thanks," the article states. "We want to know that we matter, that our efforts are making the world a better place." Do your agents and staff feel appreciated? What about your clients? And how much does gratitude really matter?
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Solving the Mysteries of Jet Lag
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4 Steps for Easier Agent Adoption
Recently, we talked about how to boost agent adoption of brand-new technology. It's not always easy to convince them to use a new tool, especially if they already have one that they know and love! It's one thing to get them to switch. But it's another thing completely to get that switch to stick. So how do you keep the learning curve going? Here are a few handy tips!
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3 Key Strategies for Being a Better Leader in Real Estate
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Increase Agent Adoption Rates by Following These 3 Steps
Agent adoption of brokerage tech is one of the major obstacles facing virtually every brokerage out there; it's just part of the industry we're in. You work hard to carefully choose and curate the perfect tech stack for your brokerage, so I personally would understand if a lack of adoption stings a little – or a whole freaking lot. Don't let your confidence take a hit from it, as it likely has nothing to do with you, or your quality of choice.
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Your Listing May Be Haunted If...
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Are You Holding Your Organization Back?
As an executive, we all get caught up in the day to day hum of problems, challenges, opportunities and tasks. We feel good when we get a project completed or have a productive conversation with a staff person or customer. It's great when we get to check something off our list! Many of us are most comfortable when we are "doing"
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6 Secrets to Building and Scaling Company Culture
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What Real Estate Brokerages Can Learn from Spider-Man
Recently, Marvel Studios posted this image on their Instagram feed: The photo, which shows our friendly neighborhood Spider-Man, head bowed, standing in shadow, is the studio's way of honoring one of its own, Steve Ditko, who passed away at the end of June. Even as a dedicated Marvel fan myself, I was unfamiliar with Ditko. Although he spent the majority of his career trying to stay out of the limelight, Ditko was the artist who worked with Stan Lee to bring Spider-Man to life. Spider-Man made his debut back in 1962, and quickly became the foundation for Marvel's approach to superheroes. He was uniquely human, making him relatable and understandable for his audience. Although Ditko didn't stay on with Marvel for long, his creations continued to have a big influence on the studio and the superhero universe as we know it today. Even though they're fiction, there's a lot we can learn from them. So what can real estate brokerages learn from Spider-Man?
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Why You Need an Open-Door Policy Right Now
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Why Brokers Should Plan a Summer Retreat for Their Team
It's late summer – a time when many have their minds on other things, and the real estate sales cycle is just beginning to slow down. That means it's time to work up a renewed sense of purpose and drive with a summer retreat. Company retreats aren't just for big corporations. Brokers can have them for their agents and employees, too! Your team will be happy to know that you value them enough to take them on a trip, near or far, and invest in their growth at your company. No matter if your retreat has intense team-building activities (like white water rafting) or more laid-back fun (like relaxing at a resort), a retreat can renew and invigorate your agents' and staff members' connection to your mission, values, and goals. Here are our top five reasons why you should plan a retreat for your team:
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Learn from the Beatles: A Guide for New Brokerages
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Retention: How to Keep Your Agents Happy
The industry is buzzing about recruiting strategies due to the competitive market. Equally important, however, is a brokerage's retention strategy. You not only need to win agents over, but you have to keep them happy as well. According to NAR, a real estate agent's median tenure at their current firm is only four years. That gives you a fairly tight window to make them want to stay for the long-run. With competitors entering the market with loads of cash and aggressive recruiting tactics, it's imperative that brokerages focus on how they're going to retain their existing agents. This is particularly important for new agents as their first year in the business can be discouraging, causing a large portion of new agents to leave the industry. Focus on your people and your people will remain loyal to you. Here are four tips for continuing to win over and retain those superstar agents:
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Timing of Your Client's Home Sale Means More Money
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Did You Know These Seven Potential Deal Killers for Buyers?
Veterans of real estate marketing know that sellers are infamous for overlooking home flaws. From the serious to the seemingly silly, even infinitesimal imperfections can be huge deal breakers for buyers. Which ones come out on top? Point these flaws out to sellers in advance to keep closings sailing full speed ahead. Are These Deal-Killers Sullying Your Seller's Site? Old electrical boxes It might 'work just fine,' but archaic electrical boxes are a real estate marketing nightmare. From code and safety issues to inconvenient, expensive repairs, tackling this is mission-critical.
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Why Millennials Matter
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6 Guidelines for Effective Delegation
Often our to-do lists become a big messy pile because we struggle with effectively delegating. The truth is that unless we can master delegation, our business will suffer. Deciding what not to do in your business is as important as deciding what to do. We cannot possibly be good at everything, and some tasks aren't the best use of our time. Let's take a look at some best practices for improving the way we delegate. 1. Delegation vs. Dumping
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How to Get Busy During the Holidays to Stay Busy in January
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The Benefits of Charity: Why Independent Brokerages Should Partner with Nonprofits
Charity Benefits the Giver as Much as the Recipient And that's OK. When we give, we experience joy, empowerment, purpose and can appreciate our own good fortune. From a business perspective, donating time and/or money can give you brand exposure, help you connect to your community and give you tax deductions. Why Independent Brokerages Have the Advantage Franchises are often bound by agreements to larger charitable organizations that may not be relevant to their community. Conversely, independents make their own rules. Independents can partner with anyone they like, whenever they like. They can partner with niche or community nonprofits and have more influence in ways they can get involved. This flexibility allows independents to make a more meaningful (and visible!) impact in their communities.
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What Compass Is Planning in Your Market
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Stop Struggling to Create Content: 5 Steps to Simply Get It Done
There are plenty of advanced tips available to teach you to get the most from Facebook Ads, Snapchat, Twitter, and every other social network. However, before you learn the ultimate tips for any social site, you should nail down your content plan. You can't have an effective social media strategy without a content plan, and social content plans work best when kept simple. With that in mind, here are five tips from Katie Lance's recent Secrets of Top Selling Agents webinar for creating a simple but effective social content plan.
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The Growth of Real Estate Teams: Achieving Work-Life Balance and Success
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How to Compete as Redfin Lowers Their Listing Fees
Redfin recently rolled out an initiative to drop their listing fees, significantly undercutting the industry average listing fee. The company tested the strategy in major markets—such as Washington D.C., Seattle, Chicago, Denver, and San Diego—and, not surprisingly, saw a substantial increase in business. In many of these markets, the typical listing fees are around 2.5 percent, yet Redfin has lowered their fee to 1 or 1.5 percent. Redfin has claimed that their listing count has grown in every market where they've dropped their listing fee. The new low-fee strategy is spreading into residential real estate, which is leaving many brokerages concerned about how they'll compete. Lower listing fees will put pressure on your pricing, which is painful in an industry with already dwindling margins.
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5 Tips on How to Get Your Agents to Adopt New Technology
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3 Do's and Don'ts in Choosing a Technology Partner for Your Brokerage
It's not easy choosing the right technology partner for your brokerage. Your brokerage's website, communication, accounting and ability to generate leads all depend on your technology. So how do you choose a technology partner? Here are three do's and don'ts for choosing who to partner as your technology provider: Do's 1. Demo! One of the best ways to see for yourself what a technology partner can offer you is by booking a demo. Demos give you a chance to ask questions and test specific capabilities of a technology to see if that technology is right for you.
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What Experts Want You to Know About Drone Usage in the Real Estate Industry
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5 Keys to a Worry-Free Vacation
I am the child of a small business owner. It was hard for my father to close his business, but taking a vacation together as a family was important for him. You could always tell when it was getting close to vacation time—Dad was stressed out! So how can you take a worry free vacation? Here's what I've learned from my Dad: 1. Plan your vacation and keep to your plan!
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[Infographic] 10 Hidden Expenses When Purchasing a Home
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Can You Sell More with Fewer Adjectives?
Among the 25 most commonly used words in real estate listings are descriptive words such as beautiful, spacious, luxury, huge, and must-see. Now, there's nothing wrong with these words. Consumers are familiar with them. But when it comes to listings, is familiarity a good thing? Home shopping is a frustrating experience. Listing after listing, picture after picture, consumers develop shopping fatigue. My theory is that listing descriptions can be a factor in this fatigue. Adjectives make listings vague and unclear. As a result, listings look the same during the home shopping experience—regardless of what they contain. Wordy listings full of adjectives and irrelevant information can take 30 percent longer to sell.
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5 Brokerage Management Tips to Drive Efficiency and Engagement
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5 Technical Benefits to Upstream
I think that a lot of people are confused about Upstream. Some people think that it is a consumer facing site like the Broker Public Portal/Homesnap. Others think that it is some kind of broker owned MLS. It is none of those things. It is a database for brokers to create, store, and distribute data. For the most part, every large firm and franchise organization is doing this today, but as an industry the process is broken. Every broker who is managing their data is doing it in different ways, and their data is not interoperable with applications without custom integration, data conversion, and data migration. Smaller firms have nothing, or they outsource it to a part time vendor. Upstream fixes all of this by delivering a solution for all brokers that's better built, comes with support, provides security, gives brokers complete control over data access, and is less costly. Moreover, it makes their data a lot more valuable because it can be instantly put to work as easily as turning on a light switch. Upstream is the result of compiling the needs of brokers. The broker industry leaders and technologists developed Upstream to streamline and address inefficiencies that plague each and every one of them. Here are five technology benefits that Upstream provides that have nothing to do with listings:
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It's time to start paying attention to Millennials.
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5 Tips on How to Get Organized and Streamline Your Brokerage
No matter what you do for a living, you spend most of your day at a workspace. Keeping organized can be challenging, but, if mastered, will greatly improve your productivity and reduce stress. Here are our five recommendations to help you stay organized:
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Top 5 Ways to Transform Your Office Managers into Sales Success Coaches
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3 Ways Real Estate Brokers Can Find Work and Life Balance
Many people think that real estate is a flexible career that enables agents and brokers to make their own schedules and work at times that best suit them. As lovely as that sounds, people often forget that real estate professionals are essentially on call throughout the day, and how successful brokers often have to sacrifice valuable personal time in order to close those high dollar deals. For most people, time management is a valuable skill to have. For the real estate broker, however, it’s an essential quality that separates good brokers from average ones. Generally speaking, there’ll always be a juggling component to the real estate industry, but there are steps that brokers can take to improve their work-life balance. Here’s how you can have free time in your life:
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Top Business Advice from a Social Media Giant
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10 Time Management Tips From The Experts
The difference between those who accomplish a great amount and those who don’t is simply that more productive individuals have learned how important time management really is. That’s according to productivity expert Clay Clark. Here are 10 time management tips from the expert which can help grow your business. Is Time Management Really That Important? Time management involves the task of planning and organizing the way that you will organize specific amounts of time during each day. Some of the benefits that come from using this type of technique include: Lower stress levels. An increase in your professional reputation. Additional advancement opportunities. More efficiency and productivity. Better chance of actually reaching your career goals. The time spent practicing better time management techniques can positively impact your entire life, not just your job.
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Don't Make These Mistakes in Your Real Estate Videos
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Growth Hack Your Real Estate Teams
By now, you have probably heard the term "growth hacking" and while you may have thought it was a trendy buzz term used by techy startups, it is in fact a strategy that can be just as readily applied to real estate teams as it is to the tech industry. Growth hacking is the idea of experimenting across various marketing channels in order to find the best way to speed up lead generation and conversion. The Goal: fast, cheap, growth. The Tactics: laser-targeted campaigns via less traditional channels like mobile apps, email or social media. By leveraging the right tools, brokerages can find many more ways to engage with their audiences than ever before. Here are three tips to expand your digital marketing, growth hack your real estate teams and generate more business: 1. Renovate your real estate website With 98 percent of people start their home search online, having an effective website is no longer a matter of choice. Your first step in scaling your business bigger is making sure that when people visit your website and other landing pages, there's a good chance they'll convert into leads. Having a website designed specifically for real estate is essential; you need IDX optimization and search portal capability. Ensure your site is optimized for both desktop and mobile and give your team a platform that gets a high percentage of visitors to register and engage.
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7 Habits of Highly Effective Brokerages
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Things Every Broker Can Learn from Elon Musk
Elon Musk is an American entrepreneur, inventor and investor who is now considered one of the world's foremost future-thinking entrepreneurs. Best known for his role as CEO at Tesla Motors, Elon is regarded as one of the most inspirational thought leaders of our time and a success driver in the world of tech innovation. Unlike technology, the real estate industry can be fairly slow to evolve. Brokers have employed tried and true methods for the past 50 years. Although there have been small improvements with the use of technology, like smartphones and the Internet, the processes have largely remained unchanged. As leaders in real estate, imagine what could be accomplished if we were to employ the same approach and tactics to our brokerages as Elon Musk has applied to technology? Here are the top things every broker can learn from Elon Musk: Shoot for the moon with a powerful vision The most effective leaders are able to share a powerful vision for the future and influence others to get on board. Articulating your vision with your team sets the stage to move your brokerage in the right direction. Maybe you have some big ideas about revolutionizing the way agents buy and sell real estate in the same way Musk envisioned changing the way people commute with the Hyperloop. When you believe in your vision and put everything into the practice of attaining it, you have a recipe for achieving the impossible.
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Engaging Millennial Homebuyers
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Larry King's Advice on How to Become an Industry Leader
When it comes to dominating your market, you want to learn from the best. Watch as renowned broadcaster Larry King reveals his secrets on becoming the king of your industry. 3:15 is enlightening!
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5 Tips to Make Networking Easier
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How to Manage the Slow Season
It's winter and the traditional slow season for real estate sales is upon us. I have heard many people say how real estate is seasonal and that brokerages find it challenging to sustain business during these months. We all know we can't control the market, but that doesn't mean that we can't be productive! Here are four things to do during the slow season: 1. Upgrade your brokerage It's time to upgrade all your marketing material. Don't use the same materials year after year. Upgrade your brokerage and your agents with fresh marketing materials every few months. Take this downtime as the perfect opportunity to review and make updates when needed!
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How to Find a Business Mentor
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5 Behaviors that Develop Culture in Your Brokerage
Real estate brokers often talk about their culture. The odd part about the conversation is that the culture a brokerage has is often developed by happenstance, without intention or effort. Often, when WAV Group measures the attributes of a brokerage culture, we learn that it is people based. Simply stated, they like their manager or the broker without much understanding as to why. Ergo, culture is typically a popularity score. However, there are certain behaviors that will directly develop culture in your business if you make them an intentional behavior of your leadership. How ya doin'? The most common greeting among people is to ask, "How are you?" And the most common response is, "Fine, how are you?" However, if you are trying to develop culture in your business, you take an added step of developing a personal and sincere answer that goes deeper. To develop culture, share something specific about how you feel in that moment. When having meetings, go around the room and ask each person to share what they are excited about or anxious about before jumping right into business.
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Time for Brokers to Clean Up Online Profiles
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5 Amazing Proverbs on Business Insight
Running a business is like flying a plane. You're the pilot. You're trained, experienced. And you've got dozens or hundreds of people on board putting their future in your supposedly capable hands. You're responsible for these people (not to mention yourself!), so you need to know what's going on with your plane at all times. Any failure on your part might have serious consequences for yourself and many others. That's a lot of pressure! Let's check out some relevant proverbs on business insight and see how they might help relieve some of this pressure! 1. Do not look where you fell, but where you slipped – Africa Meaning: Do not look at the effect of your action, but the cause. What this means to you: It's easy to look at the results of your business mistakes and be critical. But it's also pointless. Everybody fails. It's more important to look at why you failed than what happened afterwards. Chances are, you'll learn something valuable that will prevent you from making the same mistake in the future.
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4 Characteristics of a Good Leader
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5 Small Business Organizations You Should Know
Small business organizations and associations can be beneficial for many reasons. They can offer a wealth of knowledge and practical tips for growing your business. The networking opportunities can also help you and your company. Let's look at at a few small business organizations you should know about. Don't forget, some business association membership dues are deductible. But this is only if the membership is ordinary and necessary, as well as if it actually helps you carry out the duties of your trade. Chambers of Commerce You should get to know your local Chamber of Commerce, particularly since real estate professionals have a business with a local audience. Here, you can get access to education, network with fellow business owners, and more. It may also help that these can connect you with your local politicians. You can find accredited local chapters here and the national site is here.
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Steve Jobs’ Advice on Building Your Brand
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What's in a Number? Get More Sales with Number Psychology
Selling or buying a piece of land property, such as a house, is usually the biggest financial decision that a consumer will make in their lifetime. With the high stakes of the transaction, a host of psychological factors come into play that decide the price at which the property is to be sold. You can also use a basic knowledge of psychology to set the price for the property that guarantees the maximum chance of a successful sale: 1. Say no to the 99.99 dollar habit There's a myth as old as business itself that removing one unit of currency from the price will convince buyers they're getting a bargain. This old wives tale is about as helpful for procuring a sale as getting a ritualistic cleansing performed on the house by a gypsy witch to attract more buyers to it. In the new online world of price searches, listing your house in such a manner will exclude it from the searches for houses that actually fall within your price range.
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To Disclose or Not to Disclose – Weird Situations that May Need Your Intervention
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The Best Real Estate Tech Tips at Record Speed! PART 2 (8/25)
Thursday, August 25, 2016 at 10:00 AM PDT Your time is valuable! Take your skills to the next level in this quick, 30 minute webinar. Join our Tech Savvy Agent National Speaker Kristi Kennelly as she uncovers another round of the best apps, websites, systems and marketing strategies from top agents around the country - in record time! You won't want to miss it! Register now!
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Tips for Selling that Hot Property with the Sellers' Kids Out of School
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4 Elements of More Productive Office Meetings [INFOGRAPHIC]
Raise your hand if you're guilty of calling a meeting to discuss the exact line items of the previous meeting. How about asking questions that could have been addressed via text, phone or email, or to simply talk about a bigger meeting that will happen soon? If you were able to slowly nod yes to any of those questions, you could be pushing your top agents into the arms of another brokerage. According to information shared in TED talks by David Grady and Jason Fried, meetings can be a waste of time and money when they lack effectiveness and efficiency. Here are the facts: There are more than 3 billion meetings per year 40-50% of working hours are spent in meetings On average 7.8 out of the 23 hours spent in meetings are wasted (practically 2 months gone to waste!) Meetings costs the United States $37 billion a year 90% of meeting attendees admit to daydreaming in meetings 73% admit to doing other work in meetings Most shocking of all, research from New York consulting firm Communispond, Inc. shows that 75% of people have received no formal training on how to conduct a meeting. If your brokerage falls into that 75%, then you're all but dropping your agent off at another firm's doorsteps. So what can you do? Adopt these four elements to ensure your next meeting rocks!
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4 Steps to Gaining Referrals, Even When You're Sleeping
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Customers Don't Give a [email protected]&# About Data
Next week at Inman, I get to give a talk about the power of data in consumer engagement. Paradoxically, it's called: "Customers Don't Give a [email protected]*# About Data." And it's true. They don't. There are several things happening simultaneously in the lives of consumers today compared to ten years ago. The first is that they are bombarded with messaging, content, chatter, clutter, and noise. No kidding. The second is that their ability to discover content is like no other time in history. Consumers dictate, to a certain extent, the volume, pace, and selection of content they choose to engage in. Gone are the days of three TV channels where we had to wait through commercials to get to the 18 minutes of Seinfeld or Friends. Now we start and stop content when it's convenient for us. We fast forward through time outs in sports, we stream movies at 2AM, and we prefer to watch the best five minutes of the Tonight Show on YouTube over breakfast rather than sit through the entire show at night.
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How to Network Without Going to Networking Events
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Tips for Responding to Counteroffers Over the Asking Price
Sellers coming back with over-asking price counteroffers typically create a lot of drama. Though it may come to a surprise to many buyers, there are many reasons a seller may decline a full price offer. Do you have the right real estate buying tips to help your buyers navigate these shark infested waters? Take a bite out of emotion Buyers, who become emotionally attached by picturing themselves in a home, need to be brought back to some rationality, specifically: The MLS doesn't guarantee prices like an area superstore; it's a listing service for the industry, holding participants to certain standards, and protecting commissions. The owner, not the agency, makes the decision on final sales price. You do not know, nor do they have to disclose, the financial situation of the seller. The owner may not have 'changed their mind' or thought they could get more following full price offers. Homes are often listed, underpriced, at 5-10% to generate over-asking price offers. The seller may have another offer, or be unhappy with the terms. The property may be recently listed, generating high-interest.
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5 Things You Should Do Before Leaving the House Every Morning
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4 Business Tips to Learn from Game of Thrones Season 6
I love HBO's Game of Thrones. I also love the novel series, A Song of Ice and Fire, that the show is (loosely) based on. Here's a quick list of relevant business tips we can learn from the recently completed season. Note: this blog contains spoilers. Read on only if you're completely up to date with the series. 1. Your title does not make you a leader, your actions do Jon Snow leads the Wildlings and scattered Northern forces in an epic battle against Ramsay Bolton. The latter has been legitimized by King Tommen and is now Warden of the North, while the former is a Night's Watch deserter and is still considered a, uh...an illegitimate child. Their official titles, however, do not reflect their qualities as leaders. Jon Snow runs headlong into a cavalry charge and volleys of arrows and leads his meager army of misfits to victory. Ramsay Bolton, on the other hand, watches the battle from afar, shoots arrows into his own men and meets his end, imprisoned and alone, at the hands (and paws) of those he mistreated. Moral of the story? If you want your team to follow you, lead the charge.
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Tips for Dealing with AWOL Buyers' Agents
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How to Thrive in a Boom and Survive in a Bust (6/23)
Thursday, June 23, 2016 at 10:00 AM PDT A boom and bust cycle is a process of economic expansion and contraction that occurs repeatedly; in an observable pattern. Real estate is not exempt from the boom and bust cycle; our industry serves as a prime example of how real estate professionals can be affected by these types of changes in the market. This webinar will cover: Implications for real estate agents when inventory is low Implications for seller side transactions Strategic ways to win listings during a hot market Implications for buyer side transactions How to help your buyers get offers accepted in competitive situations Guidelines on how to structure your business now so that you can survive the real estate market no matter what the economy throws your way Bob will be joined by Nick Cameron, CEO of 3 real estate offices with over 200 agents, owner of his own expansion team that quadrupled business during the last economy bust, and coach to top agents across the country. Register now!
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6 Tips to Increase Agent Adoption of Your Brokerage Technology
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Sales Awards: Are They Building or Hindering Your Brokerage?
Contests and awards are often offered as motivational broker tips, and have long been used in the real estate industry. They can help boost energy and sales, as well as build camaraderie and loyalty to your brokerage. But like many things in life, they aren't all fun and games. They can come with a price tag that's detrimental to your brokerage – and we're talking more than money. Have you considered these contest conundrums? Beyond the cost of prizes and parties, contests can create: Unnecessary distractions. Unhealthy competition and jealousy. Feelings of inadequacy among rookies and mid-level agents. Significant time loss to less fruitful endeavors. How can your prevent these tournament troubles? Introverts and extroverts, Boomers, Gen-Xers, and Millennials are all motivated differently. To create the best rewards without excluding your mid-level bread-and-butter, consider the following broker tips.
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Don't Make The Biggest PR Mistake
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Protect Your Listings and Sellers: How to Deal with Squatters
Sellers and buyers beware. In the latest real estate news, squatters are on the rise in vacant homes nationwide. Though laws vary on said persona non grata from state to state, you can help prevent the escalation of squatting-related issues in your properties. Why is squatting on the rise? Squatters have always existed, but the trend is typically subsequent of larger issues. Common after the 2006 housing bubble popped, and despite the upturn in the market, economic pressures are again resulting in squatting issues. Among them: stagnant wages, high rental rates, and a lack of alternatives for affordable housing in many area markets. Internet home listings and the availability of squatting tips and tricks, both free and for purchase on the Internet, further add fuel to squatting campfires. How are five tips to prevent squatting in your listings: 1. Keep things clean. Overgrown, unkempt homes are a flashing advertisement for those looking for a hideout. Keep grass cut, bushes trimmed, trash cleared, and the home's exterior as clean as possible. 2. Don't advertise empty homes. Keep blinds closed so whatever – or whomever – is inside remains in question.
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A Proven Guide to Help Introverts Get Remarkable Results
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Five Tips from Top Real Estate Producers that You Can Use this Week
What real estate tips do the top producers have to impart to the nation's aspiring real estate stars? Industry A-listers reveal their secrets: Santiago Arana One of the most distinguished agents in L.A. and named one of the Top 250 Realtors in the U.S. by Wall Street Journal four years running, Arana began with $100 in his pocket. He quickly discovered open houses as a means to success, putting him face to face with those he wanted to meet. Arana points to planning, setting goals, and being at the top of your game to keep things going in the right direction. Madison Hildebrand President and Founder of The Malibu Life, Inc. and one of the world's most recognizable real estate icons, this top-producing agent stresses the importance of personal presentation and branding to set yourself apart in a sea of similars, as well as learning to delegate tasks to ensure health/balance. His real estate tips to keep marketing costs controlled include specifically marketing to existing clientele, doing all you can to ensure their awareness of the process, keeping everyone on the same page and meeting their expectations. Delve deep for the right questions and answers to set yourself up for success.
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Blow Away Your Broker Profit Goals
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How to Make Your Real Estate Thank You Gift Memorable
What are some of the best gifts for retaining real estate clients? Top tips point to items that show thought, and a true understanding of your client will ensure exceptional service is never forgotten. Make your thank you gift unforgettable with these real estate tips: Be personal. Personalized knives, wine glasses, towels, blankets and pillows are always a hit. Opt for a monogram or design that's related to the town or state, rather than your logo, to avoid an insincere feel to the gesture. Be warm. Housewarming gifts such as doormats and customized gifts are a wonderful option, especially for first-time buyers who may not have such items. Want to go the extra mile? Throw a housewarming party to boot. Be artsy. Help buyers retain a piece of their prior living space in the form of art. Commission a painting or sketch by a local artist of their former home, or make a photo album via Shutterfly with a special message from you.
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Numbers Aren’t the Only Factor Affecting Your Bottom Line
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The Little-Known Secret to Time Management
Everyone knows that time is money – especially in real estate. So how can you best utilize the limited time in the day to get the best results? Coach Tom Ferry is back and he's got the secret on how you can manage your time in the most effective way possible. Check out the 0:52 mark for his first great tip!
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Help Divorcing Sellers Understand Their Options
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Top Tips from the Movers and Shakers in Real Estate
Want to spin your business forward? Movers and shakers in the real estate market are here to share a host of real estate selling tips with you, designed to keep you and the industry on a path to success. What insight are real estate sales superstars passing on? Don't worry about a bad review. According to sales associate Jill Biggs from Hoboken, New Jersey's Coldwell Banker, a bad review won't necessarily impact your business negatively. 4.5 stars out of 5 can make you look more believable and real. Don't just put a number out there. Your ranking doesn't tell customers who you are: "Number 32 of the top 250 agents." According to Sherry Chris, president and CEO of BHG Real Estate, share your success stories to clue customers in on what you have to offer. Don't limit yourself. Kara Swisher, executive editor of the technology news site Re/code, points to learning from leaders in other industries, such as Amazon Prime, and how they cater to today's on-demand customer base.
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Be Uncomfortable
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3 Easy Steps to a Great Attitude
Half the trick to attracting new clients as a Realtor is your demeanor and your attitude. It can make all the difference. Coach Tom Ferry is back with two great tips to bring a positive attitude to work and keep it that way. Check out the 5:21 mark for his secret.
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5 Tips to Increase Your Brand Exposure Through Corporate Social Responsibility
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Simple Solutions for Growing Your Real Estate Team
A successful real estate team with a solid foundation can prove to be an efficient and profitable structure for your organization. Agent teams are the fastest growing model in real estate – for good reason. With more labor available, teams are able to grow the business, be more productive, and put more money into your bank account. As your team becomes more productive, growth will naturally lead to more listings, while more listings leads to more money. If you are looking to build or grow you real estate team to become more productive and profitable in your real estate business, read on for our top tips. Define the Team Structure During the initial stages of building your team, there will be a lot of upfront work including figuring out how to structure your team. There are a number of different ways to structure your real estate team, so depending on how you look at it, that flexibility can be a blessing or a curse. Take some time to think about how you want your team to shape up and how roles and responsibilities can be divided amongst team members. Here are some questions to ask yourself when structuring your team: Will each team have a designated administrative assistant, or will the support be shared among other teams? Do you need a lead coordinator or a listing coordinator? Will you have dedicated buyer and seller agents? Will agents be responsible for marketing and promotions, or will there be a designated marketing rep who produces marketing materials? If you are really looking to take your marketing team to the next level, we suggest hiring a designated marketing rep who can handle the team’s promotion and social media. Social media and content marketing are hot new marketing vehicles in the real estate industry, so having someone to dedicate their time to both traditional and social media marketing will be beneficial to the growth of your team.
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Surviving the Winter Market Slump
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Sell a Home in Less than a Week
Worried that your new listing won’t sell as quickly as you’d like? Watch as John Cochran closes the deal on a home and gets it sold again within a week! Want to learn how to do it? Here are the 15 steps to selling a home more quickly. The seventh step is crucial!
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Graceful Vendor Termination
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Top 8 Secrets to a Great Business Presentation
Have a big presentation coming up but not quite sure how to get everyone as excited about it as you are? Watch author Jason Teteak give you 8 go-to presentation strategies you can use to make any topic captivating. Number 5 is a no-brainer!
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