Success as a real estate agent for dummies
Book - 2024
Presents a hands-on guide to becoming a successful real estate agent, with tips on finding prospects and closing sales.
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- Subjects
- Genres
- Handbooks and manuals
- Published
-
Hoboken, NJ :
John Wiley & Sons, Inc
[2024]
- Language
- English
- Main Author
- Edition
- Fourth edition
- Item Description
- Title from title page verso.
- Physical Description
- xv, 430 pages : illustrations ; 24 cm
- Bibliography
- Includes index.
- ISBN
- 9781394258246
- Introduction
- About This Book
- Foolish Assumptions
- Icons Used in This Book
- Beyond the Book
- Where to Go from Here
- Part 1. Showing Up for Your Own Success Story
- Chapter 1. Cultivating Skills and Strategies for Success
- Having Goal Objectives and Sales and Income Targets
- Acting Like a Top Producer from Day One
- Serving your professional representation
- Making the right financial decisions
- Securing Customers and Clients
- Generating leads: The most important factor
- Developing sales ability to win customers
- A real estate market won't dictate your success
- Understanding the Reasoning for Being a Strong Listing Agent
- Choosing Your Avenue to Success
- Chapter 2. Selecting the Right Company
- Real Estate Office of the Future
- Weighing All Your Options
- What makes a great office?
- Bending or breaking the rules
- The rules of the house
- A penny for you, a penny for me: Commission split arrangements
- Brokerage fees: Don't bite the hand that feeds you
- What really matters? Looking at size, online presence, training, and market share
- Prioritizing your needs and expectations in a company
- Creating Your Agency Short List
- Completing your homework
- Asking key questions
- Evaluating your research
- And the winner is?
- Getting Off to a Fast Start
- Building a relationship with your manager
- Understanding your manager's role in your success
- Earning respect from your manager
- Forming partnerships inside your company
- Considering Pros and Cons of Joining a Team
- What are the advantages for a new agent?
- What are the disadvantages?
- Chapter 3. Mastering Any Marketplace
- A Seller's Marketplace Seems Easy
- The coming soon listing strategy
- The attraction of new competition
- Sellers don't think they need you
- Demonstrating your value to sellers
- Reducing the effect of flat-fee or low-fee brokers
- Buyer's Market? No Problem
- Do you even want sellers?
- Where to find leads when they're scarce
- Convincing sellers - why sell now?
- Building urgency in buyers to act
- Shift Happens
- Recognizing early stages of a market shift
- Shift recognized - now what?
- Focus on motivation
- Chapter 4. Positioning Yourself as a Marketplace Expert
- Overcoming the Bias against Rookies
- Taking advantage of other people's experience
- Using previous experiences to enhance your credibility
- Leveling the playing field with market knowledge
- Crafting a Market Trends Report
- Using what your MLS or Board of Realtors already produces
- Repackaging so it's unique to you
- Understanding Clients' Emotion-Based Decision Making
- Fear of missing out: FOMO
- Fear of making a mistake: FOMM
- Expanding Your Market Knowledge with Key Sources
- Your local multiple listing service
- The National Association of Realtors
- The best of the rest resources
- The Wall Street Journal
- Part 2. Creating Leads in Our Online World
- Chapter 5. Using Facebook and Instagram: Online Lead Juggernauts
- Balancing Traditional and Social Media Strategies
- Personal or Business? Using Social Media Accounts Effectively
- Using your personal page to create business
- Getting people to share your posts
- Creating your business page
- Using Facebook and Instagram Marketing Strategies
- Using reels effectively: What content works on reels?
- Targeting buyers
- Targeting sellers
- Using the secret weapon of Facebook Lists
- Chapter 6. Uncovering Leads with Online Search
- The ABCs of Online Leads
- Distinguishing two types of leads
- Dealing with the prospect brush-off
- Converting the forced-registration lead
- Converting the direct-inquiry lead
- DIY Mentality and Misconceptions
- Selling your value to the online shopper
- No Substitute for Speed to Lead
- Designing your lead follow-up strategy
- Using text to connect with a prospect
- Video email: The secret sauce
- Persistence pays off
- The Psychology of an IDX Lead
- Be first in line
- Don't set it and forget it
- Show and tell
- Ask them to engage
- Making the Most of Your IDX System
- Using a squeeze page
- Combining your property search system with other strategies
- Chapter 7. Building a Larger Online Presence
- Building a Quality Website for Long-Term Success
- Knowing your website's purpose
- Creating leads through your site
- Delivering value online
- Understanding Real Estate Blogging
- Creating the look and feel of a professional blog
- Setting up your writing and posting schedule
- Positioning yourself as the marketplace expert
- Integrating a Customer Relationship Management (CRM) Solution
- Using a CRM as your electronic brain
- Property search system + CRM - money
- Chapter 8. Creating Leads with Third-Party Websites
- The Elephant in the Room: Third-Party Real Estate Sites
- The love-hate relationship with Zillow and Realtor.com
- Results can vary by marketplace
- Zillow, the White Whale of Real Estate
- Paying to play on listings
- Using premier agent status even when a new agent
- Fitting the review piece into the puzzle
- Checking your production
- Realtor.com: Its Not Ours Anymore
- Lead-generation options with Realtor.com
- Avoiding some pitfalls
- The Best of the Rest: Homelight, OJO, Redfin, Veterans United
- Part 3. Creating Leads Through Timeless Channels
- Chapter 9. Prospecting for Gold: Generating Listings and Sales
- Knowing Why Prospecting Still Works
- Video email
- Handwritten notes
- Phone and face-to-face communication
- Tailoring Prospecting for the Type of Client
- Prospecting for seller leads
- Prospecting for buyer leads
- Understanding the Four Pillars of Prospecting
- Building Momentum in Your Prospecting
- Targeting the right prospects
- Setting and achieving prospecting goals
- Using technology to your advantage
- Shattering the myths
- Knowing the Numbers and Ratios
- The law of accumulation
- The power of consistency
- The never-ending prospecting cycle
- The importance of tracking results
- The challenge of managing contacts
- Staying in Touch
- Chapter 10. Generating Referrals, Recommendations, and Introductions
- Knowing the Referral Truths and Consequences
- Building Your Referral Base
- Finding sources of referrals
- Constructing a referral database
- Following the three golden rules
- Creating a Referral Strategy
- Defining the type of referrals you seek
- Approaching your referral sources without begging
- Asking the right questions at the right time
- Honoring the referrals you receive
- Developing and Expanding Referral Relationships
- Making first-time contact
- Converting referrals into clients and referral sources
- Chapter 11. Working Expired and FSBO Success in Any Marketplace
- Three Reasons to Work Expired and FSBO Listings
- The ABCs of Expired Listings
- Expireds are high-probability prospects
- Engaging conversations
- Qualifying expired listings
- Calling the seller: What to say
- Sales skills
- Sample scripts
- Using technology to leverage your expired efforts
- Opportunities in the For-Sale-by-Owner's World
- Understanding why to pursue FSBO listings
- Using technology to find FSBO listings and opportunities
- Converting FSBO opportunities to listings
- Organizing your plan of attack
- Targeting your prospects
- Making the initial contact
- Putting the mail carrier to work
- Dialing for dollars
- Overcoming rejection and staying resilient
- Coming face to face
- Building relationships
- Using stats to make the case
- Chapter 12. Hosting Open Houses: New Agents' Bread and Butter
- Leveraging Open Houses for Leads
- A chance to meet potential clients face to face
- A means of catering to the do-it-yourselfer's home-buying needs
- A high-touch opportunity in a high-tech world
- Setting Your Prospecting Objectives
- Planning for Maximum Exposure
- Featuring a high-demand home
- Looking good: Leveraging the power of curb appeal
- Marketing to the neighbors
- Guiding prospects to the open house
- Going Big with a Mega Open House
- Creating a neighborhood event
- Facebook-targeted marketing
- Wayfinding: Driving people to the open house
- Banners, flags, and blowups, oh my!
- Being the Host with the Most: Effectively Managing the Open House
- Setting up for success before prospects arrive
- Discussing other available properties
- Setting the mood with last-minute touches
- Meeting and greeting during the open house
- Winning follow-up systems and strategies
- Part 4. Winning the Business and Getting Paid
- Chapter 13. Making Your Listing Presentation a Masterpiece
- Qualifying Your Listing Prospects
- Using questions effectively before your listing presentation
- Knowing why and how to question listing prospects
- Deciding on a one-step or two-step listing presentation
- Checking your prospect's "DNA"
- Presenting to Qualified Prospects
- Knowing the purpose of your presentation
- Delivering a compelling presentation
- Making your presentation useful, interesting, and engaging
- Keeping your presentation focused and targeted
- The four components of a great presentation
- Staying in control
- Dealing with Sales Objections
- Delaying or deferring objections
- Handling objections in four easy steps
- Asking for the Business
- Bringing the Presentation to a Natural Conclusion
- Chapter 14. Converting Buyers and Selling Your Value
- Making a Case against DIY
- Selling Your Value as a Buyer's Agent
- Communicating factors a buyer's agent can influence
- Offering process knowledge and counsel
- Market knowledge
- Guiding them through selecting homes
- Selling Your Services as Exclusive
- You don't work with everyone
- You don't work on commission
- Getting a Buyer to Make a Reasonable Offer
- Educating your buyer on what is fair market value
- Gaining acceptance of rule #1: Don't offend the seller
- Packaging the Buyer as the Best Buyer
- Stressing the importance of the lending process
- Writing your "golden buyer" story
- Chapter 15. Getting the House Ready for Showing
- Getting the Home Ready for Pictures and Virtual Tours First
- The essential image online
- Unlocking secrets to perfect property pics
- Counseling Clients on Home Improvements
- Improvements that contribute to the sale price
- Improvements to skip
- Passing the Curb Appeal Test
- Curb appeal is more important than ever
- Landscaping your way to success
- Exterior paint condition and color
- Prepping the Interior of the Home
- Staging a home
- Making a clean-up checklist
- Making a Great First Impression: Final Ways
- Enhancing the first glance
- Helping the buyer "move in"
- Chapter 16. Marketing Yourself and Your Properties
- Shifting from Print to Online
- Setting up a monitoring system
- Focusing your marketing dollars online
- Choosing Internet Strategies That Work
- Company websites
- Lead-generation websites
- The Art of Persuasion: Getting Prospects to Buy into You
- Selling properties with photos and videos
- Get the customer to interact
- Using Text-Back Technology for Marketing
- Targeting Your Marketing Message
- Defining your target audience
- Positioning your offering
- Positioning the property you're selling
- Positioning yourself
- Creating and Placing High-impact Ads
- Emphasizing benefits versus features
- Staying legal
- Choosing the right media outlets
- Converting ad interest to action
- Enhancing Exposure via Virtual Tours
- Producing a virtual tour
- Asking the important questions
- Leading prospects to your virtual tour
- Chapter 17. Negotiating the Contract and Closing the Deal
- Preparing for the Task Ahead
- The right tone
- Keys to representing a seller
- Keys to representing a buyer
- Advice for partnering with the other agent
- Advancing or Accepting an Offer
- Presenting a buyer's low offer
- Receiving a buyer's low offer
- Taking the insult out of an insulting offer
- Getting beyond emotion
- Turning concessions into victories
- Dealing with I-win-you-lose clients
- Closing the Deal
- Forming a closing team and working with the players
- Avoiding derailment
- Part 5. Creating Ongoing Success in Real Estate Sales
- Chapter 18. Keeping Clients for Life
- Achieving Relationship Excellence
- Building client confidence
- Defining your service standards
- Promising, then flawlessly delivering
- Viewing the closing as a starting point
- Creating After-the-Sale Service
- Laying the groundwork during the transaction period
- Setting a service agenda for the first 30 to 45 days after the sale
- Establishing an ongoing communication strategy
- Customizing your messages
- Establishing Awesome Service
- Developing a service plan
- Extending extra touches that create gold
- Chapter 19. Maximizing Your Time
- Spending Less Time to Accomplish More
- Applying Pareto's Principle: The 80:20 Rule
- Making time for the things that impact your success
- Weighting your time to what matters
- Keeping PSA time in check
- Asking for referrals to turn PSA into DIPA
- Managing Your Day
- Knowing the power of the 11 a.m. rule
- Tracking your time
- Dealing with time-consuming fires
- Time Blocking Your Way to Success
- Winning the premium time game
- Setting your schedule in time blocks
- Avoiding time-blocking mistakes
- Carpe Diem: Seizing Your Day
- Stop wasting time
- Stop letting others waste your time
- Manage interruptions
- Handle intrusive clients
- Keep phone calls short
- Use your car to gain efficiency and career advancement
- Chapter 20. Owning It Is Better Than Selling It
- Defining Financial Independence
- Appreciating the Value of Real Estate Investment
- Income is cash flow
- Taxable depreciation
- Equity through mortgage paydown
- Appreciation of the asset
- Leverage of the asset
- Developing Your Investment Strategy
- Understanding the value of your time
- Determining your savings goal
- Evaluating your risk tolerance
- Blending your strategy
- Comparing Different Types of Investment Properties
- Single-family rentals
- Duplex to four-plex
- Apartments
- Commercial real estate, office, retail, and industrial
- Doing the Math
- Going for the singles and doubles
- Reviewing properties the simple and quick way
- Digging deeper
- Chapter 21. Selling New Construction
- Understanding the Opportunities in New Construction
- Explaining New Construction Advantages to Buyers
- Building equity and savings
- Creating a priceless experience
- Presenting New Construction to Buyers
- How to compare the math between resale and new construction
- How to align their needs with the benefits of new construction
- How valuable are neighborhood amenities?
- Helping Buyers Understand the Importance of Representation
- The one-sided nature of builder contracts
- The value of client representation
- Loyalty between the onsite agent and the builder
- Protecting Your Commission in Selling a New Home
- Discussing new construction options early in the buyer's process
- Securing a buyer's agency contract
- Registering the client with the builder
- Picking Up Resales in New Neighborhoods
- Part 6. The Part of Tens
- Chapter 22. Ten Must-Haves for a Successful Agent
- Good Contact Management System
- Online Lead-Generation Software
- Enhanced CMA Software
- Video Production and Video Email Software
- Tablet Computer
- DocuSign or Dotloop Software
- Facebook Business Page
- Personal Website
- A Good Set of Phone Ear Buds
- Sales Scripts
- Chapter 23. Ten Tips for Listing Presentations
- Winning the Seller with Preparation
- Knowing Your Competition
- Sticking with Your Strategy
- Forgetting about a "Be Back" Listing
- Using Technology to Impress a Prospect
- Conveying Your Benefits Clearly
- Inserting Trial Closes Strategically
- Talking about Value Rather than Price
- Being Willing to Walk Away
- Clarifying Service and Next Steps
- Index