U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 07-22-2008, 10:14 AM
 
Location: Houston-ish, TX
1,099 posts, read 2,324,011 times
Reputation: 384
If you are not willing to do those things, you won't be getting much business at all.

Figure out how much you want to make in a year. Based on your agverage sales price, how many closings is that? What % of your closings are buyers vs. sellers? How many calls does it take to get an appointment? How many appointments to get a listing? What % of your listings close?

The thing is, if you want to do it, then you have to do those things, otherwise you will have very little business. The biggest part of getting clients is prospecting. Keep your funnel full!
Reply With Quote Quick reply to this message

 
Old 07-22-2008, 10:21 AM
 
Location: Illinois
718 posts, read 1,100,793 times
Reputation: 948
And you have to invest in yourself. They call it "personal marketing". Real Estate is a business and you are the product. I am always amazed at those that will not spend money to make money and invest dollars in themselves and their reputable name. What other business could you enter and not spend a dime on marketing? You get 30 seconds to make a first impression on either buyers or sellers. If you have properly marketed yourself in your local area, they will already know you and want to do business with you.
Reply With Quote Quick reply to this message
 
Old 07-22-2008, 11:38 AM
 
Location: Columbia, SC
6,977 posts, read 10,795,642 times
Reputation: 3524
Quote:
Originally Posted by SawMill View Post
I tried it a few times, but everyone was so rude or defensive. And the "script" my company provided was pretty generic.

This might be an odd question, but how do you get over the "fear" of making these calls and handling this rejection? And what do you say to people?
I use scripts. It's a script because I say the same thing every time and offer a service. If the person is not interested, I thank them and let them go. People used to be rude to me a lot but as you practice you get better. You need thick skin or the stress of this career and dealing with the ones that are rude to you will eat you up. As I've gotten better at talking, the people are less rude. It's about the way you handle yourself.

Most people are very nice, but they've probably had a bad experience at some point with an agent. Just keep that in mind, and use the scripts. I'll bet your "generic" scripts were written by someone pretty good at getting business, and if you give them a chance you'll probably find they'll work.
Reply With Quote Quick reply to this message
 
Old 07-22-2008, 06:23 PM
 
Location: Martinsville, NJ
5,887 posts, read 6,705,083 times
Reputation: 3480
Quote:
Originally Posted by SawMill View Post
Thanks everyone for all the advice. I hand out plenty of my cards, but I'm not comfortable walking around neighborhoods knocking on doors. Nor do I cold call, or call FSBO's or Expireds.

My thinking is, I hate it when businesses or individuals call me soliciting, so how can I do it to others. Plus, like others said, with the DNC lists its a lot harder.

I know the more people I work with, the more refferals I'll get (assuming they like my service) and in turn the more listings I'll get. Still, I check the MLS every day and there are always dozens of new listings coming up each morning, yet I can't seem to get any of the action.

Frustrating.
I ask this to be helpful, not to be condescending;
If you don't call neighborhoods, and you don't solicit FSBOs or Expireds, where do you get any potential business?

That's a critical question. You have to have a source of business, or at least POTENTIAL business.

Here's the thing. If you want buisiness, you have to go find it. No matter what your broker or the trainer may have told you when you started, BUSINESS WILL NOT JUST WALK IN THE DOOR TO YOU. You have to go find it. Now, farming into a neighborhood might be a good idea, but that's a LONG TERM plan. Unlikely to get you business today. To get business today, you need to get on front of people who want to sell or buy NOW. So where are they? FSBOs & Expired listings are fantastic opportunities. These are people who you know want to sell their house. So get in front of them with a solid rational for them to hire you. Do you do open houses? Great places to meet serious buyers and make a good impression. Also a great way to meet potential sellers who are out checking out both the competition for their homes, and the marketing skills of listing agents.

I get that there are some prospecting avenues some people don't like. And that's fine. But you have to have SOME source of potential business. You will be an abject failure if you just wait for the business to come magically to you.

Last edited by Bill Keegan; 07-22-2008 at 06:25 PM.. Reason: typos
Reply With Quote Quick reply to this message
 
Old 07-22-2008, 07:30 PM
 
Location: Houston-ish, TX
1,099 posts, read 2,324,011 times
Reputation: 384
From the original post:

Quote:
Originally Posted by SawMill View Post
In my office, it seems like the listings all go to the agents who have been in the business 20+ years and have tons of referrals, or those guys who discount their rates to FSBOs.
I think I found the problem... you said the listings "go to" agents, as if they are handed over on a silver platter. it isn't like that. YOU have to go out there and get them. YOU are responsible for your own success.
Reply With Quote Quick reply to this message
 
Old 07-22-2008, 08:11 PM
 
Location: DFW - Coppell / Las Colinas
17,680 posts, read 16,486,473 times
Reputation: 16538
Years ago there was a guy in our office who worked the Obituary Columns in the local newspapers. He had done it for years and was pretty good getting the listings.

That was a little too much for me.
Reply With Quote Quick reply to this message
 
Old 07-29-2008, 02:41 PM
 
192 posts, read 474,030 times
Reputation: 169
Quote:
Originally Posted by SawMill View Post
Thanks everyone for all the advice. I hand out plenty of my cards, but I'm not comfortable walking around neighborhoods knocking on doors. Nor do I cold call, or call FSBO's or Expireds.

My thinking is, I hate it when businesses or individuals call me soliciting, so how can I do it to others. Plus, like others said, with the DNC lists its a lot harder.

I know the more people I work with, the more refferals I'll get (assuming they like my service) and in turn the more listings I'll get. Still, I check the MLS every day and there are always dozens of new listings coming up each morning, yet I can't seem to get any of the action.

Frustrating.
To you and the original poster and all Realtors/Agents/Brokers who have nothing to do with flat fee MLS /FSBOs I have some further considerations. FSBOs are not the enemy or things with fangs and claws to be afraid of. Some are investor/flippers using flat fees or do it yourselfers and have no interest or need for a listing agent- this is true.

Then there are the two other types worth a second look.

Type one may have had bad experiences with listing agents in the past. They can be won over by a Realtor they have a positive experience with. Call them, introduce yourself, let them know you became familiar with the listing and would like to preview it in hopes of finding a buyer for it. This is your chance to establish a positive realtionship with them. Let them know you will help them to find a buyer if a match comes up. Let them know if they change their mind up the road, what you will do for them, that past listing agents did not that left them soured. Empathize with them and why they felt the need to go FSBO.

Don't be pushy at this time. Just ask questions and listen with empathy and understanding. Resist becoming defensive for their past listing agents. They have been wounded by these other Realtors and don't want to hear anyone defending the actions of those they have been hurt by. Sincerely apologize for the behavior of the bad apples and you'll start to earn their trust back.

Let them know, you would like to be the one to give them a positive experience when it comes to helping them find their next house. (FYI all) If you have written off showwing flat fees and FSBOs, you just reinforce a bad attitude some people have developed towards realtors and the games they play that are not working in the interest of matching up buyers with their dream homes. Those of you who do that are hurting your industry and the name of Realtors by treating flat fees/ FSBOs as the enemy. Take the higher road and win their trust and confidence back. There are lots of ways you can still show they your worth and value through assistance by other means.

There is opportunity there and a chance to build relationships and future referal potential.

Type two are simply people who would love to use a listing agent if the 6% commision didn't mean taking a loss on the equity they have in a property. Some, are simply trying to get as much of their money back as possible, before they end up having to go with a realtor in a short sale/pre foreclosure situation. They have no personal beef with realtors. They have financial problems. They are the most open to anyone who will empathize with them and this is an easy way to establish a positive relationship with them. If they do end up having to list with an agent, they already know, trust, and like you. They may decide to use you to help them find their next property, or, use you when they are selling again under better financial times.

Letting flat fees sit on purpose by not showing them is also contributing to the glut that go on short sale and bring area comps down. That is bad for your competitng listings. When buyers do their own comp searches-many do, they don't know what was a short sale and what wasn't and they will expect to pay less then the regular resale market value of your lisitings.

Your best chances for building new realtionships are with the flat fee MLS FSBOs. You know they havn't written off the use of realtors all together and are happy to pay the buyers agent commision. Some offer more then 3% even, have brochures, lock boxes, and can have the place show ready with 30 minute notice. They want to work with you and many experienced ones have made themselves easy to work with.

In short, these people are a source of a potential listing conversion, the right match for your buyers and therefor a commision, or someone to show houses to when theirs comes under contract. Why put a wall up between yourself and them during these tough times if you have? Reach out to them and make a good name for yourself with them.

Those of you who are realtors who have written them off because of a few bad experiences you had, are contributing to why realtors are often called arrogant, beleiving they are above the market place and other human beings trying to make deals in it.

There is no doubt this industry, in light of rapidly growing techonology, is going to be changing in the years ahead. How you all handle yourselfs now, will determine, if Realtors can still make themselves, friendly, trust worthy and useful in the future. The Human "fellow feeling" element will keep you in the game as technology evolves. Those acting like snakes or above other humans isn't going to put you in the game when technology takes your place and dominates how buyers and sellers come together and deals are made.

Blowing off any contact with flat fee MLS/ FSBOs is just another way for a Realtor and the name/value of realtors, to shoot themselves in the foot.

Do what you all are comfortable with and what you think is best for yourself and industry. I just see a lot of opportunity for you all in reaching out to these people in the myriad of ways I suggested you can offer help/value/positive name recognition to them.

The facts are-

Some Realtors ARE out there are making at least flat fees from them.

Some Realtors ARE out there are converting a good number of them into listings

Some Realtors ARE out there making 2-4% commisions from them on the buyers side.

Some Realtors ARE out there are showwing and selling them their next homes, because they reached out to them through their listing.

They are doing it. Why cut yourselves out of the market potential other Realtors are tapping into?

I know many of you havn't been and are finding ways to still service and make money off of Flat fee FSBOs.

Just wondering why others are not tapping into that action when they are asking for ways to get more action and positive name recognition, and or seeing them as a source to better rebuild the reputation of realtors through.
Reply With Quote Quick reply to this message
 
Old 07-29-2008, 02:53 PM
 
Location: DFW - Coppell / Las Colinas
17,680 posts, read 16,486,473 times
Reputation: 16538
Quote:
Your best chances for building new relationships are with the flat fee MLS FSBOs. You know they haven't written off the use of Realtors all together and are happy to pay the buyers agent commission. Some offer more then 3% even, have brochures, lock boxes, and can have the place show ready with 30 minute notice. They want to work with you and many experienced ones have made themselves easy to work with.
FSBO's who use Flat Fee brokers have contracts with that broker and we are prohibited by our code of ethics from soliciting that business. Just like a lawyer can't solicit another lawyers clients.

Technically they are not FSBO's since they have a contract for representation (although limited) from a broker.
Reply With Quote Quick reply to this message
 
Old 07-29-2008, 03:36 PM
 
Location: Salem, OR
10,853 posts, read 18,143,063 times
Reputation: 6718
Quote:
Originally Posted by HomeStager View Post
I know many of you havn't been and are finding ways to still service and make money off of Flat fee FSBOs.

Just wondering why others are not tapping into that action when they are asking for ways to get more action and positive name recognition, and or seeing them as a source to better rebuild the reputation of realtors through.
Because it is a good way to lose your license in the state of Oregon. Limited representation listings (MLS Only listings) are still representation.

This is bad advice. Don't follow it.
Reply With Quote Quick reply to this message
 
Old 07-29-2008, 04:05 PM
 
192 posts, read 474,030 times
Reputation: 169
Quote:
Originally Posted by Rakin View Post
FSBO's who use Flat Fee brokers have contracts with that broker and we are prohibited by our code of ethics from soliciting that business. Just like a lawyer can't solicit another lawyers clients.

Technically they are not FSBO's since they have a contract for representation (although limited) from a broker.

I'm glad I have a chance to clear up a misconception that may be popular.

Flat fees get paid up front and then they are DONE with the seller after they put their stuff up on the MLS! Time savvy ones keeping their expenses low don't even act as a go between for showing calls. They just list the owners phone number and you go straight to them to make the showing appointment. Flat fee brokers do not earn commisions from the sale. They let their sellers out of the listing whenever they want out. There is no time term in the paper work signed. They get their money up front and have nothing to loose if the seller cancels their listing with them.

Maybe some old school flat fee MLS listers worked the way you think they do. Things have changed.

Thats besides the suggestions I gave. Nothing is prohibiting anyone from asking if they can come preview the place so they know it better for making a buyer match. It is at that time you have a chance to establish a general positive realtionship with them and they have your card. Who knows what can happen from there. If they decide to have full representation later, they met nice supportive understanding empathetic you and have your card. When they need to go house hunt, they met nice supportive, understanding empathetic you and have your card.

Get it?

For those looking for ways to get active to increase potential business and positive name recognition, flat fees and FSBOs are people to get familiar with.

Attending their Agents Only Open Houses or calling to come preview it, is your easy introduction.

Last edited by HomeStager; 07-29-2008 at 04:40 PM..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top