A very insightful business blog, Criteria For Success, recently posted an article on six time wasters. I found this very poignant and all six can be found in the real estate industry.
What we have to remember is that, simply put, time is money. In a profession where all salespeople are compensated on commission, the key to success is time management. We spend 20 percent of our time doing 80 percent of our work. That means we must identify which activities carry a higher impact and work to focus our attention on those.
It’s one thing to create long and short term goals, it’s another to block off time to ensure they are fulfilled. With strict deadlines, we tend to become more productive, protect our time and eliminate unwanted interruptions.
Ask yourself this: What if we treated every day like it was the day before vacation? That is the most productive day of the year for many reasons. So go out there and treat every day like there’s a vacation on the horizon. You’ll be amazed at your productivity.
We’ll see you home.
Friday, July 30, 2010
Wednesday, July 28, 2010
More Common Buyer Misconceptions
If you thought buyers only had three common misconceptions, you’re in for a treat. At BARAK, we’ve seen buyers often fall into similar traps and remain dedicated to facilitating the buying process and that starts with education. Here are some additional tips to stay ahead of the curve.
Misconception #4 – Thinking you can get a better price by not working with a broker.
Not knowing the facts will actually cost you money. For example, you can think you got a good deal by negotiating on your own but later find out that a similar apartment went into contract for a lower price. Signed contracts are not public information and take months to show up in systems where you could easily find them.
Also, sellers pay the same commission whether you are represented by a broker or not- it's better having someone on your side to negotiate for you! That is what we do for a living.
Misconception #5 - Not Knowing All the Costs Involved
Often times, prospective buyers aren’t aware of closing costs. Especially with condos and new developments, closing costs can become substantial; so it becomes a good practice to inquire about them before the final stages. Your mortgage professional will provide you the exact costs later in the process, but can it hurt to plan ahead?
Misconception #6 – Failing to Consider Your Long-Term Needs
After you’ve calculated your monthly costs and debt-to-income ratio and it’s clear you can afford the home, it’s time to ask a few questions.
Will I be a parent in five years? Are college expenses on the way? Where do I see my career heading?
Keeping this advice in mind will allow you to stay objective and level-headed when buying a home. Purchasing a property can be an emotional undertaking but the right education can go a long way!
We’ll see you home.
Misconception #4 – Thinking you can get a better price by not working with a broker.
Not knowing the facts will actually cost you money. For example, you can think you got a good deal by negotiating on your own but later find out that a similar apartment went into contract for a lower price. Signed contracts are not public information and take months to show up in systems where you could easily find them.
Also, sellers pay the same commission whether you are represented by a broker or not- it's better having someone on your side to negotiate for you! That is what we do for a living.
Misconception #5 - Not Knowing All the Costs Involved
Often times, prospective buyers aren’t aware of closing costs. Especially with condos and new developments, closing costs can become substantial; so it becomes a good practice to inquire about them before the final stages. Your mortgage professional will provide you the exact costs later in the process, but can it hurt to plan ahead?
Misconception #6 – Failing to Consider Your Long-Term Needs
After you’ve calculated your monthly costs and debt-to-income ratio and it’s clear you can afford the home, it’s time to ask a few questions.
Will I be a parent in five years? Are college expenses on the way? Where do I see my career heading?
Keeping this advice in mind will allow you to stay objective and level-headed when buying a home. Purchasing a property can be an emotional undertaking but the right education can go a long way!
We’ll see you home.
Friday, July 23, 2010
Building a Network Through Your Sphere of Influence
When beginning a career in real estate the task can be daunting for a lot of entry-level agents. The most prominent questions becomes “where will I get my leads?”
Many first time agents fail to realize that those leads are already in place. Think about all of the contacts you’ve gained in your personal and professional life. If you are coming from another career - a common thread among brokers – there are already dozens, sometimes hundreds of contacts in your sphere of influence.
First it’s obvious to start off with your family and friends. Have them reach out to their networks and contacts to give a simple heads up that you are starting a new career. This also includes the people you come in contact with every day.
Think about the following in people: PTA associates, Doctors, Lawyers, Merchants, Insurance agents, Financial advisers, Hairdressers, Jewelers, Volunteer activity associations, Board memberships, Political organizations, Theatrical groups, Music groups, Restaurateurs, Holiday card lists, People you speak to on the subway, Bartenders, Doormen, Store managers.
You already have at least a casual relationship with them, so why not throw in that you are now a real estate broker. At the worst, it plants a seed inside their head. In sales, you want to be either the first or second name that comes to mind when a customer thinks about your industry. Expanding your sphere of influence will only help that effort.
We'll see you home
Many first time agents fail to realize that those leads are already in place. Think about all of the contacts you’ve gained in your personal and professional life. If you are coming from another career - a common thread among brokers – there are already dozens, sometimes hundreds of contacts in your sphere of influence.
First it’s obvious to start off with your family and friends. Have them reach out to their networks and contacts to give a simple heads up that you are starting a new career. This also includes the people you come in contact with every day.
Think about the following in people: PTA associates, Doctors, Lawyers, Merchants, Insurance agents, Financial advisers, Hairdressers, Jewelers, Volunteer activity associations, Board memberships, Political organizations, Theatrical groups, Music groups, Restaurateurs, Holiday card lists, People you speak to on the subway, Bartenders, Doormen, Store managers.
You already have at least a casual relationship with them, so why not throw in that you are now a real estate broker. At the worst, it plants a seed inside their head. In sales, you want to be either the first or second name that comes to mind when a customer thinks about your industry. Expanding your sphere of influence will only help that effort.
We'll see you home
Monday, July 19, 2010
Always Evolve Your Home Selling Approach
As a seller, it can become increasingly frustrating to watch your property sit on the market without many offers or showings. A blog post on the highly trafficked blog “The Apple, Peeled” by Mitchel Askinas offered some great tips on revitalizing your listing in the summer market. The three ideas Askinas brings all are great ways to stay on top of your game.
No. 1 is an exercise in refreshing your grasp on the market. If your property has been on the market for six months, ask your agent to run another market analysis. It is imperative to stay objective with your home’s price. A property that sold for $590,000 in March may only be selling for $550,000 in the summer.
His second point falls in line with that strategy. As painful as it is to lower your price, remember that time is money. The longer you let your home sit on the market, the longer until you end the process of selling your home. Askinas makes a great point that instead of worrying about pricing low you should concentrate on creating a possible bidding war.
Lastly, an evolving marketing effort is crucial to success in any business. Evaluate what you have distributed and make revisions. If something didn’t work, scrap it and move on. The key is objective evaluation and making the correct changes in your marketing techniques to improve the property’s presence.
Keep these tips in mind during your ongoing home selling process.
We’ll see you home.
No. 1 is an exercise in refreshing your grasp on the market. If your property has been on the market for six months, ask your agent to run another market analysis. It is imperative to stay objective with your home’s price. A property that sold for $590,000 in March may only be selling for $550,000 in the summer.
His second point falls in line with that strategy. As painful as it is to lower your price, remember that time is money. The longer you let your home sit on the market, the longer until you end the process of selling your home. Askinas makes a great point that instead of worrying about pricing low you should concentrate on creating a possible bidding war.
Lastly, an evolving marketing effort is crucial to success in any business. Evaluate what you have distributed and make revisions. If something didn’t work, scrap it and move on. The key is objective evaluation and making the correct changes in your marketing techniques to improve the property’s presence.
Keep these tips in mind during your ongoing home selling process.
We’ll see you home.
Friday, July 16, 2010
Ways for Home Buyers and Sellers to Get Through Turbulent Economic Times
A few months back, I attended a workshop sponsored by the Real Estate Board of New York where the speaker was Betsy Dean, a real estate colleague and a life coach. The material she offered was powerful and inspiring not only for real estate people but for all sales professionals.
1) Forget About Your Losses, Focus on Your Opportunities.
Things that you may have taken for granted before may sometimes disappear. Some people never get over this and keep trying to revitalize their old game. A better strategy is to let go of the past and begin an entirely new game, using new ideas, new energies and new resources. The world’s greatest investor, Warren Buffet said it best: “At times when everyone is fearful, it is time to expand.” There are many opportunities for growth and investment right now and those who focus on finding them will prosper during the next economic cycle.
2) Forget About Your Difficulties, Focus on Your Progress.
Many things today are not as easy as they once were, but new difficulties can either defeat you or reveal new strengths. Just like your body’s muscles always get stronger from working against resistance, the same is true for the “muscles” in your mind, your spirit and your character. Treat this whole period of challenge as a time when you can make your greatest progress as a human being. Identify weakness in your relationships and in your business and focus on strengthening them.
3) Forget About the “Future”, Focus on Today.
A gift is called “a present” because the present is a gift. The only future that has any reality is the one that you continually create for yourself through each day’s contributions, achievements, and results. Focus on the little victories you can achieve over the course of each 24 hours and you’ll essentially create your future one day at a time.
Come back for our weekly updates on the BARAK Realty Blog to continue receiving advice from powerful industry professionals.
We’ll see you home.
1) Forget About Your Losses, Focus on Your Opportunities.
Things that you may have taken for granted before may sometimes disappear. Some people never get over this and keep trying to revitalize their old game. A better strategy is to let go of the past and begin an entirely new game, using new ideas, new energies and new resources. The world’s greatest investor, Warren Buffet said it best: “At times when everyone is fearful, it is time to expand.” There are many opportunities for growth and investment right now and those who focus on finding them will prosper during the next economic cycle.
2) Forget About Your Difficulties, Focus on Your Progress.
Many things today are not as easy as they once were, but new difficulties can either defeat you or reveal new strengths. Just like your body’s muscles always get stronger from working against resistance, the same is true for the “muscles” in your mind, your spirit and your character. Treat this whole period of challenge as a time when you can make your greatest progress as a human being. Identify weakness in your relationships and in your business and focus on strengthening them.
3) Forget About the “Future”, Focus on Today.
A gift is called “a present” because the present is a gift. The only future that has any reality is the one that you continually create for yourself through each day’s contributions, achievements, and results. Focus on the little victories you can achieve over the course of each 24 hours and you’ll essentially create your future one day at a time.
Come back for our weekly updates on the BARAK Realty Blog to continue receiving advice from powerful industry professionals.
We’ll see you home.
Wednesday, July 14, 2010
Separating A, B and C Buyers
BARAK Realty President discusses the importance of separating potential leads into three categories: A, B and C buyers. By compartmentalizing your leads, you will improve time management and overall performance.
Friday, July 9, 2010
Touch Marketing
In the year 2010 there are countless ways to reach your potential client base. From emailing, to tweeting to the old fashioned hand-written letter, getting your message out to leads is easier than ever. But remember, just because this is the Internet age doesn’t mean it’s time to get lazy and hide behind a computer desk.
Yes, it is easy to sit back and send e-mail blasts and newsletters to mass listings. This is not to discourage that type of lead generation. The point we are trying to illustrate is that more intimate types of contact are still useful. We call this our Touch Marketing system.
Not every contact is with the intention of making a sale. Every single day we are constantly reaching out to different people in all walks of life and extending our networks. At a networking event, make yourself stand out against the competition. You can do this by simply relating to someone. The best salespeople act like chameleons and can morph personality traits and styles to fit client’s needs.
The next option is to pick up the phone and call your prospects. A phone call will differentiate you from the pack and make a lasting impression. Hand-written notes, especially in the form of a Thank You, are also tools to remind past clients of your services and generate referrals.
While the digital revolution has transformed the way we do business and collect leads, being personable still goes a long way.
We’ll see you home.
Yes, it is easy to sit back and send e-mail blasts and newsletters to mass listings. This is not to discourage that type of lead generation. The point we are trying to illustrate is that more intimate types of contact are still useful. We call this our Touch Marketing system.
Not every contact is with the intention of making a sale. Every single day we are constantly reaching out to different people in all walks of life and extending our networks. At a networking event, make yourself stand out against the competition. You can do this by simply relating to someone. The best salespeople act like chameleons and can morph personality traits and styles to fit client’s needs.
The next option is to pick up the phone and call your prospects. A phone call will differentiate you from the pack and make a lasting impression. Hand-written notes, especially in the form of a Thank You, are also tools to remind past clients of your services and generate referrals.
While the digital revolution has transformed the way we do business and collect leads, being personable still goes a long way.
We’ll see you home.
Monday, July 5, 2010
Detach Yourself from the Outcome
One of the hardest things for a broker to do in the middle of a prospective sale is to Detach from the Outcome.
First, let’s avoid confusing non-attachment from not caring. To say you don’t care suggests apathy and can mislead the potential buyer or seller. Make sure they know that you are putting 100 percent into the sale but if it doesn’t work out, everything will be OK.
If you are attached to the outcome of a sale, it requires an enormous amount of emotional energy. This means that even if the sale works out and you’re handed a substantial commission check, you could still remain attached long after. By staying unattached you can still hold on tightly, but also let go lightly. You can still try hard and care deeply, but also let go if the outcome isn’t favorable.
A good philosophy is to think in terms of either winning or breaking even. Granted, this is easier said than done, especially if you’ve been in a slump. However, remember that you aren’t putting anything on the line and can just as easily say “no.” By not worrying, it takes the pressure off and let’s you win regardless of the outcome.
The next time you begin negotiations or the process of selling or renting a home, think of it is a no-lose scenario.
We’ll see you home.
First, let’s avoid confusing non-attachment from not caring. To say you don’t care suggests apathy and can mislead the potential buyer or seller. Make sure they know that you are putting 100 percent into the sale but if it doesn’t work out, everything will be OK.
If you are attached to the outcome of a sale, it requires an enormous amount of emotional energy. This means that even if the sale works out and you’re handed a substantial commission check, you could still remain attached long after. By staying unattached you can still hold on tightly, but also let go lightly. You can still try hard and care deeply, but also let go if the outcome isn’t favorable.
A good philosophy is to think in terms of either winning or breaking even. Granted, this is easier said than done, especially if you’ve been in a slump. However, remember that you aren’t putting anything on the line and can just as easily say “no.” By not worrying, it takes the pressure off and let’s you win regardless of the outcome.
The next time you begin negotiations or the process of selling or renting a home, think of it is a no-lose scenario.
We’ll see you home.
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