Organizing Your Database

As we’ve discussed in great detail here before, it’s invaluable to log your prospects and keep them in a database for further use. It’s one thing to expand your database of contacts; it’s another to have them organized.

Emailing your potential clients by the hundreds opens the risk of being marked as spam, deleted from contact and looking less personal. As brokers, most importantly as trusted advisers, our biggest asset is to develop a welcoming relationship with our clients. Organizing your contacts can do just that.

First know that this may be time consuming. However, the reward at the end will be worth it. The key to starting this is to develop five to 10 groups of contacts. For instance, you could make groups of prospective clients, past buyers, past exclusives, lawyers, friends and family. This allows you to tailor certain news and notes to specific demographics and interest groups.

Once you’ve performed the initial undertaking, assigning each new contact to a group will seem like a breeze. Using Microsoft Outlook or any other commonly used mail program will help facilitate the process and have you on your way to a detailed database.

Remember that these are tactics that anyone can use, but not everyone does. Stay ahead of the game by organizing your database. It not only will help grow your business but will make emailing much easier.

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Closing Checklists

We’ve all heard someone say, “I’ve signed the contract; we should be closing in no time.” Not so fast. In the fast-paced world of 2010 we all live in, it’s become increasingly harder to get everyone in the same room, according to Coopandcondo.com. The site recently published an in-depth article with tips for buyers and sellers and their co-op deals.

Remember that your closing date is approximate and can be held up by a number of factors. It crucial to keep everyone in the loop including your attorneys, contractors and brokers to make sure the process runs smoothly. According to the site, “The best protection against a problem with the closing date is to communicate your needs up front and make sure the other party is capable of closing on the contractually specified date.”

The section on personal property brings across many valid points as home furnishings often get lost in the shuffle. Don’t expect even the smallest item to be left as sellers will take everything they claim their own. On the seller’s side, make sure everything is accounted for before moving out.

Another great point the article brings up is scheduling move-in and move-out dates. In elevated buildings and walkups especially, coordinating a time to move your belongings can be a stepping stone. Make sure to stay a step ahead and schedule a time.

There are many other useful tips inside this guide to co-op and condo closings. Stay tuned for more helpful info for buyers and sellers.

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Timeless Real Estate Skills

Real estate is a unique profession. It is one of the few in the world that deals with every walk of life on a daily basis. This makes it important to always sharpen your people skills and strive to extend your network of contacts.

This is why a recent blog post on realtor.org hit home for us at BARAK Realty. In their list of seven Timeless Skills for Any Real Estate Market, Kelle Sparta emphasizes the important of Meeting New People and Making Personal Connections.

It’s a fact that every type of professional, especially in New York City, is or will be in the market for real estate, either as a buyer, renter or landlord. This makes it important to leave an indelible impression on everyone you meet. So, when you are at a party, getting a sandwich or even waiting for the subway, don’t be afraid to meet someone and slip in that you are a broker. You never know where it may lead.

The best line to take away from Sparta’s article is this: People buy from people they like. Always find a way to appeal to the customer and bond with them. Part of this and any business is selling yourself. You aren’t there as much to help buy or sell a property as you are selling peace of mind and your trusted advisement. Being honest and forthright can go a long way in developing the trust it takes to build a business in this industry.

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Top Ten First Time Buyer Mistakes.

Yahoo Real Estate usually delivers insightful advice into real estate. In a recent article, Yahoo posted 10 common buyer first-time buyer mistakes. The article really hits home, both in the current market and in any home buying time. As part of our video series, we will also discuss similar mistakes in an upcoming post next week.

One of the biggest problems and mistakes home seekers make is No. 2 on Yahoo’s list: Skipping Mortgage Qualification. This is like going grocery shopping without knowing what is in your wallet. Knowing what the bank will lend you combined with your down payment allow you to start searching within a price range. In addition, you might go through the entire process of signing a contract and then watch it all fall through at the end. Not only does this waste your time but it wastes time for both brokers and the seller.

Being Too Picky, No. 4 on the list is also a common pitfall. A major reason in buying a home is to build equity opposed to renting. The longer you wait, the longer you keep feeding your money into a rental property. This requires a certain level of compromise. Remember that your first home won’t necessarily be your dream home.

No. 10 on their list is quite possibly the most important in the long run. You must think about the future when searching for a home. Do your research into the neighborhood. Is it undergoing a lot of construction or subway route changes? How have the home values fluctuated in the area recently? If you have or are planning to have children, what types of local schools are there? A great home depends a lot on the area it is in.

Keep these in mind when you are searching for your first home.

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Finding the Right Prospects

It’s always important to develop an expansive database of leads and potential clients in sales. Without leads and prospective buyers, sales can quickly run dry. However, too many salespeople spread themselves too thin by focusing their attention to the masses with either cold calling or generic e-mails.

You can work as hard as you want in that fashion, but it isn’t working smart. Identifying the right prospects to expand your business is crucial to stimulating long-term growth and building a database. Throwing your time and energy into prospects who will never be interested is a waste of time and money.

Here’s what you should do. Examine your list of prospects and narrow it down to what you would consider your top 50 prospects. After you do this, develop a campaign targeted to them individually. This way you will sound more personable and intimate. When people are looking to hire a broker, they want someone they trust.

It’s a simple fact that people eventually do business with the ones they have a rapport with. Instead of shooting in the dark for business, narrow it down. You’ll save time and money.

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The Three P's: People, Pricing and Presentation

The Three P's: People, Pricing and Presentation from Brett Hertel on Vimeo.

How to Handle "I'll Sell It On My Own"

Earning Buyer Loyalty

It’s easy for someone buying a home to try out the bevy of online sources for apartments. With so much information at their fingertips, prospective buyers usually head to their computers to explore options before signing on with a broker.

No longer gatekeepers of information nor apartment searches, brokers must now - more than ever - adjust their strategy to become trusted advisers or real estate consultants. That starts with establishing trust with your client. There are plenty of agents out there so it’s imperative to differentiate yourself as a trustworthy and experienced source.

The first step is to prepare a well thought personal biography and company summary to showcase. This includes but is not limited to: self and company press clippings, successful similar listings and closings, samples of comparative properties in the area and real-time market reports.

Demonstrating your skill set and ability to save the buyer time and money is the next step. The best way to do this is to speak about past success stories. Providing examples of how your service was beneficial to a customer is essential to establishing your expertise and attracting new clients.

Finally, educating the potential buyer on the many steps of the home buying process is another way to gain trust. “Has anyone ever showed you exactly what your monthly charges would be? Has anyone ever showed you how much you’re actually saving in taxes? Is there value in this for you? I can give you all these answers and more for any property you are interested in.”

Once all these steps are in place, it’s time to request loyalty and explain that you’ll be there for the long haul. Remember, your value isn’t in finding apartments for the buyer, it’s as a trusted advisor.


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Getting Through the Final Walk Through

As anyone who has gone through the entire home buying process can attest, each step can be tedious and nerve-wrecking. Usually the last step before closing on your new home is a walk through. After months of debating, financial work and consultations, a final walk through may seem like a formality. But, as Carla Hill points out in Realty Times, there are many things to look for during your final walk-through.

This is a crucial step because, especially if the home is furnished, there are appliances, sets of furniture and certain fixtures that may have small structural or operational defects. During the first few visits to the home, many home buyers overlook these elements and focus on the overlook appearance of the house.

From Hill’s insightful article, here are a few highlights:

2. Major Systems – Do a check of the air conditioning and heat. If it isn’t central air, make sure the window units work properly. Flush the toilets a few times and run the sinks and showers. The last thing you want is for your shower to only pump cold water.

4. Repairs – Be on the lookout for any structural damage inside the property. If there is any you do not want to be stuck with it three weeks into owning the home. Inspect every nook and cranny before you leave.

5. Screens and Storm Windows – Replacing windows can be painfully expensive. Check on when the windows were installed and if they have warranties. This can save you thousands of dollars and dozens of headaches.

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