For brokers who are thinking about going into the rental business or ones looking to improve upon their existing business, we’ve put together a series of tips to securing rentals listings. The first in our series is on approaching landlords.
It can be a struggle when approaching landlords. Because you are only one of the 40,000 brokers in New York City these very landlords receive dozens of calls a week from other agents. If you sound like everybody else, you will not get very far. Always remember to stand out to make an indelible impression.
If you are looking to approach a landlord, I suggest following these three steps:
1. First get them to welcome your calls. Be welcoming and make sure not to sound pushy on the first phone call. This is simply an introduction about yourself and your company. If the landlord seems reluctant at first, ask them if it’s OK to send a follow-up letter with more information. There is a good chance the letters will start to build a relationship with them.
2. Build the Relationship. There is no recipe for this as every relationship is unique. This is where your talent and ingenuity come into play. Real estate is a “people business” from the bottom up. Connecting with people and getting new accounts is no exception.
3. Solidify the Relationship. This should naturally flow from step two. However, this doesn’t come easy as you will need to continue working hard on bringing in tenants for the landlord. If you are able to establish and keep the relationship working, it can do wonders you and your company’s business.
We'll see you home
Wednesday, September 29, 2010
Wednesday, September 22, 2010
Determining Types of Sellers
As a broker, when you encounter a prospective seller it is important to pinpoint what type of seller you are dealing with. Just as it is crucial to qualify buyers for the properties they are looking to purchase, figuring out the type of seller is also imperative.
There are generally two types of home sellers that brokers run into. The first kind is someone who needs to sell. This seller could be there for many circumstances. Possibly they are downsizing after losing a job, or even upsizing due to a child on the way. The urgency to sell here is at the highest and should be treated that way. Most of your time and energy should be devoted to these types of sellers as they will progress faster.
The second type of lead from a customer who is a discretionary seller. These sellers have certain goals but also can afford not to sell. Ninety-nine percent of the time these customers are looking for the best deal. They’ll say something like “if you can get be $1.5 million for my apartment, I’d love to make it happen." That is their wish price and they usually don't accept anything less. Not to say this is a waste of your time, but it’s prudent to be aware of this type. Know the sellers intentions before taking on a seller who might be tough to work with.
Not every owner is the same. Before you take on a listing always be prepared for the type of seller you will be dealing with. This will save you countless hours of time and energy.
We’ll see you home.
There are generally two types of home sellers that brokers run into. The first kind is someone who needs to sell. This seller could be there for many circumstances. Possibly they are downsizing after losing a job, or even upsizing due to a child on the way. The urgency to sell here is at the highest and should be treated that way. Most of your time and energy should be devoted to these types of sellers as they will progress faster.
The second type of lead from a customer who is a discretionary seller. These sellers have certain goals but also can afford not to sell. Ninety-nine percent of the time these customers are looking for the best deal. They’ll say something like “if you can get be $1.5 million for my apartment, I’d love to make it happen." That is their wish price and they usually don't accept anything less. Not to say this is a waste of your time, but it’s prudent to be aware of this type. Know the sellers intentions before taking on a seller who might be tough to work with.
Not every owner is the same. Before you take on a listing always be prepared for the type of seller you will be dealing with. This will save you countless hours of time and energy.
We’ll see you home.
Friday, September 17, 2010
Picking a Broker
It is always a good practice to sit down and meet with your potential broker and hear their marketing pitch. Signing an agreement – up to six months - with someone who often times is a stranger isn’t always an easy proposition. The well-read New York City based blog, BrickUnderground recently put together a comprehensive guide for consumers when it comes time to hire a broker.
We found many of the questions to be helpful for both prospective home sellers and brokers looking to acquire listings.
First, everything comes down to examples and anecdotes. People gravitate toward and buy into concepts with the use of stories. Two of the first three questions the guide poses begin with “Give me an example of.” As a home seller, you want to know what the broker has done in specific detail, especially during their interactions with clients. After all, you will be the one working with the broker to get your home off the market.
The same goes for asking about how you will communicate. It is good to set a fair and balanced schedule for updates on the property’s progress. While some agents will be in constant contact with you, others work on a difference schedule. Before hiring a broker, set guidelines to track the status of your home.
Make sure you have the broker explain their specific value as well. Many brokerages are equipped with the same tools in terms of databases and Internet presence. Ask what separates them from the competition. What can they do that the others cannot? This will help differentiate the good brokers from the great ones with something extra.
Lastly, like any good interview, ask for references and/or search for testimonials. This is usually the final check and if you are at this point you probably know who you want to hire. But, as always, it’s good to be thorough during the entire process. Buying or selling a home is often one of the largest financial and personal decisions of your life. Treat it like one when you choose a broker to work with.
We'll see you home
We found many of the questions to be helpful for both prospective home sellers and brokers looking to acquire listings.
First, everything comes down to examples and anecdotes. People gravitate toward and buy into concepts with the use of stories. Two of the first three questions the guide poses begin with “Give me an example of.” As a home seller, you want to know what the broker has done in specific detail, especially during their interactions with clients. After all, you will be the one working with the broker to get your home off the market.
The same goes for asking about how you will communicate. It is good to set a fair and balanced schedule for updates on the property’s progress. While some agents will be in constant contact with you, others work on a difference schedule. Before hiring a broker, set guidelines to track the status of your home.
Make sure you have the broker explain their specific value as well. Many brokerages are equipped with the same tools in terms of databases and Internet presence. Ask what separates them from the competition. What can they do that the others cannot? This will help differentiate the good brokers from the great ones with something extra.
Lastly, like any good interview, ask for references and/or search for testimonials. This is usually the final check and if you are at this point you probably know who you want to hire. But, as always, it’s good to be thorough during the entire process. Buying or selling a home is often one of the largest financial and personal decisions of your life. Treat it like one when you choose a broker to work with.
We'll see you home
Wednesday, September 15, 2010
Debunking Common Myths For Buyers
Buying a home can often be a daunting task. It takes a lot of knowledge just to feel comfortable starting the process. Uninformed buyers often listen hear the same uninformed suggestions. Here at BARAK Realty, we want to make sure you are on the right path!
Myth #1: Waiting for the market to get to the bottom is the way to go.
The only way to know the market has reached its bottom is when the market actually recovers and prices start to go up again. Then, you’ll find yourself chasing the rising prices along with everybody else. By then, it's too late! Don't wait. If it makes sense now for your personal or investment needs, go for it.
Myth #2: It's OK to submit an offer on a home before financial pre-qualification.
Talking to a mortgage professional allows you to determine the best price range for your situation and also enables you to search and buy with confidence. It takes 15 minutes, it’s free and there’s no obligation. So get educated on what you can actually afford as early in the process as possible.
Myth #3: Co-ops boards are simply a formality.
Each co-op has a different set of rules and restrictions, such as sublet policies, percent of required down payment, debt to income ratio, gifting, co-signers, etc. Make sure you discuss those important questions with your agent before you make an offer on your new home. Sometimes co-op boards can be very strict. By doing this , you will be one step ahead of the co-op boards.
Stay tuned to the BARAK Realty Blog for more tips for buyers.
We’ll see you home.
Myth #1: Waiting for the market to get to the bottom is the way to go.
The only way to know the market has reached its bottom is when the market actually recovers and prices start to go up again. Then, you’ll find yourself chasing the rising prices along with everybody else. By then, it's too late! Don't wait. If it makes sense now for your personal or investment needs, go for it.
Myth #2: It's OK to submit an offer on a home before financial pre-qualification.
Talking to a mortgage professional allows you to determine the best price range for your situation and also enables you to search and buy with confidence. It takes 15 minutes, it’s free and there’s no obligation. So get educated on what you can actually afford as early in the process as possible.
Myth #3: Co-ops boards are simply a formality.
Each co-op has a different set of rules and restrictions, such as sublet policies, percent of required down payment, debt to income ratio, gifting, co-signers, etc. Make sure you discuss those important questions with your agent before you make an offer on your new home. Sometimes co-op boards can be very strict. By doing this , you will be one step ahead of the co-op boards.
Stay tuned to the BARAK Realty Blog for more tips for buyers.
We’ll see you home.
Debunking Common Myths For Buyers
Buying a home can often be a daunting task. It takes a lot of knowledge just to feel comfortable starting the process. Uninformed buyers often listen hear the same uninformed suggestions. Here at BARAK Realty, we want to make sure you are on the right path!
Myth #1: Waiting for the market to get to the bottom is the way to go.
The only way to know the market has reached its bottom is when the market actually recovers and prices start to go up again. Then, you’ll find yourself chasing the rising prices along with everybody else. By then, it's too late! Don't wait. If it makes sense now for your personal or investment needs, go for it.
Myth #2: It's OK to submit an offer on a home before financial pre-qualification.
Talking to a mortgage professional allows you to determine the best price range for your situation and also enables you to search and buy with confidence. It takes 15 minutes, it’s free and there’s no obligation. So get educated on what you can actually afford as early in the process as possible.
Myth #3: Co-ops boards are simply a formality.
Each co-op has a different set of rules and restrictions, such as sublet policies, percent of required down payment, debt to income ratio, gifting, co-signers, etc. Make sure you discuss those important questions with your agent before you make an offer on your new home. Sometimes co-op boards can be very strict. By doing this , you will be one step ahead of the co-op boards.
Stay tuned to the BARAK Realty Blog for more tips for buyers.
We’ll see you home.
Myth #1: Waiting for the market to get to the bottom is the way to go.
The only way to know the market has reached its bottom is when the market actually recovers and prices start to go up again. Then, you’ll find yourself chasing the rising prices along with everybody else. By then, it's too late! Don't wait. If it makes sense now for your personal or investment needs, go for it.
Myth #2: It's OK to submit an offer on a home before financial pre-qualification.
Talking to a mortgage professional allows you to determine the best price range for your situation and also enables you to search and buy with confidence. It takes 15 minutes, it’s free and there’s no obligation. So get educated on what you can actually afford as early in the process as possible.
Myth #3: Co-ops boards are simply a formality.
Each co-op has a different set of rules and restrictions, such as sublet policies, percent of required down payment, debt to income ratio, gifting, co-signers, etc. Make sure you discuss those important questions with your agent before you make an offer on your new home. Sometimes co-op boards can be very strict. By doing this , you will be one step ahead of the co-op boards.
Stay tuned to the BARAK Realty Blog for more tips for buyers.
We’ll see you home.
Monday, September 13, 2010
Identify Your Purpose
There are many strategies to take when a broker acquires a listing. Are you in it just for the quick sale? Do you want a pricey listing to boost your profile on the company Web site? Maybe to get other buyers? Or is this a case where you are simply trying to block the property from your competition?
The problem is that brokers often don’t know their purpose when they actually get the listing. When I ask a new salesperson: “why did you take this listing?” they look at me like I’m from Mars. “Of course”, they tell me, “I want to sell it” to which I reply: “Well, but how come it’s over priced?” Before you even take a listing, know your purpose for taking that business. If sellers are not motivated to sell, and are not willing to price to market, why blow through your marketing budgets advertising this and why spend your weekends sitting in open houses which nobody attends?
Many sales managers proclaim: “never take overpriced listings” but yet our market place is full of them and thousands of agents waste valuable time and money marketing them. BARAK says: know your purpose for taking the listing, develop a strategy that makes sense and conduct yourself accordingly.
By developing a strategy to move forward with, you will prioritize your clients and properties and improve productivity with a carefully orchestrated plan in hand.
We’ll see you home.
The problem is that brokers often don’t know their purpose when they actually get the listing. When I ask a new salesperson: “why did you take this listing?” they look at me like I’m from Mars. “Of course”, they tell me, “I want to sell it” to which I reply: “Well, but how come it’s over priced?” Before you even take a listing, know your purpose for taking that business. If sellers are not motivated to sell, and are not willing to price to market, why blow through your marketing budgets advertising this and why spend your weekends sitting in open houses which nobody attends?
Many sales managers proclaim: “never take overpriced listings” but yet our market place is full of them and thousands of agents waste valuable time and money marketing them. BARAK says: know your purpose for taking the listing, develop a strategy that makes sense and conduct yourself accordingly.
By developing a strategy to move forward with, you will prioritize your clients and properties and improve productivity with a carefully orchestrated plan in hand.
We’ll see you home.
Tuesday, September 7, 2010
Negotiation Do's and Don'ts
A blog post last week written by Warburg’s Fred Peters really highlights some critical Do’s and Don’ts of the negotiation process. Most importantly he discusses how essential it is to be prepared BEFOREHAND. Too often the stress is put on what to do in the actual negotiations; however the work prior is overlooked.
First, Peters writes that you must know comparable sales in the area and in property size to back your findings. This is crucial for your side of the negotiations - as a knowledgeable real estate broker - to state your case. Having a strategy, as Peters says, is also part of the plan. Anticipating a back and forth and what your opposing broker may counter with will keep you one step ahead.
Another interesting point made by Peters is that you must always remember other critical dates and events. When you are in the negotiation process, it isn’t all about money. Some other details may come up including furniture, contingencies, closing dates, inspections, etc.
Lastly, while hammering out certain details is a must, Peters make a point to not let your ego get in the way. In the end your goal is to serve the client and help them achieve their goals. If you let your persona take over it can have negative effects on the negotiation process.
Negotiations are always something you can improve on. Remember to learn from both past mistakes and successes.
We'll see you home
First, Peters writes that you must know comparable sales in the area and in property size to back your findings. This is crucial for your side of the negotiations - as a knowledgeable real estate broker - to state your case. Having a strategy, as Peters says, is also part of the plan. Anticipating a back and forth and what your opposing broker may counter with will keep you one step ahead.
Another interesting point made by Peters is that you must always remember other critical dates and events. When you are in the negotiation process, it isn’t all about money. Some other details may come up including furniture, contingencies, closing dates, inspections, etc.
Lastly, while hammering out certain details is a must, Peters make a point to not let your ego get in the way. In the end your goal is to serve the client and help them achieve their goals. If you let your persona take over it can have negative effects on the negotiation process.
Negotiations are always something you can improve on. Remember to learn from both past mistakes and successes.
We'll see you home
Friday, September 3, 2010
Dealing With Rejection as a Broker
While we speak a lot about touching prospects in numerous ways here at BARAK, learning to deal with what happens after the touch can be just as critical. We all are handed various levels of rejection by clients, even the most successful brokers.
Even if you were spurned badly and you felt cheated, keeping your composure after being turned down can go a long way. Always be gracious of the potential client’s interest and remember our touch system to follow afterward.
The first thing you should do is to send a thank you email doing the following: thanking them for the opportunity and wishing them luck in the future. Also remind them that you’re always open to new business and that if they know anyone looking to buy or sell, you would appreciate the referral.
In a world controlled by email, differentiate yourself from the competition by sending a handwritten note repeating the same valuable information in the email. And don’t forget to keep every potential lead in your database and make sure you send all useful information, articles and newsletters to these leads.
This will keep your profile as a professional, educated and forthright real estate broker. Building a business requires an insatiable work ethic. Following up with prospects - even ones that rejected you - is a great start.
We’ll see you home.
Even if you were spurned badly and you felt cheated, keeping your composure after being turned down can go a long way. Always be gracious of the potential client’s interest and remember our touch system to follow afterward.
The first thing you should do is to send a thank you email doing the following: thanking them for the opportunity and wishing them luck in the future. Also remind them that you’re always open to new business and that if they know anyone looking to buy or sell, you would appreciate the referral.
In a world controlled by email, differentiate yourself from the competition by sending a handwritten note repeating the same valuable information in the email. And don’t forget to keep every potential lead in your database and make sure you send all useful information, articles and newsletters to these leads.
This will keep your profile as a professional, educated and forthright real estate broker. Building a business requires an insatiable work ethic. Following up with prospects - even ones that rejected you - is a great start.
We’ll see you home.
Wednesday, September 1, 2010
Standing Out in a Weak Market
We’ve all seen the news and reports that housing is sluggish in the waning summer months but rest assured there are still ways to stand out. Supplemented by a recent article from MSNBC.com, we at BARAK Realty want to give you a few skillful ways to accelerate your home selling process.
It all starts with the right price. The first thing author Allison Linn writes is also at the top of our list. In 2010, a fair and stable price in the marketplace is paramount to selling your home AND getting top dollar for it. Although you may want to price it high with the expectation of low offers, a glaringly high price might scare away consumers. Stay true to your market analysis and keep your price in the range of similar homes that have sold, not homes that are on the market.
One of our chief concerns in selling a home at BARAK is staging. When someone visits a home for sale they immediately imagine themselves in it. The worst thing for them to see is a messy or unkempt living space. Make sure to keep everything neat and expose the spaciousness of the property. A cluttered area will turn off the prospective buyer and leave you shaking your head.
The final point we took from the MSNBC article pertains to professional photos. With nearly every apartment searcher first scanning the internet, the use of grainy, non-descript photos becomes more obsolete. The old adage – you have to spend money to make money – rings true here as hiring a professional photographer, or going with a broker that offers the service, will keep you up to date with the competition.
Although it can seem like an uphill climb, there are always ways to get your home moving in a slow market.
We’ll see you home
It all starts with the right price. The first thing author Allison Linn writes is also at the top of our list. In 2010, a fair and stable price in the marketplace is paramount to selling your home AND getting top dollar for it. Although you may want to price it high with the expectation of low offers, a glaringly high price might scare away consumers. Stay true to your market analysis and keep your price in the range of similar homes that have sold, not homes that are on the market.
One of our chief concerns in selling a home at BARAK is staging. When someone visits a home for sale they immediately imagine themselves in it. The worst thing for them to see is a messy or unkempt living space. Make sure to keep everything neat and expose the spaciousness of the property. A cluttered area will turn off the prospective buyer and leave you shaking your head.
The final point we took from the MSNBC article pertains to professional photos. With nearly every apartment searcher first scanning the internet, the use of grainy, non-descript photos becomes more obsolete. The old adage – you have to spend money to make money – rings true here as hiring a professional photographer, or going with a broker that offers the service, will keep you up to date with the competition.
Although it can seem like an uphill climb, there are always ways to get your home moving in a slow market.
We’ll see you home
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