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Do You Really Want More Sales?

Sep 21, 2019 by

Remember that business goal you set at the beginning of the year? You know, the one where you enthusiastically declared how this year would be the banner year? The one where you were finally focused on racking up more sales for more income? Your plan may have included commitments to doing a better job of connecting with more people to convert more prospects into profits.

As we enter the final quarter of the year, it’s often inevitable that your focus and commitment get lost in all of the everyday distractions that riddle the job of making sales.

So…

  • Are you at least halfway to your sales goals?
  • Have you stuck to your commitment to contact more people daily?
  • Has the consistency of your prospecting converted to more sales?
  • If you’re not where you expected to be, now is the time to monitor, readjust and refocus on your plan.

Successful professionals are willing to invest in proven routines that, when done with purpose and consistency, yield more sales, more income and, ultimately, the success you seek. When you’re highly connected to your why for what you’re looking to accomplish, the habits and actions necessary to get there become a “want to” instead of a “have to.”

Here are a few tips to help you reignite, revitalize and refocus in order to get to the profit zone:

1. Talk to more people…every day. This isn’t about cold calling people and asking them if they plan on moving anytime soon. No one wants to be solicited for “leads” to help you make your sales quota this month. Your purpose is to provide value to your sphere of influence, your database of past clients, prospects and farm area. Instead of asking, think about sharing relevant information or data of interest that can save them time and money. Everyone wants to be “in the know,” which means they’re always curious about upcoming trends as they apply specifically to them—their home, their investment, their well-being. When you shift your message from a high level to a hyper-local level, the interest level and engagement increases.

2. Make it personal. Let them experience you as their “celebrity authority.” Use video email or video on social media to share short bits of information that are interesting or pertinent to your target market. Shoot your video on-site instead of at a desk in order to show that you’re actually visible in the areas where you’re offering information or points of interest.

3. Don’t overcomplicate the process. Sales is about talking to more people more consistently. Lead generation platforms help you identify prospects who have shown interest in buying or selling, but those leads may be months or years to the point of conversion. Take advantage of the people that already know, like and trust you. Plan three ways to touch them during the year:

  • One face-to-face meeting
  • One meaningful touch (personal birthday message, congratulations on new job, happy anniversary, etc.)
  • One letter of value

Nothing changes until you change. Stop burying yourself in the “busy” of your work, and start focusing on the dollar-productive routines that will get you to where you want to be by the holidays. They’re just around the corner, and the time to start is now.

For a complimentary copy of “How to Close 86 Transactions a Year or More,” and other success tools, visit http://bit.ly/2zSyD4k.

Terri Murphy is a communication engagement specialist, author, speaker, consultant and master coach with Workman Success. She is the author of five books, a TED Talk speaker and co-radio host on KWAMtheVoice.com. For more information, please visit TerriMurphy.com or email Terri@TerriMurphy.com.

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Keep More of What You Make

Sep 17, 2019 by

There are few business opportunities that have a lower cost of entry and a higher income potential than real estate sales. Why then are so many agents and brokers living closing to closing?

The problem lies in understanding what we make (our gross income) and what we keep (our net income), and how to allocate resources from there.

Most team leaders and agents that we coach work on a cash-in, cash-out system—often in their personal checkbook. Rule one: Always separate your real estate income and expenses and your personal income and spending. Additionally, you should have separate credit cards for business expenses and personal expenses for ease of tax-time recordkeeping.

Once a commission check passes through your business account, you can “pay” yourself whatever you like (see your cash-flow budget). Now, the money coming into your personal account will be your “income.” The first step should be to set aside 20 percent of the money in a tax “bucket.” This “bucket” is a separate savings account where you can accrue money you owe for federal and state income taxes.

Next, set aside 10 percent in a savings “bucket” to build a minimum of six months’ reserve. Those of us who survived the market crash of 200-2010 remember the transition period when we had to determine which side of the business to work to continue to make money during every shift, even when we were doing the right money-making activities daily. Having a good savings reserve provides a safety net in case you find yourself in similar situations that are out of your control.

After we’ve built the basics, we can move to “elevating our wealth.” Always start by paying off high-interest debt. Most people can get a 27 percent return on investment (ROI) by paying off credit card debt. Next, you have to realize that true wealth is built through regular small investments in low-cost index funds over long periods of time. Most people overestimate the return of the big score and underestimate the return of long-term investment. Pay yourself first. As little as $ 25-$ 50 a week can add up to $ 1,000,000 given 30-40 years to grow.

A self-directed IRA, also known as a “checkbook” IRA, can be a great vehicle to leverage our real estate investment opportunities (rentals and flips) and build additional streams of retirement income and wealth for future generations.

In summary, separate your commission/real estate income expenses from your personal expenses; budget for taxes with every check; build a six-month savings account; pay off and avoid high-cost debt (i.e., live within your means); pay yourself first and build a long-term, low-cost investment portfolio; and use tax-deferred, self-directed IRAs to leverage real estate opportunities.

Nearly three decades of real estate experience—including 15 years of coaching with Verl Workman—has made Jim Knowlton one of the top agents in the country and one of the most popular coaches on the Workman Success Systems’ team. In addition to serving as director of Coaching for Workman Success Systems, Knowlton also owned and managed several real estate franchises, earned numerous awards for his performance and continues to lead a Keller Williams Mega Agent team in New Hampshire today. Contact him at Jim@WorkmanSuccessSystems.com. For more information, please visit www.workmansuccesssystems.com.

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Fannie Says More Rate Cuts on the Way

Aug 21, 2019 by

Fannie Says More Rate Cuts on the Way CLICK HERE to ATTEND BRIAN’S WEBINAR

The post Fannie Says More Rate Cuts on the Way appeared first on National Real Estate Post.

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More on the Non-QM Patch

Aug 15, 2019 by

More on the Non-QM Patch

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Listing Price vs. Listing Timing: Which Is More Important?

Aug 7, 2019 by

One of the most difficult decisions a real estate agent needs to make is when to put a listing on the market.

However, putting too much emphasis on timing as opposed to determining the appropriate price of the listing can be counterproductive and result in listings staying on the market for months. We talked to expert trainer Tami Simms about how the listing price is often more important than the time of year that a property gets put on the market.

Play the video to listen to the interview, or read a summary of the transcript below.  

The Timing Fallacy
It’s common to talk about real estate as a seasonal industry, suggesting that sales are related to the time of year rather than recognizing that market conditions, relocation patterns, correct pricing and any number of other factors can have a far greater impact than timing or season. According to Simms, no two years are the same, and home sales can take place at any time of year.

For example, many luxury real estate agents spend the summer on vacation based on the assumption that their high-end clients are out of town, as well. They advise clients to hold off on listing their homes, believing that there won’t be sufficient traffic and that the home will sit on the market.

In reality, of course, people buy homes at all times of the year. Buyers with children want to close before the school year starts. Spring markets run later some years than others, depending on weather patterns and late storms. This means that there are no hard-and-fast rules when it comes to the timing of a listing. 

The Days on Market Fallacy
According to Simms, the other erroneous belief is that homes listed in the summer will languish on the market because of reductions in summer traffic. The suggestion is that the increased days on market and attendant price reductions are caused by the timing of the sale.

Simms pushes back at this logic, saying that when tracking the numbers and comparing those price-reduced listings to properties that sold close to list price, it’s clear that the difference was not when the house was listed, but how well it was priced. A poorly-priced home will languish on the market until price reductions bring it in line with the market assessment of value. This is true any time of year.

The Pricing Factor
Simms analyzed three years’ worth of condo sales in the $ 1 million-$ 2 million price range. She then looked at outcomes and overall buying activity, determining that if a home was priced appropriately, it would sell no matter what time of year it went on the market—even if there was an overall decrease in market activity.

According to Simms, in today’s digital environment, potential buyers don’t shut themselves off completely anymore when they go on vacation. With the prevalence of listing portals and social media, an interested buyer can stay in the loop no matter where they are. That means that “it doesn’t matter if they’re sitting in North Carolina or if they’re in Alaska or what they’re doing,” said Simms. “If the opportunity comes up and the price is right, and the product is desirable, they’re going to act on it whenever that is.”

Diane Hartley is the president of the Institute for Luxury Home Marketing, a premier independent authority in training and designation for real estate agents working in the upper-tier residential market. Hartley brings her passion for luxury marketing and more than 20 years of experience growing and leading businesses to her role as president of the Institute.   

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