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9 Self-Management Insights for Real Estate Professionals

Jul 19, 2019 by

Ninety-five percent of the problems you and I have in the area of time management are not really about managing time at all. What most of us call time management is really about managing our attitude.

Chances are good that you’ve attended a time management seminar before, or you’ve read a book or listened to an audio on the topic. There’s also a good chance that after those things you weren’t much more empowered or effective in the area of your time than you were before. That’s because, in my opinion, time management is really an attitude issue, not a technique issue. By attitude, I’m talking about being truly focused on and enthusiastic about your goals. You see, when you are really passionate about your goals, your vision, your Next Level, etc., you’ll automatically do the most productive things to achieve those goals.

  1. Think like a ballerina. When a ballerina is being the dance, it’s a beautiful sight to behold. When she is simply doing the dance, that’s when she messes up. If you want to become effective in your career, and you want to really master managing your time, then focus on “being” real estate and not “doing” it. When you’re “doing” real estate, that’s when it’s work; that’s when it’s all effort. When you’re “being” real estate—when you’re being what you say you’re committed to—then your actions will just naturally correlate with that commitment.
  2. Think self-management, not time management. Time management isn’t real. You can’t manage a second or a minute. Time just is. But what we can manage is ourselves in that time. We can manage our actions.
  3. Work by objective, not by crisis. Working by crisis might mean that there is no money in your bank account. Now we’ve got to go out and list and sell to get some money to get out of crisis. Working by objective, on the other hand, is having goals, designing who you are, determining your Next Level and living from that. When you do that, you have less stress. So, the concept is to consciously manage your actions.

    What determines the actions one takes? What you’re committed to (your objectives, goals, and commitments). Here’s an example: Some days seem really long while others seem to fly by. Have you ever cooked for a family event? You have so much to do—you must cook loads of food, clean the house, do the laundry, etc. When you are in action, there are no thoughts, judgments or opinions getting in the way. Ten times more is done in this short period of time because you’re working with this objective, this goal of what you’re committed to. Take that concept and apply it to your career. When you’re committed to something happening in your career and you’re crystal clear about it—and when you’ve got a real desire to reach the Next Level—your actions will automatically flow. Time goes by quickly and you get the results to show for it. That’s when real estate’s not hard. That’s when it’s fun and exciting.

  4. Time management is a system of organized activities. We have this in certain areas of our personal lives; they’re called routines. Routines are useful to establish positive behavior patterns that bring about the results we desire. Later in this chapter, I’ll give you specific techniques that will help you to build powerful routines.
  5. Time can be invested. You can invest your time. It’s like when you invest five dollars and make ten back. You can invest five minutes of your time and get back great results. You’re in the office from six to seven. You can return phone calls, clean your desk or pick up the phone to schedule listing appointments. What would be the best return on your time invested? My point is, start to look at your time as a valuable commodity. Invest it as you would invest in stocks or bonds, like you would invest in anything that would give you a positive return on your investment.
  6. You can’t get it all done! This is a truism. You can’t. At the end of the day, you’re going to still have things that you didn’t get finished, so stop trying to get it all done in 24 hours. It’s like a rat on a wheel in a cage. We work longer hours, we come home stressed, we unload it on our spouse, and so on. Understand this concept: you’ll get as much done as you get done. Period.
  7. Do something as opposed to nothing. This is for the procrastinators. Get busy. If you’re sitting in your office and you’re procrastinating, or you’re taking papers from one side of the desk and moving them to the other side and then back again, you’re procrastinating. If you’re sitting in the office and it’s six o’clock and you’re trying to think of what the most productive thing would be to do at this time… you’re thinking and thinking and thinking and thinking, and you’re looking and you’re searching… I’m saying stop all that nonsense and just get busy.
  8. Live a balanced life. How many hours are there in a week? 168. We have a career, family, personal obligations, which includes sleep. According to Alan Lakin, who wrote “How to Manage Your Time and Life,” a good workweek consists of two 12-hour days, three nine-hour days and one four-hour day. That’s a total of 55 hours per week. Here’s the point of this. If you spend 55 hours in business and let’s say you have 73 hours personal (including sleep), that would leave you with 40 hours for family. That would total 168 hours. What most of us in the real estate profession do is we work more than 55 hours, and then we take the extra hours from somewhere else, typically our family.
  9. Work a schedule. Let me tell you something. In my travels, I’ve met many top-producing salespeople. What makes them top producing is that they work a schedule. If something falls outside of their schedule, they do one of two things. They’ll either not do the business, or they’ll do the business knowing that they have to make up for it somewhere else. What I would do if I were you (especially if you’re having some struggles at home) is to make up a work schedule from Monday through Sunday and give it to your spouse and your manager and tell them that this is what you’re committing to. I’ll tell you something else. In one of my training programs, there was an agent in Austin, Texas who was the top-producing agent in the whole program for a three-month period. What was really interesting is that he was a part-time agent and he listed more houses than any other full-time agent in this program. Why do you think that was? Because he managed his time. I asked him how he did it. He said, “When you can only work from six to nine at night you have to be busy. You can’t take the time, when you go into the office, to talk with people. You have to be productive.”

The bottom line is when you set a schedule for yourself and you’re serious about keeping it, I promise you that you’ll be more productive.

Darryl Davis, bestselling author of “How to Become a Power Agent in Real Estate and owner of Darryl Davis Seminars, has trained and coached over 100,000 real estate professionals around the globe for more than 27 years. He is the founder of the Next Level® real estate training system, The Power Program®, which has helped agents double their production over their previous year. For more information, and the new agent tools that can help take you to your Next Level®, please contact darryl@darrylspeaks.com or visit www.ThePowerProgram.com/NewAgentSuccess.

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Putting the Pieces Together: How Quicken Loans Masters the Mortgage Process and Empowers Real Estate Professionals and Their Clients

Mar 3, 2019 by

Editor’s Note: This is the cover story in the March issue of RISMedia’s Real Estate magazine. Subscribe today. 

When many people think about buying a home, the words “trust” and “confidence” don’t readily come to mind, especially when it comes to locking down a mortgage.

But Quicken Loans is on a mission to change that.

“In a process that is filled with challenges and questions, we want to provide as much certainty for clients and agents as possible,” explains Joel Gurman, Quicken Loans executive vice president of Mortgage Banking. And the introduction of programs powered by technology, big data and consistent communication is making that happen.

“Quicken Loans has a different face now,” says Stevie Spargo, a 30-year real estate veteran and executive broker with Crye-Leike, a real estate services company in Arkansas. “We were skeptical of them in the beginning, being an online lender, but we decided to give them a try. Now I use them a lot, and they’re great. I can depend on what they tell me and the quickness of the process, and that helps me get more business.”

Trust and Confidence
Driving this revolutionary approach at Quicken Loans are three critical, yet often elusive, goals for the mortgage process: trust, communication and confidence.

“The No. 1 thing between a client, a real estate professional and a mortgage lender is trust,” says Tom Dempsey, Quicken Loans vice president of Business Development. “There’s nothing more important.”

To help create that environment of trust, Quicken Loans has added a unique layer of communication into the mortgage experience by introducing Agent Relationship Manager teams. Quicken Loans spent years developing the role of Agent Relationship Managers, and the teams pair all real estate professionals who have a client working with Quicken Loans with their own personal Agent Relationship Manager. Fully licensed in the agent’s state and able to discuss all loan-level inquiries, the Agent Relationship Manager serves as the agent’s main point of contact throughout the buyer’s mortgage process and eliminates the need to communicate with multiple people. Agents now have a dedicated point person in their corner—one who will do whatever is needed to ensure a timely closing.

They also now have an unmatched level of confidence in the mortgage financing equation, thanks to the Power Buying Process™, which was introduced in 2018 and is only offered by Quicken Loans. By giving the ability to underwrite a client’s income, assets and credit in less than 24 hours, the Power Buying Process offers homebuyers a Verified Approval. The average preapproval can fall through for a variety of reasons, but a Verified Approval has the strength of a cash offer.

Real Approval, Real Power
“There are a lot of variables involved in the traditional preapproval process that, historically, can present problems for the homebuyer, the real estate professional and the lender,” explains Dempsey, “and it undermines trust.”

That’s why Quicken Loans sought to infuse the mortgage process with clarity and confidence through the Power Buying Process, which, says Dempsey, removes subjectivity from the preapproval process.

“We live in a world of data, which allows us to get Verified Approvals quickly. This creates incredible confidence and turns you into a dependable partner because what you say you’re going to deliver, you actually deliver. And having a Verified Approval instills confidence in the real estate professional, as well as in the borrower. It minimizes the risk that something could go wrong.”

Gurman stresses, “This is not a prequalification. This is a complete preapproval where clients can lock in their interest rate.”

The road to Verified Approval can come through a traditional Quicken Loans mortgage or through Rocket Mortgage, Gurman says. The difference lies not in the quality of the approval, but in the avenue a client takes to get there. Rocket Mortgage allows consumers to go through the loan approval process online, at their own pace.

Rocket Mortgage, which debuted with great fanfare in 2016, represents a revolutionary step in modernizing the mortgage process.

“We no longer compare ourselves to the local mortgage office or a big bank, because today’s consumers are comparing their home-buying experience to an Amazon experience,” explains Max Wegner, Quicken Loans vice president of Enterprise Client Relationships. “The mortgage process has never gone through this significant of a transition. Quicken Loans became a leader in evolving the mortgage process when we launched Rocket Mortgage, and the Power Buying Process is the next step.”

Rocket Mortgage approvals are not part of the Power Buying Process, but according to Gurman, they are just as powerful.

“Rocket Mortgage imports a client’s income, assets and credit—it knows everything about that client in order to approve that client, so the agent can do what they do best, which is help the buyer find the best property for them,” Gurman says. “It’s also a big win for clients because we’re finding that sellers are more apt to accept these approvals.”

Wegner says the goal of programs like Rocket Mortgage and the Power Buying Process is to give homebuyers the same level of confidence and clarity they experience in other areas of their lives.

“Everything in life should be radically simple,” he explains, “not, ‘Everything in life should be radically simple—except buying a home.’ We want to give clients and real estate agents the level of ease and certainty they expect in the rest of their lives.”

Programs like the Power Buying Process also arm real estate professionals with a new level of confidence when working with buyers in the field.

“The person the homebuyer has the most face time with is the real estate professional,” says Dempsey. “They’re bearing most of the responsibility for the pieces that need to fall into place to get this person into the home, and a key piece of that is the mortgage financing. The Verified Approval gives real estate professionals the confidence to execute and deliver the final result.”

The Power Buying Process packs the most punch when it reaches its final step: RateShield™ Approval. This option locks in a buyer’s rate until they find a new home (for up to 90 days). It also gives them the ability to lower their rate if rates go down after they find a home.

“We know the volatility of the market,” Gurman says. “Rates change every day. We offer certainty—not only in the quality of the approval, but certainty in the price of what they’re getting.”

“By locking in the interest rate, it shows that as the lender, we are committed to closing the mortgage for the client,” adds Wegner. “That should give confidence to real estate agents that we are backing this with more than just a piece of paper. This is an opportunity to show how vested we are.”

A Relationship You Can Count On
While a Verified Approval goes a long way toward creating trust and confidence in the mortgage process, nothing compares to having a dependable, communicative partner to rely on every step of the way. This is where the Quicken Loans Agent Relationship Manager comes into play.

According to Agent Relationship Manager Ben Sible, “We bridge the gap in communication between the real estate and lending worlds. For years, Quicken Loans has been focused on creating the solution to provide consistent agent communication at the level our agent partners deserve. My role was created and developed for this very reason—to provide our agents with a main point of contact for every client working with us. My responsibility is to proactively keep our agents informed every step of the way, just as we do with our clients.”

Chris Corry, a top-producing REALTOR® with Berkshire Hathaway HomeServices PenFed Realty in the Washington, D.C., area, sees the benefits of having an Agent Relationship Manager.

“The Relationship Manager has strengthened communication and streamlines the process because I have one point of contact,” Corry explains. “I have my contact’s cellphone number, and I can correspond with him on a Saturday at 11 p.m. if I need to. I’m not relegated to Monday through Friday banking hours.”

Jennifer Jenkins of the Marvine Jenkins Team at Long and Foster Real Estate agrees.

“Working side-by-side with my Relationship Manager has been nothing short of a perfect fit,” she says. “He is there for me and my buyers 24 hours a day. With him by my side, I feel as if we can always get it done.”

As Quicken Loans Agent Relationship Manager Rachel Rye puts it, her role “helps eliminate all the voices.”

“We work with specific real estate agents, whether they handle one transaction or 15. From approval all the way to closing, we are their point of contact,” she explains. “There are times when the agent has several clients, and they’re dealing with different loan officers. This way, no matter who the client or the loan officer is, they still have me. When there are a lot of voices involved, there’s a lot of miscommunication.”

Kristyn Cooley, a REALTOR® and associate broker with Crye-Leike in Arkansas, says, “Having someone I can directly reach and speak to makes all the difference.

“It is much easier for me and my clients to speak to one or two people on a regular basis,” she explains, then adds: “Someone who understands their file without more explanation.”

Sible wears a multitude of hats in his role. In addition to being an Agent Relationship Manager, he has 10 years of experience as a federally- and state-licensed Mortgage Loan Originator (MLO), which enables him to assist with all loan-level inquiries, from program offerings to appraisal questions.

But the real superpower of the Agent Relationship Manager is the ability to streamline the process and get agents and their clients to a faster closing.

“This allows agents to focus solely on the needs of our mutual client,” says Sible.

Corry agrees.

“It enhances and streamlines the communication, and there’s a lot of downstream impact for my clients. They benefit from real-time responses when things come up while they’re dealing with the mortgage. It all goes back to having one point of contact.”

Agent Relationship Managers also provide agents with important intel regarding clients.

“We can let them know that a client is still waiting on documents, so don’t go out and show them properties yet,” says Rye. “We don’t want the agent to be in a situation where they’re putting an offer on something that the client’s not ready for. We want to make sure it’s a strong offer, and that we can get the transaction going right away.”

Agents are also able to refer prospective buyers to their Agent Relationship Manager to inquire about preapproval.

“A lot of first-time buyers are not preapproved, so I send them to my Relationship Manager, and he can tell me in 10-15 minutes whether they can be approved,” says Spargo. “And if they can’t, he works with them and tells them what they need to do to get approved.”

Perhaps the biggest benefit of an Agent Relationship Manager is the virtually round-the-clock availability, something busy real estate professionals find invaluable.

“We believe it is important to be available seven days a week to update our Pre-Qualification and Verified Approval Letters for agents ready to place an offer,” says Sible. “We provide agents with our cellphone numbers and give them access to us through email and text, as well. I make myself available to help with any need, anytime, anywhere.”

Corry can attest to this.

“Access is 24/7. If I’m writing an offer over the weekend and need the lender letter, it’s easy to reach out to my Relationship Manager. The Relationship Manager even allows me to work with certain loan officers if I want to. That way, if I’m working with more than one Quicken Loans client, I can review the whole portfolio at once. That’s a tremendous benefit.”

It All Goes Back to Trust
“When an agent works with me transaction after transaction, we’re building a relationship,” says Rye. “They know that they can call me on a Sunday afternoon for help with a new client they’re working with. They know I’m available. We’ve worked together on other transactions, and we’ve built trust. When you’ve shown your value to someone, they know they can rely on you.”

And this, in turn, empowers real estate professionals to be there for their clients.

“Since my clients feel like they are getting the personal service they deserve, they are much more relaxed,” explains Cooley. “The home-buying process can be intimidating, so taking that part away is very helpful to them and to me as their REALTOR®.”

Working with Quicken Loans through her Agent Relationship Manager has enabled Spargo to build her business in a small town where word-of-mouth referrals are invaluable.

“It’s amazing to be able to pick up the phone and get someone you know, trust and respect because of what they’ve been able to do for your clients,” says Spargo. “You know you can depend on what they’re saying. It’s good for my clients, too. They can go online or call directly and know exactly where they are in the process and what they have to do.”

Jenkins also benefits from referrals that come her way thanks to positive experiences she provides with the help of Quicken Loans.

“The amazing portal Quicken Loans and Rocket Mortgage offers to me and my buyers makes the buying process seamless,” she says. “There is never a question of what is expected or where we are in the process. This makes everyone look good, and when we look good, buyers tell their friends and family.”

More Great Experiences In the Future
For Quicken Loans, reinventing the mortgage process is an ongoing journey that requires a constant eye on the changing needs of consumers and real estate professionals.

“If it isn’t broken, we want to break it in the right ways,” says Gurman. “We’re constantly talking to agents to get their feedback and find out ways we can make their lives easier, whether that’s through technology or process improvements.”

Wegner adds: “We are making sure we stay close to our consumers and engaging our real estate professionals in the development process. We are looking from the outside in, versus staying on the inside. We are completely committed to delivering value to our client, not what we believe to be value.”

The End Goal Is to Build a Positive Experience
“In today’s world, clients are looking for you to create a memorable experience,” says Dempsey. “‘How did you make me feel?’ That’s what directs you back to a specific brand and makes you want to work with them again. The Power Buying Process is one step in our goal to create the most memorable experience we can for a client.”

Gurman says that the process is still evolving.

“We want to continue to revolutionize the process for agents and for homeowners and create an amazing experience. We are truly committed, at the highest level, to build out an experience that is second to none and that gives everyone certainty in the home-buying process.”

For more information, please visit RealEstate.QuickenLoans.com.

Maria Patterson is RISMedia’s executive editor. Email her your real estate news ideas at maria@rismedia.com.

The post Putting the Pieces Together: How Quicken Loans Masters the Mortgage Process and Empowers Real Estate Professionals and Their Clients appeared first on RISMedia.

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Video: Personal Safety Tips for Real Estate Professionals

Mar 30, 2018 by

Editor’s Note: This is part of a monthly video series from the National Association of REALTORS® to inform and educate members about important aspects of being a real estate professional. Watch for this series each month in RISMedia’s Daily e-News.

Introducing the new REALTOR® Safety video, “Personal Safety Tips for Real Estate Professionals”, from the NATIONAL ASSOCIATION OF REALTORS®’ (NAR) REALTOR® Safety Program, which highlights safety protocols that all agents should implement into their daily routine and follow with every client, every day, every time. Watch the video here and be sure to share it with your agents.

View the video at www.nar.realtor here.

For the latest real estate news and trends, bookmark RISMedia.com.

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10 Must-Know Tax Deductions for Real Estate Professionals

Mar 12, 2017 by

As a real estate professional, you’re likely used to juggling lots of data. But when it comes to tax-time, you’d be surprised to know there are many deductions you may be overlooking. Brush up on the following information to maximize your deductions and save big on expenses. And don’t try to go at it alone; QuickBooks Self-Employed auto-categorizes over 70 percent of business transactions for you, saving you time and money when tax season rolls around.

Marketing.
From online ads to business cards, websites, flyers, signs and even commercials, successful real estate agents are well versed in the gamut of marketing material. But how do you deduct these marketing expenses? The great news is that all marketing fees, even writing and design hire-outs, are deductible. From the agency that designed your website to the copy-editor who proofreads your print material, you can deduct these costs annually.

Mileage.
If you drive 10,000 miles or more annually for your real estate business, you’ll get the biggest tax break if you take the standard mileage deduction, versus tracking every single auto-related expense. In order to take the standard mileage deduction, you will need to keep a detailed log of your driving, including the date and time of your trip, as well as the exact mileage. Sound overwhelming? It doesn’t need to be. You can track this easily with the QuickBooks Self-Employed tool.

If you drive less than 10,000 miles, you may save more by tracking each expense. Learn more about deducting your standard miles versus actual vehicle expenses here.

Office supplies.
Staples, printer ink, photo copies, postage, oh my. It may seem like you’re endlessly shelling out bucks for office supplies. These are tax deductible—as long as you save your receipts. Other office supplies that are deductible are big ticket items like printers, scanners, and computers used for work-only. You can also deduct your office phone line, or the portion of your cell phone that you use for work.

If you feel overwhelmed logging all your receipts, utilize Quickbooks Self-Employed to simplify the process. With this took, you can snap a photo of your receipt to store it digitally.

Home office.
Do you have a home office? You can write it off. You don’t need to have a whole room dedicated to your work—even a nook carved out of the family room or spare bedroom count toward that home-office write off. There are two options when writing off your home office. Many self-employed agents opt for the simplified method in order to make the most of their deduction, but if your home office is huge (think that refinished basement), or you live in an extremely costly area, the “regular” method of tracking your actual expenses may bring more bang to your deduction bucks. You can learn more about each approach here.

Desk fees.
If you pay a desk fee at your office or brokerage, then you can write this fee off. Using Quickbooks Self-Employed, you can set a rule to automatically categorize your desk fee as an expense, whether its monthly, quarterly or annually. However, it’s important to note that if you’re deducting a home office, you can’t also deduct your brokerage desk fee. It may seem unfair if you work both at home and at an office, so crunch some numbers to determine which deduction will yield a bigger benefit.

Meals and entertainment.
It may seem strange to deduct entertainment and food from your taxes, but it’s pretty typical, especially if you spend many lunches shmoozing potential clients or chatting best practices with colleagues. Whether you’re traveling or catering to clients in your home-town arena, you can deduct 50 percent of your total expense, which includes tax and tip for the meal. If you threw an open-house, you can deduct 100 percent of your spend on food and refreshments.

Membership fees.
As a real estate professional, your state license renewal, professional memberships, and MLS dues are all tax deductible. Business insurance, E&O insurance and any real estate taxes necessary for your business are also fully deductible. The only membership fees not deductible are those attributed to lobbying or political advocacy. Click here for more information on what is deductible.

Software and tools
From lead-generation tools to CRM software, the majority of your business tools are tax deductible.

Travel
If you’re traveling for a real estate event you will likely be able to deduct your transpiration and accommodation costs. Be sure to properly track your travel info using Quickbooks Self-Employed. With this tool, you can track travel expenses immediately with a simple click of a button.

Education
As the industry shifts, successful real estate professionals need to stay on top of their education to remain relevant. In many states, continuing education is a requirement for real estate professionals. Whether you’re attending classes, conferences or trade shows, or shelling out for coaching, track these expenses and deduct them at tax time.

In order to make the most of your tax deductions, consider using QuickBooks Self-Employed to automatically track expenses and be fully prepared come tax time.

For the latest real estate news and trends, bookmark RISMedia.com.

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Content Marketing for Real Estate Professionals

Oct 2, 2015 by

Having a website is a great start as a professional platform to gain contacts, but you’ll soon find that it isn’t enough to bring in the volume of leads needed to realize your goals as a real estate professional. You will find, however, that you’ll be much more successful after building an online reputation as a leader […]
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