Category: Niche Marketing

Episode 029: How To Get Your Offer Accepted Every Time! No More Bidding Wars!

“Mike, how in the world do I get my offers accepted?” Buyers are getting heartbroken because their agents can’t get them houses!

Writing The Offer, Negotiation, and Setting Buyer Expectations
If you’re going to work so hard showing homes, you might as well get it to the closing table.

Writing A Strong Offer
• Ask the listing agent what they want
• You should double app with the listing agents lender
• Fax machines screwed up our market! This turned into emails and so forth! Hand deliver and try to shake hands with listing agent, it just gives this warm fuzzy feeling and gives you a chance to get to know them a little bit. It’s important sometimes to use old school family values in our business.
• Give a small but yet somewhat valuable gift (‘guilt presents’) to listing agent with offer (wine openers for example are great!)
• Send a package that’s meaningful and fun
• Your letter about the buyers should include a FAMILY PICTURE – Nothing more powerful! This shows that you are a serious buyer to the listing agent! If the person has no emotional attachment to your home, how hard do you think they’re going to fight, to close this escrow?
• A second letter should be from a BUYER
• Point out what buyers love about the HOME or YARD
• Let the agent know the buyers have had the chat about not ASKING FOR NONESENSE REPAIRS.
• Buyers are willing to BE FLEXIBLE AND SENSITIVE to all sellers needs; this is always a breath of fresh air and makes your statement so much stronger, minimizing contingencies!

The Details Matter Most
• So, minimize contingencies
• None is best
• Pre approval subject to appraisal and clear title only
• Earnest money should always be 5% OR MORE

I like to think that deposits do matter; it’s another step on your ladder that proves that you do have the money and you mean business and, at some point, you could be risking that deposit. So the higher the deposit, the more it will mean to me, and the more it will mean to that seller.

• Make the deposit NON REFUNDABLE
• Write an as-is clause in the offer or some call it PASS OR FAIL within 48hours
• Write an ESCALATION CLAUSE; what we write is ‘Buyer has the right to pay $1000 over the highest offer, not to exceed ___’. You got to protect your buyers with that, so that they don’t find themselves in situations where they can’t afford the house anymore.
• Include a COPY OF BUYERS CREDIT REPORT; when I am a listing agent, I always want to see that! Obviously get buyer permission
• Always provide PROOF OF LIQUID FUNDS; this is a big one for me as a listing agent!
• Write in a DELAYED CLOSING PENALTY Try $50-$100 per day; If you really love that house, this is just another piece of that ladder to get to the top!

Costs Paid By Buyer
• Have buyer pay selling agents COMMISION; there is nothing wrong with the buyer paying the commission!
• Buyer to pay sellers CLOSING COSTS
• Listing agent bonus PAID BY BUYER; it doesn’t really matter how it’s done. Check with MLS and State laws however.

How To Write Full Price Or Above
• Set up expectations at the initial BUYER CONSULTATION
• Price you offer like you were LISTING IT FOR SALE
• Go over all 90 DAYS COMPS
• Prep buyer for MULTIPLE OFFERS
• Remind the buyer that just because today there is only one, tomorrow could HAVE MULTIPLES. There could be another family writing as you speak.
• Agents might not always TELL THE TRUTH! Agents want to double end homes and male YOUR COMMISSION; they need to understand that.
• This is one of my favorite lines: Remind the buyers that a couple grand to save their dream home is pennies over the life of a tax deductible interest rate. If you only went out to dinner one time less, it will only make up for the difference!

Episode 027: Online Lead Conversion

Let’s talk about Internet Leads. If you missed Episode 26, go back and listen to it, to better follow us on this episode!

So how are Internet Leads different form Sign Calls?

Internet Leads
• They can be expensive! These platforms (e.g. Zillow, Realtor.com, Trulia etc.) have made it almost impossible for me to get my leads directly, without paying for them! However, now I am a huge fan of buying leads; building a team requires buying leads, just so that you have a guaranteed slew of leads to go through and this helps you diversify your resources!
Just like in Vegas, it’s almost impossible to win with a little bet. So the more you spend on Internet leads, the higher your odds of converting are. If you only have, say, $500 extra to spend don’t buy leads! Now, Facebook that’s a different story; $500 could bring you 50K.
• They are much colder than sign leads
• They are pushing buttons like crazy; Because we want faster information right now!
• If they’re rude, it’s OKAY. They’ve only gone through a cold stage, they’re not serious yet and they’ve got bombarded. It’s kind of like door knocking; you don’t know what these people are going through.
• It could take 7-11 months to really cultivate these leads, to find the right timing to get a hold of them, stay consistent, follow up, and build the relationship with them. Know your personality styles!
• Now conversation rate is down to 5%. So, as of today, we are only going to close 1 out of 20 leads. The point I am trying to make to the agents out there is, don’t be like me and first completely discard leads. Instead, learn to understand them and use them wisely; It’s a whole new world of Internet leads for us!
• If you think they’re real buyers, set the appointment no matter what. If you don’t somebody behind you is going to have a better script and getcha!

In a normal call from an Internet lead stress to them, “did you know that 50% of the homes available are not even on the computer yet? So if you knew that you had an agent committed to finding homes that are not on the market all day and every day, would you like to come see some with me?” “Sure” “Fantastic!” “So one of the benefits of working with Team Bjorkman is that we do find better deals that are not on the market…” So those same scripts with sign calls, Foreclosures, Short Sales, and Not On The Market. Sometimes we have to tell a story to have people understand, but it’s important to pick up on the buyer’s drivers, when they indirectly say that they are keeping up with the conversation and are curious to see know how you will put your words into action!

Find out their hot buttons, and again it is super crucial to state all properties are not online! It depends where they are in the process and in their life. Pick up on where they are in the process so say, if they got water boiling, dogs barking in the background, life may stop them from having a strong buying position. That’s why I like online leads, because you need to find out where they are at in the buying process by talking to them.

Episode 016: 5 Tips to Your Best Real Estate Year Ever

 

On this episode of the Real Estate Marketing Show we reveal the top five things every agent needs to be doing in order to have the 2016 of their dreams. From training and practice, to marketing, to prospecting.

These are the top 5 things every agent needs to do to have their best real estate year ever.

  1. Training
  2. Practice
  3. Marketing
  4. Prospecting
  5. Previewing Homes

You get all this, plus Mike’s top motivational tips to take you into 2016, on this episode of the Real Estate Marketing Show.

1. Training to Have Your Best Real Estate Year Ever

Work with a trainer.

And there are tons of them.  Here are just a few.

Don’t have the coin for that?

Try these free options

2. Practice to Have Your Best Real Estate Year Ever

  • Practice effective time management. Try Steve Chandler’s Time Warrior.
  • Practice being positive. Go to Amazon.com and type in affirmations, self help, self improvement, or sales skills. Make a practice of reading for 30-minutes every morning.
  • Create a morning practice for yourself. We both like The Miracle Morning by Hal Elrod.
  • You can join a network group. Either real estate or non-real estate related
  • Find a mentor. Even if it’s just someone who is really good at life.
  • Join a masterminds. What are other agents, in other markets, doing that you can steal and incorporate
  • Attend a real estate retreat like the Mike Ferry retreat. Or a non-real estate retreat like those given by Tony Robbins.
  • Practice good health. Holistic and natural health are important. If your health isn’t top notch, you won’t be top notch.

3. Marketing to Have Your Best Real Estate Year Ever

  • “We are marketing specialist with a real estate license.” – Shane Pendley
  • Take this time to re-look at your internet presence.  Are your blogs, landing pages, and websites all aligned and congruent?  Do they look the same, feel the same, and reflect the same attitude?
  • Review your marketing and giveaways for consistency of look and message
  • Be a subject matter expert.
  • Review your email campaigns

4. Prospecting to Have Your Best Real Estate Year Ever

You need to be prospecting. But you should choose something you’re good at and that you like.

Don’t like door knocking or cold calling? Then don’t do them.

Do what you like. Maybe that’s social media or sitting on a board of directors for a local non-profit.  The point is, you need to be “doing” something to prospect for new leads.

Farming

Whether you want to tackle your sphere of influence, expired listings, for sale by owners, or any other niche markets,
we recommend that you pick three.

Why three?  What happens if you perfected REO and then REO dried up?  You’d be out of luck.

So pick three.  Master them one at a time.  But spread that base.

5. Previewing Homes to Have Your Best Real Estate Year Ever

It may sound weird, but know your inventory, your market, your neighborhoods or tracts, or your new construction floor plans can make all the difference.

Here’s a video that Mike and his team shot on new construction.  Maybe it gives you some ideas.  Maybe you can record a video of your own on the subject.

 

Episode 006: Selling Real Estate in a Second Home Market

 

In this episode of the Real Estate Marketing Show we talk about the second home and vacation home niche. Our special guest this week is Lisa Ristow. Lisa shares with us her insights as to what makes an effective agent in a second home market.

FullSizeRenderLisa Ristow works at the boating mecca of the Colorado River. She is licensed in California, Arizona, and Nevada. Her market is about 50% second homes.

Starting in Murietta, CA in 1989 she rose to rookie of the year in her office. Today she is doing about 150 transactions a year. Which she personally considers a down year.

Be A Real Estate Expert In A Second Home Market

When she first moved to “the river,” Lisa’s first job was to get educated. She took specific courses on resort properties where she learned that in order to succeed she would need to be the go to resource for anyone looking for anything in that community.

That could mean entertainment, shopping, backroads, contractors, and insider tips and tricks. This not only provides a resource, but shows expertise and gains trust.

Part of working in a second home market is that you need to be a resource for buyers, but also for locals. Because it’s the locals that are going to refer you to the buyers.

Tips for Selling Real Estate In A Second Home Market

  1. When you’re considering places to advertise, the second home market could be a good place to think unconventionally. Maybe you wouldn’t normally advertise in a throw away paper, but folks from out of town might read the local free paper.
  2. Don’t overlook becoming a role player in your community, chamber, and charities. Get out and meet as many people as you can.
  3. Paid advertising on social media or pay-per-click. Be in the local Facebook groups where people sell stuff. That’s a great way to get known as an expert.
  4. If you’re a writer you might write a blog with the top 5 things to do next month. Think of things that a person visiting your town may want to do, and then write about that. And this idea doesn’t just work with second home locations.
  5. Offer as many concierge services as you can and become a problem solver
  6. Never discount any client. That doesn’t mean you don’t pre-qualify them over the phone first. But don’t judge a client based on price range.

Other Tips from Lisa Ristow

One of the biggest takeaways from Lisa’s interview was that real estate is black or white. The client is happy or not. She doesn’t allow for a middle ground.

For Lisa, burning bridges isn’t an option. And she distills her whole business philosophy down to, “Do the right thing.”

Lisa Ristow

The Ristow Group
(928) 234-6944 [cell]
(928) 763-1234 [office]
The Ristow Group
Lisa Ristow

 

Episode 005: Real Estate Niche Markets

 

In this episode of the Real Estate Marketing Show we talk about how to use real estate niche markets to propel your real estate business. One of the most effective ways to jump start your real estate business is to pick a target market. In real estate a target market is sometimes called a niche market.

Vincent Arcuri

Our guest for this episode is Vince Arcuri. Today he shares with us how he went from being a 28 year old janitor at a power plant to the number one agent in the world for ERA.

VinceArcuriVince discusses how he positioned himself as the local agent for celebrities. From WWE superstars, to NFL athletes, to Hollywood celebrities, to politicians.

Vince started by suggesting stories to reporters. And this is an important key. He didn’t wait for his phone to ring. He made someone else’s phone ring.

Fast forward to today and we call that content marketing. Giving value unconditionally knowing that some day the value given could be the value received.

How To Use Digital Marketing on Real Estate Niche Markets

Vince also shares that he is a huge fan of digital marketing. He finds the results much more trackable than postcards.

First you shoot a brief video. You can use your cell phone for this video. It doesn’t need to be highly polished.

Then put your video on Facebook. Vince gives us some tips about how to buy paid boost advertising on Facebook by zip code. It’s the new geographical farm.

Other Marketing Tips for Real Estate Niche Markets

We asked Vince to give us a few real estate marketing tips. What would he do if he were dropped in your town and needed to make sales. Here’s what he says.

  1. Ask for the referral
  2. Be top of mind with your sphere
  3. Shoot brief videos and boost them on social media
  4. Knock on every expired door
  5. Target direct mail to 20 houses a month

Also Mentioned In This Episode