Friday, December 17, 2010
Thursday, December 16, 2010
Best Mobile Apps for Home Buyers
I am often asked which mobile apps I have on my Iphone. Well, I have 16 apps that are related to my profession. Many of these are of the professional nature that allow me to conduct my business in the most efficient way possible. Most of these don't apply at all to the consumer based property search apps. But, I do have, in this batch of 16, many property search apps.
Buyer's and seller's need the search applications that can give them immediate access to the available properties and information on these properties.
So, if you are a buyer or seller of a home, what applications should you have on your mobile device? There are numerous ones to select from, but you only need a few to be confident that your search will be a success. Here are my recommendations.
For property searches, I have previewed and used most if not all the available apps. I like two of the national brands.
Redfin just seems to be very user friendly. I like the layout and the information is accurate and timely. Also, Realtor.com is a very good app. For national brands, I think these are the only two you would really need. Many people are using Zillow and it gets high marks, but if you are depending on it for property valuation, be careful because myself and many clients have found numerous mistakes when it comes to the valuation part of this service.
You should also have an app that has access to your local MLS and is provided by a realtor. Look for a realtor in your market area that you can work with that has his/her own personal real estate search application. I have my own application for my clients. The reason for providing this is it allows the folks I am working with to search from this app and if they have a question or would like to set an appointment to see a property they can touch the "call" icon and they are connected to me directly. This is beneficial because they don't have to "fend off" every realtor if they were to call on each property while searching. Also, from the app they can save and send the properties they like directly to me, so that together, we get a real focus on what we are looking for in a home. These apps are free and easy to download. I subcontract with Smarter Agent in my design of the app. It has all the same attributes of the national brands but it allows my clients to share their preferences while accessing my market knowledge. This app can be downloaded to your smartphone by texting Kev to 87778.
If your realtor does not have a personal mobile app, ask them to get one, it will help with your search and information gathering.
One last thing on local real estate searches. As a realtor, make sure that your website is adapted for mobile. In other words, if it is bookmarked on a mobile device by your clients, the configuration should be simplified for easy use. I did this with my site and the interface and functionality is greatly simplified. Again, easy to do.
Here is an article that rates the national real estate apps.
Click Here
Buyer's and seller's need the search applications that can give them immediate access to the available properties and information on these properties.
So, if you are a buyer or seller of a home, what applications should you have on your mobile device? There are numerous ones to select from, but you only need a few to be confident that your search will be a success. Here are my recommendations.
For property searches, I have previewed and used most if not all the available apps. I like two of the national brands.
Redfin just seems to be very user friendly. I like the layout and the information is accurate and timely. Also, Realtor.com is a very good app. For national brands, I think these are the only two you would really need. Many people are using Zillow and it gets high marks, but if you are depending on it for property valuation, be careful because myself and many clients have found numerous mistakes when it comes to the valuation part of this service.
You should also have an app that has access to your local MLS and is provided by a realtor. Look for a realtor in your market area that you can work with that has his/her own personal real estate search application. I have my own application for my clients. The reason for providing this is it allows the folks I am working with to search from this app and if they have a question or would like to set an appointment to see a property they can touch the "call" icon and they are connected to me directly. This is beneficial because they don't have to "fend off" every realtor if they were to call on each property while searching. Also, from the app they can save and send the properties they like directly to me, so that together, we get a real focus on what we are looking for in a home. These apps are free and easy to download. I subcontract with Smarter Agent in my design of the app. It has all the same attributes of the national brands but it allows my clients to share their preferences while accessing my market knowledge. This app can be downloaded to your smartphone by texting Kev to 87778.
If your realtor does not have a personal mobile app, ask them to get one, it will help with your search and information gathering.
One last thing on local real estate searches. As a realtor, make sure that your website is adapted for mobile. In other words, if it is bookmarked on a mobile device by your clients, the configuration should be simplified for easy use. I did this with my site and the interface and functionality is greatly simplified. Again, easy to do.
Here is an article that rates the national real estate apps.
Click Here
Tuesday, December 14, 2010
Sunday, November 28, 2010
When I Preview Property I Bring Along 600 People
Every week, as a Realtor, I get in my car and drive around the cities in my market area and preview all the latest and newest property listings. I'm out doing my research and looking for the best deals and values for present clients and future clients. On average, I will see between 20 to 40 new properties a week!
And, when I am out looking, I am taking along 600 people with me! That's right 600 people!
This again is part of the Mobile Mindset! I want anyone that has contact with me to see the best deals as I see them and in real time or as close to real time as possible. Again, the tool is my Iphone. Using the tool isn't that innovative or hasn't already been tried, but the key is in the how to apply the tool in a way that maximizes it's usefulness! How do I apply it in a way that best benefits the folks I work with? How do I use a Mobile Mindset?
OK, an example of what I will do at a property that I feel is an exceptional deal and is a standout value. Keep in mind, I am not looking for the best deal or value for any one day. I am looking for a good deal or value in general. I might go a week or two without highlighting a property. I'm selective! It has to be good!
Anyway, here is a typical scenario. If I like a certain property I immediately take a few photos with my Iphone. Right away, before I go to the next property, I work on getting the word out!
One, I tweet a "Hot Property Alert" to my Twitter followers. Always a #hotpropertyalert hash tag.
Two, I send a specific text message to any clients who have expressed an interest in this type of property. They get a text message as I see the property. They know it is real time!
Three, I send an email to the same client or clients
Four, I send an email blast to my group email list which consists of past clients, friends and colleagues. They are always interested in value and in what is happening in the local Real Estate market.
Five, and I will do this if I have a little more time. With the photos I create a very quick video montage with Animoto. I like Animoto because I like the way they edit the images and I like the music and vibe. It has energy that I like. I can tweet this or email or both.
Six, I check in with Foursquare at the location. This way a map is included and I am immediately the Mayor! Just for fun.
Seven, when I tweet the Hot Property Alert, I include #in so that my connections on Linkedin are included.
Eight, my Facebook friends are notified because of the Facebook/Twitter connect.
Nine, if I have one client who must see this property because they are a very active buyer, they get the ultimate reach out. They get a phone call from me while I am at the property. Old school yes, but my clients know that when I call it is a property they must see!
Ten, and this is after I get back to the office, I will post a little more information about the properties on my website page "Comments and Gem's of Wisdom". This page has built up a following as a resource or brief summation of the Hot Property Alerts.
With this strategy I presently cover over 600 people and growing. And, there is very little overlap because of the diversity of the sources. Not all my Facebook friends are on my email group list. Twitter covers a broader base. My Linkedin connections are another entirely different group. Visitors to my website can come from anywhere. And the most important, the focus on one individual client who's needs fit the property.
That is how I fit 600 people in my car when I go preview the latest property listings!
I am working on true video next although it takes a little more time. I'm sure I am behind the curve on that one.
With an open Mobile Mindset, this strategy could change!
Kevin Nolan
And, when I am out looking, I am taking along 600 people with me! That's right 600 people!
This again is part of the Mobile Mindset! I want anyone that has contact with me to see the best deals as I see them and in real time or as close to real time as possible. Again, the tool is my Iphone. Using the tool isn't that innovative or hasn't already been tried, but the key is in the how to apply the tool in a way that maximizes it's usefulness! How do I apply it in a way that best benefits the folks I work with? How do I use a Mobile Mindset?
OK, an example of what I will do at a property that I feel is an exceptional deal and is a standout value. Keep in mind, I am not looking for the best deal or value for any one day. I am looking for a good deal or value in general. I might go a week or two without highlighting a property. I'm selective! It has to be good!
Anyway, here is a typical scenario. If I like a certain property I immediately take a few photos with my Iphone. Right away, before I go to the next property, I work on getting the word out!
One, I tweet a "Hot Property Alert" to my Twitter followers. Always a #hotpropertyalert hash tag.
Two, I send a specific text message to any clients who have expressed an interest in this type of property. They get a text message as I see the property. They know it is real time!
Three, I send an email to the same client or clients
Four, I send an email blast to my group email list which consists of past clients, friends and colleagues. They are always interested in value and in what is happening in the local Real Estate market.
Five, and I will do this if I have a little more time. With the photos I create a very quick video montage with Animoto. I like Animoto because I like the way they edit the images and I like the music and vibe. It has energy that I like. I can tweet this or email or both.
Six, I check in with Foursquare at the location. This way a map is included and I am immediately the Mayor! Just for fun.
Seven, when I tweet the Hot Property Alert, I include #in so that my connections on Linkedin are included.
Eight, my Facebook friends are notified because of the Facebook/Twitter connect.
Nine, if I have one client who must see this property because they are a very active buyer, they get the ultimate reach out. They get a phone call from me while I am at the property. Old school yes, but my clients know that when I call it is a property they must see!
Ten, and this is after I get back to the office, I will post a little more information about the properties on my website page "Comments and Gem's of Wisdom". This page has built up a following as a resource or brief summation of the Hot Property Alerts.
With this strategy I presently cover over 600 people and growing. And, there is very little overlap because of the diversity of the sources. Not all my Facebook friends are on my email group list. Twitter covers a broader base. My Linkedin connections are another entirely different group. Visitors to my website can come from anywhere. And the most important, the focus on one individual client who's needs fit the property.
That is how I fit 600 people in my car when I go preview the latest property listings!
I am working on true video next although it takes a little more time. I'm sure I am behind the curve on that one.
With an open Mobile Mindset, this strategy could change!
Kevin Nolan
Friday, November 26, 2010
"What in the World is This?"
This is my first foray into using QR codes of any kind. This is in keeping with my Mobile Mindset that I discussed in a previous post.
This ad is a full page in our local community tab newspaper. I put the ad in the real estate section which has about 80 pages of property ad listings, all the standard with photos, description, price, etc.
I wanted a lot of white space around the QR code for effect and it has worked. The QR code is a link to a property website. The ad itself has no description of the property, the price or any photos. It isn't even clear that it is for a property until you read the bubble quote above my head.
This ad went out in our local newspaper this morning and I am extremely pleased with the response! I checked in on my Google Analytics for the site and traffic is up dramatically. Also, I have had a number of calls from other agents commenting on the ad. All positive.
The beauty of course, is that it is new, unique to our market and it positions me as a leader locally in technology and mobile marketing for real estate. It will create a buzz.
My plan is to use QR codes for not only property listings, but also for my blog page, or my home page, or Twitter. The fun is in being creative! Each ad will have a headline that has zero to do with real estate and hopefully will contain some humor. Think the VW Beetle ads from years ago.
The full impact is yet to be measured........but I'm already working on next weeks ad!
Thursday, November 25, 2010
Discovering Mobile Real Estate
Like many of us, shortly after buying my Iphone, my mind was constantly abuzz about the possibility's it presented. What the potential and functionally of the phone really provided was a reason and a resource to completely reevaluate and change my way of doing business.
As a Realtor, in this current market, believe me it was very easy to look at fresh and new ideas in my business approach. I started thinking of every aspect of the traditional real estate business in a purely mobile mindset. Then something very interesting happened, "traditional" no longer existed in any way, shape or form!
Now, much of this transition involves Social Media, which is of course a huge factor and another blog topic. For this post I will focus just on a few of the Mobile aspects that I have implemented.
Branded Mobile Property Search App
It started with a Personally Branded mobile app for local Real Estate searches. I use Smarter Agent as the service provider that uses IDX connect to my regional MLS and all searches are branded with my information and a direct contact link. The contact link is critical, for I have found that clients who use this smart phone app, prefer to easily contact me directly regarding any property listing they view. The reason is, they don't want to be bothered with fending off every new agent they come across. They do the search from their phone, pull up the listings of interest, and if they want further details they can simply touch the "contact' icon and it dials my cell phone directly! Immediate contact with their agent!
I market this service with business cards, yard signs, my email signature, email campaigns, newspaper ads, mailers, Twitter, Facebook and of course word of mouth. My clients download the free app by simply texting kev to 87778 from their phones.
Of course, a huge benefit is that I am the first, and presently the only, in my local market area to offer this to their clients.
Text Alerts
After doing three escrows in a row earlier in the year where at least 70% of my communication with my clients was purely texting, I went mobile/texting mindset again! What if initial contact with new potential buyer clients was solely by texting? Would a home buyer just text their housing requirements to an agent and ask the agent to help in their property search? Well, early results are, yes they will! I place ads in the local paper explaining that as a buyer they can have an agent looking for a home that fits their needs by simply sending me a text. When I find a home that looks as if it will fit their needs, they receive a "Hot Property Alert" text from me asking for an appointment to show them the property. After just a few months of this promotion, I am currently working with three buyers that are committed to me as their agent!
It is streamlined, efficient, non "salesy" and productive. The key is that the buyer receive these alerts in real-time as I see this listings during previews or before they come on the market.
QR Codes
Okay, this one I am implementing just this week! I am running a full page ad that consists of a QR code in the middle of the page. The ad heading-"What in The World is This?" Actually it is an ad for one of my property listings. The QR code connects to the property website. Now, the only way to view the property info is to have a mobile phone with a QR reader app so that the person can scan the code. Frankly, with the mobile mindset, those are the clients I want! This ad, which has no property photos, no price and no description will be surrounded by pages of the traditional Realtor property ads which all blend together. With Google analytics I will be able to tract results immediately.
I am looking forward to the general public response but also the response from agents using traditional methods! A few calls will be coming in.
First in Market
By using these tools, methods, techniques, I have become first in my market for innovation and insight into some of the new ways to do business as a Realtor. I am sure there are other Realtors doing much the same or have more creative ideas elsewhere, but it is nice to be seen as an innovator within your own market area.
The fun part of all this is that it is constantly evolving and it really benefits our clients in a very big way.
For now, I'm keeping a mobile mindset!
Kevin Nolan
As a Realtor, in this current market, believe me it was very easy to look at fresh and new ideas in my business approach. I started thinking of every aspect of the traditional real estate business in a purely mobile mindset. Then something very interesting happened, "traditional" no longer existed in any way, shape or form!
Now, much of this transition involves Social Media, which is of course a huge factor and another blog topic. For this post I will focus just on a few of the Mobile aspects that I have implemented.
Branded Mobile Property Search App
It started with a Personally Branded mobile app for local Real Estate searches. I use Smarter Agent as the service provider that uses IDX connect to my regional MLS and all searches are branded with my information and a direct contact link. The contact link is critical, for I have found that clients who use this smart phone app, prefer to easily contact me directly regarding any property listing they view. The reason is, they don't want to be bothered with fending off every new agent they come across. They do the search from their phone, pull up the listings of interest, and if they want further details they can simply touch the "contact' icon and it dials my cell phone directly! Immediate contact with their agent!
I market this service with business cards, yard signs, my email signature, email campaigns, newspaper ads, mailers, Twitter, Facebook and of course word of mouth. My clients download the free app by simply texting kev to 87778 from their phones.
Of course, a huge benefit is that I am the first, and presently the only, in my local market area to offer this to their clients.
Text Alerts
After doing three escrows in a row earlier in the year where at least 70% of my communication with my clients was purely texting, I went mobile/texting mindset again! What if initial contact with new potential buyer clients was solely by texting? Would a home buyer just text their housing requirements to an agent and ask the agent to help in their property search? Well, early results are, yes they will! I place ads in the local paper explaining that as a buyer they can have an agent looking for a home that fits their needs by simply sending me a text. When I find a home that looks as if it will fit their needs, they receive a "Hot Property Alert" text from me asking for an appointment to show them the property. After just a few months of this promotion, I am currently working with three buyers that are committed to me as their agent!
It is streamlined, efficient, non "salesy" and productive. The key is that the buyer receive these alerts in real-time as I see this listings during previews or before they come on the market.
QR Codes
Okay, this one I am implementing just this week! I am running a full page ad that consists of a QR code in the middle of the page. The ad heading-"What in The World is This?" Actually it is an ad for one of my property listings. The QR code connects to the property website. Now, the only way to view the property info is to have a mobile phone with a QR reader app so that the person can scan the code. Frankly, with the mobile mindset, those are the clients I want! This ad, which has no property photos, no price and no description will be surrounded by pages of the traditional Realtor property ads which all blend together. With Google analytics I will be able to tract results immediately.
I am looking forward to the general public response but also the response from agents using traditional methods! A few calls will be coming in.
First in Market
By using these tools, methods, techniques, I have become first in my market for innovation and insight into some of the new ways to do business as a Realtor. I am sure there are other Realtors doing much the same or have more creative ideas elsewhere, but it is nice to be seen as an innovator within your own market area.
The fun part of all this is that it is constantly evolving and it really benefits our clients in a very big way.
For now, I'm keeping a mobile mindset!
Kevin Nolan
Tuesday, October 5, 2010
So, You Want to Buy a Short Sale Property!
After dealing with a number of short sale scenarios over the past few years, I have learned one very key strategy for buyers. If you want it done in a timely fashion, be the second buyer in!
That's right, be the second buyer interested in the property and you will have a better chance of getting the deal done before everyone goes crazy with delays. Generally what happens is the listing agent puts the property out on the market hoping to generate an offer that they can take to the bank and hopefully get approval at the price and terms. And, if the offer is somewhat reasonable, the bank will "input" the offer into their system and process the offer.
The key word is process. It is most definitely a process. A long process! The buyer and the seller wait and wait and wait until the bank hopefully, maybe, might give them an answer. Now, here is the problem, the initial offer is a lot for the bank to digest. They have to go through the entire process of analyzing, appraising, bargaining, negotiating and more before they can get close to a decision. Remember, before this mess hit, banks were set up to do loans and foreclose. They don't have the staff and systems in place to service all these short sales. And in this economy they certainly do not want to hire more staff to service this money loosing business.
Usually what happens is the initial offer is "processed" for so long that the buyer throws up their hands after four, six, eight months and walks away from the deal. Now the property goes back on the market!
This is the time for the savvy buyer to strike! Most of the work by the bank is done. If they get another reasonable offer, the bank has done the appraisal, they have explored the market values, they have set up a file, they more than likely have a negotiator for the file, they are tired of the process also. The bank is now comfortable with the scenario and are ready to close.
As a buyer, it is very likely that you will be able to close an escrow in thirty days at this point. Of all the short sales that I have seen in our office, and that is many, I would hazard to guess that seventy five percent or more are closed to a second buyer after the first buyer gets frustrated and walks away.
That's right, be the second buyer interested in the property and you will have a better chance of getting the deal done before everyone goes crazy with delays. Generally what happens is the listing agent puts the property out on the market hoping to generate an offer that they can take to the bank and hopefully get approval at the price and terms. And, if the offer is somewhat reasonable, the bank will "input" the offer into their system and process the offer.
The key word is process. It is most definitely a process. A long process! The buyer and the seller wait and wait and wait until the bank hopefully, maybe, might give them an answer. Now, here is the problem, the initial offer is a lot for the bank to digest. They have to go through the entire process of analyzing, appraising, bargaining, negotiating and more before they can get close to a decision. Remember, before this mess hit, banks were set up to do loans and foreclose. They don't have the staff and systems in place to service all these short sales. And in this economy they certainly do not want to hire more staff to service this money loosing business.
Usually what happens is the initial offer is "processed" for so long that the buyer throws up their hands after four, six, eight months and walks away from the deal. Now the property goes back on the market!
This is the time for the savvy buyer to strike! Most of the work by the bank is done. If they get another reasonable offer, the bank has done the appraisal, they have explored the market values, they have set up a file, they more than likely have a negotiator for the file, they are tired of the process also. The bank is now comfortable with the scenario and are ready to close.
As a buyer, it is very likely that you will be able to close an escrow in thirty days at this point. Of all the short sales that I have seen in our office, and that is many, I would hazard to guess that seventy five percent or more are closed to a second buyer after the first buyer gets frustrated and walks away.
Saturday, August 14, 2010
Thursday, August 5, 2010
What is "Layering"?
Layering. Overlapping. Socialnomics. I like "Layering".
Layering-The art of using some traditional tools and social networking tools to stay in touch/inform and expand your client base.
As a Realtor, expanding your client base is key in providing better service. After all, the main function of a Realtor is to broker deals between buyers and sellers. And, when you as a Realtor have expanded your client base of both potential buyers and sellers, then opportunities will arise for both.
The idea is to have several different means to contact and stay in touch with your client base over extended periods of time. Your client base of course is made up of diverse groups such as, friends, business affiliates, past clients, potential clients, community groups etc. Hopefully, they all would like to be informed and have access to your professional knowledge and expertise.
Layering helps you to communicate and stay in touch with the diversity in a way that can bring people together.
Let's start with the popular Twitter. The more I use Twitter the more I see it's potential to really benefit my clients. The key for me is to always look for new ways to use this great tool.
What I like best is that it is real time. Instant connection. I use my tweets to inform followers about "Hot Property Alerts". I preview 20-40 properties a week. Always there are a few that stand out and these get the "Hot Property Alert" tweet. Often I use twitpic with these alerts. The folks following me get a real sense of the current real estate market. They can benefit from my knowledge.
Of course I will use Twitter to let people know about open houses, mortgage rates, postings on this blog, new items on my website, trends in activity and pricing, articles and blogs relevant to real estate. All the people who follow me can utilize this broad source of information and knowledge as they see fit to their personal need. But, because it is consistent and current, both buyers and sellers will never fall behind in their awareness of what is going on.
Many of the folks following me on Twitter may also be part of my Facebook, Linked In, Mobile App, email groups, or they may only follow me on Twitter. That is okay, whatever is the best for an individual, but I give many choices. The choices and access are "Layering".
Future posts will cover the other aspects and tools. The beauty of all these resources is that the philosophy of the best use is fluid. Improvements and changes are happening daily.
You can follow me on Twitter@kevinmnolan.
Take care.
Kevin Nolan
Layering-The art of using some traditional tools and social networking tools to stay in touch/inform and expand your client base.
As a Realtor, expanding your client base is key in providing better service. After all, the main function of a Realtor is to broker deals between buyers and sellers. And, when you as a Realtor have expanded your client base of both potential buyers and sellers, then opportunities will arise for both.
The idea is to have several different means to contact and stay in touch with your client base over extended periods of time. Your client base of course is made up of diverse groups such as, friends, business affiliates, past clients, potential clients, community groups etc. Hopefully, they all would like to be informed and have access to your professional knowledge and expertise.
Layering helps you to communicate and stay in touch with the diversity in a way that can bring people together.
Let's start with the popular Twitter. The more I use Twitter the more I see it's potential to really benefit my clients. The key for me is to always look for new ways to use this great tool.
What I like best is that it is real time. Instant connection. I use my tweets to inform followers about "Hot Property Alerts". I preview 20-40 properties a week. Always there are a few that stand out and these get the "Hot Property Alert" tweet. Often I use twitpic with these alerts. The folks following me get a real sense of the current real estate market. They can benefit from my knowledge.
Of course I will use Twitter to let people know about open houses, mortgage rates, postings on this blog, new items on my website, trends in activity and pricing, articles and blogs relevant to real estate. All the people who follow me can utilize this broad source of information and knowledge as they see fit to their personal need. But, because it is consistent and current, both buyers and sellers will never fall behind in their awareness of what is going on.
Many of the folks following me on Twitter may also be part of my Facebook, Linked In, Mobile App, email groups, or they may only follow me on Twitter. That is okay, whatever is the best for an individual, but I give many choices. The choices and access are "Layering".
Future posts will cover the other aspects and tools. The beauty of all these resources is that the philosophy of the best use is fluid. Improvements and changes are happening daily.
You can follow me on Twitter@kevinmnolan.
Take care.
Kevin Nolan
Thursday, May 13, 2010
"Do I list for volume or list for results"?
I recently had a visit from one of the newer agent's in my office, he had a question. "What is a good business model as a listing agent?"
"What do you mean?" I asked.
"Well," he said,"should I list anything at any price to get yard signs out or focus on taking listings on my terms, terms that will get the property sold?"
Ah, that business model! Well this agent had touched on the dilemma and options that all Realtors have when deciding in which direction they take their business. If you are to become a successful Realtor and service sellers you will be listing properties with the intent to get them sold of course, but are there business models that say "list anything at any price and get yard signs in as many yards as possible." Well, yes there is this philosophy, but it is a business model that favors the Realtor more then the client. And, by the way, it has been extremely successful at building some fine careers!
Basically the idea is to take any listing regardless of price, terms, showing availability or any other parameter that might prevent the property from getting sold right away so that an individual agent can saturate a market area. Often times this will lead to listings that don't sell, but if you are this type of agent and you have 20+ properties on the market at any one time, so what if half don't successfully sell! You still have a lot of deals. Well, the agent is happy, but what about the sellers that didn't get the results they expected? Those are known as price reductions or expired or cancelled listings!
Now, I am not saying that all high volume listing agents do this, as a matter of fact the majority don't. They just work hard! But every market area has this type of agent and frankly most the other agents in a given market know who they are. They are the agent's whose properties are chronically overpriced or properties that sit for ever on the market.
The other business model of course is to focus on the seller's needs and less on building the agents reputation. Successfully sold listings will take care of an agents reputation! Usually the two main goals are getting the most amount of money for the home in the fastest time possible. Now this can be accomplished by successful agents whether they are listing 20 active properties or one at a time. A good agent, one who is focused on the seller's goals, will have a firm feel for the correct market price, the correct marketing techniques and will develop a cooperative strategy and partnership with the seller. And if the seller insists on price or terms that will leave the seller at a disadvantage, a good agent will tell them of the problems and use the agent's knowledge and experience to inform the seller. If a seller still insists on using a negative strategy, well a good agent will often make the decision to not take the listing and move on.
A seller who is considering an agent should focus more on how many unsold listings an agent has had in the past. How many expired without selling? How many of this agents old listings ended up listing with another agent and then sold? How many price reductions did the agent have to make before the property sold? How many days on market before a property sold?
Now, individual market areas and downturns in the general market can cause some of these problems, but if an agent has these issues consistently it tells you something about their business model.
I have worked with great agents that may only have one listing at a time or they may have 20-30 or more at any given time. The common profile of these great agents is that they are working for their client one deal at a time. After all, that is the only transaction the client cares about!
"What do you mean?" I asked.
"Well," he said,"should I list anything at any price to get yard signs out or focus on taking listings on my terms, terms that will get the property sold?"
Ah, that business model! Well this agent had touched on the dilemma and options that all Realtors have when deciding in which direction they take their business. If you are to become a successful Realtor and service sellers you will be listing properties with the intent to get them sold of course, but are there business models that say "list anything at any price and get yard signs in as many yards as possible." Well, yes there is this philosophy, but it is a business model that favors the Realtor more then the client. And, by the way, it has been extremely successful at building some fine careers!
Basically the idea is to take any listing regardless of price, terms, showing availability or any other parameter that might prevent the property from getting sold right away so that an individual agent can saturate a market area. Often times this will lead to listings that don't sell, but if you are this type of agent and you have 20+ properties on the market at any one time, so what if half don't successfully sell! You still have a lot of deals. Well, the agent is happy, but what about the sellers that didn't get the results they expected? Those are known as price reductions or expired or cancelled listings!
Now, I am not saying that all high volume listing agents do this, as a matter of fact the majority don't. They just work hard! But every market area has this type of agent and frankly most the other agents in a given market know who they are. They are the agent's whose properties are chronically overpriced or properties that sit for ever on the market.
The other business model of course is to focus on the seller's needs and less on building the agents reputation. Successfully sold listings will take care of an agents reputation! Usually the two main goals are getting the most amount of money for the home in the fastest time possible. Now this can be accomplished by successful agents whether they are listing 20 active properties or one at a time. A good agent, one who is focused on the seller's goals, will have a firm feel for the correct market price, the correct marketing techniques and will develop a cooperative strategy and partnership with the seller. And if the seller insists on price or terms that will leave the seller at a disadvantage, a good agent will tell them of the problems and use the agent's knowledge and experience to inform the seller. If a seller still insists on using a negative strategy, well a good agent will often make the decision to not take the listing and move on.
A seller who is considering an agent should focus more on how many unsold listings an agent has had in the past. How many expired without selling? How many of this agents old listings ended up listing with another agent and then sold? How many price reductions did the agent have to make before the property sold? How many days on market before a property sold?
Now, individual market areas and downturns in the general market can cause some of these problems, but if an agent has these issues consistently it tells you something about their business model.
I have worked with great agents that may only have one listing at a time or they may have 20-30 or more at any given time. The common profile of these great agents is that they are working for their client one deal at a time. After all, that is the only transaction the client cares about!
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