REAL ESTATE WEBINARS AND TELESEMINARS

Transcription

1 REAL ESTATE WEBINARS AND TELESEMINARS Courtesy of Best Agent Business Phone: (202) We provide part-time virtual assistants to top real estate agents.

2 REAL ESTATE WEBINARS AND TELESEMINARS Copyright 2009 Best Agent Business Published by Lifebushido and Best Agent Business All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or information storage and retrieval methods now known or to be invented, without the written permission of the publisher, except by a reviewer who wishes to quote brief passages in connection with a review written for inclusion in an educational publication, radio, or TV broadcast. Printed in the United States of America. 1st Edition February 2009 ISBN XXX-X-XXXXXXX-X-X

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5 TABLE OF CONTENTS Todd Bates - REO Properties... 1 REO/BPO Market Segment: The Four Key Elements to Success... 1 Available Programs from Todd... 4 Conclusion... 5 Hour of Howard - Making the Calls and Having Referral Conversations... 7 Develop a Plan... 7 Connect With Your Clientele For a Lifetime Scripts to Use and Questions to Ask Summary Good Morning Real Estate Caller Critique Round One - Integrety of Data Round Two - Usability of Service Round Three - Online Strategies Overtime Round Hour of Howard - Adjusting Your Business Model for Today s Economy Business Planning Business Models Finding the Help Knowing What to Outsource Target Marketing Creating Alternative Revenue Streams Serve Where Needed Keith J. Cunningham - Keys to the Vault About Mr. Cunningham The Rules Have Changed Self-Sabotage Growth Customers... 59

6 The Language of Business - Financial Literacy Keys to the Vault Offerings Conclusion Todd Bates - REO Properties Introduction by Geoff Zimpfer Interview with Questions & Answers Conclusion Hour of Howard How Systems Can Save Your Business Introduction Interview with Questions and Answers Reviewing Forms Conclusion Hour of Howard Social Media Networking Introduction Interview with Questions and Answers Conclusion Hour of Howard Service, A Beacon for Success Introduction of Host & Guests Interview with Question and Answer Period Conclusion Todd Bates REO Properties & Lead Conversion Introduction Question & Answer Section Conclusion Real Pro Systems at a Glance High Level Overview - Stealth Market Approach System Components Overview Summary Feature Detail Back Office Overview Pricing - Trade-in Offer

7 Contact Information Real Pro Systems What s New in Gold Background Upgrade Options Free Upgrade Features Paid Options Options Pricing Detail Level - New Features Support Summary Hour of Howard - Where the Action Is: First- Time Buyers The Broken Window Tour Making Open Houses Work Use Short Sale Expertise Financial and Government Programs Key Elements of a Counseling Session Introducing the Exclusive Agency Agreement to the First Time Buyer Turning Renters into Buyers - Easily Conclusion Hour of Howard - Web Leads: Prospects to Profits The Economy s Effect on Web Leads Sources of Web Leads The Advantages of Incubation Systems Obtaining Phone Numbers for Leads Managing Incoming Leads for Profitability Converting Leads into Appointments Telephone Questions and Strategies

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9 Todd Bates REO Properties Todd Bates - REO Properties Host: Todd Bates REOMarketingMastery.com 20 Years Experience - 300/deals per year REO/BPO Market Segment: The Four Key Elements to Success In this economy, two segments that can be very successful for agents are REO (Real Estate Owned) and BPO (Broker Price Opinions). The BPO market can generate and immediate cash flow for your business and can also be an excellent way to get in the door for REO properties. However, both of these segments have a lot of competition for real estate agents. In order to be successful, it s important to know what you re doing. There are four key elements to success with REO properties and the BPO segment. 1

10 Real Estate Webinars and Teleseminars Key #1: Have the right mind-set While every agent wants to work in these segments, many don t realize the skill set required. This work is very labor-intensive and requires a detail-oriented person. There is a lot of paperwork. Unfortunately, many real estate agents, while they are good with people, are not strong when it comes to the detail, focus and organizational skills that are required for this market segment. If these characteristics do not match your personality, you may need help with the paperwork required for these properties. The bottom line is there is no free lunch in this market. Be prepared to put in the time and effort. Have the right mind-set before you dive in. Key #2: Understand the REO application process It s important to have relationships with as many Financial Institutions and Asset Managers as possible. Mr. Bates latest list includes about 150 such contacts. Each one of these contacts has their own process, forms and requirements that are particular to them. You can see here why detail is important. You have to get the forms and requirements right the first time, according to the individual guidelines of the Asset Manager you are trying to reach. These asset managers generally want experience. They want someone they know will follow their guidelines and have no time to spend educating an 2

11 Todd Bates REO Properties agent about their requirements. Know the process well, so that you will appear knowledgeable and professional to the asset manager. Key #3: Have the right marketing message and materials With all that competition for business, it is critical to separate yourself from all other agents. Your contacts are the asset managers. You have to present a message to them that you care about their concerns and can solve their problems. This is the message most asset managers will value. Asset managers want to know that you will save them time, save them money, service their homes well, and guarantee your service. Have your marketing materials reflect these values. As always, be professional. Many agents have no systems for organization and do not return calls. Present yourself as an organized professional that will be available when you are needed. What expectations should you have to reach the asset managers? Well, if out of 75 asset managers you contact, you get business with six of them, this would be exceptional. Work toward establishing good working relationships with a few asset managers, and you will be successful in this segment. 3

12 Real Estate Webinars and Teleseminars Key #4: The conversion process An excellent follow-up system is crucial. Highlight your differences and uniqueness. Interview the asset manager correctly and understand what they want. Be sure you know what questions to ask. Also, it s important to know which contact is worth your time and effort. It s as much about you interviewing the asset manager as them interviewing you. They need to be a good match, because you will need a good working relationship. Remember, if you work with six out of 75, that is exceptional. Finally, be sure to have a different message. Do not sound like a typical real estate agent in your presentation. Available Programs from Todd A training program for the REO/BPO segment is available from Todd Bates at reomarketingmastery.com. His program is divided into five main training sessions: Rules for the right REO mind-set. The application process: This covers the who, what, where, when, how, and why of the process and includes registration lists. 4

13 Todd Bates REO Properties Marketing materials and your marketing message. This includes presentation materials. Asset manager qualification campaign. The 25 most common questions and answers. Mr. Bates program includes recorded downloads of the sessions and his private address for coaching and advice. Materials included are all letters, templates, and the registration packet. Mr. Bates accepts only 15 agents into his program at a time, in order to allow for personalized coaching. Mr. Bates also offers an expired listing program with 20 training sessions, which is available with the REO property training. Conclusion The REO/BPO segment is a niche that is successful right now and should continue over the next several months. After slowing down, this niche will most certainly return in future cycles of the market. Acquiring the skills and contacts now will mean a head start on the competition in the future. 5

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15 Hour of Howard Making the Calls and Having Referral Conversations Hour of Howard - Making the Calls and Having Referral Conversations Host: Howard Brinton Founder and President, STARPOWER Systems Star Panelists: Brian Maecker RE/MAX Circle of Legends #1 Agent Colorado Springs, 11 Years Michael Maher Kansas City 2008: Down 25% Sides Team Up 78% 1st Year $3M, 2nd Year $7M, 3rd Year $19M, 4th Year $20M Develop a Plan To be successful in today s market, it is vital to build relationships and stay connected. Making the phone calls to keep these relationships may seem tedious and might not get done if you don t have a plan. 7

16 Real Estate Webinars and Teleseminars Mind-Set Most important is scheduling the time to make the calls and having the right mind-set about it. Focus on your schedule and keep to it as you would any other part of your business. You wouldn t ever cancel a home showing or a solid listing appointment. The calls are just as much a part of your business, so set aside the time and make those calls. Also important is the spirit of the call, which is to be of help to your clients. People will know if you are genuine. Back to the Basics In the past, there were three ways to get business contacts: Cold calling from a phone book, house-tohouse contacts, and sending s. However, now there are significant penalties resulting from the Do Not Call List, so cold calling is not feasible. When going house to house, many people now prohibit solicitors and will see your efforts in a negative light. Unsolicited s, while convenient to send, are considered spam and also cast a negative shadow on your efforts to build client relationships. Therefore, referrals are a necessity in today s world, where people look to others to recommend someone who did an excellent job with customer service. You now need to look to the community to generate business. 8

17 Hour of Howard Making the Calls and Having Referral Conversations There are seven levels of communication: Advertising Direct Mail Electronic Mail Handwritten Notes Phone Calls Events and Seminars One-on-one Meetings As you progress from general advertising to one-onone meetings, these methods become increasingly more proactive, more time-intensive, more relationship-building, and have increasingly more power and impact. The influential zone encompasses the final three stages: Phone calls, events and seminars, and one-on-one meetings. The influential zone is the most persuasive and is the best place for a top producing agent to spend their time productively. Incidentally, online social networking generally fits within the Electronic Mail section and is less effective than a phone call. To have any success with an online social community, it is important to build a strong community offline and move it online. Use a Scheduler Schedule a part of every day for phone calling using a program such as Agent Office or Top Producer. Take 9

18 Real Estate Webinars and Teleseminars this time to make calls, take notes, and schedule callbacks. Taking good notes is critical in maintaining professional relationships, and computer programs help make this easier. It is impossible to remember personal information about every client. If you have notes in front of you when you call, you will recall details about the person s life that will impress them and lend a personal touch to your efforts. F.O.R.D. Use the F.O.R.D. program to initiate conversations. This stands for Family, Occupation, Recreation, and Dreams. What is most important to the person you re speaking with? Know what kind of person you are talking to and build the conversation around THEIR interests. The focus should be on them and how you can help them. Always be prepared to be involved as a relationship and have your clients know that you care. Remember to always call with the spirit of helpfulness. If you are uncomfortable with calling or reluctant, the F.O.R.D. program is helpful to initiate the dialogue. It takes the focus off of you, the agent, and concentrates on the person you call. At the end of your call, rate yourself. How happy was this person to hear from you? You will learn a lot 10

19 Hour of Howard Making the Calls and Having Referral Conversations about your calling techniques and improve them in the future by taking an honest look at how things are going in each call. Connect With Your Clientele For a Lifetime The following is an example of a system to keep in regular contact with the clients in your database. The One-Week Call The one-week call is for buyers, to check up on them and make sure everything has gone smoothly. Ask about their move, how everything went, and if everything is okay with the new home. If there is a problem, be helpful. Send a handyman over if they re having a plumbing problem, for example. This shows that you really care about them and you didn t just sell a house, you created a lifetime relationship. The One-Month Call The one-month call is a follow-up for both sellers and buyers. For sellers, ask how their move went and what their new contact information is. Find out if they got their escrow refund. Finally, ask if they know of anyone in the old neighborhood that is looking to sell. Remember that the best time to get client referrals is from active clients, and the onemonth stage is the perfect time. 11

20 Real Estate Webinars and Teleseminars For buyers, ask how their home is working and get feedback about their buyer agent. This call is where you can get critical feedback that will help your future sales. Also be sure to ask personal questions, such as how the children are and whether they have unpacked. Again, maintain a spirit of helpfulness. Remember, the purpose of the calls for you is ultimately to get more business by building these relationships. Ask for the referral. You can vary your approach to this by using some of the following scripts: I was in the neighborhood recently. Who do you know that s looking to sell? If you hear of anyone who is looking to sell, please let me know. We just sold a home in your neighborhood. Who else do you know who is looking to sell? The Three-Month Call The three-month call is to touch bases with the buyers. Some things you might ask are: How is the home? How is the neighborhood? How is the family doing? Have you done any fun things? How is your new job? Do you know anyone who is moving to the area? 12

21 Hour of Howard Making the Calls and Having Referral Conversations Remember to maintain a spirit of helpfulness and build relationships. The Six-Month Call At the six-month call, it s time to connect with both buyers and sellers again. For buyers, ask how they are doing, if their home is okay, and how you can be of service. Be sure to also ask if they know anyone moving to the neighborhood. For sellers, find out how they like the new area, how their family is doing, and whether they are glad they moved. Remember the words, Who like you. Who do they know that is like them and needs your services? The Nine-Month Call The nine-month call is a nine-month checkup for buyers. If they moved into a new construction home, suggest that it is time to get an inspection. Find out if they are having any issues with the home and offer to help. Ask personal questions, such as how their family is and how the new job is going. At this point, offer a referral to them if they are having any problems and need help, such as the number of a local handyman. And don t forget to ask them to tell their friends and family about the service you gave them. 13

22 Real Estate Webinars and Teleseminars The One-Year Call and Thereafter The one-year call is a happy anniversary call for both buyers and sellers. Remind them that it has been one year since they bought or sold their home. Find out how they are doing and whether they know anyone who will be moving to the area and needs your help. In this schedule, buyers receive calls every four months thereafter. You are keeping your name in front of them and showing that you want a lifetime business relationship. Remember that the more subtle you are when asking for referrals, the lower the results. If you don t ask, they won t know what you are offering. However, always remember to be tactful. There is a great sense of accomplishment when you finish these calls. Try offering yourself a small reward for keeping to your regular schedule of phone calls. The Reconnect If you haven t been doing regular calls, you can still reconnect with your clients after some time has passed. Try using the following phone script, and be sure to use the F.O.R.D. program: Hi,, this is from. It s been a while since we last spoke. How are you? We have installed a new software program that will allow me to stay in better touch with you. I want you to be part of my preferred clients so you can be in my birthday club, 14

23 Hour of Howard Making the Calls and Having Referral Conversations made aware of valuable real estate information, made aware of seminars, and in general we want to be your resource. It s you and. How many children? What s your birthday? Is there another phone number? What s your ? Even if you reach a voic , your clients know that you are interested in maintaining a relationship with them. You can follow-up in one month. A reconnect can also be via , using the following script: Hey, and! I hope all is well! I just wanted to touch base. I know it s been a while since we chatted, but I had a couple of specific questions for you. Could you please call me at your earliest free moment at ? Thank you in advance. Talk to you soon! Michael P.S. - If someone else answers, please let them know that I need to talk to you, thank you. That s

24 Real Estate Webinars and Teleseminars When clients call you, they may be more receptive to chat because it is at a time convenient to them. This is a more powerful psychological advantage. It becomes a courtesy, not an interruption to them. Call Basics Since you are scheduling a block of time for your calls, try to keep calls at about five minutes each in order to make all your calls on time. You may reach several answering machines. Leave your script message on the machine. At least you are reaching the client, showing you care, and getting your name in front of them. If they call back, it will be at a convenient time for them and they may be more willing to give information and referrals. Don t forget to call expired listings as well. This may be part of a schedule of mailing letters with follow-up phone calls. Get your staff involved. Work on scripts that you approve and give them to your staff to make the calls. You may want to have a call night once a month to make sure everyone is onboard and making the calls. The best time to call is in the afternoon on weekdays. It is generally undesirable to call on weekends or evenings, because this is an intrusion on their private time. It s best to do business calls during the day, even if you reach a voic . 16

25 Hour of Howard Making the Calls and Having Referral Conversations Scripts to Use and Questions to Ask Reasons to Call The following are some script guidelines to use to open the call and give your client a reason you are calling: I was in the area and thought of you I was showing in the area I sold a home in the area I have a listing in the area I have a great investment opportunity I have a seminar I have an event I have tickets I saw you in the paper I saw other in obituary. I am sorry I was at (event) and thought of you I need help. Who do you know Remember the time change Happy 4th of July, Thanksgiving, New Year, etc. We have new software. What is your Some of these are scripts for your scheduled calls and some, such as the obituary, are life event-related. Personal calls such as with a death in the family will not be uncomfortable if your client truly feels that you care. 17

26 Real Estate Webinars and Teleseminars Another technique you can use is Google alerts. This will send you information on the person and you can initiate a contact if there is a particular update on this person or news item. Here are some examples of script to use for various reasons: (Client s daughter is graduating in May - call in June to see how it went) What college is she going to? Are you traveling there this summer? Are you thinking of buying an investment home there? Is all else going well? Excellent. By the way, do you know of anyone that would like to buy or sell a home? Thanks. Have fun this summer! Hi,, I just wanted to wish you a happy anniversary. It s been three years you have owned your home. Is your home still meeting your needs? How s s job? Are they adding or losing any employees? Who do you know that needs to sell or buy a home? Are you traveling this holiday season? Well, take care, and please call if I can be of assistance. Hi,. I was in your area today with buyers and wondered how you guys were doing? We didn t find anything yesterday. Is there someone in your neighborhood that is thinking of selling? Okay. Is anything new happening with you? Well, have a great summer. Please call if I can be of service, thanks! 18

27 Hour of Howard Making the Calls and Having Referral Conversations Remember to use good transition words, such as by the way, and practice your scripts so they flow easily. Keep good notes on the computer so that you can have each client s personal information right in front of you. One question to ask the client is: If you had a friend or a neighbor looking to sell, who would you recommend? If they answer with your name, that s great. If it s another agent, it may be best to delete them from your database, because they have a good relationship with another agent. If they aren t sure, ask them what it would take for you to be that person. Remember that the people you speak with usually don t mind giving referrals. They are often willing to recommend a name to friends and family if they got good service. Howard Brinton offers a CD set with scripts and dialogues that is very valuable. These can be replayed often so they become second nature. You can subscribe to a free script of the day at Howard s site. Your confidence level will rise as calling becomes a habit. Memorize the scripts so they flow and become automatic. Remember that the first call is the most difficult, and they get easier each time. 19

28 Real Estate Webinars and Teleseminars Your Database Focus Grade your database clientele to distinguish the level of relationship you have with them. This is helpful in developing your plan, because it s important that you treat clients differently depending upon their status and how important they are to your business. D - These are people to delete from your database. C - These are friends and family. They have a preexisting perception of you, for better or worse, which will usually not change. These people should be sent things such as an enewsletter or listing s. B - These are potential champions. You don t know yet if they are on your team. These are the clients that should get the reconnect and that you should use phone calls to market. They should also receive everything you send to the C database members. A - These are your Champions. They give referrals to you and are definitely on your team. These people should receive more personal service such as regular phone calls, birthday cards/other gifts, and special invitations to events, parties, and one-on-one meetings. A+ - A few of your A clients will be considered Ambassadors. They are your closest relationships and offer the most referrals and most valuable contacts. 20

29 Hour of Howard Making the Calls and Having Referral Conversations They should receive the most regular, personalized contacts with you to maintain that relationship. You can successfully maintain and even improve your relationships and contacts by creating a Communication Plan that outlines regular contacts for your database contacts that differentiates between these different stages of relationship. Summary While making the calls and maintaining relationships can be challenging, having systems in place will help you be successful. Remember to always maintain a service mentality in the spirit of your calls - we get by giving. Discipline yourself to keep to your communication schedule. On a scale of one to ten, why do you have to be a ten? It s because your competitors are all tens. 21

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31 Good Morning Real Estate Good Morning Real Estate Justin Zimmerman Host/Creative Director Trulia vs. Zillow with Fran Torson, Trulia Community Manger Sara Bonert, Zillow Caller Critique Fran, Trulia Good: Fran made some good points that made Zillow appear to be costly. She also gave useful factual information, such as data that the first or second person to contact a consumer would likely be the agent used. Suggestions: Fran came across as defensive. She spent much of her time attacking Zillow, leaving the impression that Trulia doesn t have as much to offer. If Trulia is good, her time should be spent promoting its product rather than attacking another. It s better to concentrate on what you have to offer. 23

32 Real Estate Webinars and Teleseminars Sara, Zillow Good: Sara spent her time on the positives of Zillow rather than attacks. She also gave credit to both sites for valuable competition and suggested listeners try all sites and use what is best for them. My impression is that she did a better job of marketing her site. Suggestions: Sara could have had better rebuttals ready for the points Fran made regarding costs. She should have investigated the competition ahead of time and prepared answers for the cost issue. Writer s Observation Strictly from the audio, I concluded that Sara from Zillow won the call contest. I was surprised to go to the website and find that Fran was voted the winner. Looking over the comments a second time, I believe that as a non-agent, I had used personal impressions to choose a winner, while agents on the call seemed to use the cost data and fact points for their votes. However, it should be considered that these sites are for consumer use, and consumer traffic drives sales. Consumers won t be considering the cost to agents, but instead what the sites offer them. 24

33 Good Morning Real Estate Round One - Integrety of Data Justin Listeners were instructed to visit goodmorningrealestate.com/blog to vote on the winner of the call. The winner will be brought back to battle against Realtor.com. Sara There are different ways to use the site at Zillow. The Zestimate feature brings traffic to the site. There are other unique tools for social media marketing. It s important to note that Zillow is just a starting point. They recommend that everyone use a professional to assist with any financial decisions. The numbers on Zillow come from collecting public record information such as sales transaction data, title records, and for sale information. This data is combined into a formula to arrive at an automated home valuation number. There are different calculations for different areas. Zillow is very transparent with accuracy and provides a link to a chart which shows the accuracy within a percentage range of sales price. How often is the data on your site updated? Sara Value information is updated three times a week. There can be some challenge with this, as all counties 25

34 Real Estate Webinars and Teleseminars update information differently. The listing information is updated daily. There are 80 million homes listed on the site. Fran Fran first clarified that she is independent and does not work directly for Trulia. Trulia works with median price numbers to give consumers a sales positioning price, based on actual properties for sale. Homes listed on Zillow may not actually be on the market. Trulia is the number one lead generator, bringing 30 percent of online leads. Sara Both sites are strong in traffic, but have different philosophies. Zillow has heavy content information, including photos and marketing text. Leads come free to the agent. Trulia has lighter content on listings and encourages consumers to click to the agent site for more information. Wavgroup.com offers study data comparing the sites. Fran Trulia offers active listings on a matrix graph. This data comes from agents, brokers, and MLS information. Trulia has just started an MLS Advisory Committee. Sara Zillow valuation information is based off public record and includes a full webpage for homes 26

35 Good Morning Real Estate database. Zillow s for sale database information comes from different sources such as brokers, agents, and MLS. Whose data should we trust for accuracy, and why do values differ from site to site? Sara People should rely on a real estate professional for data. Zillow is a starting point, and they want you to connect with a professional. The difference in value between sites may be from different formulas behind the scenes. Fran The numbers on Trulia are different than Zillow. Trulia is a search site and considered the top site for real estate searches. How do you market your sites to consumers and how do consumers find your sites? Fran Consumers use search engines and various partners. Trulia partners with the Washington Post, Fox News, Business Week Kiplinger, Ws News and World Report, and others. It offers good exposure for agents. Sarah Traffic to Zillow is word-of-mouth, generated by public relations. Zillow is a good research tool, as it offers all listings, not just for sale properties. People 27

36 Real Estate Webinars and Teleseminars who visit are in all phases of home buying or selling. They get used to using the site, then when they are ready to sell or buy, that s where they return. Zillow relies on good, useful, and unique content. Twentyfive percent of the audience comes back ten times or more month, then tell their friends about the sites. There is nowhere else to get estimates. Before listings were even offered, there were three million visitors per month. Zillow is celebrating its third anniversary this week. On launch of the site, only the zestimates were available. The first listing data feed was in November of They now have three million listings and other content, like mortgage sections and forums. Justin According to compete.com, January website traffic to the two sites was 2,756,407 for Trulia and 4,240,000 for Zillow. Fran The traffic numbers say one thing, but what is important is the value of information, and converting the hits into sales. Are there any talks about merging Trulia and Zillow? Sara There are none that we know of. The end user wins with the competition between the two sites. We push each other to be innovative, which is good for agents. We have accountability between each other. 28

37 Good Morning Real Estate Round Two - Usability of Service How does a consumer go from finding the site to finding a listing to contacting the agent on your site? Fran It happens through engagement. Agents are in discussions with consumers online, there is access from listings to find agents, and there is a blog platform. The question and answer platform is a twoway discussion. This is important because of the ability to gage where people are in the selling process. There could be up to an 18-month incubation period, which gives agents a long time to work on leads. Speed is essential to finding an agent. Most people use the first or second agent that contacts them. Sara People begin by searching the database of homes, where agents get in front of consumers before they ve gone to market. These leads can be further than 18 months out. Agents create a free profile, market listings for free, and market their expertise in the social media aspects of the sites. People are hungry for information. Being open, transparent, and complete builds credibility. Use the Zillow advice area. For example, the stimulus package credit has generated lots of questions from consumers and they are confused about it. This is an opportunity for agents to help and show their expertise. 29

38 Real Estate Webinars and Teleseminars Justin So the trick is turning clicks into cash. Both sites offer an answers and advice section, which is a networking group to build relationships to get referrals, even if they are not in your area. You should still answer the questions and engage in conversations. Fran Zillow doesn t give content credit for out of area experience. Matters of expertise cross state lines. At Trulia, you can answer around the country and build a bank of content that demonstrates expertise. At Zillow, you get don t get credit for out of state answers. Sara This is not true. Zillow gives credit regardless of geography or subject content. It s about building online reputations. While there is more immediate cash opportunity for local questions, national questions build your reputation. However, this can take a lot of time. I recommend subscribing for alerts based on geographic area or your area of expertise. Short sale transparency: How are you handling these issues and how do you present them to the consumer? Fran There is not a real price to short sale offerings. MLS rules and regulations preclude listing that way. Trulia has a partnership with Realty Track, a foreclosure 30

39 Good Morning Real Estate search engine. There is no easy way to define, describe, or price a short sale. Short sales not precluded from inventory on Trulia. Sara A pre-foreclosure comes in as regular listing. Zillow partners with a national foreclosure website. Consumers can search only foreclosures if they wish. Otherwise, they are part of the general inventory. Zillow offers different search filters designated by flags, such as yellow for recently sold properties and red for sale properties. They also have a category for homes that are not active listings, but the owners would sell for the right price. Fran There is some confusion as to number of questions and answers that are credited. For example, one person may show 91 contributions. However, they have one five-word answer to a question and the rest are pictures. Pictures are counted as engagement and may present misleading engagement numbers. Sara Different agents market differently. Some communicate through pictures, others through blogs or answering questions. They have different ways to market themselves. Fran Trulia concentrates on number of page views and numbers of visitors. Zillow s inflated engagement numbers are misleading. 31

40 Real Estate Webinars and Teleseminars What is the percentage of traffic looking at the different markets, such as low, mid-range, and luxury? Sara There is no special treatment for upper-range home listings. Consumers use the search filters to find what they want. Zillow s audience is in the most affluent demographic, where 90 percent of the audience owning homes. These are second-time move-up buyers with a median household income of $88,000, which is better than the demographic at Forbes.com, according the Neilson. The average credit score is 755. Fran Trulia has similar corresponding numbers. It s not who people are but their intension on the site that is important, as well as the number of people translated into leads and sales. A new product released yesterday is the client listing reports, an outstanding branding tool for premium product. How can new agents maximize your site, and what is one strategy they can take advantage of to bring value to their efforts? Sara Participate in the advice section, build a good profile, and market yourself. Put what you know in front of buyers in the advice section. 32

41 Good Morning Real Estate Fran Engage in the question and answer section and initiate or participate in blogs. Build a good bank of content. Round Three - Online Strategies How you use social networking sites, and how would they benefit listeners? Fran Use social media as leverage to be successful in real estate. Take it slow, but go deep with the tools that you have. Start with presence on Facebook for your family, friends, and sphere of influence. Build a professional profile on LinkedIn.com. Use Trulia and other web tools interchangeably by linking them together. If you re new, start slow then go deep. When you have a handle on that, and on your time management, do blogging. How much time would you recommend spending on them to get results? Fran Agents used to prospect in person. Many people make the mistake of budgeting working time for online time. Build this into your prospecting time. An hour a day is a fair amount of time to devote to social networking without distractions. Also, don t let social networking be a distraction from face-to-face contact with clients. 33

42 Real Estate Webinars and Teleseminars Are there any resources to get on fast track and help you learn to social network? Fran Education is the key. Look at educational resources such as webinars and coaching. Look for people who are walking the talk. Work with people who are teaching about return on investment, tracking results, translating into leads, and putting money in your pocket. Sara I m a huge believer in blogging. Go out and read and comment on other blogs before you start your own posting. Try to do ten blog post comments per day. By the end of week, you will know what you respond to. Build an online network of people and your online reputation. After building a blog, getting traffic to your site is a challenge. It takes a couple months for people and Google to follow you. Go where people are already going. Visit the top sites with this audience already built in. Build your Facebook profile and don t overlook places with an existing audience, like Zillow. Get involved in the conversation. Justin It s like building a car then you need gas. Do you drill for your own oil? You need the existing audience. 34

43 Good Morning Real Estate Sara Zillow offers search engine credit. Build your profile and link out to your blog. We will follow the link and tell Google. This helps your Google search response. Fran They can search for it, but they can t find it in the search. Sara They can definitely find it. We drive traffic. Link out to all websites we will follow the links. Fran Search engine procedures are constantly changing and Google always changes algorithms. I m not into code, engineering, or spiders. I m interested in people doing business. I m writing for people. People like what I have to say and that will drive my ideal client base. I m not wrapped up in search engines. Sara If you are wrapped up in search engines, it s for the wrong reasons. But it is a great benefit to a blog. Justin For clarification, a spider is a web code application by the search engine to search for words and terms. Fran There are both long- and short-term benefits to be realized on Trulia. 35

44 Real Estate Webinars and Teleseminars Is there a way to automatically move a blog from Active Rain or another blog post to your site, or a link credit? Fran Trulio is the site that has blogs. There is nothing right now where you can move a blog. There was an hour long webinar yesterday regarding this, listed on my Active Rain blog. There will be a link available. Sara Zillow doesn t have blogging platform. There are other sites for blogging and you can incorporate them by a link. Answer questions with a link in the question and answer forum. Tap into our existing audience for your blog. What are your free and paid services? Sara At Zillow, you can create free profile, including pictures, marketing text, and contact information. You will then be included in the Zillow professional directory for free, with four areas of expertise listed. Consumers search by expertise and by area. Include as many photos as you want and link to virtual tours and other marketing efforts. Market your expertise in the question and answer section. There are two paid options at Zillow. For $10 per month per listing, you can have your listings show at the top of searches. This feature gets you 500 percent more traffic. The second option is zip code-targeted 36

45 Good Morning Real Estate advertising. When a consumer types in your zip code, your advertisement appears. It is not paid per click or per lead. You buy a percentage of the zip code market. There are two spots in each zip code sold in 25 percent increments of share. The message can be whatever you want it to be. For example, you can advertise a weekend open house. It is targeted and you engage the right person. What type of results can be expected? Sara There are different traffic numbers for different areas. Multiply what you are getting now by 500. There s a 500 times lift. All listings are free. I recommend you try all sites and track what s working for you. Put your money in whichever site that is working for you. Results also depend on branding value. You might not get clicks on an ad with your name, but a $25,000 price reduction will get you traffic. It is how you market. You know what messaging works with your audience. Fran Trulia offers free listings, a free complete profile and branding, blogging, and a question and answer platform called Trulio voices. The Trulio pro package is $39 per month or $29 per month with a yearly subscription and includes all featured listing placements. At Zillow, you would pay $10 each. You get a spotlight ad in 20 zip codes or 37

46 Real Estate Webinars and Teleseminars your full market area, an enhanced client statistic package, and branding listings for premium product purchasers. Sara We believe that we re doing right by agents by offering so much for free. The $10 per featured listing is a tremendous value. The featured ads give flexibility in the types of messages and the target area. The products speak for themselves. Overtime Round What is next on the horizon for your company and what would benefit agents the most? Sara We are looking at the site and determining best layout and format. We continue to build traffic to the site. Zillow is about a large, engaged audience. The featured listings product just came out and a lot of agents are using it yet. If you use the product, you ll get first-mover advantage by featuring your listings. Fran Client listing reports were launched yesterday and we have new partnerships. Trulia is about people going deeper. Take advantage of educational resources and go deeper with the tools you have. Most people haven t scratched service of social networking. Make 38

47 Good Morning Real Estate it point to engage in the site. Whatever you do, make it engaging, in such a way that people want to engage with you. Be transparent and easy to understand. Why should we use Zillow or Trulia? Fran Use Trulia because it s easy and transparent, it s the major lead generator, and will give you the most. Apply good skills to convert leads into sales. Sara Use Zillow because it goes back to the audience. The next home buyers and sellers are hanging out on zillow. Of the over seven million visiting our site, two-thirds say they are going to buy or sell. We are getting 40,000 contributions per day. Traffic has increased 30 percent lately. Buyers are lurking, waiting for the right time. They need real estate professionals and this is a huge audience for realtors. There are lots of other tools on the site we didn t talk about today. At zillowpros.com, we have organized all widgets, reports, and tools for realtors and show you where to get started online. It is an easy, onetime setup. Set up your profile because you do want a presence. Total audio time: 1 hour, minutes 39

48 Real Estate Webinars and Teleseminars 40

49 Hour of Howard Adjusting Your Business Model for Today s Economy Hour of Howard - Adjusting Your Business Model for Today s Economy Host: Howard Brinton Founder and President, STARPOWER Systems Star Panelists: Rachel DeHanas Top Maryland Producer for Two Firms Over $5M sold - Average Market Price <$200K Gayle Henderson CRS, ABR, GRI, CLHMS, E-Pro, CDPE Top 100 Individual RE/MAX Realtors Business Planning Business planning is essential in any market, but when there are challenges, it becomes critical to plan and track your business so you can continue to succeed. 41

50 Real Estate Webinars and Teleseminars One suggestion is for an advance day for the team to meet in December to plan for the coming year. Look back over the past year and examine your goals. 1) Decide whether your goals were met. 2) Determine why they were met or why they were not. 3) Determine what is and what is not working with systems. 4) Set budgets. For those who did not set aside the time in December, there is still time to do this in January, because it s still the beginning of the year. Reflect on what you did. What should you have done and what should you not have done? Was the money that you did spend productive? Consider setting monthly goals as well. To determine goals, both long- and short-term, you need to look at where you are now and calculate your transactions. How many have you done and at what average sales price? Use these figures to calculate your new goals. During the goal time frame, how many transactions, and at what price, will you need to achieve in order to accomplish your goal? This will lead you to the sales goals you desire. Be flexible and make adjustments. Perhaps your market can be adjusted by transferring to a higher sales price market. Remember that having goals and business planning are essential, even if you don t enjoy the process. You can t make a full engagement without a plan. To 42

51 Hour of Howard Adjusting Your Business Model for Today s Economy simplify planning, try to work in small bits. Consider your plan as first a vision, then a verbalized plan, and finally written on paper. This makes it seem less intimidating and more workable. Always eliminate what didn t work and reinforce what did. Business Models Imagine all the services a real estate professional performs. Consider the following services you may perform in the course of a sale: Write and record home ads Write monthly newsletter Call client weekly Call title company Make flyers Set showings Enter on internet Enter in MLS Setup office file Answer questions Mail thank you cards Answer phones Complete disclosure Hold open house Put up signs Coordinate with escrow officer Listing presentations Manage database 43

52 Real Estate Webinars and Teleseminars Comparable market analysis Write magazine ads Review preliminary title report Coordinate repairs Review escrow instructions Handle ad calls Prospect for new clients Develop marketing plans Perform inspections Answer REALTOR questions Answer buyer questions Coordinate closings Resolve problems Feedback from showings Research information Review settlement statements Call lenders weekly Send contracts to all parties Put up lock boxes Call past client referrals Coordinate with appraisers Negotiate offers Order and pickup supplies Present offer contracts This is quite an exhaustive list for an agent to handle alone. Does your business model involve you, the agent, handling all of these tasks? With the above business model, the realtor is overwhelmed and can neither give the proper services to the client nor run an efficient, profitable business. 44

53 Hour of Howard Adjusting Your Business Model for Today s Economy An Outsource Business Model uses shared services, so the agents can focus on what they love to do and can hire people who excel at their specialties. The client is central in this model and is surrounded by support personnel, including the agent, administrative support staff, a transaction coordinator, a listing coordinator, a marketing director, and client support, all working in the client s best interest. Additional specialists can also be hired to help with your particular market niche. This is a model you can share with your clients as well, so they can understand all the work that is being done to serve their needs. Although this model can transfer to an in-house team, the Outsource Business Model suggests independent contractors and fee-for-service companies to fulfill some or all of these support positions. There is opportunity in today s market to completely outsource these services and pay no in-house salaries. Finding the Help In today s economy, many companies are downsizing out of necessity. You can hire these professionals who have been displaced as independent contractors, to fill some of the roles of your real estate business. Compensation can be negotiated well in the current job market. Virtual real estate assistant companies such as Best Agent Business can also fill these needs within your team. 45

54 Real Estate Webinars and Teleseminars These services can be made available on an individualized basis. For example, a listing coordinator may have a menu of standard services, with available options. This way, the agent and the coordinator can agree upon a specific level of service and fee. Knowing What to Outsource How do you know which services to outsource? The key is to do what you are passionate about and what makes you happy in your job. If it makes you cranky, outsource it! The lesson learned here is not to throw good money after bad. You can t operate in this economy the same way you have been in the past, so what might have worked before may not work today. Technology as Your Assistant Use today s technology to simplify your business and free you up to do more of what you love. These days, you can accomplish anything online except physically showing a house for sale. Virtual Office Your office can move anywhere with mobile accessibility. A system such as accessline.com can track your numbers, so your phone call reaches you 46