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For sale by owner properties, or FSBOs, are notoriously difficult prospects to convert into a commissionable transaction. More often than not, real estate agents bypass these prospects completely, instead focusing on things like expired listings. After all, someone who believes they are better off without a real estate agent, may be a tough sell. However, FSBOs are an underserved niche that struggles to sell their homes under the conditions they envision. Specifically, FSBOs typically stay on the market longer and sell for less than homes represented by real estate agents. Let’s explore some of the reasons FSBOs are attractive prospects for agents and some tips on converting FSBOs into closed transactions.
by Roy Dekel
Recently I watched the emergence and rapid growth of iBuyers, an offset of the real estate and technology industries that work to circumvent real estate professionals in the process of buying and selling residential properties. In this new model, homeowners submit inquiries to iBuyer companies, most notably these include Opendoor, Zillow Offers and Offerpad. In turn, these companies make a cash offer to the seller. If accepted, the homeowner sells to the iBuyer who typically turns around and invests ‘X’ amount of capital for minimal renovations and then resells the property. After studying this exciting and modern approach to real estate, I’ve concluded that it is an idiotic business model that is doomed to bankruptcy in no more than three years, and here’s why.
Home Ownership as described by the layman is a single expense I.e., the purchasing price of the property. However, in terms of cost, home ownership consists of several types of expenses. Many of these expenses can be overlooked while calculating your home shopping budget, leading some to get in over their heads. Here are some of those easy-to-overlook expenses:
Rise in housing prices can be due to two scenarios:
Therefore in order to know the market predictions one needs to look into certain factors which are mentioned as below:
Co-working space is a newly coined form of a business model emerging in real state space across the world. It is addressed by several other names like on-demand workplaces, shared offices, etc. This workspace model has gained rapid importance due to spiraling real estate costs. It is also very effective for companies who do not assign themselves to any long term lease obligations and instead proceed to have a flexible cost structure. Some of the trends of shared offices are mentioned below:
Contributed by: Kam Vince
Many prospects you will be calling for the first time you’ll have received because they made some sort of actionable request online. Whether that is clicking on a home to get more info about it, inputting their address to get a professional price analysis, or selecting a handful of homes in an area they like. Most of the leads are either looking for specific information to make an educated decision in the near future, gathering general information for a planned future move, or simply looking online out of pure curiosity. Regardless of the motivation, providing value to the prospect is one of the best ways to get them to eventually give you the one thing you’re looking for…an interview.
For real estate professionals, the holiday season is often slower than the rest of the year because many people opt to wait to buy or sell till after the holidays. While many Realtors respond to this by pulling back on marketing efforts, successful agents understand that the holidays present a great opportunity for marketing in a more personal manner. Specifically, real estate agents should use the holidays as a time to express gratitude to their current book of business and sphere of influence. A small token of appreciation will go a long way towards encouraging future referrals. Here are some ideas for giving thanks during the holidays.
Many realtors hate internet leads and will be quick to say they are worthless. Internet leads can be challenging, but there is no denying that the vast majority of home buyers and sellers will start their real estate journey with an internet search. As this becomes the new normal for real estate, more and more agents are jumping on the bandwagon to work internet leads. Like anything else, there are tricks for getting the most from your legwork. Here are some tips for finding your next transaction from an internet lead generation service.
Word-of-mouth testimonials have served as meaningful sources of consumer engagement since the dawn of industry. What your customers say about your business to other people matters. This is possibly true now more than ever as advances in social media allow businesses to harness their online reputation to boost brand awareness, inspire customer loyalty and attract new consumers. At the same time, these same advances open potential vulnerabilities for a business when the review(s) in question prove unflattering. Research has shown that upwards of 90% of online consumers report avoiding a business after reading bad reviews.
Obviously, in this day and age, anyone can comment at any time about anything on many social media platforms. There is something to be said about leaving an opinion in print. Despite the source, or credibility of the review, reviews can change the way you perceive a business. And since it is virtually impossible to be a successful company today without operating in the digital realm, at least in small part, your online reputation matters. Bad reviews can close a company’s doors before they are even open and leave new established businesses vulnerable to consumer slowdowns. Being a technology and data company that services the real estate communities, SetSchedule is no stranger to the online review. Since SetSchedule’s online presence inevitably impacts our consumer engagement, it is important that we take action toward a resolution. Below is SetSchedule’s strategy of evaluating, responding to and evolving from negative reviews.
Evaluate the negative reviews
Bad reviews sting even the most seasoned business professionals. Objectively you understand that no one can please everyone, but nonetheless when faced with a bad review your instinct will often be to deflect (blame the customer for their bad experience), dismiss (I don’t care what anyone says about my business) or wallow (ruminating on your perceived failure). None of these are helpful responses. Instead, try to remain empathetic yet detached when evaluating your reviews. Try to notice patterns in both your positive and your negative reviews, and let go of the outliers. There will always be extremes and isolated incidents which can be easily identified and resolved internally. But more important are the recurring themes in SetSchedule’s negative reviews. These are invaluable insights into where our service might be lacking and how to improve.
Respond to negative reviews
Whether a review is good or bad, behind that review is a person who took time out of their day to write about your company. SetSchedule remains grateful for all reviews – the good, the bad and the ugly. One predominant way we show this gratitude is by responding to each and every review. Above all else, reviews should be treated as business indicators – indicating what you are doing right and what you are doing wrong. Social media has brought the power to receive instantaneous customer feedback and if responded to with gratitude first and foremost, this feedback can be harnessed to boost your business to new heights.
Evolve from your negative reviews
The final step in SetSchedule’s approach to negative reviews is to evolve. I just explained how reviews function as roadmaps guiding your business on a path to success. Now it’s up to you to incorporate those reviews into your business model. Once you identify patterns in your negative reviews, you next have to plan how to overcome these points of friction. Do your employees need more training? Do you need to invest in infrastructure? Do you need to modify the service you offer? Growth only occurs in a state of discomfort so it’s up to you to use your reviews like a roadmap and pilot your business accordingly.
Research is showing that more positive reviews are appearing online. Meaning online forums are becoming less a place to complain and more a place to recommend businesses. However, consumers are still more likely to leave a review after a negative experience than a positive one. This means it is increasingly important that you remember to ask your happy customers to leave reviews too. What’s more, it is important to follow up with those customers and encourage them to leave those glowing testimonials. Subscribe to YouTube.com/setschedule for more videos on how to handle negative reviews and stay positive in the face of rejection. To learn more, CLICK HERE to read an article from Follow Up Boss on the importance of reviews for generating new business!
There are thousands of real estate agents working in every city and town of the country. All these realtors face stiff competition from each other, and they vie with each other to catch the attention of the buyers and sellers in their area. To stand out, it becomes very important for a realtor to create a unique identity and brand. Here are some tips to build your brand as a real estate agent in your housing market.
You need to specialize in a particular field of real estate to gain popularity in your housing market. If you are an expert in selling luxury homes, make it known to all your prospects. Word gets around quickly, and you will find that you are able to attract large number of clients who need to sell their luxury properties.