What Is Probate Real Estate?

If you ask your real estate agent friends at the office “What is Probate?” Egypt “Have you sold or listed a Probate?” the majority of the responses will be “No Way it's a waste of time. They will go on to tell you, the Attorney controls the transaction, buyers have to place 10% deposits just…

If you ask your real estate agent friends at the office “What is Probate?” Egypt “Have you sold or listed a Probate?” the majority of the responses will be “No Way it's a waste of time.

They will go on to tell you, the Attorney controls the transaction, buyers have to place 10% deposits just to make an offer which will eliminate 70% or more of the buyers out there. You will have to wait 6-8 weeks for your sale to be placed on the court calendar, you will have to deal with a court appraiser who does not really know values ​​and your offer will have to be within 90% of the court ( CPA's) appraisal. Your client must buy “as is, your commission will be reduced in court and the big one, your offer could be outbid in court and at that point, you just lost everything. placed 10% in escrow, waited 6-8 weeks then left empty handed.

Wow, why would any agent want to be involved it this process?

Well, you could also have a college buddy of an estate attorney and receive their lists without much effort and although you would still go through the above process if this is a court confirmed sale, you would at least have the listing and would be paid when it finally closes. Most of us do not have the college buddy living in the same County who will feed us probate listings so your only choice then would be to go after estate attorneys trying to establish a relationship for future listings.

My statement to this process is “Good Luck”.

So why consider probate and what is a probate?

First you should be working probates, both listings and sales by representing investors and buyers looking to purchase at wholesale prices, somewhere between 75 to 90% of retail and learn how to take the probate out of the court confirmation process which is how I do things . This is not allowing the estate attorney to make the decision, but you as the agent controlling the situation and dictating how the listing or sale will go.

I have been doing this for 25+ years and teach agents and investors how to do this too.

Probate is necessary when someone passes and the heirs are clearing the estate so the assets, if any, can be distributed to where the promised wanted the assets to go. Also creditors are paid and several steps have to be completed over a period of time which on average takes about 7 months.

On paper a probate can be completed within 4 months but in the real world it averages about 7 months. The family member who the decease requested handle his / her affairs after passing is called the Petitioner (soon to be executor) when probate first opens. This person has a tough job of gathering all the assets of the estate for an accounting and overseeing everything in order for the probate to be completed to what is called final distribution. There are many tasks the petition must complete and it is usually a situation where the petitioner is going to place their life on hold for 4-7 months until this probate process is completed. They are paid for this but most, if they had the choice, would have not signed up for this if they knew what they where getting them into. Another reason all of us should have a Living Trust so you can bypass all this probate garbage and time consuming paper-mill but it is what it is and many have a hard time spending a Thousand or so on something for when they pass. So the probate real estate business will continue on.

Do not read this wrong as we also work the properties who had a living trust or trust as this is an easy sale or listing and as they come across our tracking process we still work them.

So to end here, if you can understand the probate process (I can help with this) and where a probate agent can assist this petitioner / Executor, you can add six figures annually to your existing real estate business.

You will need to know the old probate confirmation process plus the new process (New! Established in 1987) and how to guide the estate through the probate. Not all estates will be able to (depends on the language in the Will) but I would say 80 to 90% of the probates we research can process the probate through this act which exceeds the sale almost like a regular sale with just a few extra filings.

It has provided a great revenue stream to my real estate business over the last 25+ years and I highly recommend all agents search for an understanding of how all these works and how they can offer this service in their real estate business.

Three Things That Real Estate Agents Won’t Tell You

When we're about to sell our property, we turn to real estate agents for finding buyers. They facilitate the process of selling a property for us, but there are also several things that they try to hide from us. For example, they do not tell the benefits that they get by selling our property. Of…

When we're about to sell our property, we turn to real estate agents for finding buyers. They facilitate the process of selling a property for us, but there are also several things that they try to hide from us. For example, they do not tell the benefits that they get by selling our property. Of course, they take their fees from us, but do you know that they also benefit from our property as well? In this article we'll have a look on the things that real estate agents often try to hide from us.

  1. Your open house is a party for him: When you hire a real estate agent for selling your property, he'll suggest you to host a weekly open house at first so interested buyers can check out your property on weekends. However, they do not tell you how your open house benefits them. Just think about it – each weekend they spend a couple of hours on your property. Are they really that much committed to your transaction? Nope. They're increasing their database of clients. Every person who walks into the property is either interested in purchasing it or will be interested in checking out what's inside. So they're the perfect picks for a broker who's looking to increase his client base.
  2. You did not get any offer? In reality, you might've got some: Legally all the real estate agents are bound to tell the property owner about each offer that comes in. However, some do not do the same. Sometimes they hide the details of an offer because they think that the offer was often low for you while sometimes they hide it because they will not get enough commission from it (means when it's often low for them, not you). So you must tell your broker clearly that you want to be notified of all offers.
  3. Their websites are outdated: According to National Association of Realtors, 50% of people looking for property brows the web for it. That's why most real estate agents have gone online in today's digital era. But information presented on the websites of these agents is not accurate in most cases. For example, most of them fail in keeping the site updated with the pace of transactions that are happening. As a result, often properties that have been sold out already remain listed on their websites for several months. But they will not accept it before you. You'll have to look beyond a well-designed webpage for identifying this presentation of wrong information!

Probate Law Is a Strange Animal

I have been doing probate real estate investments (flipping, listing, and buying) for the last 22 yrs and it's been a goldmine. What I found out over this period of time is attorney's do not study probate law by itself but one of the courses that they take in law school. I have heard this…

I have been doing probate real estate investments (flipping, listing, and buying) for the last 22 yrs and it's been a goldmine. What I found out over this period of time is attorney's do not study probate law by itself but one of the courses that they take in law school. I have heard this comment over and over. Estate Attorneys do Family Law which includes Probates and most attorneys I have spoken with consider wills their retirement funds.

What has amazed me about Probate Law is the fee an attorney receives is based on the gross assets of the estate. So for an example, let's say the decease had $ 150K life insurance policies, $ 50K in the bank, stocks worth another $ 100K and a home worth $ 500K, the attorneys fee is based on a percentage of the total gross dollars in assets. In this case $ 800K. The attorney would receive a fee based on a percentage (sliding amount) which can be thousands. The funny thing about this is that they do not take into consideration any of the debt associated with these assets. If there is a mortgage of $ 300K on the house it does not lower the house asset to $ 200K in this example. I found this very hard to understand.

Another Probate Law issue I have is there is really no system in place from what I have experienced over the last 20 years doing Probate Real Estate, to assist the petitioner who is going to be the executor. These people for the most part have never undertaken anything like they experience in being an executor in probate. They are usually kept in the dark on the process and when they do speak to someone at the estate attorney's office, it's usually the Para-legal. I can not tell you how many times I have sat face to face with a petitioner who was so confused and unsure of what they were doing. Something needs to be done to help this situation out.

To make matters more complicated, in California there are two ways to probate an estate. One way is through the Court Confirmation process and the other through the IAEA I buy probates through the IAEA process so I can pull the estate home out of the process, avoid the 10% deposit, the 90% of appraisal rule and the “As Is “situation. The enables me to purchase homes (for clients also) at enough discount to make a profit when we resell. The petitioners love me because I remove a big burden off their shoulders by buying the house. Also, I give them an option to place the house on the MLS since I'm an Probate Agent where I will use my probate expertise and show them how to net more sale proceeds. For the most part, the probates I have purchased (as principle and agent for investors) over the last 22 years, the petitioner did not care about the discount as it was more important to get rid of the vacant house.

Our Probate law needs to be revised to treat the sale just like a regular real estate transaction. Under the IAA in California there are checks and balances to make sure everything is right and the heirs agree, we have no need for the old probate law which involves too much red tape but most importantly hand cuffs the estate from entertaining offers to purchase from retail Buyers looking for a home to move into and willing to pay retail. The old Probate Law (Calif) usually attracts only the investor looking for a wholesale purchase. I will say I have profited over the years from the probate laws but I still feel we should only use the IAEA probate procedure and better yet, everyone with assets over $ 250K should be required to have a Living Trust.

Probate law is necessary to protect the estates but it needs to be revised to have a uniform easy to follow procedure for the executor with the estate attorney who is making these large fee's required to assist in all the tasks of the executor (with para-legal help).

From having probate investing students (Agents and Investors) all over the Country, I have found many of the States are different in some way with their Probate law procedure and California is one of the strictest and most confusing States to probate an estate under. Time for someone to step up and change the system.

If you are in real estate as either an agent or investor or even both, you really need to look out the opportunity in probate real estate.

And stay away from these internet “Guru's” selling every system under the sun but probably never had really flipped themselves. If John Reed can not say anything good about the so called “Guru” or does not know them Be Careful!

7 Gifts To Give Your Buyers At Closing

Why give a closing gift? In a word: referrals. During the home buying process, your clients talk to you on a daily basis. But once the new paint is up and the boxes are unpacked, they will settle into life and slowly start to forget about their experience, and you. Giving a gift, especially one…

Why give a closing gift? In a word: referrals. During the home buying process, your clients talk to you on a daily basis. But once the new paint is up and the boxes are unpacked, they will settle into life and slowly start to forget about their experience, and you. Giving a gift, especially one that can be reused and that has your business brand on it, is a great way to ensure that you stay at top of mind. Every time they use the gift they'll remember you and the next time a friend mentions buying or selling a home, your past clients will say “I know the perfect real estate agent for you!”

  1. Bottle of Wine and Engraved Wine Glasses- Hand them a bottle of closing cabernet to celebrate their new home. Make the gift extra special by including wine glasses engraved with their name and the year the house was bought. You can brand this gift by putting the wine bottle in a box customized with your logo and contact information.
  2. Homeowners Tool Kit- Fill a container, such as a large mason jar, with odds and ends that people need when moving such batteries, screwdriver, tape, permanent marker, sponge, and dish soap. You can brand this gift by adding a label with your logo and contact information.
  3. Soup in a Jar- Put all the dry ingredients for soup in a large mason jar. After a long day of moving, your buyers just have to add water and they'll have a delicious meal. You can brand this gift by adding a label with your logo and contact information.
  4. Restaurant Gift Certificate- After a long day of moving, nobody feels like cooking. Treat your clients to dinner to buy a gift card to a local restaurant. Skip the chain restaurants and go for one that is unique to the area. Not only will they enjoy the free meal, but they'll love getting acquainted with a small business unique to the area. You can brand this gift by putting it in one of your personalized notecards.
  5. New Address Postcards- Snap a picture of your buyers in front of their house, then put it on a postcard along with their new address. Hand them a stack of 50-100 so they can send them out to friends and family and inform them of their new address. You can brand this gift by taking a photo next to your yard sign so recipients see your information.
  6. Memory Plate- Commemorate this momentous occasion with a memory plate. Grab a solid color dinner plate from a dollar store. With permanent marker write down all the important events that led to the purchase of the house. Bake the plate at 350 degrees for 30 minutes and the design will stick. Add some baked treats for extra pizazz. You can brand this gift by putting your full name somewhere on the plate and on the back you can put your contact info.
  7. Welcome to the Neighborhood packet- This is a great gift if your buyers are new to the area. Include in the packet a list of contractors you personally recommend to help them with any home improvement or maintenance issues that they may encounter. You can also include a list of important phone numbers for utility companies, schools, vets, doctors, etc. Instructions to local museums, parks, grocery stores and restaurants are also helpful. Add a couple gift cards to local businesses and you've got a practical gift new homeowners will love. You can brand this gift by putting the lists on flyers that bear your business brand.

While these gifts may require a little extra time and money, they are great ways to maintain relationships with past clients that will lead to referrals. Consider these quick tips to make gift giving easier and more beneficial to your business.

  • Buy gifts in bulk and keep them on hand. That way you are not scrambling for one at every closing.
  • Instead of giving a gift at closing, consider sending a gift on the one-year anniversary of the home purchase. It's a great way to remind clients of your business once the craziness of moving has settled.
  • In addition to your gift, leave buyers with a small package of promotional items such as a magnet, notepad and pen. These items should have your name and business brand all over them, and every time clients use them they'll be reminded of their exceptional experience with you.

What You Need to Remember When Dealing With a Realtor?

Engaging in a property management business can be really hard at first, especially if you do not have the right connections. But once you have established an audience, and you have the goods to be able to find locations that would be great to invest in, you'll be running on a money mill all your…

Engaging in a property management business can be really hard at first, especially if you do not have the right connections. But once you have established an audience, and you have the goods to be able to find locations that would be great to invest in, you'll be running on a money mill all your life because this industry is far from losing a lot on your end. Every day, people work hard to give their family the best home and vicinity they can offer them. Every day, there are people who look for the best locations to put up their business and find a marketplace where their products belong to and are demanded for.

The magic of property management lies on your ability to find the most trusted realtor there is and here are some things you have to keep in mind when dealing with an excellent one. So, without further ado, here are some factors you might want to check out when establishing a relationship with your professional property manager.

It's a Business After All.

While you must have mastered the confidence to trust another person for your property, you have to know that when dealing with these people, you have to be a professional and business-minded. You also have to give them credit when it comes to giving the best for your property or space. The business is there because you can not do what they can – and that is to manage your property to make it more profitable and performs all the documentation stuff in order for you to unload some of the burden that comes along with selling your space.

Open Your Mind.

There will be limitless opportunities, but if you seem to have a lot of expectations, this might prevent you to get a fairly great deal. The truth is, with a realtor, you already win because they'll insure that they'll give you the best price. Why? Because they earn, because of people like you who invest their trust to them. Thus, they will gladly help you sell your property. They will give your location a boost and emphasize the best it can offer for your prospective client.

Legalize Everything.

The main point about these realtors is for them to keep track of the documentation process. But, you have to know wherever where they should come in. You need to read through their minds wherever they are worthy of your trust. Connect to them legally, know that you can count on them when it comes to matters and issues like these.

These are just some of the things you have to care most about.

The Worst Thing a Real Estate Agent Can Say at an Appointment

So when I first started in real estate sales, I really did not know what I was doing. I used to waste time driving buyers around to so many properties, I used to wear a big brown leather jacket and worst of all, the way I used to end a conversation at both a presentation…

So when I first started in real estate sales, I really did not know what I was doing. I used to waste time driving buyers around to so many properties, I used to wear a big brown leather jacket and worst of all, the way I used to end a conversation at both a presentation presentation and a buyer appointment was to say: 'so I suppose you want to think about it! '. Can you believe it? Can you imagine my prospecting! Terrible!

So I went on a learning journey, I had to. My family was struggling and living from the money my wife was making from hairdressing from our laundry. And I want to share with you want I learned which turned my career around, and helped me to win awards both nationally and internationally for my results.

I discovered this thing called the close. An alternative to the I want to think about it, which had done so well for me … Not! And today I want to share with you the three most simple to implement closures that I have learned over the years. Of course, there are so many more and those of you who have attended my seminaries have over 40 different closures in your manuals, but these are simple and quick for the time we have today.

1. Ask for the order

The first one I want to share contributed to me making 19 individual house sales after a seven week sales slip which I have told you about. When you are with the buyer, look them straight in the eye and ask them if they want to buy the house.

This can be quite intimidating sometimes can not it? Well that's because through our life times our parents have always said 'be careful!' And to break that down even further 'stay within your comfort zone'. This is not where the results are! Ask them if they want to buy the house, it's that simple.

2. The Ascending Close

The second close I would like to talk about it the closing close, which involves getting the vendor or buyer to say yes as many times as possible. We touched on this a few weeks ago for the vendor, but I just wanted to give you an example for the buyer that just works so well:

FOR THE BUYER:

So you really like the open plan living area? YES

And the bedrooms are a great size for the family? YES

And the distance to the school and town is good for you ?? YES

So why do not you just buy the house ?? YES

3. The Silence Close

The third close is used after the first close, and it's called the silence close. So ask the question 'do you want to buy the house?' Then SHUT UP! So many times we will ask a question like that and then renege on it with a comment like, 'OR maybe you just want to think about it!' or countless other possible remarks, which a.) isolate the buyer and b.) make us seem less genuine. Just shut up! Ask the question and then wire your mouth shut!

These are the simplest of closures because I wanted to give you something you can use today! Rehearse them and then use these today and then leave a comment below the video and let me know how you go and if these videos are adding value to you.

This week's take away: Real Estate Sales are not made within your comfort zone … Ask for the order today!

Important Questions to Ask Before Hiring A Realtor

Buying or selling a home can be quite challenging. To make it easier and smooth, it is important to hire a realtor to help you handle the time-consuming as well as nitty-gritty details. But before you hire a realtor, there are some important questions that you will need to ask them. First of all, you…

Buying or selling a home can be quite challenging. To make it easier and smooth, it is important to hire a realtor to help you handle the time-consuming as well as nitty-gritty details. But before you hire a realtor, there are some important questions that you will need to ask them. First of all, you will need to ask the realtor for references. Just like anyone who is put on the spot during an interview, the realtor is likely to focus on all his positives. But if you know his or her references, you can be able to establish how it is to work with that realtor from day to day.

Another question you should ask the realtor is for him or her to show you the comparative market analysis of the area. This is a listing of the homes that are currently for sale or those homes that were recently sold in the area. With the comparative market analysis, you will be able to compare the details of the home you want to purchase with other similar homes on the market. As a result, you will be able to know if the home measures up to the others homes that are also on sale in the neighborhood.

You should also ask the realtor whether that area is growing or declining. Good realtors will always be on the frontline of recognizing the market trends. They will tell you the areas that can turn from a swamp to bustling residential estates in just a few years as well as those neighborhoods that can transform from being on demand to foreclosures in no time. You therefore need to find out from the realtor if the area you would like to buy your home from has a positive outlook. It is after all his or her job to be well acquainted with the territory.

Also ask the realtor whether he or she operates solo or he or she is a member of a certain team. You may come across situations while a single agent has a support staff behind him or her, so you will need to establish who you will be working with. Working with realtors that operate as a team has its positives and negatives. With a team, you might not always always with the person that you hired. If you have a question concerning the home buying process, the agent that you know might not be available to attend to you. The good thing with a team is that you may get more attention as well as personalized service since there will be many people working behind the scenes to make sure that you get the best property.

It is important to know the number of clients the realtor you are hiring is representing. While it is okay for a realtor to represent many clients at the same time, there could be a problem if he or she is representing a lot of people at the same time. This is because you their time will be divided and therefore you will not be able to get enough attention.

Introduction To A Career In Real Estate

When looking to begin a career in real estate, there are many factors to consider. What will I need to get started? How do I develop a client base? How much money will I make? These are all questions that should be asked before an individual decides to make the jump into a career in…

When looking to begin a career in real estate, there are many factors to consider. What will I need to get started? How do I develop a client base? How much money will I make? These are all questions that should be asked before an individual decides to make the jump into a career in real estate.

To be successful in real estate, it is important that individuals possess self-motivation, organization, persistence, good communication skills, and be goal-oriented. Organization is one of the most valuable skills to possess when pursuing this field. Agents will be responsible for setting up and keeping appointments and follow-up calls with potential buyers, as well as the homeowners. While hiring an agent is not required, they can help clients by advising on housing prices, market conditions, and staging homes for potential buyers. Negotiation skills could be an asset to an agent for when they need to discuss an offer between the buyer and seller. For real estate agents to be successful, they should be familiar with the surrounding communities in their location so they can provide useful insight into possible job opportunities or happenings in the area.

A great way to build a client list is through networking. The more contacts a person has, the greater their clientele potential will be. Individuals can also join networking organizations to help generate future business. Brokers can help their agents generate leads as well. Working under a broker allows you to join an already established company.

It may be beneficial to have at least six months of living expenses saved before entering a career in real estate. There is no set alert potential; you get out of it what you put it. Agents are paid based on commission, not a set salary. Selling real estate is often a flexible career path. Realtors can schedule appointments based on when it suits them to conduct shows and meet with potential clients. Since many people will be working a typical 9 to 5 job, it is not uncommon to have shows and open houses on the weekends.

While the licensing exam may differ from state to state, most firms will require individuals to be at least 18 years of age. It is not required for agents to have a degree from a university, but they will need to complete the preliminary hours before taking the exam to obtain a license. After the license has been earned, it will have to be renewed every two to four years, depending on which state you are working in.

Tips For Real Estate Agents – How to Market Yourself As a Real Estate Agent

In days gone by, real estate producers knew some things for certain: sellers' markets, flooded with buyers who have access to many and flexible loans, or sometimes full cash, and sellers often salivating at the potential profits from their sales resolved in instant millionaires created all around the clock. They also knew of the buyers'…

In days gone by, real estate producers knew some things for certain: sellers' markets, flooded with buyers who have access to many and flexible loans, or sometimes full cash, and sellers often salivating at the potential profits from their sales resolved in instant millionaires created all around the clock. They also knew of the buyers' market where there were plenty of properties in the market and a limited number of buyers. Producers who had access to investors often did great deals for their clients and those without shrunk to oblivion.

The last devastating market crash came with a new reality: IT NOT BUSINESS AS USUAL ANYMORE! New producers must acquaint themselves with not only buyers 'markets and sellers' markets, but the background dynamics that precede those markets and the thinking behind the buyers and sellers as markets evolve from one stage to another.

QUICK FACTS

  • During the great recession, knowledgeable real estate agents made a fortune with the highest number of deals of their careers, while a major closed shop and changed careers.
  • A majority of producers returning into the market after a recession induced expanded hiatus, a jump into the short sale business at the wrong end, and may end up remaining mediocre for lack of knowledge of the trends and associated strategies.
  • Most successful producers indulge in continued education, with the knowledge that business is about numbers. To succeed in business, you must invest in something … and it is all a calculated risk.

My dad once told me, Use what you have to get what you need as a basis of getting what you want. And I thought I did not have much to use, until I did a SWOT analysis. I then concluded that IF I knew all I needed, I would find out all I had, which would help me get all I wanted.

*** A SWOT Analysis is a structured planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats of a specific goal. There are studies carried out on the SWOT analysis. This manual is limited in scope so as not to lose its focus.

BASIC STATE OF AN AGENT

  • You are an independent contractor.
  • Commissions are your sole source of revenue.
  • The smarter you work, the more you make.
  • You enter and exit the market depending on economic conditions and your forte.
  • You have a choice to work part-time or full time.
  • Your level of real estate knowledge, willingness to learn, and ability to absorb determines where you are at the moment and where you will be in the future.
  • Your performance is determined on your level of interaction with market players (buyers, sellers, investors, etc.).
  • You are in a business of relationships.
  • You must operate within tribes to survive (tribes are discussed elsewhere in this manual).
  • The current market cycle determines your mood in the market and the marketing strategies you use to succeed.

5 Steps to Doubling Your Real Estate Sales Results in 12 Months

Before we get started, let's see how this affects you! Look up all the houses that have settled in your service area in the past year. Then multiply the number by your average fee and then take note of how much professional fee is available to you. Get motivated by this figure, get committed and…

Before we get started, let's see how this affects you! Look up all the houses that have settled in your service area in the past year. Then multiply the number by your average fee and then take note of how much professional fee is available to you.

Get motivated by this figure, get committed and set your goals. Affirm them every day using verbal affirmations in the car on the way to work. Now onto the story of how I lost and turned it around …

I was at an awards ceremony for real estate sales results and honestly, I was surprised and devastated when my name was not called for an award. I had won a few awards previously and I was young and bit too confident with my results.

Later I found out that the person who had won the award had DOUBLED MY SALES FIGURES!

1. Belief

Most people I spoke to that night made excuses. They thought that it was impossible to reach the figures that this lady had. Instead of making excuses I believed with my heart, that it was possible.

I HAD to double my sales figures the following year, if I stand a chance at receiving the award and owed to myself that I would do so. Instead of scoffing that night, I went to my hotel room and started planning. Believe in yourself and plan to achieve it!

2. Commitment

I was up early the following morning and back to the office by 8.30am, I could not wait to get started. I roled my sleeves up! Not only did I now have a simple clear plan to follow, I was committed. I wrote my goal every day over the next twelve months and verbally affirmed it.

3. Have a 'CAN DO' attitude

It has been said that the most important word in the English language is attitude and I was determined to maintain a positive mental attitude at all times.

4. Continually improve your skills

I realized that the day you stop learning is the day you are finished in the competitive world of real estate sales, so I always listened to good training material in my car and I read for 30 minutes everyday.

5. Focus, win and the fun will come …

For the next twelve months I had laser like focus on my goals which were 12 listings and 10 sales per month. It's funny, I have found that as you begin to win, you simultaneously begin to have a lot of fun.

All this lead me to achieve an average of 11 sales per month and finally I was awarded the trophy following following year in the award ceremony, with over double the gross professional fees that I had brought into the office the previous year.

Brian Tracy says “If its going to be, it's up to me!” Believe you can do it, commit, have a great attitude and improve your skills everyday. If you do this with absolute focus, the results will come, then the fun will come, and before you know it, you will find a tick in the box next to your goal.

Commercial Real Estate Agent Prospecting Facts and Strategies

When you work as a commercial real estate agent or broker, it is essential that you develop and implement a prospecting program to generate new business leads. It is a personal process and it is not something that you can or should delegate. I am amused sometimes when I hear that an agent has paid…

When you work as a commercial real estate agent or broker, it is essential that you develop and implement a prospecting program to generate new business leads. It is a personal process and it is not something that you can or should delegate.

I am amused sometimes when I hear that an agent has paid careful money to a marketing company to 'cold call' their entire sales territory or market segment looking for leads and prospects to serve. Delegating the prospecting process to a marketing company or another 'unskilled person' is a waste of time and money. Commercial real estate is an industry built around personal relationships and trust; a marketing company or employed canvasser can not offer that level of communication or service.

So why would a real estate agent employ such a 'marketing firm' to make prospecting calls? The answer in most cases is glaringly obvious; the agent does not have the skill or the discipline for the prospecting process to be successful.

If you want to win the new business, then you will need to do it yourself. Yes, it takes time to get results and you will need to develop some new skills, but discipline will help you get the results that you are seeking.

One thing should be said here; commercial real estate brokerage is tremendously rewarding for the sales people that can work hard and to a system or plan. Looking for leads and opportunities is part of the process or game. It's a personal thing and it can not be delegated.

Here are some way's to find new business, better property listings, and good clients:

  • Redundant Properties – Some properties will move to a level of redundancy due to age, deterioration, change of zoning, or lack of tenants. When this happens it is time to move to the next phase of the property 'lifecycle'. A good real estate agent can see the signs early and work closely with a property owner as they start to deal with the issue of investment change.
  • Vacant Land – As a city expands or suburbs change, vacant land will be rezoned for new development. Keep ahead of this opportunity by monitoring the planning and development applications at your local planning approvals office. Get copies of the public minutes of the planning committee meetings.
  • Old Listings – Some listings do not sell or lease at the first attempt. What you can do here is withdrawal the property from the market today and then revisit the property marketing effort a few months later in another and perhaps different marketing approach. Refreshing a listing is a valuable business process.
  • Open Listings – The best way to sell or lease a property is through an exclusive listing process. Open lists are very much a process of luck; most open listings stay on the market for a very long time and on average are far less successful when compared to the dedicated marketing efforts of an exclusive listing. Revisit old open listings to see if they can be optimized for a fresh marketing effort.
  • Larger Businesses – Local businesses are involved in property either as tenants or as owner occupiers. Business owners will need help with property from time to time. The best way to tap into that opportunity is through direct and ongoing contact. Cold call every business in your town or city and speak to them regularly about property needs and changes.
  • Surrounding Other Listings – When a competitive agent puts a property on the market, you can use that listing as a reason to talk to all adjacent and nearby business and property owners. One property listing can be the catalyst to talk to others to see if they would like to compete or do something themselves.
  • Street Canvass – On a street by street basis, systematically move through your sales territory and research all property owners. Occasionally you will create a good list of owners for your database. Ongoing contact will allow you to build valuable client relationships and the levels of trust that help grow contracts and listings.
  • Cold Calling – The telephone remains the most effective business tool that we have. Direct calls handled in a professional way will help you reach out to new people. Selectively researching the property owners and business people in your area will support the cold calling process.

A simple list like this will give you an abundance of property leads and opportunities. The secret to making things work for you is in doing it yourself.

Best Practice When You Interview a Real Estate Agent

Choosing a real estate agent to work with can be a daunting task especially if you have never sold or bought property before. When you are interviewing the agents, you will need to ask the questions that will help you determine which agent is right for you. The first thing you should know from the…

Choosing a real estate agent to work with can be a daunting task especially if you have never sold or bought property before. When you are interviewing the agents, you will need to ask the questions that will help you determine which agent is right for you. The first thing you should know from the real estate agent is how long they have been in the business. Even though it does not automatically make an agent qualified if they have been around for long, experience definitely counts. You need to make sure that you hire someone who can be able to handle every aspect in the sale.

During the interview, you also need to establish the number of properties that the agent has been able to sell in that area. If you want the buying or selling process to run smoothly, you will need to work with an agent who has recently sold at least five or six properties that are similar to the one that you are interested in. If you are selling property, find out from the agent if they have a database of clients that missed out on previous sales. Those could be potential clients to the property that you are selling.

You also need to find out the specific marketing systems as well as approaches that the real estate agent employs to make sure that a client gets the property they want or sell property. If you are selling a home, you do not want to work with someone who is going to put a sell sign in your yard and then disappear. Make sure that you get an agent that has aggressive as well as innovative approaches that will help them to market your home competitively both online and offline.

It is also imperative to know whether the real estate agent you are hiring is going to represent you exclusively as a buyer during the transaction or he or she is going to represent the seller too. While it is legally allowed for a real estate agent to represent both the buyer and the seller during the home buying process, you will need to know where the his or her obligations lie. The real estate agent should clearly explain to you his or her agency relationship as well as the rights of each party.

Another thing that you should not forget to do when interviewing a real estate agent is to ask them how much they charge for their services and if they are willing to negotiate. Your aim for asking this question should not be all about looking for an agent that offers the cheapest rates, but it should also help you determine what is included in the fees. A good real estate will confidently justify their price. Note that commission levels may vary depending on the state or location that you come from, but you can always compare the real estate agent's rates with the rates of the other agents to be sure that he or she is being fair to you.

The Pros and Cons of Working With an Investor

There is a good chance that you have not seen the abundant road signs reading “We buy homes quickly” if you have gotten your house listed for sale. There might be a slight probability that you have received an offer from an individual who claims himself to be an investor in real estate. Over the…

There is a good chance that you have not seen the abundant road signs reading “We buy homes quickly” if you have gotten your house listed for sale. There might be a slight probability that you have received an offer from an individual who claims himself to be an investor in real estate. Over the last decade, the market has transformed manifold. It is not uncommon to be flocked by real estate investors if you are a buyer or seller.

While there are a lot of upsides to working with a seller, there are certain downsides as well. Every coin has two faces. There are two shades to every picture. Make sure you are well aware of all the pros and cons of working with a real estate investor.

The assets of working with a real estate investor

The flexible options for payment

The investors offer a number of payment methods including but not limited to cash, certified funds, pre-scheduled cash settlement. In some cases, the investor may even overtake the existing mortgage. You can settle for a method which suits you and your needs.

Cash settlements are feasible

Investors usually pay with cash for a home. This is very appealing due to the current financial restrictions and growing restlessness about the low appraisals. So, if you are in dire need of cash for immediate use, you can opt for the services of a real estate investor.

Selling the property as it is

Typically, the investors purchase your property as it is. There is no need for you to do any changes or repairs. Thus, you are spared the financial burden of paying for any repairs as these will be taken care of by the investor or the next habitant of the place.

Quick closings

The real estate investors are thorough professionals. They have large networks of buyers and solutions if you need instant cash. They can also close the deal within merely a week. This happens so fast because the sale of your property is not reliant upon the approved financing, home inspections, appraised values ​​and other factors like these. Basically, all these steps are bypassed to expedite the process considerably.

While these are some of the blessings in disguise to working with real estate investors, there are some potential pitfalls as well. You could get cheated upon with scams and fakes. Make sure you work with a reputed and trusted party.

The impediments of working with real estate investors

No license for purchase

The investors do not require any license to purchase your property. This means that as a potential seller, you have absolutely no idea about the background of the party who is offering you a deal. While some investors are corporations, others are individuals who just state that they are real estate agents. It is also a concern among many people that if they sell their homes to make believe agents, the property can be misused.

Scams and con artists

Any financial transaction carries a risk of fraud with itself. It is very cruel to avoid scams if you are dealing with assets. Whenever you are finalizing an an investor, try to gather as much information as possible beforehand. Look up references, trace them with Better Business Bureau and check online. You can also ask your listing agent to research for you.

You may sell your property below the market value

The real estate agents are aware of the fact that they are taking a risk by purchasing the property in its present condition. It is highly unlikely that you will get the real offering of the market value for your home. This is because the investors have their own costs to contend and these are factored into the prices they offer.

To sum it up, there are always different perspectives to a problem. You can decide upon whether or not to choose real estate investor depending on your present situation.

Is Your REALTOR As Dumb As A Doorknob?

If someone refer to their REALTOR® as being as dumb as a doorknob, there are several possible meanings. Today, well, he could be just not all that smart. But, in olden days, it could have meant that your REALTOR® was just a quiet sort of guy. The saying “dumb as a doorknob” appeared to be…

If someone refer to their REALTOR® as being as dumb as a doorknob, there are several possible meanings. Today, well, he could be just not all that smart. But, in olden days, it could have meant that your REALTOR® was just a quiet sort of guy.

The saying “dumb as a doorknob” appeared to be derived from the saying as “dead as a doornail” which was used by literary English greats such as Shakespeare and Charles Dickens (in his well known “Christmas Carol.”) Doornails were driven in to mid-evil wooden doors and bent over on the opposite site to strengthen the door. The nails were basically rendered “dead” and could not be removed. A doornail was also placed so that the doorknocker would strike it when a visitor announced they had arrived. Over time the nail or striker plate would wear out and the doorknocker would become a little more “dumb” (which also means silent, as in deaf and dumb.)

Anyway, it appears that somewhere along the way (sometimes at a real estate closing) the saying morphed from “dead as a doornail” into “dumb as a doorknob.” Either the agent said nothing at all or something really, really stupid and it stuck. I'm not sure. Regardless, both sayings have become widely used and adopted by the real estate industry.

That brings me to the most commonly overlooked but extremely important part of a house; the doorknob itself. Even though you touch this little mechanism many times every day, you probably do not give it a second thought. You just give it a twist and go in. But what if it was not there? Animal hides hanging in doorways come to mind.

Prior to door knobs in America, a simple thumb latch did the trick. Check out the late 18th century homes in the area and that's what you find if the home is original. Mortise type locks and handles were manufactured in Britain starting around 1790, but were not used in America until the early 1800's. Most of the colonial period doors were 1 1/4 “or less so it was impossible to cut out a section to hold the lock and handle. .

From 1830 to 1873, there were over 100 US patents granted for door knobs. Door knobs were made out of wood, pressed and cut glass, ceramic, potter's clay, a composite of metal covered with brass or bronze, as well as other materials. One of my favorites has always been the mercury glass ones with the shiny mirror like finish. With improving technology and manufacturing capabilities it was not long before the simple door knob evolved to include locking mechanisms that we are so familiar with today.

If you are selling your home, something as simple as a tasteful new exterior door knob / handle and hardware can make a statement about what awaits prospective buyers when they enter. It can set the tone. Tasteful interior door knobs and door hardware can make a big impact on how a potential buyer perceives a home. The same is true, of course, with regard to the hardware and knives used on kitchen and bathroom cabinetry. Step back and survey what you have. It does make a difference. And, if you are currently using animal hides for doors, you really need to visit Home Depot or Lowes.

15 Things That Your Real Estate Agent Never Tells You

Buying or selling your house or any other kind of property is a big decision. All due to this, people never wish to do it alone, but in the association with an expert who has mighty experience in the process. Real estate agents or realtors are such a people, group of people or even an…

Buying or selling your house or any other kind of property is a big decision. All due to this, people never wish to do it alone, but in the association with an expert who has mighty experience in the process.

Real estate agents or realtors are such a people, group of people or even an organization performing this task on your behalf. They are the dedicated professionals, registered or unregistered, offering you all the assistance you need, whether to buy or sell a property.

And this is why it is necessary to consult a good, reputed and experienced real estate agent or firm only.

However, even when you consult the best one, there are a few things that the real estate agents do not tell their clients. Here is a list of these:

  1. First of all, you may not always need to hire a real estate agent to sell your house, especially if it is located at some plush location or is at a place that is borne by many.
  2. Most of the real estate agents work on decisions. They may tell you that their responsibilities are fixed, but in reality, the responsibilities are always negotiable.
  3. And if you choose not to hire a real estate agent and sell your house yourself, you can even avoid those decisions.
  4. If you are about to sell your house, you would consider vacating it to offer a better view to your buyers. However, a furnished and tidy house is said to sell better than a vacated one, since the buyers can get an actual view of how they would keep their products.
  5. Buyers do have a view of your kitchen, but kitchens are not what people put on their priority list before buying a house.
  6. Agents may say that they do not have an idea about the neighborhood, but in reality, they actually know the kind of neighborhood you are moving in with.
  7. Do not doubt individual workers or small real estate firms, even if the big ones tell you tales about their inexperience or inefficiency. You may never know the real tales behind.
  8. Before you buy a house, you can even hire a home inspector and get the house inspected to know the hidden flaws etc. in the house. You can also get to know its real worth.
  9. Even your home inspectors may not tell you everything about the house.
  10. Most of the real estate agents do not wait for long to get you the best bid for your house. Instead, they would wish to get a fair deal and get it done within, say, a month's time. It may get them a low commission but it needs less marketing and they can concentrate on other deals.
  11. A home you are buying should especially be in a move-in condition. If it needs a few safety fixtures or a big investment, you are better off looking for something else.
  12. Even if you hired a good real estate agent, you need to keep a check on their activities and you can always fire them if you think that they are not acting on what they actually promised.
  13. There could always, always be a better deal. But then, there's no guarantee.
  14. Agents may get commissions from both the buyers and the sellers. So never always consider them on your side.
  15. Holding an open house may actually find you a better client.

So while you buy or sell a property with the help of a real estate agent, do keep these elements in mind.

A bit of your vigilance may not always save your expenses but also prevent you from any sort of future regrets.