eXp Realty

10 Best Ways to Find Real Estate Buyers

Last updated on: Published by: John Kinnunen 0
10 Best Ways to Find Real Estate Buyers

10 Best Ways to Find Real Estate Buyers – Real estate agents know that just because you have your license doesn’t mean that leads will automatically drop into your lap. This is a dog-eat-dog business and real estate agents must pound the pavement to build that book of business, especially in the beginning. When you join eXp Realty, your mentor program will start out with assistant leads and help you generate some of your first transactions but it is ultimately up to you to continue that practice and eventually be “released into the wild” to make your own way.

Real estate agents have been pounding the pavement for leads for decades and everyone has a way of doing it that is slightly different. What works for one may not work for the other so take this list in stride. Some of these tactics and strategies may or may not work for you but they all have been proven to work for some. While many real estate agents find that the listing is the pot of gold at the end of the rainbow, others prefer the joy and satisfaction of helping buyers find the home of their dreams. If you prefer more buyers agent tactics, here are 10 of the best ways to find real estate buyers.

#1. Target the right demographics.

Well at the beginning of the game you’ll take whatever you’re given, you probably have a niche or target demographic you prefer. Do you like first-time homebuyers? Retirees? Second-home buyers? Investors? Whatever your buyer niche is, target that demographic. Create social media campaigns that specifically targets people in certain age brackets with certain interests. You’ll be able to narrow down the field to specifically target buyers that appeal to your type of niche. Social media campaigns can definitely be targeted to the right buyer and the more specific you are, the higher the chance of getting the right lead.

#2. Connect with other groups on a social media.

Start building your sphere of influence by networking with other buyer’s agents and listing agents. When agents come together over the right property, relationships are solidified. Ask other listing agents in your area about sitting their open houses. Talk to them about the best way to get buyers for a specific neighborhood. Most agents are always seeking to improve their social media presence and because a lot of us spend way too much time on social media, it can be a great place to farm for buyers. Finding groups for residential sales, investing, or general homebuying can always broaden your scope of influence. Answer questions rather than ask for business. Providing solutions and answers will show that you’re not greedy, even though the ultimate goal is to retain a buyer.

#3. Build hyper-local and targeted landing pages.

If you have a real estate website, and most real estate agents do, consider building out squeeze pages or landing pages to truly capture buyers in a specific area. Make this hyperfocus so that the page shows up for exactly what you want to obtain. If it’s a specific neighborhood, talk about buyers in specific neighborhoods and why a buyer should choose you as the representative over anyone else.

#4. Consider a lead-generating website.

There are dozens of real estate website platforms out there but not all create and provide the right lead-generating solution. Websites like Sierra, Real Geeks, or even custom WordPress sites with highly integrated and optimize IDX solutions are key to getting the right lead-generating results.

#5. Consider mailers.

Yes, mailers still work. If you’re looking to farm a specific area, consider sending out postcards, something simple, straightforward, but that keeps you top of mind when they do need to buy. You never know when that postcard will come across the desk or the dining room table at just the right time. Keep your name fresh in their minds and let them know what you’re doing for others in the neighborhood, suggesting a sense of FOMO if they don’t use you.

#6. Consider paid advertising campaigns.

Pay-per-click can certainly work but it can be expensive. Right out of the gate, pay-per-click campaigns can target specific buyers for an area and because you are top of the food chain, so to speak, your site and your information will come up first. Do this for a few months, and you may have built up a good book of business that can maintain referrals so that you can drop back a bit on your pay-per-click budget. Make sure that those paid advertising campaigns go to the right page and that you are able to garner a lead from every click.

Related: 10 Ways of Effective Door Knocking

#7. Network.

Similar to building out your social media network, you can network in other ways. Get involved in your local Chamber of Commerce. Talk to local businesses and let them know what you do and who you are. Throw events, get-togethers, and charity events or even holiday parties to get your name out there, start building your book of business and networking with like-minded individuals that may refer you to potential business.

#8. Consider unofficial listing services.

Most real estate websites and MLS websites will naturally post to places like Zillow, Trulia, Realtor, etc… But unofficial listing places like Craigslist, Facebook Marketplace, Next Door, and even Offer Up can provide a great platform for expanding your sphere of influence. The newspaper is really not the source for tracking down your next lead but many of these places that don’t automatically generate listings are a great way to not only get your website out there in the form of back links but your name and what you do as well. Also, by targeting these types of websites, you might find a buyer that’s not working with an agent yet.

#9. Don’t forget about renters.

Renters can be a wealth of potential business. Sending these mailers to homeowners might be a great way to get listings but sending mailers to renters in apartment buildings and complexes can definitely get you the buyers. Let renters know how easy it is to buy a house through you. When you make it seem doable, they’re more likely to call you. Remember when Disney did a campaign stating exactly how much it costs for a family of four to have a fantastic vacation in Disneyland? It worked! When families realize, “wow, we could do that” it made a trip to Disneyland much more affordable. It took the guesswork and the shock of cost out of the equation. Do this with renters, and you might be surprised at how much your phone rings.

#10. Never neglect your existing sphere of influence.

Don’t forget about friends and family. These are the people that knew you before you were a big deal in real estate. Without pressuring friends and family, you can be a consistent reminder about what you do and who you are. Talk about your latest listing, talk about how excited buyers were that you negotiated the best terms on their behalf. By showcasing real estate wins that you were a part of, you create an urgency for others that make them want to use you and refer you. By speaking intelligently and authoritatively without flat out asking for a lead, you will naturally get people that refer you on a regular basis.

Finding real estate buyers doesn’t have to be difficult but you do have to be consistent and motivated. Again, leads generally will not drop into your lap but the more informative you are, helpful, solution-based, and consistent, eventually the snowball will get rolling. When it does, don’t back off. Continue with your lead-generating tactics and strategies to maintain that steady stream of potential buyers.

If you’d like more information about joining a real estate team with eXp Realty to gain the resources, support, and experience of other team members, contact my office at any time.

 

 

More tips for agents and brokers:

Part-Time Vs Full-Time Real Estate Agent

20 Questions to Ask When Interviewing Brokerages

100 Things I Wish I’d Known Before Getting Into Real Estate

9 Reasons Your Business Should Relocate to Florida

How to Be the Builder’s Agent

How to be a Luxury Agent

7 Reasons Why Joining a Real Estate Team is Beneficial

Health Care for Real Estate Agents

9 Steps to Join eXp Realty

eXp Realty

10 Ways for Effective Real Estate Door-Knocking

Last updated on: Published by: John Kinnunen 0
10 Ways for Effective Real Estate Door-Knocking

Going door to door. No, this is not a blog post from the 1970s. Did you know the going door to door is actually remarkably effective, especially for local real estate agents? While this might be old school, it still works. Real estate is based on relationships and connections and that is difficult to achieve over an email, postcard, or website.

Nothing beats face-to-face contact. But, like most of us, the idea of cold calling or knocking on a door is somewhat terrifying. Is there a way to do it that is actually effective? Does anyone do it anymore? Can you actually get a lead by door-knocking? This article is gonna talk about 10 effective ways real estate agents can utilize door-knocking it to get a lead and to build relationships.

Door-Knocking to Get the Lead – 10 Effective Ways

#1. Do your research.

Before you start knocking on random doors, you have to know where you want to start your marketing. Is there a neighborhood in which you live where you might actually know a lot of the people there? Do you want to start somewhere you really know and then branch out? Do you have an open house in an area and can knock on everyone’s doors in the area telling them about the open house and introducing yourself? This is a great way to get involved in the neighborhood, be presentable, hospitable, polite, and, get your name out there as well as your face. It all starts somewhere and the best way is to go face-to-face.

#2. Consider gifts.

A small gift is a good way to smooth things over and introduce yourself in a non-threatening manner. Perhaps it’s simply a back scratcher with your name on it, a candle, soaps, lotions, a prepackaged cookie from the local bakery, or something inexpensive, small, and memorable. Items that people use every day such as a pen, notepad, or magnet (one that’s useful rather than a big placard of your face on their fridge) are things that can be used daily and remind people who gave them the gift. When the time comes to buy or sell, you might come to mind, especially if you keep yourself top of mind.

#3. Know what you’re going to say ahead of time.

Work on your script and understand what you’re going to say before you knock on the door. Do you have a polite way of handling rejection? Consider how someone might answer the door and have a respectable response for each of those encounters. Remember, you may come across mothers that have sleeping children and a doorbell or hard knock on the door might be the irritating thing that wakes up the child, ruining her day. You certainly don’t want to be remembered as being “that guy”.

You might be dealing with elderly folks that can even hear the front door, teenagers home alone, housesitter’s, babysitters, heads of households, and everyone in between. Run a script through your mind on what you would say to just about any type of person that answers the door. Try to connect with them immediately without sounding too “salesy”.

#4. Be clear and concise.

Be quick, clear, and concise. Think of this as your elevator conversation. Tell people what you do, how you do it, why you do it, and how you can solve their problem in 10 seconds or less. That definitely takes some practice. Don’t go on and on about yourself because even though you are selling yourself, people want to know that they are in charge and you are solving their problems, not being a rescue for them or that they need you.

If you have an open house in the area, quickly let them know where the open houses and that you’d love to see them, perhaps promise them cookies and coffee or even a glass of wine should they stop by. This will give you a better chance to get to know them and talk about their interests and needs a little bit more.

#5. Understand rejection.

Learn how to gracefully take no as an answer. Remember, even if someone says no, it’s better than slamming the door in your face. Not everybody is ready to buy or sell a house but if you are polite, let them be on their way, and give them a no-pressure out, they may be more inclined to remember you next time. Y

ou’re not necessarily trying to sell anything but simply introduce yourself. A successful real estate agent doesn’t have to convert everyone at the doorstep. This is a process and just one step to a potential lead.

#6. Consider timing.

You certainly don’t want to bother a busy family first thing in the morning when everybody’s trying to get out to school or work. But you also don’t want to bother them right at dinnertime. Most people come home from work between 4:30 and 6:30 and maybe have dinner between 5:30 and 6:30 or seven.

You certainly don’t want to go too late but consider your audience. If it’s a retirement community or after, earlier is definitely better. Consider the day as well. Sunday afternoons, as long as you’re not interrupting a popular sports game, most people will probably answer the door. It’s a more lazy afternoon and they might have more time to chat.

#7. Consider it your target audience.

As previously mentioned, if your target audience is seniors, make sure you have a story of connection that they can relate to. Talk to them during different times of the day or ask if you can come back. A lot of these folks are happy to chat with anyone so make sure that you’re not also wasting your own time. If you’re looking for families, be considerate of afterschool sports, school times, moms with small children, or parents that work. If you’re looking for young professionals, later in the evening might be more appropriate.

#8. Be prepared for unanswered doors.

Not everyone is going to answer the door or they might just not be home so be prepared with door hangers, flyers, or even a unique little gift that will set you apart. You’ll want to have the proper information such as your contact info, social media accounts, and of course, the call to action.

You might even include testimonials or reviews from people they may know such as their own neighbors. People are more likely to choose a real estate agent when they have some reference and relatability.

#9. Target specific homes.

Blanket the neighborhood ahead of time to find expired listings or maybe a home that is ‘for sale by owner’. Obviously, there was a need or is currently and need to sell a house so make sure that you have a really good response on why someone should use you rather than another real estate agent or simply sell it themselves.

You don’t want to overpromise and underdeliver, but offering something they may not be able to get with another agent or by themselves is definitely the key to attracting new business.

#10. Keep records.

There’s nothing more frustrating than having someone knock on your door two weeks after they’ve already knocked on your door acting like they’ve never seen you before. This turns people off and they definitely won’t call you back if you didn’t even remember them. Keep a record of where you’ve been, who you are able to talk to, unanswered doors, and who you might read target in the future.

Nothing shows more validation than remembering that you’ve met someone previously. It makes them feel like you care and that you’ve really paid attention… Which you have.

Door-knocking is not just an old-school tactic. This truly can work for a lot of real estate agents if you put into practice these 10 simple steps. Stay organized, be considerate, be genuine, be realistic, and be respectful. You might be surprised at how many leads you actually get.

If you’d like more information about joining a real estate team with eXp Realty to gain the resources, support, and experience of other team members, contact my office at any time.

 

 

More tips for agents and brokers:

Part-Time Vs Full-Time Real Estate Agent

20 Questions to Ask When Interviewing Brokerages

100 Things I Wish I’d Known Before Getting Into Real Estate

9 Reasons Your Business Should Relocate to Florida

How to Be the Builder’s Agent

How to be a Luxury Agent

7 Reasons Why Joining a Real Estate Team is Beneficial

Health Care for Real Estate Agents

Join eXp Realty

eXp Realty

How to Become a Luxury Real Estate Agent

Last updated on: Published by: John Kinnunen 0
How to Become a Luxury Real Estate Agent

Are you looking to break into the luxury real estate market? Aren’t we all? I mean, who wouldn’t want that commission check? But, it’s not as easy as simply waiting in your office for a lead to come through. Very few ultrarich real estate owners will simply cold call a real estate brokerage and ask for one of their random agents. Becoming a luxury real estate agent is a position one must work for, thrive in, and meet the standard for most luxury real estate clients.

Not every real estate agent is capable of selling ultra-expensive luxury homes. Many agents are simply generalists, where they can buy and sell for clients regardless of their income bracket. Some cater to certain niches such as a buyers agent only, listing agent, in a particular neighborhood, or probate, foreclosures, and short sales. Then there’s the luxury property market. This market is typically characterized by refinement and exclusivity. The term luxury may vary depending on the market and it’s not necessarily about the price tag, although luxury homes do come at a premium. The typical luxury home in the United States ranges from about $2.5 million in Los Angeles to $3.6 million in New York City.

Agents that specialize in luxury real estate tend to do business with ultra-high net worth individuals, those that have assets of $30 million or more. These are among the world’s wealthiest individuals and while it’s a group that is still fairly small, it continues to grow each year. So how can you break into this market?

Here’s how to become a luxury real estate agent.

Understand your clientele.

I’m not going to start at the beginning and I’ll assume you have your real estate license. Obviously, you’ll need that to become a luxury real estate agent but you’ll need to understand your clientele as well. These properties are not simply going to sell themselves. It’s much easier to sell a three-bedroom condominium than it is a 30,000 square-foot estate mentioned. You’ll need to know the market and the clientele. Get into the minds of the ultra-rich. Read blogs, articles, and books the target your clientele and what they might read.

Networking and co-listing

Who wouldn’t want to take on a $20 million listing all on their own? But, a clever and luxury savvy agent understands the respect and the networking that goes along with co-listing. This is one of the best ways to break into the luxury real estate markets. You might need to team up with someone that is already very prolific at selling and marketing luxury homes. Try not to be greedy and remember half of a law that is more than a lot of nothing.

Get relevant experience.

Success and confidence in being a luxury real estate agent come from repeated practice and experience. Brand-new agents are probably not going to get a luxury real estate listing so you’ll need to work with the brokerage that’s experienced in selling high-end listings. You may need to share the listings for a while until you really get the experience of how different selling luxury homes is.

Dress for the job you want.

This is an old cliché but it is definitely true when it comes to marketing luxury homes. This is not a sweatshirt and jeans type of agent. This is a high-class, properly groomed and well-dressed agents. While you can still be real and down to earth with clientele, don’t assume that’s the type of client you’re going to get.

Luxury agents spend a lot of money.

This is not a quick photo tour with your iPhone. This is high-end photography, drone photography if necessary, and expensive marketing campaigns. Remember, these properties are tricky to sell so you’ll need to put a little bit of skin in the game to really market. This means you may need some starting capital so that you can spend freely with your initial investments.

Make sure you have the connections that the luxury client will need.

Make sure you can answer questions that the client has about real estate taxes, insurance, appraisals, banking and lending options, common properties, and privacy. Each client is going to be different so you’ll need the assets and connections associated with buying and selling luxury properties.

Understand the details.

Luxury properties are not going to be comparable to traditional homes. You will need to pay attention to all the details including key features of the property, location, and amenities. Think full-color marketing media as buyers want to know as much about a property as possible. Be an expert with the property, the area, the neighborhood, and the logistics they go into a jumbo home loan, cash buyer, equity, and asset protection.

Develop your sphere of influence.

As your sphere grows, so will your capabilities in the luxury real estate market. You’ll want to bill contacts and generate leads through influence strategy. This is where you will generate leads through the people the agent already knows such as neighbors, family, friends, social connections and business associates. This can be extremely valuable because every person in agent meats could become your client. Learn about each person in your sphere of influence and maintain regular contact. Networking with other agents and professionals can help you connect to other buyers and sellers that may be just outside your reach.

Go where the local influencers are. Join groups, social clubs, where the elite hang out even if it’s just the local Starbucks.

Market yourself.

Whether you are a luxury real estate agent or a traditionalist, you will need to know how to market yourself and your brand. Pick a brand that you’re going to stick with so it is recognizable and familiar. Everyone’s marketing is different. If you start to broad you may dilute your marketing and branding. The niche-focused, teach, inform, and be the authority on your branding and your niche.

Farm luxury expires.

While this is always a good idea for just about any type of real estate agent, luxury homes will be more proficient because they are a harder type of home to sell. Luxury homes can take 2 to 3 times longer to sell than the average home. There are simply fewer buyers who can afford the high price tag. Luxury home listings can expire more frequently than moderately priced homes and luxury homeowners that try the for sale by owner approach will really find it difficult to attract a real homebuyer. This may be a great opportunity to prospect for both luxury expired and FSBOs.

Solve a problem.

Try not to be everything to everyone. The wealthy still have certain problems to solve and if you come as their guide, chances are you may get the listing. When you’re clearing your marketing about what problems you specifically solve, clients can discover quickly if they need your services. This goes along with understanding your clientele and what they really need.

Bottom line

Becoming a luxury real estate agent will take time but it’s also important to learn, educate yourself, read up on your clientele, and be the authority in that niche market. If you’re ready to push further into the luxury real estate market, consider joining eXp Realty. With endless potential on your earning capabilities, eXp Realty can provide the platform you need to advance your luxury real estate career.

For more information on how to become a builders agent or learning how to join eXp Realty, contact me at any time.

More tips for agents and brokers:

Part-Time Vs Full-Time Real Estate Agent

20 Questions to Ask When Interviewing Brokerages

100 Things I Wish I’d Known Before Getting Into Real Estate

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eXp Realty

Part-Time Vs Full-Time Real Estate Agent

Last updated on: Published by: Tim 0
Part-Time Vs Full-Time Real Estate Agent

Part-Time Vs Full-Time Real Estate Agent – Have you been considering a career in real estate? There are a lot of questions and things to consider when you’re choosing a career in real estate. Do you want to work part-time or full-time? Why are you getting your real estate license? Are you doing it just to buy and sell your own property or to actually have a business? And, speaking of business, are you looking to have a business or just provide a service to friends and family? Part-time or full-time?

Real estate is not for the faint of heart. You have to deal with a lot of different individuals with each transaction and because the dynamics vary based on everyone involved, each transaction is going to be different. No amount of real estate education is going to prepare you for hands-on training that you’ll get through actual experience. This is why experience is almost more valuable than just basic knowledge and book smarts.

In this article, we’re going to talk about the differences between part-time and full-time agents, what might work best for you, and how much money you can make doing either.

Part-Time Vs Full-Time Real Estate Agent

Part-Time Vs Full-Time Real Estate Agent

Is being a part-time real estate agent worth it?

Disadvantages to being a full-time real estate agent.

You will have a full schedule. You have to manage your time effectively otherwise you will be at people’s back and call all hours of the day and night. Real estate agents tend to work around the clock because nights and weekends are the prime time for showing buyers different homes. But, this also means that you could be working when you don’t want to or setting your hours to work when you want, even though that might actually cost you some business.

Being a full-time real estate agent is a financial commitment. With prelicensing fees, state exam fees, renewal fees, and of course all of the upfront costs, marketing, and desk fees that a lot of brokerages charge, it could be a while before you actually make a profit.

How a real estate agent gets paid is usually by making a commission when they sell a home. Once you close a transaction they you usually have to split that commission with your broker. Each brokerage is different so it is hard to say what that split is going to be for you. When I started out I was with Berkshire and was on a 60/40 split and they took 7% franchise fee and I had a $21,000 cap. What that means is 60% of the commission check was mine 40% was the brokerages up to $21,000 and an additional 7% of my 60% went to the franchise and there was no cap on that 7%. Once I hit the $21,000 then they just took the 7%.

I switched to eXp Realty where they had no franchise fee and everyone is on an 80/20 split up to 16k cap. Click here to learn more about eXp Realty’s commission. At exp realty, there are no desk fees, no franchise fees and you have the opportunity to earn stock in the company. Click here to find out how much eXp real estate agents actually make.

Once you become a broker you can create your own company or you can be an associate broker for an already existing company. Click here to learn more about brokers vs associate brokers. You have to be a licensed real estate agent for a certain amount of time before you can even get your broker’s license, which means you’ll need to hang your license with a brokerage like eXp Realty.

Advantages to being a full-time real estate agent

You can get ahead of the competition by knowing the market better by being a full-time real estate agent. As a part-time agent, you may miss some of the nuances to what’s going on in the housing market, especially in niche markets, certain neighborhoods, and communities. When you are a full-time real estate agent, you stay up on these a lot better having a clear and distinct knowledge base to help buyers and sellers. As a full-time agent you’ll spend a significant amount of time focusing on market trends, inventory, and local home values as well as when things sell and how they sell. You’ll have a better understanding of the industry, which will gain you more clients and a better salary.

You probably have an easier time picking the right brokerage. Brokers want to know that you are in it to win it. Even if they have to train brand-new agents, training full-time agent means they’re likely to get the value back out of the agent. By putting in a ton of training hours for an agent that might sell one or two houses a year and do it on the weekends when they feel like it, may not be worth it. When your broker knows you are all in, they usually will be all in in backing you.

You’ll have a better schedule. If you are a part-time agent, chances are that means you are a part-time or full-time employee somewhere else. This can be difficult to make listing appointments, schedule showings, and working your day job around a real estate schedule. When you work full time, you are in control of your schedule, the hours you work, and your income and this also means that you can earn as much as you like. Your financial potential can be unlimited.

Related: 100 Things I Wish I’d Known Before Getting Into Real Estate

 

Do part-time real estate agents make money?

I know part-time real estate agents that make $100,0000 a year, and I know part time agents that make 10k per year. I have worked with 100’s of real estate agents and it always comes down to these factors. What’s your brokerages split? Does your brokerage charge a franchise fee? What does your brokerage have monthly fees? What kind of training does your brokerage offer? Are you willing to work?  There is so much that goes into being a real estate agent that making a 100K your first year is hard but with the right training you can do it but chances are, you’re going to be giving that money away in the form of split commissions and transaction fees. By working full time, your income potential is unlimited and once you meet your cap at whatever brokerage you are at like here at eXp Realty it is $16,000, meaning you’ve paid into the brokerage $16k and you then get to keep 100% of your commission. There are very few if any brokerages that actually allow that allow you to keep 100% of your commission once you hit that cap usually they all have some kind of franchise fee.

More: How to Make 100K Your First Year in Real Estate

 

Is it hard to be a part-time real estate agent?

Being a real estate agent regardless of full-time or part-time is a giant leap of faith and a lot of investment in your time and money. Starting off as part-time might be ideal while hanging onto the steady income of your “day job”. You may not be able to make a full salary by selling real estate part-time. You will need to manage your time, budget, and effort in a variety of different ways even if you don’t have another job.

You want to dedicate at least an hour or two a day for lead generation, stick to your schedule, set clear expectations about your availability to clients, and work with a mentor to help map out your business. Make sure you get proper training even if you’re planning on doing it part-time. You want to build a concierge list of real estate professionals like handymen, appraisers, and inspectors.

More: 20 Questions to Ask When Interviewing Brokerages

How much money does a part-time real estate agent make?

It really depends on how much each agent is willing to put in and what part-time looks for you. Is part-time 20 hours a week or 30? Five hours a week or 10? Real estate truly is one of those industries that the harder and longer you work the more your potential income can grow. But, it’s important to work smarter, not necessarily longer or harder. Having a mentor map out your business plan ahead of time regardless of however many hours you want to work will put you in the right direction and maximize the time that you do work on your business.

 

What does it mean to be a full-time real estate agent?

I would say there are two things that really matter when it comes to a full-time real estate agent; income potential and knowledge. The longer you’re in real estate the more you learn, the more experiences you have, and the more problem-solving techniques and negotiation strategies you acquire. Plus, the more hours you put in the more earning potential you could gain.

For more information on eXp Realty and how commission splits work, what it’s like to join eXp Realty, eXp Realty Stock Options and fees, and more Part-Time Vs Full-Time Real Estate Agent Contact me below at any time.

More: The Pros and Cons of eXp Realty