As a newer agent, you might not really be sure about marketing or how much you should budget for your business. The good news is that your marketing budget can be whatever you want it to be, provided Read more...
As a newer agent, you might not really be sure about marketing or how much you should budget for your business. The good news is that your marketing budget can be whatever you want it to be, provided you can afford it. But you do need to spend some time setting up that budget and managing it correctly. Here's what to consider, and why you should use and stick to a marketing budget template.
What's In It?
The first thing to think about with a marketing budget template is what you want to put in it. You can find a template that's premade, but that might not give you all the areas you want to consider. It could also contain a lot of things you may not use or don't really need. That's not to say that premade marketing budget templates don't have any value, but only that you should carefully consider whether you want to use one, or would prefer to make a template of your own, that you can use and adjust as needed.
Fixed Costs
Fixed costs are one of the main sections that should be in a marketing budget template. These are the expenses that you have to incur when marketing. For example, that can be the yearly amount you've designated for client gifts or lunches. It could be the amount you spend every year on billboard ad space, putting your name on the side of a bus, or even buying business cards. Whatever you're doing to market yourself as a real estate agent, it's a fixed cost if it's stable and repeating at a certain price.
Variable Costs
Variable costs are just what they sound like. They're expenses that are part of your marketing budget, but that can change frequently. They aren't fixed, because they aren't the same all the time. But they're still very important and need to be included. For example, if you decide to spend more on seller leads one month, or you need to boost the sponsored posts you're putting on social media, those costs are variable. They're going to change all the time, and you can adjust them throughout the year.
How Do You Make One?
Making a marketing budget template as a real estate agent doesn't have to be difficult or confusing. You just need to know what specifics to include. Then you can set your amounts for each area, and come up with a total budget. As you move through the year, and record what you actually spent, you'll be able to see if you're on budget, under budget, or overspending in specific areas. That can mean making adjustments as needed, so the budget doesn't get out of control before you realize the problem.
Monthly Spending
Your monthly spending is one of the most important areas to track. You may create your real estate marketing budget for the entire year, but you don't want to just set it up and then forget about it until the year is over. Instead, you need to take a look at it every month, and make sure you see what you're really spending versus what you had planned to spend. If there's a big discrepancy, correcting it at that time helps to keep your budget on track. It's generally easier to make small changes more frequently.
Defining Channels
Every channel that you're using should be defined in the marketing budget. You don't want to leave anything out, or you'll end up with a budget that generally doesn't work for you. Whether you're a new real estate agent or you've been one for a long time, understanding your marketing budget can be a big part of how you handle your career. The more you plan for a budget that works for your needs, the more comfortable that budget will be. Some channels to think about adding include:
Seller Leads
Buyer Leads
Open Houses
SEO
Social Media
Billboards
Photography
Listing Advertising
Print Advertising
These may or may not be the kinds of channels you want to put into your marketing budget template. If you find that you aren't using some of these, or you need to break some of them down into additional categories, you can do that, as well. It's your budget template, and you should set it up the way you want it, so you'll get the most benefit from it. Keep in mind that a good template is one that you'll use, not one that looks fancy or that works for other people. Make sure you're creating it for you and your needs.
What are the Benefits?
The biggest benefit for you as a real estate agent is being able to truly see where your marketing budget is going. If you're spending too much and not sure why, or you don't feel like your marketing is getting the results you want, setting up a template is a great way to catch those kinds of problems. Then you can make changes that work for your future.
Love,
Kartik
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Are you looking to improve your home, either to get it ready to sell, or to make it more enjoyable to live in now? There are many DIY projects you can tackle to breathe new life into your home, without Read more...
Are you looking to improve your home, either to get it ready to sell, or to make it more enjoyable to live in now? There are many DIY projects you can tackle to breathe new life into your home, without spending a lot of money. Here are some you might want to consider.
1. Add Glass Cabinet Inserts
Glass cabinets are all the rage. They let you display some of your most beautiful
dishes while keeping them off of the counters, and they give the kitchen a bit
more character. You can upgrade to glass cabinets without completely gutting
your kitchen. Pick a couple of your cabinets and swap out the interior wood
panels with glass sheets, keeping the overall look of the cabinet intact while
providing visual interest in your kitchen.
2. Wallpaper Without Losing Your Mind
If the thought of wallpapering gives you flashbacks to serious issues, consider a peel-and-stick option instead of a traditional glued wallpaper. This can add a pop of color to your favorite room or brighten up an otherwise drab corner, and you can do it in an afternoon. When styles change, there’s no need to scrape and scratch to remove the wallpaper. Just peel it off and replace it with something
that better fits your tastes.
3. Update Dated Fixtures
You’ll be surprised at the change if you remove a dated fixture and replace it with something more modern. Ceiling fans and lights go out of date quickly, but a simple swap will update the space. Since the wiring is already there, this does not have to be a complex project, and it can add quite a bit of character to the room.
4. Add Smart Home Features
Is your home “smart?” New smart home features, like a self-programmable
thermostat or a camera doorbell, can make it more enjoyable to live in, while also helping you add value to your home. You can upgrade your entertainment system to be easily controlled on a mobile device, or add a smart appliance in the kitchen to make cooking easier. Consider adding smart home features that transform the energy efficiency of the space or make it more intuitive to the way you use your home.
5. Make Your Closets More Usable
Are your closets organized or chaotic? Sometimes a little refresh is what you need.Add shelving or hanging systems to the closet, then put in your belongings carefully to ensure you’re only keeping what you love. The closet organizing system will make it simpler to store your stuff in a useful way, and pairing down your items will keep the clutter at bay in the future.
6. Make a Home Office
Many people are working and schooling from home these days, but they may not have a space to do so. Consider turning an unused or non-essential closet into a home office space or transforming the guest room into an office room. In a closet, a desk and custom shelving are all it takes to create an office space, and you can remove the doors to make it less confined. This change will make your home more functional, and it could show additional value to a potential buyer in the future.
7. Swap Out Hardware
If your cabinets or closets are looking a little dated, consider swapping out the cabinet hardware. This will give the space an uplift without a lot of money invested. Updated, modern kitchen cabinet hardware can transform drab cabinets into something appealing, even without refinishing the wood. You can change hardware in your kitchen, bathroom,and closet or bedroom doors to make your home look more modern.
8. Paint It
If something in your home is not fitting your goals for your space, paint it. You can paint walls, trim, doors, and cabinets. Make sure the type of paint you use is appropriate for the surface you are painting, and if you are painting wood, sand it first. Otherwise, a gallon of paint and an afternoon can transform many spaces in your home.
9. Add Some Shelving
Many homes can benefit from additional storage, but knowing where to put it is not always easy. Look around your home and determine if you have any unused spaces where you can add shelving. Floating shelves, corner shelves, and built-in shelving can all give you additional storage and make use of an unused area of your home. You’ll love the function and look that this project brings.
10. Install Crown Molding
Crown molding adds quite a bit of character to your home, and it’s easier to install than you might think. Pick up pre-painted crown molding at your hardware store, trim it to size, and use a nail gun to attach it. If you don’t have a saw, ask the hardware store to cut it for you.
Fixing up your home doesn’t have to cost a lot or take much time. With a little work, you can transform your space and make it somewhere you are proud to live, all while adding value to it at the same time.
Love,
Kartik
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One of the best and most rewarding ways to grow your real estate business is through referrals. Real estate referrals allow your family and friends to tell other people what a great agent you are, and Read more...
One of the best and most rewarding ways to grow your real estate business is through referrals. Real estate referrals allow your family and friends to tell other people what a great agent you are, and they carry quite a bit of weight with new potential customers. Yet asking for referrals from family and friends often feels awkward. Having a script in your back pocket that you can use to request referrals will help you overcome this feeling of awkwardness and get you those valuable referrals.
Tips for Asking for Referrals
Before delving into specific scripts to use, first consider these important tips.
1. Ask in Person
If you are going to ask a friend or relative for a referral, ask in person. You are more likely to get a “yes” response when you are talking face-to-face with someone than if you ask via text or over email, which is much easier to ignore.
2. Request a Favor
Ask for the referral as a favor to you. This tactic makes the person feel like they are your hero, and this positive feeling increases the chances they will do it.
3. Don’t Make It About You
When having a conversation asking for a referral, make it about the person you’re talking to. Tell them were wonderful as a client or as a support to your growing business. Be genuine but supportive because this will help them want to help you out.
4. Leave Your Inner Salesperson Behind
As a real estate agent you probably have a bit of salesmanship inside. This is not the place to let it out. Keep the conversation personable and natural.
5. Look for an In
When asking for referrals from family and friends, you may not be working directly with a past client. These individuals can still give you referrals, but you need to find a way to ask. Watch for opportunists, such as questions like:
How’s the business going?
What’s the market like?
Any big sales lately?
After answering the question, ask for the favor of referrals. You’ll have the chance to show your knowledge and then turn the conversation around toward what you need.
6. Keep It Short
Don’t linger over the referral request. People will zone out, and you won’t get any referrals. Keep it simple and short.
7. Give Them an Out
A phrase like “no pressure” or “if you want” gives someone an out. No one wants to feel pressured into a referral they aren’t comfortable delivering.
Real Estate Referral Program Scripts
So just how do you ask for the referral. As you get more comfortable, the asking will get more natural, but while you’re learning, consider one of these scripts for in-person conversations:
“Hey _____! It was great catching up today. Hey, you know I’ve been growing my
real estate business. Could I ask a favor? If you know someone who is looking for an agent, give them my name. I’d really appreciate it!”
“By the way, most of my business comes from word of mouth. I love how personal it is. If you know someone who could use my help, pass my name along. Thanks!”
“By the way, do you know I sell real estate ? I’ve been doing it for ___ years, and I’ve been wondering if you have talked to anyone lately who’s thinking about buying or selling? If you do, would you keep me in mind? Thanks!”
You should also have a script for social media contacts. Use social media posts to
share a story, then request referrals:
“Check out this recent sale! The Johnson family is so thrilled with their new home. Take a look at those walk-in closets! Do you know someone looking to buy? I can help!” — Make this post about the story of the sale, then tag on the ask at the end.
“Did you know? 75% of my work comes from referrals from people like you. I couldn’t do it without you!” — This is effective because it makes it all about the reader, and you don't even ask! Yet if someone reading it needs real estate help, they’ll know you want a referral.
Remember to tweak the script to make it personal to the conversation, and don’t linger on it. While you won’t get a referral every time, you will get some, and that will help your real estate business to grow.
Remember to Follow Up
Follow-up is key when looking for referrals, but it can feel very sales-y. Try to weave conversation about your real estate business into your conversations about life. It's a big part of your life, so it should be fairly easy to do this.
Start Growing Your Network
Finally, start growing your network of people you know in the local community. Get out and involved in community events and charity work. Add people to your social media pages when you meet them and take a genuine interest in them and their lives. This will help you grow a network that will eventually lead to more referrals.
The key to making a successful request for a referral is to keep things personal. Take a genuine interest in the person you’re talking to, then weave the conversation around to your goal. This will help you appear less like a salesperson and more approachable, which will generate a better number of referrals for your business.
Love,
Kartik
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Customer Relationship Management software (CRM) can be one of the best ways for a new real estate agent to become more effective at managing the varied aspects of their business. With CRM software, you Read more...
Customer Relationship Management software (CRM) can be one of the best ways for a new real estate agent to become more effective at managing the varied aspects of their business. With CRM software, you will be able to make better use of your time, enhance your sales and marketing efforts, gain practical knowledge concerning lead generation and servicing, client contacts, deal forecasting and profitability, and gain a powerful sales reporting tool. Use it to schedule your bookings and appointments, manage more leads and close more
deals. Chances are that if you join an established brokerage firm as a newly-licensed agent, there will already be a CRM in place. However, based on 2021 information, here's an overview of the 10 most-highly-rated platforms on the market in 2021. They are tailored to help you become the real estate "superstar" you want to be.
Monday CRM
This award-winning software boasts an extremely user-friendly and intuitive interface and is thoroughly customizable with no need for coding or IT. It's also extremely flexible and allows high-level collaboration between sales,marketing & customer service teams. With a 9.9 rating on a 10-point scale, it also offers a 14-day free trial and is budget-friendly at a rate of $8 per month per user,with a minimum of three users.
Pipedrive
This highly-rated CRM puts the focus on managing leads and closing deals, with the ability to easily track calls, emails and contact history, in addition to more than 150 advanced integrations. It is suitable both for small business and enterprise use, and features an exceptional customer support response time of one minute or less. It, too, is priced per user, at a current rate of $12.50 a month,and has a 14-day free trial.
Fresh sales
This CRM offers an automation solution that simplifies both pipeline tracking and individual account management for sales teams. With drag-and-drop navigation, and a built-in ability to predict revenue and forecast sales, it is highly customizable and relies on AI to help users with sales forecasts and revenue predictions. It is probably best for sales teams that will benefit from insights into the best deals to pursue. It offers a 21-day free review, but its more expensive than the previous two options.
KEAP
This platform, available as a mobile Android app, gives users the ability to
easily integrate CRM, marketing and sales automation and payments. Agents can personalize messages sent to clients or leads, automate follow ups, access all client activity in one place, and sync with Gmail or Outlook inboxes. With a strong focus on tracking of customer activity, this is a good CRM for a single user interested in client management and messaging. It also offers a 14-day free trial and is reasonably priced.
Capsule
The biggest advantage of this CRM is its ease of use and quick setup. Although simplicity may be its major attraction, it offers the ability to attach an unlimited number of documents to lead records, in addition to the ability to share leads with other team members. Deemed highly advantageous for new real
estate agents, it requires minimal training and offers a generous 30-day trial. It,too, can be integrated with Gmail or outlook. Data import or export is also easy with Capsule.
VCITA
If you're seeking a CRM designed for small businesses, this might be the perfect choice for you. It is flexible and intuitive, but still offers integration with dozens of other platforms, and has strong tools to maximize customer engagement and track follow-up efforts. In addition, it provides a distinctive client portal that allows for some unique self-service use and easy exchange of documentation. It not only includes tools for customizable workflow automation and a built-in billing and invoicing system, but it is available for both Android and iOS mobile apps. VCITA offers a 14-day trial period and pricing varies.
Whether you are a solo entrepreneur or a member of a real estate team, there are many different software packages that you might consider. Each will have pros and cons, and not all are best for newly-licensed real estate agents. Deciding which one will best suit your needs can be difficult. In general, cloud-hosted solutions that can be quickly deployed offer the most flexibility, and those with a large user community and good support network will typically be easier to set up and use.
Many CRMs offer a free trial but beware of "free" or very low-price software. Look for a CRM with the ability to connect or integrate with other services you use. Read the reviews of the various products, thoroughly analyze your personal needs and expectations, evaluate CRM support-team availability and, if possible, talk to other users and ask for advice and insights from experienced brokers and other real estate professionals before making a decision. The free trials offered by most CRMs can provide needed time for you to evaluate the ease of use and suitability of a specific platform. However, understand that there are distinct advantages to be gained from early adoption of a CRM as you begin your real estate career and look forward to success in the exciting world of real estate.To read more about how to begin your career and become a real estate agent and to read more success stories from other agents you can go to our website to learn more https://www.adhischools.com.
Love,
Kartik
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The basic goal of having a professional presence on social media is to increase your visibility among prospective clients. Your goal should be to establish trust and a professional persona, "friends" Read more...
The basic goal of having a professional presence on social media is to increase your visibility among prospective clients. Your goal should be to establish trust and a professional persona, "friends" and “likes" are a by-product of your content but should not be the goal.
I’m going to go through the various platforms in this article and explain how they can be used to obtain business. If you’re wondering what to post online, I wrote an article about this here that might be of interest to you.
You should strive to develop and maintain a social media presence that is diverse and steady and demonstrates to the public that you are knowledgeable and competent and likable.
Does that sound like a tall order? It does not have to be. It doesn't have to take much time each week, but your activity on the various platforms should be coordinated and deliberate. You don’t have to be a professional writer, nor an accomplished photographer, but you should strive for personable and authentic posts.
The Giants of Social Media
The big four social media platforms are Facebook, Instagram, Twitter and LinkedIn with TikTok quickly accelerating and hoping to catch up to the established players. This will change over time, however. If you read old articles on the business of social media you’ll see references to Flickr, Myspace and even Friendster so I know that this article isn’t going to age well - but that’s kind of the point. Being able to bob and weave and pivot to where the puck is “going to be” will help you stay fresh and relevant as a business person.
You really have to be fine with trying different approaches on all platforms. Some real estate agents find YouTube to be highly effective, while others migrate in the direction of short form TikTok videos or more graphic social media sites like Pinterest.
Facebook
With more than 2.7 billion users worldwide, Facebook could be seen as the anchor of your social media presence. Although it may not be the younger generation's favorite, your real estate clientele is likely to be among its users so embrace it.
There is a debate around the ratio of personal posts compared to business ones. A best practice here would be to try all sorts of things until you find a rhythm that works for you and your audience.
We would love to get you know you on Facebook! Connect with us here.
Instagram
Instagram is a quick and effective way to share photos and video content with your followers. With 1.2 billion monthly active users, it is another indispensable way to reach potential clients and boost your following. Another advantage is that, because of its affiliation with Facebook, each Instagram post can be shared on Facebook, and vice versa making posting to both platforms seamless.
Don’t forget that Instagram has cool buttons like “vote”, “quiz”, and question/answer type buttons. These interactive features allow you to get to know your audience and also provides insight into what your followers like. If you are interested in connecting with our real estate school on Instagram we would love to connect!
Twitter
Tweets are short (they have been increased to 280 characters from their former 140) and short-lived, and the platform is instantaneous in a way all its own. It doesn't take much time to get the hang of it, and it can gain you a following fairly quickly as a knowledgeable real estate professional when used correctly. It's an ideal way to share information -- such as a daily change in the interest rate, an interesting new listing, or a price reduction -- with your followers.
LinkedIn
Microsoft purchased this business-oriented social media platform and its influence among professionals cannot be underestimated. LinkedIn also gained importance during the pandemic as the platform for B2B interaction. Be sure your personal profile is complete and that you use a professional photo for your headshot. Regular posts and interaction with other professionals is beneficial.
LinkedIn can also be used to gain referrals for your real estate business from out of area agents. Every referral received by a real estate agent can be worth $10,000+ so being recognized as the go-to agent in your area can be very valuable.
If you are one of our real estate school students, there’s nothing wrong with you posting right now that you are enrolled in our real estate classes online on your LinkedIn so that your audience knows that you are going to be a future real estate agent.
Develop a Posting Calendar
Develop a social media schedule. Aim for a minimum of two or three social media posts each week on each platform in the beginning and share links between platforms when appropriate. Send a tweet to point followers to a Facebook post, for instance, or share an Instagram photo automatically to your Facebook page. Write a short article for LinkedIn and post a short sentence and a link on Facebook. Use Twitter to tell your followers that a specific home you listed just closed, that the price on a specific property was lowered, or that interest rates are slated to rise next week, according to the latest financial news.
Encourage interaction, try your level best to respond to comments, and thank your followers for their support. Introduce a new buyer to the community by posting a photo of them at their new front door (with their permission, of course). Lend your support to a community event or don’t be shy to promote your latest achievement to your audience. Share a humorous story or post a cute "puppy" picture just for the fun of it. Just make sure your posts are believable, accurate and in good taste. And have fun with social media.
When done properly you’ll reap the reward through increased business.
If you are interested in getting started in real estate courses, click here or reach out by phone at 888-768-5285 or @ us! :)
Love,
Kartik
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Downsizing your home comes with a wide range of different benefits. Sometimes your kids have left the home to go off to college and you just don't need as much space any longer. Other times, you realize Read more...
Downsizing your home comes with a wide range of different benefits. Sometimes your kids have left the home to go off to college and you just don't need as much space any longer. Other times, you realize that you never needed as much space in the first place. Regardless, it can be a great way to free yourself of some clutter and also save some money on your monthly bills at the exact same time.
When you do search for a smaller home, there are a few key things you should look for. Chief among these is how much square footage your new home will have. You'll also want to examine the potential for storage spaces depending on the amount of items you're bringing with you. But more than anything, you want to consider WHY you want to downsize. Are you doing this for yourself, or are you doing this because you think you need to? Regardless, once you make the decision and you begin to embark on this journey, there are a few key tips you need to downsize to a smaller home that are always worth remembering.
Downsizing Your Home: What You Need to Know
By far, the most important thing to remember when moving into a smaller space is that you should begin by making a list of all those personal belongings and other items that you don't really need anymore. You should do this before you start to pack, as it can save you a tremendous amount of effort in the long run. Take an inventory of your items and try to separate anything out that you truly know you don't need. If you were a collector who no longer has a passion for what was your former favorite hobby, consider getting rid of those items. If you have four television sets but know that you're only going to need two at your new place, sell them before you have to move to make the process go as smoothly as possible.
Along the same lines, you should also use apps to sell your stuff. Obviously, there is always eBay - you can list virtually anything you want at a certain price and let people bid on it until it sells. But there are also options like the Facebook Marketplace or Nextdoor that allow you to listen items that will be visible to people who are in your immediate geographic area. This can potentially be a great way to not only sell items, but to do so without needing to ship them because you can have buyers come pick them up by way of a "Local Pickup Only" option.
At the same time, you should also start cleaning out your wardrobe for any items that you don't wear anymore. More than anything, you want to try to visualize the new space that you're moving into and how your new items might fit into it. If you have a particular type of bed, for example, walk into your new bedroom and try to envision where it may best be positioned. Do the same with other furniture that you have to try to create a mental image ahead of time of where those items may best be located. This, too, will save you a lot of trouble during the move itself. Just because you don't like a particular shirt anymore doesn't mean that someone else won't, after all.
Maximizing the Space in a Small House
Once you actually move into your new home, you'll probably find that a bit of an adjustment period is necessary. After all, you're used to a certain amount of space and those immediate days and even weeks after the move can begin to feel a little cramped. Thankfully, there are a number of techniques that you can use to maximize the space in a smaller home - chief among them being the installation of wall mounted storage. Many big box furniture stores offer wall mounted storage and you can also likely find custom solutions in your area. The benefit here is that you still get all of the space made available by shelves and cabinets, but you're not taking up any additional floor space, either. This in and of itself is a great way to take an admittedly small room and make it feel as big as possible.
At the same time, you should also consider opportunities to increase storage space in your kitchen. People often don't realize just how many kitchen utensils and other items that they have until it comes time to try to find a place for them. Whether this means installing new storage or coming up with a more inventive solution will obviously vary depending on the situation - but this is definitely one of those areas that you should focus a lot of your attention on.
You can also consider shopping for multi-functional furniture - meaning those pieces that serve more than one purpose. A couch doesn't just have to be a couch - it can also fold out into a bed to give people a place to sleep when they come visit. Oftentimes you can find an ottoman for the living room that acts both as that and as a convenient storage location for remote controls, gaming consoles and similar items. Downsizing can change your life for the better. It can help you free yourself from clutter and save money as well. Overall, if you have the opportunity to do so it's a good idea - and tips like those outlined above will certainly help.
Love,
Kartik
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Most people, especially adults, are a little intimidated when it comes to taking an exam; it somehow doesn't matter if it's a driving test or an exam to qualify for a license, or the culmination of a Read more...
Most people, especially adults, are a little intimidated when it comes to taking an exam; it somehow doesn't matter if it's a driving test or an exam to qualify for a license, or the culmination of a special training program. It can be stressful, but there are a number of ways to calm your anxiety and boost your level of confidence.
The required California Real Estate Exam is one of those tests that determines whether you will become a licensed professional, qualified to act on behalf of buyers and sellers to transact business in the state. It is an important step, and after weeks of serious study, you'll want to make every possible effort to pass the exam on your first attempt. Here are some ways to do just that, and to easily achieve your goals. The test consists of 150 questions; you are allowed three hours to complete the exam, and a passing score requires that at least 70% of the questions be answered correctly.
Review Smarter and Better
There is no magic formula to help you fill in the blanks correctly. Advance preparation is important, and pre-exam review of the myriad real estate topics you have studied is vital. Cramming, however, might lead to greater apprehension. A planned timetable of review is a better idea, and one that will also prepare you more fully for the day-to-day skills and knowledge that a real estate agent or broker requires.
Create a Study Schedule: If you have been enrolled in a real estate course, plan to review your class notes and course materials thoroughly before scheduling the exam. Enlist the help of your spouse, partner, or best friend to help you with concepts and to act as a coach or sounding board as you review the various topics and principles.
Form a Study Group: Learning and understanding are enhanced when you receive input and feedback from others. Keep the group small and informal, if possible, and limit the duration of study sessions to encourage lively discussions and prevent burnout.
Review Vocabulary and Terms: Be certain that you have a grasp of the defining vocabulary and specific designations that characterize real estate roles and transaction responsibilities. Review Concepts to Gain Understanding. Role playing can be highly instructive. Use it to demonstrate the different aspects of any real estate transaction -- from initial contact with a prospective client to discussion of specific prohibitions of language and topics that you may encounter in your real estate dealings.
Watch YouTube Videos: There are some highly instructive materials online. Seek out professionally-prepared videos and presentations that will illustrate the situations any real estate professional must understand.
Enroll in a Review Course: If it has been some time since you first enrolled in a real estate licensing course, you might want to schedule a quick pre-exam review. Online reviews, flash cards, and comprehensive study guides can all be helpful. Take a Practice Test. A practice test will provide basic familiarity with the type of questions you'll encounter. However, use practice tests judiciously, and don't make the mistake of "practicing" too much. Not everything you need to know will be covered in any test; understand that your real estate career will always present you with new challenges, and that it's better to understand concepts than to memorize answers to specific test questions.
On the Day of the Test
During the week leading up to your testing date, try to get plenty of rest and exercise, and try not to stress about the upcoming exam. Prepare yourself by reviewing to the best of your ability and try to be physically fit and mentally relaxed when the day arrives.
Follow your normal routine as much as possible. If you normally eat a healthy breakfast, do so and don't stress unduly about the rest of your day. If, on the other hand, you have only coffee for breakfast, go ahead, but don't overdo the caffeine. Also, remember to bring a snack or something nutritious available for sustenance prior to the exam. Bring water as well; it's important to stay hydrated.
Plan to get your normal quota of sleep the night before the exam. You might want to rise a little earlier than usual, however. Get in some stretches for your body or read something motivational to get your mind in gear -- whatever seems appropriate. Arrive early at the test location, armed with everything you've been instructed to bring, but nothing else. Breathe deeply, get comfortable, and don't stress.
Don't rush through the questions. If there are questions that are confusing, or answers you're unsure of, skip over them and move on. A later question might trigger the correct response for you, and you can then return to answer the questions confidently.
Be confident; don't overthink the multiple-choice answers. Understand that the test is not designed to trip you up, but that some real estate principles and practices are subject to interpretation. In most cases, trust your judgment and choose the one answer that seems to be the most logical and correct. Progress through the 150 questions, answering all that seem easy. Try to allow ample time to review your work and to reconsider answers to questions you were unsure about. Once you have made a final choice, however, move on.
Don't stress. Remember the concepts. Understand the topics. You’ve been preparing for this. Be confident and know that you’ve got this!
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Regardless of how long you've been engaged with your real estate career, getting a steady stream of new clients is always a top priority. In this particular industry, consistency is king - the more Read more...
Regardless of how long you've been engaged with your real estate career, getting a steady stream of new clients is always a top priority. In this particular industry, consistency is king - the more people you have knocking on your door, the more revenue you're able to generate. In an effort to do precisely that, many agents take to the process of farming.
Real estate farming is a specific type of marketing technique that is used to develop business in a precise geographic area. Rather than attempting to cast the widest net possible, you instead attempt to cast the right net - meaning that you focus your attention on what may be a smaller area, but that you know like the back of your hand and that you're already intimately familiar with. Yet at the same time, real estate farming isn't quite as straightforward as it may seem. If you truly want to utilize the best that farming strategies have to offer to find your next client, there are a number of important things you'll want to keep in mind.
Real Estate Farming: Your Guide
The single most important best practice that you can put to use when real estate farming involves making sure that you've found the right area to focus on in the first place. Begin your efforts by comparing multiple areas and even multiple locations to help come to a determination as to which one has the most overall appeal. You can use a variety of data points to do this, including but not limited to average home sale prices, the average amount of turnover, the amount of competition you'll face in the area and more.
To help verify that you've made the right decision, use recent sales to help calculate the average sale price in this particular part of town. Based on that, you'll be able to see what you're likely to earn on a commission per sale. You'll also want to pay close attention to the turnover rate to make sure that there is enough business in the area to sustain yourself. But again - you don't want to do this for just one particular neighborhood. Create a table to show your top three real estate farming areas and weigh the pros and cons of each one equally. At the end of this process, you should have all the insight you need to determine your best neighborhood.
What You Need to Know About Real Estate Farming and Marketing
Along the same lines, you should also be prepared with those real estate farming techniques that will allow you to attract the attention of - and ultimately win - more leads in the area you've selected. This is something that you can do in a few different ways and, in all likelihood, you'll want to use a combination of them to succeed. Create a real estate marketing plan and focus on a niche. If your specialty is single family homes, be sure to find an area with a lot of single family homes. If your specialty is condos, be sure to find an area with a lot of condos. Likewise, be sure to pay attention to the size of the farms so that you don't pick an area that is too big for you to reasonably cover.
On an ongoing basis, you should also make sure that you're always the first person to welcome new homeowners into the neighborhood. Whether that means stopping by and knocking on the door to say "hello," picking up the phone and making a call or even just sending something nice in the mail doesn't matter - what is most important is that you're reaching out and making your presence known.
Moving forward, you should also make sure that you know every time a home goes on the market so that you can be the first to preview it. Especially in a market that is as "hot" as the one we're in right now, newly listed homes move quickly. If something goes on sale that you know would be perfect for one of your existing clients, you need to act fast. Making a priority to understand the current inventory goes a long way towards guaranteeing exactly that.
Understand that having the right materials is always a critical part of knowing precisely how to farm a neighborhood in real estate. These materials can include but are certainly not limited to newsletters, postcards, flyers, market reports, "Just Listed/Just Sold" notices and more. Always utilize direct mail marketing companies to do the work for you, such as sending out farming cards. They can automatically send out postcards as soon as one of your listings hits the market or sells. This can help free up the maximum amount of your attention so that you can focus on the thing that matters most of all: your career.
You can also use a company like FarmingCards, which is an intelligent postcard marketing solution that helps organizations connect with potential clients. It's a convenient, end-to-end, artificial intelligence-facilitated service that helps agents maximize the overall return on investment of their marketing. It allows you to design postcards instantly that let you find your ideal clients using smart targeting and other features. At that point you can sit back and relax as FarmingCards prints and delivers to your farm - precisely the way it should be.
Love,
Kartik
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One of the most important things to understand about operating successfully in the real estate industry is that you're really trying to sell two distinct things at the same time.
Yes, it's absolutely Read more...
One of the most important things to understand about operating successfully in the real estate industry is that you're really trying to sell two distinct things at the same time.
Yes, it's absolutely true that you're helping someone sell or buy a house. A big part of your job is to help them navigate what may very well be the biggest financial decisions they'll ever make. But beyond that, you're also selling something arguably more important:
Yourself
In order to build the type of career you've seen for yourself in the industry, you need to be able to establish yourself as an authority. You need to show, not tell, people that you know what you're talking about. That yours is a voice worth trusting and paying attention to. Only then will they feel confident enough asking you to come along with them on this journey - which is how a book of business is eventually built.
To accomplish that, you need been capitalizing on your Sphere of Influence - something that you've been building with every interaction you've made up to this point, possibly without even realizing it. In the simplest possible terms, a Sphere of Influence is the collection of all the people you know. Not only does this include friends, family members and other loved ones, obviously, but also any loose connections you've forged or acquaintances you've met along the way.
It's also something that will soon become the secret to your success in a wide range of different ways that are worth exploring.
Why is a Sphere of Influence Important?
A number of recent studies have illustrated just how important a Sphere of Influence truly is, particularly in an industry that is as connection-driven as real estate.
According to one report, over 80% of all real estate transactions are the direct result of contacts from people you already know. That means not only previous contacts or any referrals they may bring you but also friends, family members and people you know personally.
This is crucial, as another study revealed that 74% of home buyers say that they would gladly use their agent again in the future and had plans to recommend them to others. Along the same lines, about 84% of people say they also trust recommendations from their own collection of peers when it comes to determining who to do business with.
All of this paints a very clear picture of just how the real estate industry operates. Yes, it's possible to "cold call" people and obtain new clients who you've had no interactions with in the past. But in the vast majority of all situations, your business will come from those people who are already in your life - even if only tangentially. Therefore, your Sphere of Influence isn't just an important asset to capitalize on - it may be the single biggest contributing factor to your future as a real estate agent.
Get Comfortable on Social Media
When it comes time to actually take advantage of your Sphere of Influence, there are a few key techniques you can try. Chief among these is the idea that if you're not already comfortable on social media sites like Facebook and Twitter, now would be an excellent time to start.
Indeed, visualizing your Sphere of Influence through a social media platform like Facebook is actually one of the easiest way to do it. Think about your current contact lists and ask yourself which platforms they're the most active on. Facebook in particular shows you mutual friends and other important metrics like that. Spending a few hours on these sites seeing who you know, and who they know, and who THEY know, is a great way to illustrate how big your Sphere of Influence really is.
All the while, you should also be taking the opportunity to post relevant, valuable and otherwise meaningful content to your pages for these people to see. If there's a particularly interesting industry topic that you can provide insight on, link to the article and write a few paragraphs containing your thoughts. Help people see things from an angle that they may have otherwise missed. Again, it's a great way to establish yourself as an authority - thus expanding your Sphere of Influence as well.
Maximize the Power of Printed Materials
Similarly, distributing printed materials is a tried-and-true tactic and an effective way to create awareness for both you and your business. This, too, is something you can do in a few different ways.
If there was a particularly impressive home sale in the area recently, or if the market is heating up, don't be afraid to print up a flyer and distribute it to the neighborhood outlining your thoughts. Give people information that they don't already have and leave them with something of value without asking for anything in return. It's a great way to both let people know that you're out there and continue to build up your trustworthiness, too.
Of course, it doesn't have to be quite that complicated. Always have business cards handy ready to give to everyone you meet, for example - you just never know who might be looking to buy or sell.
In the end, your Sphere of Influence should always be getting bigger over time - and it likely will in a natural way. You must resist the urge to overlook this critical asset, as it will absolutely be the secret to your success in the future.
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When the time comes to sell your home, it stands to reason that you'd want to get as much value out of it as possible. But few people realize that increasing your home's value is less the product of any Read more...
When the time comes to sell your home, it stands to reason that you'd want to get as much value out of it as possible. But few people realize that increasing your home's value is less the product of any one major move and is more about a series of smaller, more strategic ones. In truth, increasing your home's value is fairly straightforward - you just need to keep a few key things in mind along the way.
Improvement #1: Kitchen Renovations
By far, one of the biggest ways to immediately add value to your home comes by way of renovating your kitchen. This is because kitchens tend to be one of the areas of any house that fall out of date rather quickly. Whether it involves putting in new cabinets, investing in more modern and state-of-the-art appliances, installing new floors or performing some combination of these improvements all at the same time, it's a great way to instantly breathe some much-needed "fresh air" into a space.
Modern appliances tend to be more energy efficient than their older counterparts, making this a great way to help prospective buyers save money almost immediately after purchase. When a buyer looks at a home and sees that they don't have to perform any of these upgrades themselves, it can also help your home sell faster and for a higher price, too. Not only that, it also helps people more effectively picture themselves in a space. They can see how much time they'll be able to save when preparing meals, for example, and it's easier for them to envision what they'll be able to do with increased storage space (in the event that you're putting in new cabinets).
Improvement #2: Bathroom Updates
Another major way to increase your home's value is to invest in a bathroom upgrade. Again, this is a great way to not only reduce clutter, but also to help potential new homebuyers become more ecologically friendly at the same time. According to one recent study, even a relatively "minor" bathroom update can give you a 102% return on investment when it comes time to resell your home. This is the type of thing that prospective homebuyers take seriously, which means that you need to do so as well. Never forget that even the smallest rooms in a house can have a big, big impact on its ultimate resale value.
Improvement #3: Lighting Upgrades
Lighting upgrades may seem like a relatively minor improvement, but they're absolutely not as far as the resale value of your home is concerned.This is a topic that you can approach in a number of different ways depending on your perspective. In some situations, it could be as simple as replacing all of your existing light bulbs with energy efficient LED alternatives. This is another way to help make your home environmentally friendly, which will make it far more enticing to prospective buyers. You could even take the additional step of installing "smart" lighting, with Philips Hue bulbs being a prime example of that. Smart lighting can be connected to "intelligent" home automation systems like Amazon's Alexa or Apple's HomeKit, allowing you to control your lights using a smartphone or via voice command. This comes with the added benefit of being able to control the lighting in your home while you're away, or by setting automatic schedules that respond in real-time to certain events. But regardless, the brighter a room feels, the bigger it looks. Whenever you're thinking about selling your home, you want every space to look as big as it can possibly get.
Improvement #4: Fresh Paint
As was true with lighting, a fresh coat of paint can also make a space feel both cleaner and brighter in equal measure. According to another recent study, painting the interior of your home can result in a massive 107% return on investment when it comes time to sell. Even painting the outside leads to a 55% return on investment. The same source indicated that while painting the interior of your home costs an average of $987, it could increase the overall value of your home by as much as $2,000 or more.
Having said that, you'll still want to keep a few key things in mind. Always select warm, neutral colors for the best results and know which rooms need your immediate attention. Utilize paint to make smaller rooms look and feel bigger and place an emphasis on your kitchen, your bathrooms and entryways for maximum impact.
Improvement #5: Landscape Improvements
Finally, we arrive at the landscaping of your home - something that is far more important than most people realize. Always pay special attention to the entryway of your home and make sure that it looks as striking as possible - particularly for those listing photos. Be sure to repair or replace any damaged stepping stones, concrete paths and porch plants that you can to generate as much curb appeal as possible. While you're at it, be sure to give the front door a fresh coat of paint. If you don't necessarily have a "green thumb" to the point where you don't want to plant anything, add some potted plants to really cement the effect that you're going for. Overall, you always want people to be excited when they walk through the door of your home. The aforementioned best practices go a long way towards guaranteeing precisely that.
Love,
Kartik
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