Monday, June 25, 2012

Ever Wonder Why You Lose Clients or Miss Referrals?

I have witnessed agents struggle with many things throughout their careers…and I personally have struggled with some of them as well. Growing up on a farm taught me many lessons, but two have carried me through most of my struggles. My father taught me about being honest and always doing whatever you said you would do... imagine if everyone would adhere to just this one rule, think how much easier all our transactions would become.

The second thing my father taught me was that if everything has a system and you follow the system… the task will get done in a systematic fashion…nothing missed…no mistakes…with a positive outcome.

There are five major challenges I see agents facing in today’s marketplace:
1.     Inconsistency
2.     Difficulty generating high-quality leads
3.     Withstanding the emotional and financial highs and lows of real estate
4.     Lack of structure in business and personal life
5.     Knowing your value proposition

In our coaching sessions we discover how your business does not have to be a victim of these (and other) challenges… if you implement a proven system and be consistent with it, you will become focused and stay on track to reach your goals.

A system will also create predictability in your business. It will help you to nurture your current relationships and to grow new ones.  Having the right system in place will help you manage your time and commit you to completing your most important business building activities daily…and once you have dedicated yourself to sticking with it… you will find opportunities to fill your pipe-line with high-quality leads around every corner!

A system of contact and care towards your current database will make them more excited and confident to refer you to their sphere of influence. When we do business evaluations with agents I am amazed to find how many fail to stay in contact… with not only their database, but even the clients they helped over the past year. Just dropping off a closing gift no longer makes the cut…most agents (68%) are forgotten by their clients after 18 months due to lack of consistent contact and care. When asked why the contact was not performed, the agents’ most likely response was…I forgot or just got busy doing other things. A system won’t let you forget or get busy doing non-productive activities…

Don’t lose clients and miss referrals because you don’t have a system. (And “oh by the way”… a sheet of names and addresses used to print labels from is not a valid system)…
The referral you receive from your database (book-of-business) is more than likely going to be a high-quality lead you will enjoy working with as well!

Get busy today and get a system…if you don’t know where to start…call to schedule a business evaluation and together we can decide which system best fits your business and database.

Eddie Brown ©2012

Thursday, June 14, 2012

TMLS Stats May 2012 vs May 2011

As many of you know I am on the Board of Directors for the Triangle Multiple Listing Service. I wanted to share some info which I hope will help you to get a better understanding of the direction the market as a whole is headed.

Total Homes Sold in TMLS:
For May 2011 there were 1857 residential homes closed in TMLS, where in May of 2012 that number increased by 25.7% to 2335. That is a significant number all by itself but the real interesting fact lies in the eleven months prior.

The last time there was a decrease in the number of homes closed in the Triangle (month over prior years month) was June 2011 where there was a 19.4% decrease. There has been an upward trend in the number of closed residential units in the Triangle for the past 11 months. A positive sign we may be on the road to a sustained recovery.

Average and Median Sales Prices:
Both average and median sales prices have risen in the Triangle MLS for the past 3 previous months with the Average sales price at $234,263 and Median standing at $194,200. Before this upward trend began there were twelve straight months of decline of average and median sales prices.
Note: The average sales price number is the total price of all the properties divided by the total number of properties. The median sales price number is the midpoint of all the properties.
Monthly Pending Sales:
Pending Sales data provides us with a glimpse of what closed data might look like over the next 1-3 months. The past twelve months has seen positive numbers in pending activity. With May 2012 seeing a 36.2% increase over May 2011. This large increase may show that June will also be a positive number for closed sales. Another probable indicator of a recovery.

Days on Market:
Both April and May of 2012 have seen the average days on market go down.  Prior to April 2012 there was a 22 month straight run where Average DOM increased month over prior years month.

CSS Showings:
May of 2012 also saw an increase of showings logged at Centralized Showing Services by 7.1%. A total of 64,120 showings were logged in May 2012 up from 59,868 in May 2011. Ten of the past thirteen months have seen increases in showing activity.

REALTOR Member Numbers:
The total number of TMLS members has dropped from a high of 8706 in 2007 to current member total of 6954. TMLS is comprised of the Raleigh Regional, Durham Regional, Chapel Hill, and Johnston County Associations of Realtors.
The state of NC issued 1067 new licenses in 2011 down from a high in 2004 of 11,300. There are less agents in competition, so as the sales numbers continue to rise there will be more opportunities for the survivors who hung on during the downturn.

The market changed and is different this month from last month, and it will most likely change yet again in the future. Learn to dance with the market… take on a “when I move, you move” mentality. The more closely you follow the market trends... the more likely your success will follow close behind!

Info taken from TMLS dated update June 12 2012
Eddie Brown

Wednesday, June 6, 2012

Are You Asking For Referrals??? Or Just "Expecting" Them...

“Working by Referral” is an organized approach of targeting your current database of those people who already know, trust, and like you for personal referrals. This style of pinpoint target marketing enables you to spend more time building relationships and less time chasing dead-end leads.
All of our coaching systems are based around
working by referral…this style of coaching provides
you the tools you need to:

·        Nurture relationships by consistently staying in contact and giving valuable insight and information on real estate.
·        Better manage your time and commit to the most important activities which provide long term stability to your business.
·        Track your activities and the resulting successes so you know what is working…and what is not.
·        Create more opportunities, at less cost, keeping your pipeline (and your bank account) full!

Once you elevate your consistency of contact to your database and they experience the level of customer service and care you can provide…(and when you remember to “ask” for the referral)…they become confident and excited to refer you to friends and family members. The referral you receive from a person who knows, trusts, and likes you will also most likely be a great person to work with.

This high level of personal contact will create front of mind awareness with your database…just remember… to receive, first ask you must!

Four Easy Ways to Ask For Referrals:
1.     Even though it may look like I’m swamped…. I’m never too busy for any of your referrals

2.     My pipeline of new buyers and sellers has diminished recently…  Do you know anyone who is right now thinking of buying or selling a home?

3.     I have really enjoyed working with you to buy/sell your home…if you know of anyone who would appreciate the level of service I provide, please call me with their names and numbers and I’ll be happy to follow-up and   promise to take great care of them.

4.     I have enjoyed speaking with you today and look forward to working with you in the future…over the next few weeks, because your focus is now on real estate, you will most likely be hearing others who are also thinking of buying and or selling a home…when you come across these people, please call me with their names or give them one of my cards… I would consider a referral from you the highest form of a compliment.

5.     Bonus Round: If all else fails….My kids are hungry and my mortgage is past due… can you spare a referral buddy?

Eddie Brown ©2012
For more info on how ICU Coaching can help grow your business visit: