How to Get More Done in 12 Weeks Than Most Do in 12 Months!

The theory behind the 12 week cycle is periodization… 

A concept when you focus intensely on income producing activities (IPA’s) for a 12 week period …then you take a 7 day break for rest and recovery before moving on to the next cycle.

Setting 12 week goals will help you focus then reward your hard work with a 7 day “vacation” before restarting the cycle with renewed focus.

How to get started:

•       To change your actions you have to change your thinking. Think shorter term, set fewer obtainable goals, and then plan your reward if you reach them. One reason few people reach their goals is they think too long term… they lose focus… they start to procrastinate, then they give up.
•      Put it all in writing… “What gets written…gets done”. Nothing is achieved without a clear vision, planning, process control, measurement, and proper time and energy management.
•    Stay Accountable to yourself… Accountability is not about “consequences” it is about taking ownership for your actions. There is always a choice to be made… think of your daily IPA’s as an action of choice rather than a burden and it will create a feeling of empowerment.
•      Commitment… You must have a strong desire to reach the goals you set in order to achieve them. Unless commitment is made you have only empty hopes and dreams. The thought of a 12 week sprint is easier to commit to than a 12 month marathon.
•     Self-Improvement… Focus on improving one skill or habit for each 12 week period… ONLY ONE!  This will allow you to put laser focus on the self-improvement upgrade.
•      Relationship Improvement: Select 12 business contacts during each cycle and focus on improving your relationship with each of them during the cycle.  Lunches, Coffee, Cocktails, etc. show them you care first… the referrals will follow later.

Put the power of focus to work in your business… Start designing your plans for 2018 now!

How to Cope With the Summer Slow-Down in Real Estate

It's Summer...It's HOT... Where did all the Buyers Go?

Anyone who has been in Real Estate for any length of time knows how cyclical the market can be. Tax Time, Summer Vacations, Back to School, and Major Holidays can sometimes put the brakes on even the hottest markets. Coupled with the “roller coaster” effect inconsistent prospecting creates, and you have the perfect set-up for a few bad business months… (Where you seem to always be scrambling for prospective buyers and sellers).

Step One: To lessen the side effects of the normal cycles of the real estate market stay consistent with your prospecting and networking with your database. Only 20% of REALTORS have a system in place to manage their database … Only 5% use it consistently… This 5% has an average yearly net income over $200,000. Lesson #1 learned… Get a System…Lesson #2 USE IT!

Realtor Rescue Coaching implements a system appropriately named “THE FIVE”©. This is a simple to learn and utilize system of 5 different types of contact per day…  5 days each week. This equates to approximately 25 contacts per week of voice to voice, face to face, hand written notes, electronic communication, and breaking bread (lunch or coffee meetings).

For most this seems like a daunting number… I often get this response… “I have to contact 25 people each week??? Really Eddie…are you on drugs?” … (or some just look at me like I have 3 heads)… But I promise…it is really is much simpler than it seems.

Daily Scenario: You call a past client and invite them to Starbucks for coffee… 1 call, 1 coffee… after the Starbucks visit you send them a hand written note via snail mail thanking them for meeting with you (and again asking for referrals)… there goes your 3^rd contact…

While at the grocery store picking up your dinner you see a neighbor and have a quick discussion about the swim meet at the pool and you ask them to remember you if they hear of anyone buying or selling ….there goes your face-to face and contact #4.

So all that is left is your electronic communique… Will any of you send any personal emails, or go onto social media after you have dinner? Yeah I thought so….BINGO there’s your “FIVE” for the day… Easy Peezy!   

Step Two: Is to get an accountability partner to hold you to your promise to yourself so you can reach your goal of 5 contacts 5 days each week. Also have a set of written goals for your transaction numbers and income for the next 3-6 months. Consistency is the key…your “easy button”… Your “partner” can be a spouse or significant other or another agent where you can hold each other accountable to your goals.

Step Three: “Aim Small and Miss Small”  Don’t aim at the whole target…pick a spot on the target and focus on it intensely… so even if you miss the small spot you were focused on, you will still be on the target.

Example…. Don’t focus on a goal of $100,000 in income… nor the 30 closed transactions needed to generate $100,000 in income… don’t even consider this equates to 2.5 monthly closed transactions … Do calculate the number of contacts you need per day to generate your income goal and focus on completing them each day. Even if you miss a few contact goals here and there… you most likely will still be on target at year end.

When the market slows down… it gives you more time to “speed-up” your marketing efforts. When everyone else is complaining about the lack of business…you will be shifting into a higher gear and waving to them in the rear view mirror… yelling…. STAY ALIVE WITH THE FIVE!!!!!

For more information on Realtor Rescue Coaching and “THE FIVE” contact

coach@RealtorRescue.biz

Eddie Brown © July 2017

 

So the buyer for my new listing SAID they were paying cash.....

Can a buyer do a cash/loan switch-er-oo?

Release Date: 07/18/2017
Will Martin , Martin & Gifford, PLLC


QUESTION: In the latest version of the Offer to Purchase and Contract (form 2-T; copyright 7/2017), there’s a change in paragraph 5(a) I don’t understand.  Before the change, the buyer had to check whether they did or did not have to obtain a loan in order to purchase the property. Now the buyer has to check whether or not they “intend” to obtain a loan to purchase the property.  Why the change in wording?  Why does it matter whether the buyer says they don’t “have” to obtain a loan or they don’t “intend” to obtain a loan?  If they demonstrate they can pay cash, what business is it of the seller if the buyer ends up getting a loan?


ANSWER: First of all, we disagree that it doesn’t necessarily matter to the seller if a “cash” buyer ultimately gets a loan to pay for the property.  For example, assume a seller is evaluating two offers.  The first one is a “cash” offer and the second one involves financing.  The second offer is for more money, but the seller decides to accept the first offer because the first buyer demonstrates that they can pay cash for the property.  After the contract is signed, the buyer announces that they will be obtaining financing.  Although it’s true that the seller knows the buyer will be able to pay cash if there’s a problem with the loan, it’s also possible that had the seller known the first buyer would be seeking financing, they may have accepted the second offer for more money. 
The change will NOT prohibit a “cash” buyer from deciding to finance their purchase after contract formation, but it will prohibit a buyer who is acting in good faith from leading the seller to believe that they are going to pay cash when in fact they intend to get a loan. In our view, a buyer who misrepresents their intent to pay cash is arguably in breach of contract and subject to losing their earnest money deposit.  Of course, the buyer’s true intent may be difficult to prove, but it is hoped that the new wording will deter a conscientious buyer from using the loan representation in a way that is potentially misleading to the seller. 

NC REALTORS® provides articles on legal topics as a member service. They are general statements of applicable legal and ethical principles for member education only. They do not constitute legal advice. The services of a private attorney should be sought for legal advice.

© Copyright  2017. North Carolina Association of REALTORS®, Inc. This article is intended solely for the benefit of NC REALTORS® members, who may reproduce and distribute it to other NC REALTORS® members and their clients, provided it is reproduced in its entirety without any change to its format or content, including disclaimer and copyright notice, and provided that any such reproduction is not intended for monetary gain. Any unauthorized reproduction, use or distribution is prohibited.

Are Seller Property Disclosures Required For Condo Sales?

Release Date: 06/27/2017

Will Martin , Martin & Gifford, PLLC

QUESTION: I represent a buyer who is interested in making an offer on a condo I’ve shown him.  I’ve asked the listing agent for copies of the Residential Property and Owners Association Disclosure Statement and the Mineral and Oil and Gas Rights Disclosure Statement, but she insists that they aren’t required for condo sales.  When I asked why, she said there are two reasons: one, the law only applies to the sale of real property and the owner of a condo doesn’t own the property under the condo, and two, the law only applies to transfers of real estate where there are one to four dwelling units, and the complex where the condo is located has more than four units.  That doesn’t sound right to me.  What do you think?

ANSWER: We don’t think it sounds right either.  The law in question here is the Residential Property Disclosure Act (the “Act”).  Section 47E-1 provides that the Act is applicable to specified “transfers of residential real property consisting of not less than one nor more than four dwelling units.”  According to Section 47E-3, the term "real property" is defined as “the lot or parcel, and the dwelling unit(s) thereon, described in a real estate contract subject to this Chapter.”

Regarding the first reason the listing agent gives for her position that the Act doesn’t apply to condo sales, it’s true that the owner of a condo does not own the real estate under his or her condo in the same way as the owner of a single-family, detached home. However, they do own the real estate on which their condo is situated; it’s just that they own it together or ‘in common” with all the other owners in the complex along with all the other common areas.  Thus, in our view, the sale of a condo unit is a transfer of residential real property as that term is defined in the Act.

As to the second reason given by the listing agent for the inapplicability of the Act to this condo sale, it’s not the total number of units in the condo complex that determines whether the Act applies or not, it’s the number of dwelling units being transferred.  Since this potential sale is for one condo unit, the Act applies and the owner is obligated to provide both Disclosure Statements, assuming that none of the exemptions set forth in Section 47E-2 apply. 

 

NC REALTORS® provides articles on legal topics as a member service. They are general statements of applicable legal and ethical principles for member education only. They do not constitute legal advice. The services of a private attorney should be sought for legal advice.

© Copyright  2017. North Carolina Association of REALTORS®, Inc. This article is intended solely for the benefit of NC REALTORS® members, who may reproduce and distribute it to other NC REALTORS® members and their clients, provided it is reproduced in its entirety without any change to its format or content, including disclaimer and copyright notice, and provided that any such reproduction is not intended for monetary gain. Any unauthorized reproduction, use or distribution is prohibited.

How To Cope With A GAP in Production and Income...

Everyone from time to time faces a GAP in your business

GAP = General Absence of Production

The key to closing the GAP is to quickly recognize and correct the root cause of your GAP. 

Things to look for:

• Personal Distractions: Sickness, Fitness, Relationships, Children, Finances, etc.
• Multiple transactions in process at the same time and you’ve stopped daily prospecting: Your daily focus must become and remain on looking for buyers ready to buy and sellers ready to sell.
• You have stopped using systems to help manage your database: A CRM database management platform, when used properly and consistently, will not allow your prospects to fall through the cracks. It will also retain front of mind awareness for your A and A+ referral sources.
• Your attitude has gone sour: Keep check on your attitude once it goes south so follows your production and income. You may have lost some good habits and picked up a few bad ones.

 Solutions:

• Separate personal and business issues: Leave your home worries at home... or your work suffers only exasperating issues like finance and relationship stress.
• Manage your Time wisely and always schedule time to prospect first: Time block out a minimum of 1 hour, 5 days per week, to look for new business.
• Be productive... not just busy: Discovering where you are wasting time, and on what... and who are the energy vampires in your life?
• Refresh your CRM with new Items of Value and action plans: This will give you a fresh outlook on prospecting. Data check all your contacts to make certain you have good information on everyone in your Book of Business (B.o.B.)
• Take time off to recharge... and then come back with a vengeance: A good rule of thumb is for every 40 hours you work shut it off at least 24. Relax and do something you enjoy. Put a message on your email and phone you will be returning all calls the next day... have a buddy agent available to handle emergencies and you do the same for them when they are drinking a cold one.

  
  

What value do you bring to a transaction? Don't become a commodity.

Are You At Risk Of Becoming A Commodity REALTOR?

The one thing you see at popular restaurants on a Friday and Saturday Evenings is a line out the door right? And even though you know it will be a long wait just to get seated you still go there anyway? The reason why you go there has to do with one or all of just a very few things… Good Service, Good Product, or Good Atmosphere.

These “WHY's” are something you can and should replicate in your real estate business…

A restaurant has to be good at a few things which all restaurants need to survive…Good Food and a Good Atmosphere. But often times those two are simply not enough to grow the line out the door. There are plenty of places I have thought had great food over the years which are no longer in business…This is where the “WHY” comes into play.

What are your “WHY’s”? Why should someone use you as their REALTOR? If you don’t know why…then how will they know why? One of your “WHY’s” should be the unexpected extras you give your clients… Your negotiation skills, your market knowledge, and contract expertise is expected... (and sometimes demanded by your clients). "Unexpected extras" go well beyond what is required to do a good job for your clients. You want to give exemplary service every time.

Working by Referral is a systemized approach to doing the unexpected extras every day! Sure you still have to have the skill sets other REALTORS possess… but you have to go beyond what everyone else does… go past being a commodity....and to be honest it’s not really that far of a journey.

In Major League Baseball (according to a study done by SCORECASTING) the difference between a .299 batting average and a .300 batting average can mean a $130,000 difference in yearly salary… that's just 1 extra hit per 1000 “at bats”. Imagine building a business plan in your real estate business to just do one extra thing for your clients which few others (or no others) are willing to do? Where might it take your business...and your income? You will never know until you try it. Once you become a commodity...( doing exactly what all your competitors do)... it becomes all about who will do the job for the least amount... trust me you don't want to be in that group!

Secondarily… Building your Book of Business (B.O.B.) will help you form relationships which allow you to know intimate details about your clients most others don’t. The more you know about a person… the more likely you are to know what will make them happy…and what will make them feel comfortable using you to buy or sell real estate and referring you to others. The more an individual knows…likes…and trusts you… the more likely they will think your “WHY’s” are better than any other REALTOR!

Make a list of the things you feel are your value propositions... (Your WHY’s)... and use them when you first meet a prospective client to discuss their goals for buying or selling. These are your unexpected extras. This one technique could help you to create a line out the door to your real estate business!

Have you prospected for new business today?

Eddie Brown ©2017

What is Your Game Plan?

Time flies when you are having a good time, and 2017 is shaping up to be another good time year for real estate!


Hard to believe it but we are halfway through the 3^rd month of 2017 … Are you on track to meet your goals?

This is a great time to evaluate what has worked well this year… and to consider where you need to make changes to improve your business for the next 3 quarters of the year.

Agents who desire to excel in this profession must adopt and practice positive habits, then transform these habits into a daily routine to optimize effectiveness. Below are seven tips for forming good habits

 

Getting up early gives you a fresh start on your day… but… numbers two thru seven are the “meat” of your daily habits. If you can master these seven highly effective habits you will be well on your way to your best year ever…

It’s not too late to start right now…today… cast aside some bad habits and form new positive ones which will make you and your business soar to new heights.

 

For more information on forming effective habits and growing your business contact Eddie at ebrown@fmrealty.com