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Real Estate Agents, Do You Need A Real Estate Coach? Jun 13, 2022

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Real Estate Agents, Do You Need A Real Estate Coach? Here are the 9 questions every real estate agent must ask before hiring a real estate coach.

Real Estate Agents... Are you asking yourself, "Do I need a real estate coach?" How do you know if it's time to invest in real estate coaching?

We get this question quite often as you might imagine, and from agents of varying experience levels. Some examples of your questions texted and emailed to us include :

"Tim and Julie, I'm brand new to real estate and I already feel overwhelmed. I'm not sure what to do first, what's important, and what's not. I need to make money now. Can you help me?"

"Tim and Julie, I've been in real estate for nearly a decade and I'm averaging between 10 and 12 million in production, but I'm 'stuck'. I can't seem to get to the next level. I'm very motivated and I'll do what you say, just give me a plan!"

We also get questions from those of you who are currently in real estate part-time, but wish to make a transition:

"What steps should I take, especially when I don't have that much time to dedicate to real estate?"

These questions all sound a bit different, but they have something in common. The person asking is motivated to succeed faster than they've been able to by themselves. If the desire is there and you're a coachable person, then of course hiring a caring and competent, experienced Real Estate Coach is the next move for you.

If it's time for you to hire a real estate coach, you've got some important decisions to make. How do you know if the coaching company is right for you? What questions should you be asking to sift and sort your options? Let's take a look at several specific questions that will help you make the right decision!

1. Does the coach have a real estate license? Has the coach ever actually sold real estate before?

2. Has the coach sold more than 100 homes per year?

3. Has the coach sold more than 100 homes per year for at least 5 years?

4. Has the coach had over 100,000 PAID real estate coaching calls?

5. Does the coach use a cookie-cutter 'system' that is applied to every client regardless of their situation or is it a customized, more versatile approach?

6. Does the coach have experience coaching agents in a variety of different types of markets or are they only familiar with a hot seller's market?

7. Is the coach actively selling, managing a brokerage or a team, or are they basically retired and haven't sold real estate for a while?

8. Has the coach sold a variety of different types of real estate or are they super focused on a niche, a price range, a building or development, or another specialty?

9. What other sources of revenue, especially passive revenue can the coach introduce you to, which you can integrate easily into your existing business?

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When To FIRE a Buyer! | Complete Home Buyer System Jun 10, 2022

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PART THREE of THREE.

URGENT: Are You Worried About Having A Slower Start To The Year? Don’t Hit The Panic Button, Learn How To Have Massive Success In A Shifting Market. Exclusive Invite: Join Premier Coaching for FREE! You read that correctly, Premier Coaching for the first 30 days is 100%, no strings attached FREE. Here is what you get: DISC Personality Test, Seller and Buyer Scripts, Presentations, Lead Generation Systems, Market Shift Plan, Real Estate Treasure Map, Members Only Community Groups (and a ton more). The best part is you will have a DAILY Live Coaching Call with a Harris Certified Coach. Yep, you read that correctly….every weekday you will attend a semi-private coaching session with your coach. All of this is 100% FREE. Of course, you want to join Premier Coaching. There is Zero Risk and joining costs you nothing. This is the Real Estate Success system you need in this quickly changing market. Join Premier Coaching NOW

We have discussed in the past two podcasts how and why to use your Buyer Presentation and Buyer Pre-Qualification scripts. We've discussed the specifics of what makes for a good buyer relationship between you and your buyer clients.

Today, we're turning the tables on YOU, the agent or broker. When should a buyer actually fire YOU? This is all about accountability, skill, and professionalism!

Look at this list as the reasons your relationship could come into jeopardy, especially when you're working with the most motivated and qualified buyer clients.

1 - Your buyer should fire you if you've lost more than 3 offers and have not changed your strategy. Clearly, you're doing something that isn't working. Most buyers will give up on an agent after two to three tries. They won't always tell you, you'll just be ghosted. Ask for help.

2 - Your buyer should fire you if they're more motivated than you are. If they are the ones begging to see a specific new listing, versus you finding what they want and getting them in to see it asap, they are more motivated than you are. It's not their job to do your job! Refer to our podcasts about how to find inventory in places other than the MLS.

3 - Your buyer should fire you if you are unable to answer their questions within a reasonable time frame. Analytical and amiable clients tend to have more questions and take more time. If you're not fulfilling their information requests 2nd showing requests, information on utilities or property lines, etc, you might not be a good fit. Are they being too demanding or are you just being non-versatile or impatient?

4 - Your buyer should fire you if they feel you don't have enough time for them. Are you actually too busy for them or are you just disorganized? If you're a listing agent managing a lot of inventory and pendings, you can refer your buyers to a buyer partner versus over promising and under delivering to buyer clients. You can also hire a showing agent whose job it is to open the doors and get your buyers in, then you negotiate the offer. It's not fair to motivated and qualified buyers to feel like you're just fitting them in.

5 - Your buyer should fire you if you keep showing them properties that do NOT meet their criteria. Assuming you've had a drilled-down conversation with your buyers about what they 'have to have' versus what would just 'be nice to have', you should be showing them appropriate homes. The most common complaint buyers have about agents they fire is that the agent didn't listen to their needs / didn't show them anything that worked for them / didn't show what they asked for.

Homework: Review your list of buyers and ask yourself if any of the situations we presented on today's podcast apply to their relationship with you. How can you correct the course? What changes must you make to your buyer system? Should you refer some of your buyers to referral partners? Get referral forms signed and follow up!

When To FIRE a Buyer! | Complete Home Buyer System Jun 09, 2022

Show notes

PART TWO of THREE.

When is it ok to fire your buyer?

On yesterday's podcast, we discussed in great detail the importance of having and using a Proven Buyer Presentation, so your buyers will actually be educated on how they SHOULD be acting while working with you!

Let's assume you are now using a Buyer Presentation with each and every new buyer prospect. If you're not, then you haven't really hired them, nor have they hired you, so how could you 'fire' them?

Let's assume you've met with your buyers and presented to them, you've got the buyer agency signed ideally, and you've done your buyer prequalification questions. In other words, you believe they're 'real buyers'. (Again, if you've skipped either step in the process, you really can't judge if they're going to actually work with you exclusively if they're qualified or motivated). Decide to use both of those critical tools, so you now can decide if you should hire or fire them!

8 Reasons you should consider 'firing the buyer':

1 - You work hard to find them the next home to see, leave them text, voicemail and email that they should see it urgently...but they don't call you back until 3 days later, or maybe not at all. You may want them to buy more than they want to buy, and / or, they may be working with someone else or lost their motivation. Caution: Make sure they're not just vacationing somewhere or sick, before you decide they've ghosted you. (Check their social media, etc). Communication is key.

2 - They are not actually pursuing their financing, in spite of your best efforts to connect them with a quality lender. Check your facts first. Has the lender dropped the ball? Did they find out they're not qualified? Some (mostly 1st time) buyers actually think the lender's letter of required documentation is actually optional. Counsel your buyer prospect and see what's happening before you declare them a non-buyer.

3 - They won't sign your buyer agency agreement. Did you present to them why it's beneficial to them? If they still won't sign, why not? Maybe they want to keep their options open. Maybe you haven't instilled confidence in them. Maybe they just aren't comfortable for some other reason. Drill down before you break up with them. Is it you or is it them?

When To FIRE a Buyer! | Complete Home Buyer System Jun 09, 2022

Show notes

PART ONE of THREE.

The Buyer Presentation.

Fact: Buyers aren't liars, they just have no idea what to expect. They don't know what the correct process is, what to expect from you, what you expect from them or anything else that agents like to get upset about.

Fact: It's not the buyer's fault. It's the agent's fault for not educating them on what is supposed to happen throughout the process. This is also why agents don't typically get the Buyer's Agency form signed. Remember that the definition of 'close' is 'the logical ending to a great presentation'. If you try to close for a signature on the Buyer Representation Agreement without a presentation of WHY they'd want to do that, of course you'll face rejection and never want to ask again. Sound about right?

URGENT! Exclusive Invite: Join Premier Coaching for FREE! You read that correctly, Premier Coaching for the first 30 days is 100%, no strings attached FREE. Here is what you get: DISC Personality Test, Seller and Buyer Scripts, Presentations, Lead Generation Systems, Market Shift Plan, Real Estate Treasure Map, Members Only Community Groups (and a ton more). The best part is you will have a DAILY Live Coaching Call with a Harris Certified Coach. Yep, you read that correctly….every weekday you will attend a semi-private coaching session with your coach. All of this is 100% FREE. Of course, you want to join Premier Coaching. There is Zero Risk and joining costs you nothing. This is the Real Estate Success system you need in this quickly changing market. Join Premier Coaching NOW.

Solution: Use a proven Buyer Presentation! You'd never expect a seller to sign a Listing Agreement without a presentation, would you? Do you have a presentation for your buyers?

Our Proven Buyer's Presentation specifically addresses several key challenges that agents and brokers have with buyers.

1 - What is the actual process to correctly purchase a home? In what order will they need to execute those action steps? First-time buyers are especially in the dark about what to do and how to act, but other buyers from different markets or countries can also be confused. It's not their job to know what to do; it's YOUR job to set expectations and educate them. You've also noticed that folks who haven't bought for several years may have different expectations than what today's market requires.

Start with the buying process. Actually, educate your buyer prospects about what is supposed to happen and in what order!

- They must become pre-approved, ideally get an actual loan commitment from a mortgage lender. You can supply your buyer with a standard list of documents required to apply for the mortgage and the specific lender can add anything particular to them. Your buyer should also be aware of their own credit scores at this point in the process.

- If your buyer is all cash, they need to secure a proof of funds letter from the entity where their cash is parked. Bank accounts, investment accounts, etc. Caution: is it coming from the sale of something that hasn't sold yet?

- Sit down with you for your Buyer Presentation. We'll drill down on that in a moment.

- Discuss their expectations. What are their 'must haves' and their 'would be nice to have' items. Help spouses or partners have a meeting of the minds. What can they reasonably get for their price range and geographic requirements? Create a strategy if they're buying and selling at the same time. Which should happen first? (We have coaching on how to handle this).

- Discuss what will be expected when they find the right home. Appraisal gaps? Going over the list price? Flexibility with closing dates and possession

- Sign the Buyer Representation Agreement with you.

- Start looking for their home.

- Write the contract. Get it accepted or lather, rinse, repeat.

- Go pending. Schedule inspections, etc. Get help from a Transaction Coordinator.

- Remove contingencies.

- Close.

5 Must-Know Real Estate Success Rules - Real Estate Coaching Jun 07, 2022

Show notes

What does it take to be successful in real estate in this market? Start with these 5 Rules.

1 - You must make contact with a greater amount of people, more frequently than you think. You also must understand the 'spokes in the wheel' analogy and work with more than one source of business in order to meet or exceed your goals. There is no silver bullet or easy-button lead generation. Stop looking for the magic solution and start creating your own opportunities.

2 - The things you avoid the most are the same things that make you the most profitable. These are also the very same things that make you a more skilled, professional agent, and successful in any type of price range or market. Most commonly avoided actions in real estate are: pro-active lead generation, furiously fast lead follow-up, and past client communication.

3 - You must own your own success. Your #1 affirmation is: "If it's meant to be, it's up to me!" Your #2 affirmation is: "I'm a do-er, I get things done; I do things now!" Every day you are either self-employed or self unemployed, depending on the actions you take.

4 - You must list to last. The most important job you have in your real estate practice is to take new listings regularly. No matter what you're frustrated by in real estate, the answer is always the same. Take a new listing as soon as possible! Listings are the engine of your business.

5 - If you have yet to achieve the life of your dreams, there is only one reason. In order to achieve ever-increasing success in business and in life, you must learn to do what you don't want to do when you don't want to do it, at a high level. You simply must learn to help enough people to achieve their dreams, so you can achieve your dreams.

Benjamin Franklin said, "Without continual growth and progress, such words as improvement, achievement, and success have no meaning."

Must-Ask Mortgage Lender Questions - Real Estate Training Jun 06, 2022

Show notes

We all know the market is shifting (has shifted for some) and that with this, you must also shift your skills. The days of assuming your buyers (or the buyers of your listings) are simply going to get a super low rate with 20% down on a 30-year fixed are over.

Upgrade your mortgage knowledge so you'll be able to counsel your buyers, the buyer's agent, and sometimes even the lender. You don't have to know how to do loans yourself, but you DO need to know what questions to ask of the lenders you're dealing with.

Questions to ask any mortgage lender you're working with:

1 - What types of loans does your company specialize in?

2 - What other types of mortgage loans do you offer? Adjustable-rate mortgages? Conventional? Jumbo? Stated income?

3 - Do you keep any of the loans or are they all sold on the secondary market? A lender who keeps loans is called a Portfolio lender. Some will keep 100% of the loans 'in-house', and others only keep certain types of loans in-house. Portfolio lenders are sometimes more flexible with their requirements.

4 - Do you do FHA, VA, and first-time buyer mortgage loans?

5 - What is your average processing time from application to close?

6 - What are your lender overlays?

7 - Do you offer rate locks and do they include a float-down feature? How long can a borrower lock their rate in? What does it cost to extend the rate?

8 - Do your loans come with an 'assumable with release' clause built-in?

9 - Are there prepayment penalties if the borrower wishes to refinance or pay the loan off early?

10 - What is the cost to buy down the interest rate by 1%, 1.5%, etc.?

11 - What are your credit requirements for your lowest interest rate loans?

12 - When a borrower is denied approval due to their credit, do you disclose to them the specifics of why that decision was made? (Note: by law, they are required to do so).

13 - When in the process do you actually check the buyer's credit and what is the system you use to do so? Do you re-check prior to closing?

Is The Media LYING About Housing Market Crash? | Real Estate Coach Jun 03, 2022

Show notes

On today's Real Estate Coaching and Training podcast (and Youtube) Tim and Julie Harris will give you the facts about the housing market that the media doesn't seem to want you to know. The facts point to a continued strong housing market for at least the rest of 2022 with increasing opportunity to help others and make money.

1 - Home prices are still increasing month over month, even with the rise in interest rates and slower showing activity. According to CoreLogic, nationally, prices are up 20.6% through April 2022. This matters because it keeps serious sellers interested in cashing out, and gives them more money to put towards down payments, rate buydowns, etc. It's also important because it helps continue equity growth which prevents distressed sales.

Tampa increased 34.8%

Phoenix increased 32.4%

Miami increased 32.0%

Even the smallest gaining markets were up an average of 12.5% (Minneapolis, Washington, and Chicago).

According to Lawrence Yun, economist for NAR, by the end of 2022, these increases may slow to 5% growth.

It's also interesting to note that over the past 30 years of tracking home price inflation, the average rate is 3.7%. That takes into account the Great Recession as well as the temporary slowdown in the early days of the Pandemic.

2 - The mortgage interest rate for a 30-year fixed loan actually decreased last week, from 5.25% down to 5.1%. It clearly has immediately affected the market, which is what the Fed's intention was. They may slow future increases. Make sure your serious buyers are locking in their interest rates and that that lock includes a 'float down' feature. That means if it goes DOWN again, they lock in at those lower rates.

3 - Inventory is rising... finally! According to Axios, inventory is up 8% year over year. Homes that used to take 24 hours to sell are now taking up to 30 days. Great news for your buyers who are sick of competing and giving so many concessions to the sellers.

4 - There are zero indicators of a pending housing crash. Homeowners have equity, they've locked in super low rates and can walk away with cash IF they actually decide to sell. Unemployment is low and demand continues to be very high. There is very little subprime, so at-risk homeowners are few and far between. Lenders are more willing to do forbearances or modifications. Stop thinking there's going to be a crash.

Note: 45% of homeowners are currently 'equity rich. This means they have 50% or more equity in their homes. Even if they were to fall behind in payments, they still walk away with equity. That equity is literally growing as I type this point.

Only 3.2% of mortgages are underwater currently.

5 - Buyers are gaining some control back. While it's still unquestionably a seller's market, fewer showings mean sellers are more appreciative of the offer or offers they DO get after a couple of weeks on the market. This does NOT mean you should be lowballing, but it does mean you may be able to get inspections and appraisals accepted. Sellers are getting fewer free possession days as well. This all depends on the subject property. Some are hot and some are not.

Housing Crash? | 12 Step REALTOR Survival Guide (3) Jun 02, 2022

Show notes

URGENT! Exclusive Invite: Join Premier Coaching for FREE! You read that correctly, Premier Coaching for the first 30 days is 100%, no strings attached FREE. Here is what you get: DISC Personality Test, Seller and Buyer Scripts, Presentations, Lead Generation Systems, Market Shift Plan, Real Estate Treasure Map, Members Only Community Groups (and a ton more). The best part is you will have a DAILY Live Coaching Call with a Harris Certified Coach. Yep, you read that correctly….every weekday you will attend a semi-private coaching session with your coach. All of this is 100% FREE. Of course, you want to join Premier Coaching. There is Zero Risk and joining costs you nothing. This is the Real Estate Success system you need in this quickly changing market. Join Premier Coaching NOW, 100% FREE 30 Day Access!

This is part 3 of '12 Step Realtor Survival Guide'. Is there a housing bubble that is popping that will result in a housing crash? No Doubt, The real estate market is shifting and this new market will demand a new mindset and skill set. On this real estate coaching and training podcast, you will learn the 12 step real estate market survival guide.

This podcast series, 12 Step REALTOR Survival Guide, is based on coaching client and podcast listener feedback. Its abundantly clear that brokers and agents are feeling uncertain and perhaps, fearful.

The old market allowed the industry to be deluded into believing that drilled-down skills were a thing of the past. In the old market agents (and brokers) spent BILLIONS of dollars on mostly dubious things (no way to truly know if the effort/ money spent was working to produce the desired result.)such as Buying Buyer Leads, Branding, Marketing, Paid Lead Generation, Team Building, Social Media, and becoming an Influencer. In other words, agents never had to accept the reality that if you want long-term increasing levels of success that you must do what you don't want to do when you don't want to do it at the highest level.

Note: The tale of Twitter. According to Elon Musk 25% + of all accounts on Twitter are fake. Fake meaning they are not humans, but software aka bots. These bots comment on posts, they are designed to perform as if they were humans. This should send chills down the spines of all agents and brokers who believe in online-based branding. Why? Agents (and millions of businesses) were perhaps duped into spending money on 'impressions'. The story went something like this: Branding, marketing company: "Invest $10,000 dollars into 'building your brand' on social. Over time your 'brand' will allow you to better leverage time and people will see you as the expert, you as the go-to for their real estate needs". Sound familiar? Of course, it does because 1000s of companies have been selling some form of branding to agents for well over a decade. Why is branding largely (if not completely) a total waste of money? Let's say an agent invested (wasted) money on Twitter to 'build their brand'. Twitter then exposed your branding to its users. Users saw the agents 'branding'. No action followed. No clicks to go here or there. The agent was relying on the Twitter algorithm, to tell the truth about how many impressions were actually happening. What is the value of an 'impression in the first place if there is no action that follows? Now, what value is an impression if the accounts were fake? Bots 'saw' the impression and the agent was charged?

Housing Crash? | 12 Step REALTOR Survival Guide (2) Jun 01, 2022

Show notes

This is part 2 of '12 Step Realtor Survival Guide'. Is there a housing bubble that is popping that will result in a housing crash? No Doubt, The real estate market is shifting and this new market will demand a new mindset and skill set. On this real estate coaching and training podcast, you will learn the 12 step real estate market survival guide.

This podcast series, 12 Step REALTOR Survival Guide, is based on coaching client and podcast listener feedback. It’s abundantly clear that brokers and agents are feeling uncertain and perhaps, fearful.

The old market allowed the industry to be deluded into believing that drilled-down skills were a thing of the past. In the old market agents (and brokers) spent BILLIONS of dollars on mostly dubious things (no way to truly know if the effort/ money spent was working to produce the desired result.) such as Buying Buyer Leads, Branding, Marketing, Paid Lead Generation, Team Building, Social Media, and becoming an Influencer. In other words, agents never had to accept the reality that if you want long-term increasing levels of success that you must do what you don't want to do when you don't want to do it at the highest level.

The market is moving fast. Are YOU learning, changing, evolving to meet this new market or simply hoping your old approach will work? Cautionary tales of waiting too long to accept, adapt and change are aplenty in the real estate industry. Over the next 12-24 months every agent and broker must learn what this new market requires or they will needlessly suffer. The suffering is real.

Housing Crash? | 12 Step REALTOR Survival Guide (1) May 31, 2022

Show notes

Is there a housing bubble that is popping that will result in a housing crash? No Doubt, The real estate market is shifting and this new market will demand a new mindset and skill set. On this real estate coaching and training podcast, you will learn the 12 step real estate market survival guide.

The old market allowed the industry to be deluded into believing that drilled-down skills were a thing of the past. In the old market agents (and brokers) spent BILLIONS of dollars on mostly dubious things (no way to truly know if the effort/ money spent was working to produce the desired result.) such as Buying Buyer Leads, Branding, Marketing, Paid Lead Generation, Team Building, Social Media, and becoming an Influencer. In other words, agents never had to accept the reality that if you want long-term increasing levels of success that you must do what you don't want to do when you don't want to do it at the highest level.

What follows is the first of many shows on how agents and brokers can not just survive in this market but THRIVE because of this new market.

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