Real Estate Coaching Radio

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Working With Buyers - Prequalification, Motivation, Exclusive Agency (2) May 26, 2022

Show notes

Today's Real Estate Coaching and Training podcast is PART 2 of 'Working With Buyers- Prequalification, Motivation, Exclusive Agency' On this podcast you will learn:

- How to get a buyer to sign an exclusive buyer agency agreement.

- How to prequalify your buyers for motivation.

- How to really, truly prequalify for financial ability to buy.

- Tim and Julie Harris will role-play their copyright Buyer Prequalification Script.

4 - Buyers must actually communicate with you urgently. When you leave a message to see a home today which meets their criteria, they need to either answer the phone or call you back with urgency. If you are chasing them down or feel ghosted, you are working with an unmotivated buyer.

5 - Buyers must have realistic expectations based on both their qualifications and what your market has to offer. Finding a 4 bedroom, 3 bath in Santa Monica for $300,000 is not likely to happen!

6 - Buyers must be willing and able to meet the expectations your market requires to compete if necessary. What happens to their down payment if they have to close the appraisal gap with cash? How far over asking are they able to go and still qualify for their loan? If they're not willing or able to do what it takes, you are probably wasting your time (and theirs).

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Working With Buyers - Prequalification, Motivation, Exclusive Agency (1) May 25, 2022

Show notes

Today's Real Estate Coaching and Training podcast is about working with home buyers. On this podcast you will learn:

- How to get a buyer to sign an exclusive buyer agency agreement.

- How to prequalify your buyers for motivation.

- How to really, truly prequalify for financial ability to buy.

- Tim and Julie Harris will role-play their copyright Buyer Prequalification Script.

Fact: No buyer actually HAS TO buy. They can always rent, move in with parents or kids, travel the country in an RV, or extend their current lease.

Fact: When you have enough active listings, you can refer your buyer prospects to buyer partners for a referral fee. Work with your own repeat clients and refer the rest.

With the changing market conditions, rising interest rates, and uncertainty in the economy, it's important to know which buyers you should spend time with and which may not be serious. How do you know the difference?

1 - Buyers should be both motivated AND qualified. It's possible to be really motivated but not actually qualified as well as the other way around. Look at your buyer list and ask yourself if they are both. Listen now as Tim and Julie share a portion of their buyer prequalification script. Listen to the questions and the order in which the questions are asked.

2 - In order to see property with you, buyers must either have a proof of funds letter if they're all cash or a pre-approval letter with specific qualifiers from their lender. Ideally, they are actually at loan commitment, pending only the identification (and perhaps appraisal) of the property.

A lender Letter MUST include all of the things that actually go into a real loan commitment:

- Verification of down payment

- Verification of employment

- Ratios are acceptable

- All 3 credit bureau scores have been verified

- Not contingent on anything except identification of the property and appraisal at or above the purchase price

- Purchaser is a US Citizen

- Pre-approved to purchase at the price they are in contract for

3 - Buyers must be non-combative and 'coachable' by you. Meet and present your buyer presentation, educating them on market conditions as well as what they should expect from you. If, after that presentation, they still want to 'low ball' or look before they're prequalified, they may not be serious. Your goal of the buyer presentation is to get the buyers to sign an exclusive buyer agency agreement. You must use the HARRIS Buyer Presentation to explain to the buyer why they would want to work with you exclusively. What are your USPs? (unique selling propositions). What makes you different from other buyer agents? What are the risk reversals of your buyer agency agreement? etc.

Is It Over, Housing BUBBLE Popping? | Real Estate Training (2) May 24, 2022

Show notes

Is it OVER, is the 10-year+ housing BOOM finally over? Is the real estate 'bubble' popping? What are the leading indicators that will give you real, unbiased housing market information?

7 - New future housing developments. Residential land developers (or builders) buying land? If developers and builders aren't confident they stop buying land.

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8 - Price reductions. This is a great indicator of what's happening in your market and easy to see 'what's hot and what's not' on the hotsheet.

Mindset Tip: Avoid the lagging agents. They will only demotivate you and share their 'excuses' why they are failing.

9 - Number of Expired / Withdrawn / Temporarily off the market homes. When you see more expireds, something is happening. Are the aspirational, non-motivated sellers giving up, or is there just too much competition to get that price?

10 - Number of open houses each weekend. If a house sells in the first 72 hours, it probably isn't going to have an open house.

11 - Companies who have been selling stuff to agents start to dry up. Those companies only thrive in a fast and furious hot seller's market!

12 - You're getting your buyers in contract faster, with less competition! Buyers will start to regain a bit of power when there are more homes to choose from. You'll see more home inspections getting negotiated, fewer free leasebacks to sellers and sometimes even a home sale contingency accepted. FHA and VA buyers may actually be able to buy.

Quiz:

Please choose one answer:

1) I am ready to join EXP Realty.

2) I am interested in EXP Realty and need more info.

3) I am not interested in EXP Realty.

Key:

* If you answered “#1” congratulations. You are about to join the fastest-growing real estate company in the world. Tim and Julie Harris are inviting you to join them at EXP Realty. Text Tim directly for the next steps: 512-758-0206. (text only please)

* If you answered “#2” please watch the videos and check out the other intel on this site. http://whylibertas.com/harris .

* If you answered ‘#3’ no worries. You will want to check out whylibertas.com/harris so you can at least know what EXP Realty is and why so many agents are moving to EXP.

Is It Over, Housing BUBBLE Popping? | Real Estate Training (1) May 23, 2022

Show notes

Is it OVER, is the 10-year+ housing BOOM finally over? Is the real estate 'bubble' popping? What are the leading indicators that will give you real, unbiased housing market information?

Do your own research and do it daily! Use the following tools to track specific things occurring in your market. Why daily? Because you'll detect early warning signs and trends and be less likely to believe drama in the headlines. You'll have more knowledge and confidence!

Tools and resources you can use:

- Your daily MLS Hotsheet.

- The market reports your board of Realtors generates monthly (in your email)

- Local housing reports.

- Your own day-to-day experience with showings and negotiating

- This podcast

- Premier coaching

- Top LISTING agents.

Mindset Tip: The above information sources are forward-looking, leading indicators. The ' news headlines' are outdated information that is usually 60-90 obsolete.

What matters most when knowing the trajectory of your real estate market:

1 - Inventory. This is the number of homes which are for sale currently. Not the pendings, not the temporarily off the market, just the actives. Is that number going up or down? By how much? Can you see a trend or is it staying about the same? Is there a certain price range or zip code that seems to be changing or is the whole market trending?

Note: 20 'Hidden' sources of homes for sale. https://timandjulieharris.com/2022/05/02/20-hidden-sources-of-homes-for-sale-real-estate-training.html

Mindset Tip: Trust, but verify. Often times an article will have an attention-grabbing headline but the actual content of the article won't be about what the headline leads you to believe. (Most people won't read anything past the headline.)

2 - Days on the Market. Are they going up, down, or staying basically the same? Does it depend on the price range? What's the relationship between the number of homes on the market (inventory) and the days on the market? When there are more homes available, do the days on the market stay the same? (That means the inventory is instantly being absorbed).

3 - Showings. There are systems that tracks the number of showings. Get data from these data sources. If you or your office has a lot of listings start there. Are they going up or down? Are your open houses still super busy or has traffic slowed?

4 - Showings on New Listings. The number of showings in the first 7 days, 2 weeks, and 30 days assuming the house hasn't gone into contract or closed. This information is critical because you will learn about the number of new buyers entering the market.

Mindset Tip: Now more than ever...BE MEDIA FREE. Be VERY careful not to be sucked into the negative vortexes of the news. If you find yourself reading an article, or consuming content that makes you feel pessimistic and almost depressed know that you are being manipulated.

5 - Number of offers on properties. Are there still 10+ offers on each available home or are you the only one bidding? This can depend on the price range as well. Don't assume all facts apply to every neighborhood.

6 - Builder inventory. Are the builders starting to advertise again? Do they have inventory homes that aren't in contract (aka Spec Homes), which are available now to buy or complete the build?

Real Estate Coaching | 14 Shifting Market Rules (4) May 20, 2022

Show notes

Today's show is part 4 of 14 Rules for the Shifting Market

Don't overreact! The market is shifting, not crashing. Knowledge = Confidence and Ignorance = Fear. If you expect buyers and sellers to transact with you, you must be educated, motivated and proactive.

13 - Always have the strongest lender letter when you're representing the buyer. It's not good enough to just be pre-approved. Your buyer needs to be under loan approval, pending identification of the property and possibly the appraisal...nothing else! Have your lender call the listing agent and speak not just to their pre-approval but state that their ratios, credit, employment, and down payment have been verified and are adequate for the purchase price of the home.

14 - Knowledge = Confidence, ignorance = fear. Monitor your beliefs during a market shift. Are they based on facts or are they based on conjecture? Know what's happening in your own backyard by watching your MLS hot sheets, reading your board of Realtors' monthly reports, and staying tuned in to your favorite podcast!

Quiz:

Please choose one answer:

1) I am ready to join EXP Realty.

2) I am interested in EXP Realty and need more info.

3) I am not interested in EXP Realty.

Key:

* If you answered “#2” please watch the videos and check out the other intel on this site. http://whylibertas.com/harris .

* If you answered ‘#3’ no worries. You will want to check out whylibertas.com/harris so you can at least know what EXP Realty is and why so many agents are moving to EXP.

Real Estate Coaching | 14 Shifting Market Rules. (3) May 19, 2022

Show notes

Today's show is part 3 of 14 Rules for the Shifting Market

10 - Ask more questions and communicate nearly daily. A nervous market tends to make up stories and create drama when it's unnecessary. The stress is very real for your clients so be the leader in the transaction.

11 - The market is not about to crash. It may SEEM like a crash to you if you believe that 20 days on the market is the end of the world. This time is NOT like last time. Many agents, buyers, sellers, and lenders were not even adults during the 'last time'... the crash of 2007-2009. The elements are not remotely the same. Waiting to buy or sell because you think the market will crash is a mistake.

12 - Rates will continue to climb and then stabilize higher than you're used to or want them to be. However, they'll still be at historic low rates even if they land in the 6% range. Get your knowledge updated about adjustable-rate mortgages, buydowns, seller financing, and other alternatives to the 30-year fixed. Also, realize that today's 30-day fixed rate is still going to be better than tomorrow's or next month's rate.

Real Estate Coaching | 14 Shifting Market Rules (2) May 18, 2022

Show notes

Todays show is part 2 of, 14 Rules for the Shifting Market

5 - If the seller HAS TO sell, you have to take the listing. Don't lose it over being adamant about your price. The market still has enough demand that you MAY be able to achieve the seller's higher price (within reason!).

6 - Brush off your price reduction scripts...wait, what? You don't have any because you've never needed them? Yikes! Yes, it is possible in today's market to actually overprice a listing and have it sit on the market. This is called 'aspirational pricing' and is the #1 reason we see expireds every day. Don't let it happen to you!

7 - Always speak to the listing agent when you're representing buyers. Find out what's most important to the sellers. Other than price, what will make your buyers THE buyers? The buyers who are still in the market after higher rates are more serious and probably more qualified. Assume you'll still be competing for most of the time.

8 - Expect more appraisal issues. Yes, you can still negotiate appraisal gap clauses, but you need to be even more careful that the buyer can handle the difference. Expect the gap to get bigger as the market shifts. Lenders are already tightening their requirements.

9 - Expect buyers to be more and more nervous. This will manifest in a shift toward their negotiating power if there are fewer offers on the same property. Inspections will start to matter again. Free seller leasebacks may dry up.

Quiz:

Please choose one answer:

1) I am ready to join EXP Realty.

2) I am interested in EXP Realty and need more info.

3) I am not interested in EXP Realty.

Key:

* If you answered “#2” please watch the videos and check out the other intel on this site. http://whylibertas.com/harris .

* If you answered ‘#3’ no worries. You will want to check out whylibertas.com/harris so you can at least know what EXP Realty is and why so many agents are moving to EXP.

Real Estate Coaching | 14 Shifting Market Rules May 17, 2022

Show notes

14 Rules for the Shifting Market

1 - More days on the market do not equal low ball offer time. You'll probably pay list price instead of over list. You might be able to have it inspected and possibly not have to guarantee the appraisal gap. Don't lose again just because you're getting too aggressive too quickly. The market isn't crashing.

2 - Set your seller's expectations for two scenarios... yes, it MAY sell right away, possibly with multiple offers, however...if it does NOT sell right away, what does that do to their plans? Understand your seller's motivation and time frame and discuss different scenarios (after you have the listing signed but before the first showing)!

3 - Prepare your listings as if you have more competition. Buyers are getting pickier and will pass on a home that seems neglected. Buyers are starting to believe there will be more inventory soon and may pass on something that's not quite right. Proper previous preparation prevents pitifully poor performance! (The 7 P's). Make it shine, even if you think you don't have to. Your seller will thank you.

4 - You must be more careful about accurate pricing on your listings. Do three comparative market analyses, perhaps more if your time frame is stretching out. A listing presentation you go on today, where the seller will take 30 days to prepare the home, will require you to revisit the price before you actually launch it as a new listing. In a shifting market, this may adjust up, down or stay the same. What do the new pending and sales tell you?

Real Estate Training | NO Housing Crash, 15 Facts May 16, 2022

Show notes

Is there a massive housing crash coming soon? There are many conflicting 'experts' who claim a crash is looming. What follows are the facts, you decide what is true and what is ill-informed puffery. All of these facts are easily discovered using Google. At the end of these points, the prevailing thoughts we hope you will have are confidence, a sense of direction, and a sense of purpose. The purpose is to be of service to others as a real estate professional. Your role is to be of service to those who need to buy or sell a home. Knowledge equals confidence and ignorance equals fear.

1 - Less than 10% of all mortgages are adjustable rates. NOT like the great housing crash.

2 - 40% of all homes are owned with no loan.

3 - Of those with a loan the average interest rate is less than 4% with many having 30-year fixed-rate loans. Fixed-rate NOT adjustable.

4 - National negative equity was 2.1% in q4 of 2021, the lowest in 2021. There are only 1.1 million homes in the US with negative equity. Year over year that number declined.

5 - Nationwide there is a .7% (less than 1%) delinquency rate.

6 - The total value of private residential real estate in the U.S. grew by a record $6.9 trillion in 2021, to $43.4 trillion – more than double the level from a decade ago as the market fully recovered, and then some, from its immediate, post-Great Recession lows.

7 - Projected to be over 6 million home sales in 2022. (remember, 2 sides to each transaction)

8 - Average time on the market nationally is less than 60 days. Median days to pending, 13.

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9 - Average home sale in the US in Q1 2022 was over $500k.

10 - The predicted appreciation of homes in 2022 is projected to be over 15%, median home VALUE is projected to increase 16.4%

11 - Demographics. There are 331,893,745 Americans. There are 72.1 million Millennials who are 26-41 years old. Baby Boomers 58-76, 71.6 million. One of those groups is growing in size as they make babies, immigrants etc, the other isn't. Both of those massive groups will be buying and selling in greater numbers over the next 10 years. Add to this generation X which is 42-57 and has a group size of 65.2 million.

12 - Median RENT is $1,312 which is an increase of 16.8% year over year. The Median house PAYMENT is $1,200.

13 - There is no increase in homes for sale, matter of fact there are -0.2% fewer homes for sale.

14 - Median $180,000 equity in every home in the US.

15 - Unemployment rate is at historic lows of 4%.

Bonus: Even IF there were a massive historic downturn in home values the government would immediately enact home payment deferments etc ala covid.

Real Estate Training | Introverts Real Estate Success Plan (3) May 13, 2022

Show notes

The Introvert’s Guide to Being a Real Estate Rock Star, Today’s show is part 3.

15 Points That Will Transform Your Business (and personal) Life.

10 - Befriend a total extravert. Take them with you to social situations to help you get out and expand your center of influence. They will do all the work for you AND they know tons of people you probably don't know. This works brilliantly with the right person. They'll understand you and help you with meeting and greeting so you feel more confident. Use your FORD script with the new people you're meeting.

11 - Understand that you are not actually a FREAK! So many successful agents are introverts. You might be surprised when you meet them to see what they're really like. Listen to our previous interviews with many of them. They are usually the 'secretly successful' types because they're not constantly on social media bragging about their awards.

12 - Center yourself for ten or fifteen minutes prior to all appointments. Use a meditation you like or listen to a favorite playlist to boost your energy. Sit in your car before buyer and seller appointments and just breathe. Say your pre-listing prayer if that helps! (Find it in our Harris Rules book or on previous podcasts).

13 - Identify someone you admire and adopt and adapt the traits they have that you wish to add to your own personality. This is not just for introverts, by the way! I love Audrey Hapburn, Helen Mirren and Audrey Tatou. Create your own favorites list to emulate.

14 - Upgrade everything immediately!! Audrey Hepburn once spoke about how she dressed for the roles she played so she could better play those characters she was asked to portray. Here's a great quote from her:

"I believe in manicures. I believe in overdressing. I believe in primping at leisure and wearing lipstick. I believe in pink. I believe happy girls are the prettiest girls. I believe that tomorrow is another day, and ...I believe in miracles."

15 - Know that you can make as much money in real estate, if not more than someone twice as outgoing. You'll be more studied, more polished, more scripted, more effective and still remain true to yourself. Be yourself first. Be you, talking about real estate second. This way you won't be fake and you won't lose your own personality.

Caution for the more 'Driver' and extravert agents and brokers out there...Realize that a well studied, well prepared introvert will silently and successfully be extremely competitive! Make sure you're honing YOUR skills as well as utilizing your more outgoing personality!!

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Is it OVER, is the 10-year+ housing BOOM finally over? Is the real estate 'bubble' popping? What are the leading indicators that will give you real, unbiased housing market information?

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