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New Real Estate Pricing Rules For THIS Market Jul 28, 2023

Show notes

Welcome back to America's #1 Daily Podcast, featuring America's #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? https://whylibertas.com/harris or text Tim directly 512-758-0206

IMPORTANT: Join #1 Real Estate Coaches Tim and Julie Harris's Premier Coaching now for FREE. Included is a DAILY Coaching Session with a HARRIS Certified Coach. Proven and tested lead generation, systems, and scripts designed for this market. Instant FREE Access Now: YES, Enroll Me NOW In Premier Coaching https://members.timandjulieharris.com/

Today we're talking about something that all Real Estate agents and brokers need to get great at, especially when you're listing property but also when you're on the buyer side, so you can advise your buyers on what price is appropriate to offer.

The market shift has moved pricing to the forefront of everyone's mind. Houses are selling closer to the list price, making the initial price more important than when everyone was offering massively over-market. We're already seeing a surge in Expireds, indicating that 'aspirational pricing' may be coming to an end.

Getting great at pricing builds not only your competence but your confidence!

1. Practice Comparable Market Analysis with your broker. Do one with your broker, then do 3 on your own and ask your broker to check for accuracy. Did you arrive at the same price on the subject properties? Why or why not?

Are you better at pricing certain types of homes or price ranges? What are your weak spots? Can you accurately price luxury homes as well as you can first-time buyer homes? How do you handle condition or location issues?

2. Pay attention not just to sold comparables but pendings and actives. Sold comps are what actually happened, pendings are reflecting current market conditions and actives are still speculating.

Which price ranges have the shortest and longest days on the market? What's hot and what's not?

3. Take an appraisal class when you need qualifying education / continuing education. Yes, it's boring and analytical, but it will show you 4 or 5 different ways of pricing property in addition to what you usually do. It helps to check your price when you can analyze the home in several different ways.

4. Preview homes in every price range. Knowledge equals confidence; ignorance equals fear. See 5 homes a day, 5 days a week for 2 weeks. Start at the bottom of your market; what do you get for the money if you're a first-time buyer? What do you get in the middle price ranges (the average sale price for your town)? What's the difference between semi-custom homes and custom homes? What are the most expensive neighborhoods in your community and what makes one better or worse than another?

5. Preview new construction in different areas and price ranges. Get to know the new build reps and the builders. Refer to our podcast series about how to do more transactions by getting great at new construction.

6. Preview the competition prior to all Listing Presentations. Your pricing will be far more accurate and you'll have a leg up when you tell your seller prospect that you just spent all of yesterday previewing their competition! When you do this every time before every listing appointment, soon your knowledge-base will be vast and your pricing confidence will soar.

7. Go to open houses on the weekend and get to know different areas. The same home (or similar) may sell for a different price in different neighborhoods. Schools, neighborhood amenities, and traffic levels can all affect price!

Feeling OUT OF CONTROL and Burned Out? Here Is Your Solution Jul 27, 2023

Show notes

Realtors, Is your business running you ragged? Is your time management and scheduling out of control? Are you exhausted but don't have enough to show for it? You may need a check-up from the neck up, a hard look at your energy management, and a reset of your mindset. You've got deals yet to do this year and only so much time to get them done! Time to get on track!

Secret: "Time Management" isn't really Time Management. It's ENERGY management.

1. Your energy is a resource. Treat it as you do food and water. You'd never go without renewing your food or water, right? Breakfast / Lunch / Dinner / Snacks, even hormones can impact your energy levels. How aware are you of your personal energy management?

2. Don't expect to be able to simply conjure up your best energy and focus just by willing it into existence. You can't will yourself to not need water, can you? Have systems in place to maximize your productivity. Working out, having a regular wake-up time, and eating nutritionally is a good starting point. For example, many studies have shown that when you think you're tired, depressed, or getting sick, you're probably just dehydrated. Up your water intake and experience the difference just that one little change can make!

3. Your brain takes up 5% of your body but uses 20% of your body's resources. Feed your brain! 60% of your brain is made of fat. Omega 3 from supplements, and/or fish like salmon will boost your brain's functionality. And guess what? Caffeine is also recommended. It's been proven to not just boost your mood but to block the chemicals which cause tiredness. Concentration for longer periods of time results from feeding your brain the right things. Dark chocolate, oranges, and eggs are also recommended by nutritionists, so when you snack, choose wisely!

4.Know what your default is when you've screwed up the first 3 points by 'powering through' or telling yourself 'I don't need to take a break!' Do you tend to get snippy, distracted, etc? That's your early warning sign that your brain is starving. Some of you change personality styles (refer to AgentDisc.com) when you're hangry or stressed or tired. That probably isn't working for you. Take a breath before you make a mistake you'll regret later.

5. Manage your own energy resources but also be aware of what's happening with your clients/prospects/kids/spouse / etc. Are they 'HANGRY'!? Is their BRAIN hangry? Is yours? Be present not just with yourself, but be 'situationally aware' of others too! Did you just show 4 homes to your buyers and try to close them to write a contract when they haven't eaten for 8 hours? Are YOU going to a listing appointment after eating nothing but junk food, no water, and just don't feel right?

Most importantly, get help from our caring, competent and highly trained Harris Certified Coaches every day through Premier Coaching!

Agents Guide To Mastering 4 Stages Of Competence Jul 26, 2023

Show notes

Everyone is great at some things, not great at others, and is working towards a greater level of mastery on the things that matter most to them. This is true in business, as well as in life. Today you'll discover which level of mastery you have regarding your real estate skills.

Initially described as “Four Stages for Learning Any New Skill”, the theory was developed at Gordon Training International by its employee Noel Burch in the 1970s. Since then, it has been frequently attributed to Abraham Maslow, although the model does not appear in his major works.

The Four Stages of Learning provides a model for learning. It suggests that individuals are initially unaware of how little they know, or are literally unconscious of their incompetence. As they recognize their incompetence, they consciously acquire a skill, then consciously use it, polishing it and improving with practice. Eventually, the skill can be utilized without it being consciously thought through: the individual is said to have then acquired unconscious competence.

Keeping it practical and tactical...let's take a look at each of these stages and translate it into something you can really use to move your skills forward.

Unconscious Incompetence

The individual does not understand or know how to do something and does not necessarily recognize the deficit. They may even deny the usefulness of the skill. The individual must recognize their own incompetence, and the value of the new skill, before moving on to the next stage. The length of time an individual spends in this stage depends on their own desire to learn and improve.

Example: An agent has never had to compete on a listing. They only work with referrals, friends, and family. They don’t see a need for a Pre-Listing Package or a formal listing presentation. They don’t pre-qualify, they probably don’t use any scripts. They have been reasonably successful. They sometimes believe they already must have that skill because they've done ok so far.

Stimulus to Learn: Losing a deal, a listing, or a buyer to someone more professional. Almost always a shocking surprise to someone in unconscious incompetence.

Goal: This agent must learn to set more appointments, especially with prospects they do NOT know, so they see they need to upgrade their skills. More experience will shine a light on their deficits, thus motivating the agent to improve.

Challenges: If it takes too long to experience the loss of a deal or a listing, the agent can stay in this stage forever.

Conscious incompetence

Though the individual does not understand or know how to do something, he or she does recognize the deficit, as well as the value of a new skill in addressing the deficit. The making of mistakes can be integral to the learning process at this stage. Lots of trial and error.

Example: Agent has now seen the light. Immediate needs are the following:

-They must set more appointments to reinforce the need for new skills. Ok if mistakes are made.

-Adopt the 'earn while you learn' mentality. -It's ok to lose some listings along the way but find out WHY and fix it!

-Presentation skills, better questions, and listening more closely.

-Learning to close. Actually, ASK for the business with confidence.

-Core skills are ready to be built: (Premier Coaching will supercharge this process!)

How To Increase Repeat, Referral, and Centers of Influence Business Jul 25, 2023

Show notes

Real estate agents and brokers... if you could choose where your next listing would come from, wouldn't you always answer, "a repeat or referral client"? Of course, you would. Why?

-They're easier to work with, they already trust you, you're probably not going to compete for their business and they are less likely to throw objections at you! Also, they don't ask you to cut your commission or shoot them a kickback.

Today, we discuss how to create a steady flow of leads from this critical source of business.

Many surveys have shown that when someone is making a decision about who they will hire to provide a service, they first ask: Whom do I already know? (87% of the time), if they don't know anyone, they then ask a trusted friend or advisor who THEY know (6% of the time), and only after those two questions are exhausted do they turn to an advertisement or marketing piece.

Your job is to be the answer 93% of the time so you don't have to waste money trying to be the answer 6% of the time!

This means perfecting three things immediately:

1. Have an organized database with names, numbers, email addresses, LinkedIn, Facebook, Instagram and other support information on each person. You don't need a fancy CRM, use KV Core for example. CALL each person to update the rest of their profile. It's a great excuse to make that first (or next) contact! Use your F-O-R-D conversation outline to make these calls fruitful. (Family/Occupation/Recreation/Dreams)

2. Speak with all of your contacts regularly. That means face-to-face, voice-to-voice, 'real' contacts. A contact is a conversation with a decision-making adult about real estate. Refer to our coaching and podcasts about the 'FORD' script. For example, if you have 200 people in your database and you speak with 10 per day on work days, you can actually speak to 100% of your list every single month. What would THAT do to your repeat and referral business? If 10 is too many, even making 5 contacts per day will have you speaking with 100% of your list every sixty days.

3. EXPAND your Center of Influence systematically. 10% of the number of people in your database will do business with you or refer business to you every year, assuming you communicate with them. If your database is 100 people strong, you'll have 10 transactions yearly from them. 200 equals 20 transactions, and so forth.

Get into the habit of immediately adding new contacts to your smartphone contacts, then emailing their name to yourself so you can get them into your CRM. Add a note in your contacts to remind yourself how you met them. 'Sherry Seller. Met at Orange Theory. Married, 3 kids, and a fish. Moved to Austin from Chicago.'

Remember that in order for this to be a predictable, duplicatable source of business, you must make MORE contact, more frequently to achieve that flow of leads. Refer to our 12-Month Center of Influence Plan in Premier Coaching to further systematize.

Real Estate Agents: How To Earn FULL TIME Income Working PART TIME In Real Estate Jul 24, 2023

Show notes

1. Get the Real Estate Treasure Map and follow it! This is your personalized, fill-in-the-blank business and life plan. Identify what the goal is for you being in real estate. Are you working part-time until you can switch to full time or is real estate always going to be supplemental? What’s the income required for you? How many transactions will it take to get there?

2. Become great at proactive lead generation immediately. A part-time agent who prospects is more efficient than a full-time agent who doesn’t. The part-time agent will likely net a higher percentage of their income as well. Do not buy leads. Every time you pay for your leads, you're adding to what you have to earn to meet or exceed your goals.

*Lead with listings. Just because you're new, newer or part-time doesn't mean you have to be buyer-dependent. The more listings you have, the more freedom you have!

3. Track your numbers closely, using the White Board system we teach in Premier Coaching. It's the only way you'll know if you're on track, ahead, or behind on your financial goals. Concentrate heavily on lead generation and turning your leads into appointments. 90% of your time should be spent generating new business. 10% of your time will go to appointments.

4. Choose your broker wisely. Make a profit on your transactions in more than just one way. Choose a broker already operating in the 'Metaverse', that has revenue share opportunities and stock awards, as well as the immediate support you need.

5. Get your Pre Listing Package, Buyers Presentation, and Listing Presentation done, learned, and polished as soon as possible. Earn while you learn! Knowledge equals confidence while ignorance equals fear. These presentations will give you the confidence you need to succeed.

6. Know what makes you money in real estate. Lead Generation / Lead Follow-Up / PreQualifying / Presenting / Negotiating / Closing. Ignore everything else.

7. Use a Transaction Coordinator when you are averaging at least 2 transactions per month for 90 days consecutively. It’s worth it for you not to be stuck in the weeds when you could be generating new business, presenting, and closing instead.

8. Know agents to refer business to if you get over-scheduled and track those referrals. Eliminate the feeling of ‘What if what I’m doing works really well…I’m not ready to handle it!', through referring if you have to. Referral agents, NOT team members. You don't need to build a team. Always say, 'Yes, it would be my pleasure to help you with that!'

9. Discuss with your spouse and family what it’s going to take and get their support. Explain to them how your whiteboards work so they can see that your efforts are netting results. Keep them on your team.

10. Ask for help when you need it. Part-time agents are welcome in all of our coaching programs. We have pilots, firefighters, teachers, and even an actual rocket scientist.

Want To Be The Top 1% Of ALL Real Estate Agents? (Here Is Your Plan) Jul 21, 2023

Show notes

Everyone has struggles and challenges. That's called life. How you deal with those challenges makes all the difference. Today we're talking about how to embrace the habits of the most successful agents and brokers, and how to adopt those practices into your daily life. You can be the most successful real estate professional possible when you follow a few simple but powerful steps.

It's easy to make excuses about success. You could easily convince yourself that successful people must have some outsized advantage over the unsuccessful. This is similar to the rich versus poor excuse...they were born with it or they inherited it or they must be doing something to cheat the system or take advantage of others. None of that is true.

Nope! It's all about how they handle the same struggles in life that you're likely dealing with. Successful people were all just like you at one point. There's no such thing as an 'overnight success'. So what makes them different? What were the steps that got them to where they are?

Napoleon Hill said, 'Strength and growth come only from effort and struggle.' Successful real estate agents know this and don't fight it the way the unsuccessful do.

We built our own successful real estate career, selling hundreds of homes over the course of a decade, averaging between 100 and 200 sales yearly, even from the first year. This is the #1 podcast for real estate professionals in the country. As coaches, we've trained and coached many of the most successful agents in the country. We discuss much of this in our best-selling book, 'Harris Rules... A Real Estate Agent's Practical, No BS, Step-by-step guide to Becoming Rich and Famous'. So we've noticed a few things about the best, most successful real estate professionals. Here are those 7 things!

1. Successful real estate agents feel the same fears, struggles and challenges that everyone else has. They just aren't paralyzed by it. They use those emotions and thoughts and feelings to motivate them into ACTION.

2. Successful real estate agents and brokers OWN their own success or failure every day. They use the mantra, 'If it's meant to be, it's up to me!' That works both ways. If they didn't take a listing, they found out why and made the commitment to themselves to not let that failure happen again.

John Wooden said, 'You can make mistakes; but you're not a failure until you start blaming others for those mistakes.'

3. Successful agents understand that success is incremental. They celebrate the small victories because they know that when accumulated, those victories add up to bigger successes.

4. Successful real estate agents don't judge every single thing that happens as either good or bad. Instead, they say 'It's too soon to tell', and that irons out the dramatic ups and downs in their business practice as well as in their day to day lives. There's a Swedish proverb which states 'worry often gives a small thing a big shadow'.

How To Finally End FEAR OF REJECTION Forever! Jul 20, 2023

Show notes

Are you living in Fear of Rejection? Decide to conquer that fear once and for all! How much fuller would your life, your mind, and even your bank account be if you lost your fear of rejection? What are you avoiding by allowing your fear of rejection to thrive?

In today’s show we’re going to discuss how fear of rejection influences your behavior in negative ways, and how worrying about being rejected actually leads to the outcome you’re trying to avoid. (Being rejected).

What are you avoiding? Time to be introspective. Write down your answers.

Are you avoiding proactive lead generation? Do you avoid talking about real estate with anyone you don’t already know?

Lead Follow Up? Do you try once and then convince yourself that your prospect must not be motivated or that they just didn't like you?

Do you avoid closing because you don't want to hear NO?

Higher average sale prices? Are you afraid you'll be rejected because you're out of your comfort zone?

Are you afraid of becoming a powerful listing agent?

I did some research on the topic of overcoming rejection. It turns out you're not alone!

From Ted Talks…

Jia Jiang boldly adventures into a territory so many of us fear: rejection. By seeking out rejection for 100 days — from asking a stranger to borrow $100 to requesting a “burger refill” at a restaurant — Jiang desensitized himself to the pain and shame that rejection often brings and discovered that simply asking for what you want can open up possibilities where you expect to find dead ends.

What did he discover? How does this apply to your real estate world?

1 His childhood fear had haunted him into adulthood! Rejection at age 6 followed him for years. So he decided to create 100 days of rejection to deep dive into his challenge.

*What rejection are you still hanging on to and how long ago did it occur? Isn’t it time to let that go? (cue Elsa's song ‘Let it Go!’ from Frozen!)

2 He learned that it wasn’t the initial rejection, it was the fact that he had no plan, no presentation, and a fear of closing.

*Hmmm, this sounds a lot like real estate issues… consider the fact that winging it all the time keeps you on the path of rejection because the definition of ‘close’ is ‘the logical ending to a GREAT Presentation!’

If you're not using scripts and presentations, it makes sense that you live in fear of rejection or objections. This is easily curable through Premier Coaching.

3 Jia did the equivalent of ‘earn while you learn’, by creating experiences on purpose, experiences where he was likely to be rejected. Asking for $100 from a stranger, asking for a ‘burger refill’, and asking to be a ‘Starbucks Greeter’, for example!

4 He learned to not quit, to not give up. He developed what we call ‘stick-to-it-iveness’, the intuition that you must stick to it to succeed!

The average 'close' in a sales situation occurs after asking 5 to 8 times. When do you throw in the towel?

"I Would Sell, But There Are NO HOMES For Sale, Where Will I Go?" (Part 2) Jul 19, 2023

Show notes

This is Part 2 (of 2) of "I Would Sell, But There Are NO HOMES For Sale, Where Will I Go?"

6. Consider selling the home first, but leasing it back to the buyer for a set amount of time, allowing your client to find their next home. The buyer is happy because they secured the house, and your seller is happy because they have both time and money coming in to facilitate their move to the next place.

7. Consider this little-known but much-utilized possibility: buying an RV, a houseboat, or a sailboat. We have many examples our coaching clients have shared about their sellers who cashed out their homes and simply bought something like this and just decided to travel for a while. You might be surprised that it’s not just baby boomers or retirees who are doing this! Another version of this is for sellers to cash out and rent a series of short-term rentals in different areas of the country or the world, trying out new possibilities before they decide where to land.

8. Consider finding your would-be seller an off-market home to purchase where that seller has flexibility. The advantages here are that you are in complete control of both sides of the transaction, and you may pick up yet another client when the off-market seller also needs to buy. Refer to our podcast series and Housing Wire articles about how to find inventory that’s not in the MLS.

9. Some of your seller prospects may be ready to move into an assisted living care facility. Many of the homes that ARE coming onto the market right now are in 55 and over communities, downsizing, empty-nester homes, and the like. Are you prospecting in those neighborhoods?

10. Last but not least it may not be for everyone but is certainly an option. Moving in with relatives, whether that’s moving in with parents or kids or cousins somewhere else, it can be a short-term solution.

Bottom line? You can't just wait around for listings to appear for your seller prospects who have to buy! Stop relying on your DRIP system. Be proactive with different solutions that could work for them. You'll have more transactions and they'll value your expertise, netting you both current business as well as future repeat and referrals

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"I Would Sell, But There Are NO HOMES For Sale, Where Will I Go?" Jul 18, 2023

Show notes

This is Part 1 (of 2) of "I Would Sell, But There Are NO HOMES For Sale, Where Will I Go?"

With record-low inventory nationwide, Realtors seem to be hearing the same thing day in and day out: “I’d move, but where would I go?” For most agents, that’s the end of the conversation, simultaneously ending the possibility of taking a new listing as well as facilitating that buyer side. After all, nationwide, inventory is at all-time lows (according to Altos Research this week) at just 465,000 active listings. We are still at least a million listings shy of being a balanced market.

Don’t just answer with “Yea, there’s really nothing on the market, I mean everything in the MLS is already pending. I’ll put you into my search widget and we’ll watch for something to pop up together.” While that’s one method of finding something for your would-be sellers to buy, you can’t end the conversation there and expect to do any business this year!

Here are 10 solutions that go beyond waiting and watching for magic inventory to arise.

PART ONE

1. Consider building a home instead of chasing after the scarce resale inventory. There are several advantages to this option. First, many builders are buying down interest rates using their in-house financing. Builders are closing loans in the 4.5 to 5.5% range currently! That's better! Next, the house is new. No rehab for them and no inspection woes for you. Your client can get their home on the market a couple of months prior to completion and not have to move twice. Finally, when your client builds, they aren’t having to compete in a bidding war. 30% of available homes are new construction.

2. Consider buying first, closing, and then listing the previous home. Don’t assume your buyer/seller prospects won’t or can’t utilize this option. They may have a downpayment saved that isn’t their home equity. They might use a bridge loan to borrow their equity, close on the next home, and then sell the old one.

3. Consider selling first, renting for a while, and taking the time to look for the right home. The advantage here is the seller has cashed out their equity and is ready to pounce on the right home, but without the pressure of organizing closing and possession dates.

4. Consider getting the seller’s home on the market now, but make the acceptance of an offer, ‘Contingent on Seller finding suitable housing’. The buyer will probably want a specific time frame, but you can usually get 90 to 120 days to secure the next home.

5. Consider keeping the old house, turning it into a rental for now, and proceed to find and purchase the next home. You can handle the lease yourself or refer it to your favorite leasing agent. The home stays an asset for your client and they can keep their low-interest rate mortgage. Don’t assume that this isn’t an option. You have to ask! Remember that Americans currently have record-high credit scores.

Trusted & Proven Complete Real Estate Home Buyer System Jul 17, 2023

Show notes

Are you sometimes frustrated working with buyers? Do they seem unpredictable, noncommittal, or unresponsive? There's only one solution to eliminating the stress and guesswork out of working with buyers. Actually, there are two:

#1: Always be the listing agent; but until you've built your active listing inventory up to the point that you can refer all your buyers, you'll need the second solution:

#2: Use a Buyer Presentation! You'd never go on a listing without a presentation, so why do you give your precious time, skill, and dedication to buyers without one?

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?

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! For example:

-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?

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

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