Connect with us

Business News

3 steps to starting down the right path as a new Realtor

While every new Realtor is versed in law and rules, the practice of business is not always a well taught concept.

Published

on

brand new realtor

brand new realtor

Well versed in rules, but what about business?

When you get your real estate license, there’s often little or no training on sales and marketing approaches and techniques. You may be well versed in all the real estate rules and regulations but when it comes to starting your business on the right track, you may feel a bit lost.

In this article, I’ll share three steps new Realtors need to take on their journey down the road to real estate sales success.

Step one: get organized

As you begin gathering contact information of real estate leads, you need to make sure you store this data in one consolidated place. It’s essential to have a system to remind yourself of important appointments and commitments, or to make a phone call or send an email. Keep a task list and calendar and plan what you’ll be doing every day or week. Each morning, check your calendar and task list, and your appointments for the day, so you know what’s on your radar and how to schedule your time.

Here’s a good tip: as you meet more and more people and add them to your database, try to learn about hobbies, interests, pets, job, etc. and add this information into your database as well. It’s important to get phone numbers and email addresses, but try to go deeper than that. Why? So you can build stronger relationships. So the next time you call up Bob, you can ask him about that new fishing rod or how his tennis tournament went. After all, real estate sales is a people business.

Step two: grow your network and expand your sphere of influence (SOI)

When you’re starting out, you need to grow your sphere of influence (SOI) and expand your network. You can do this through planning various events such as home expert seminars and through an assortment of real estate prospecting techniques such as cold calling. A home expert seminar is when you invite a “home expert” such as an Interior Designer, to come and talk to a group of people you’ve invited. This expert will share tips and ideas that people will find helpful. Each one of the people who take you up on your invitation and attend this seminar is a lead to add to your database!

If you’re changing careers, and are coming into real estate from another profession, you likely already have a substantial amount of people who know you and vice-versa. Make the most of the relationships that you have. Send these people an email letting them know you’re now in real estate. Start sending them your monthly e-Newsletter so you can keep in touch and so they won’t forget that you’re an agent. Remember, the most successful Realtors get most of their business from referrals and repeat business. They don’t cold call and focus on real estate prospecting all day. In order to build a referral and repeat business, relationship-building and keeping in touch with your SOI needs to be in the forefront.

Step three: build your book of business

As discussed earlier in this article, there are a number of ways to grow your SOI and professional network. But you need to know how to make the most of your leads and maximize the chances that they turn into a client.

If you’re prospecting and marketing effectively, you’re going to get leads. Now, not all of these leads will be great so you need to know the right questions to ask to weed out the hot leads from the cold ones. Some leads will be good but may not be ready to buy or sell right away. Let’s say you get a new lead who seems interested. But you never hear back from him, even after following up on the phone. A good Realtor wouldn’t forget about this lead just yet. Make sure you set all your leads up on drip email campaigns.

Effective drip emails campaigns will consist of a series of emails designed to convert different types of leads into clients. When the lead is ready to buy or sell, you’re maximizing the chance that they choose you. Of course, whether a lead uses your services versus a competitor depends on a number of different factors (your listing presentation, for instance), but drip email campaigns will definitely help move the ball in your court.

A real estate contact management system is the foundation to all three of the steps discussed in this article. It’s how you’ll organize and manage your contacts and schedule, plan your events and keep in touch activities, and send out your e-Newsletter and drip email campaigns. Sometimes, there are special offers for new real estate agents, like six months free where I work (IXACT Contact), or benefits through local and national associations. These are usually great offers that are specially reserved for new Realtors, so it’s important to take advantage. You’ll save a lot of money and get started on the right track!

Matthew Collis is part of the Sales and Marketing Team at IXACT Contact Solutions Inc., a leading North American real estate CRM firm. In addition to overseeing many of IXACT Contact’s key sales and marketing programs, Matthew works with REALTORS® to help them achieve their real estate goals through effective contact management and relationship marketing. IXACT Contact is a web-based real estate contact management and marketing system that helps REALTORS® better manage and grow their business. The system includes powerful email marketing capabilities and a professionally designed and written monthly e-Newsletter.

Continue Reading
Advertisement
1 Comment

1 Comment

  1. C21MaryR

    July 13, 2012 at 6:18 pm

    @CENTURY21 We’ve fought in court: “Realtor”.

Leave a Reply

Your email address will not be published. Required fields are marked *

Business News

Corporate-franchise relationships: How has COVID affected them?

(BUSINESS NEWS) Being a part of a franchise has made sense for a long time for both the corporation and the franchisee, but the long stretch of COVID is adding complications.

Published

on

A franchise cup on a wooden table.

Americans love a franchise. We love knowing that every Dunkin Donuts iced coffee will taste the same as it did 3 states away – and every McDonald’s snack wrap will meet our expectations.

Franchises rose in popularity after World War II, and the corporate-franchise relationship since has generally been a happy one – that is, until COVID-19.

What’s their relationship?

Franchises are easier to start than a small business from scratch. You receive a business playbook and brand loyalty from corporate – if the business at large is doing well, chances are your franchise will mirror that. No need for independent advertising!

From the franchises, corporate gets an upfront fee and ongoing royalties. (For a McDonalds franchise, that’s $45k and 4% of monthly gross sales, respectively.)

Basically, it’s win-win. Both parties are happy.

Pandemic strain

The pandemic has shrunk margins across most industries, and the chain hotels, restaurants and services have been hit hard. As a result, corporate is adding more costs for franchisees, such as big cleaning bills and promotional discounts to bring back some revenue during COVID.

However, with corporate still taking the same amount from the franchises every month, these newly instated policies threaten to drive some stores into the ground – and franchisees are fighting back.

“I get that franchising isn’t a democracy,” said a Subway franchisee, who objected to the unprofitable “2-Subs-for-$10” promotion that corporate was pushing for. “But at the same time, it’s not a dictatorship.”

What I see here is corporate greed at work; they need to keep their margins up in a sinking economy, so they’re looking to the pockets of their franchisees to make up for that lost dough.

The pandemic has not been easy on any business (with the exception, of course, of Amazon, Facebook, and Tesla, which is a whole other story). However, that’s the draw of being connected to corporate – you are tied to something bigger than your individual store, and will thus stay afloat as long as they do. It’s a big reason why many opt for starting a franchise as opposed to starting their own, independent small business.

I’m glad to see individuals fighting back against corporate policies that don’t benefit them. They held up their side of the bargain – let’s see if corporate can continue to hold up theirs.

Continue Reading

Business News

What to do if you think you have been wrongfully terminated

(BUSINESS NEWS) Being fired hurts, but especially if you were wrongfully terminated. Here is what you can do if you need to take action.

Published

on

Stressed man staring at computer after being wrongfully terminated.

While there are plenty of ways an employer can legally fire an employee, there’s also a long list of unethical and illegal methods. If you suspect you’ve been wrongfully terminated from your job, it’s imperative that you fight back.

Common Signs of Wrongful Termination

Research shows that around 150,000 people are unjustly fired every year in the United States. That’s more than 410 people per day – roughly 17 people per hour. Here are some common signs that you’re a victim:

  • Violation of written rules or promises. The vast majority of employment is known as “at-will” employment. This means you may be fired at any time for any reason (so long as the reason is not illegal). However, if there’s a written statement or contract that implies job security, then you’re probably not an at-will employee. Review all of your employment documents to see what sort of language exists around the topic of termination.
  • Discrimination. It doesn’t matter if you’re an at-will employee or not, employers can never fire someone based on discrimination. It’s illegal – point blank, period. If you suspect you’ve been fired because of your color, race, gender, nationality, sexual orientation, disability, age, religion, or pregnancy, discrimination could be to blame.
  • Breach of good faith. Employers are known to breach good faith when they do things like mislead employees regarding their chances for promotions; fabricate reasons for firing; transfer or fire an employee to prevent the collection of sales commissions; and other similar situations.

Every situation is different, but these three signs are clear indicators that you have a potential wrongful termination claim. How you proceed will determine what happens next.

How to Respond to a Wrongful Termination

Emotions tend to run high when you’re fired from a job. Whether you loved the job or not, it’s totally normal to run a little hot under the collar upon being wrongfully terminated. But how you handle the first several hours and days will determine a lot about how this situation unfolds. Now is not the time to fly off the handle and say or do something you’ll regret. Instead, take a diplomatic response that includes steps like:

1. Gather Evidence

Wrongful termination cases are usually more complicated than they first appear on the surface. It’s important that you focus on gathering as much evidence as you possibly can. Any information or documentation you collect will increase your chances for a successful outcome. This may include emails, screenshots, written contracts and documentation, voicemails, text messages, and/or statements from coworkers.

On a related note, remember that your former employer will be doing the same thing (if a claim is brought). Be on your best behavior and don’t let your emotions get the best of you. Avoid venting to coworkers or firing off short, snappy emails to your former boss. As the saying goes, anything you say or do can and will be used against you.

2. Hire an Attorney

Don’t try to handle your wrongful termination case on your own. Hire an experienced lawyer who specializes in situations like yours. This will give you a much better chance of obtaining a successful outcome.

3. Get Legal Funding

If you’re like most victims of wrongful termination, you find yourself with no immediate source of income. This can make it difficult to pay your bills and stay financially solvent in the short term. An employment lawsuit loan could help bridge the gap.

As Upfit Legal Funding explains, “Wrongful termination lawsuit loans provide the necessary financial assistance they need to reach a settlement. This funding helps cover basic living costs until the plaintiff is able to get assistance from their settlement.”

The best thing about these loans is that you only have to repay them if there’s a successful outcome. In other words, if the claim gets thrown out or denied, you owe nothing.

4. File the Proper Paperwork

Work closely with your attorney to make sure that your complaints and claims are filed with the appropriate regulatory agencies (and that you meet the required deadlines). Depending on the type of claim, there are different groups that oversee the complaint and can help you move in the proper direction.

Adding it All Up

Getting fired is serious business. And while there are plenty of legal reasons for being terminated from a job, it’s worth exploring what’s actually going on behind the scenes. If it’s found that your employer stepped out of line, you’ll be compensated in an appropriate manner. This won’t typically help you get your job back, but it can provide some financial rectification.

Continue Reading

Business News

Everyone should have an interview escape plan

(BUSINESS NEWS) A job interview should be a place to ask about qualifications but sometimes things can go south – here’s how to escape when they do.

Published

on

interview from hell

“So, why did you move from Utah to Austin?” the interviewer asked over the phone.

The question felt a little out of place in the job interview, but I gave my standard answer about wanting a fresh scene. I’d just graduated college and was looking to break into the Austin market. But the interviewer wasn’t done.

“But why Austin?” he insisted, “There can’t be that many Mormons here.”

My stomach curled. This was a job interview – I’d expected to discuss my qualifications for the position and express my interest in the company. Instead, I began to answer more and more invasive questions about my personal life and religion. The whole ordeal left me very uncomfortable, but because I was young and desperate, I put up with it. In fact, I even went back for a second interview!

At the time, I thought I had to put up with that sort of treatment. Only recently have I realized that the interview was extremely unprofessional and it wasn’t something I should have felt obligated to endure.

And I’m not the only one with a bad interview story. Slate ran an article sharing others’ terrible experiences, which ranged from having their purse inspected to being trapped in a 45-minute presentation! No doubt, this is just the tip of the iceberg when it comes to mistreatment by potential employers.

So, why do we put up with it?

Well, sometimes people just don’t know better. Maybe, like I was, they’re young or inexperienced. In these cases, these sorts of situations seem like they could just be the norm. There’s also the obvious power dynamic: you might need a job, but the potential employers probably don’t need you.

While there might be times you have to grit your teeth and bear it, it’s also worth remembering that a bad interview scenario often means bad working conditions later on down the line. After all, if your employers don’t respect you during the interview stage, it’s likely the disrespect will continue when you’re hired.

Once you’ve identified an interview is bad news, though, how do you walk out? Politely. As tempting as it is to make a scene, you probably don’t want to go burning bridges. Instead, excuse yourself by thanking your interviewers, wishing them well, and asserting that you have realized the business wouldn’t be a good fit.

Your time, as well as your comfort, are important! If your gut is telling you something is wrong, it probably is. It isn’t easy, but if a job interview is crossing the line, you’re well within your rights to leave. Better to cut your losses early.

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!