How to be a Real Estate Mentor

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You probably know someone who was in the process of becoming a real estate agent. They may or may not have had a mentor, but as their friend, you probably helped guide them along the way. But have you ever truly been a real estate mentor for a new agent?

Real Estate Mentor

What is a Mentor Agent?

A real estate mentor is any industry professional who mentors a new agent. Mentoring may come in many different ways; it can be as simple as helping them understand how to fill out contracts or understanding how the MLS works. It can also be as difficult as helping a young professional learn skills to work with unruly clients.

Real Estate Mentor

But, in many ways, being a real estate mentor is more than just showing new agents how to fill out paperwork and use real estate apps on their phones. It’s about guiding and teaching new real estate agents skills like talking with clients, understanding what type of home to help a client look for, learning the laws and business sides of real estate, and how to close sales. As a real estate mentor, you are what helps keep the real estate profession filled with responsible and reliable agents who know how to work with clients, sell homes, and represent their brokerage.

Why Real Estate Mentors are Necessary

Many brokerages require new real estate agents to be trained by experienced agents. This ensures quality and professionalism will be held to the highest standard. Some brokerages will not hire their agents until they’ve had at least five years experience. This is why many brokerages have programs that bring in new agents and train them with a real estate mentor until they are ready to work on their own.

Typically, new agents work with a real estate mentor for 3-4 transactions and split the commission on each sale. This way, the new agent is able to get the attention and help they need from the real estate mentor, while also learning to work with clients at a pace suitable to their needs.

How Real Estate Mentors Help

Real Estate Mentor

Real estate mentors will help the new agent they work with by teaching them skills and necessary stepping stones to bridge the gap from novice to professional. They will be able to help a new agent gain experience in all areas of real estate to become the best agent they can be. If a new agent is struggling to understand any areas of real estate, the real estate mentor will be there to help them with any questions they have or guidance they may need.

Real Estate Coaches for Seasoned Agents

There are real estate coaches and training classes that even seasoned real estate agents can take to hone their real estate skills. If an agent is having little success, or they want to become even more successful, coaches and real estate classes are there to help them with their endeavors. A real estate coach is a lot like a real estate mentor; the difference is that a real estate coach can be hired for a monthly fee to help train seasoned agents on how to become better at their craft, sell more houses, work more efficiently with clients, and try new techniques that they may have never heard of but are incredibly useful in the field. Almost 60% of agents who have used real estate coaches have stated their coach is most like a personal trainer that gives them the competitive edge they need to succeed.

Real Estate Mentor

If you decide that you want to become a real estate mentor, you’ll help the real estate community by giving knowledge and guidance to many new agents who desperately need your advice and expertise to be able to work on their own someday. However, if you believe you need to work on your skills as a seasoned agent, then why not contact a real estate mentor or enroll in some real estate classes. Not only will they benefit you by learning new sales and professional skills, but you will become a better real estate agent after completing the programs. So get out there and become a real estate mentor or hire one if you want to become even more successful!

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How to Buy a Home with a Veteran Client

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If you have had any clients in the past who’ve been in the military, you already know about the special benefits veterans receive from the government to get a veteran mortgage for a home because of their service to our country. Since veterans receive help from the government, they are encouraged to buy a home. As an agent, you have to learn how to sell a home to veterans by helping them utilize all the veteran mortgage benefits they will receive from Uncle Sam when they are ready to buy a home!

Veteran Mortgage

Home Loans

Many veterans are able to get home loans backed by the U.S. government through private lenders. Most VA loans do not require a down payment, which is great because down payments can be quite expensive depending on what home they want. There is also no minimum credit score requirement, so all types of veterans with different financial backgrounds can benefit from these loans. As a real estate agent, you should check out the Veteran Affairs home loans section on their website and get familiar with who qualifies and how to help a veteran buyer get one of these loans.

Veteran MortgageProperty Tax Deductions

Many states allow veterans to be exempt from paying property taxes. This is great news for veterans who are disabled or of a certain age group. Since property taxes can add up to thousands per year on a home, this is money they can save for more important expenses!

Advice for Veterans

Give home-ownership advice to your veterans seeking a veteran mortgage. Many veteran clients may be first-time homebuyers. Some of them may have already owned a home, but just became veterans, and they want to know about the veteran mortgages they can receive for refinancing or buying a home. Explain the best types of home loans that are offered to veterans. Discuss their credit score and options for their mortgage. Help them look for homes in neighborhoods that they want to live in. Finally, help them choose the right mortgage option wisely to ensure they will get preapproved and be able to move into their dream home as soon as possible.

Help with the Home Mortgage

If you’ve already worked with a veteran on buying home, and they are now unable to make payments every month, there is help out there. VeteransPlus is a nonprofit organization that helps veterans who may be struggling with paying for their home and monthly payments.

If you find out that your newest client is a veteran, be sure to help them learn all that they can about the benefits they receive from the government. This way, they’ll know that they can trust you as their real estate agent and want to buy their home with you as soon as possible. As a real estate agent helping a veteran buy a home, you will feel happy to help someone who served our country by giving them the help they need to buy their dream home.

Veteran Mortgage

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How to Build a Real Estate Team [Infographic]

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This infographic takes a look at how you can develop a profitable real estate team without losing the vision or effectiveness of your company along the way.

Build-a-Real-Estate-Team

Lay a Foundation

Before you even start building a real estate team, you need to have the right protocol established.

First and foremost, you need to have funding. Don’t hire someone until you have the resources to pay that person accordingly. This sounds obvious, but a lot of people think that after they have more hands on deck, the money will come in naturally.

Next, you need to have systems in place for every aspect of your company procedures. Incorporate all of these into training for new hires. (And of course, have a training system in place, too!)

Build Up

Let’s start by talking about money again! Have a budget in place for every dollar that comes in. It should be designed to grow the business. Here’s a suggested breakdown of how to split the income:

  • First 10% – Put towards company
  • Next 10% – This is for you, the manager
  • Remainder – Employee payout

As you continue to grow your team, have goals in mind for where the company should be. List growth goals and attach them to revenue and clientele goals. Know that you cannot hire more team members until you hit where you want your business to be. If too much time goes by without hitting your goals, it may be time to re-evaluate the staff you already have.

Step Back

Now for the fun part. This is why you started a real estate team in the first place! Once your company is self sustaining machine, you get to step back and look for opportunities for further growth.

First, be mindful of how you delegate tasks. This will take finding some balance in your leadership. You don’t want to pawn off all the responsibilities you don’t want, but you shouldn’t micromanage employees either. You want to stick to your original mission statement, but you also need to remain open to new ideas. You want to trust your team to get the job done, but you also must occasionally follow-up and verify that everything is being done properly and according to your standard of excellence.

Remember, it’s YOUR name on the line!

With a more hands-off approach than you were able to take without a team, you have the ability to collect data from your employees and evaluate where existing methods and systems can be improved. Always look for expansion opportunities.


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How to Use Lead Generation Sites

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As a real estate agent, you know how to find leads and make sales. However, some of you may have turned to lead generation sites to help you grow your sales. For a lead gen service to REALLY make a difference, however, you need to have systems in place to follow-up with and convert your leads. As a real estate agent, you’re always going to need a plan and you must stick to it to be successful when working with lead generation sites.

Lead Generation Sites

The Successful Agent

This type of agent understands that a lead generation site is the starting place for the work involved. They are willing to contact leads quickly and sell themselves as professional agents before they attempt to help clients buy a home. The successful agent understands that 95% of lead conversions happen 120 days or more after receiving the lead.

A good agent knows that if a lead trusts them, they are going to talk about buying a home with them as their agent. They know that before they can sell a home, they need to sell themselves. This builds trust, and in turn builds business.

Lead Generation Sites

The Unsuccessful Agent

This type of agent wants every lead to be ready to buy a home the second they call them. The truth is that lots of leads are simply not ready to buy a home the moment that they fill out a lead form. They are still in the looking process. Most leads are still 6-9 months away from actually making a purchase. That means that just because you have a promising lead, it doesn’t necessarily mean they are going to commit with you as their agent and buy a home the following day.

Lead Generation Sites

The unsuccessful agent sees this happen, and they simply give up on that lead and move on to the next one. This is why this type of agent is selling very few homes a year and not making a competitive income selling real estate. They are not able to see the potential and possibilities that come with a little bit of work, which is why this agent will not be successful with lead generation sites.

What Can You Do?

An agent with no conversion strategy will grow frustrated with their lead generation service. This may make them want to cancel the company’s services. This couldn’t be a worse idea. If they only knew the good that would come from a little bit of patience and work.

Instead of getting angry about the lack of leads, or leads you believe are not good enough for you to work with, you should come up with an action plan. Your action plan will guide you to getting leads to work with you and be the agent who helps them buy a home.

The Plan

What is your plan? You may have one already set up that works very well for you. However, you may have a plan that you only follow occasionally and are not successful with your leads generated. If you’re not sticking to your plan, then why not try something new?

Bruce LaMaster, an incredibly successful and long-time HouseHunt agent, has a plan and sticks to it. Take a look below to see how he implements calls and emails from him personally as well as his team members to contact new leads.

Lead Generation Sites

No matter how successful Bruce is, he still understands the importance of the contacting phase and not giving up. Even if a consumer does not answer their phone the first few times, Bruce and his team will continue to strive to touch base with this lead. His tireless efforts are what have brought him such great success in the real estate world. Take a look below for more great tips to follow with contacting leads.

  • Whenever you receive a lead generated, call that lead within the first 30 minutes. 48% of consumers expect a call within the first 15 minutes of filling out a lead form; 89% expect a call within the first 30 minutes. Do not wait longer than that to touch base with this person because they are most likely going to hear from multiple agents a day or two later. This means that if you wait, you’re not going to be their agent. There are text services that you can use to notify you when a lead is generated so that you can be the first to contact them.
  • Call consistently. Since 97% of people will not reply to a phone number that they don’t recognize without a voicemail, it usually takes about eight calls to get a hold of a client you’ve never spoke to before. Even if they do not answer their phone, leave a detailed message explaining who you are and your intentions to help them buy a home.
  • If they give you an email address, add their information to your pipeline and send them newsletters.
  • Show them you’re a professional real estate agent, and you know what it takes to sell their home with all of the knowledge you have about real estate.
  • Once they are ready to make an offer on a home that they like, they will tell you. You will then be in the position to help them buy the home because they want you to represent them as their real estate agent since you have been there for them since the beginning.

If you have a plan, and stick to it, you’re bound to hear back from lots of leads who want you to represent them as their agent.

Bruce says that lead follow up is not a drip campaign . . . it’s a flood campaign. What he means is that you should not expect leads to go with you after one or two small instances of getting into contact with them. You must consistently contact them and reaffirm their goals to buy a home with you as their agent. This way, you will show them your consistency, professionalism, and willingness to represent them as their agent.

If you do have a plan of action with contacting and following up with leads, and you stick to it, you will see your leads come to you first with uncertainty, but you will eventually be able to turn them into motivated clients who will hire you as their real estate agent and have you help them buy that perfect home they’ve always dreamed about.

Lead Generation Sites

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How to Give a Good Real Estate Presentation

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Every agent gives a real estate presentation to sell themselves to new clients. If you’re trying to represent yourself in the best light in front of a seller, you should always highlight everything about you that makes you stand out as a real estate agent during the listing interview. You’re job at the real estate presentation is to be prepared, share your insight about their home, and help them understand why you’re the best possible agent for them to sell their home with. If you can do all of that during your real estate presentation, you are going to be able to put yourself in the position as being their real estate agent.

Real Estate Presentation

Be Prepared for the Real Estate Presentation

Never come to a client without being prepared. This is basically saying to your client that you will not be prepared for anything that you work on in the future. Be prepared by planning out what you’re going to discuss, have your slideshow or medium ready for the real estate presentation, and be ready to answer any questions that they may have for you. They are going to wonder if you are the best possible real estate agent for them, so you’d better give your clients good reasons as to like you.

Real Estate Presentation

Clarify the Seller’s Motivation

During your real estate presentation, you want to understand the seller as much as possible. You should clarify their intentions and motivations to sell their home during your presentation. They may want to sell their home to downsize, maybe to retire, or perhaps they want to buy a bigger home in a different neighborhood entirely. You want to identify what is most important to the seller to better determine how you’re going to sell their home and what they are looking to get out of it. Whatever their reasoning is, you need to understand their intentions to better prepare them for the sale.

Evaluate the Seller’s Knowledge

Discuss the home-selling process with the seller during the real estate presentation. Learn if they understand some or all of the steps that go into buying a home. Perhaps they are a novice and know very little about selling a home. Maybe they’ve already sold a home in the past so they know the entire process. Either way, it is your responsibility to evaluate their knowledge on selling their home and then move forward with them from there.

Real Estate Presentation

Share Your Knowledge

Share what you know about the housing industry, real estate, working with clients, and most importantly—their home. You want to let them know that you’ve been researching and learning about their home’s value by seeing what other homes in the area are valued at and have sold for. You want the sellers to see that you’ve done your homework; this will show them that you’re the right real estate agent who has the capability, know how, and experience to sell their home efficiently.

Closing the Real Estate Presentation

Close your real estate presentation by gathering everything that you discussed with your client. See if they are ready to start selling. If they are ready to sell, then start sharing how you’re going to market their home. Discuss ideas that you can do with/for them: like ideas for the landscaping, preparing for an open house, and telling others online about their home. This way, the seller will be very impressed with you and be motivated enough to move forward with you in selling their home. In no time, you should be able to sell their home and get a great commission for yourself. So get out there and start making some great real estate presentations!

Real Estate Presentation

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