mentoring – REeBroker Group

What Kind of Negotiator Are You?

Written by: Sarah Vance

There are 5 kinds of negotiators: competitive, collaborative, compromising, avoiding, and accommodating. What’s your style?

Competitive negotiators are results-driven, assertive, and aggressive.
Collaborative negotiators are honest, understanding, and creative in finding solutions.
Compromising negotiators conduct fair dealings and judgments even at the expense of their own superior outcome.
Avoiding negotiators hate conflict and are easily stressed or intimidated. They prefer to stay under the radar.
Accommodating negotiators build and maintain relationships; are attentive to needs; and sensitive to emotions.

5 Tips on Negotiating a Real Estate Deal

If you find yourself in a competitive market space and your clients agree, try locking in the property with an escalation clause. Escalation clause states that the seller agrees to pay a certain amount more than the highest offer received. There will usually be language capping the total sale price, to ensure buyers/investors do not agree to more than they can afford.

Negotiate in person. Reactions to tone of voice and body language is often better received than guessing the intentions and tone of an email or text message.
Never make the first offer. Most negotiations end up “splitting the difference.” Let the other party speak first. This allows for you, the second party, to define the midpoint. Also, there is a chance that the other party’s first offer will be better than the first offer you would make.
Talk less and listen more. Embrace the awkward silence, one party will likely offer concession to break the uncomfortable situation. Whether is 30 seconds or 15 minutes, expert negotiators will employ this tactic to receive successively lower offers without having to present a counteroffer.
Do your homework. Know everything you can about the subject matter of your negotiation as well as the person you’re negotiating. Find out what’s important to the seller is it money, escrow period, contingencies, etc.
Always ask for and receive the last concession (something the other party gives) in a negotiation. If the other party realizes that each time, they ask for something they will need to give something they will likely stop asking.

Need assistance in negotiating a real estate deal? Join a mentor program!

Four MUST Have Qualities When Seeking a Real Estate Mentor

By Sarah Vance

men·tor·ship

/ˈmentôrSHip,ˈmentərSHip/

noun

the guidance provided by a mentor, especially an experienced person in a company or educational institution.
a period of time during which a person receives guidance from a mentor.

Four MUST Haves When Seeking a Mentor

Reliability – as a mentee or mentor you should make sure that as you seek guidance and assistance in growing your business and career that you have time. Time to commit to your business, time to put forth satisfactory effort in your business, and time to meet regularly. Face-to-face, in person meetings are preferable to many people however with the rise of technology virtual meetings are becoming just as effective. The importance of consistent connection is to ensure accountability and follow through. Time is valuable to all people and how you choose to use your allotted time will be reflected in the success of your business.

Success and experience level – You want your mentor to have reached the success level that you want to have or someone with the experience in the areas that you want to excel in. This may or may not be reflected in the “age” of your mentor. With the changing real estate industry leaning more towards higher technology, you may find that the mentor with the success level you want is someone younger. A younger mentor may be able to assist you in understanding and using digital forms, social media, Google Adwords, website design, etc. Mentorship is not about age but rather about professionalism and business sense.

Appropriate Feedback – you want positive and honest feedback. When choosing a mentor do not choose based upon someone who says what your itching ears want to hear. Its important to receive honest, critical feedback on your business because if you do not then your business will not be challenged to grow. As a mentee you need to be able to take constructive criticism well from your mentor and put into action efforts to improve areas of weakness. If you don’t receive this kind of motivation your business will remain complacent – therefore, be challenged!

Diversity – in your sphere of mentorship influencers. While you want common ground and common connections in your mentorship pool you also want diversity. Diversity in neighborhoods, niches, specialties, marketing campaigns, style, etc. This will allow your business to expand to a more diverse audience or even allow you the opportunity to create your own unique sphere of influence.

Does your mentor have what it takes? The REeBroker Group’s mentorship will create a worry-free transaction from start to finish. The excellence, experience, and tech support provided will blow you out of the water. You’ll receive all of the following: 24/7 support, reliable video conferencing, listing presentation assistance, MLS, offer and service negotiation techniques, document review, training platform and resources, conflict resolution, and so much more. For a full list of program inclusions sign-up here: https://reebroker.com/MentorshipOnlineAgreementForm.aspx. They are always creating and revising the program to ebb and flow with the ever-changing industry.

How to Earn the Trust of Expired Listings?

How to Provide Value to Expired Listings – Connect with the Homeowner/Seller. By Sarah Vance

Disclaimer – It is no secret that when a listing expires, real estate agents know about it! Did you miss the last blog post – see the Top 3 Reasons Why Listings Expire. Understanding these three key areas of real estate listings will be monumental in your marketing and advice to homeowners that have fallen into these pitfalls.

Expired Listings is Real Estate Farming 101 and that’s because it works for agents who really follow through with their marketing plans. Therefore, you must provide something of value to the seller. Give the seller realistic goals and expectations. Do not oversell or under promise! Use your expertise to your advantage and play to your strengths.

The seller after their listing expires will be bombarded with postcards, flyers, letters, and other similar solicitations from real estate agents in the local market. If will need to ensure that your material stands out, so it doesn’t get thrown out. Make it colorful, oversized, customized, add some swag, and if you can: hand deliver. Be creative and don’t be afraid to explore different options to see what works best in your area!

Your solicitations should be encouraging and supportive in message and tone. If you are reaching out within the week that the Listing expired, most sellers, at this time, may be frustrated with the fact that their home did not sell and may not be receptive to more real estate lingo and advertisements. Your marketing should be consistent, direct, but not aggressive. Use your experience, recent sales, and neighborhood market expertise to show that you can bring something new and fresh to the table. If the homeowner seems distrusting, then you may want to switch your marketing plan to providing consultative services.

If the property is not re-listed and you have not received a listing appointment by week three, you should be trying to reach the seller directly by phone. The follow-up phone call should be to 1) see if the owner received your service package and 2) ask to view the property so that you can have up-to-date information for potential buyer clients. Get your foot in the door (literally)! This property preview could give you some one-on-one time with the seller and gather more information on the listing – if you come prepared you may even be able to give your Listing Presentation and Marketing Plan during the preview! Plus, if you can’t get the listing you may have a jump start on potentially being the buyer’s agent.

Be sure that you are checking the MLS weekly or driving by the property looking for yard signs to ensure that the listing hasn’t been re-listed with another brokerage or gone For Sale By Owner (FSBO). If it has gone FSBO – your marketing tactic will change, and you will want to change up your message and tone.

Don’t have a good marketing strategy, scripts, or Listing Presentation. REeBroker Group’s Mentoring Program provides top training, business collateral templates, and step-by-step guides to ensure you are prepared for each and every real estate transaction.

With the rise of Coming Soon listings on the market – Should we fall in line or fight the trend?

Let’s look at some of the Pros and Cons of these newly trending listings.

If you don’t already know what “Coming Soon” listings mean, basically, these types of listings are properties currently under a listing contract but are not available for showing or sale until a later date. They are not the same as a pocket listing which is when a property, under a signed contract with a seller, is never advertised nor entered into the multiple listing system (MLS) or the advertising is limited. Coming Soon listings can be a legitimate advertising technique, allowing sellers more time to complete repairs, pack, or otherwise prepare the property for showing or sale– however, for it to be truly legitimate these listings should be unavailable until the specified date. This is where the agents and buyers toe the line into the gray areas of what constitutes a legitimate Coming Soon listing. See the end of the article for more information.

“Pros”

Allows market attention and interest from the public and agents while the seller does preparations on the property.
Increased privacy and limited foot traffic in the seller’s home.

“Cons”

MLS will backdate to the original Listing Date, so it shows the full elapsed time on the market.
Limited exposure. If it pulls in potential buyers prior to an active MLS listing, there will be limited exposure which means a reduction in competition.
Can skew real estate appraisals – since “Coming Soon” homes are not included.
Agents may use a home as bait for buyers without representation so that they can double end a real estate transaction.

Best Practices for legitimate Coming Soon Listings

Only properties under a signed listing agreement
Comply with all state licensing laws and regulations
Have a compelling reason that this tactic is in the best interest of the client
Have the clients’ informed consent in a thoroughly documented written agreement
Restrict showings and bids equally to all potential buyers
Comply with MLS rules and regulations

If your buyer clients are looking at properties that fall under the “Coming Soon” umbrella you and your clients should be on the watch for potential red flags such as: no signed contract, no permission or consent from the sellers’, no logical reason to be marketing this way such as repairs, are being actively shown to buyers, or offers are being accepted. If you see any of the following, then these are pocket listings under the guise of a coming soon listing. Not to say pocket listings are unethical or not valid if all parties being represented are fully in the know.

If your seller wants to do a “Coming Soon” listing, you will want to ensure they are made aware of all the advantages as well as possible drawbacks. Since most homeowners when putting their home on the market are expecting the most net income from their sale its best to ensure that all aspects of the marketing plan are in the best interest of the clients and that there is a logical, reasonable explanation of holding back from the public.

Another practice which may be used instead is the deferring or delaying showings until a later date. When deferring showings, you create an active MLS listing that serves in getting the word out to potential buyers, but instead of having showings on day 1 you defer anywhere from 4 to 7 days. This increases attention while also providing opportunity to all buyers in the market to see the property. Allowing more of the public to see the property increases the potential for multiple offers and a possible bidding war. By following the deferred showing market strategy, you can put out the “Coming Soon” for sale sign on the property the same day as the MLS listing is entered. This may just be the best of both worlds if your clients are truly wanting to build the extra anticipation.

Whichever way you decide to go – with the crowd or against the grain when it comes to Coming Soon, make sure you are always promoting and protecting the best interest of your client. Ensure that you discuss and disclose all pros and cons of limited marketing strategies so that you are in compliance with all state real estate laws and regulations, MLS policies, and the Code of Ethics. If you need assistance with buying or selling a Coming Soon property REeBroker Group’s mentorship program can walk you through each and every step! For more information see the website or contact the main office at (760) 722-3222 info@reebrokerca.com.