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Does Outbound Calling Work in Real Estate?

Real estate agents often ask, “does outbound calling work,” or, “does cold calling work?” The answer is at the end of this post, but first it’s important you know why. Real estate agency is competitive and has a long ramp-up period. New agents are super motivated and are eager to be proactive in order to drum up business. This means holding open houses for other agents, sending direct mail, and even picking up that ice cold sales phone to dial for dollars.  While outbound calling is  better use of time than additional training for agents, it’s not a good use of time.

Several years ago and before, let’s just say 2007 and earlier, outbound calling was still a fairly effective way of generating business. However, a lot has changed since then. The internet has become a huge factor in consumer thinking. If a consumer is considering a service or even using a particular agent they will go online and do some investigatory tail sniffing to see if they check out as a professional. This has created a major shift in how professionals and consumers meet. We’ve moved from sales-system oriented marketing to relationship-based sales. Social media and internet presence meet consumer research. Connections are made and quality informative content is delivered to consumers which often results in a sale. This is unequivocally a higher quality way for consumers and professionals to choose to work together. Consequently, it makes outbound calling look more desperate and less credible. The relationship model has has been naturally selected over outbound calling as the winning marketing strategy.

It’s not enough to just say that outbound calling is less credible as the reason why it’s not as good. It’s also important to mention that because it is an outdated method facing extinction, the conversion rate is worse now too. This makes it harder for the remaining die-hards still out there in the boiler room trenches. Will these outbound callers drum up any business through cold calls? Some might, but at painfully thin conversion rates which beg a bigger question – is cold calling a reasonable and sustainable longer term business model? The answer is simply NO.

Taking Initiative in Real Estate Agency

Often, we have ideas about how to grow our real estate agency business. Some are good and some aren’t, but many ideas never get a chance. This is because we think about something to do, or maybe a way to do something better, but never do it. Just think about it for a second, have you thought of something that you should do, or something that can be done better, a more “right” way, but just never do it?

Everyone has, they just don’t always admit it.

Now think of why you do it? What is the reason that you know you should be doing something, the right thing, but are not?

Wait! Save that answer for a therapy session. To be successful in real estate agency you don’t need to know why, you just need to do something when you realize there is a better way to do it.

Wasn’t it Confuscious, or maybe Phil Knight, that said “just do it.”

Don’t get “analysis paralysis,” if you know there is something that you should be doing, or perhaps a better way to do it, then take control in one easy step: make it so.

 

 

 

 

 

 

Balboa Real Estate: Your Real Estate Future Starts with Us

When you got licensed as a real estate agent, it was extremely important to decide which broker is best to work with and get trained. A strong start at the beginning of your career from a 100% commission broker will make a huge impact for those who are new to real estate field. Some larger and renowned brokers, like Balboa Real Estate, offer an extensive training programs to new real estate agents. Before joining a real estate firm, it is important to check certain factors like the business image, environment, size and so on. Let’s have a look at what you as a newly licensed real estate required to know about a broker before giving interview.

Size
Size does matter. In states like California, where you can find companies which range from 10 agents to hundreds of agents. It is important to be. With a real estate company with the best commission program and statewide coverage. Always consider to join a reputable company with statewide coverage that gives the support that you need while working.

Facilities
Facilities are important and one of the more important factors to look for. You surely  don’t want to take your clients in an office without basic facilities. Its important to check whether broker office has basic amenities like computer, fax machine, copier, adequate parking space, etc.

Management
Management of the broker company is as important as you contact with potential buyers. In large company, salaried managers will be in your primary contact list while in small real estate company, owner of the company will manage your work. It is your duty to ask about how many full-time and part-time agents the company have. How managers will manage the work of all agents and how they all will communicate.

Training
As a new in real estate field, it is essential for very real estate agent to get trained under experts who have decades’ experience in real estate field. Broker companies should offer training for their new agents. It is important to the principals and fundamentals. For example, how to write purchase agreements, you will learn about real estate law and contract law, how to finance real estate, how to list property for sale, and how to evaluate real estate property. Proper guidance and training is important to get for acquiring skills in such areas as negotiating and sales techniques.

Administrative Support
In many real estate company, brokers handle MLS listings and processing of paperwork transaction. Ask account department about how long you will get your commission after closing the deal.

Recognition
Your personal goal determines how successful you can become in real estate. Making money is goal of every real estate person, but you should get recognition for your achievements from your broker or the real estate company for which you are working. Successful real estate companies recognize their top agents.

Balboa Real Estate is looking for agents to join their team on a 100% commission basis. There is no need to pay the monthly or yearly fee. Just pay a transaction fee and we provide training and guidance from experienced real estate professionals. successful

Grow Your Real Estate Career At A 100% Commission Real Estate Brokerage

The journey of real estate agent is a most rewarding journey and can be a big reason for stress too. There are many decisions you have to take that can change your entire career path. As a new real estate agent, finding the best brokerage is difficult. Real estate is business is relationship oriented. Successful business can come from referrals and past clients, which a new agent typically doesn’t have.

 

For your starting years as a real estate agent, you have to do hard work and earn your business through efforts ranging from door knocking to cold calling expired listings. Such activities take a lot of time and to pay off. Sometimes agents have to go months without any single commission check. Therefore, it is essential to choose the right brokerage from the beginning of your career as a real estate agent.

 

When you start working as real estate agent, it is important to you to see whether the brokerage is good to fit you or not. In this process, it is important to discuss over commission splits, training support and lead generation. If you are a recently licensed real estate agent, then joining the right a 100% commission real estate broker can expose you to a long list of client base and help you to grow your real estate career. Therefore, it is essential to find a 100% commission real estate broker that offers you the opportunities that help to enhance your career, where you can learn new marketing techniques, selling techniques, and very importantly allows agents to keep most of the commission they earn.
Doing online research of 100% commission real estate brokers will be your starting point from which you can do the broker search. By calling them or visiting their office or website, you can inquire about whether they are recruiting new agents or not and what fees they charge. Pay attention to all the fees that these companies will add on or that might be hidden. It is also important to check whether such companies have social media presence or not. A successful broker has a presence on different social media websites like Facebook, Twitter etc. and has an attractive website. You can check reviews and testimonials about such a real estate company.

 

It’s always a safe bet to join a real estate brokerage that does not charge agents any upfront fees when you start a real estate career. Brokerages have different mentoring programs that will help you shape your career. You will get specific tips that will improve your insight into real estate world. Check the members of their team, how long their members shave been with the company, and what are their areas of expertise and experience levels. All this information is usually available on real estate brokerage’s websites.

 

Balboa Real Estate is welcoming new real estate agent to join their team online through their website. We do not charge start-up, monthly or quarterly fees. You need to pay only one low flat fee that is only due at closing. For more information about our 100% commission structure, Please Click Here.

Where Are Your Clients?

Where are your real estate clients? Are they offline or online?offline and online real estate marketing

There are two very important things to think about before you start on a real estate marketing campaign.

  1. What is your brand/identity
  2. Where are your clients

Brand/Identity is a topic for another day. For now we need to figure out where your clients are in order to effectively market to them.  So, this is what you do:

The first step is to draw a line between the online and offline world. Unplug your clients from the internet and think about the offline behavior of your target audience.

Where do they go when they are out and about? Are there groups that they are part of? What associative activity brings the community together and makes them a captive audience?

Schools are the most obvious example of a community staple alongside church. What about clubhouses or community events? The top agents in my community are at every neighborhood event promoting their business. When there isn’t an event they are sponsoring garage sales or promoting their local open houses.

Let’s go back online. When your target demographic is toying with the idea of buying or selling a home, how do they do it? Do they go online? If so, how would they come across you online?

Agents who have determined that their clients are online are very clever. They have an abundance of yelp reviews that mention specific keywords that relate to their niche.

They have a website dedicated exclusively to the local HOA with their info everywhere. These agents know that online clients do research and know what they are looking for. Top agents know these clients are looking up keywords that relate to housing tracts, schools district, HOAs, and other local niche words and landmarks.

What percentage of your clients are better reached online versus offline? You must determine this and dedicate a percentage of your marketing efforts to online and offline efforts before you draw up a business plan.

 

 

 

Not all 100% Commission Real Estate Brokerages Are Equal

The trend of 100% commission real estate brokerages is now well-established. Even big franchise names like REMAX and Coldwell Banker have been seen offering 100% commission. For agents comparing brokers to work with.

100 Commission
It’s important to note that 100% commission real estate brokers can be very different.

The first important factor to understand is that 100% commission real estate brokerages almost always charge a transaction fee. In fact, 100% commission real estate is just rebranding flat fee per transaction brokers. This means you should ask what flat fees are charged by the broker.

The next important factor is that many of the 100% commission brokers charge a monthly, quarterly fee, or even an annual fee too.

Other fees that 100% commission real estate brokerages charge include a key fee, errors & omissions (also called risk management), document storage, and sign-up fees.

These are fees you should ask about when interviewing a 100% commission real estate broker.

Other questions you should ask include:

  • Are agents paid directly by escrow or does commission have to go to the broker first?
  • Is there a conference room or workplace at the office or is the company completely virtual?
  • What other benefits are agents entitled to?
  • Is there an in-house transaction coordinator?
  • What Realtor associations are they a member of?
  • What are the hours of broker support?

These are just to name a few.

Remember, there is an abundance of 100% commission real estate brokers so take your time to determine what a good fit is.

 

 

 

 

 

 

 

Listing Agents Can Insure Their Sellers

Balboa Seller ProtectionFinally, listing agents can offer coverage to protect their client. If you think about it, the seller is the most vulnerable party to a transaction. The brokers and agents are covered by their errors and omissions policy. The buyer isn’t disclosing anything, and as long as they can perform the sale they are safe. Plus, the buyer gets a one year home warranty to protect against common defects. What about the seller?

The seller is the party that is assuming most of the risk. The majority of claims are against the seller for not disclosing something or for some type of defect with the property that the buyer didn’t realize until after closing. The good thing is that there is a new insurance endorsement that extends the listing broker’s errors and omissions insurance to cover the seller against claims up to $25,000 for six months after the close of escrow – at no additional cost. This means that agents can offer the seller this protection for free, which is a huge real estate marketing advantage. Also, if the seller is really concerned they can pay $200 and have the policy extended to 1 year.

Once escrow closes, the listing agents registers the seller with the insurance company and then the seller receives a certificate at their new address. Sellers seem to be exceptionally grateful which adds to referral business. We’ve found that the insurance certificate has a more profound effect than the “thank you” card because of its lasting value.

Obviously, Balboa Real Estate offers their clients this seller protection coverage. We assume that there are other companies that offer seller protection, however, we haven’t identified them yet. If you are interested in offering your clients this seller protection or learning about our true 100% commission plan then CLICK HERE

 

Real Estate Agent or Consultant?

We’ve all seen the real estate agents that call themselves consultants rather than agents or salespeople. The reason is blatantly obvious, and a little cheesy, but there is actually a higher Real Estate Consultantlevel and deeper meaning than these real estate consultants may have ever considered.

Let’s face it, the title “salesman” has a bad connotation. People that are in sales squeamishly change their title to something like account executive, account rep., and the sales department has been rebranded as the business development team. Real estate agents would never call themselves salespersons on a business card, and to put their title as “real estate agent” strikes some agents as cold or generic. However, “consultant” is much more elegant. It just has a ring to it that that suggests a knowledgeable advisor.

Top producing agents don’t sell homes like most salespeople sell products. A home is an extremely dynamic and personal product, consumers already have in mind their needs. Their preferences surpass what they will ever tell their agent.

This is where the title “consultant” rises to more than just a better sounding title and becomes the true sense of the word. Good agents deliver high quality data to their clients and educate their clients so they can rapidly make a sound decision. They don’t push homes onto people like most salespeople push products. Facilitating home sales is a matching and information game.

Top agents do have the qualities of top salespeople because both personality types are often charming, persuasive, and carry a purpose. These qualities are just used differently.

Agents sell their brand and character, then they get down to business and perform the work when contracted. Salespeople sell a product and use their brand and character as reinforcement to make the sale.

All top agents make good salespeople, but not all top salespeople make good agents.

Please CLICK HERE  learn more about joining Balboa Real Estate

 

 

 

 

 

Are You Asking for Business?

Balboa Real Estate networkingI recently attended a focus group for the Irvine Company where they had a discussion on commercial rental properties. The attendees were either senior level managers or owners of businesses that rent commercial space. We all talked through moderated conversations about improving commercial spaces while our comments were recorded through a two way mirror. The reason I bring this up is because the ability to network was a recurring topic that came up as something important to these executives.  Going further, one business owner explained that he went to every business in his building and introduced himself with his business card – which actually resulted in business for him. He also mentioned that he attends all the chamber meetings and networking events like LeTip. Even though what this person does to network is not creative or innovative, he has a tremendous advantage over competition because most people don’t even make an effort to network this much. I couldn’t help but to ask myself how many real estate agents I know that network just as much as this person – and agents are in a much more competitive industry. The answer: extremely few.

 

Networking is a very plain, fundamental business concept that just about everyone knows is a good thing to do. However, it is terribly neglected. Real estate agency is a business of relationships. This means you needs massive exposure to people to form these relationships and build your network. This is one of the reasons you will see bad agents get business and good agents don’t. Top producing real estate agents know a lot of people and they ask them for business.

 

Do a self-analysis on your networking. How often are you meeting new people? What are you doing that is expanding your network base? Remember that it’s different then marketing. Marketing is usually a one-way form of communication. Networking is more engaging, mutual introductions, and an exchange of words. Ask yourself who your target demographic is and think of ways that you can meet more of them.

To learn more about our true 100% commission plan – click here

The Purpose of Websites for Real Estate Marketing

Many agents have the wrong idea about the purpose of their real estate website.

There is an important distinction that must be made about websites for real estate marketing

Your website is more of a trust and credibility tool and less of a lead generation tool.

Website traffic competition for real estate websites is extremely saturated. The cost to be a contender and elbow your way in for a sliver of a market share far outweighs the return on investment in Balboa Real Estate websitealmost all cases. It’s not advised to try to compete agains massive companies like Zillow and Redfin and their crippling marketing budgets for search engine traffic.

A website for real estate marketing is one that portrays you as a professional and shows that you have your act together enough to have an attractive website. This is somewhere people go to look you up when they are doing internet searches on your name in order to verify your credibility and slowly build trust. Your website should be mentioned on your marketing materials and should be full of content that will engage your target prospects in order to build a relationship.

Don’t get me wrong, your website can be geared towards lead generation too. 

If you are determined to generate leads from your website then you would need to load tremendous amounts of ultra-refined content on your website that is geared to dominate a unique segment that isn’t already heavily saturated. However, their is a cost-benefit analysis to all this. Could the efforts and resources that are put into your website to generate leads be better spent on another form of marketing. In most cases, yes, but YMMV.

Learn About Our True 100% Commission Plan Here