Hit the URL Jackpot!

jackpot
The URL Jackpot; what exactly does that mean? In January I was asked to help name a new commercial real estate firm. Of course, one of the first things I thought of was to have the keywords in the title. The second was the availability of the URL and the availability of the same name on social media networks. Why would I worry about that? Good question, I’m glad you asked. Even if the company didn’t want to start out from day one on social media networks, it is always a good plan to go ahead and secure the name on all the networks before someone else does. If another user has the same name on any of the networks it can be challenging or even costly to obtain the name. Additionally, it may be that an entirely different name has to be used on one, some, or all of the social sites. This can cause some confusion among the world wide web.

Here is what happened to me: I was out with my friend Joni and we decided to post a photo to Instagram. The photo was so great that I wanted to share it that night with all of my Facebook and Twitter friends (which can be done right from the Instagram app). I tagged Joni in the photo on Instagram, and syndicated the photo to the other two networks. About an hour later I received a reply on the photo from an 11 year old boy on Twitter claiming to not be in the photo with me. What had happened was… Joni had one username on Instagram and a different username on Twitter. So when I syndicated the photo it ended up that a little boy on Twitter had the same username that Joni had on Instagram. Wow! Talk about a slip up.

So, how does one avoid this situation? Fortunately, there is a website that can check the URL desired among the majority of popular social media networks: http://www.NameCheck.com. This is an amazing tool, and I actually just used it last week. My dad is starting a new construction company and asked me about a website. The first thing I did was plug in the URL he wanted in to Name Check. He was in luck! Not only was the URL available, but all of the social sites were as well.

Moral: Don’t learn a lesson the hard way like I did. Keep little boys out of late night drunken photos, and check for URL continuity.

“Jack Of All Trades” Should Always Be Followed By “Master Of None”

I’m sure there’s one in every family… An Uncle of the sort that can do just a bit of everything: hang drywall, delete a computer virus, change out an electrical panel, or even jump a dirt-bike over his trailer. But, I’m sure he probably isn’t a contractor, a computer technician, an electrical engineer, or a stunt double for Tom Cruz. He might actually be a door-greeter at the Wal-Mart. Why is it that he never succeeded to top of an industry? Specialization.

When my friend Zachary got his real estate license he quickly hung it with a national firm. On his first day he was filling out his profile page on the company’s website, where he proceeded to checkbox every option available to add to his online profile: First-Time Home Buyers, Luxury, Short Sales, Foreclosures, Mobile Homes, Land, Rentals, New Construction…The list goes on and on. His thought was that if he checked everything he would be found for something, and then make a sale. What he didn’t do was find one field of real estate that he had a passion for and stick with it. I, personally, have always loved luxury real estate. When I got my real estate license that was all I focused on, and it took me a while to get where I was going. However, I had a vision of what I wanted to accomplish and stuck to reaching my goal.

Don’t get me wrong; I can do a bunch of “other stuff”. But when it comes to what I “do”, I only “do” one thing. The benefit is that clients notice when specializations are spread thin, and they will run for the hills. So in the words of Snoop Dogg, “Do wha cha do, cuz dat’s wha cha do.”

The Law of Diminishing Marginal Listings

The Law Diminishing Marginal ListingsOne of my little brothers called me yesterday worried about whether or not he should keep his listing agent. I asked him a few questions, and he finally said, “I just think she’s too busy to list our house.” What?! Is this true? Someone is too busy to make more money? It is true, but not intentional. This is where I have developed a new law; it shall be known as the Law of Diminishing Marginal Listings. Looking at the image of the graph above, we see that the red line represents the number of listings. Additionally, the green line represents the ability to list one more property. The number of listings is increasing at an increasing rate, and will continue to increase into infinity. The green line, however, is increasing at increasing rate up to maximum capacity. After maximum capacity, the ability to list one more property changes the green line to be decreasing at a increasing rate. What does this all mean? Every Real Estate Agent only has the physical and mental ability to handle X number of properties at one time, and efficiently and effectively list/sell their properties. Once an agent reaches maximum capacity they are no longer providing a service; they actually become a disservice, increasingly, to all of their listings.

There may be a mathematical formula to equate the maximum, but there is a different maximum for each and every agent. The best way is for each listing agent to know what his or her maximum is, and make sure not to reach the maximum. Dr. Kimball said it best, “I don’t want you working at 100%. I want you working at 90%.” Why is that? Because people just get burnt out. There is no way for someone to work full speed everyday all day. Not possible. Even if they did, who would want to be around them?

The moral of the story… Ask your agent how many listings they currently have, what do they feel their maximum capacity is, and what can amount of time can they promise to devote to effectively selling your property. If you feel your agent is maxed out, then it may be time to find a fresh face in the game with only a few listings.

Time to Kick It Old School

Typewriter, Mine.

There is a rumor I heard once, that back in the day, the MLS (multiple listing service) was literally a printed book. Brokers would have to wait a week, or so, for a new book to be printed to see what new listings other brokers in town listed that week. Now everything is online and updated to the millisecond. But it leads one to think… If there are websites such as stumbleupon.com that allows users to jump around the internet seeing different and new pages while never seeing the same page twice, it makes me think that there may be too much content (I really don’t think there is too much). If an office gets a new listing, it just gets tossed into the MLS and pushed through to other syndications too. But, just because there is a percentage offered to outside brokers doesn’t mean that the outside brokers will search out to see what new listings other brokers post. Don’t worry, here’s my solution that has proven to have results for me.

  • Put on your “fancy” suit. (You know the one. The one you bought for an interview, but then never wore again after getting the job.)
  • Print out an executive summary or flyer of the property (Take your time and do it right. Use some thick, glossy paper from the local office supply store.)
  • Drive to your competitor’s office. For me, I chose the top 4. However, I now drive to the top 6.
  • Physically hand the flyer to the top selling agent or broker at the company. First, they will be glad to see your “fancy” suit. Then, will check out the time and effort you put into your listing flyer.

I have been doing this in my local market for a short period of time and have two additional contracts attributed to the distribution. I drive the market once a week delivering the flyers. It takes about an hour total (sometimes longer if the agent has an interested party). The additional contracts pay a commission that outweighs the one hour per week that I spent. Furthermore, when the other brokers are sitting at their desk my flyer is right there. The side benefit is the ability to show off to the other brokers on how hard you work to sell your listings.

All in all, don’t get lost in the mix of the never-ending content continually being generated. And, get your face back out there. So many brokers are lost behind their computer screen “working”. Get back out there and kick it old school.

Article Source: http://EzineArticles.com/?expert=Adam_J_Stahura

 

“The Boy Who Cried ‘Wolf'”

The Boy Who Cried Wolf (character design)

To start, here is the story of the “Boy Who Cried ‘Wolf. ‘“ If you know the story, just skip over it and get to the good stuff.

There was once a young Shepherd Boy who tended his sheep at the foot of a mountain near a dark forest. It was rather lonely for him all day, so he thought upon a plan by which he could get a little company and some excitement. He rushed down towards the village calling out “Wolf, Wolf,” and the villagers came out to meet him, and some of them stopped with him for a considerable time. This pleased the boy so much that a few days afterwards he tried the same trick, and again the villagers came to his help. But shortly after this a Wolf actually did come out from the forest, and began to worry the sheep, and the boy of course cried out “Wolf, Wolf,” still louder than before. But this time the villagers, who had been fooled twice before, thought the boy was again deceiving them, and nobody stirred to come to his help. So the Wolf made a good meal off the boy’s flock, and when the boy complained, the wise man of the village said:

“A liar will not be believed, even when he speaks the truth.”

http://etc.usf.edu/lit2go/35/aesops-fables/375/the-boy-who-cried-wolf/

Everyday. No fail, everyday, I receive multiple, unsolicited emails about great deals on any and all properties all over the world. While in theory, many of the properties may be good deals… just not to me. There is such a thing a building a relationship with a client and understanding what they like and want to buy. If someone is interested in Restaurant properties, or may even buy restaurant properties, does not mean that they should be emailed every restaurant ever listed. The major risk behind email blasting blindly is the basis behind the “Boy Who Cried Wolf.” Once there is actually a really good deal on a Restaurant property that fits the specific needs of a client, it’s too late. They have already designated the email to go straight to trash/junk/bulk/spam/etc. The moral of the story, know the client or potential client; know their needs, wants, and buying motives; only send them stuff that they are actually interested in. Think rifle, not shotgun.

 

You Don’t Get Paid For Working Hard, You Get Paid For Results.

My absolute favorite professor, Dr. Bob Kimball of University of West Florida, had a great saying,

“You don’t get paid for working hard, you get paid for results.”

This statement can not be any more true, especially in Real Estate. There are many agents that spin their wheels for 20 hours out of everyday, and have the fancy spreadsheet report to prove how hard they have been working sell a property. But, the fact of the matter is that is still has not sold. When properties don’t sell, Real Estate Agents don’t get paid. However, when a Real Estate agent gets the result of selling a property they DO get paid. All of this shouldn’t be any big news; basically common knowledge about Real Estate.

4 Mosaic

In Marketing Fundamentals Dr. Bob Kimball teaches the 4 P’s of Marketing.

  1. Product
  2. Price
  3. Promotion
  4. Place

It is these 4 P’s of Marketing that make up the 4 P’s of Real Estate Marketing. These 4 P’s are what is going to get the results to get paid.

1. Product – Look a the product long and hard. The product is the land and sticks and bricks that make up the property. Know everything there is to know about the product, inside and out. Additionally, know the competitor’s product; just as well or better. Knowing where the property ranks among it’s competitors (or in Real Estate terms, comparables) will help set an accurate price.

2. Price – The price is where many Real Estate Agents and their clients disagree. In the end, a property is only worth what someone is willing to pay for the property. The price needs to be based off of what other, similar properties have sold for in the most recent future. Additionally, the price should be weighted based upon comparable products. A fair price should not be set below market, but should be just high enough to negotiate down.

3. Promotion –  This is where many agents use the 3 P’s of Real Estate: Put up a sign, Put it online, and Pray. For some properties that is all it takes. However, that is rarely the case. Promotion takes an analytic type of perspective. Not only do Real Estate Agents need to promote a property, but they also need to accurately track how the promotion of the property is effectively bringing potential clients to purchase the property. In the end, if it doesn’t make dollars it doesn’t make cents.

4. Place – There is something to be said out being in the right place at the right time. Why are everyone’s favorite products always on the middle shelf? Exactly! The sales person knew to put them there. All of this should be starting to tie together by now. Run the demographics of the neighborhood where the property is located. Then use the information to determine where to promote the property.

All of this information may seem a bit rudimentary, but sometimes people just have to go back to the start. Utilizing the 4 P’s of Marketing allows a Real Estate Agent to work smarter, not harder. Which leads back to Dr. Kimball, “You don’t get paid for working hard, you get paid for results.”

Marketing For Commercial Real Estate Is Not All Created Equally

KW Commercial Real Estate

The main reason that most of the marketing in Commercial Real Estate is not created equally is for the main reason that, in most cases, it’s never created in the first place. Commercial Real Estate does have major differences than its younger brother, Residential Real Estate; however, many of the same rules apply when marketing Commercial Real Estate.

  1.  Photos are worth 1,000 words. We have all heard the same adage, yet most agents just don’t care. Here’s the deal, “Jack of all trades” should ALWAYS be followed by “Master of NONE.” Agents should not snap their own photos of a property. A good photographer should only run $200 to $300, MAX. Furthermore, it leaves more time for the Sales agent to be doing activates that sell the property.
  2. Don’t hide the bottom line. If the buyer can afford the property, they can afford the property. Bottom line. The price needs to be clear and displayed. There should be no reason to hide the price; if the sales agent has done the legwork to justify the asking price, then let it be know to the world.
  3. Add some pizzazz! So many of the marketing pieces that I see are missing “it”. I have heard many colleagues claim that Commercial Real Estate is sold on numbers, unlike Residential. While it may be true that the numbers play a big role, sales are still based on emotion. A property trading at a 10 cap might not have the hottest sticks ‘n bricks in town, but even ugly properties have someone who wants to buy them. Think of it this way… agents are being paid to market a property and should put the same amount of effort into each transaction. If the agent doesn’t have a passion for the property they shouldn’t be listing the property.

These 3 points can honestly be summed in one, very simple word… Passion. I see many agents finding reasons why not to do these things, but if the listing agent would put the same amount of effort into doing these 3 steps, as opposed to finding reasons not to, they would sell so much more. It boils down to finding the niche that works for each individual agent and sticking with what they know. Many agents I have met are afraid to turn down a listing. In most cases, turning down one listing outside of the agent’s niche will provide more listings in the agent’s niche referred by the person the agent turned away.

Article Source: http://EzineArticles.com/?expert=Adam_J_Stahura