Real Estate Coaching Radio

Over the past month, the phrase “When is the housing market going to crash?” saw a 2,540% increase in Google searches, according to a report in CNBC. Our series of podcasts will answer this question for you with many different facets of why 'this time is NOT like last time' regarding a housing boom cycle. Quote from Ben Carlson Ben Carlson is the director of institutional asset management at Ritholtz Wealth Management. NOT Ben Carson, former presidential candidate. "Like all previous generations, millennials got older. They decided to settle down and buy a home even though it seemed like that would never happen following the Great Financial Crisis. And a combination of the pandemic, remote work and low interest rates have all pushed even more people to start buying houses. Just because prices are rising does not automatically make something a bubble. Sometimes prices rise for good reasons. You may not like those reasons but that’s not the same thing as a speculative mania." What are demographics exactly,

Everyone is wondering if this is a boom that will end in a bust. Is this huge run up in prices going to result in a massive adjustment? It's a logical question considering home prices are up 17.2% year over year, comparing March 2020 to March 2021 (NAR). That's historically even higher than the boom that preceded the housing crisis that started in 2008. Morgan Stanley: Home prices, as measured by the S&P Case-Shiller Index, rose 12.2% over the past year, with prices surging across all 20 of the metropolitan areas tracked by the Index. That amounts to an increase of $35,000 in the median selling price for homes from just a year ago and marks the fastest pace of increase since 2006. We'll take a look at the reasons that this market is NOT going to be just like 2007/8! We're doing this for your own education as well as to give you specific talking points for your nervous buyers.  FACT: An objection is an unanswered question in the mind of the prospect. The unanswered question you're hearing now (or asking no

Principle of Success 13: Learning From Adversity & Defeat We choose whether challenges and adversity are stepping stones or stumbling blocks in our path to success. Experiencing defeat is inevitable, accepting it or mastering it is up to you. "Success is not final, failure is not fatal. It is the courage to continue that counts." -Winston Churchill *Adopt the 'It's too soon to tell' mindset for both setbacks and victories. *Apply this philosophy to your own mindset but also as an example to your clients and prospects.  -The client who lost out on what they thought was the house of their dreams, only to find a better one the following week. -The listing who wants to be 10k higher than the last comp and you end up getting it. -The inspection report you thought would kill the deal -Use stories to remove ego when you're giving examples of 'It's too soon to tell' to your clients. Principle of Success 14: Attaining Creative Vision Learning and applying the skill of using our imagination beyond fear and impo

Principle of Success 16: Budgeting Time & Money Taking regular inventory of how we spend our time and money is a great tool to maximize them and use them effectively. Remember, while money can be recovered, time spent is gone forever! -Real Estate Treasure Map. This forces you to actually understand your own financial picture, what real estate needs to provide for you and your family and engineer a schedule which will give you results. -Time spent is gone forever. How much minimum wage work are you filling your days with? Are you doing work theatre or are you being dollar productive? -When should you hire a Transaction Coordinator? Are you avoiding that so you can hide out in TC work subconsciously? Where would your business be if you reallocated that time? -What technology or apps can you 'hire' to make your days more productive and efficient? Yesterday’s the past, tomorrow’s the future, but today is a gift. That’s why it’s called the present. Bil Keane Principle of Success 17: Establishing Positive Ha

Principle of Success 10: Accurate Thinking Everything begins with a thought. To think accurately, one must separate fact from information and actively categorize and prioritize the facts. *Where to start with media 'entertainment'? The news is no longer news, it's opinion. Practice a Media Free Life. *Don't make up stories about people or situations when you don't have actual FACT.   Principle of Success 11: Controlling Our Attention Controlled attention is the principle that commands us to focus actively and exclusively on those things we desire to achieve, resulting in its imminent attainment. *Follow One Course Until Successful = FOCUS. *Are you a 'sampler', a 'dabbler', or do you stick to it? Developing duplicatable and predictable sources of listing leads should be your primary focus until successful. Then lather, rinse, repeat until you are maintaining your Magic Number. Principle of Success 12: Building Teamwork The principle of teamwork is equivalent to harmonious cooperation based on willingness and

Principle of Success 7: Cultivating A Positive Mental Attitude Your mindset is the only thing you have complete control of. A positive mental attitude attracts opportunities for success. Principle of Success 8: Acting With Enthusiasm Our passion and our burning desire to succeed is more powerful than all logic. Enthusiasm comes from within to intensify our faith and motivate us to massive action toward success. *Would your prospects and clients describe you as enthusiastic? *What do you do when you're NOT feeling enthusiastic? Are you controlled by your 'being in a rut' or do you have a strategy to get back in the saddle? *People will forget what you said but remember how you made or make them FEEL. Be fascinated and enthusiastic about who you're speaking to, who you're helping. Keep the mindset of being of service and enthusiasm will come naturally. Principle of Success 9: Practicing Self-Discipline Self-mastery is essential to success. Self-discipline is enforced by controlling your thoughts and your action

Principle of Success 7: Cultivating A Positive Mental Attitude Your mindset is the only thing you have complete control of. A positive mental attitude attracts opportunities for success. Principle of Success 8: Acting With Enthusiasm Our passion and our burning desire to succeed is more powerful than all logic. Enthusiasm comes from within to intensify our faith and motivate us to massive action toward success. *Would your prospects and clients describe you as enthusiastic? *What do you do when you're NOT feeling enthusiastic? Are you controlled by your 'being in a rut' or do you have a strategy to get back in the saddle? *People will forget what you said but remember how you made or make them FEEL. Be fascinated and enthusiastic about who you're speaking to, who you're helping. Keep the mindset of being of service and enthusiasm will come naturally. Principle of Success 9: Practicing Self-Discipline Self-mastery is essential to success. Self-discipline is enforced by controlling your thoughts and you

Principle of Success 4: Going the Extra Mile Going the extra mile is rendering more and better service than you are paid for, with a positive mental attitude. *It's my pleasure attitude. *Underpromise and over deliver.  *Provide overwhelming value. Principle of Success 5: Embodying A Pleasing Personality Our personality is the sum total of our mental, spiritual and physical traits and habits. An attractive personality is assembled by controlling and guiding our emotions, practicing courtesy and having a positive attitude. *How are you honing your mental, spiritual and physical traits and habits? Are you actively working on your SELF or are you busy criticizing and judging other people and situations? *Increase your exposure to people, places and things you'd like to integrate into your own personality. Principle of Success 6: Taking Personal Initiative Personal initiative is the inner power that inspires all action to get started and completed. Procrastination prevents all success and achievement. *'

Principle of Success 1: Developing Definiteness of Purpose The lack of a major purpose, plan or goal causes people to fail and get lost in their life journey. Definiteness of purpose constitutes the starting point of all worthy achievement. *Understand your financial requirements. What's it take to pay for your current lifestyle? Versus the lifestyle of your dreams? Use the 3 x rule. $5000 to live on usually means $15,000/month moves the needle. *Goals in 5 areas of life: Real Estate Treasure Map *Do your daily actions reflect your Definiteness of Purpose? Create and follow your Ideal Schedule Principle of Success 2: Creating A Mastermind Alliance Success and achievement comes with the collective collaboration of two or more minds working together in perfect harmony towards the attainment of a common goal. *Who you surround yourself with matters. Who are you getting advice from? Who are you masterminding with? *Premier Coaching Daily Mastermind for example. *Media Free Life or at least mornings. Prin

Rule 5. Accept the fact that the more people you help accomplish their goals, the richer you will become and the more freedom you'll experience. You will only become rich and free when you become of service to others. Not rich and free? Develop a product or skillset that others are willing to pay for and then multiply. When you're rich and free and the economy tanks, you can buy assets at a discount. You can help people who might not have been able to help themselves. Rule 6. If you're not rich and free, it's because you're choosing to be poor and dependent. YOU are making that choice. Someone else has not made that choice for you. Obviously, some people were born on 3rd base and act like they hit homers. But stop thinking that the vast majority of millionaires and billionaires aren't self-made. Stop being in conflict with why someone is rich. They're rich because they are providing something to enough other people that those people are willing to pay for, thus producing enough profit that they are rich.

Everything is better when you are rich. NOTHING is worse. - When you have normal life problems, does having money make those problems better or worse? Even the worst-case scenarios of life are better when you are rich. You have NO problems when your problems can go away when you write a check. The problems you have when you have money are WAY BETTER than the problems you have when you are poor. People romanticize the idea of living simple lives, out on the prairie or out in a jungle tribe. But the historical facts are that the tribal nations of humans were actually quite horrible. The Indian tribes in the Southwest actually committed some of the most brutal atrocities every accounted for. Rape and murder were normal on the prairies. They weren't the spiritual meccas of well-being! Funny story is how every time a lost tribe is found...and they learn that life is better out of the jungle...they leave. That's the first thing they do?..They leave. They like having nicer stuff! If you can write a check to mak

Rule 1 Rich is where your money works for you and you no longer have to work for your money. PASSIVE income sources: Rentals, Revenue Share, Securities etc. Rule 2 NO ONE...not even your MOMMA wants you to be rich. Society wants you to be dependent on govt, schools, social security, a job, being a life long debt slave...the system can only exist if people believe they can't be free. (maybe that is one of the reasons 'the system' wants you to believe that rich = evil.) True freedom only comes from being rich. Financially rich. - Do your friends what you to be rich? No, why. - Does your preacher, pastor, Rabbi want you to be rich? No, (unless you are giving them money.) - Do SCHOOLS want you to be rich? No, why. Schools are filled with people who work there because they wanted a sense of security. Schools teach you to be dependent. - Does the GOVT want you to be rich? No, because if you are rich the govt has less ability to control you because you aren't dependent on them. You are INDEPENDENT which is (historic

Secret: A resale home for $350k may be competing with new construction as high as $500k if the builder has buy downs and in house financing with incentives. Know what’s going on with new construction! 6 What the seller’s time frame is. Ideally, when does this need to sell and close by? Secret: If they don’t actually HAVE a time frame, you may have a problem! The less motivated they are, the higher they may wish to price it…recipe for a tough relationship. 7 What is motivating the sale? When you know why they want to / have to move, you can use this to stay on task during the appointment, referring to their needs and making it more about them than about you. Secret: When you can highlight what they NEED, you can actually deliver on that. Not knowing what they need or by when is a handicap to the relationship. 8. Are they listing AND buying or just listing? Is there a referral needed for where they’re moving to? Are they already in contract on something? 9 What happens if it doesn’t sell or if they don’t

Here is part 2 of 'Are You Finally Ready To Become A Listing Agent"  2 The Average Days on the Market for properties like your subject property. This helps set both your expectations and the home owners. 3 The List to Sell Price Ratio. This helps you combat the ‘price it high, let them negotiate’ objection –or- helps you know if you can price it right on the mark and expect to get slightly more.  4 Know the number of homes competing with your subject property. What are you up against? How would it compare in the eyes of the buyer? Secret: The next time you have to do Continuing Education, take an Appraisal class. This will help you become a more confident pricer! 5 Is there new construction in the area that competes with your potential listing? Remember when builders provide in-house financing they often can sell a more expensive home for the same payment as your resale. Secret: A resale home for $350k may be competing with new construction as high as $500k if the builder has buy downs and in house fina

PRICING RULES Secret #1: A great Seller Prequalification Script pulls out critical facts so you can be best prepared to not just take the listing, but to price it right in the first place! Not prequalifying is unprofessional and can waste your time and theirs. Always prequalify, 100% of the time! Price it to SELL, not to SIT. Secret #2: The best price reduction conversation is the one you never have to have. All pricing scripts are best used at the listing table!  Secret #3: Don’t lose the listing of a motivated, have-to-sell-seller over price. If they HAVE TO sell, you HAVE TO take the listing! Someone is going to make a commission. Shouldn’t it be you? Bonus Secret: Proper Previous Planning Prevents Pitifully Poor Pricing! Don’t Go Unless You KNOW: 1 What the seller wants, needs or thinks it’s worth! Pricing it right in the first place prevents future price reduction drama! Even if they’re thinking it’s worth more than the comps, you need to know by how much and how they arrived at ‘their price’…

This means you DO have goals, but how do you know your own level of commitment?  1 Are these goals written down, specific and posted? Are they taken seriously? 2 Are you obsessed with your goals to the point that you push through your fears, you do what you don’t want to do when you don’t want to do AND you do it at a high level? Do you use the affirmation, ‘I’m a do-er, I do things now, I get things done!’? 3 If you’re not getting the results you need to get, are you pursuing excellence to get there or just settling for lesser results? Can you identify what you must do to correct course and get best results? 4 What is your accountability structure to achieve your goals? Who do you report to? A coach, your spouse, yourself? Do you embrace accountability or run from it? 5 How do you handle yourself when things do NOT go your way? How fast do you get back in the saddle? Do you make a failure or challenge your ‘theme song’ for the week, month, quarter or year? 6 If we called you in the middle of the night, would

When you listen to today's show you will learn how to increase your sales price. Hint: its not as hard as you might believe. Fact is, the luxury real estate markets often offer the most opportunity. It just makes sense to increase your average sales price. Think about it, you can sell 10 homes with an average sales price of $350,000 and have a GCI of around $9-10,000 and earn $90-100,000 or sell 10 homes where the average sales price is $1,000,000 and earn more $250,000. From a business perspective it just makes sense to maximize your time and return on your time by selling more expensive homes. The question is, HOW do you break into the upper end markets? Listen now. Schedule A Free Coaching Call Listen on iTunes Listen on Spotify Listen on Stitcher Learn more about your ad choices. Visit megaphone.fm/adchoices

Open House Math  1 Hold open houses every weekend as a rule until you have a minimum of 3, AAA buyers at all times. Once you put one in contract, replace it with another AAA buyer, so you are never without 3. Doing this ensures you will never, ever have a lean month. 2 When you work with at least 3, AAA buyers at all times, 2 will close per month, minimum.  3 2 deals / month x your average commission = $_______. Let’s say your average is $15,000/ sale. $30,000/month just from open houses = $360,000 per year. Even if your numbers are HALF of that, open house math makes a lot of sense.  4 If you’re already doing better than this in your business, ADD open houses as a viable ‘spoke’ and add the $60,000 to $120,000+++ to your existing business. Use the added income to pay off debt, buy a rental, pay for an assistant or upgrade your car!  Open House Prospecting Rules  1 You must use 10 Directional signs, minimum. Ask permission to place signs and connect with homeowners who allow you this courtesy.  2 Choos

Top 5 Reasons to Love Open Houses 1 Yes, serious buyers DO go to open houses. In fact, 20% of them are going to open houses so they can make a decision this weekend! Be the agent the write the contract with. Yes, they seem like buyers, but they're sellers in buyers clothing! Script: "Which home in the area do you plan on selling?" (memorize, internalize, utilize!) Fact: At least 30% of open house visitors DO have a home to sell, and even MORE when you go up in price!! Most agents don't know this because they never ask. 2 It’s a great place to meet the nosey, soon-to-list neighbors. 3 Build your future business through making maximum contacts in minimum time. This is efficient prospecting when you do it right. You'll be amazed at how much future business you'll create by doing consistent, well-executed Opens. 4 The seller who’s home you’re holding open will love you when you do your open the right way. Keep your sellers happy. They expect open houses. Give up the fight and do them right. 5 Open houses f

Todays show is part 4 of 'Lack of Homes For Sale, Stop The Insanity! PART 1 (Open with some rapport, use your FORD elements (Family, Occupation, Recreation, Dreams)...(expect them to ask, 'how's real estate?' "_Bob__, I'm reaching out to all of my friends and clients this week just to share some market news with you so you stay informed. I'm sure you've noticed that there aren't many For Sale signs around right now.  This means that a great house like yours typically is selling very quickly and not  just for top dollar but in many cases well over top dollar. Your neighborhood is selling for x% higher than last year and typically in less than _x_ days. What do you think about that? (listen to answer) So now that you know that we could likely get at least __ for your home, what does that do to your plans? / Would you like me to prepare a market analysis to see what you could expect to net in today's market?" Note: Even if they say they're never moving, you can still ask who do they know who could use your help