Real Facts on Real Estate

Who Should I Add To My Referral Network - EP242 - Real Facts on Real Estate

In this episode we discuss that when thinking about people who can send you referrals, remember that key people can lead to large referral networks. Take the person who works at the gym lobby sign in. Imagine how many people they know. Friends and family can be great resources when it comes to referrals. Keep in mind that in order to stay the main referral person you are going to need to consistently remind them that you are their go to Realtor® and can help. Retiring real estate agents and brokers make great referral sources. They can continue to make a living from their network while retired, leaving you to do the leg work and mail them a check.

What is My Sphere of Influence - EP241 - Real Facts on Real Estate

In this episode we discuss that in real estate you often hear people refer to your “SOI” or sphere of influence. This is the group of people who you have accumulated in life that know, like, and trust you already. It is understood in business that people who know, like, and trust you are far more likely to use you as their Realtor®. This is why so many top producing agents focus on adding their SOI to their CRM as soon as possible and constantly audit their list. When thinking about who is in your sphere of influence, take time to really break it down. The average person should end up with a list of names and contact information for around 150-300 people without any trouble.

What Percentage Commission Do Realtors® Make - EP240 -Real Facts on Real Estate

In this episode we discuss that when working as a Realtor®, to talk with another Realtor® outside of your organization about your commission structure, is considered to be a violation of the Sherman Act and is an antitrust violation. Each agent is allowed to charge any rate that they see fit for their services based on the agreement they have with their client. After that there is also the possibility of having all different commission splits structures with their broker. Working for a buyer you may have an exclusive buyers agency agreement where you have a contract to be paid all or some of the commission by your buyer. You may also be collecting commissions offered by the listing agent known as cooperating compensation which was used by the sellers to attract a buyer through a buyer’s agent.

Should I Invest in kvCore - EP239 - Real Facts on Real Estate

In this episode we discuss that working with a CRM is a must in real estate in order to manage all your clients and their needs. kvCore is a great CRM that integrates the MLS system into your CRM seamlessly. As a broker I chose to implement kvCore free for all my agents across the entire brokerage because I could see the value it would add to their businesses. As a broker owner it is our job to ensure our agents have access to the best tools possible. As a real estate agent it is your job to get new leads and turn them into clients. kvCore has an abundance of lead generation tools that make it as easy as a click of the button for agents to start generating leads.

Finding Deals for Real Estate Investors - EP238 - Real Facts on Real Estate

In this episode we discuss that when working as a real estate agent for investors your reputation is being judged and is on the line with each suggestion. Sending an investor client “deals” with numbers that do not work is a quick way to prove you're an amateur. For investors to be interested in a deal there must be some meat on the bone for them to take advantage of. This means to find something and will take searching high and low and getting creative as to what could be done with the property to create wealth. When searching for properties that may work make sure to think outside the box. Use all your resources to locate a property such as MLS, CoStar, Zillow, Loopnet, Public Record, Reverse Prospecting, Town Hall, ETC. Deals are out there, you just need to find them.

Generating Multiple Streams of Income in Real Estate - EP237 - Real Facts on Real Estate

In this episode we discuss that Movementum Realty offers their agents ways to earn multiple streams of income. One great way to earn another stream of income is through our ABH program where you get paid for your recruits' results. ABH stands for Always Be Hiring. This incentive program allows our agents to recruit other agents and get paid commissions as that agent finds success. One great way to generate income in real estate is to become an agent investor. Start deploying your commissions capital into buying cash producing assets like rental properties.

Accountability Partners - EP236 - Real Facts on Real Estate

In this episode we discuss that in self employment it is easy to pretend to be successful without anyone really noticing. That said the risk is actually believing your own truth for too long and failing. Having an accountability partner is a great way to ensure you keep yourself on track to reaching your goals. With that accountability make sure to have 100% transparency, be committed to sharing all your goals, and have honest discussions about your progress. Having a weak accountability partner is just another way to ensure your own failure. Face it your accountability partner may be a friend but they are not always going to go around saying the things that need to be said.

What’s The Difference Between a Real Estate Agent and A REALTOR® - EP235 - Real Facts on Real Estate

In this episode we discuss that both a real estate agent and a REALTOR® are licensed professionals who help clients transact in real estate. All REALTORS® are real estate agents but not all real estate agents are REALTORS®. REALTORS® are subject to the professional development organization National Associations of REALTORS® strict Code of Ethics. This strict code ensures that these REALTORS® are a partner you can trust. Loyalty, truthfulness, and cooperation with competitors are just a few of the duties of a REALTOR® brokerage. In order for one agent to be a Realtor® their entire office must join and maintain a membership to the Association of Realtors®.

What Education is Required to Become a Real Estate Agent - EP234 - Real Facts on Real Estate

In this episode we discuss that in Massachusetts in order to become a real estate agent you must take a 40 hour course. After the course you need to score a 70 or above on both the state and federal real estate test. As an agent in Massachusetts every two years you must have taken at minimum 12 hours of accredited continued education. This number varies greatly state by state so check with your state board. To become a real estate broker in Massachusetts you must work full time in real estate for a minimum of three years. In addition to that you then must take a 60 hour course and pass both the state and federal testing.

Handling Objections - EP233- Real Facts on Real Estate

In this episode we discuss that when a client objects to your sales pitch it tells you that something is off. Make sure to acknowledge and own their objections while never denying it. Each time you run into a new objection it shows you a place where your sales pitch was off. Objections show us the questions that were left unanswered by our own sales pitch and that should be added to future pitches. In a push or pull situation it is always easier to pull the other party forward instead of pushing back. Most objections are meant to slow things down so by acknowledgement and acceptance we are taking that power away from the client.