Why who you are in business with MATTERS!!

Who you are in business with matters - how they treat you is critical to your success. Here are 20 important questions to ask about the real estate company or franchise system you are currently with, or considering joining:

1. Does the company allow you to build your own agent brand? Can you put your own logo, name, phone number and website on yard signs and in your ads? Can it be larger than or as prominent as the company's?
2. Does the company allow you to directly receive the sign calls or inquiries on your own listings without going through the up-desk or office switchboard?
3. When a person is seeking you on the company's local or national website, can they quickly (within to or three clicks) get directly to you, your own website and your own business phone number?
4. Can you do agent-to-agent referrals without going through the company's relocation division and paying them a portion of your referral fee?
5. If you decide to leave the company do they let you take your listings with you? Do they still pay you the same commissions you were owed on your pending transactions - without any penalties or reduction in splits?
6. Does the company seek your input and advice on important financial and policy decisions? Do you have a say in what goes on?
7. If you are a top producing agent, do you get to serve on a council that discusses and votes on company changes in policy and fees?
8. Does the company open its books and allow you to see and review monthly financial records - such as Profit & Loss Statements?
9. Does the company offer you an opportunity to share in its profits? Is the profit sharing amount greater than 30% of the company's net income?
10. Do you have the opportunity to earn residual income from the company that will contribute even after you leave the company or retire?
11. Does the company cap the money you pay it on an annual basis (Company Dollar), so that you do not have to keep paying them on all your production?
12. If you are affiliated with a National Franchise, do they cap your royalties (or service fees) annually, so that you don't have to keep paying them a portion of all your commissions?
13. Does the company allow you to earn 100% commissions without having to pay monthly fees even when you don't have closings?
14. Does the company provide a way for you to actually earn more than 100% - to be paid more by the company than it costs you to be with them?
15. Does the company provide all levels of sales and business training - from the fundamentals of real estate sales all the way up to hiring staff, building a team, managing your expenses and creating a business?
16. Does the company provide wealth-building information and training? Do they give you good advice and consulting on how to gain financial independence?
17. Do the leaders of the company take the time and make the effort to share with you research, strategies and systems that you can use to improve your business and your career?
18. Have the leaders of the company written best selling books that are used and respected in the real estate industry? Do they speak with knowledge and authority on the issues that matter to the agents?
19. Does the company have a set of written beliefs and values that it shares and sincerely seeks to live by? Does the company have a spirit and culture of teamwork and positive energy?
20. is the company clearly agent-oriented? Does it understand that the consumer selects the agent, not the company? Does that awareness show up in the way the company does business?

The answers to these questions may help you understand which company you want to be with - which one will provide the most support for achieving your own personal and professional goals.

The interesting thing is this: at Keller Williams Realty the answer to everyone of these questions is YES!!

For information on joining Keller Williams Realty, ask me. I'd love to share my story on how KW has changed my life and my career.

How a Mortgage Rate “Buydown” Can Help you Sell in a Slow Market

I've discussed this before, but I wanted to mention this technique again. If you do not work with a lender who understands this, I suggest you find one ASAP. It can get those buyers looking for a deal to focus on the monthly payment rather than the loan amount.

A technique used in the 1980s during a slow housing market is emerging again by lenders who are trying to help move some of the unsold houses glutting local markets. This technique is called a mortgage rate “buydown.” Rather than lowering the asking price of a house, a seller offers a discount rate package that lowers the buyer’s effective interest costs and monthly payments during the first few years of the loan.

The most popular form of a buydown in the ’80s was a “3-2-1” on a fixed rate 20 year mortgage. In this instance, the seller agrees to pay 3 percentage points of the interest rate during the first year, then 2 percent during the second and 1 percent in year three. After that, the buyer pays the full rate.

If you had a house for sale at $210,000, for example, would save more money by offering the buydown rather than discounting the house price by $10,000. Over the course of 3 years, you would pay about $9000 and you would be getting the full asking price upfront. This is also a win for the real estate agent who will have a slightly higher commission. The buyer, who will not likely be enticed by a $10,000 discount on the asking price, would likely be more interested in saving on their monthly payments during the first few years.

In the current housing market, offering this type of mortgage rate buydown just might help you get your house sold at the price you want.

How Past Clients will be Grateful if you do this NOW!

For most of us, calling our past clients can be a great way to drum up extra business. Calling them has been a tried and true way of increasing production. But if you sold them something in the past few years that may have come down in value, you are probably apprehensive for fear that they might be mad at you. Right???

But in realty, you don't control the market. But you can be there to help out if their property values have come down. In San Diego at least, property owners can petition the tax assessor to have their property reassessed thus having their property taxes lowered. This is one way to show them that you want to be "Their Agent For Life."

Here is a simple script to call them to show that you care and that you are there to help out no matter what.

"Hi, ____________it's___________________. How's it going? The reason for my phone call is that it is the time of year that I offer all my friends, family and clients an evaluation of there properties to find the value. Would you like me to do this for you?

Client: Why?

The reason I do this is you may be thinking of refinancing or selling your home in the next year. Are you looking to refinance or sell in the next year?

Client: No

The other reason is with the change in property values, you may be able to have your home reassessed and pay lower property taxes. How does that sound?

Client: Great

Who else do you know who could benefit from paying lower property taxes?

It's that simple. It shows you care, gives you a reason to call and helps in your prospecting for new clients.

If you make a commitment to do this once a year to all past clients, you will be guaranteed to client retention and commitment as well as the opportunity to be introduced to new prospects.

Check with your local Assessor for forms. In San Diego, our file date is by May 30th in which property owners must file for appeal. You will also need to provide them with comps to show if their values have been reduced.

Happy Production