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Become the James Bond of Real Estate – 20 Ways to Boost your Confidence June 13, 2008

Posted by mattdollinger in Cool Technology, Customer Sevice, Great other Sites and Blogs, Industry Misconceptions, Using This Technology.
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“He who has confidence in himself will gain the confidence of others.” – Leib Lazarow

So what do James Bond and the most successful Real Estate agents that I know have in common that so many others lack?  It’s simple really… they all have an unbelievable amount of confidence.

Seriously though.  Would James ever face a time sensitive situation with SPECTRE, the end of the world at hand, and face whatever beautiful damsel was with him, (personal favorite was Honey Ryder ‘aka Ursula Andress’ from Dr. No), only to say, “Ummm… yeah… I don’t really know how to handle this.  Let me call Q and figure this out.”

HELL NO!  James would have done his research, know EVERYTHING about whatever Hans Blofeld was threatening with, disarm-blow-up-stop it, order a martini, and end up sailing into the sunset with gorgeous woman in tow.

My point is that James, like many other admirable people in business, film, etc. has confidence, true confidence.  Confidence isn’t bought, or scripted, or sold to clients… confidence is learned, earned and projected through knowledge.  In real estate, it is one of those almost emotional intangibles that allows one agent to differentiate themselves from others in their field… and to go against common belief from some, it does not come from an expensive suit and a foreign car.

To Me, ( and this is only my opinion) confidence in real estate comes from the following:

*Market Knowledge

  1. What does the currently inventory look like, new developments, projected developments, etc.
  2. What is the average market time in the area for SOLD properties and what is the average market time for UNSOLD properties.
  3. Asking price, selling price, # of price reductions, etc.
  4. Appreciation rates year over year and trends

*Neighborhood Information

  1. What school districts are in a particular neighborhood, what are their scores/rankings, who would your client contact to enroll their children.
  2. Parks, restaurants, nightlife, etc.
  3. Shopping, grocery, fire department, police, post office, crime rate, projected commercial development
  4. Public transportation, commute time, etc.

*Current Financing Opportunities

  1. Current traditional loan rates and requirements
  2. FHA possibilities, knowledge of process, requirements
  3. New/Changing State Legislation
  4. Declining Market requirements
  5. City Tax Smart Programs and Other Bond Programs  

Short Sale, Foreclosure, and Pre-Foreclosure Homes

  1. Benefits/Cautions of purchasing one of these homes
  2. Understanding of the short sale and foreclosure process including paperwork
  3. Why these homes might not be a bargain

(Good, Honest, Researched) Answers to some of the most common questions

  1. Why should I buy a home right now and not in 1 year when home prices have declined?
  2. What is FHA financing and why should I consider this?  Isn’t this only for low income?
  3. Am I going to make money on this home when I go to sell?
  4. Can’t we go in 100K under asking price and see what we can get?
  5. What’s your role as a Realtor/Why should I work with you?

If an agent can answer even 60% of these questions I think that they should have a pretty hefty amount of confidence in the Marketplace.  Maybe not to the level of Mr. Bond himself, but allot better than a majority of their competition.  Where would someone go to find this information? 

  • Pricing –
  • My all time favorite program available to most Realtors is Agent Metrics.  www.terradatum.com  Check to see if they have an agreement with your association or if you have to pay for the program.  Either way, it’s worth your time to gather a good understanding of this program and blow the competition away.  Ave. Sales Price, DOM, Inventory, and Absorption rates in both chart and graphical format.  Enough to make a numbers nerd like me salivate.  (CAUTION)  STAY AWAY FROM NATIONAL REPORTS LIKE THE S&P CASE SCHILLER REPORT.  READ MY POST HERE TO READ MY THOUGHTS ON NATIONAL REPORTS.

 

 

  • Current Financing Opportunities –
  • My feelings are that if your current mortgage broker isn’t taking it upon themself to help educate you on the different options, programs and rates out there, you need to work with another broker.  It’s not enough to say, “I have a mortgage broker for that.”  YOU need to know what the programs are, how they work, and what you could recommend to your clients. 
  • Fannie Mae has an unbelievable amount of information on their website regarding programs and insight into the industry 
  • Freddie Mac also has much of the same information.  Stay with the big boys as far as information unless you have a trusted local lender.

 

  • Short Sales/Foreclosures/Pre-foreclosures
  • Check with your local association.  Many are offering GREAT training programs to their membership
  • Sean O’Toole over at Foreclosure Truth has a GREAT forum for answering and asking questions
  • The Inman Blog – search short sales, foreclosures, etc. for leading industry insight
  • The NAR Website has a great section on short sales, how to manage them, etc.

Confidence effects people in many different ways.  Lack of it can paralyze you from doing anything at all including the simplest of prospecting activities, phone calls to your closest of clients, negotiating the proper price of a home, or even talking to clients at an open house.  Knowledge is power, and by becoming empowered, you will always come out on top, and ready to take on the world.  “Shaken not stirred”

Matt Dollinger

@properties

“The You Factor”

 

 

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