Selling Soulfully with Jennifer Allan

Lisa asks - If you could do it all over again- what would you do as a new agent to build your business? 

If I were starting all over again, I'd be far more careful on where I spent my money and would ask my gut three questions: 1) would this approach work on me? 2) am I proud and excited about this approach? and 3) does this approach make me feel icky? If something failed my test, I'd go back to the drawing board and either tweak the approach so that it will work for me or find something else. I wouldn't be persuaded to do things and spend money on programs or advertising that seemed silly to me.

Vicki asks - Did either of the gals have an extensive SOI list? And, if so, did they work the list to obtain buyers and sellers - after they found their path?

I'll leave this to Kathy and Melissa to respond to.

John asks - I have been in RE over 2 years now and agree with SWS but I find I am not getting any new business because I am not known. How do I get the word out that I am in RE so someone will call me? I think I am a Master of my market too but who knows that but me?

John - this is one of those misperceptions about a real estate business - that you need to "get your name out there" or become "known." You don't and unless/until you're doing a ton of business, it's not something you'll be able to accomplish without spending a boat load of money you don't have. Real estate business comes in one client at a time, so the secret is to make sure a bunch of people in the world know you, like you and know what you do for a living. It really is that simple. Stop focusing on "getting the word out there" and focus on being out in the world with a smile on your face and your antenna up... and a bunch of market knowledge in your pocket.

Rob asks - I'm starting my RE career in a city where first-time home buyers need to spend $500,000 to $750,000 for a decent place -- is that a big obstacle right now? Am I better off trying to "work" lower-priced areas?

I guess this depends on several things - first - are there buyers in those price ranges, first-time or not? Second, what price range is your SOI in? And third, what price ranges are moving? You can't manufacture buyers, so it only makes sense to go where there is business to be had.

Rob asks - What are your thoughts on partnering with a seasoned agent, as a mentor, in your first year?

In theory - I love the idea. In practice, it's tough to find the right person. I'll be interested to hear what Kathy and Melissa have to say.

Lisa asks  - I hate making phone calls. Even to my Sphere. Is this "normal"? How do I deal with this? IS IT something to be overcome?

I don't like making phone calls either unless I have a bona-fide reason to dial. Especially today, I find it particularly frustrating to talk on the phone since everyone has a fancy smart phone that gets abysmal service and neither of us can hear each other! But if phone calls aren't in your comfort zone - that's just fine. Find another way to communicate that is comfortable and you'll be fine.

Ron asks - Do you have a good way of asking a client to rate you as their agent on websites such as zillow? (I think Ron is referring to asking clients for testimonials.)

I don't like asking for testimonials. There's a thread on my forum (www.sellwithsoul.com/forum) about it, though, I'll see if I can dig it up.

Marilyn asks - To farm or NOT to farm that is the question!

That IS a good question! I just wrote a chapter about that in my upcoming book and ended it with that very question! I just don't know...

Gwen asks -  Since most of you seem to not use business plans, how do you keep track of what you need to do daily for business? What do you do daily for generate business? (during the show all three of us confessed that we don't do formal business plans).

I have a detailed to-do list that I'm very committed to. I get up every morning and go to work... and work hard. I'm not saying that business plans aren't valuable; they just never worked for me. I AM a fan of to-do lists, even longer-term to-do lists; just not a formal plan of where I want to be six months or 12 months from now.

Tim asks - I'd like to know where their very first listing came from. Thanks! 

Mine (back in 1997) was SOI. My second came from an open house.

Anonymous asks - If you don't listen to news or any media, do you risk seeming uninformed? I can't imagine not being able to comment on the Bronco's losing streak or the threat of eliminating the mortgage interest deduction. (Kathy mentioned that she stopped watching the news or reading the newspapers in order to keep her positive attitude and I concurred).  

I'd rather be a little uninformed than depressed and discouraged all the time! I think I'm plenty interesting without being conversant on the latest disaster or tragedy; and most of the stuff you watch on the news or read in the newspaper is meaningless in a few days. Now, there are things I'm interested in (the Bronco's being one of them!), so I'll keep up on that stuff if I have time, but to keep up with the news in general - nah - too depressing.

Jim asks - What kind of volunteer/community involvement do you engage in? Chamber of Commerce? Rotary Club (or similar)? Habitat for Humanity?

Nada. I'm no good at such things.

Jim asks - What are your voicemail greetings like?

"Hi, this is Jennifer, sorry I missed you. Please leave a message and I'll get right back to you!"

Dan asks - Do you work with more buyers or sellers? How much competition do you have in your market?

I'll leave this to K&M

Sherry asks - Does Kathy turn down any listings in the neighborhood she works? (Kathy mentioned that she has a 100% success rate on selling her listings.)

'Specially for Kathy.

Sandy asks - I work at the largest brokerage in my market. The agents in my company know my SWS philosophy, and that I NEVER ask for business constantly tell me "Just think of how much you could do if you actually ASKED for business!" How would you reply to that?

I think just the opposite... that if you DON'T hassle people for business (and thus damage your credibility and put people on the spot), you'll get MORE business, not less! The people you ask for business would give it to you anyway as long as you've been in touch, but all that referral-begging probably puts people off who would otherwise be happy to send business your way.

Luci asks - What is the best way to 'master your market' and get your name out there? I recently moved from a large firm to a very small one... more of a hometown thing. Not sure how to get my name out there. 

Luci - see my response above about "getting your name out there." As far as mastering your market - you do that by being out IN IT. Previewing, driving neighborhoods, doing CMA's, reading local newspapers and blogs, doing open houses and preparing for them.

Jennifer.....sounds like you had a great show.  It's great to get people out there that help others to share their secrets for mastering their markets!  If you're gonna be in it, be in it to win it!  Good info here for all realtors!

Really great questions, everyone!  Thanks for tuning into the show.  Here are my responses (Melissa)

Lisa, if I could do it all over again as a new agent, I would spend more time and energy on mastering my market than fishing for referrals.  I just didn't feel confident enough to solicit business until I had been out there.  I started with my own neighborhood, and did some free CMAs for friends and neighbors.  I previewed everything I could.  Instead of falling for all of my old company's training (hard core referral begging), I would find someone in the office to shadow.  Someone who seems soulful, and is successful.  Offer something in return, like doing open houses for them, or whatever you happen to be good at.  I would also start a blog on ActiveRain, and spend some time surfing that site.  I learned more about RE on AR than anywhere else.  Start posting as you're learning, and share those posts with your SOI.  Once you are feeling more confident and competent, I would start "seducing your SOI" - read Jennifer's stuff on that.  It is fun and totally do-able.  I wouldn't spend a lot of money on advertising like on Trulia and Zillow, and all the marketers out there who call every week promising to put you on the first page of Google!  Good luck!

Vicki, I was surprised at how many people I had on my SOI list when I actually put it together for the first time.  I pulled together an SOI list when I first started at my old firm, but I couldn't bring myself to call them and ask them "Who they knew who wanted to buy or sell real estate."  After reading Jennifer's book, and going through the savvy prospector and seducing your SOI programs with her, I started just re-connecting with these folks, and it has really made a difference.  I'm big on hand-written notes; if I see something that makes me think of someone, I'll send it in a note.  Anyway, my SOI list has 157 people on it.  My really close group is about 40.  This year I've gotten 3 sellers and 7 buyers from it.

John, I agree with Jennifer.  You've got to be out and about with people who know you and like you.  I promise, they will ALL ask you how the market is going.  Tell them about all the opportunities out there for those who are able to embrace them.  I'm glad you're a master of the market - that's where it begins.  Start blogging about it.  2-3 times a week, write a post about a neighborhood, or something cool happening in your town.  Add a link to your blog on your email signature and invite your sphere to subscribe.  Listen to Jennifer's advice about an email campaign and send out relevant information.  You can't wait for them to find you, go out and show them how great you are - it will speak for itself.

Rob, I agree with Jennifer on this.  You need to focus on where the business is.  If first-time home buyers are indeed spending over $500,000 for a home, then I say go for it.  I would focus on the areas where I felt competent and where I had mastered the market.  Where does your SOI fall in this spectrum?  If they are in that price range, then that's also a good place to focus.  How about your own neighborhood and surround areas?

Rob, I think having a mentor would be awesome.  I just joined a new company, Helen Adams, and the owner, Jeff Adams just asked me to serve as a mentor for his daughter, who just passed her RE exam.  I thought it was a great honor, and I am loving every minute!  I've taken her on previews, to zoning and planning, to inspections, closing (on Dec. 30) and showed her how I do a CMA.  It helps me stay on my toes.  If you can find someone who is willing to share and teach, I'd say go for it, definitely!

Lisa, I hate making phone calls with a passion.  I am so afraid that I'm going to come across as salesy.  So I don't call unless I have a reason to.  Usually when I get off the phone, I realize that it went well and I had nothing to be afraid about.  I never bring up real estate, unless that's the reason I've called (like their neighbors house sold and I know they'd want to know the price), and they ALWAYS bring it up.  It's just common courtesy to ask how the job's going, etc.

Ron, I've seen that new agent ranking thing on Zillow, but haven't asked anyone to rate me yet.  I have some clients who I know would love to do it, and I will probably ask them.  I've been toying with the idea of using my new Kodak video camera to make more videos of happy clients so I can blog about the success "Another happy buyer in XXX neighborhood."  They get all excited when I take their picture at the walk through or at closing, so I don't think I'll have a problem with asking them to say a few words on the video camera.  That's in my plans for 2011 - video testimonials.  But I'm only going to do it in the thrill of the moment of walk through or getting the keys.

Marilyn - if you're going to farm, you have to do it consistently, otherwise you're wasting money.  Listing to Erica Ramus' plan on one of Jennifer's webinars.  It sounded awesome.  I would only farm areas where I've had success, so that you can really speak to your ability to sell in that neighborhood.  Start small, be consistent, and if it works, branch out neighborhood by neighborhood.  It can be expensive!  In my neighborhood, I do newsletters, and just solds, but I'm too cheap to mail, so I hire my special needs neighbor, and he rides shotgun and stuffs mailboxes for me.  It's great!

Gwen, i don't have a formal business plan and I'm NOT proud of it.  I really want to come up with a workable plan and goals.  This is where I struggle the most - having a macro picture of my business, how much I'm spending, and whether that spending works or not.  This is another New Year's resolution for me...to-do lists and a macro plan instead of flying by the seat of my pants!  Good question

My first listing came from the assistant broker in my office.  She was a personal friend, and gave it to me for my first start, so I didn't know the sellers.  It worked out great, and my broker went with me to the listing presentation.  (she had sold them the house 4 years before and they called her).  Because she was there, the sellers never asked me about my experience (or lack thereof) so I dodged that bullet.  Sold it, and they were very happy because this was right when the market was turning.  My second listing came from an article I submitted to the local newspaper on my first-time home buyers who were adorable.  The newspaper printed it, and this seller lady called me because the article touched her.

Anonymous, I listen to the news all the time, I just don't let it affect me.  I'm a news junkie.  I listen to NPR religiously, as well as our local sports talk radio station because I'm a sports fanatic.  I once got a listing, I'm convinced, because as I was walking through their house, their son had a big FatHead poster of Carson Palmer on the wall, and I said "Oh, a Bengals fan!"  The husband couldn't believe that a "girl" in Charlotte knew who that poster was.  Knowing what's going on the world helps me to feel more competent and confident, makes me feel sassy and smart!  So I would never give that up.  Yep, the news can be depressing if you let it - I just don't let it!

Jim, I was a BIG school volunteer for my kids until they got to high school.  Picked up a listing there once.  I volunteer in my church's youth group - working with teens (not much business there!).  I served on my HOA but quit after a year because it was mind-numbing.  I tutor kids from our local Habitat community.  Not much time for lots of this, but I love volunteering, especially for homeless organizations.  I'm thinking about getting involved in our local realtor board housing foundation committee that helps people with housing.

Jim here is my voice message:  You've reached the cell phone of Melissa Brown, of Helen Adams Realty.  I'm sorry I missed your call, but please leave your name, number and a brief message, and I'll return your call as soon as possible.  Thanks, and have a great day!

This year I've worked with more buyers.  I've had 6 listings and 10 buyers (all but 4 have closed).  Right now, I think it's easier to work with buyers because there are great deals out there and great rates.  Sellers are usually so bummed out about how much they have "lost" on their property.  But I tell them they haven't "lost" anything - the gain they thought they had was just on paper - they weren't sellers in 2007 when the market peaked here.

Sherry, your question was to Kathy, but I will add that I have turned down listings, and it was the most liberating feeling ever.  I knew I couldn't sell a home at the seller's price and that no one else could either.  That home is still sitting there, unsold, at a lower price than I would have priced it at a year ago.  Nah nah nah nah nah nah (sing songy!)

Sandy, I've heard that line too "Just think how much business you would have had if you asked for it."  I think that must come straight from the trainers' scripts, as they are always asking agents to ask for business.  I agree with Jennifer.  Personally, referral begging is just that...begging.  I think it makes me look desperate.  I've done a great job with a client and stay in touch, I am confident they will refer me to people.  I will not put them or myself on the spot by asking for referrals.  I literally cannot bring myself to do it!

Luci, I would preview, preview, preview!  Don't say no to buyers who are just looking and aren't pre-approved.  You'll learn a lot with them.  Doing CMAs really helps hone your skills for determining market value.  Study what's selling, and what the trends are in your market.  Write a blog post every month about sales, actives, under contracts in your area, the list to sales price, the average sales price, etc.  Once you create a template on Excel (I'm a Mac, so I use Numbers) you can just change out the data each month.  I always go on tour with my company - we go and look at each others new listings - I learn so much when I'm the car with a bunch of agents.

Lots of great information here- thanks for all of the informative answers to the questions

This is a great post - Terrific idea for open questions.  So many people don't know how to start.

I am sorry I missed the show. But it was because I was in raincamp. So I do have a good excuse. I have downloaded your book and am looking forward to reading it

What a great list of informed questions the group came up with!  Obviously serious about their careers!

Jim, I wanted to comment on my community activities.  My son graduated from high school last year and I had been active on the Booster Club boards for football and wrestling.  I've stayed in touch with these groups, did schedule magnets for each of them, go to the games and tournaments and help out when I can.  These folks are a large chunk of my SOI, plus I miss being involved.  I'm also a member of a group called Professional Women's Alliance; whatever group(s) you join, you need to be involved and develop the relationships that will lead to business when people know and trust you.  I'm just starting to see that now that I've been on the Board for a few years.  I'm also organizing a happy hour next week for a lot of the people in my SOI and am asking them each to bring a contribution to my favorite charity, Stray Rescue.  Not money (unless they want to), but used towels and blankets, new or gently used dog toys, box of biscuits, etc.  I'll get to see them at the Happy Hour, and will also write a personal note to each person after the event (on my corporate note cards).

It was a great show, and I love this post! I've had many of these same questions. Especially regarding that 10-ton telephone!

Fantastic questions from the agents!  I need to listen to show.  I had every intention of tuning in, but it has been one of those weeks.

I like the Q &A style of this - real questions from real people.  I'm going to have to figure out how to tune in to the next show

This is Kathy Manoogian:

Lisa asks - If you could do it all over again- what would you do as a new agent to build your business? 

I would do open houses for other agents constantly.  I would take floor as much as I could.  I would work with the pickiest buyers so that I would learn neighborhoods.  I would go on tour twice a week.  I would spend all my  free time studying the MLS.

Vicki asks -Did either of the gals have an extensive SOI list? And, if so, did they work the list to obtain buyers and sellers - after they found their path?

I did not. 

John asks -I have been in RE over 2 years now and agree with SWS but I find I am not getting any new business because I am not known. How do I get the word out that I am in RE so someone will call me? I think I am a Master of my market too but who knows that but me?

Wherever you go, hand out your business card.  If someone at a business needs your name and address, give them your card instead of telling them verbally.  When chatting with someone socially, try to steer the conversation to real estate.  Talk about the house that just sold down the street, and what a steal someone got.

Rob asks - I'm starting my RE career in a city where first-time home buyers need to spend $500,000 to $750,000 for a decent place -- is that a big obstacle right now? Am I better off trying to "work" lower-priced areas?

Unless you live in this area, or your office is in this area, I would look for a more humble area.

Rob asks - What are your thoughts on partnering with a seasoned agent, as a mentor, in your first year?

I love this question!  If I could do it over again, I would partner or assist a top producer for at least 6 months until I felt confindent in what I was doing.  I have often said that when you have a certain level of confidence, success will follow.

Lisa asks  - I hate making phone calls. Even to my Sphere. Is this "normal"? How do I deal with this? IS IT something to be overcome?

I hate making phone calls too.  Start out by sending emails instead.

Ron asks -Do you have a good way of asking a client to rate you as their agent on websites such as zillow? (I think Ron is referring to asking clients for testimonials.)

The best time to ask a client for a referral is at the inspection when you have just sold a house.

Marilyn asks - To farm or NOT to farm that is the question!

I am going to try something new for the first time at the beginning of the year.  I live in a subdivision with 300 homes.  I am going to send out a "state of the neighborhood report" every quarter, with all the solds, pendings, and actives for the past quarter.  I had a beautiful cover sheet printed out introducing me, and on the back I will print out the info from my MLS.  I hope it works!

Gwen asks -  Since most of you seem to not use business plans, how do you keep track of what you need to do daily for business? What do you do daily for generate business? (during the show all three of us confessed that we don't do formal business plans).

The first thing I do every morning is check the MLS to see what sold, went pending, and what just came on the market.  I am informed on my area of expertise, so that when I have a conversation with someone, I sound somewhat intelligent.  This translates to generating business.

Tim asks - I'd like to know where their very first listing came from. Thanks! 

My very first listing was a referral from a friend of mine.

Anonymous asks - If you don't listen to news or any media, do you risk seeming uninformed? I can't imagine not being able to comment on the Bronco's losing streak or the threat of eliminating the mortgage interest deduction. (Kathy mentioned that she stopped watching the news or reading the newspapers in order to keep her positive attitude and I concurred).  

Great question!  I have 3 sons at Michigan State, so I am very well informed on the happenings in Detroit sports.  I also have a husband who is a sports fanatic, and ESPN is on in our house at all times.  As far as real estate news, I read Inman News every single day.  I subscribe to all the real estate news letters also.  I am truly not interested in listening or reading  or watching anything depressing such as the local news.  Not my thing.

Jim asks - What kind of volunteer/community involvement do you engage in? Chamber of Commerce? Rotary Club (or similar)? Habitat for Humanity?

My office is very involved with all the community clubs and charitys.  We sponsor all kinds of events.

Jim asks- What are your voicemail greetings like?

"Hi, its Kathy.  Leave a message."

Dan asks - Do you work with more buyers or sellers? How much competition do you have in your market?

I worked with more buyers in the beginning.  As a new agent it is much easier to work with buyers because they appreciate the extra attention you have to give to them.  As you get a few sales under your belt, and you become more confident in what you are doing, these buyers will refer you to sellers.

Sherry asks - Does Kathy turn down any listings in the neighborhood she works? (Kathy mentioned that she has a 100% success rate on selling her listings.)

I do turn down listings.  If I am asked to sell a house or condo that the seller wants to list too high, I will turn it down.  I will also turn down listings that the seller refuses to clean up.  When I go into a home to list, I explain what it takes to sell in todays market.  If there is clutter and wallpaper, I ask that all wallpaper be removed and painted in neutral tones.  Then I ask that 50% of furniture and stuff go into storage.  In one house, I actually had the kitchen gutted, new cabinets and granite installed along with new appliances, sink, faucet, and stone backsplash.  It sold right away.

Sandy asks- I work at the largest brokerage in my market. The agents in my company know my SWS philosophy, and that I NEVER ask for business constantly tell me "Just think of how much you could do if you actually ASKED for business!" How would you reply to that?

Successful people do not ever ask for business.  When you have to ask for business, you are perceived as desperate.

Luci asks - What is the best way to 'master your market' and get your name out there? I recently moved from a large firm to a very small one... more of a hometown thing. Not sure how to get my name out there. 

Do as many open houses as you can.  Hand out your cards,  get the neighborhood people to get to know you.

Great Post!  I think you don't know what you need to do to get organized and up and running as a business when your a new agent.  I wish I had started a client management system sooner.

Love Love Love the insight shared for true-life happenings!  Blessings to you each for your time in sharing to the rest of us!

Maybe I'll get to be on the show in the future (a goal!)