Ever wonder why it’s called a ‘real estate practice’? Picture real estate as the ultimate sports arena. Agents are like seasoned athletes, always training, strategizing, and refining their techniques. The market is their playing field, unpredictable and full of challenges. Like athletes, real estate professionals must stay in top form, learning new plays and adapting to the game’s ever-changing dynamics. It’s all about practice, skill, and perseverance, ensuring you’re ready to score big for your clients—and yourself.
Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206.
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The more clients you help achieve their goals, the faster you’ll achieve your own.
So, how can you improve your real estate practice? What steps can you take to reach the next level faster? What should you be ‘practicing’ in your real estate business? You can deploy the following steps today to move the needle faster.
For the deep dive, you’ll need to join Premier Coaching. You can do that for free today, even while listening to this podcast!
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PART ONE.
- Know your market inside and out. Study it relentlessly daily. Know it better than anyone else! Building your knowledge and becoming a specialist takes 30 minutes each day. Knowledge = Confidence, Ignorance = Fear. The more you know, the more confidence you’ll have to speak about real estate. Remember: secret agents have skinny kids.
-Choose a big enough area without trying to learn your entire town. Focus on desirable areas, turn over at a reasonable rate, have low average days on the market, and a good average sale price. (This may or may not be where you live or your office is!)
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Call your MLS to set up a custom ‘daily hot sheet’ for those areas and review the report daily. (Once you set it up, it will be sent to your email automatically.)
-Further customize your reports by using Altos Research and List Reports. Read their short reports daily. Supplement with your monthly Board of Realtors reports. (You can use all of this information for your own newsletter, social media posts, prospecting calls and daily conversation!)
-Always know the following: Is inventory increasing or decreasing in your market? What’s hot and what’s not? Where are all the price reductions happening? What’s the average sale price in the areas you work in? List to sell price ratio? Competing offers or price reductions?
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-Know what’s driving sales in your market. Are companies hiring or firing? Are the schools improving or declining? Who are the developers, and what are they developing?
-Is there new construction in your market? Where? What price ranges? Do the builders have special financing?
You’ll find yourself far more likely to talk about real estate with your friends and neighbors, in line at the bank or grocery, and at your kid’s baseball game once you have more to actually talk about! Remember: 87% of buyers and sellers transact with the first agent they speak with! Be that agent.
2. Know about mortgages. You don’t have to know what your favorite loan originator does, but you DO need to know enough to advise your clients about different types of loans and which lenders may be the best match for them.
Know the following:
-What is today’s mortgage interest rate for a 30-year fixed-rate mortgage?
-What are the Adjustable Rate Mortgage rates?
-What is a 3-2-1 buydown or a 2-1 buydown?
-How can someone pay points to buy down and lock in a lower 30-year rate?
-What is a portfolio loan and who should utilize one?
-What are builders in your market offering regarding mortgage loans?
-Have at least four different mortgage lenders for different types of clients: one for first-time buyers, one for standard-issue move-up and move-down buyers, one for higher-end executive types, and one with portfolio loans for the self-employed.
-Have coffee with each lender at least once per month and ask who they’ve just prequalified and who needs an agent. Ask them what their best products are and why.
3. Practice Pricing Property and get great at it. This is a key skill to practice regularly, not just when you have a new listing opportunity. (Refer to previous podcasts about this!)
-Preview homes in each area and each price range where you’re practicing real estate. Take notes on what you get for the money (or what you don’t) in each area.
-Practice pricing property with the help of your coach or broker. Take a subject property and see how your CMA compares to your broker’s or coach’s.
-Take an appraisal class when your Qualifying Education is due.
-Tour new construction models and get a feel for pricing on each product for each builder.
