When you’re trying to understand or influence human behavior—as you might do when, say, listing and marketing a home for sale—it’s important to respect the distinction between what people should do and what they actually do do.
This is the difference between economics and behavioral economics. Classical economics theory is based on the belief that people will behave rationally and that we can use reason and logic to predict the movements of the market. But the fields of behavioral economics and behavioral finance were created in the hopes of gaining a better understanding of how real people actually make real financial decisions in real life.
Here are a handful behavioral finance must-knows for listing agents, to help manage your clients’ mindsets and help them understand why and how you’re marketing your home to buyers. continue reading
As agents, you can’t expect to agree with sellers on everything, at least not from the get-go. But there are certain telltale signs of clients that you should avoid at all costs, as they will only drain your time, energy, and sanity. Find out why these clients aren’t worth the listing.
It’s difficult for a lot of sellers to evaluate their home objectively. After all the money, time, and work they’ve invested, it’s not uncommon for them to overestimate what their home is actually worth or underestimate the amount of time it will take to sell. You can attempt to give overconfident sellers a reality check by taking steps like giving them buyer and broker feedback and walking them through a comparative market analysis. But if your potential clients still aren’t humbled by the facts, you might want to move on.
When certain clients seem impossible to please, it’s not you—it’s them. Some people are listing not because they want to, but because other people in their lives—like family or financial advisors—are telling them they should. It’s not worth it to try and figure them out. Don’t waste your time with people who aren’t really motivated sellers. continue reading
2989 SW Montgomery Drive, Southwest Hills, Portland, OR
Open House: Sunday, March 9th, 1 to 3 p.m.
Listing Agent: Leslie Hering, Windemere Real Estate
Best known for his beautifully-crafted houses for Portland’s elite, architect Roscoe D. Hemenway (1899-1959) ranks as one of the country’s most skillful traditional architects working between the wars. This crisply renovated and handsomely-staged house built in 1938 is typical of his work, with an elegant exterior that gives no hint of a family room that will deeply satisfy anyone’s lodge-inspired fantasies.
For all the hoops real estate agents have to jump through in order to secure a highly-coveted listing, it may seem crazy to say, but the truth is: Sometimes a listing just isn’t worth it. Before you take on a property you’re not sure about, ask yourself if it falls under one of the categories below. If it does, it’s probably not worth your time or trouble, so it’s a smart move to back away before it’s too late.
Instead, focus on the listings that you know will be a great partnership between you and the seller and lead to a successful sale. And remember, a listing that isn’t the right fit for you is the perfect chance to make a referral to one of another trusted agent in your network. You’ll avoid a situation that will cost you more time and money than it’s worth, and you’ll build goodwill within your own network.
Here are five red flags to look for that will let you know when it’s okay to say, “No way!” to a listing. continue reading
You can get more than a commission out of the stellar deal you just closed. Now, you can use your sales success to generate more business and enhance your online reputation. Adding past sales to your Trulia profile shows off your experience and helps you rank higher in the Find an Agent directory. Download this helpful handout to:
Sometimes, just getting the listing agreement signed and price agreed-upon seems like the end of an intense, effortful, laborious process. But as you well know, it’s really just the beginning of helping your new seller through all of the twists and turns of selling a home.
In the course of working through these items with internet-savvy sellers, agents may run into increasingly vocal, surprisingly strong opinions on a seemingly innocuous topic: Open Houses. Camps are divided pretty neatly between sellers who think that open houses are a total waste of time and those who think that open houses are the go-to way to getting a home sold at top dollar and in record time.
Inquiring sellers want to know, which is it: a waste of time or time well-spent? If you want your sellers to come out of this question on the side of “time well-spent,” here are a handful of talking points and scripts about open houses you can use. continue reading
Every real estate agent knows the value of a stellar seller client. These clients can mean lucrative commissions, a quick close, and the opportunity to meet new clients and grow your business.
While the housing market recovery is in full swing, home inventory remains tight, making seller leads a hot commodity. How you respond to and manage your online seller leads can be the difference between a closed deal and a missed opportunity. Put your best foot forward and master these smart strategies for converting more online seller leads.
Real estate agents are on-the-go all of the time—from listing appointments to open houses and everything in between. You need the tools that you depend on to get your job done and grow your business to be just a mobile as you are.
This week we’re excited to share with you our latest, better-than-ever Trulia for Agents Mobile App, now available on iPhone, Android phones and Android tablets. As always, our free app puts your leads front and center —wherever you are—and now it’s even faster and easier to use. continue reading
Millennials – the generation labeled as lazy, entitled, and whiny by most media outlets. And I’m one of them. The number of 18-34 year-olds living with their parents rose from around 27% before the crash to over 31%, where it remained in 2013.
So is it true? Why has this generation received so much flak in mainstream media? The parents of this generation fulfilled their idea of the “American Dream” [home ownership] at a much younger age than this current crop of potential homeowners. Without diving too deep into the psychology of this generation or beginning a warfare-class discussion, here are 3 of the reasons millennials rent instead of own.
In today’s market, it’s not enough for real estate agents to just do their jobs anymore. Now you also have to prove to clients that you’re trustworthy and you know what you’re doing. Buyers are hungry for information and can be wary of the home-buying process. And considering the market volatility in the not-so-distant past, who can blame them? Build trust and assuage buyers’ fears with these five ways to prove that you’re on their side.
1. Anticipate Their Questions
It can feel like buyers expect you to read their minds. Well, sometimes you can. First-time buyers have a lot of the same questions, so make sure to brief them on the steps of the transaction from beginning to end, including things like home inspections. Fill them in on everything they will want to know, need to know, and haven’t even thought to ask.
2. Remove the Element of Surprise
Part of prepping buyers for the home-buying process is filling them in on all the associated costs, both in time and money. So, let them know when they’ll need to show up in person, such as during inspection, and when they’ll need cash, like at closing. It’s also important to manage buyers’ expectations. For example, if it’s common in your area for buyers to make offers on multiple homes before they’re successful, you need to tell them so they can mentally prepare for possible disappointment. That way they won’t feel like their hopes are getting crushed if they keep losing out on their “dream” homes, and they also won’t think you aren’t doing your job. continue reading