Busy Monday

I took Sunday off, with the exception of a completing a few CMAs.  Today was great! I got a chance to work out this morning, which helps me to maintain a higher energy level throughout the day.  Then I spent some time returning calls and contacting potential buyers.  I scheduled one of my new buyers for a showing on a property that meets their needs, and offers owner financing terms.  They loved the property and it sounds like we might be able to work out a deal with the sellers.  I'll need to successfully negotiate a few things over-the-phone with the listing agent first.  This is a fairly new experience for me, and it's a direct result of the conversations I've had with the agent who I've been helping to complete his reports.  He's got incredible systems for his business, and the advice he's given me has already proven to be useful.  He's offered to continue to pay me to help him, and I think the time spent with him could really benefit my business.  I've always learned better by watching someone else in action.  This could be very valuable in helping me achieve my goal of $100k in GCI this year.

The Buyers are coming, the buyers are coming!!

     On Friday I met with an agent who contacted me about possibly switching companies.  We had coffee and I talked about all the things that I really like about Keller Williams.  It's so funny to hear the outrageous myths that people are told about our company.  GOD, FAMILY, then BUSINESS.  That should tell you something about us right there.  It's like a good friend of mine told me, "you can listen to the rumors, or you can profit from the truth".  I'm pretty sure that agent made her decision as soon as I started talking about our belief system and values.  It's easy to grow your profit share tree when you share from the heart.  

     The rest of the day was spent making phone calls and prospecting for new buyers.  I also met with two agents who pay me to coach them on Craigslist advertising and maximizing their websites.   This helps me to generate a little extra income and my two clients are constantly praising my services.  Who knows, maybe this could turn into something bigger someday.  

     Later Friday afternoon I pounced on the opportunity to have a date night with my wife.  We stayed out late, for us that means 9:00pm.  So I'm doing a double duty today, blogging for Friday and Saturday.  My 2.5 hours of playing the "floor time lottery" today was uneventful.  In fact, I didn't receive one call.  Although I did still make $70 helping another agent finish a few reports. 

     I also met with a new buyer for a consultation and to sign a buyer agency agreement.  She and her husband are interested in properties that offer owner financing.  If I'm successful in helping them, it will be my first transaction of this type.  They seemed anxious to buy, and they have some money for a down payment.  Hopefully I can find something that works for them!

Prospectations

     Today was my day to work on prospecting FSBO properties, and to start working on my new Craigslist campaign.  I participate in a Listshare program in my office, which allows me to advertise a few of my peer's listings along with my own.  Recently, our office made some changes to the guidelines for advertising Listshare properties on Craigslist.  Unfortunately the changes will affect the volume of leads that I'll be able to gather with my current strategies, but thankfully my preferred lender has presented me with a free method of lead capture.  This tool will allow me to post Craiglist ads with a text message, contact-capture mechanism.  It will also allow me to double post my listings, as I can now advertise the same listing in two different formats.
     Sadly, I did not accomplish my goal of scheduling three listing appointments; however I was also calling on a Thursday in the middle of the work day.  I'll spend some time making calls this weekend, when I'm more likely to catch people at home.
     As I mentioned in an earlier post, I signed up for floor time this Saturday from 10:00am to 12:30pm.  I was planning on doing maintenance on my website with this time, before another agent approached me about helping him finish some reports, and he offered me $10 for each one.  It shouldn't take me longer than around 10 minutes to pull the necessary information to complete each report, so I'm really looking forward to playing the "Floor Time Lottery", and getting payed $50-$60 an hour at the same time.
    I was a little bummed to receive the news that the buyers on one of my listings had rescinded on the contract.  They were gracious enough to leave my sellers the earnest money deposit and not use the inspection clause to walk away leaving my sellers empty-handed.  Although I am a little frustrated because of the lost time, I think we're priced well and shouldn't have a hard time finding another buyer.  The buyer's agent is from my own office, and I'm very impressed with his honesty and promptness in notifying me of the buyer's decision.  I work with good people :-)

Closing & Reducing

      I'm always happy for a paycheck, but the best part of some closings is being able to witness the excitement of a new homeowner.  I had my first closing of 2011 today, bringing my total 2011 GCI to $4,375.00.  Only $95,625.00 more to go! This was one of the toughest clients I've served in my time as a Realtor.  She had an extremely tight set of criteria, and she wanted a lot for her money.  We had multiple offers rejected, and spent weeks bidding unsuccessfully on HUD properties.  All the while my poor client is living somewhat uncomfortably with her now ex-husband.  Long story short, after 3 months we got her into an awesome bank-owned home for about $30,000 under market value.  She's ecstatic, and I imagine she'll be a great source of referrals.  I'll be sure to mark her as an A+ contact in my marketing campaign for my sphere of influence.  

     The other big news of the day is a price reduction on one of my most active listings.  This home attracts around 4-7 showings a week, and it just feels like it's right on the edge of receiving an offer.  Several of the most recent showings have given feedback that we are at the top of their list.  I advised my clients to take a $5,000 reduction, hoping this will push one or two buyers into taking action.  Who knows, this might even get us more than our original asking price if we can start a bidding war.  

     Aside from taking an hour long drive to meet my client at her new house and give her the keys, I also spent some time gathering FSBO phone numbers and addresses.  Tomorrow is my big prospecting day and I plan to schedule at least three new listing appointments.  The heat is on, baby!  $100,000 GCI here I come!

Funding

     I attended the team/sales meeting today, and met with two other agents afterwards.  My first meeting was to discuss the filming of our "testimonial" commercial for the developer/builder that we're going after.  I think we've got a solid plan, and we're going to be able to offer him something that nobody else is doing for for him.  The combination of our video and internet marketing should set us apart, and hopefully help us achieve our goal of having him list exclusively with us on all of his projects.  My second meeting was with an agent who I have partnered with to prospect FSBO and expired listings.  We came up with a game plan for our Thursday prospecting session.  We've got a pretty good marketing campaign for FSBOs, we just need to keep the pipeline full of prospects.  That means hitting the streets and finding the sellers who have done no marketing other than putting a sign in front of their house.  It amazes me that some people think they'll actually sell their house this way.  They've done no ad marketing, no internet marketing, and they don't even have a directional sign to drive traffic from the main road into their neighborhood and to the house.  Basically the only way you know it's for sale is if you happened to drive by it.  Which is why I make note of these properties as I'm out and about.  I do my homework and go after the ones that have been owned for a while and are more likely able to sell.  This can be a good opportunity for me, as there are often very few competing agents.  

     During our team/sales meeting, the sign-up sheet for floor time was passed around as usual.  With the market seemingly picking up lately, I opted for Saturday morning floor time.  The weather is supposed to be clear, and this will be a great time to make calls while I play the "Floor Time Lottery".  Who knows what cash buyer will call, wanting only to write up a million dollar listing.  All kidding aside, it should be a great day to pick up new business.  

     I also received notice that my buyer's loan will fund and record tomorrow.  This must mean that the bank promptly signed and returned the documents to the closer.  I was expecting them to take the full 48 hours that they quoted me.  What a pleasant surprise!  This is also great news because my buyer is desperate to get out of her current residence.  She's been one of my tougher clients, but I think my hard work and persistence has payed off.  She's bragging to everyone about what a great agent she has.  I'll be including her in my testimonial file.  Actually, I think I may use her in my testimonial video.  This is a concept I picked up at Mega Camp(Google: "Keller Williams Mega Camp" if you're not familiar with this convention), and just haven't taken the time to do for myself.  That's something I need to schedule for next week, keep an eye out for an update.  

    

Rescheduled

     Today, the first business day since I started this blog, I was re-scheduled twice.  My first appointment was with another agent to talk about the structure of the "testimonial" video we plan to make for a local builder/developer.  That agent had to move our appointment back an hour, and my schedule was a little too tight to accommodate him, so we're meeting tomorrow after the office/team meeting instead.  My second appointment was with one of the buyers that I mentioned in my previous post.  I heard back from their lender and learned that they won't qualify for a loan for at least six months.  They're anxious to get out of their tough living situation and asked to talk about looking for a lease option.  I don't really feel comfortable advising someone to attempt to purchase a home when they don't currently qualify for a loan, and I've made that clear and they still want to see what's out there.  I emailed them all of the lease option listings and will research the homes that meet their needs.  If I'm successful in finding them a home and negotiating a offer, it will be my first transaction of this type.
     The rest of my day was spent working on some emails, and making phone calls.  I received a call from a past client, who inquired about selling her home, even though she only purchased it a year ago.  I advised her to hold on to it for at least a few more years and to rent it out if necessary.  I'll have my lender contact her in the morning to counsel her on the feasibility of getting another loan while she rents her current home out.  I followed up with a few other leads and left a quite a few messages.  I also made some maintenance calls to help keep my two contracts in escrow, on schedule.  As for those two contracts, one of them took another step toward closing when my buyer went in to sign papers this afternoon.  This contract is with a bank owned property and will probably take a few more days to close, as we have to wait for the contract to be signed by an out-of-state bank representative.  Nonetheless, I am thrilled to be so close to receiving my first paycheck of 2011.
   My plans for the rest of the week are to work on prospecting FSBO(for sale by owner) and expired listings.  I'll also be calling my sphere-of-influence to see if I can get a few referrals and I'll be working on getting price reductions on two of my listings.  One I know will be fairly easy to negotiate.  I took them to see three competing listings last week, and I think they got the message.  The other reduction may not be so easy.  He's an elderly gentleman who has been hard to convince thus far.  I just wish I could get him to take a look at the competition, or at least get him online so he can see some pictures of the homes he's priced over.  I might have to chisel away at him for a while, but I will get a price reduction.

Clarification

I feel a need to clarify my current position a little better.  I do have an income from my business, it's just not a consistent one.  Actually there has never been any kind of consistency in my Real Estate business since I started it, just over two years ago.  As of today, my numbers are as follows: 2 contracts in escrow, 4 listings.  One of my four listings is also one of my contracts in escrow, so I suppose I really only have three listings...or will by the end of next month, if all goes well.  I'm currently working a few buyer leads, none of which has committed to an appointment with me yet.  This also means that I don't currently have any signed buyer agency agreements.  I've got a few leads on sellers that plan to list this Spring, and I really need to work on helping them understand why they would be better off listing right now.  Of the listings that I already have, two need price reductions.  One receives a lot of attention, but hasn't had any offers in over three months.  This house would likely begin receiving offers if I can get the sellers to take a $5,000 to $10,000 reduction.  The other doesn't get much attention, and needs to drop $10,000 to $15,000 to get back into the market.  These are two of the things I plan to work on this week, along with getting at least one of those buyer's into a buyer's agency agreement.  I will also be meeting with another agent to work on putting together a testimonial "commercial" for a local builder/developer, in hopes of wooing him into giving us a development.  This could be HUGE for our businesses, and would definitely help me to achieve my goal of creating a $100,000 annual income.

What is "My Real Estate Adventure"?

A daily Journal of my adventures in achieving a $100,000 annual gross commission income in a career in Real Estate.  Starting January 2011, with a near non-existent income as a residential Real Estate agent, I've made a decision to break six-figures this year.  I'll be making daily journal entries and explaining everything that I've done for my business each day.  I invite you to come with me on this adventure.  With some hard work, and a solid business plan, I might just be writing a "How-to" for others who have a similar goal.