Sales Mastery INDEPENDENCE TITLE
E D U C A T I O N © 2022 Independence Title Education
SALES MASTERY Part of the Mastery Monday Series
Presented by the Education Team at Independence Title. TREC Approved Continuing Education Provider License# 403.
Class Agenda • Farming – Finding potential business • Finding Opportunities – Ways to attract business • Creating Processes – Creating processes to help you sell more
STEPS TO CREATING A FARM CONSIDER THE FOLLOWING: Location
Turnover Rate
Agent Saturation
Price Point
Absorption Rate Months of Inventory & Days on Market
Farming Tools
Demographics
Marketing Strategies
Farming Expenses
Location IS Important!
What To Consider • • •
Where do you want to work? What type of property do you want to sell? Who will you be helping most in the market?
Where To Begin • • •
Suggested farm area 500 - 2,000 homes Begin with 150 - 250 homes Pick an area you know or want to know
DETERMINING VIABILITY
VIABILITY : The ability to succeed or be sustained.
Turnover Rate
Agent Saturation
Months of Inventory & Days on Market
Price Point
(Pull from your local board or Independence Title)
(Know what price point you’re looking to farm)
TURNOVER RATE
Information Needed • The specific time frame • The number of sold properties during that time frame • The TOTAL number of properties in that area
Calculate Turnover Rate # of sold homes (MLS) / # of total properties (MLS or CRS) = Turnover Rate
Turnover Rate – Pull Data From MLS
Wh at’
s co Tur nsider nov e er R d a go od ate?
5-8
%
Divide the number of sold homes by the total number of homes and multiply by 100. Our Example 209/3247 = 0.0643 X 100 = 6.43%
AGENT SATURATION
Calculate Agent Saturation # of sold homes by the Top Agent / # of total Resale Properties = Agent Saturation
Agent Saturation – Pull Data from MLS Divide the top agent’s number of listings by the total number of resale listings for the given area being researched (your potential farm) and multiply that number by 100. Wh at’
s co n s id er Mar ed a S atu ket? rate
19%
SCENARIO d
Let’s say a neighborhood we’re looking at has 282 total listings, and 6 of those listings are new builds. That means there are 276 resale listings (we subtracted the new builds because we want to evaluate Resale only) We see the top producing agent in this area had 20 of those listings
Let’s Do the Math: 20 (top agent’s listings) / 276 (resale listings) = 0.0724 X 100 = 7.24%
RESEARCH YOUR FARM
REALTOR Property Resource® by NAR
• Public Records • MLS Data • School Reports • Neighborhood Reports • Census Information • Commercial Data • And More!
REALTOR Property Resource – Search Options
REALTOR Property Resource – Residential Property Report
Information Provided in the Property Tabs Summary • • • • • • • • • • • • • • • •
Property Photos Map (Heat Maps) Closed Public Records with RVM/AVM Basic Facts Transactions zipForm Addition My Updates Property Facts Schools Livability Index Interior and Exterior Facts Location Details (Flood Zone) Owner Facts Legal Description Tax Information Deed Records Mortgage Records
History • • •
Sales and Financing Activity Prior Sales Transactions • Public Records • Listing Records Tax Info - scroll tax through history
Charts • • • • • • • • • • •
Estimated Home Value Estimated Home Values vs. Listing Price Sale Price vs. Sale Volume Listing Price vs. Listing Volume Listing Inventory Inventory of Distressed Properties Sales Price by Square Footage Price per Square Foot of Homes Sold Price Per Bedroom of Homes Sold Price Range of Homes Sold Age Range of Homes Sold
Use the link for more information including data source and update frequency.
Information Provided in the Property Tabs Refined Value •
Refine the AVM/RVM based on... • Basic Facts • Home Improvements • Needed Improvements • Market and Home Conditions
CMA • •
Comparative Analysis Sales Comparison Analysis
Neighborhood •
Zip Code Data
For neighborhood specific data/reports run a Neighborhood search from the Research menu.
REALTOR Property Resource – Neighborhood Report
REALTOR Property Resource – Neighborhood Reports
REALTOR Property Resource – Neighborhood Reports
REALTOR Property Resource – Run Report
Go to Research to create a Neighborhood or School report.
ReiSource • Geography & Map Search • Mortgage Information (loan type, etc.) • Property Information (% equity) • Demographics • Distressed Deals • Foreclosure Information • Owner Occupied/Absentee • Export Data
How to Register for REiSource
ReiSource – Visit independencetitle.com
ReiSource – Visit independencetitle.com
REiSource Registration
REi Source Prospecting Lists
REi Source – Prospecting Lists – Create Your Own!
REi Source – Geography
REi Source – Geography
REi Source – Geography
REi Source – Geography
REi Source – Geography
REi Source – Property
REi Source – Property
REi Source – Property
REi Source – Property
REi Source – Demographics
REi Source – Demographics
REi Source – Options
REi Source – Purchase List
REi Source – Purchase List
FINDING OPPORTUNITIES
Give and you shall receive. • Military Discounts • Faculty at your nearby school • Doctor’s office • Host Neighborhood Events • Builders • Roofers
FINDING OPPORTUNITES - REFERRALS
FINDING OPPORTUNITES … people know you how they know you. Meaning, they think of you as their: • • • •
neighbor friend cousin former co-worker, etc
FINDING OPPORTUNITES – APARTMENT RENTERS
FINDING OPPORTUNITES – APARTMENT RENTERS
Property Click Notes
Make It Personal!
Make It Personal! Don’t just be one of hundreds to wish them a Happy Birthday on Facebook!
Be the ONE person that surprises them and makes them smile!
Send Reminders
SEND MONTHLY HELPFUL REMINDERS TO YOUR SPHERE AND FARMING AREAS
Send Tax Reminders
Send Home Maintenance Reminders
Send Home Maintenance Reminders
Independence Title Agent
Companion Class
Nearly half of all buyers use open houses as a source of information in the beginning of the process. -National Association of Realtors
Promote Your Open House Post Open House on MLS MLS Reverse Prospect Door Knock Call, Email, Text – neighbors and your sphere Facebook Event Facebook Post & Story Instagram Post & Story Live Video on Social Media
Open House Knowledge • Schools & Ratings • Know Tax Information • Convenience to Necessities • Local Entertainment • Internet Speed/Ability to Work From Home
Open House – Get Creative!
MARKETING STRATAGIES
Social Media Pages
Create a Facebook page & your YouTube channel before you begin marketing.
Quarterly Newsletter
Network With Local Businesses
Build a business of referrals through networking.
Quarterly Pop-By to Top 50
Talk to Your Independence Title Business Development Rep for Pop-by Cards & Ideas
Seasonal Social Events
Be the Event Organizer – make it a potluck/BYOB or find a sponsor.
Take Advantage of Every Follow-up Opportunity
PROCESSES & SYSTEMS
“Successful people are simply those with successful habits.” – Brian Tracy
It’s all about the follow-up! • Leads are 9x more likely to convert when follow-up is within 5 minutes. – Ziff Davis • 73% of all leads aren’t sales-ready. – Marketing Sherpa • Nurtured leads produce 20% more sales opportunities. – DemandGen • Companies that nurture leads generate 50% more sales at 33% lower costs. – Marketo • Emails sent for lead nurturing purposes have a 90% higher click-through rate. – Hubspot • Personalized emails increase conversions by 10% on average. – Aberdeen
Call Your Leads Same Day •
It takes an average of 8 cold call attempts to reach a prospect.
•
80% of lead conversion requires 5 follow-ups AFTER the first meeting.
•
44% of people working in sales give up after ONE followup.
•
Email is almost 40 times better at acquiring new customers than social media.
•
After a presentation 63% of people remember the stories. Only 5% remember the statistics.
What is a CRM?
The Commission Pipeline
What information do you need for a CRM? • • • • • • • • • • • • • • • •
Cell phone number Email address Mailing address Physical address Birthday Where they work Names & ages of children Names & ages of pets Home purchase anniversary date Mortgage details Current home vs dream home Hobbies & interests Favorite holiday Last discussion Name of referrals given As much information as possible!
People in Your CRM • • • • • • • • • •
Past Clients Current Clients Business Owners People You Know Personally People in Your Professional Network PROSPECTS FSBO’s EXPIRED’s FARM AREA EVERYONE YOU KNOW
CREATE OPPORTUNITIES TO MEET PEOPLE
MAKE A PLAN Select activities that best fit your target customer and where you want to grow! • • • • • • • • • • •
Host an Event Run a Contest Just Listed/Pending/Sold Marketing Face to Face with Sphere Handwritten Notes Sphere Calls Sphere Pop-bys Business Pop-bys Social Media Posts/Videos/Ads/Blogs Social Medial Personal Messages Open House
• • • • • • • • • • •
Monthly Newsletters Farming Post Cards Farming Door Knocking Unsolicited CMAs to Farm Area & Sphere Welcome New Neighbors Social Events Market to Expired Listings Market to FSBOs Website Leads Cold Calls And Many More!
EXECUTE YOUR PLAN
COMMIT TO
DAILY & MONTHLY NON-NEGOTIABLE ACTIVITIES
EXECUTE YOUR PLAN CREATE A LIST OF YOUR DAILY NON-NEGOTIBLE ACTIVITES What are you going to commit to EVERY single day. NO EXCUSES. No matter what might come up.
EXECUTE YOUR PLAN EXAMPLES OF DAILY ACTION ITEMS •
Make a minimum of __ contacts (M-F)
•
Post on Social Media
•
Read (or listen to) a growth book for 20 minutes
•
Workout or walk for 30 minutes
•
Gratitude Journal / Affirmations
•
Write 5 handwritten notes
• Research market updates • Learn 1 new thing that will make you a better REALTOR • Work on any monthly action plan items that need to be addressed (ie. Birthdays, open house, etc.) • Set your desk/office up for the next day (be able to walk in and get straight to work)
EXECUTE YOUR PLAN EXAMPLES OF MONTHLY ACTION ITEMS • Mail birthday cards to members of my sphere who have a birthday that month on the 1st Monday of every month. • Do 4 open houses • Distribute my Monthly Newsletter to my farming areas • Go LIVE on social media twice a week • Host an event – several low-cost option that give you a reason to reach out to your SOI.
FINDING GROWTH OPPORTUNITES EVALUATE YOUR BUSINESS EVERY QUARTER ASK YOURSELF…
• What’s working? • What’s not working? • Am I on track to complete my annual goals? • What do I need to improve on? • In what areas do I need help?
RECAP!
Do Your Research • Research your desired areas to determine viability. • Research your farm areas and identify the type of properties in your market. • Research your options for marketing material. • Research the cost of the marketing activities you want to implement. • Research the demographics of who you’re marketing to.
Identify Your Marketing Activities • Select the marketing activities that you want to focus on this year. • Add marketing activities to your plan and challenge yourself as your business grows.
CREATE PROCESSES • Add dates to your calendar for sending out your marketing material • Update Your CRM everyday (Feed It) • Find Activities that will put you in front of people • Keep Up with the Market
Be ready to make a commitment Positive ROI takes about 12 months
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