BRITISH COLUMBIA 5-2-22

BRITISH COLUMBIA EDITION

WHY EMPLOYEE APPRECIATION MATTERS

& CAN BOOST YOUR BOTTOM LINE DEVELOPING

YOUR PRICING PHILOSOPHY

RECONSIDER REFERRAL-ONLY WHEN PLANNING FOR THE FUTURE INCORPORATING CHARITABLE GIVING IN YOUR REAL ESTATE PRACTICE COVER STORY

LIZ PENNER

BRITISH COLUMBIA EDITION

7

LIZ PENNER

LIZ PENNER CONTENTS 4) INCORPORATING CHARITABLE GIVING IN YOUR REAL ESTATE PRACTICE 14) WHY EMPLOYEE APPRECIATION MATTERS & CAN BOOST YOUR BOTTOM LINE

16) RECONSIDER REFERRAL-ONLY WHEN PLANNING FOR THE FUTURE 20) DEVELOPING YOUR PRICING PHILOSOPHY

Phone 310-734-1440 | Fax 310-734-1440 mag@topagentmagazine.com | www.topagentmagazine.com No portion of this issue may be reproduced in any manner whatsoever without prior consent of the publisher. Top Agent Magazine is published by Feature Publications GA, Inc. Although precautions are taken to ensure the accuracy of published materials, Top Agent Magazine cannot be held responsible for opinions expressed or facts supplied by its authors.

To subscribe or change address, send inquiry to mag@topagentmagazine.com.

Published in the U.S.

2

Top Agent Magazine

mailto:mag@topagentmagazine.com

Top Agent Magazine

3

Incorporating Charitable Giving in Your Real Estate Practice

As real estate professionals, taking part in the community and serving others is central to a long-lasting practice. After all, agents are in the business of homeownership, building a financial future, and helping their clients begin new and fruitful chapters. With that in 4

mind, how might an agent deliver that spirit of service in a broader sphere?

The truth is, charitable giving offers nothing but upsides. Contributing to a worthy cause is a noble and meaningful endeavor, but it

Top Agent Magazine ®

Top Agent Magazine

Contributing to a worthy cause is a noble and meaningful endeavor, but it also presents positive byproducts for the giver: tax write-offs, name recognition in the community, and the ability to expand your network.

also presents positive byproducts for the giver: tax write-offs, name recognition in the community, and the ability to expand your network. If charitable giving is an idea you’ve toyed with, or a practice you’ve engaged in only now and again, here are a few ways to make it a foundational element of your business and a win-win for all.

Find causes that speak to you.

Donating funds or resources can feel anonymous if you’re divorced from the organization you’re working with. While national and international charitable organizations are certainly effective and worthwhile, you might consider partnering with local chapters of those organizations, or identifying hyper-local organizations that address need in your state, county, town, or even your own neighborhood. The first step to establishing a charitable relationship is to find a cause that you genuinely care about. For many, animal rescue is a tangible cause where resources and volunteership are always welcome. For others, children’s health and advocacy is a calling. Regardless Top Agent Magazine

of your personal passion, participation can be big or small. From sponsoring a local youth sports league to partnering with an area animal shelter for their annual spay-athon event—there are all sorts of ways to make a difference.

Unite your team for the common good.

One way to make charitable giving a staple is to do it in arm and arm with others. Supporting a local cause is a great way to bring your team together in a unifying capacity. Hosting coat drives in winter, blanket drives for local animal shelters, or backpack drives for needy students at the start of the new school year— all are straightforward and highly useful, direct ways to give to your community as a team. It’s also important to set collective goals as a way of keeping people motivated and accountable over time. Offices are productive, but often hectic spaces.

Injecting a collective goal with a positive, tangible result can create an ambiance of goodwill and generosity—both of which are worthwhile attributes to cultivate as

Top Agent Magazine ®

5

the leader of your team. Lastly, consider timely giving as a way of connecting your team to their community. Natural disasters, local fundraising drives, and improvement funds are all direct ways your team can contribute, while they themselves reap the benefit in the community.

Include clients in the process.

You’ve likely heard of charitable donations made in the name of your client as an alternative to the classic closing gift, but there are a few ways you might update this method of giving. For starters, consider including your clients in the selection process. Do they have a special cause that’s close to their hearts? Likewise, you might

6

consider making regular, consistent giving a part of your routine post-closing. Instead of following up with your yearly poinsettia plant or pumpkin, you might find a cause in their neighborhood or township that you can support in their name. It’s wise to choose something apolitical, but a cause that’s hyperlocal to their area demonstrates unique thoughtfulness.

There are plenty of ways in which society as a whole can benefit from charitable causes that build goodwill in the world, support those less fortunate, and bolster a positive future. Incorporating charitable giving in your business model is a generous way to make this mentality a central tenet of your team and a defining characteristic for your clients to remember.

Top Agent Magazine ®

Top Agent Magazine

Top Agent Magazine

LIZ PENNER

7

LIZ PENNER With decades of experience in real estate, Liz Penner prides herself on her extensive local knowledge and her ability to help clients achieve their real estate goals. “I started my real estate career in my early twenties,” Liz 8

recalls. “I worked with one of the top agents in Fraser Valley who trained me, for the better part of 13 years.”

In business since 2006, Liz is always learning and growing to better assist her clients with their real estate needs.

Top Agent Magazine

Liz’s favorite part of real estate is that every client and every house is different. “Every situation requires you to sit down and think. Just because you’ve done it before, doesn’t mean it’s going to be the same again.

I really love the uniqueness and variety of it.”

Liz serves the Langley-Surrey area of the Fraser Valley. An impressive 80% of her business comes from repeat and referral clients, a feat that speaks to the trust and confidence she inspires.

“Clients keep coming back because Top Agent Magazine

I’m reliable,” Liz explains. “I have a strong commitment to my word. When I agree to do something, I do whatever it takes to get it done.” Her dedication to keeping up-to-date on new developments in the industry adds value for 9

Liz’s clients. “I stay current with my training, and I just finished a degree in business. Staying current helps me keep on top of my game when it comes to training and competency.”

Liz’s staff, which consists of a fulltime virtual assistant and a part-time graphic designer, help her deliver an exceptional experience to her clients.

This is especially true when it comes to marketing. “I market my listings aggressively through social media and print advertising,” Liz says. “I use

10

professional photos, virtual tours and videos, and sometimes have listings staged so that they will look their best in our marketing materials.”

The results speak for themselves: Liz has been a top-selling agent and Master Medallion Member for a decade. Liz recently completed a degree in leadership and was awarded the Women’s Endowment Award. “My clients trust me because I go the extra mile to get my clients the best deal possible, and people appreciate that,” she says.

Top Agent Magazine

Liz’s favorite part of real estate is that every client and every house is different. “Every situation requires you to sit down and think. Just because you’ve done it before, doesn’t mean it’s going to be the same again. I really love the uniqueness and variety of it.”

When she is not working, Liz volunteers at her kids’ school. She enjoys traveling and is an avid walker, walking 5k five days a week with her husband. She likes to cook and bake, swim, and tour around the beautiful environs of British Columbia. “BC is amazing!” Liz says. “There are so Top Agent Magazine

11

many beautiful places to see. You can pretty much wake up every weekend and go somewhere new, so we love to get out and explore.”

Looking toward the future, Liz says, “I want to keep offering my clients the

same level of customer service that I have provided throughout the years. I want to keep that going and continually get better, staying on top of my education and training. I plan to continue being relevant and helpful to make sure my clients make good decisions.”

To find out more about Liz Penner, call her at 604-530-0231, or email at info@lizpenner.com.

You can find her online at lizpenner.com www.

12

Top Agent Magazine

mailto:mag@topagentmagazine.com http://www.topagentmagazine.com

Top Agent Magazine

13

Why Employee Appreciation Matters & Can Boost Your Bottom Line Attracting and retaining talent creates a positive working environment for your business, but it’s also good for your bottom line. When team members come and go constantly, your office becomes a revolving door, with no steady workforce, abiding company culture, or continuity for your clients. What’s more, breaking from your duties to post ads, interview applicants, and train new hires takes up valuable time—and time is money. Instead, creating a working environment with built-in 14

perks and morale boosters makes everyone happy, including you as a leader. You’ll have fewer fires to put out or squabbles to referee if your employees are motivated, feel appreciated, and inclined to work together for the business’s greater good.

In that vein, let’s consider the concrete benefits of employee appreciation and how to apply these principles to your business in meaningful ways.

Top Agent Magazine ®

Top Agent Magazine

What is employee appreciation and how do you enact it?

Whether built-in through perks and benefits or by hosting regular events, employee appreciation is about making your team feel valued and part of a whole. No one wants to feel replaceable or voiceless, so it comes down to this basic truth: employees who feel heard and appreciated invest more in their work and your business. Likewise, no one wants to hop jobs every six months.

Employees desire reliability and consistency in their work options, but they’ll be forced to move on to greener pastures if they don’t feel like their talents and contributions are recognized, or if there isn’t enough value to match their output.

By displaying gratitude through employee appreciation, you’re sending the message that your employees’ efforts are respected and considered integral to your operation’s success. Employee appreciation also sets the right tone for professional relationships in your office to flourish, which makes for better workflow and communication on an interpersonal level. Motivation and morale are closely tied to employee appreciation, so there is a clear symbiotic benefit to investing in your employees’ happiness in order to breed a happier, more productive work environment.

How do you make employee appreciation an active part of your business model? To start, keep it simple. Treat your employees to a bagel spread on a Monday morning to boost morale ahead of the workweek. Or, consider Top Agent Magazine

an employee happy hour on a Friday, or a group lunch mid-week. Well-timed moments of generosity can lift spirits and signal your intuitiveness as a leader, while creating fuel for upcoming projects and deadlines.

If you want to take it to the next level, consider in-office perks from which your employees can derive value or morale. For instance, some offices allow employees to bring in their docile pets. Other offices keep the communal kitchen stocked with sparkling water, fresh fruit, and quality coffee to keep team members satiated. Maybe your office would benefit from a modern décor update, which might make for a more compelling, progressive workspace for your employees to enjoy. Whatever route you take, cultivating a positive office environment can extend employee appreciation on a daily, hands-on basis.

Perks and benefits are another way to build-in employee appreciation and demonstrate your investment in your team. Bike-to-work benefits, subsidies for public transportation or gym membership costs, or even supplying your team with their own smartphone—all demonstrate a company culture that’s focused on fueling your team’s morale and productivity.

While some of these steps may seem like a costly investment, the returns are unequivocal when it comes to lasting employee retention.

Turnover is a blight on your bottom line, so taking a proactive approach to employee appreciation can inspire a dynamic team, lead to a more positive work environment, and boost your financials for the long term.

Top Agent Magazine ®

15

Reconsider Referral-Only When Planning for the Future

A 100% referral rate is a testament of client happiness. But even a 30% referral rate is proof of client satisfaction. It’s all relative, say some agents. One number pays tribute to past success, which is certainly a story worth telling. But the other might better predict the future. Many agents plan for the idea that 16

working only on referral may not be sufficient during slower times of the year, in a down market, or when an agent needs to expanding into a new sector.

Unless you are clairvoyant enough to flawlessly predict every market change or every

Top Agent Magazine ®

Top Agent Magazine

Many agents plan for the idea that working only on referral may not be sufficient during slower times of the year, in a down market, or when an agent needs to expanding into a new sector. life change that your clients and referral partners may experience, it’s wise to maintain an active marketing presence. The reasons vary, however, depending on the goals and trajectory of each individual’s business.

If long-term success, a growing team, a legacy or expansion into new areas are not priorities, then working a sphere of influence may be enough for some agents, especially those who may be in the industry mostly for the love of the business. But for a majority of agents, no matter how much they love their work, their real estate and mortgage businesses are careers, first and foremost.

Let’s start with the team-builders and mentors. Agents and brokers who are building teams are wise to invest in business marketing, advertising and community outreach. Ty Hutchins, who owns and operates Ty & Company Real Estate in Colorado’s Front Range, says that, while she could personally live off referrals alone, her goal is to build up her agents. “I do the marketing piece for my team, so I can help them succeed,” she says. That marketing includes running commercials on TV and in movies theatres, as well as lead generation that identifies potential buyers, sellers and Top Agent Magazine

investors between the Colorado Springs and Denver markets. Her team’s goal, she adds, is to promote their reputation of being honest, hardworking professionals with the reach of a major brand but the personalized approach of a boutique.

Then there are the growers. Khrista Jarvis and Nicole Jung of The Khrista Jarvis Team in the San Francisco Bay Area, are on a considerable growth track. “We’re the #1 team in our area and the top team in Compass Real Estate nationally,” explains Khrista. While high marks for service on behalf of their clients have led them to these heights, they know that they must continue to evolve and market their brand. “We do a good deal of social media marketing for our listings and for our business,” she says. Their names, therefore, are frequently linked to sentiments of trust, dependability and market knowledge, both in their marketing and in their reviews.

Next, there are those who weathered the worst of times. Susan Roche entered real estate sales in 2003, following several years of property management in North Carolina.

The key to her sustained triumphs through major market swings lies in her long-range planning. “If the market starts to dip or fall,

Top Agent Magazine ®

17

I have safety nets in place,” says Susan Roche, team leader of Simply Real Estate, based in Charlotte. “When it’s a seller’s market, I still plan for a buyer’s market and when it’s a buyer’s market I plan for a seller’s market..” In other words, no matter how comfortable her existing work may feel, she networks consistently. She also employs a full-time marketing director who leads several projects including ongoing research, events and social media exposure in addition to listings marketing. By staying ahead of market changes, Susan knows she can unfailingly represent her clients’ best interests while still maintaining a safety net for her business.

Even professionals with more than three decades’ experience and deep referral networks know the importance of business

18

marketing. Cathy Richards, co-owner with Nancy Dalaska of Epic-Wasatch Homes in Park City, UT, entered real estate in 1987 and still draws at least a fifth of her business from lead generation, social media marketing and community outreach. Her business partner, Nancy, adds that real estate is about much more than their own business. “We love collaborating and brainstorming with other agents to help them prosper,” says Nancy. “We believe the healthier the market, the better we all are.”

Regardless of market conditions, even the best reputation can’t guarantee long-term success. To sustain and grow, it’s wise to feed your business by increasing exposure, remaining flexible and maintaining systems for customer service, networking, research, marketing and lead-generation.

Top Agent Magazine ®

Top Agent Magazine

Laughs!

Top Agent Magazine

19

Developing Your Pricing Philosophy

By Dirk Zeller

Ask a dozen agents to explain their home pricing philosophy, and you’ll

hear a dozen different approaches. And if the talk reveals frank responses, you’ll also learn that the most common pricing strategy is no strategy at all.

Here’s my advice: Break out of the ranks by establishing and following a specific strategy for arriving at the ideal selling price for each home.

Adopt the philosophy that, in real estate sales, price is king. Price trumps all other factors—including marketing approaches, home condition, market competitiveness, and sales approach. I believe that, in the end, marketing and condition of the property are controlled by the price.

The alternative, advocated by many agents, most sellers, and even some sales trainers, is to emphasize marketing over pricing. Rather than working to set the ideal price, they believe success will come from optimizing the home’s condition and presentation and then marketing it with skill and savvy.

I take the opposite belief, based on years of experience working with sellers who wanted unrealistic prices for their homes and who experienced firsttime sales failures as a result.

Over my sales career, I resurrected and re-listed more than 600 expired listings—nearly 75 a year. Among all those transactions, I never met an owner with an expired listing who thought that an unreasonable price had anything to do with the home’s failure to sell. They all blamed the previous Copyright Top Agent Magazine 20

Top Agent Magazine

agent and that person’s approach to marketing. Each sought some magic marketing strategy to change the reality of the law of supply and demand.

There is a magic strategy: Price the home correctly.

Price is the only factor that can overcome sales obstacles, compensate for a home’s deficiencies, and motivate a purchaser even if the condition of the property and your marketing approach is less than perfect.

Getting the listing at any cost Does this scenario sound familiar? An agent (usually a newer agent) is short on business or maybe even desperate for the chance to stake a sign in someone’s yard. The agent wants a listing at any price – even if the chance Top Agent Magazine

21

to seal a deal erodes the likelihood of selling the property. To gain a seller’s nod of approval, the agent makes a flatteringly high pricing recommendation, throwing out a number the client wants to hear and then hoping something good will result from the bad situation.

I can think of few examples, if any, where this philosophy works. Hope isn’t a successful pricing strategy. Worse, the please-the-client mindset is a hard one to abandon. Agents who achieve listings with unrealistic prices find it hard to later counsel their clients honestly.

If you take and price a good listing competitively, it will sell. You can’t keep a good price a secret!

The pitfalls of a “please the buyer” approach are many and significant. By overpricing, you can practically count on a reduction in your productivity, profitability, and salability, and here’s why: It’s impossible to keep your productivity high when your time is spent in conversations with an unsuccessful seller who lacks motivation to take corrective action. The seller’s negativity, concerns, and phone calls will only increase with each week or month the house remains on the market.

22

Top Agent Magazine

As time goes on, you’ll devote more and more time unsuccessfully trying to create a sale not only for your seller but also for yourself. This will pull you away from activities that are more likely to deliver income. The ensuing frustration will de-motivate you and stunt your ability to secure better appointments that create other income opportunities.

An unsold, overpriced listing negatively impacts your profitability because it costs you time and money to service while it delivers no revenue to your business. And the situation only gets worse the longer the listing languishes on the market. You’ll end up deducting the expenses of this in-limbo listing from the proceeds generated by any revenue-producing deals you manage to close in the meantime, reducing your net profit and business success.

Unsold homes that linger on the market seriously diminish your salability, which is the term that describes your sales success track. Your salability is based on such key statistics as your average ratio of listing price compared to sale price and the average number of days your listings are on the market.

Obviously, these statistics, which prospects rely on when choosing one agent over another, can be crushed by a “get the listings at any cost” philosophy. They’re also harmed by the “start high and reduce later” tactic.

If you take and price a good listing competitively, it will sell. You can’t keep a good price a secret!

Dirk Zeller is an Agent, an Investor, and the President and CEO of Real Estate Champions. Copyright©, Dirk Zeller. All rights reserved.

Top Agent Magazine

23

mailto:mag@topagentmagazine.com

24

Top Agent Magazine