CONNECTICUT EDITION
CONCIERGE CARE: Services that Lure Clients and Transform Your Reputation
EMOTIONAL FLUENCY:
EMBRACING SMART HOMES:
HOW TO COMMUNICATE WITH CLIENTS WHEN TENSIONS ARE HIGH
DOES NEW TECHNOLOGY REALLY INCREASE
HOME VALUE?
COVER STORY
TYLER PHELPS
CONNECTICUT EDITION
9
TYLER PHELPS
CONTENTS 4) CONCIERGE CARE: SERVICES THAT LURE CLIENTS AND TRANSFORM YOUR REPUTATION 6) EMBRACING SMART HOMES: DOES NEW TECHNOLOGY REALLY INCREASE HOME VALUE?
15) 5 MORNING HABITS TO MAKE YOUR DAY SUPER PRODUCTIVE 18) EMOTIONAL FLUENCY: HOW TO COMMUNICATE WITH CLIENTS WHEN TENSIONS ARE HIGH 22) UNTANGLING THE BIDDING WAR: A BUYER’S & SELLER’S PERSPECTIVES
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
Concierge Care: Services that Lure Clients and Transform Your Reputation It’s a no-brainer: customer service is central to success in the real estate industry. While properties may be the product, this industry really revolves around people and the relationships you cultivate along the way. With that in mind, how would you describe the service you provide? If solid service is the baseline, then to set yourself apart you must deliver service that’s exceptional. But, how? Returning calls and displaying a friendly face won’t necessarily separate you from the pack. If you really want to take your customer service to the next level and build a reputation for white-glove, concierge-level courtesy, then keep a few of the following tips in mind as you create a professional style that’s completely bespoke. 4
Make your communications matter For many agents, communication during and after a transaction are perfunctory affairs, with one-sizefits-all newsletters or promotional postcards that feel mass-produced. To really grab the attention of your clientele, you’ll want to build a recognizable brand. To accomplish this, begin by adding value to your regular communications. Clients are likely to bypass your communications if they think your only intent is to sell them something. Focus instead on creating content that’s compelling and dishes out value to your clientele. Just like a favorite blog you revisit again and again for its quality content, con-
Top Agent Magazine ®
Top Agent Magazine
sider your communications as an extension of your brand and identity. A few popular ideas from which clients can derive value include: local restaurant guides, tax tips for homeowners, reports on home values and the marketplace, or highlighting home décor and landscaping trends. Make your communications readable and useful, and your clients past and present will think twice before skipping past your name.
Showcase the lifestyle Clients remember when you go the extra mile, and that additional effort distinguishes run-of-the-mill agents from high-powered professionals. Whether listing or buying, consider a property’s lifestyle. First, think about a client’s everyday experience. Where’s the best breakfast spot nearby? How’s access to public transportation or bike paths? Which outdoor recreational opportunities exist in the area? Where might your client swing by for coffee? Neighborhood guides that outline the livability of a home and its area not only boost value and highlight potential, but they also demonstrate your ability to think outside the box and connect on a personal level. After all, a home isn’t just a house; a home is all about the daily experience that unfolds within and beyond those four walls. With that in mind, do your homework and make yourself a local expert. Your clients will feel they’re in good hands and will better envision their future unfolding, all thanks to your thorough legwork.
Customize your approach to clients As an agent, it’s only natural that you build your own daily routines and practices that keep your business running. While it’s necessary to create positive habitats that streamline your workflow, it’s also important to remain adaptable. For instance, Millennial clients may prefer to chat by text, instant Top Agent Magazine
message, or email, whereas older clientele may prefer face-to-face time or connecting by phone call. Adapting your communication style is as simple as a brief discussion: ask your client how they prefer to communicate and adapt accordingly. While it may seem like a small matter, it provides clients with a sense of comfort and control. Again, the key here is communication. Talk with your clients about their preferred methodology. Maybe they prefer a marathon house-hunting trek on a weekend day, or perhaps they rather sift through listings online before making in-person visits to a narrowed list. It’s okay to encourage clients or fill them in on industry norms, but it’s important to create an experience that’s tailored to their style and personality.
Authentically seek feedback While it may feel uncomfortable, asking for feedback during and at the end of a transaction can dramatically improve your working style and professional blind-spots. It can also help you adapt your working style to better suit your respective clients. Of course, it’s important to be open-minded and to quash the need to be defensive. Not all feedback will be useful, but you can incorporate the parts that are. This not only grows your skillset, but it also demonstrates to clients that you are open to constructive criticism and sincerely prioritize a job well done over personal praise. As a bonus, positive feedback can be parlayed into client testimonials, which are incredibly useful tools to boost your business on the whole. It’s no secret that real estate is a busy, self-determined business. While your client care may feel all accounted for, there is always room to grow. Professionals at the top of their field know this and never stop building out their repertoire. If you want to take your business to the next level and create an imprint that’s synonymous with concierge care, then keep these ideas in mind as you build your relationships and your brand.
Top Agent Magazine ®
5
Embracing Smart Homes:
Does New Technology Really Increase Home Value? Technology and innovation move at a lightning-fast clip, so it can be hard to keep up with all the smart-home trends sweeping the market at a given time. From smart thermostats to security systems accessed through an app on your phone—there are endless options to customize and update your home for the modern era. But which, if any, of these smart home products add 6
value to property in a significant, worthwhile capacity? Especially with new generations of the same products released in quick succession, it can be hard to determine whether it’s worth it to take the plunge. With that in mind, we’ve conducted a deep-dive into the smart home options out there that make the most sense for your bottom line and real estate investments.
Top Agent Magazine ®
Top Agent Magazine
Smart home amenities range in price and return. There are certain smart home products that won’t break the bank while still adding lovely touches and time-saving features to your space. For instance, a smart thermostat may not run more than a few hundred dollars, but it can take so much of the guesswork and analog nuisance out of programming your home’s internal environment. That said, buyers selling properties with mid-range amenities like this can’t expect a windfall in return. While smart home features can certainly lure buyers and give the sense that a home is attractively modern (and thus move-in ready), it doesn’t mean that you’ll be reaping a sizable monetary reward for your foresight. Conversely, this reality doesn’t mean those smart options
Top Agent Magazine
are without value entirely; it just means that the value of smart home options may be apparent in a different capacity, like luring a particular buyer or creating a desirable, sleek image for a property headed to market. On the other hand, larger scale smart home amenities that are being left behind for the buyer—like a smart refrigerator or wired sound throughout the property—may be able to lure particular buyers who value high-end details. While it can be difficult to state definitively the value of smart home options, the rule tends to be that the more you put in, the higher the likelihood you’ll reap the investment you sow. Focus your smart home options on home appliances first, then work your way toward security, thermostat, and entertainment options.
Top Agent Magazine ®
7
Smart home amenities capture the attention of buyers
Agents must know how to pitch the value of smart home options
Even if you have mostly opted for small or mid-range smart home options, you can still benefit from their presence in a property—even if they don’t inflate your bottom line as a result. Smart home amenities have the power to focus the attention of buyers, sending a clear signal that the previous owners were tech-forward and made an effort to upgrade the property for the contemporary era. Millennial or Gen Z buyers especially value these up-to-date modifications, and the presence of these desirable gadgets can create added interest and drive up value naturally. Likewise, featuring these options in listing photography can also drive interest from younger or high-end buyers looking for move-in ready spaces.
Remember that smart home features are relatively fresh to the market. While some new construction properties are equipped with these smart amenities, just as many homes on the market don’t offer these upgrades and modern flairs. This means that many buyers, of all ages even, aren’t familiar with the benefits and perks of these options, let alone how they’re operated. Before you can derive value from a smart home or smart home features, you’ll need to understand a product’s proper usage, cost, and benefits. Do your homework regarding what smart home features can offer in terms time or cost savings, and be able to show prospective buyers how easy these objects are to use, as well. Do both, and you’ll be in proper command of what smart home features can offer buyers and pitch them accordingly.
8
Top Agent Magazine ®
Top Agent Magazine
Top Agent Magazine
TYLER PHELPS
9
In November 2017, Tyler launched Phelps Realty Group out of Glastonbury, serving all eight Connecticut counties. During the team’s first year, they sold 64 homes and wrote $13.6M in volume. Tyler Phelps began his professional career in communications sales and was doing pretty well until he transferred to another location within the state. “Suddenly I was making a lot less money doing the same work, so I decided to leave,” he recalls. After a few months contemplating his next move, he discovered the real estate business and never looked back. In what he describes as “from 0-60 in two seconds flat,” he became licensed and partnered with Keller Williams Realty in May 2016 and 10 Copyright Top Agent Magazine
soon after joined a KW team, completing his first year with four sold homes and a volume of $ 618,175. In February of 2017, Tyler transitioned from team agent to single-agent and accomplished multiple goals, including KW’s Breakthrough Award & Rookie of the Year. He was acknowledged as KW Greater Hartford’s Market Center, fastest capping ‘Rookie Agent,’ and sold 37 homes & wrote $9 million in volume. Top Agent Magazine
After a very successful first year as a single agent, Tyler decided to start his own team. In November 2017, Tyler launched Phelps Realty Group out of Glastonbury, Connecticut, serving all eight counties. During the team’s first year, they sold 64 homes, wrote $13.6M in volume, grew to a team of 8, became accredited through the Better Business Bureau, and accomplished several other goals. Top Agent Magazine
Tyler is proud to say he’s sold over 300 homes and $60 million+ in his four years and has already garnered a 40% referral rate. “We pride ourselves in the consultative approach,” he says. “We believe that what we do should be more relational than transactional and our clients trust and appreciate that. From the moment we shake hands at the start of the job to the final key in hands, we are there by their side.” 11 Copyright Top Agent Magazine
On a personal level, Tyler has been awarded the 2019 Rising Star Real Estate Agent designation, became licensed in MA, and signed with KW Boston-Metro (with plans to expand PRG to Boston in 2020).
In addition, Tyler believes in educating his clients on the local economy and how real estate is being affected. “We sit down and interpret the market and help them understand the trends,” he says. To stay in touch with clients, Tyler implements the 36-touch system. “We reach out in a variety of ways at different times of the year,” he states. “It might be through postcards, market updates or client appreciation events, to name a few.” Professional marketing is probably the most important asset to a realtor, according to Tyler. “Our listings appear over multiple premium websites, with 13 landing pages, and are rerouted to our main site,” he says. “We also post on Craigslist, AOL, HGTV and do huge targeted social media blasts.” On a personal level, Tyler has been awarded the 2019 Rising Star Real Estate Copyright Top Agent Magazine 12
Top Agent Magazine
Agent designation, became licensed in MA, and signed with KW Boston-Metro (with plans to expand PRG to Boston in 2020), graduated a total of 7 BOLD courses so far in his KW career, and became a licensed Real Estate Broker in both states. Tyler also teaches courses within the KW IGNITE series, has participated on multiple panels, Top Agent Magazine
and continues to pursue growth and education for himself and his team through KW courses and events. On the community level, Tyler and his team volunteer for multiple charities throughout the year, including the United Way, Camp Courant, and Sarah Stops Hunger. Copyright Top Agent Magazine 13
Tyler wants to continue to grow the success of his business. In addition, he hopes to mentor new agents to reach their ultimate goals. “According to the National Association of Realtors, 86
percent of new agents don’t make it to year two. “I hope to have a direct impact on lowering that national statistic by helping/coaching/mentoring thousands of Realtors,” he says.
To learn more about Tyler Phelps, email tyler@phelpsrealtygroup.com, visit phelpsrealtygroup.com, or call (860) 993-6456 www.
Copyright Top Agent Magazine 14
Top Agent Magazine
5 Morning Habits to Make Your Day Super Productive For many, most mornings begin with a rush—a rush to get dressed, a rush to find something edible for breakfast, a rush out the door and into rush hour. Likely you have heard articles advising you to set your
alarm early to give yourself some flexibility —which is sound advice, of course—but consider a few of these additional tweaks to your morning routine that can set a productive tone for your day at large.
1. Keep Screens Away Until Breakfast Oftentimes, our first instinct upon waking is to check-in on our phones, tablets, or computers, to scope out the latest social media updates and e-mail correspondence. While diving into the action might seem productive, studies show that waylaying screen time until you’re up and dressed, and have had a good breakfast, will actually make your first pass Top Agent Magazine
at all things digital more focused, clear, and efficient. Instead of answering a few e-mails, checking out a friend’s photos, and then hurrying to shower and dress, instead make a resolution to keep the online world at bay for the first half-hour to an hour after you rise, then you’ll approach the digital world with fresh eyes, energy, and adeptness.
Top Agent Magazine
15
2. Meal Prep Sometimes hitting the snooze button is inevitable, but if you make prepping breakfast the night before a part of your routine, then grabbing something healthy on the go will be a snap—and your stomach will thank you for it. Load up your coffee machine ahead of time, so all you have to do
is hit brew. Or, chop up a fruit salad, mix a smoothie, or simply put a granola bar and a grapefruit in your lunch bag, ready to be grabbed on your way out the door. Even if it’s small or basic, keeping yourself fueled will keep distractions, inefficiency, and mood swings at bay.
3. Queue Up a Podcast on Your Commute Whether you’re driving, biking, or taking public transportation into the office, a podcast is a perfect way to brush up on industry knowledge. Try sourcing a podcast relative to your field and narrated by experts. Not only will it get you thinking about the topics of your industry—while expanding
your professional vocabulary—it will also wake up your brain and get your head in the game as you prepare to launch your day. Use your commute time to bump up your knowledge and conversation points, and you’ll be ahead of the curve before you reach the office.
4. Begin with a To-Do List When work gets busy, sometimes just getting started is an overwhelming prospect. Before you dive in to your e-mails and projects, take twenty minutes and be thoughtful as you assess your daily and weekly to-do
list items, then map them. By giving yourself a bullet point system of what you need to accomplish and by when, you can undo some of the anxiety that a busy schedule promotes.
5. Walk It Out, Even If You Missed the Gym While we often rely on coffee for our morning buzz, exercise provides a potent burst of energy that can supercharge your day. But, let’s say you’re running behind and skip the gym—all is not lost! Take fifteen minutes in
the early morning to take a walk around the block a few times. The fresh air and aerobic exercise will wake you up, get your blood moving, and provide your morning with a natural injection of motivation.
Everyone’s morning routine varies, but perhaps the first step is identifying aspects of your routine that could be improved, and tackling them from there. From waylaying
screen time distractions to getting in a little blood-pumping exercise, keep these tips in mind as you launch your most productive morning routine ever.
16
Top Agent Magazine
Top Agent Magazine
mailto:mag@topagentmagazine.com http://www.topagentmagazine.com
Top Agent Magazine
17
Emotional Fluency:
How to Communicate with Clients When Tensions are High Managing emotions, expectations, and personalities are central to a successful real estate career. After all, this is a business based on relationships and interpersonal communication. Likewise, real estate is built on one of life’s central milestones—homeownership. This means that stress, disappointment, excitement, and competition are inherently 18
involved in the process. As an agent, you take on the real estate world every day, but most of your clients aren’t well-versed in the norms of the industry and are likely riding an emotional roller coaster throughout. Acknowledging this, how do you steer the ship when emotions and tensions are running high?
Top Agent Magazine ®
Top Agent Magazine
For starters, it’s not always intuitive. Just like you add tools to your arsenal when it comes to marketing, social media, or lead generation, you also have to add emotional tools to your repertoire. Here are a few ways to diffuse tense situations and keep clients on an even keel—even during the ups and downs of the transactional process.
Create realistic expectations from the outset and reinforce them as you go As a seasoned agent, some aspects of the industry may seem run of the mill to you, but may come as a shock to your clients. That’s
Top Agent Magazine
why communicating expectations from the beginning can help create reasonable touchpoints in the minds of your clients. In addition to talking through the steps of the transactional process with your clients, consider writing out a checklist or compiling a buyer’s guide that can serve as a resource for them throughout. Think of it like a security blanket, but one that’s built by facts, figures, and anecdotal experience. If you paint a clear picture of what to expect, clients are less likely to be taken by the surprise and react impulsively as a result. What’s more, reinforce next steps, expectations, and possible outcomes as you go. If your client is left to wonder or guess at what’s ahead or
Top Agent Magazine ®
19
what will happen, they will either envision the worst-case scenario and panic, or they’ll misjudge the next step and be disappointed or left anxious as a result. Minimize surprises by communicating regularly, clearly, and with all options on the table.
When unveiling a problem, come to clients with potential solutions in hand Any agent worth his or her salt knows that bumps in the road are likely to occur along the way. You can’t promise a transaction free of stress or unforeseen issues, but you can minimize the ensuing stress by preparing you client in advance for any potential problems, and by addressing any problems
20
clearly and with solutions already in hand. Clients are likely to become agitated if a problem arises and they can’t understand why or what it means. That’s why slowing it down, talking it through, and offering potential avenues for recourse can quell fears and remind clients why they chose you to facilitate the transactional process. This means you’ll have to vigilant, proactive, and on the ball. Of course, it’s much easier to be an agent when everything is going great and flowing naturally. It’s when things take an unexpected or negative turn that true talent is really tested. Accordingly, show your clients that you are confident and in control by remaining adaptable, communicative, and clear in your problem-solving approach.
Top Agent Magazine ®
Top Agent Magazine
Never underestimate the power of listening As an agent, you are probably well-versed in putting out fires and sourcing solutions. Sometimes, however, clients are really looking to you as a confidante and a listening ear. You’d be surprised how much nervousness you can resolve by simply offering a listening ear and offering reassurance. Sometimes it’s not about providing a band-aid or a practical solution; oftentimes, it’s all about listening. Clients need to feel like they’re being heard, even if you’ve heard it all before. By listening to their fears, acknowledging their perspective, and reiterating their goals—you display your empathy and understanding, which is often just what a client Top Agent Magazine
needs to feel better. In other words, you don’t have to break out the graphs and data each time a client airs his or her insecurity. First, slow down, listen, and interact on a personal level. You may stop an emotional upheaval in its tracks simply by putting your listening cap on. Not all clients are alike. Some will require a little more hand-holding than others, but it’s your job to put yourself in their perspective, recognize the milestone at hand, and managing the personalities you’re working with. The next time you feel frustrated by a client’s unpredictable emotional energy, keep these insights in mind as you diffuse the situation, steer them to a place of comfort, and fortify your interpersonal skillset in the process.
Top Agent Magazine ®
21
Untangling the Bidding War: A Buyer’s & Seller’s Perspectives In a competitive marketplace, bidding wars become the norm. While this may put sellers in an excellent position to recoup on their investment, it can push buyers beyond their budgets and test their temperaments in the process. As an agent, how do you navigate both sides of the coin? After all, you want to net the best results for your client—regardless of which side of the closing table they’re on. To fortify your approach to a heated bidding war, here are a few ideas and insights to better clue you in on the perspectives of buyers and sellers alike. 22
Buyer’s Perspective: Emotions Running High? Channel it. When the market is booming, buyers feel the pressure—especially when affordable inventory is limited. This can create stress, feelings of hopelessness, and impulsivity. As an agent, how do you channel this emotional energy into something positive? Consider asking buyers to put those anxieties and high hopes onto paper. Have buyers outline
Top Agent Magazine ®
Top Agent Magazine
who they are, why they’re inspired to buy a home at this juncture in their lives, and how they see their lives unfolding once they become a homeowner (or repeat homeowner). Think of it as a letter of intent. Buyers benefit from taking abstract fears and dreams and articulating them on paper. Likewise, this document can serve as a valuable tool during a bidding war. Letters like these can help sellers with multiple offers make a personal, emotional connection with a particular buyer.
Sellers Perspective: Manage expectations. When multiple offers are rolling in on a property, it’s easy for sellers to get carried away. Numbers are flying, expectations are heightened, and sellers may become hypnotized by higher and higher offers and ideal outcomes. While it’s good to celebrate prime market positioning, it’s also important to maintain an even keel so that your seller’s mind is clear and they’re thinking rationally through their options. Sometimes the highest offer isn’t necessarily the sure thing. Manage your clients’ expectations by leading by example, offering a balanced perspective, and talking them through all potential outcomes so that they don’t only hone in on the best-case scenario. During a bidding war, tensions are running high for seller’s too, who will soon begin their next chapter in another home. Keep a cool head and remind your client to see the big picture, recognize that it’s possible for some offers to fall through, and to sit tight until the closing table has been successfully reached.
Buyer’s Perspective: How do you authentically and convincingly convey your interest? When ten or so offers are in the mix, it can be hard to differentiate your buyer from the next. While numbers will obviously do a lot of the talking, you’d be surprised how much of a difference a Top Agent Magazine
personal touch can make. Some popular approaches to standing out include personal letters—as mentioned above—tailored to the property. Was the property in question a family home for years? You might have clients detail their dreams of raising a family inside those walls, rather than tear the property down and rebuild something to boost the lot’s value. Including a family photo is also a good tact for personalizing letters in a bidding war. Likewise, little gifts included with your offer can speak volumes about your personality and due diligence as an agent. It may seem a little cheesy, but when sellers are looking at ten near-identical offers, those personal touches can really paint a compelling, personalized picture.
Seller’s Perspective: How powerful is cash? Data shows that cash offers—typical of investor clientele—double the chances of having an offer accepted. This goes hand in hand with waiving a financing contingency, which also helped boost the probability of an accepted offer, according to research. Cash is king, however, since offers that aren’t completely reliant on comprehensive financing seem to minimize risk for sellers, who are already eager to see a deal go through. Cash deals also tend to go through quickly, freeing sellers up to pursue their next property and move on to new horizons. While not every buyer has the ability to operate in cash, it’s a worthwhile consideration for those in ultra-competitive markets and with liquid capital. While the bidding process can be stressful for agents and clients alike, it’s important to remember that it’s a time of opportunity, too. If you want to make the most of it as a seller, data shows that a personal touch can endear buyers to their seller counterparts. For sellers navigating a competitive process, it’s important to keep a balanced perspective. For agents, here’s the bottom line: get creative, be resourceful, and use all the tools in your arsenal to achieve the best result for the clients you serve.
Top Agent Magazine ®
23
mailto:mag@topagentmagazine.com
24
Top Agent Magazine