CONNECTICUT EDITION
CREATIVE MEDITATION for the Real Estate Professional Why Millennials Are Now the HOTTEST SEGMENT OF THE BUYERS MARKET
COVER STORY
DANA FLANAGAN
BE THEIR REALTOR® FOR LIFE: How to Build a Relationship with Your Clients that will Last a Lifetime Top 4 Ways to JUICE UP YOUR OPEN HOUSE STRATEGY
CONNECTICUT EDITION
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DANA FLANAGAN
CONTENTS 4) BE THEIR REALTOR® FOR LIFE: HOW TO BUILD A RELATIONSHIP WITH YOUR CLIENTS THAT WILL LAST A LIFETIME 13) WHY MILLENNIALS ARE NOW THE HOTTEST SEGMENT OF THE BUYERS MARKET
18) TOP 4 WAYS TO JUICE UP YOUR OPEN HOUSE STRATEGY 22) CREATIVE MEDITATION FOR THE REAL ESTATE PROFESSIONAL
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Be Their REALTOR for Life: ®
How to Build a Relationship with Your Clients That Will Last a Lifetime In the world of real estate, an agent’s relationship with their clients can make or break their career. This industry revolves around working well with people, and being able to develop a strong relationship with your clients is the foundation that you business is based upon. Just like with a house, if that foundation is weak, the rest of the structure is also going to be unsteady and fragile. The mark of a good REALTOR® is their ability to build up a good referral network and following of loyal clients. This isn’t something that just happens by accident. Building healthy, strong relationships with your clients takes work and knowing how to gain another person’s trust, respect, and friendship. Here are some ways to make sure you are building the right kind of relationship with your clients. 4
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1. Use Your Friendliness and Optimism to Win Them Over: No one wants a pushy, overly confident salesperson for a REALTOR®. Clients are much more inclined to put their trust in the hands of someone who is friendly when it comes to one of the biggest financial transactions of their lives. A pleasant, outgoing disposition will win you more clients as well as friends. You want to establish rapport in the first few minutes of first meeting prospective clients. Rather than starting with business right off the bat, begin your meeting with some small talk such as similar interests, hobbies, and family life. This will immediately help to put your clients at ease, and show that you are not simply trying to “sell” them something. People also respond well to optimism. During what can be a very stressful time, clients need someone to help them stay positive when a situation looks difficult and challenging. Optimism also tends to radiate charisma, and people want to be around and do business with charismatic people. You want to learn how to understand, motivate, and inspire people.
2. Be an Inquisitive Learner and an Empathetic Listener:
On the other side of this coin is knowing how to listen empathetically. Empathy involves actually putting yourself or your mind in their shoes so you can genuinely understand their concerns, needs, and opinions. That understanding and empathy is then reflected in your conversation with that client. Your clients want to know that you care about their situation, and that they’re not just another sale for you to make. People are much more willing to put their trust in you when they can sense that you are actually making an effort to feel what they feel in order to understand their situation. Showing your interest through questions, and then thoughtfully listening goes a long way towards gaining trust. Showing empathy and acknowledging the feelings and emotions involved in your clients situation helps build a relationship founded on genuine care and trust.
3. Watch for Nonverbal Clues:
Don’t be afraid to show your curiosity and ask your clients a lot of questions. Some of these questions may even be difficult and uncomfortable. You want to discover and learn as much as you can about your client. Don’t make the mistake of jumping straight into the role of the know-it-all. Every different client has unique needs, so you want to learn as much as you can about their specific situation before trying to propose a solution. You want to uncover their primary motive for buying or selling, and flush Top Agent Magazine
out any potential concerns they might have. After you’ve gained as much information as possible, you can then gauge their interest in your possible solutions by asking “what if” questions. Being inquisitive also demonstrates to your clients that you are genuinely interested and invested in their situation.
Most communication happens nonverbally, so knowing how to interpret your client’s body language can be incredibly helpful. Here are a few things to pay special attention to: Eye contact: Be careful with the level of eye contact you use with clients when first meeting. Too much and too little eye contact can send the wrong impression. You want to try and maintain eye contact around 70 percent of the time. That is the amount that most people are comfortable with. Pay attention to your client’s level of eye
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contact to determine how comfortable they are. When someone avoids eye contact that could mean they are not engaged in the conversation. A good way to quickly build a feeling of rapport when first meeting clients is to make eye contact when you first meet them and then start nodding yes to what they’re saying. If the client reciprocates the eye contact and nodding, you’ve established a connection.
4. Prove your honesty and credibility:
Choose the right handshake for each client: One handshake does not fit all people, and that first handshake can be crucial to making a good first impression. The way to do a good handshake for each client is to try and mirror the other person’s handshake in strength, keep your shoulders aligned as you are preferably standing when you shake hands. While you shake your client’s hand make sure you make eye contact and give them a sincere smile.
Showing a little weakness can actually be to your advantage in this situation, and will actually make others more inclined view you as honest. You don’t want to come across as too good to be true. When revealing this weakness, however, the key to coming out on top is turning what sounds like a weakness into a strength. For example, your service may be more expensive, but that’s because you offer more personalized and extra services than your competitors.
Honesty and integrity are the two traits that 98 percent of buyers and sellers report are qualities they consider “very important”. The thing is you can say you have these traits all you want on your website, bio, etc., but trust has to be earned, and the only way to do this is to prove your credibility.
Here are a few tips for how to sound more credible:
When you talk to your clients avoid using filler words such as “um” and “uh”, which can decrease your credibility. You also want to watch the tone of your voice. People tend to translate a deeper tone as sounding more credible.
You want to develop a relationship to last a lifetime when interacting with your clients. There are many things you can do to accomplish this, and using these tips can take you from getting just a few referrals and repeat customers to gaining a loyal client following. Taking the little extra time to make sure you are projecting the right attitude and making sure that you are doing things to gain your client’s trust can make a world of difference for your business. 6
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DANA FLANAGAN Top Agent Magazine
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DANA FLANAGAN Dana Flanagan literally grew up in the real estate business. When she was a just a teenager, she started tagging along with her aunt who was a top producing realtor at that time. Her aunt started giving her little jobs to do in the office. “It gave me a sense of self-gratification and obviously helped her out, and as I got older I started working with her at open houses,” Dana says. “I remember going to a guidance counselor meeting with my parents in high school where you sit down and talk about what kind of career you want when you are older and I said, ‘I already know what I am going to do. I am going to be a realtor.’” Licensed by her early 8Copyright Top Agent Magazine
20’s, Dana was soon thriving in her dream career. Currently Dana runs Flanagan Realty Group, a team of four that includes her husband Michael, who works as the transaction coordinator, and two Buyer Specialists. Focusing on Central Connecticut, most of Dana’s business is within thirty minutes of Hartford. She is also licensed in Vermont. Dana understands that marketing and exposure are key to both her business and her listings. She stays up-to-date with new technologies, using professional photographers and 3D imaging in her listings, and she showcases properties on Top Agent Magazine
“The attention to detail in our listings and all the work we do really shines through. That’s why our homes sell for a higher price in a shorter amount of time.” both social media and all the major websites. Her team also does pre-marketing on all listings to create buzz. “The attention to detail in our listings and all the work we do really shines through,” Dana says. “That’s why our homes sell for a higher price in a shorter amount of time.” Despite her busy schedule, Top Agent Magazine
Dana makes sure to stay in touch with past clients. She sends out a bi-monthly newsletter and follows her clients on social media as a way to foster relationships. Much of Dana’s business is repeat and referral. “I think the reason for that is I really have Copyright Top Agent Magazine9
“I try to make things as easy as possible. We always work through any hiccups and find a way to help our clients get to their goal. And we always try to think outside the box.” built a name for myself in our area, which is nice. People come up to me–in restaurants or the store–and say, ‘Aren’t you that realtor?’ and they’ll introduce themselves.” She’s known throughout the community as a realtor who can be counted on to not just provide thoughtful, professional service, but to do so Copyright Top Agent Magazine Copyright 10
in a positive way. “I always try to provide the best experience possible and a positive outlook on everything, so I think people really like my upbeat attitude,” Dana says. “I try to make things as easy as possible. We always work through any hiccups and find a way to help our clients get to their goal. And we Top Agent Magazine
always try to think outside the box.” Dana and her team go above and beyond to make a sale or purchase seamless. As a result, her clients passionately spread the word to their family and friends. “When the question comes up and someone says, ‘I have a home to sell,’ my clients say, ‘Oh, I had the best experience with Dana. You have to call her.’” In her free time, Dana is an avid skier, runner, & golfer and enjoys participating in and donating to fundraisers and charity golf tournaments. The team attends many networking and charity events throughout the year to raise money and awareness for their favorTop Agent Magazine
ite causes. “We love to try to support people and we like to network with a purpose,” Dana says. “It’s great if what we are doing benefits a certain cause.” Dana plans to continue expanding her business to create new and exciting challenges for herself and her team. She owns an investment property and plans to grow that piece of her portfolio. She also hopes to begin both flipping and remodeling homes. She’s expanding her work to include more relocation clients and luxury home price points for her sales. With her talent, expertise, and lifelong passion for real estate, she’s sure to exceed her goals. Copyright Top Agent Magazine 11
To find out more about
Dana Flanagan and Flanagan Realty Group, powered by Agnelli Real Estate, contact her by cell phone at 860.796.0562 or by email at dana@flanaganrealtygroup.com
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Why Millennials Are Now the Hottest Segment of the Buyers Market
and How You Can Attract Them to Your Home There are many factors when it comes to knowing how to sell your home to the Millennial generation. Millennials are becoming an important part of the buyer market, and to fail to cater to their needs will cut you off from a large and important segment. But, why have Millennials all of a sudden become interested in buying houses when they were perfectly content to rent for the rest of their lives? Top Agent Magazine
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A number of factors contribute to what has recently made Millennials the hottest segment of the Buyers market. One factor is the improved job outlook for Millennials. Millennials took a serious blow during the recession. Unemployment in this group soared to 14 percent, compared to the 9.6 percent for the population as a whole. But, in recent years that number has been decreasing, with unemployment for Millennials being 9.3 percent this past year. Rising rents are also contributing to making Millennials more interested in purchasing homes now. Rents have risen so much that buying a home now just makes more sense. Half of all renters spend more than 30 percent of their income on housing. Millennials are becoming increasingly stressed over the constantly increasing financial obligation to something that isn’t even theirs to own. The near-historic low mortgage rates are luring Millennials towards purchasing a home with their promise of affordability. When compared with the skyrocketing rental rates, buying a house looks even more enticing. Another factor helping Millennials get over the hump of purchasing a house is the lower down payment requirements. Fannie Mae and Freddie Mac are now offering new loan programs that require as little as a 3 percent down payment. This may just be the last push the Millennials needed to turn toward buying a home rather than rent. So, now that we’ve established that Millennials are finally joining the Buyers market, the next thing that it is important to understand is what exactly Millennials are looking for in a home. What kind of floorplans do they prefer? What locations are they interested in? Here are some of the essentials that Millennials are looking for in a home: • Updated Kitchens and Baths: Almost everyone wants to buy a
home with new kitchen and bath fixtures, but this is especially true for Millennials Buyers. Millennials are going to spend most of their savings on the down payment and furnishings, leaving little room to update the Kitchen and Bath, which are also the most expensive parts of a home to
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update. have thethe money to to update.Millennials Millennialswho whoare areon ona abudget budgetsimply simplywon’t won’t have money sink sure to to bring in in a a sink into into those thoseareas. areas.An Anupdated updatedKitchen Kitchenand andBath Bathis is sure bring younger younger crowd. crowd. • thethe kitchen hashas • B Big Kitchen with Open Floor Plan: ig Kitchen with Open Floor Plan:For ForMillennials, Millennials, kitchen
become toto thethe family room. This becomethe theroom roomwhere wherethey theyhangout hangoutininaddition addition family room. This is from thethe kitchen is why why having havingan anopen openspace spacethat thatcan cantransition transitioneasily easily from kitchen to the TV room is high on the list of things Millennials are looking for in in to the TV room is high on the list of things Millennials are looking for aa home. to to anan open floor home. Along Alongaasimilar similarvein, vein,Millennials Millennialsare areattracted attracted open floor plan rather than one that compartmentalizes the home. This has to do with plan rather than one that compartmentalizes the home. This has to do with how to to flow through how Millennials Millennialsentertain. entertain.Millennials Millennialswant wanttheir theirguests guests flow through the rooms and mingle together, rather than be sectioned off in different the rooms and mingle together, rather than be sectioned off in different rooms. rooms.
• Home Office: More than 13 million Americans now work from home, • Home Office: More than 13 million Americans now work from home,
and if you look at the trend, that number is only going to increase as the and ifgoes youon. look at technology the trend, that number is only more goingMillennials to increasethan as the time With steadily increasing, time have goes the on. With technology increasing, more Millennials than ever flexibility to worksteadily from home. But, the home office isn’t everfor have the flexibility work from theahome office isn’t just someone working to from home fullhome. time. But, Having separate space just for someone working from home fulland time. Having a separate space dedicated to work helps people concentrate focus on work while they dedicated to work people themselves concentratefrom and focus on workgoing whileon they are at home. They helps can separate the activities are at home. Theyand canhave separate themselves fromthey the activities around the house a quiet space where can set upgoing their on around the house and have hold a quiet space on where they can set their workday, plan a presentation, a meeting Skype, or even payup bills. workday, a meeting on Skype, or even pay bills. Top Agent Magazine plan a presentation, 15 Top hold Agent Magazine Top Agent Magazine
• Less Maintenance: Many Millennials work different schedules that
don’t conform to the 9 to 5 workday, as well as full social calendars. This doesn’t leave them much time to clean a big house. Lawn services and low-maintenance front yards are particularly appealing, as they take less responsibility to still keep the curb appeal high.
• Energy-Efficient Appliances: Millennials have been educated on
keeping the Earth clean from the time they were born. They want to do their part to help the environment and appreciate the long-term cost savings that come with it. Energy-efficient appliances and greener ways to heat and cool the home might end up being the tipping point that makes them choose one house over another.
• Hardwood Floors: Millennials don’t have the time or patience to clean
dirty carpets, especially those that own pets. Hardwood and laminate flooring is easy to mop up if there’s been a mess. The more time they can conserve, the better.
• Good Location: Millennial buyers are looking for homes that are in
proximity to public transportation and have a good walking score. Young Millennial buyers without children are more likely to want a location closer to the action of the city, while Millennials with children would prefer more residential areas.
• Technology: Technology rules the Millennial’s life. They do work on
their computers through an Internet connection and solely use cellphones for communication. They are going to ask about how strong the cell service is and about the Internet service provider. While these amenities are out of the seller’s hands, Millennials are still going to ask these questions, and you will need to know how to answer them.
Knowing what Millennials are looking for in a home will ultimately help you make the necessary changes that will attract these buyers to your home. Since they are the a serious segment of the market now, updating your home to fit their needs will lead to more buyers and better offers. So, get with the times and embrace the Millennial buyer. 16
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Top 4 Ways to Juice Up Your Open House Strategy by Rob Flitton
I go to open houses, but not just because of my profession or interest in architecture and interior design. I go to open houses to see how effective real estate agents are at selling. It has been rather eyeopening because there is very little selling going on—the average open house strategy needs work.
1.Build a Dynamic Open House Booklet After they leave, open house visitors will discard a one-page for-sale info sheet naming a home’s features. But they will keep, and possibly use, a 6 or 8 page booklet loaded with interesting items that directly solve problems for them.
Perhaps “selling” is considered an outdated skill, or that it feels socially awkward for agents to be regarded as a salesperson. But if you’re a real estate agent, you are a salesperson. At most of the open houses I go, I see money floating out the door every time a visitor leaves because of the agent’s inability or refusal to sell.
It will require some strategic thought to nail the content and design, but perhaps include: (i) descriptives about the benefits of buying the property you’re showing, and not just data, (ii) compelling reasons why they should consider working with you along with a web link to search for listings on your website, (iii) a web link telling them how to get a prompt, written estimate on the value of their home, or to find out what other homes in their neighborhood sold for, (iv) possible discounts on real estate related services—maybe a reduction in fees from your preferred lender, or a reduced home inspection price, (v) possible discounts on non real estate related items.
An open house is a lucrative opportunity to find buyer or seller clients –selling the listing itself may also be the goal, but an agent should not pass up this chance. There are 4 distinct strategies an agent can immediately employ to juice up their open houses and get awesome leads. 18
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they are are voidvoid of interesting If you you combine combinethis thisdynamic dynamicbooklet booklet data—and of interesting data—and they - - or or problem-solving information. with properly properly trained trained closing closinglanlan problem-solving information. guage, as guage, as touched touchedupon uponbelow, below,it itis is The Neighborhood something the 2.Work The Neighborhood something the average average person personwill will 2.Work few days prior to your openopen house, either keep few days prior to your house, either keep and anduse useororpass passalong alongto to A A find the names and addresses (from someone they know. A well designed someone they know. A well designed find the names and addresses (from records—or elsewhere) of, say, 20 20 booklet can records—or elsewhere) of, say, booklet canbring bringyou youaalotlotofofbusiness. business. taxtax homes in each direction from the homes in each direction from the Pre-internet, both open houses for open house. Pre-internet, open homes housesforfor open house. resale listings,both and model resale listings, andrelied model new construction, on homes strategicfor For the cost of postage and some For the cost postagetoand new construction, on strategic mailof a postcard thesesome collateral materials relied (handouts). Vis- sweat-equity, a postcard collateral materials (handouts). Vis homeowners mail inviting them to to thethese itors were ostensibly looking at sev - - 80sweat-equity, at sev 80 homeowners inviting them to the itors were ostensibly at the looking same time, so - open house and offering something eral competitors eral competitors at the time, open and house and offering something collateral materials had same to have theso unique compelling—perhaps a collateral materials to to have uniqueor and compelling—perhaps power to bring themhad back yourthe drawing giveaway for those willing a provide their opinion on asking site—a togreat callthem to action, forthe those willing power bring back toeyeyour to drawing or giveaway of the home the entry card, catching great color, call identification of the to provide their(and opinion on the asking site—a to action, eye- price course, willhome net you emailcard, benefits ofcolor, buying your product.of the of price of the (andtheir the entry catching identification address and phone number). Peopleemail of course, will net you their benefits of buying your product. Yet at open houses today, I primarily areaddress generally andnumber). like to People be andnosy phone see at bland sheets dis- validated, so asking for their are generally nosy and opinion like to be Yet openinformation houses today, I primarily cussing features—the listing price, on something hap pening in their opinion see bland information sheets dis- validated, so asking for theirown the square footage, and the standard neighborhood is very appealing. cussing features—the listing price, on something happening in their own Top Magazine theAgent square footage, and the standard neighborhood is very appealing.19
And, it is best to mail them again right after the open house to talk about what happened. “From our Saturday open house, we discovered 3 qualified and eager buyers that are now looking for a home in this neighborhood—if you would like to know what your home is worth for these buyers to consider, please give me a call.”
dynamic booklet and say: “Please enjoy our open house, and am hoping you’ll do me a favor. This booklet is loaded with great information about, and if you become interested at some point in buying or selling, would you please call and give me the opportunity to earn your business? Or if you happen to know someone now who is looking now, would you kindly pass this booklet onto them?”
Also, adding on door-knocking or If they reply with a “don’t know” type flyer-hanging to your mailings boosts of answer this usually means they are your neighborhood equity even more. indeed looking but are just not ready yet to reveal this to you, so you will 3.Close and Qualify need to work to make a connection. Engage every single visitor in closing Good consultative sales connections dialogue, because every single visitor are made when you can make them feel you’re not pushy and are able to is there for a reason. directly resolve their problem. While smiling, with shoulders erect, and maintaining suitable distance, A “yes” type of response is great, but look them in the eye and offer your you should take the qualifying step of handshake while stating your full asking them if they’re working with another agent. If they are, the dyname and company—and then ask: namic booklet comes in handy again: “Are you out looking to buy a home “If for any reason your agent is today?” unavailable to show you homes, I can be reached at the phone number in There are 4 categories of answers, this booklet. Plus, it contains fantastic and any answer they provide is an resources for searching online and a opportunity to get to the marrow of discount on financing.” what they need. There are “nos”, “don’t knows,” “yeses,” and “other.” If you can’t get a sandwich, get a bite. If they are definitive about looking, If they reply with a “no” variety of and don’t have an agent, then they are answer, then you can hand them your available for you to work with and 20
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here again you need the right type of closing and qualifying dialogue. The goal here is to evoke from them their home-buying goals so that you can match and narrow down to a single opportunity. It’s a mistake to present multiple listings to a buyer at once. Ask broad questions and then narrowing questions followed up by “if-then” questions. Example: “What types of functions do you want in your new home, or activities near your neighborhood?” Followed by something like, “is the number or size of bedrooms important to you?” Followed by, “so if I can show you the kind of home we just described, are you ready to go see it and possibly make an offer?”
4.Have Interactive Tech Tools Onsite It is the worst feeling to engage someone as a potential client at an open house and then have no tools available to solve their problem— don’t assume they aren’t going to want to do business right away. If you’re engaging a potential buyer, you better be able to instantly gratify their desire to see viable homes online so internet access and an easily view-able screen are necessary. They may ask you to go see other homes in-person, so you need to have a coagent available to either show them those homes, or spell you off as host while you do. You may be asked to write up an offer for them so you will need the tools and ability to create and e-sign documents.
Naturally, any objections or “nos” you receive in this process are just fan- When a potential listing client is in tastic opportunities to learn about their front of you, you need to be able to needs and earn a connected trust. show them recent comparable sales and may even be asked to list their The “other” thing they might tell you home and will need the tools and is that they’re not a buyer at all, but a ability to create and e-sign documents potential seller. Potential sellers often for taking that listing. go to open houses to find out how their home stacks up, but are you It happens sometimes—but it never aware what the number one reason happens if you’re not ready. they attend open houses is? Potential sellers go to open houses to Rob Flitton is a Seattle Real Estate Mardirectly or indirectly interview you, a keting specialist helping independent agents to increase their income. Email Rob potential listing agent. And they hire robflitton@gmail.com at any time or call/ confident, prepared professionals. text him at 206-612-2314. Top Agent Magazine
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Creative Meditation
for the Real Estate Professional The real estate world can be an industry of intense emotional and psychological pressure. Deadlines, meetings, employee needs, client needs and a hundred other items on which one needs to focus on a daily basis can create an environment that is not only not conducive to mental well-being, but can be outright detrimental. Learning to quiet the mind has been the focus of meditation for millennia. While those not familiar with the concept of meditation may instinctively think of yoga mats, incense, and chanting when the word “meditation” arises, there are in fact, many forms of meditation that can integrate quite 22
easily into the daily hustle & bustle world of the busy real estate agent. First, think about when you are alone each day. Here are some possible times to practice mediation during the work day: • When driving to the office in the morning • When driving to a showing or to meet a client • Before your open house begins • After the open house • Driving home in the evening Top Agent Magazine
Repeating a mantra can be very calming, particularly when you are trying to rid yourself of negative, self-defeating thoughts. These are just five examples of times when you can take advantage of meditation techniques to quiet your mind and, by extension, increase productivity. A calm mind is a more thoughtful, better tuned instrument. Here are some examples of meditations you can try.
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For when you’re driving, download and listen to any number of audio Guided Meditations available on the internet. YouTube has a generous selection of these, many of which are geared towards success in business.
2 Repeating a mantra can be very calm-
ing, particularly when you are trying to rid yourself of negative, self-defeating thoughts. It doesn’t matter what words you choose, as long as you feel good about your choice. “I am a success” or “I will approach all of my clients with love today” are two examples. Whatever works for you and gets you into the desired mindset.
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3 Something as simple as listening to pleasant music in your car can be considered meditation, provided it brings you to a place of comfort as opposed to one of spiritual discordance.
4 The most important thing, however, is to take time to find gratitude in everything you do. Count your blessings, be grateful the exciting career in real estate you have built for yourself.
Once you’ve mastered some of these techniques at quieting your mind, you can attempt to find some that work even better for you. Walking, plain silence, or even exercise can have meditative qualities and benefits if practiced on a regular basis. When you’re truly feeling calm, your clients can sense this. And with this comes the feeling that you can be relied upon to stay focused and calm in any unforeseen circumstances. And in the world of real estate, that’s a highly prized commodity. 23
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