Los angeles 3-19-17

LOS ANGELES EDITION

Tips on Breaking Into the LUXURY MARKET 5 Tips to Get NEW CLIENTS Making A 'LEAD GENERATOR' Work for You

Developing Your PRICING PHILOSOPHY

COVER STORY

DESIREE GOODMAN

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LOS ANGELES EDITION

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-TOP ESCROW COMPANYDESIREE GOODMAN

DESIREE GOODMAN CONTENTS

4) MAKING A 'LEAD GENERATOR' WORK FOR YOU 13) DEVELOPING YOUR PRICING PHILOSOPHY

19) 5 TIPS TO GET NEW CLIENTS 22) TIPS ON BREAKING INTO THE LUXURY MARKET

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Making A ‘Lead Generator’ Work For You

by Carla Cross

When it comes to sales, some people just seem to have the ‘golden touch’. There are agents who seem to be able to convert ‘leads’ into appointments, while others struggle.

I had an opportunity to observe this time and again as a manager. Jerry, in my office, seemed to be able to convert ‘floor time’ calls into appointments with ease. (Floor time, as you may remember, is a scheduled time when agents answer inquiry calls from consumers).

George, on the other hand, seemed never to get an appointment while he was assigned floor time. In fact, George accused me of giving Jerry “all the good floor time”. From Jerry’s conversion rates of calls to appointments, it may have seemed like it. However, we simply rotated floor times with all the agents. No one got any better ‘floor time’ than any other agent!

Why did Jerry convert calls to appointments, while George struggled? You would know the answer if you just listened to each 4

man on the phone. Jerry immediately established rapport, asked great questions, and answered objections masterfully. He followed up immediately. He had awesome sales skills. George had no skills, seemed not to care much about the caller, and acted as though he was doing the caller a great favor simply by answering the phone!

A “lead generator” is anyone or thing that generates leads for you.

There are two types of lead generation: Pro-Active: You go find the lead (like calling on for sale by owners) Re-Active: You wait for the leads (like lead generating companies, floor time, and open houses) Too often, agents like George blame the re-active lead generating source for lack of quality of leads. On the other side, lead generating sources feel that agents don’t convert enough of the leads provided. Instead of blaming each other, we can take Top Agent Magazine

positive steps to assure that you can screen your leads effectively, and turn good leads into appointments.

Now, both agents and lead generating sources are happy!

The First Principle: Follow Up on the Lead Now! A web site lead costs $215 to generate, on average. Yet, a majority of real estate agents don’t even get back to a lead—ever! Why? I think there are three reasons:

you can’t just get back to a lead three days later. The consumer today expects to get a reply quickly.

I’m constantly amazed when someone thanks me for responding quickly about a product or a question about our coaching. Our standard for answering product and coaching inquiries is within the day.

What’s your standard for answering lead inquiries? (Which require much faster responses, in my opinion, than my ‘leads’).

There’s Competition For That Lead • Agents mistakenly think that the A few days ago, I was visiting with lead will be theirs forever—that my cousin, whose daughter just went there’s no time sensitivity to into real estate (she’s twenty-two).

She has immediately put technology answering that lead to work, creating an awesome • Agents believe there’s no database and contact management system. She’s selling up a storm— competition for the lead and making the agents in the area • Agents don’t know the cost of a mad at her. Why? Because she’s lead—in both time and money so getting to the consumers before the they don’t treasure that lead as if it other agents do. They thought they ‘owned’ those consumers’. But, my were gold cousin’s daughter is proving that no With the instant information age, one owns the consumer. She’s Top Agent Magazine

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turn that lead into an appointment. In my coaching program, Carla Cross Coaching, we find that developing agents lack the sales skills to optimize their time and energies. So, we The Second Principle: Give provide sales skills training resources to shore up their motivation and desire the Lead Its Value to reach their goals.

If you’ve ever spent time generating your own leads, you know what this Set Your Sites And Raise Your means. As a new agent, I knew Skills To Mastery about two people in the area.

Because I had no built-in network, I Our high accountability training did every kind of lead generation program, Advantage, is helping new known to man. I worked all the and newer agents capture the sales time. I learned by all my mistakes and organizational skills it takes to how to generate leads—and the convert leads more often. But, value of a lead. Purchasing a lead is training is only the start. It takes so much easier than generating your coaching to master any skill, along own. But, you must treat that lead with your determination to get like the potential gold it is, so you’ll really good at lead conversion. be the Jerry of sales, not the George. Decide today your standards for performance, what you want to The Third Principle: Develop master, and how you’ll go about it.

Now, you’re on your way to Your Sales Skills becoming a top producer!

Following up on the lead immediately shows you value the lead. But, that’s Copyright©, Carla Cross. All rights not all. It takes specific sales skills to reserved. demonstrating that those who put technology to work effectively today capture the consumer’s attention and loyalty.

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DESIREE GOODMAN 7

DESIREE GOODMAN Desiree Goodman has come a long way from her early days as a receptionist at a well-known escrow company in Brentwood, Calif. It was no doubt her outgoing personality that got her the job but it was her hard work and determination that got her where she is today. With a flurry of promotions backing her, she started her own escrow company with Sterling West Escrow. As its founder and chief architect, she leads a team of experienced and professional escrow agents and assistants.

“I couldn’t do it without them,” she says.

“They’re wonderful. They’re like family.”

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Desiree Goodman started her own escrow company with Sterling West Escrow. As its founder and chief architect, she leads a team of experienced and professional escrow agents and assistants.

“I couldn’t do it without them.”

It is Goodman’s easy nature that draws you in and certainly is part of the reason her clients flock to her. Combine this with the level of service she provides and you have a recipe for success and with an 85 percent repeat and referral business for her, it shows. Because Goodman has been in the business for over 20 years, it all comes naturally to her and allows her to really focus on her clients. She gets to know what their needs are and how to match that with the services she offers. “We are so at ease here with the nuts and bolts of what we do that we actually take the time to get to know Top Agent Magazine

the people we are working with,” she says.

Even her agent clients get a personal touch as she has established relationships with them that have lasted more than 25 years.

As an independent escrow company, Goodman is able to offer her clients the highest level of financial protection around as her company is held to a higher standard than affiliated businesses. Because this is the only focus at Sterling West Escrow, Goodman can give her clients total attention during the escrow process which has earned her a solid reputation in the indusTop Agent Magazine

try and a five-star rating on Yelp. “Word travels fast and our good name in the community remains the gold standard that we protect so fervently,” she says. While her relationships with the real estate community run deep, she keeps it fresh for new clients using social media to stay in touch and keep abreast of their lives. She even socializes with many of her clients that she has become friends with. Goodman truly thrives in the escrow world as she loves the business and the people she gets to work with each day. “I consider myself a people person and since I work Copyright Top Agent Magazine 9

As an independent escrow company, Goodman is able to offer her clients the highest level of financial protection around as her company is held to a higher standard than affiliated businesses. and live in the community that I serve, I am blessed to come into contact on a daily basis with people on a personal and professional level that enriches my life,� she says. “Simply, I love my job.�

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Because the community has given so much to Goodman, she is quick to support it and give back anyway she can. She has a passion for organizations that provide services that are greatly needed in the community Top Agent Magazine

such as The Clare Foundation and St. Jude Children’s Research Hospital. She also is involved in her two children’s schools as a parent and tries to sneak off to chaperone a field trip as often as she can. As a busy parent and wife to an amazing and patient husband, she really enjoys spending time with her family. She is also an Top Agent Magazine

avid reader and a member of a women’s book club. With a bright future ahead, Goodman has plans to open several new branches of Sterling West Escrow in the surrounding area of Los Angeles, Calif., where she is currently located and to rule the escrow industry with, “worldwide escrow domination.”

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For more information about DESIREE GOODMAN, visit sterlingwestescrow.com, call 310-696-0192, or email dgoodman@sterlingwestescrow.com www.

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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 Agent Magazine Top Agent Top Magazine

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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 14

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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.

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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© 2014, Dirk Zeller. All rights reserved.

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5 Tips to Get New Clients If you’ve been in the industry for a while, you’ve probably built up a healthy percentage of repeat and referral business.

Although it can be tempting to just maintain those relationships rather than generating new business, there’s something to be said for staying on top of Top Agent Magazine

your game by never resting on your laurels. Actively pursuing new clients is not only a way to generate more business, but depending on how you do it, it could even lead to a profitable new niche. Here are just a few ways to build up your new client base.

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1

Become a referral partner with industry peers

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Cold Call Expired and FSBO Listings

Everyone from mortgage lenders, to financial planners, to insurance agents, can be potentially lucrative referral partners for a Realtor®. You may already have great relationships with some that just need to be more formalized. But, you don’t just want to partner with anyone, make sure these are people you also feel completely comfortable referring your clients to - people who share your values and work ethic.

Another avenue to consider is divorce attorneys – yes, you heard that correctly. Helping people go through this difficult period actually requires a very specific skill set.

You need to be able to handle the legal aspects, as well as the emotional ones. There are numerous training courses you can take if you decide to take this route, which could end up being a lucrative and much-needed specialty.

This is a route a lot of agents take when they are just starting out, that usually leads to great success. You probably haven’t cold called since you started out, and this is a great skill to build up again.

It will not only sharpen your sales skills, but could generate a lot more business.

People with For Sale By Owners (FSBOs) and expired listings, are usually very motivated to sell. This is a great chance for you to really hone in on why they need to hire you. Do you offer innovative marketing plans? Access to a large sphere of influence? Expired listing clients are looking for ways to sell a property that seems impossible to move. With FSBOs, you need to show them how you can get them more money in their pocket, even

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with paying you a commission. Pursuing both will really engage your mind to think outside of the box, which will not only get you more business, but make you better at what you do.

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Partner up with a Relocation Company

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Become a Builder’s Realtor® of choice

This is another niche market that you can really capitalize on if you want to pursue a new specialty. But, it is a specialty, so getting educated on the process will help you generate the business you want. It’s a complicated area of real estate, you’ll often

times be helping to facilitate dual transactions, as you try and secure a property at the same time you are helping your relocation client sell their previous home. This specialty is becoming an in-demand skill in areas that have major corporate headquarters.

This can be a real score for any Realtor®.

The competition might be fierce to land a client like this, but there are numerous ways to make yourself stand out from the rest.

Gain certifications and become knowledgeable about the construction process. Be wellversed on what trendy materials, features, and finishes will add value to a property.

Get the builder on board with you by offering to take just a segment of the subdivision then wow them with your marketing skills.

Take on properties they haven’t been able to sell. You can even offer to throw an open

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house for them. This is another way to show them the level of service they can expect from you. These clients might be harder to land, but the payoff will be enormous.

Create a Website that Offers Real Value to Potential Clients

Perhaps the most useful way of getting contact information for people looking to sell is by adding a home valuation feature to your website. When people are first considering selling their home, finding out how much

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it is worth is one of the first questions they want answered. By becoming a resource to potential clients (and current clients!), you just might be the first person that comes to mind when they’re actually looking to sell.

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Tips on Breaking Into the Luxury Market So, you’ve been doing residential real estate for a while and you’re looking to up your game. A lot of people consider going into the luxury market at that point. Or, maybe you started in the business always intending to specialize in luxury properties and were just learning the ropes before you tackled one of the industry’s most lucrative specialties.

No matter the reason, the luxury market is a whole new ballgame and you don’t want to go into it unprepared. First impressions are everything in this business, especially when you’re dealing with wealthy clients and investors. Here are few things to consider if you’re thinking of going from starter homes to estates.

LEARN HOW THE LUXURY MARKET AND CLIENTELE ARE DIFFERENT As experienced as you might be in traditional real estate, the luxury market is almost like starting at ground zero. Everything from the buyers, to the sellers, and obviously, the properties themselves, will take a new approach.

One of the key ways it is different is that the feeling of exclusivity truly matters. You will be doing more targeted marketing through high-end networking groups as wealthier clients tend to be more comfortable when 22

you come recommended by people they trust to have the highest standards. There are no mass-marketed open houses. It’s all about private showings. Although professional, one-on-one service is key in this business no matter what the price point, wealthier buyers are accustomed to concierge-style service, and the way to stand out from the rest is to provide service that goes above and beyond what even they expect.

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LOOK THE PART If you’re thinking of going the luxury route, creating high-end branding and marketing yourself properly is of the utmost importance.

That includes your own personal look. You and your business will need a total makeover, or at least a major upgrade. It might even be time to buy that new car you’ve always wanted. It is also key that all of your marketing materials are high end. So start gathering a stable of highly-trained professionals,

photographers, and stagers as every aspect of the service network you’ll be providing complements the brand that you’re selling.

It’s well worth the time to get all of this nailed down and seamless before you even think of entering the luxury market. Another good investment? You want to have an indepth knowledge of all the latest real estate technologies and innovations. Don’t just look the part, actually be on the cutting edge.

SELL THE LIFESTYLE Yes, you’re selling a home, but you’re also selling a lifestyle, which in luxury is almost more important. When someone is spending millions of dollars on a home, they want to see the fabulous life they will be living in their new digs. Really highlight amazing party spaces, unique one of kind features,

and amenities. As with anything of value, things that make a property rare, will automatically make it more appealing to people who can afford the best. It also helps people connect more emotionally with a home, giving it even more value than if you just try and sell it as a good investment.

NETWORKING, NETWORKING, NETWORKING Networking is an important aspect of this business at every level, but it a vital tool in the luxury market. Most of your referrals and targeted marketing will be done through luxury agent exclusive networking groups. In addition to that, it is even more important in this segment of the business to be actively

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involved in your community through volunteering and supporting local charitable events. You will not only build a stellar reputation, but you’ll also be giving back to the community you represent, and ultimately, integrity is what it’s all about in this business.

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