MARYLAND EDITION
KEEPING IN TOUCH– How to Stay in Your Clients' Lives for the Long Haul BUYERS AND SELLERS: Understanding How Home Inspections Are Negotiation Tools
COVER STORY
ALEX FOX
REACHING THE MILLENNIAL MARKET through Social Media Top Agent Tips and Questions for CHOOSING YOUR LISTING AGENT
MARYLAND EDITION
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ALEX FOX
CONTENTS 4) REACHING THE MILLENNIAL MARKET THROUGH SOCIAL MEDIA
19) TOP AGENT TIPS AND QUESTIONS FOR CHOOSING YOUR LISTING AGENT
13) KEEPING IN TOUCH– HOW TO STAY IN YOUR CLIENTS' LIVES FOR THE LONG HAUL
22) BUYERS AND SELLERS: UNDERSTANDING HOW HOME INSPECTIONS ARE NEGOTIATION TOOLS
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#Reaching the Millennial Market Through Social Media by Bubba Mills
The old adage in marketing says if you aim at everyone you’ll miss them all. I know REALTORS® sometimes fall into the trap of attempting to reach everyone and then scratch their heads when they only hear crickets chirping. If you’re one of those (or even if you’re not), stick with me and I might be able to help you.
know how to reach them. For that part, I’ll share two words: social media. Many surveys have confirmed that social media is the Millennials’ dominant source of information, even above search engines. So the best way to build relationships and trust with Millennials is through social media.
The true beauty of social media is not only its reach but its implied advocacy. When Millennials find content they relate to, they share it with their The National Association of REAL- peers. So if one person shares your TORS® has found that Millennials message, it could instantly go to hunrepresent the largest share of recent dreds (or even thousands) of people buyers (32 percent of all buyers last with the inferred praise of the person year were Millennials). But here’s sharing it. the kicker: the overwhelming majority use real estate agents. Are If you’re not using social media, lights and bells going off in your again, check your pulse. Then start learning about social media and get head? If not, check your pulse. active on it. I promise it’ll be well So a great place to sharpen your worth your time. The big ones are marketing aim is with Millennials. Facebook, Twitter, Pinterest, Tumblr That’s half the equation—knowing and Instagram. You can Google each who to go after. The second half is to and get a feel for which ones make Let me start with one word: Millennials—those between the ages of 18 and 34.
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Many surveys have confirmed that social media is the Millennials’ dominant source of information. the most sense for you, but all of them have something to offer REALTORS®.
I’m proud of that because I know in this day and age anyone who sells anything must use social media.
Now I’m not one to toot my own horn, but for this topic I will only with the hope that you give what I say a little more weight. Last year, a national magazine named me to its 25 most connected professionals list.
So here are some tips you can start using to reach Millennials on their terms:
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1. First, take time to understand social media. Join them (they’re free!) 5
Millennials under stand marketers and they’re open to their messages on social media—if the messages are relevant to their lives. Otherwise, they simply ignore it.
and just take it all in. See what it’s all about and what kind of information people share. Spend at least several days learning before you share info. 2. Make sure what you share fits the specific social media outlet. For example, Facebook and Twitter are primarily personal tidbits, news and they’re both fairly casual, while Instagram is geared almost exclusively for visuals and photos. 3. Make sure your information is relevant and useful to improve the chance it gets shared. Millennials understand marketers and they’re open to their messages on social media—if the messages are relevant to their lives. Otherwise, they simply ignore it. 6
4. Make it interesting. Instead of saying, ‘Gee, I have this great listing.’ Why not just share a picture of a cool looking wrap-around front porch of a house (that just happens to be one of your listings) that was built in the 1940s. Bubba Mills is co-owner and executive vice president of Corcoran Consulting and Coaching Inc. (www.corcorancoaching. com/programs, 800-957-8353), an international consulting and coaching company that specializes in performance coaching and the implementation of sound business systems into Real Estate Companies, Mortgage Companies and Small Businesses. Bubba Mills is a nationally recognized inspirational and education speaker, coach and mentor to the top real estate agents and mortgage companies. To find out more about Corcoran Consulting & Coaching, call 1800-957-8353 or visit us at www.Corcoran Coaching.com. Top Agent Magazine
ALEX FOX Top Agent Magazine
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Alex Fox owns and operates Allfirst Realty brokerage, serving the needs of buyers and sellers alike, with offices in Baltimore and DC.
lative career and company over the course of seventeen years, leading a finely-tuned enterprise defined by candid counsel, resultsdriven execution, and a genuine passion for his daily work.
ALEX FOX Alex Fox got an early start in the world of real estate. He first became involved in the industry in 2000 while he was in college, and once he graduated from John Hopkins University with a Master’s Degree in Business, he went on to thrive in other industries. While he developed an incisive sense for management and negotiating, he was all the while exploring real estate on the side. Though he had excelled in other professional fields, his heart led him back to his true calling and he launched his own real estate brokerage back in 2006. Since then, he has cultivated a super8Copyright Top Agent Magazine
Primarily serving the state of Maryland— from Cecil County to Prince George’s County and everywhere in between—Alex recently launched an additional office location in nearby D.C. Today, at Allfirst Realty, he heads a team of ten, serving the needs of buyers and sellers alike, with a particular emphasis on catering to real estate investors. With 100% of his business generated by repeat and referral clientele, Alex cites his commitment to honest and positive results as the foremost drivers of his success to date. “Results speak for themselves,” he says. “Our investor clients continue to make money, our sellers are happy because they get top market prices and sell their homes quickly, and buyers find good listings. People trust us.” Likewise, Alex doesn’t shield his clients from the truth Top Agent Magazine
Photos by Zhenia Bulawka
of their investments, providing them with the data and unvarnished counsel necessary to make an intelligent and informed decision to buy or sell. “The reasons my clients trust me is because I don’t just tell them what they want to hear,” he explains. “I show them the data and bring them the facts. At closing, my goal is for my clients to have had the best possible day. That buyers and sellers walk away happy and our investors continue to make money. Mostly important to me is that my clients trust I gave it 110%, because I always do. I fight for every penny and my clients know that and see it.” Top Agent Magazine
In that vein, Alex has a particular proficiency in negotiating, arming himself with in-depth information to position himself and clients for success. “I always tell it like it is,” he says. “I win negotiations not because I yell the loudest, but because I’m the most prepared. No matter how big or small a deal may be, whenever I negotiate anything, I know every intricate detail and piece of leverage about a property.” Woven into the fabric of his business is Alex’s belief in continually learning, asking questions, and staying true the entrepreneurial spirit that launched his first foray into the industry. “Real estate is not difficult Copyright Top Agent Magazine9
to get into. You take a short test, you pass, and you can practice. But what many people don’t realize is that it’s so much more than that,” he explains. “It’s all about managing relationships, with clients, peers, vendors. You have to earn everyone’s trust, and that won’t come just by default. I never stop asking questions and trying to grow, the minute you do—you become obsolete.” To market his listings, Alex takes a multipronged approach that combines the best of tried-and-true traditional outreach with today’s sharpest technology. In addition to utilizing his own online presence, Alex also commands social media’s vast reach. Using proprietary tools, Alex makes use of his vast network of Copyright Top Agent Magazine 10
connections in the field. To tap local markets and stir up a buzz, he incorporates direct marketing materials based on property areas. He also goes door knocking neighborhoods where listings are located, finding that connecting on a face-to-face level with locals is an excellent source of leads and referrals for potential buyers. Lastly, if the location calls for it, he’ll print in local and college newspapers to expand a listing’s visibility. To give back to the community he calls home, Alex and his wife contribute to a variety of worthy causes, such as cancer research funds and veteran’s organizations. Because he manages his own extensive rental portfolio, he also makes a direct impact on the Top Agent Magazine
“The reasons my clients trust me is because I don’t just tell them what they want to hear— I show them the data and bring them the facts.” veteran community by offering discounted rents to those who have or are currently serving in the military. As for his rare free hours, Alex enjoys spending time with his wife and kids, staying active through participation at his area CrossFit gym, and getting out to the links for a round of golf when time permits. Eyeing the future, Alex has plans to continue developing his team. Last year, he grew his office from two to ten, and with his brand Top Agent Magazine
firmly in place he plans to grow his newly minted D.C. office and venture into commercial real estate, as well. Though his tenure in the industry has spanned nearly twenty years, Alex is still fueled by the same enthusiasm that launched his career. “I live and breathe this business,” he reflects. “This is what I do. I love people, I love to be in the mix every day. I’ve done other things but I’ve always come back to real estate, and this business is me. I can’t see myself doing anything else.” Copyright Top Agent Magazine 11
To learn more about Alex Fox visit AllFirstMD.com, e-mail alex@AllFirstMD.com, or call (410) 963 - 3191 www.
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g n i p e Ke h c u in To
HOW TO STAY IN YOUR CLIENTS’ LIVES FOR THE LONG HAUL
One sign of a great real estate agent is there long list of loyal client following. Part of achieving a great referral base is being a great realtor during the transaction. But, that’s only half of the work. To truly be your client’s realtor for life and keep them coming back to you as well as referring others to you, you have to stay in their lives past the transaction. Keeping in touch with your past clients can be one of the most important parts of your business, and one that many realtors tend to push to the wayside. Do you stay in your client’s lives, or do you disappear? People refer people that they feel they know well and that they trust, people they consider friends. However, earning and keeping your client’s trust involves maintaining a delicate balance with how much you contact them. Experts recommend reaching out to your clients at least quarterly. But, it’s not just about how often you stay in touch. You also need to be mindful about how you are reaching out to them. Here are some tips on how to keep in touch with your clients for the long haul: Top Agent Magazine
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INDIVIDUAL PERSONAL CONTACT One of the best ways to keep in touch with your clients is to simply give them a call every once in a while. Follow up and see how your clients are doing. Offer them assistance if they need it. Personalized contact helps to ensure that you remain as important to your clients long after the sale as you were during the transaction. Giving your clients a call on special occasions such as birthdays or holidays also makes for a great personal touch. Of course, nothing beats face-to-face contact. Stopping by to say hello can be a great way to keep in contact. An even better way to catch up and maintain that friendship is to set up a lunch or coffee date with past clients. Giving individual clients your undivided attention goes a long way towards maintaining that bond you formed during the transaction and earning your client’s loyalty and trust. Interactions like this make a lasting impression on your clients. Of course, many busy REALTORS® may not have time to follow up with every client oneon-one. A great way to still give personal attention to your clients without meeting each and every one for lunch is to throw a client appreciation party. This allows you to get in some face-to-face time with each client and make sure they all get your undivided attention and quality time to catch up with you, even if it’s only for a short time. Now, if you have a lot of past clients, this can be difficult to manage during one party. One way to get around the numbers problem is to organize smaller events based on client’s inter-
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ests. Instead of throwing one giant party, host a pool party for the families with kids or a wine and cheese get together for single clients. Hosting special events like these ones goes a long way towards keeping your contact with past clients more personalized and setting you apart from those businesses that simply send them a calendar once a year.
PROVIDE CLIENTS WITH USEFUL NEWS PROVIDE CLIENTS WITH USEFUL NEWS One way that many REALTORSÂŽ keep in touch with their clients is by sending them newsletters. This form of contact can be a double-edged sword. You want to make sure you provide them with useful information that reminds them of your value as a real estate professional. Otherwise your communication will amount to nothing more than spam, and clients will think of you less as a trusted friend and more as a nuisance salesperson. Clients react much more positively to communication containing information that is pertinent to their lives. Update your clients on what is going on in their local community and housing market. Demonstrate your knowledge about the community and the things that are important to your clients. Include information about local cultural events, community news, housing statistics, information on the mortgage market, home maintenance advice, home design tips, and anything else that your clients will find personally useful. Your clients will always be interested in value.
SEND CLIENTS MEMORABLE AND PERSONAL CARDS Sending your clients cards related to important events in their lives and letting them know that you remember those events and care will go a long way towards building and maintaining a close personal relationship with them. You want to make sure your cards stand out, though. Sending popular holiday cards can be a mistake, as they will most likely get lost amongst all of your clients other holiday cards and will be quickly forgotten. Instead send something more personal such as: HOME ANNIVERSARY CARDS: Send cards to each client on the anniversary of the closing of their home.
CONGRATULATORY CARDS: Remember important events such as wedding anniversaries, graduations, new babies, etc.
SPECIAL BIRTHDAY CARDS: Instead of just sending your typical birthday card, add something special to yours that will stand out. Include a $1 scratch off ticket or a $5 gift certificate to Starbucks. Make sure to include a handwritten personal note. Top Agent Magazine
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GIVE CLIENTS AN UNUSUAL GIFT Make sure the gifts you send your past clients stand out. Send your past clients an odd gift at the beginning of the year or on a holiday. Think outside the box and send things like funny magnets, customized mugs, a personalized piece of wall décor, and other fun and unusual items. A great way to make your gift stand out even more is to include a funny note with it that will catch their attention as well as make them think of you. For example, one cute idea is to send clients a bag of popcorn with the note, “Real estate is popping, give me a call.” You could send a bag of goldfish with a note attached that says, “I’m fishing for your referrals.” Get creative and have a little fun with it, your clients will notice and remember you for it.
TAKE ADVANTAGE OF SOCIAL NETWORKS
Social networking sites make staying in contact with past clients in a more informal and friendly basis much easier. Connect with your past clients on Facebook. This will help you stay up to date on the important things happening in your pact clients’ lives. In return, it provides you a great platform for keeping those past clients up to date with what is going on in your business as well as keep in contact in a more informal manner. Use Facebook to remind past clients to check their basement after a heavy rain or that they can contact you for help during tax time. 16
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You can even organize your contacts on Facebook into customized lists such as “past clients,” “industry contacts,” etc. This will help you better manage your Facebook contacts. This will also allow you to view specific news feeds based on these lists and send messages to a particular list of contacts. Don’t forget about the many other social networking sites such as Twitter or LinkedIn either. Utilize this technology to drive personal contact with your clients.
STAY ORGANIZED
No matter how you choose to keep in contact with past clients, make sure to be consistent. Consistency will help you stay organized and diligent about reaching out to your past clients regularly. A tool used by many real estate professionals to stay organized is a customer relationship management solution. Whether you use one that is online or a computer software program, this will help you stay organized when managing your contacts and allow you to set notifications to alert you when you need to contact certain clients, send out gifts, plan a client appreciation event, and many other things throughout the year. Staying organized and consistent in your contact with past clients will help you continue to build and manage your referral base, as well as open the door to repeat and referral business. Top Agent Magazine
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Top Agent Tips and Questions for Choosing Your Listing Agent Now that you’ve decided to sell, it’s time to select the professional to help you market your property. Before meeting with agents, however, consider Top Agent Magazine’s tips for preparing yourself. Frist, ask yourself what kind of relationship you’d like to have with your listing agent. Are you seeking a casual, personable relationship and the latest marketing tools or are you interested in a more formal, traditional relationship and approach to marketing techniques? Next, populate your list of agents by attending open houses and asking for recommendations from recent buyers and sellers. Finally, schedule your meetings at your home, where you’ll be able to gauge the chemistry between you and each agent. During your meetings, expect any Top Agent to ask you several questions, but also consider discussing the following: Top Agent Magazine
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Will you please describe your sales experience and local network?
Ask your Top Agent to describe recent listings and sales of homes comparable to your own. Ask about the sellers’ priorities, the original list price, market time and number of offers. Top Agents will also describe how well they are connected with other REALTORS® in the region as well as their contacts with relocation companies, local corporations and chambers of commerce. Be sure to ask about each agent’s knowledge of how your market has changed over time and what has influenced change.
You’ll learn a lot by listening to agents’ opinions.
How will you market the property? Each
Top Agent has a unique set of online or local marketing tools at his or her disposal. Some use lead-generation applications and nearly ever luxury agent take advantage of video. Even video marketing tools vary from agent-to-agent, however. You’ll get to decide if you prefer an agent with higher-end video production and 3D Matterport tours or an agent with more intimate techniques featuring walk-and-talk style video tours. What factors influence your list-price recommendation? Before an-
swering this question, most Top Agents will have several questions for you, including whether you’re more focused on a faster sale or a higher list price. They’ll also educate you on how best to balance both market time and list price relative to sales histories your area. Now that you’ve seen the home, what repairs or improvements do you recommend before listing? You’ll learn a lot by listening to agents’
opinions on your home’s sale potential with or without some improvements. Most Top Agents will also recommend a full professional inspection prior to listing to avoid surprises during buyer inspection.
How will you help with staging? Some Top Agents will pay for part or
all of the staging costs. At a minimum, however, a Top Agent will have a staging professional or two in their partner network. While they’re at it, they may provide referrals for carpet cleaning, painting, gardening and other minor finishing touches. 20
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What attributes of the property will you want to highlight? Each Top
Agent will have a somewhat different answer to this question, but that’s a good thing! Even if you have your own ideas about your home’s greatest attributes, you’ll glean insight into the current market by considering different agents’ opinions. In learning their views, you may even change your mind about your home’s most marketable features!
What is your approach to Open Houses? How many agent-only Open
Houses will your Top Agent want to host? How many truly Open Houses? Some Top Agents may even reveal a “swankier” approach to the Open House – such as an evening cocktail party or by-invitation “open” hours to which buyers visit along with the agent representing them.
Who will be our primary point(s) of contact from your office? This
important question will help you understand the scope of your agent’s practice. You’ll get to see if your agent runs a robust team with many hands on deck or if he or she works by close, one-on-one contact with each client. Either approach is wonderful; you get to decide what suits you. Now, let’s list! Top Agent Magazine
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Buyers and Sellers: Understanding How Home Inspections are Negotiation Tools That stunning home or vacation property may seem perfect. But Top Agents advise anyone buying or selling to prioritize the importance of professional home inspections. For sellers, many agents recommend preparing for two separate inspections, one for your own information before listing and the second at the buyer’s obligation. For buyers, know that the listing agent is required to disclose certain major issues discovered on professional inspection. But every buyer should also order a thorough home inspection. For both buyers and sellers, inspection provides knowledge and knowledge may translate to power, time saved or money. THE SELLER’S INSPECTION You’ll save time before closing if you find potential “sticking points” before listing your home. Even those repairs that a seller isn’t required to fix may be worth the upfront investment. Replacing or repairing leaky faucets, wornbut-not-compromised sections of roofing or cosmetic masonry work will go a long way to build trust between you and buyers in your market. In addition, the last thing a seller wants right before closing is a major surprise. If your inspection uncovers a significant issue requiring disclosure, you’ll have an opportunity either to make repairs or to get professional estimates on cost, which you then can present to buyers either as a credit or reduction in sale price. 22
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THE BUYER’S INSPECTION Selecting your Inspector: Before hiring an inspector, your agent may ask if the seller conducted an inspection and who conducted it. With this knowledge, you’ll hire a different inspector. Consider some important factors when choosing your home inspector: First, remember the adage that “you get what you pay for.” This property is one of your biggest investments it’s the place you’re going to cherish as your home or vacation destination for years to come. Entrust it to a highly rated and properly licensed inspector with the appropriate professional affiliations and credentials. Your Top Agent is your best referral source, but read online reviews or ask for recommendations to learn more about inspectors and the inspection process. As a buyer, know that a home inspection report gives you opportunities to request repairs, a lower sale price or credit for work to be done. Talk to your agent about how to make the most of your inspection report. Your agent will likely have contacts with local professionals you can consult with for fair estimates on the cost of the repairs you would like made. In extremely competitive markets however, your negotiating power may be limited to major issues requiring disclosure. Heed the advice of your agent in making necessary requests without risk of losing your dream home. Be sure to attend the inspection or assign a proxy if you’re out of the area. Then, go above and beyond and give a luxury property the attention it deserves. Your inspector should help you find concealed issues that can help you negotiate. Honest oversights on the part of the seller, for instance can only be rectified if discovered before closing. For example, clogged exterior drainage inadvertently concealed by hardscape may become a flooding issue down the road. On the flip side, recent partial-room painting may indicate something more than the seller’s beautification efforts. HOW SERIOUS IS IT? Remember that a home inspection is one of the most useful items in the buyer’s toolkit, but be careful not to get overwhelmed by the results. Prioritize issues by immediacy (safety) and break down each category by cost to repair to determine how the issues may impact negotiations. Top Agent Magazine
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