New York 9-11-17 by Top Agent Magazine

NEW YORK EDITION

8 Things SUCCESSFUL PEOPLE NEVER DO Are You a VALUE-ADDED AGENT? DON'T WORRY, Be Happy! COVER STORY

ANTONIA WATSON

Developing Your PRICING PHILOSOPHY

NEW YORK EDITION

ANTONIA WATSON

CONTENTS 4) ARE YOU A VALUE-ADDED AGENT? 13) DEVELOPING YOUR PRICING PHILOSOPHY

18) DON'T WORRY, BE HAPPY! 22) 8 THINGS SUCCESSFUL PEOPLE NEVER DO

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Are You a Value-Added Agent?

I’ll bet if I asked ten real estate agents, all ten would answer ‘yes’ to that question. Yet, when I ask agents how they are value-added, they say things like: • I communicate regularly with my clients. • I have a written listing presentation. • I am honest. • I am trustworthy. Are these ‘value-added’ attributes? Or, does the client expect these attributes and services? 4

Are these exceptional services or average services? I’m writing this article at the beginning of a New Year. It’s a perfect time to re-assess your professionalism and master being that ‘value-added’ agent.

Client Expectations are Higher than Ever Unfortunately, too many real estate agents assume they are ‘value-added’ because they are providing the services they want to provide— Top Agent Magazine

the services they think the client values. However, there’s a real client out there, and the client has different expectations. How do I know that? Because so few agents regularly survey their clients. In fact, when I’m speaking to an audience, I survey them, and find that less than 25 percent gather after-sale surveys! So, the majority of agents don’t know if the services they are providing are average or exceptional.

Why Bother Being Exceptional? • Because you want to set yourself apart. • You want to create client loyalty. • You want to create at least 50 percent of your business from client referrals (the latest National Association of Realtors survey Profile of Members found that the average Realtor got only 18 percent of their business from referrals. That’s a hard and expensive way to run a real estate business! • Because you want to run a more pleasant, profitable business.

Four Actions Value-Added Agents Take How can you identify value-added agents? By their actions. Here are four actions I believe show agents that are above just ‘average’. The principle here is:

Watch the actions, not the words. If I were a manager, or a seller or a buyer, and I wanted to find a value-added agent, here’s what I would look for: Top Agent Magazine

1. Has a database and populates it This agent is committed long-term to his clients and to his business. He uses a contact management program (CRM) to manage ‘leads’, so none are lost — and clients do not feel neglected. After all, it takes much longer today to convert a ‘lead’ to a sale than it used to take. Actively using and maintaining a CRM means the agent is committed to forming long-term professional relationships over time. Other demonstrable actions concerning the agent’s CRM are: • Has a rapid-response method to deal with Internet inquiries and other inquiries via email. (The average client expects a response within eight hours—but a recent survey showed the average agent responded in 50 hours!). • Has a method to follow up on all leads until they ‘buy or die’. As a client, that means I won’t get lost. As a seller, it means my agent will follow up with all leads and give it 100 percent to sell my home. 2. Invests in the technology and follow-up pros have This agent makes every decision based on their vision of their career at least three to five years in the future. For example, instead of selling someone a house anywhere just to get a sale, my value-added agent sells only in an area they define as their ‘target area’. That way, they’ll get known, and can build on their reputation. The value-added agent has the ‘guts’ to turn down business! Because they care more about the well-being of the client than getting one grimy commission check, they learn to 5

‘tell the truth attractively’, and work harder to retain the client than to make one commission.

Adding those Client Benefits to your Dialogue

3. Works for referrals, not just sales I said the agent learns to ‘tell the truth attractively’, even if the buyer or seller may not want to hear it. For example, if it’s in the best interests of the seller to list their home at a lower price, the value-added agent has the strategies and the statistics to prove that the seller won’t be well served by pricing higher.

Of course, it’s not enough to actually take these actions. You need to explain to the client why these actions are in their best interests, and how you stand apart from most agents by employing them. Why? Because your client won’t know you run your business so professionally. And, the client probably doesn’t know most agents don’t run their businesses this way!

And, this value-added agent has the intestinal fortitude to walk away if they know the home will not sell at the client’s desired price (but doesn’t have to too many times because they create a stellar reputation amongst their clientele).

TIP: Always show your clients, don’t just tell them. You do have a Professional Portfolio and evidence on your website, don’t you?

4. Keeps the buyers and sellers’ best interests in mind Our value-added agent makes every decision to grow trust, not just to make a fast buck. For example, the agent sits down with a prospective couple and finds out they can’t purchase right away and creates a plan with them to save for their down payment. Then, the agent keeps in touch over a period of months, offering helpful information and market updates.

Put Yourself to the Test

How many of these actions P. S. Managers and team leaders—two tips do you exhibit? What do you want to work on to become a true 1. Call each of your agents’‘value-added’ phone mails. What’s the impre agent? Are they professional? Do they state the company n TIP: represent your culture and image? Managers, give your agents a 2. Create a quick class in phone messaging using the ‘test’ on these four points. In other words, this agent practices seller or buyHow many pass? this blog. er agency representation, not ‘agent agency’!

Carla Cross,CRB, CRB, MA, is theoffounder andSeminars, president Carla Cross & Carla Cross, MA, President Carla Cross Inc.,ofand Carla real management and sales. Herspecializing internationally s Crossestate Coaching, is an international speaker in realbest-selling estate management and Running business planning for all professionals. agents, Up and in 30 Days, is real nowestate going into its 5thHer edition sevenexperience internationallyas published books, including Up and Running in 30 Days , vast a top-selling agent and award-winning manage and 20 agent and management programs have helped thousands of real sales podium, blending her musical background with her proven estate professionals to the greater productivity and teaches profitability.someone Reach Carla strategies (she uses piano AND even to at play—f 425-392-6914 or www.carlacross.com. and practical). Find out more at www.carlacross.com. 6

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ANTONIA WATSON Top Agent Magazine

ANTONIA WATSON If you are a local on the island of Manhattan, the chances are - you have seen Antonia and she has made a lasting impression on you. Whether you shook her hand at a glamorous Open House, made her acquaintance at a black tie charity gala, read about her record breaking deals in the New York Times, watched her sell the Trump Place Penthouse on Bravo, or had the pleasure to catch a glimpse of her nonchalantly walking into her Soho private members club exhibiting her usual pearls and Christian 8Copyright Top Agent Magazine

Louboutins, Antonia’s undeniable elegance, effortless poise, and timeless demeanor are unforgettable. If you have been lucky enough to have been a client of Antonia’s, however the lasting impression she made on you was likely the increased number of digits in your bank balance. To label Antonia Watson a “Top Agent” is perhaps an understatement. As CEO of Watson International, she is consistently ranked among Top Agent Magazine

the highest fraction of the top 1% of real estate professionals worldwide. Antonia was essentially born for broker excellence. Her parents were famed cosmopolitan landlords, renowned real estate brokerage owners, and Wall Street legends. This allowed Antonia to learn from the very best, and at a very young age, the single most significant resource for which she is best known in the brokerage industry: how to make people very wealthy very fast, and how to help them maintain and grow that wealth for their heirs. “My mother essentially taught me everything that I know regarding both the management and expansion Top Agent Magazine

of our own asset portfolio, as well as the virtue of attending to our clients needs as if their own portfolio was paramount to ours. If there is one quality which I attribute my success to, it is absolutely this quality: our clients come first, and we come second. I was provided with an unparalleled example of dedication and service to the countless clients who entrusted us with their property acquisitions, dispositions, and investments,” says Antonia. “I followed in my mother’s footsteps as both a broker and land baroness. I am certainly proud for having built upon the empire that was begun for me, but what I am the most proud of - emphatically so - is that I have built and maintained monuCopyright Top Agent Magazine9

mental empires for my clients. Nothing makes me more satisfied than when one of my clients thanks me for the life-changing financial position that I have created for them or their children or grandchildren. Those moments are priceless.” An extensive list of accolades is testament to Antonia’s prowess in the real estate industry. She Copyright Top Agent Magazine Copyright 10

achieves Multi-Million Dollar Club membership annually, and is frequently the recipient of Top Listing Agent and Top Sales Agent awards. She has been ranked in the “Top 100” of NRT, the largest publicly traded real estate enterprise in the United States comprised of over 57,000 licensed agents and over $166 billion in annual sales volume. She is often hired as a panelist, interviewee, speaker, business coach, and Top Agent Magazine

consultant by iconic property developers, leading real estate investment groups, top real estate brokerage firms, major banking institutions, educational conventions, and Fortune 500 companies. Additionally, Antonia has been featured on real estate television shows such as Bravo’s hit series “Million Dollar Listing New York” and HGTV’s “Selling New York.” Her face and name consistently grace the pages of The Real Deal, The New York Times, Curbed, Brokers Weekly, The Mann Report, Avenue Magazine, Real Estate Weekly, AM New York, and The New York Post, among others. Customer service and client satisfaction play a major role in Antonia’s success. “I have been Top Agent Magazine

blessed with the continued greatest compliment of many repeat clients and referrals,” says Antonia. “While I am known for consistently generating new business, a sizable volume of my business is precipitated through my many happy clients who tell their relatives and friends about the exemplary results that I executed for them. I am overwhelmed with gratitude for my steadfast clientele, and I take every opportunity to thank them for their loyalty, trust, referrals and repeat business.” Antonia’s vast reservoir of experience is something her clients appreciate and benefit from. “I am able to provide my clients with up-to-the-minute market knowledge, wealth management consulting, strategic estate planCopyright Top Agent Magazine 11

ning, creative marketing techniques, licensed construction work, interior design services, complimentary consultations with my affiliates in the law and finance sectors, and exclusive concierge services. My clients place their faith in me to produce for them, and I always show my gratefulness by over-producing.”

Giving back is of ultimate importance to Antonia, and to that end she is a major benefactor, philanthropist and fundraiser for various charities and non-profit organizations. “Philanthropy has always been and continues to be a branch of my family’s real estate enterprise that we hold true to our hearts,” she says.

For more information about

ANTONIA WATSON, please call 347-768-5952 or email Antonia.Watson@corcoran.com Copyright Top Agent Magazine 12

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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

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. Top Agent Magazine

As time goes on, you’ll devote more and more time unsuccessfully trying to create a sale not only for your seller but also for yourself. This will pull you away from activities that are more likely to deliver income. The ensuing frustration will de-motivate you and stunt your ability to secure better appointments that create other income opportunities. An unsold, overpriced listing negatively impacts your profitability because it costs you time and money to service while it delivers no revenue to your business. And the situation only gets worse the longer the listing languishes on the market. You’ll end up deducting the expenses of this in-limbo listing from the proceeds generated by any revenue-producing deals you manage to close in the meantime, reducing your net profit and business success. Unsold homes that linger on the market seriously diminish your salability, which is the term that describes your sales success track. Your salability is based on such key statistics as your average ratio of listing price compared to sale price and the average number of days your listings are on the market. Obviously, these statistics, which prospects rely on when choosing one agent over another, can be crushed by a “get the listings at any cost” philosophy. They’re also harmed by the “start high and reduce later” tactic. If you take and price a good listing competitively, it will sell. You can’t keep a good price a secret! Dirk Zeller is an Agent, an Investor, and the President and CEO of Real Estate Champions. Copyright© 2014, Dirk Zeller. All rights reserved.

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Don’t Worry, Be Happy! – Bobby McFerrin By Barry Eisen

A gizzillion years ago I had the honor and privilege of spending time with Norman Vincent Peale, Methodist minister, author of The Power of Positive Thinking, controversial thinker and one of the best motivational speakers I’ve ever heard. He told of a chance encounter with one of his parishioners, George, on a street in New York City. George was despondent. When Dr. Peale asked him about his state of mind, George let go with a tirade of confessions of being so overwhelmed with problems and worries that he couldn’t sleep at night and couldn’t think straight by day. “I’m a depressed mess,” George sadly confided. 18

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the end of TODAY. Preparing for tomorrow at the end of today helps you rest well. The mind doesn’t have to spend the night worrying “Remember this and Don’t forget that!” You wake up knowing how to start and where you’re going! Be sure to prioritize your list with an A, B, or C. Let go of yesterday and focus on your To-Do-List of today. If it was important from yesterday and “George,” Dr. Peale said, waiving his incomplete, it’ll be on today’s list. arm slowly over the horizon, “here Do things, not because you have to, are thousands of souls who haven’t but because you get to. got a worry among them. If death means you have no worries, to worry • Keep your mind busy with the must mean you’re alive! And if you highest priority in the moment. Inhave lots of worries, how much more stead of figuring out why you are the alive you must be!” It’s a matter of way you are, stay on task knowing that you can only do one thing at a perspective.” time. Consider the satisfaction you Worry is something we choose that will feel when that one task is acis not of the world, but rather, in complished and then turn to your how we think. It’s a distraction that next. Of course interruptions will takes us away from confronting our happen. When they do, ask yourself: Is the interruption or is the task at realities. hand of HIGHER VALUE for THIS Here are nine potentially life chang- moment? (Most therapists don’t try ing ideas. Some you maybe doing, to figure out why a person is worrysome you have done in the past, ing; but will prescribe that a patient and for some may these serve as a do something or learn something on reminder to get back on track. If any which to focus positively. Learning/ would serve you, start now. stimulating the mind can get a person out of their ego-centric predicament.) • Make your list for tomorrow at Multi-tasking has been proven not to

Dr. Peale asked George if he could spare some time to meet a large group of people who might have answers to George’s worries, since this was truly a worry free group. George, at his wits end grunted “sure.” After a long car ride to near the tip of Long Island, Dr. Peale had the taxicab stop in the middle of a large cemetery and the two men got out.

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likely to show you their good if they feel that availability from you. Don’t listen to T.V. or read internet news be• Allow yourself to risk. Enter en- fore you go to sleep at night. Count the ough. A friend of Nan’s had won the things for which you can be grateful grand prize on the American Chop- (full of greatness!) and sleep better. per contest. When asked how he won, he laughed and said, “When the con- • Smile more and hold eye contact test was announced, I ENTERED.” with others. Create a positive posYou’ve got to allow yourself to enter ture. Your positive physiology will the game and know that you aren’t be reflected by others and even if going to win every time, but you’re a you’re faking it, your forced smile, winner by playing and playing your eye contact and positive posture will best. Enter enough! If worrying about feel more natural and comfortable. losing stops you from entering, it Little shifts. guarantees a loss. Enter enough and you’ll find those places where you • Delegate responsibilities. Do what win. And as you enter enough, your you can, but let go of things before skills get better. Make up for lack of you become overwhelmed. If someskills, not by thinking about the lack, one else can do a task only 80% of but with enough activity. Show up... the way you would do it, but it gives you 100% of that time for another most don’t. taks which only YOU can do...you • Focus on what is right, the good, are 180% productive with that time. rather than on what is wrong. So Life is too short. What parts are really much of the media focuses on the worth your attention? isolated disaster story. Happy stories don’t sell. Media stories appeal to • Exercise/eat well/sleep well. Exthe lowest common denominator of ercise is a great idea even though our interests. Don’t go for the easy you may feel stressed about time and “take” or opinion of others. Consider other preoccupations. The endorthe possibilities. Have you ever had phins that reduce feelings of worry, your good intentions misread by fear, adrenaline production, also others? Allow the benefit of doubt by promote a more relaxed mind and seeing good in others. They are more body. As we grow older it’s inactivity be the best way to go. Slow down and focus.

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On the top of a full size piece of paper or, if you prefer, a digital memo app, write or type the words WORRY LIST. When a worry comes to mind, instead of letting it interrupt what you are doing, take out this list and jot down/type the worry. Keep doing this for one whole week. On Friday afternoon between the hours of 4:005:00 PM lock yourself up in a room • Take breaks. Short (10-15 minute) alone and take out your worry list. periods of meditation, stretching or Worry about everything on your list self hypnosis have been proven to for that full hour. So, you haven’t minimize mental fatigue, re-direct missed your self-made opportunity thinking to positive vision, and (choice) to worry, but you did it prompt productive, feelings of well under your conditions, and wasted a lot less time. being and energy. that will contribute most to pain and suffering. Do what’s right. Stay active. Cutting back on simple carbs allows the brain greater clarity. Good sleep patterns promote a healthier brain and better transmission of neurotransmitters (especially dopamine, serotonin and oxytocin -- happy! happy! happy!).

• Do something nice for at least one someone each day. Go out of your way to make some else’s life a little better. Get out of your own head, just a little. Pass it forward.

If this idea seems silly, it is...and it’s not. (You might be surprised at how many people with whom I’ve shared this thought, took it seriously and found great benefit.) Value yourself and those around you by not sweating Worry is not caused by external events so much of the small stuff... And as or situations, but by how we perceive the wise man said, “It’s ALL small those events or situations. But for stuff.” those self sabotaging warriors who are reluctant to give up worrier ways, Copyright©, 2015 Barry Eisen. All here is a great idea: rights reserved. Barry Eisen teaches personal development seminars and coaches Southern California top producing REALTORS®. “Your business will never grow more than you do” is the theme; self hypnosis and behavior modification are the tools for playing a bigger game. barryeisen.com, barryeisen@LA.twcbc.com 818-769-4300 Top Agent Magazine

Things Successful People Never Do

There always seems to be people around you who find success with ease, but trust me, that is NOT the case. Although luck can often times play a role in someone’s success, most of the time it’s due to hard work and avoiding bad habits. The best way to find your own success is to implement some of qualities you see in people you admire into your own life. The hard work part is still up to you, but by shifting your perspective a bit, and NOT doing some of the following

things, that success might happen a little quicker.

DON’T JUST WING IT

Successful people plan everything. Not only do they have yearly goals, but weekly and sometimes daily ones as well. By giving your time a purpose, and a clearly defined goal, you’ll eliminate the time you spend haphazardly doing things that might not be a priority. It will also make you feel less scattered, which is always a good thing.

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THEY DON’T TAKE ON MORE THAN THEY CAN ACHIEVE

Successful people take on what they can do well, and no more. That all starts with a daily ‘do to’ list. They always make sure their list is manageable and then they don’t sleep until that list is completed. If you find yourself not finishing your list, assess whether it was too much or if you slacked off. You’ll be surprised at the feeling of accomplishment you feel when you finish your list. Not finishing will bring you down, so make sure you aren’t biting off more than you can chew.

THEY DON’T WORK HARDER, THEY WORK SMARTER

Yes, having a strong work ethic is key, but that doesn’t mean you should waste time on things that will have less of an impact on your success. Focus on the things that will give you the most bang for your buck. Better to spend the majority of your time there, than spread yourself thin on numerous tasks.

THEY DON’T TRY TO PLEASE EVERYONE

This might seem like a bad call in business, but successful people know when to cut your loses and move forward. Anything or anyone, that frustration into your life, is never a good thing.

REPEAT THE SAME MISTAKES

Similar to not trying to please everyone, successful people are also diligent about accepting when something isn’t working Top Agent Magazine

and moving on from mistakes. Yes, you learn from them, but don’t repeat them. Part of being innovative is trying new things, that will keep you fresh and energized, but learning how to let go is an equally important part of the equation.

GO FOR THE SHORT RUN SOLUTION

Successful people are in it for the long haul and therefore thinking long term. When you have a plan for success and the patience to see it through, while you might have a slow start, you’re establishing a foundation for long term success. Going for the easy fix, usually doesn’t pay off.

PAY ATTENTION TO THE NAYSAYERS

Lets face it, we all have people in our lives who might be a little more pessimistic than is healthy to be around. You can’t change them, all you can do is not let them drag you down into their ‘glass half full’ mentality. Have your plans and goals, be confident about them. When you’re insecure, that’s when you’re most vulnerable to those types of people.

THEY NEVER QUIT

That doesn’t mean letting go of things that aren’t working. It means having an end goal. Whatever obstacles or challenges come up, you take them on, always with that end goal in sight. Successful people know that adversity and overcoming those challenges, is how you grow, and will ultimately make you a better business person.

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