tackle tough times with 12 tactics from...

Guest Speaker: Gary Keller & Jay Papasan E D U C A T I O N A L R E A L E S T A T E W E B I N A RS

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Gary Keller &Jay Papasanwww.AgentMountain.com

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Tackle Tough Times with 12 Tactics from SHIFT



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What year did the Niagara Falls stop

flowing completely?



1848 due to an ice jam in the upper river for 30 – 40 hours. The Falls did not actually freeze over, but the flow was stopped to the point where people where able to walk the dry riverbed and find muskets, arrow heads and tomahawks from the War of 1812.



When & where was the most recent US gold rush?



2009 – Gold in California’s Sierra Nevada foothills. Not since the Great Depression have so many hard-luck people been lured by prospecting.

The recession, unemployment and high gold prices are helping to fuel the latest gold craze.

Pride of the West mine, 1900



Turn on your computer speakers.



SHIFTHOW TOP REAL ESTATE AGENTS

TACKLE TOUGH TIMES



How do you get out of being stuck in the middle?

Complete Failure

Massive Success

Most People



The mid-90s shift from a buyers’ market to a sellers’ market took more than 4 years. The shift back took about 3 years.

10.2

4.4

0

2

4

6

8

10

12

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

0

1

2

3

4

5

6

7

Source: NARMonths Million

Housing Inventory (left axis)

Existing Home Sales – Single Family Homes (right axis)

Buyers’Market

Sellers’Market

National Shifts Happen Gradually

Page 10



Composite look at existing home sales in 5 large metro areas (Sacramento, San Diego, Las Vegas, Orlando, and New York).

Composite Annual Sales in 5 Major Metro Areas(Sacramento, San Diego, Las Vegas, Orlando & New York City)

79,984

34,66824,790

43,25857,259

94,298

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Local Shifts Happen Fast!

Page 10



Page 11



The Law of Equilibrium

Available income in a market determines the number of agents in that market.

As the number of transactions rises, so does the number of agents.

When the number of available transactions falls, so does the number of agents.

People are attracted to the industry by the perceived income opportunity and driven out by the reality of the competition for it.

Page 13



The Law of Equilibrium

Page 14



12 Tactics for Tough Times1. Get Real, Get Right – Mindset and Action

2. Re-Margin Your Business – Expense Management

3. Do More with Less – Leverage

4. Find the Motivated – Lead Generation

5. Get to the Table – Lead Conversion

6. Catch People in Your Web – Internet Lead Generation

7. Price Ahead of the Market – Seller Pricing Strategies

8. Stand Out from the Competition – Seller Staging Strategies

9. Create Urgency – Overcoming Buyer Reluctance

10.Expand the Options – Creative Financing

11.Master the Market of the Moment – Short Sales, Foreclosures, and REOs

12.Bulletproof the Transaction – Issues and SolutionsPage 21



Tactic #1GET REAL, GET RIGHT –MINDSET AND ACTION

Decide what your priorities are and how much time you’ll spend. If you

don’t, someone else will.…. HARVEY MACKAY



Page 23

Making the Shift

When a market shifts there is only one thing you can do—shift with it.

There are two shifts you must make.

A mental shiftAn action shift



The Mental Shift

To survive a shift you must first make the mental shift to:

GET REAL!



Two Critical Actions

Take ownership of:1. Lead generation

2. Lead conversion.

Page 27



In a shift nothing becomes more critical than finding motivated buyers and sellers and closing them to an appointment.



TACTIC #2RE-MARGIN YOUR BUSINESS –

EXPENSE MANAGEMENT

Page 29

It is It is notnotnecessary to necessary to change. change. Survival is not Survival is not mandatory.mandatory.

…… W. EDWARDS DEMINGW. EDWARDS DEMING



Lower Your Expenses

You must lower your costs now. “Revenuing” your way out of a shift is iffy at best. To generate revenue you generate leads.To make a profit you manage expenses.The profit you seek will always be made in the way you manage your money. When the market shifts, you must create a budget that matches your revenue. We call this re-margining your business.

Page 30



Page 31

Name a company that has been ruined by bloat. I can name dozens. - Charlie Munger.

Warren Buffett Speaks

Name a business that has been ruined by downsizing. I can’t name one.



Page 33

Invest in Your Business

Drop your expenses until your inflow exceeds your outflow at an acceptable level. Play red light, green light.Grow your budget incrementally in line with your acceptable profit margin. You’re spending by “leading with revenue” and you’re growing by the “cost-plus” business investment approach.



TACTIC #3DO MORE WITH LESS - LEVERAGE

When we are no longer able to change a situation, we are challenged to change ourselves.

… VICTOR FRANKL

Page 37



When the Market Shifts

Your organization must shift too. A market shift can be an opportunity to evaluate, upgrade, and top grade your business, an unsolicited gift of the shift.

It may be time to reassess and top grade your people. Instead of just managing the flow it may be time to retool and upgrade your systems.

Page 37



Focus on Basics

Ask yourself four straightforward questions.What are my business priorities? When do they need to get done? Who is the best person to do them? How should they be done?

The answer to the first question is the fundamental six priorities for your business.

Page 38



The Six Core Competencies

1. Lead generate, capture, and convert to appointments

2. Present to buyers and sellers and get agreements

3. Show buyers and market sellers

4. Write and negotiate contracts

5. Coordinate the sale to closing

6. Manage the moneyPage 38



People then Systems

You top grade people and you upgrade systems. Now that you know what you need to do,when you need to do it, and who you have doing it, it’s time to tackle your systems and how things are done.

Page 46



TACTIC #4

FIND THE MOTIVATED –

LEAD GENERATIONIf your ship doesn’t come in, swim out to it.

…. JONATHAN WINTERS



The Leads Challenge

Your goals haven’t changed.

You know what your annual income goal isand you know the number of sales you must close to hit it.

What has changed is the number of appointments you are going on and the number of leads it takes to get those appointments.



8 Weeks of Work by Top Producers in a Very Shifted Market

Category Goal Result Percentage

Contacts 1155 846 73%

Seller Leads 530 276 46%

Buyer Leads 402 229 56%

Listings Taken 107 66 61%

BuyerAgreements 143 60 42%

Contracts 89 44 50%

Closings 43 25 58%

Conclusion: 33 contacts = 1 closed sale.



The Two M’s of Lead Generation

Page 58



Time Blocking

Time blocking = daily blocks of time to execute your mostimportant business priorities.

To ensure your lead generation is always your number one priority you must acquire the discipline of “time blocking.

Page 75



Think of it as making appointmentswith yourself.

Once done, you must protect that timeagainst any and all distractions

“Until my #1 priority is done –everything else is a distraction.”

Time Blocking



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TACTIC #5Get to the table – Lead conversion

Page 83

Most people never run far enough on their first wind to find they’ve got a second.… William James



Look At It This Way

If you do lead generation, but don’t get a name and number, what good is it?

If you get a name and number, but can’t get an appointment, what good are they?

As important as lead generating activities are, if you can’t get a name, number and ultimately an appointment, what have you really accomplished?

Page 83



The Goal is Appointments

Doing lead generating activity is one thing —getting an active lead from it is another.The essential truth is that your success in a shifting market will hinge entirely on yourability to convert leads.

Page 83



Capture, Connect & Close!

Conversion success comes to those who intentionally and repeatedly do three thingswith every lead:

Page 89

Get an Appointment



Ten Classic Closes That Work

1. The Hard Close: “Let’s meet!”

2. The Soft Close: “I’ve really enjoyed visiting with you. Would you like to get together to discuss this further?”

3. The Direct Close: “Can we meet today?”

4. The Indirect Close: “Would it be okay if I got you some information to look over and then we can meet to discuss?”

Page 100



5. The Trial Close: “Have we gone over enough today that meeting would be our next step?”

6. The Assumptive Close: “It sounds like we should meet. I am available most times this week so what works best for you?”

7. The Negative-Positive Close: “Would you be offended if I asked if we could meet to go over this?”




8. The Take Back Close: “I’ve really enjoyed visiting with you. To be honest, I’m not sure if I can be of help or not, but I’d be honored if we could meet to find out.”

9. The Tie Down Close: “Wouldn’t it make sense for us to meet in the next day or so?”

10. The Alternative Choice Close: “What works better for you? Meeting today, sometime this afternoon, or tomorrow morning?”




TACTIC #6 CATCH PEOPLE IN YOUR WEB –INTERNET LEAD CONVERSION

You can’t expect to meet the challenges oftoday with yesterday’s tools and expect to

be in business tomorrow.UNKNOWN



The Elements of a Great Agent Website

Page 115

1. Foundational

Professional Design

Points of Contact

Compelling Domain Name



2. Buyer

A. Key Tools

Property Search (IDX)

Buyer Instant Notifications (BINS)

Search Savers

B. Key Content

Community/Neighborhood

Schools

Home-Buying Process Page 115

The Elements of a GreatAgent Website



3. Seller

A. Key Tools

Home Value Request

B. Key Content

Market Statistics

Home-Selling Process Page 115

The Elements of a Great Agent Website



Offers onAgent’s Websites1) Main 2) Buyer 3) Seller 4) Niche

OfflineOffers

OfflineOffers

OnlineOffers

OfflineOffers

OnlineOffers

OnlineOffers

Registrations

Thin Bait

Thin Bait

Thin Bait

Thin Bait

Thin Bait

Fat Bait

Fat Bait

Thin bait lures people to your site. Fat bait hooks them.

Page 128



TACTIC #7: PRICE AHEAD OF THE MARKET – SELLER

PRICING STRATEGIES

The ability to learn faster than your competitors may be the only sustainable

competitive advantage.

… ARIE DE GEUS



Sellers Must Be Ahead of the Market

Not chasing the market means pricing your listings ahead of it.

When a house isn’t priced ahead of the market it’s essentially behind the opportunity curve.

Successful pricing means getting the maximum price for a house in that market, but the strategies can differ based upon the direction of the market.



Average Home Price

Time On Market Page 146



The Tale of Two Markets

Page 153

Out of the MarketZero showings and no offers

No Man’s Land Showings but zero offers

In the Market Showings and offers



TACTIC #8 STAND OUT FROM THE COMPETITION –

SELLER STAGING STRATEGIES

Opportunity is missed by most people

because it is dressed in overalls and looks

like work.

THOMAS A. EDISON



Staging, Staging, Staging

Price is the number one issue in getting a house sold— its price must match its condition.

Price and condition are irrevocably intertwined.

Priced right means priced right for what you get and overpriced means overpriced for what you get. It’s that simple.



The 3P ― 2F Formula

1. Plantings 1. Fixtures2. Paint 2. Furnishings3. Pictures

Prioritize these five whenever you’re looking forquick cosmetic improvements in a listing for sale.

Page 164



TACTIC 9# CREATE URGENCY –OVERCOMING BUYER RELUCTANCE

If someone is going down the wrong road, he doesn’t need motivation to speed him up. He needs education to turn him around.

JIM ROHN



Page 167

Confused Public

By its very name, a “buyers’ market”means buyers should be doing one thing and one thing only—buying.

So where are the buyers and whyaren’t they buying?



Time

Hom

e Pr

ices

Page 172



Three Ways To Energize Buyer Urgency

1. Become the Local Economist of Choice

2. Help Them Tap Into Their Why

3. Address Buyer Reluctance Page 178



Four Strategies To Overcome Buyer Reluctance

1. Why Wait? — The Hazards of Timing theMarket

2. Trade Up — The Opportunity of a Down Market

3. Less Is More — Narrowing the Field

4. Find a Best Buy — Identify Value Page 188



TACTIC #10 EXPAND THE OPTIONS – CREATIVE

FINANCING

Money talks and often says,

“Goodbye.”

UNKNOWN

Page 197



Your Financing Team

So how does a real estate agent add “master creative financing” to their ever-growing list of important tasks to do? They don’t.

You only need to have a clear understanding of the market, the players, and their options. With this knowledge you can effectively expand the choicesfor your buyers and sellers and leave the details to your financing specialist.

Page 219



So What Do You Do?

Meet separately with your top two loanofficers every week.

These meetings should be on yourcalendar for the entire year.

The goal of each of these brief meetingsis to brainstorm the issues you and themarket are facing.



Put Them To Work

Ask them to put all the financing options on the tablethat might work in the market.

Then set the expectation that these same lenders will take ownership of these ideas into action on each loan they get.

Include your accountant, attorney, and title officer into your financing team.



TACTIC #11 MASTER THE MARKET OF THE MOMENT –SHORT SALES, FORECLOSURES, & REOS

The game of life is not so much in holding a good hand as playing

a poor hand well.

H.T. LESLIE



Page 225

1. SHORT SALES Individuals or families trying to avoid foreclosure.

2. FORECLOSURES Bargain hunters and investors seeking to buy value.

3. REOsFinancial institutions with an above average number of foreclosures to sell.

The Big Three



Tactic #12BULLETPROOF THE TRANSACTION –

Issues and solutions

If I had eight hours to chop down a tree, I’d spend six sharpening my ax.

ABRAHAM LINCOLN



What Could Happen?

There are four ways you can think about what might happen in any professional endeavor:

1. Nothing will go wrong,

2. Anything could go wrong,

3. Something will go wrong, or

4. Everything will go wrong.



The Six Bulletproofing the Transaction Issues and Solutions

1. Inspections and Repairs

2. Appraisals 3. Loan Approval and

Funding 4. Other Contingencies5. Co-op Agent 6. Deadlines



Success never comes to the chosen few, but the few who choose.

These can be the worst of times; these can be the best of times. You get to choose.



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tackle tough times with 12 tactics from...

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