How Do You Follow Up With 214 Open House Guests?

ohbanner7735 How Do You Follow Up With 214 Open House Guests?

Less than 2%!

Over the Nationwide Open House Weekend (April 28th & 29th), there were 59 Open Houses scheduled in Toms River, NJ.

Using my brokerage as a “control group”, we averaged 3.7 guests per Open House that weekend, that would mean there were over 218 visitors to all of the Open Houses in Toms River.

Statistically, we know that less than 2% of homes sell as a direct result of Open Houses, so that leaves us with 214 potential home-buyers who left our Open Houses empty handed!

Back to my original question, “How do you follow up with 214 Open House guests in Toms River”?

The answer is…the same as you would with ONE!

Inman Next was kind enough to allow me to contribute my “Six Weeks to Six Figures Open House Follow Up System” in this post but don’t worry, I will share it here with you too!

But first, let’s look at some of the “Key Points” I discussed in the Inman Next article:

“If you are going to do something more than once, have a system for it!”

Those words were etched into my psyche, by Rick DeLuca, over 14 years ago.  Yet today, it still amazes me how many real estate agents don’t have any systems in place!

With the technology literally at our fingertips today, all we need to implement a successful “Follow Up System” is a little thought and a lot of CARE.  If you really “care” about these Open House guests (their desires, needs and abilities), then this “system” will work if you work it.

Understand 73% of Your Competition in Toms River Quits After 2 Attempts!

Here are some statistics from my article in Inman Next:

  • 48 percent of salespeople never follow up with a prospect
  • 25 percent of salespeople make only a second contact and then stop
  • 12 percent of salespeople make three contacts and stop
  • Only 10 percent of salespeople make more than three contacts

and…

  • 2 percent of sales are made on the first contact
  • 3 percent of sales are made on the second contact
  • 5 percent of sales are made on the third contact
  • 10 percent of sales are made on the fourth contact
  • 80 percent of sales are made on the fifth to 12th contact

The Six Days to Six Figures Open House Follow Up System

At the beginning of this post, I told you I would GIVE you my system and I will.  There are two ways you can get it for FREE; click on this link and scroll all the way to the “system” or SUBSCRIBE to our e-mail list and I will e-mail you the PDF!

If you plan on making six figures selling real estate in Toms River, NJ, you need a system.

 

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A Beginner’s Guide to Holding Open Houses

Beginners 214x300 A Beginners Guide to Holding Open Houses

Courtesy of Wikimedia Commons

Before you read this guide, choose your team!

You read that correctly.  There are two teams on the Open House “field” in Toms River, NJ; the Believers and the Haters.

The Believers BELIEVE in the power of the Open House.  They know it will build their real estate business.  They know the real estate consumer of today embraces the Open House.  They even believe that specific home may sell through the Open House!

Then there are the Haters.  These are the real estate agents who swear Open Houses “don’t work” and are “a waste of time”.

You know what?

They are BOTH right.

If you BELIEVE in Open Houses, they will help you build your real estate business in Toms River.  If you HATE Open Houses, they will NOT help you build your real estate business.

Decide!

If you truly “believe”, you must now “commit” to Open Houses in Toms River

What am I talking about?

An Open House is a process, a relationship if you will, not an event.  And, just like any good process or relationship, if there is no “commitment”, it will fail.

Step One; Plan (Schedule) Your Open Houses in Toms River:

Historical and imperical evidence indicate Sundays are the most productive days for Open Houses in Toms River.  Plan an Open House for every other Sunday for at least one quarter of the year (to start).  That leaves every other Sunday available for family obligations and/or buyer/seller appointments.

Step Two; Select the RIGHT House to Hold Open:

This is BIGGEST mistake most real estate agents make; they hold the “wrong” house open!  Let me make it SUPER-SIMPLE for you; DO NOT hold any house open that does NOT meet the following criteria:

  1. It is located in Toms River!
  2. It has good curb appeal (looks nice from the outside)!
  3. It shows well (looks and smells nice on the inside too)!
  4. It is priced realistically (according to the market data NOT the listing agent and/or seller)!
  5. It is less than 4 directional signs from a cross street (easy to find)!

Reality Check-Point; STOP HERE if you disagree so far, CLICK to TWEET if you agree with what you have read!

Step Three; Market, Don’t Advertise, Your Open House:

DO NOT rely on a newspaper ad, website and/or Open House sign to generate traffic to your Open House in Toms River.

INVITE the neighbors (in person preferably).

ALERT everyone (your sphere, your prospects, your peers, etc.) by every means possible, ie; postcards,  e-mail, Facebook, Twitter, YouTube, Google+,LinkedIn, Pinterest, your blog, your company’s website, your MLS, Realtor.com, Trulia & Zillow, etc.

DIRECT them there!  Invest in signage you can see and read which clearly identifies you, your company and the direction they should be going.

Step Four; Welcome, Engage and Educate Your Open House Guest:

Enthusiasm and excitement are contagious!  If you are excited and enthusiastic about the house you are holding open and the people you are meeting, they will become excited and enthusiastic about working with you.

GREET them at the door.  Get their NAME by giving them your name.  SHOW them the home and what you KNOW about it and it’s local competition.  ASK them “good” questions (more on this topic in the advanced guide).  Let them know you CARE about their desires, needs and abilities.

This is where MOST agents in Toms River FAIL

Step Five; “Thank You” and “Follow Up”!

If you followed the first four steps, you should have; A) Open House Guests and B) Their contact information!

SEND them a hand-written “Thank You” note (if you have their physical address) and a “Thank You” e-mail message right away!

CALL them (that night) if you were capable enough to get their phone number!

SEND them INFORMATION that meets their needs (based on your discussion with them at the Open House)!

RINSE & REPEAT; “touch” them (by phone, e-mail, mail, combination of all or each) 6 to 8 times minimum!

If you haven’t  CONNECTED with them by the eighth “touch”, INVITE them to your next Open House in Toms River!

Trust me, your competition might send a “thank you” e-mail but that will be the most “follow up” they will do.

If you are a true “believer” in yourself and Open Houses, and you follow these 5 steps every other Sunday for 3 months, you will build your real estate business in Toms River, NJ.

 

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How to Find “Qualified” Home-Buyers

cafe couple 300x199 How to Find Qualified Home Buyers

Qualified?

A couple of weeks ago, I asked a “private” Facebook group, made up of local real estate agents, what their 3 BIGGEST current challenges were.  See my last post for their “first” challenge.  Two local agents responded with the same challenge; finding “qualified” buyers!

Before we can FIND them, we need to understand exactly what a “qualified” home-buyer is.  Most average real estate agents would argue “qualified” means they are financially capable of purchasing a home, ie; mortgageable.

I believe “qualified” means more than mortgageable.

Notice the last four letters in the word, “mortgageable”…ABLE.  I believe, despite the abundance of naysayers, there are plenty of “able” home-buyers available.  The real question or challenge is; are they “ready, willing & ABLE”?

How can you tell if a home-buyer in Toms River is ready, willing & able?

Ask!

Here’s the exact script (courtesy of Rick DeLuca):

“I’m just curious.  If you found a home that met all your needs today, including financially, are you actually ready to make the decision whether to buy or not?”

If they say, “yes”, CONGRATULATIONS, you have a “qualified” or “A” buyer!

If they answer “no”, what is your next question?

“May I ask, what would prevent you from making that decision today?”

If they answer with any of the following, you have a “unqualified” or “B” buyer:

  • I (we) have to sell our home first.
  • I (we) have 6 more months left on our lease.
  • I (we) don’t know if I (we) can afford it yet.

There is an “obstacle” which needs to removed in order for them to “qualify” as an “A” buyer; list and sell their current home, show them the benefits of an early lease termination or get them pre-approved by a reputable mortgagor.

If they answer with anything remotely close to this; “I (we) are just looking and …”.  They are “C” buyers; as in C-U-L8TR!  They’re not just “unqualified”, they’re “un-helpable”, if there is such a word.  Dump them…fast!

Now that we know HOW to FIND “qualified” home-buyers in Toms River, WHERE do we FIND them?

Since we know over 90% of all home-buyers begin their home search process on the internet, it’s a pretty safe bet that you WON’T find enough of them by taking “floor time/desk time/opportunity time”!

And, even if your website is a “lead generator”, you probably WON’T find an abundance of them in your inbox either (although you will find some).  Why?  They have most likely just begun their research and haven’t been pre-approved yet because they are still close to a year away from “committing” to buying!

So, WHERE is the BEST place to FIND “qualified” home-buyers in Toms River, NJ?

Open Houses!  That’s right.  It is NOT a typo.  OPEN HOUSES!

Think about it.

They (the home-buyer) has been searching and researching the internet for over 6 months.  They have spoken with a mortgagor because that is what their research told them to do BEFORE they start actually visiting homes.  Where does the “visiting” begin?

BINGO!  Open houses in Toms River.

 

 

 

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The New Rules to Creating a Value Proposition

Value Model 295x300 The New Rules to Creating a Value Proposition

Courtesy of Wikimedia Commons

Recently, I inquired through a private FaceBook group created for real estate agents in Ocean County, NJ, “What are your 3 BIGGEST challenges in real estate today?”

Jessica was first to respond and her first challenge was “creating a value proposition”!

Exactly what is a real estate agent’s “Value Proposition”?

To find out, I went to Zillow’s “REALTOR Reviews & Real Estate Agents” page.  I took a look at the first 3 profiles displayed by “weighted average” (none of them are from our area).  Here are the “Value Propositions” I was able to find by clicking on the links to their respective websites:

  1. Marketing Your Home For All It’s Worth
  2. We will offer you unparalleled customer service and proven results
  3. Serving Your Real Estate Needs in the Metro Baltimore Area

Now, to give these agents even more credit than their ratings already have, their websites are sharp and 2 out of the 3 had their “Value Propositions” prominently displayed in their site’s header!

BUT…

Only one REALLY has “value” to me as a real estate consumer!  Can you pick out the winner?

That’s right; Marketing Your Home For All It’s Worth!

Why?

It’s UNIQUE (compared to the other 2)!  It’s SPECIFIC (Home-Seller Focused)!  It has a BENEFIT (All It’s Worth)!

So, how may we use this information to create our own “Value Proposition” here in Toms River and Ocean County, NJ?

New Rules to Creating a Value Proposition in Toms River and/or Ocean County, NJ

  1. Change the name.  Title it your Unique Selling Proposition.  You are in sales after all!
  2. Clearly identify/state what makes you UNIQUE!  Example; “I get my Home-Sellers 99.9% of List Price!”
  3. Be SPECIFIC with your proposition!  Have one for your buyers and a separate one for your sellers!
  4. Tell them how working with you will BENEFIT them!  Example; “My Home-Buyers Save an Average of $8,222!”

Cut to the Chase:  You Unique Selling Proposition is what differentiates you from every other real estate agent in Toms River and/or Ocean County, NJ.  Your potential customers and clients want to know, “What is in it for them”?  You won’t settle for average and neither will your buyer and/or seller!

 

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Wanted: Real Estate Agents (Niche Need Not Apply)!

niche market 300x200 Wanted: Real Estate Agents (Niche Need Not Apply)!

Courtesy of Wikimedia Commons

As I continue in my crusade to “raise the bar” for real estate agents in Toms River, NJ, I often encounter what I refer to as “points of bewilderment”.

These are moments, incidents and/or events that I experience in today’s real estate environment here in Toms River.

What makes them “bewildering”?

Allow me to share a few examples:

  • Real estate agents “answering” questions asked on Trulia Voices MONTHS after they were asked!
  • Real estate agents blowing their own horns when it comes to awards and recognition!
  • Real estate agents that haven’t a clue what a “niche” is and don’t care enough to ask (this my current point of bewilderment)!

Please don’t misunderstand me.  There are many professional real estate agents out there with a business plan, providing valuable customer service and developing their “niche” markets…just NOT in Toms River, NJ!*

* I am currently working with a dozen real estate agents within my brokerage to fill this void.

What is a niche?

The PERFECT definition of this discussion can be found in Wikipedia, under Niche Audience:

There is a new drive for niche audiences because audiences are now in full control of what they watch. It is very rare to have a substantially large audience to watch at once, with the few exceptions of “American Idol“, “Superbowl” and the Olympics. They specifically target a demographic. For example, Lifetime targets women and MTV targets youth.

What types of Niche Audiences can be found in Toms River Real Estate?

Personally, I think the opportunities are plentiful but let’s identify a few of the more obvious:

  1. Toms River’s First Time Home-Buyer
  2. Toms River’s Waterfront Home-Buyer
  3. Toms River’s Adult Community Home-Buyer

There are even “niches” within these “niches”:

  1. First Time Home-Buyers looking in the Cedar Grove School District of Toms River, NJ.
  2. Waterfront Home-Buyers looking in the Shelter Cove section of Toms River, NJ.
  3. Adult Community Home-Buyers looking in the Holiday City Villages of Toms River, NJ.

Given the OVERWHELMING evidence provided by a simple GOOGLE “Keyword Search”, why would a real estate agent planning to build their career in Toms River, NJ, market themselves to the entire county of Ocean or the entire “Jersey Shore”?

So, I ask here, like I recently asked on a couple of “Local Real Estate Groups” on Facebook, what is your “niche”?

My goal is to get answers from real estate professionals in Toms River.  So far, on Facebook, I have only received answers from mortgage professionals…

 

 

 

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How To Be A Successful Real Estate Agent

darins book 150x150 How To Be A Successful Real Estate Agent

Kindle Edition

My friend, and coach, Darin Persinger, just published an e-book on Amazon.  He asked me, a real estate broker in Toms River, NJ, to read it and write a review for it on Amazon.

Here it is:

How To Be A Successful Real Estate Agent; A Quick Guide To 7 Focus Areas For Real Estate Success, by Darin Persinger

Technology and the internet, in particular, have changed the way we, as consumers, search for and find information.  Real estate is no exception.  It comes as no surprise then when an enterprising individual commits to a career in real estate that they are instantly bombarded with terms and phrases like; social networking, inbound marketing and search engine optimization.

Author, Darin Persinger, currently a real estate “productivity” coach and national speaker, is a former real estate agent and former manager for a national real estate franchise.  So, he may actually know what he’s writing about.

In his e-book, Darin states he is constantly asked about “tactics and tools” by real estate agents today.  He acknowledges that “tactics and tools” are an important element of real estate success, but not the end-all-be-all.

Darin’s 7 “Focus Areas” go much deeper and get much more specific about, as John Maxwell says, “Beginning with the end in mind.”

I am not going to paraphrase all 7 “Focus Areas” in this review.  You can buy Darin’s e-book here!  I do however, want to share on the 2 “Focus Areas” I found the most significant:

Focus Areas #3 and #4; Strategy and Tactics

Darin states that “Strategy” is basically the “How”.  He tells us to ask ourselves these questions:

  • How are you going to achieve your goals and objectives?
  • What will be your online strategy?
  • What will be your offline strategy?
  • What will be your sphere of influence strategy?
  • What will be your referral strategy?

He then states your “Tactics” is the “What”.  “What” are you going to do to “implement” your strategy?

Darin includes a great quote from Seth Godin, explaining the difference strategy and tactics:

The right strategy makes any tactic work better.  The right strategy puts less pressure on executing your tactics perfectly.

Here’s the obligatory January skiing analogy:  Carving your turns better is a tactic.  Choosing the right ski area in the first place is a strategy.  Everyone skis better in Utah, it turns out.

He effectively uses an actual client’s experience as an example of “Strategy vs Tactics” to further illustrate his point.

All in all, as a real estate broker with over 14 years of experience, I found Darin’s e-book a worthwhile read.  It’s not Atlas Shrugged but for the price of a Starbuck’s Grande, you will get a return on this investment.

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Keep Your Listing Skills Sharp!

How does a “Listing Contest” produce “listings” in Toms River, NJ?

A couple of weeks ago, we launched LIST-O-MANIA at our company’s 2012 Kick-Off Breakfast.  Two weeks later, we have ONE real estate agent out-running the rest of the pack.  Why & how & what does it all mean?

Contests Don’t Produce Listings, Good Listing Skills Produce Listings!

Before I tell you exactly what that means, watch this:

0 Keep Your Listing Skills Sharp!

The reason ONE agent is out-listing the others is simple; he is a “professional” real estate agent.

What’s the difference between an “amateur” and a “professional”?  PRACTICE!

So, while “the pack” of real estate agents re-familiarize themselves with (or learn for the first time) prospecting skills and techniques, the “pros” LIST homes for sale in Toms River.

Why are we having a “Listing Contest”  if I already know this?

Most real estate agents, in Toms River and else-where, know NOW is the time to build their “Listing Inventory” but they don’t do it.

Why not?

Because most real estate agents are easily distracted and not focused on developing their business.  Worse yet, they are not even aware of it because they are too “busy” chasing after business instead of building it!

What a “Listing Contest” does is bring the FOCUS back to the foundation building skill-set needed to develop a successful real estate career in Toms River.  Do you want to learn more about building your foundation in real estateContact me now, before it’s too late.

 

 

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Did You See Your Shadow Today?

HiRes Groundhog1 300x159 Did You See Your Shadow Today?

Are You Toms River Tom?

Does every day of your real estate career feel like “Groundhog Day”?

Do you feel like you have “been here before”?

Are you waiting for things to change in the Toms River Real Estate Market or are you changing things to make your business happen?

Toms River Tom is not a rodent, he/she is a Real Estate Agent!

Every year I see it!

Real Estate Agents sticking their heads out of the ground to see if they are going to have 6 more years of “a bad market”.

It makes me want to grab a large rubber mallet and go around BOPPING them all on their heads as they pop up out of the ground!

The market is THE MARKET.

“Buyers Market”, “Sellers Market” or “Balanced Market”; it makes no difference.  There is ALWAYS a real estate market in Toms River, NJ.

The KEY to a successful real estate career is to CHANGE with “the market” NOT to wait for IT to change!

How do you do that?

Step 1:  Know Your Market!

  • How many homes are currently for sale in Toms River?
  • What’s the current “Absorption Rate” in Toms River?
  • What is the Sales Price to List Price Ratio?
  • What is the average “Days on the Market”?

Step 2:  Know Your Customer!

  • Who is BUYING in Toms River in this market (First Time Home-Buyer, Investor, Move Up Buyer, etc.)?
  • Who is SELLING in Toms River in this market (Short Sales, Empty Nesters, Relocations, Divorces, etc.)?
  • Where are they (physically and virtually)?  Which neighborhoods?  Which level of home?  Which stage of the process are they in?
  • How do they like to communicate (phone, video, email, text, social media, direct mail, face-to-face, etc.)?

Step 3:  Know Your Plan!

  • How do you counsel each type of buyer in today’s market?
  • How do you counsel each type of seller in today’s market?
  • Which set of tools do you use for each type?
  • What is your plan to help those who NEED your help in Toms River today?

It really is as SIMPLE as 1,2, 3 but that doesn’t make it EASY.

Today’s real estate market in Toms River, NJ, has it’s challenges; it’s UPs and DOWNs.  But it is HERE and it will always be HERE.  It will change, over and over again, but there will always be a “market” for a real estate agent in Toms River.

NEED HELP?  Just ask!

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Not Your Ordinary Listing Contest!

List O Mania 300x153 Not Your Ordinary Listing Contest!As sure as the sun rises in the east and sets in the west, the first month of the New Year always poses the same real estate question; “How are we going to get our real estate agents to stock up on listings in Toms River, Manchester and northern Ocean County?”

The proverbial answer; “A Listing Contest!”

The inevitable result; ONE agent wins the contest.  The others don’t even try because they have already conceded the contest to that ONE agent.

What is the definition of “insanity”?

Doing the same thing over and over again, expecting different results!

This year, I came up with a “different” Listing Contest

Knowing that those who choose “not to learn from the past are doomed to repeat it”, I searched my memory banks for contests that actually produced results.

ONE came to mind; it was part of Floyd Wickman’s Sweathogs program.  What made it successful?

TEAMS!

So, I created a “Listing Contest” that not only rewards the AGENT with the most “listing points” but also rewards the TEAM with the most “listing points”.  Check out the VIDEO LOG I made today to document its’ surprising effect:

0 Not Your Ordinary Listing Contest!

Where did I find the inspiration and title for this “different” listing contest?

FRANCE!  Well, not exactly but from a French band named, Pheonix and their song, Lisztomania.

You will see, aside from a “different” listing contest this year, I have a “different” business philosophy this year; ONE that is MUCH more FUN and MUCH more PRODUCTIVE!

Stay tuned for my next “Captain’s Log” to see how well LIST-O-MANIA is progressing or JOIN the FUN and build up your listing inventory in Toms River, Manchester and northern Ocean County.

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