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REVISED EDITION Becoming an Opportunity Warrior An Agents Guide to Gaining Mind Over Market Breakthrough to Mastery.

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Presentation on theme: "REVISED EDITION Becoming an Opportunity Warrior An Agents Guide to Gaining Mind Over Market Breakthrough to Mastery."— Presentation transcript:

1 REVISED EDITION Becoming an Opportunity Warrior An Agents Guide to Gaining Mind Over Market Breakthrough to Mastery

2 2 An Agents Guide to Gaining Mind over Market Gaining Mind Over Market Main Ideas 1. Perspective on the Market 2. Opportunity Mindset 3. Master Your Skills 4. Install Key Systems 5. Get in the Game

3 3 An Agents Guide to Gaining Mind over Market Perspective on the Market Hows Your Market? » People always need to buy or sell » Markets always shift over timethey have a cyclical nature » Change = opportunity Pages 7-9

4 4 An Agents Guide to Gaining Mind over Market Perspective on the Market (continued) The Law of Supply and Demand » Demand exceeds supply = high prices » Supply exceeds demand =low prices Page 9

5 5 An Agents Guide to Gaining Mind over Market Perspective on the Market (continued) Page 10

6 6 An Agents Guide to Gaining Mind over Market Perspective on the Market (continued) Other Factors Signal Market Change Inventory Inventory as a Measure of the Market Sellers MarketLess than 5 months inventory Balanced Market5-7 months inventory Buyers MarketMore than 7 months inventory Page 11

7 7 An Agents Guide to Gaining Mind over Market Perspective on the Market (continued) Other FactorsAffordability Index » Measure of financial ability to buy » Index of 100 = median income family can afford median priced home » Higher index over 100 = greater affordability Page 12

8 8 An Agents Guide to Gaining Mind over Market Perspective on the Market (continued) Affordability for Austin, TX Median income$69,300 Median home price$182,500 Mortgage amount (after 20% down) $146,000 Required income (25% of $146,000) $36,500 Affordability Index ($69,300/$36,500 X 100) 190 Page 12

9 9 An Agents Guide to Gaining Mind over Market Perspective on the Market (continued) Three Ways to Close the Affordability Gap » Lower home prices » Increased borrowing power (e. g., lower rates, more options) » Increased income What factors can an agent control? Page 14

10 10 An Agents Guide to Gaining Mind over Market Perspective on the Market (continued) What Impacts Affordability and Availability? Macro (National) factors Economic growth Inflation Interest rates Metro (City) factors Population Employment Household income Micro (Local) factors Neighborhood dynamics Property conditions Home prices Page 14

11 11 An Agents Guide to Gaining Mind over Market Perspective on the Market (continued) Whats Your Affordability Index? Whats the median income? Whats the median home price? Whats the affordability index? Page 15

12 12 An Agents Guide to Gaining Mind over Market Perspective on the Market (continued) What Are Buyers and Sellers Thinking? » Role of media » Seller beliefs Inflated sense of value Cant sell for what they need or want Can sell as is without improvements Marketing and open houses will be enough to sell If they cant afford the payment they will lose the home to foreclosure Pages 16-17

13 13 An Agents Guide to Gaining Mind over Market Perspective on the Market (continued) What Are Buyers and Sellers Thinking? » Buyer beliefs Values may continue to go down Plenty of time to look and buy Seller will take almost any offer Wait for more homes to come on market May not be able to get a loan Great time to invest in real estate Page 17

14 14 An Agents Guide to Gaining Mind over Market Opportunity Mindset Six Truths About Markets From When Markets Shift by Gary Keller » A paper written right after 9/11/2001 » Guidance still relevant in todays environment Page 18

15 15 An Agents Guide to Gaining Mind over Market Opportunity Mindset (continued) 1.Markets ShiftIts a Way of Life » Markets are always in transition. » Myth: Market determines your success. » People buy and sell in all markets. » Down markets tend to have fewer great dealsand those that are, sell faster. Page 19

16 16 An Agents Guide to Gaining Mind over Market Opportunity Mindset (continued) 2.Up Markets = Proactive and Reactive Lead Generation BUT, in down markets only proactive lead generation works! Page 20

17 17 An Agents Guide to Gaining Mind over Market Opportunity Mindset (continued) 3.Market Shift = New Strategies Required » Adopt opportunity mindset. » Seek only motivated buyers and sellers. » Price ahead of marketdo not chase market. » Make condition of listings stand out. » Motivate buyers with sense of urgency. » Qualify and convert leads quickly. Continued Pages 20-21

18 18 An Agents Guide to Gaining Mind over Market Opportunity Mindset (continued) 3.Market Shift = New Strategies Required » Catch and convert leads on the Web. » Bulletproof your transactions all the way to closing. » Find out where market is and get in it. » Do more with lessexpenses, services, people. » Learn alternative financing options. Pages 20-21

19 19 An Agents Guide to Gaining Mind over Market Opportunity Mindset (continued) 4.The Theory of Equilibrium » Sellers market = agent count increase » Buyers market = agent count decrease » Big opportunity for those with stamina, skill, and adapted, improved business practices Page 21

20 20 An Agents Guide to Gaining Mind over Market Opportunity Mindset (continued) 5.When Markets Shift Downward, Time to Reach Equilibrium Is Unknown » Myth: Wait it out, it will be over soon. » Truth: Face the market, adapt as needed. Commitment Consistency Reduced expenses Page 21

21 21 An Agents Guide to Gaining Mind over Market Opportunity Mindset (continued) 6.In a Down Shift, Its Time for All Hands On Deck » Prospecting » Converting to appointments and contracts » Cost control » Negotiation » Transaction bulletproofing » Customer service Page 22

22 22 An Agents Guide to Gaining Mind over Market Opportunity Mindset (continued) Your Role as Opportunity Warrior » Have a plan and know what you should be doing at all times. » Know your strengths, leverage them, and execute. » Delegate tasks you do less well. Pages 23-24

23 23 An Agents Guide to Gaining Mind over Market Opportunity Mindset (continued) Opportunity Warrior Affirmations » Im an opportunist and this is an opportunity. » Im a market maker and will create my own market in these conditions. » Im able, ready, and willing. » Im a knowledgeable real estate consultant. » I understand the big picture. » Im a professional guiding clients through the process. » Sellers need me more than ever to get a sale. » Buyers need me more than ever to get the best price. Page 24

24 24 An Agents Guide to Gaining Mind over Market Opportunity Mindset (continued) Gain Market Share in a Slowing Market Maintaining your volume = increasing your share Page 25

25 25 An Agents Guide to Gaining Mind over Market Opportunity Mindset (continued) Gain Volume in a Growing Market Maintaining market share = increasing volume Page 26

26 26 An Agents Guide to Gaining Mind over Market Master Your Skills Focus on the Basics 1. Assess your skills and look for ways to improve 2. Keep up your education 3. Be a student of the market 4. Be a great communicator 5. Lead generate 3 hours a day 6. Talk competently with sellers about pricing 7. Motivate buyers to buy 8. Convert leads to appointments Page 27

27 27 An Agents Guide to Gaining Mind over Market Master Your Skills (continued) Assess Your Skills » Know your market » Prospect » Try new sources for leads » Know scripts » Make offers to generate responses » Have clear, concise Unique Selling Proposition (USP) Page 28

28 28 An Agents Guide to Gaining Mind over Market What improvement would benefit you the most? Page 29 Master Your Skills (continued)

29 29 An Agents Guide to Gaining Mind over Market Master Your Skills (continued) Keep Up With Your Education » Be a lifelong learner. » Become a teacher, coach or mentor. » When you cut expenses, dont cut education. » Use education to plug in and grow. Pages 29-30

30 30 An Agents Guide to Gaining Mind over Market Master Your Skills (continued) Be a Student of the Market » This is an everyday commitment. » Data is your friendknow where to find it. » Know both the national and local statisticsuse graphics to share what you know. » Know the best buys. » Know the status of all homes in proximity to your listings. Pages 31-34

31 31 An Agents Guide to Gaining Mind over Market Master Your Skills (continued) Be the MediaBecome a Spokesperson, Speaker, and Resource » Write articles. » Speak at town meetings. » Speak to businesses and other organizations. » Put updated, insightful content on your website. » Start a blog. Page 35

32 32 An Agents Guide to Gaining Mind over Market What are your market numbers? Homes on market Homes sold Homes pending Expired listings Days on market Average list price Average sales price Pages Master Your Skills (continued)

33 33 An Agents Guide to Gaining Mind over Market Master Your Skills (continued) Be a Great Communicator » Seek first to understandask, listen, and validate your understanding. » Study and practice scripts. » Leverage script knowledge through conversational skills. » Communicate with your clients faithfully, relieving their stressand yours. Continued Page 37

34 34 An Agents Guide to Gaining Mind over Market Master Your Skills (continued) Be a Great Communicator » Remessaging Evaluate every message you are putting out. – Are your messages driving prospects to you? For sellers (time to sell, % of list price) For buyers (best buys, foreclosures, free searches) Use web domain names that attract an audience. Page 38

35 35 An Agents Guide to Gaining Mind over Market Master Your Skills (continued) Talk Competently About Pricing with Sellers » Know the market facts. » Be truthful, then test their understanding of what youve said. » Use the bottom line or net approach. » Let them vent their emotionsremain calm. » Discuss financing options that might be offered to buyers. Page 39

36 36 An Agents Guide to Gaining Mind over Market Master Your Skills (continued) Motivate Buyers to Buy » Make offers that generate immediate response. » Understand and overcome fear with scripts. » Educate them about the opportunities. Lead Generate 3 Hours a Day! » See the KWU courses Lead Generation 36:12:3 and An Agents Guide to Upshifting Your Lead Generation. Pages 40-41

37 37 An Agents Guide to Gaining Mind over Market Be Efficient and Effective! » Review everything you do with a critical eye. » Focus on your 20% activities. See Lead Generation 36:12:3, Introduction: The Power of One. Page 42 Install Key Systems

38 38 An Agents Guide to Gaining Mind over Market Be Efficient and Effective! » Use tools from KWRI eAgentC for your website ProManage/TOP PRODUCERcontact management system Calendar tools Task lists and checklists Page 43 Install Key Systems (continued)

39 39 An Agents Guide to Gaining Mind over Market Install Key Systems (continued) Be Efficient and Effective! » Rethink how you use and work with people. » Restructure as needed. » Increase accountability. Quit the wrong stuff. Stick with the right stuff. Have the guts to do one or the other. Seth Godin, The Dip Page 43

40 40 An Agents Guide to Gaining Mind over Market Install Key Systems (continued) Systematize Everything! » Lead Generation 36:12:3 describes the 3 hour habitDO it! » Convert leads; follow up on everything. » Manage expenses; know all numbers, prioritize. » Leverage your people and a great vendor support team. Pages 44-49

41 41 An Agents Guide to Gaining Mind over Market Get in the Game! Commit and dont quit. Lay your foundation for growth in improving markets. Have a game plan, and stick to it. Know your role, revamp it if necessary. Focus on dollar-productive activities. Pages 50-52

42 42 An Agents Guide to Gaining Mind over Market The Bottom Line Be an Opportunity Warriorembrace the market. » Accept the Law of Supply and Demand. » Understand and use your local Affordability Index. » Become the media. » Master your skills (market knowledge, communication, lead generation, conversion). Evaluate yourself on all challenges and build your action plan now! Page 53

43 43 An Agents Guide to Gaining Mind over Market Productivity Boosters Send Market Snapshotfeature of ProManage/TOP PRODUCERto prospects and customers. Track your lead generation efforts with ProManage/TOP PRODUCER. Check out technology offerings from KW eAgentC, etc. Page 54

44 44 An Agents Guide to Gaining Mind over Market My Action Plan Pages Dont put away this guide without developing a plan to put what you have learned into action! Refer to the Action Plan on pages of your agent guide to assess your strengths and areas for improvement. Write down steps you will take to improve your skillscomplete it, share it, and commit to it!

45 45 An Agents Guide to Gaining Mind over Market Take the other courses in the Breakthrough to Mastery Guide series Upshifting Your Lead Generation Seller Pricing Strategies Seller Staging Strategies Lead Capture and Conversion Internet Lead Capture and Conversion Creating Urgency to Buy Bulletproofing Transactions Expense Management Effective People Leverage Short Sales, Foreclosures, and REOs Financing Solutions

46 46 An Agents Guide to Gaining Mind over Market Thanks for being here! Please complete an evaluation for this session.


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