CONGRATULATIONS – you have yourself a real estate license! It’s official: you are now a real estate agent.
So, what’s next? Garrett Lenderman, lead writer and researcher for Keller Williams’ publishing division, offers valuable insight.
“Your database is your business.”
Oftentimes, the difference between an average business and a mega business can be pinpointed to the number of times an agent communicates with members of their database.
“Each time you touch people in your database, you gain a piece of mindshare, which will help position you as someone they need to talk to when they think about buying or selling real estate. The more frequently you communicate with your database, the more mindshare you gain, and the more you’re able to profit from the relationships you build within it,” Lenderman explains.
He also emphasizes that how you talk to your database matters. While the world continues to invent new, easier ways for us to communicate with one another, for real estate agents, the number one weapon of choice is still the phone. This isn’t because real estate agents are old-fashioned; it’s because voice-to-voice communication is extremely efficient and effective. When engaging with someone else, what we say is only one half of the equation – there’s also how we say it. When speaking with someone else, we constantly send and receive millions of signals that all add up to our interpretation and understanding of what’s being said. When using simple forms of communication like text messaging, we restrict our ability to use our full arsenal of communication tools.
So go out and talk to people, and make sure what you say counts. Lenderman suggests, at the very least, you should pick up the phone and call everyone in your database at least once a quarter. When designing touch plans to add to that, remember that the more personal you make it, the more effective it will be.
“No is a spectrum.”
The importance of learning that “no” and “yes” fall on a spectrum is key to becoming a successful agent. When someone tells us “no,” there’s usually a condition associated with it. When talking with people who are interested in real estate, it’s important to gauge how strongly someone is committed to their current decisions and what needs to happen for them to change their minds. Sometimes you’ll find that you have the ability to help people turn their no into a yes.
Learning to interpret people’s needs is part of being a good communicator, which is why it’s important to focus on building your skills through scripts and dialogues, as well as experience, on a daily basis.
“You have to invest in your business and you have to invest in yourself.”
Starting out viewing your job as just that – a job – is a mistake. Agents should view and handle themselves as business owners. By treating real estate as an enterprise from day one, you set yourself up for future growth and success. This means operating off of a schedule that allows you to take control of your time, investing in a database that provides you and those you’re looking to serve with continuing value, continually educating yourself so that you can educate your customers, and pairing big goals with big actions and big accountability that will guide you to the future you desire.
“It’s never that hard again.”
Starting something from scratch is always going to be hard. Your first cold call is hard. Selling your first home is hard. The good news is that it is only going to get easier from here. Repetition, making mistakes, and learning as you go will help make things exponentially easier. Experience is a great teacher, and relying on your own and asking others to share theirs will help you on your own personal and professional growth journey.
“Take a leap.”
Jumping into a new career in real estate can be challenging. Working on outreach, making real connections with customers, creating a strong database, and treating real estate like a business are all key ingredients for success.
Assuming you’ve chosen to hang your license with Keller Williams, you’ve already started your career off on the right foot. Plug in to your market center by taking advantage of the training and expertise all around you. And, if you haven’t already, start memorizing the proven models and systems of The Millionaire Real Estate Agent – a book that has sold more than 1,000,000 copies and helped agents just like you create a business worth owning.
Attend a Free Career Session - Tuesday, January 3rd - 6:30 pm -- 7:30 pm - Career Session - Keller Williams Realty Silicon City, 2520 Mission College Blvd., #102, Santa Clara CA. - Can be attended by internet broadcast!
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CLASS HANDOUTS -- You will receive copies of the lesson slides which will make it easy to follow along with the class and review the material. You don't have to become a stenographer.
BULLET OUTLINE -- This handy book makes studying for the state exam much easier and more efficient by condensing the testable information into a digestible outline.
PRACTICE TESTING PROGRAM -- Our questions parallel those used on the state exam and you take the practice tests online.
SATURDAY EXAM WORKSHOP -- This intensive session will give you the final push you need before your state exam.
PASS, OR YOUR MONEY BACK, COURSE GUARANTEE - Virtually all of our students pass the state exam on their first try. If you don't pass, we will refund your tuition in full. 100%
Free placement assistance. Join the fastest growing real estate company in the world
Advantages of a career at Keller Williams!
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Make a six-figure income
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No experience necessary - we have all the training you need to get your real estate license!
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Why Smart People Don't Multitask
Dec 21, 2016
You may have heard that multitasking is bad for you, but new studies show that it kills your performance and may even damage your brain. Every time you multitask you aren't just harming your performance in the moment; you may very well be damaging an area of your brain that's critical to your future success at work.
Research conducted at Stanford University found that multitasking is less productive than doing a single thing at a time. The researchers found that people who are regularly bombarded with several streams of electronic information cannot pay attention, recall information, or switch from one job to another as well as those who complete one task at a time.
A Special Skill?
But what if some people have a special gift for multitasking? The Stanford researchers compared groups of people based on their tendency to multitask and their belief that it helps their performance. They found that heavy multitaskers—those who multitask a lot and feel that it boosts their performance—were actually worse at multitasking than those who like to do a single thing at a time. The frequent multitaskers performed worse because they had more trouble organizing their thoughts and filtering out irrelevant information, and they were slower at switching from one task to another.
Multitasking reduces your efficiency and performance because your brain can only focus on one thing at a time. When you try to do two things at once, your brain lacks the capacity to perform both tasks successfully.
Multitasking Lowers IQ
Research also shows that, in addition to slowing you down, multitasking lowers your IQ. A study at the University of London found that participants who multitasked during cognitive tasks experienced IQ score declines that were similar to what they'd expect if they had smoked marijuana or stayed up all night. IQ drops of 15 points for multitasking men lowered their scores to the average range of an 8-year-old child.
So the next time you're writing your boss an email during a meeting, remember that your cognitive capacity is being diminished to the point that you might as well let an 8-year-old write it for you.
Brain Damage From Multitasking?
It was long believed that cognitive impairment from multitasking was temporary, but new research suggests otherwise. Researchers at the University of Sussex in the UK compared the amount of time people spend on multiple devices (such as texting while watching TV) to MRI scans of their brains. They found that high multitaskers had less brain density in the anterior cingulate cortex, a region responsible for empathy as well as cognitive and emotional control.
While more research is needed to determine if multitasking is physically damaging the brain (versus existing brain damage that predisposes people to multitask), it's clear that multitasking has negative effects.
Neuroscientist Kep Kee Loh, the study’s lead author, explained the implications:
"I feel that it is important to create an awareness that the way we are interacting with the devices might be changing the way we think and these changes might be occurring at the level of brain structure.”
The EQ Connection
Nothing turns people off quite like fiddling with your phone or tablet during a conversation. Multitasking in meetings and other social settings indicates low Self- and Social Awareness, two emotional intelligence (EQ) skills that are critical to success at work. TalentSmart has tested more than a million people and found that 90% of top performers have high EQs. If multitasking does indeed damage the anterior cingulate cortex (a key brain region for EQ) as current research suggests, doing so will lower your EQ while it alienates your coworkers.
Bringing It All Together
If you’re prone to multitasking, this is not a habit you’ll want to indulge—it clearly slows you down and decreases the quality of your work. Even if it doesn’t cause brain damage, allowing yourself to multitask will fuel any existing difficulties you have with concentration, organization, and attention to detail.
ABOUT THE AUTHOR:
Dr. Travis Bradberry is the award-winning co-author of the #1 bestselling book, Emotional Intelligence 2.0, and the cofounder of TalentSmart, the world's leading provider of emotional intelligence tests and training, serving more than 75% of Fortune 500 companies. His bestselling books have been translated into 25 languages and are available in more than 150 countries. Dr. Bradberry has written for, or been covered by, Newsweek, TIME, BusinessWeek, Fortune, Forbes, Fast Company, Inc., USA Today, The Wall Street Journal, The Washington Post, and The Harvard Business Review.
If you'd like to learn how to increase your emotional intelligence (EQ), consider taking the online Emotional Intelligence Appraisal® test that's included with the Emotional Intelligence 2.0 book. Your test results will pinpoint which of the book's 66 emotional intelligence strategies will increase your EQ the most.
Let’s finish out the year with a holiday basket packed with good news: We’re ending 2016 in better economic shape than in recent years. Unemployment is down to 4.6%, its lowest level since August 2007; consumer confidence is higher than it has been since July 2007; and home values nationally and in more than half of the major markets in the country have recovered.
We’re employed, confident, and have recovered equity in our homes. The stock market is up and flirting with all-time highs.
That sounds like the perfect backdrop to buy a home in 2017, whether it’s a first-time purchase, a move up, a downsize, or a relocation. Right?
Maybe. But before you take the plunge, you’re going to have to come to grips with two factors that are now decidedly worse for buying than they were at the end of last year: Mortgage rates are higher, and the inventory of homes for sale is lower.
Mortgage rates are a bit more than a quarter of a point higher now than they were at the end of 2015. That translates into payments that are 3% higher. Still, that increase can be managed by most.
The key challenge for potential buyers is that rates are now likely to move up more—as much as three-quarters of a point in 2017. That would be increasing payments by an additional 9%.
Tight inventory levels have been a problem for more than four years. As sales have grown, supply has fallen. We’ve seen the age of inventory—how long homes sit on the market—drop dramatically as home buyers burn through the available stock.
We’ve had an abnormally strong autumn for home sales because frustrated buyers are keeping at it even after the end of peak buying season. We also saw more new buyers emerge later in the peak season. Then as mortgage rates started to move up in October and then accelerated their rise in November and December, a new sense of urgency was added to the mix.
As a result of this unusually strong demand in the slower time of the year, we will end this year with at least 10% fewer homes for sale than we had last year. And we thought last year was bad!
Get started on your home hunt now
If your New Year’s resolutions include buying a home, I would suggest getting an early start. January and February typically are the slowest months of the year for sales, as harsh weather in most of the country dissuades most potential buyers.
Buyers in January and February face far less competition from other buyers, yet inventory is only marginally lower than in the spring.
Since mortgage rates are likely to move up as the year progresses, the beginning of the year represents the best time to lock in rates before they get even higher.
Early-year buyers can use the holidays to get ready. Organize your financial information to make getting pre-approved for a mortgage easier. Use realtor.com® to find an expert local Realtor® to help you. And while you are there, sign up for alerts on new homes and price changes on neighborhoods that interest you.
Jonathan Smoke is the chief economist of realtor.com, where he analyzes real estate data and trends to develop market insights for the consumer. Follow @SmokeonHousing
Various real estate entities have weighed in with their prognostications for the 2017 housing market. Most observers expect home sales and prices to moderate in the coming year. They say suburbs will make a comeback while the days of low mortgage rates are over.
Of course, a lot depends on the actions of the new administration. Although President-elect Donald Trump said little about housing during the campaign, some of the issues he highlighted will have an effect on the residential real estate market, such as infrastructure spending, regulatory and tax reform, and immigration policies.
Below is a roundup of what the experts say buyers, sellers and renters can expect in 2017:
Realtor.com predicts “a year of slowing, yet moderate growth.” The listing service for the National Association of Realtors compiled five housing trends for 2017:
Millennials and boomers will dominate the market. Realtor.com expects these two massive demographic groups to power demand for the next decade.
Midwestern cities will continue to be hotbeds for millennials. According to Realtor.com, millennials are clamoring to live in Madison, Wis.; Columbus, Ohio; Omaha; Des Moines; and Minneapolis.
Slowing price appreciation. Realtor.com forecasts home prices will grow at 3.9 percent annually, compared to an estimated 4.9 percent in 2016.
Fewer homes on the market and fast-moving markets. Inventory is down an average 11 percent in the top 100 metro markets, and it is not expected to improve next year. Homes are selling 14 percent faster.
Western cities will continue to lead the nation in prices and sales. Realtor.com predicts prices to increase 5.8 percent and sales to increase 4.7 percent in this region.
[More homes sold in the D.C. area last month than any November in the past seven years]
One prediction you can always count on: No matter what’s happening with the economy, NAR is always going to say it’s a great time to buy. Its fourth quarter Housing Opportunities and Market Experience survey found that 70 percent of people say now is a good time to buy a home. NAR also predicts the rate on a 30-year fixed mortgage will rise to 4.6 percent by the end of 2017.
Zillow says the homeownership rate will bounce back even as renting becomes more affordable. The real estate data firm also sees a reversal of a recent trend, predicting that “more Americans will drive in from the affordable suburbs for work, despite urban development efforts.” Its seven predictions are:
Cities will focus on denser development.
More millennials will become homeowners.
Rental affordability will improve.
Buyers of newly built homes will have to spend more to cover rising costs of construction.
The percentage of people who drive to work will rise for the first time in a decade as homeowners move farther into the suburbs seeking affordable housing.
Home values will grow 3.6 percent.
“Those looking for more affordable housing options will be pushed to areas farther away from good transit options, in turn leading more Americans to drive to work,” said Svenja Gudell, Zillow chief economist. “Renters should have an easier time in 2017. Income growth and slowing rent appreciation will combine to make renting more affordable than it has been for the past two years.”
Redfin predicts “strong buyer interest, better access to credit and a modest and much needed increase in inventory will allow home sales to grow but not as much in 2016.” The national real estate brokerage made six predictions:
The housing market will continue to grow but at a slower pace. Redfin expects median home sale prices to rise 5.3 percent annually in 2017 compared to 5.5 percent this year and existing home sales to increase 2.8 percent annually in 2017 compared to 3.4 percent last year. Although Redfin predicts inventory will be up slightly, it noted that “because we haven’t seen any increase in supply in the most affordable third of the housing market in more than eight months, we expect most of next year’s increase to be in the most expensive third of the market.”
2017 will be the fastest real estate market on record. Homes stayed on the market an average of 52 days this year, according to Redfin. It expects them to sell even faster in 2017.
New-construction growth will slow. Construction is “much lower than historical averages due largely to labor shortages. Given that nearly one in four construction workers are foreign-born, stricter immigration policies from the Trump administration are likely to make the problem worse.”
Mortgage rates will increase but not too much. Redfin expects mortgage rates to rise but no higher than 4.3 percent on the 30-year fixed rate next year
More people will have access to home loans. Next year, Fannie Mae and Freddie Mac will raise its loan limits for the first time since 2006, increasing them to $424,100 for most of the country and to $636,150 for more expensive markets. “This change makes it easier for more homebuyers to qualify for a mortgage in high-priced markets,” Redfin said.
Millennials will move to second tier-cities. According to Redfin, among the places millennials are looking to buy are Raleigh, N.C.; Austin; and North Port, Fla.
The Mortgage Bankers Association predicts mortgage rates will rise slightly but remain low, purchase applications will increase and refinance applications will decrease.
“Strong household formation coupled with further job growth, rising wages and continuing home price appreciation will drive strong growth in purchase originations in the coming years,” said Mike Fratantoni, MBA’s chief economist.
MBA expects rates on the 30-year fixed rate mortgage to remain below 5 percent through the end of 2018.
“Historically low and, in some cases, negative rates around the world continue to put downward pressure on long-term U.S. [bond] rates, keeping them lower than the domestic growth environment would otherwise warrant,” Fratantoni said.
Many times over the past few years the refinance boom has been declared over only to have world events conspire to revive it. Although he adds a caveat to his expectation, Fratantoni said he expects fewer refinances in the coming year.
“The world is an uncertain place, and there is always a chance that rates could drop again in response to global turmoil,” Fratantoni said. “But we expect that refinance volume will most likely be much lower over the next few years as homeowners have repeatedly had the opportunity to lower their rates, and there will be fewer households with an incentive to refinance if rates follow the path we are projecting.”