Working with 4 Generations of Buyers

There are 3 milestones of modern American Civilization:

  1. Getting Married
  2. Owning a Home
  3. Starting a Family

For many decades this was a very predictable process, because these milestones always followed in this order. During the early 2000’s all of this changed. In today’s market, 4 generations of consumers are purchasing real estate. Each generation is uniquely different in these categories:

  1. What they want
  2. How they search
  3. When they buy
  4. Who they use

However, they all want the same thing: “to work with someone they like!” Understanding your clients’ unique generational differences will help you become an effective communicator. All things being equal, people do business with people they like. All things being unequal, people still do business with people they like. 

Exclusive Right to Buy?

A prospective buyer requested the Exclusive Right to present my property to a prospective tenant recently. In the real estate world, exclusive right is general used to define a brokerage relationship between parties. For Example: exclusive agency is the employment of a particular broker. Exclusive Buyers Agent or Exclusive Right to Sell.

 
What is the Exclusive Right to Present? An inexpensive route to secure an Option Contract, that’s what it isIf I agreed and granted the prospective buyer the Exclusive Right to Present my property, I would have received zero consideration and my property would be unmarketable for 90 days. What seller would withdraw their property from the market for ZERO($0.00 USD) consideration? 
 
According to The Georgia Associations of REALTORS The Red Book, “An option is a contract in which the owner is obligated to sell, and the purchaser has acquired the right, at his/her choice, to purchase property for a set price on set terms.” For any agreement to become binding, there must be consideration. 
 
Consideration:  an inducement, consisting of a thing that is legal and has value, for a person to enter into a contract.
 
If there is no value in entering a contract, how can one even consider it? 
 
 
 

Multiple Offers

“Are You Excited or Terrified?”

 In the Columbus/Phenix City real estate market, sellers are receiving multiple offers to buy the their property. How should the seller respond? Should they even notify all prospective buyers? There are inherent risks for both buyer and seller, when multiple offers are present. Here are 3 options: 

  1.  Contact all prospective buyers, or agents, and ask them for their “Highest & Best” offer.
  2. Negotiate with the best current offer and accept the 2nd best as a “Backup” offer.
  3. Make the same “Counter Offer” to all buyers. First one to accept wins!

 Multiple Offers are exciting but can expose your client to a high level of risk, that should be avoided. Remember, always follow the Golden Rule and if the Seller approves, practice Full Disclosure.

 

 More information on this subject can be found on GARealtor.com

Best Cameras for Real Estate Professionals under $250

REALTORS often purchase equipment for their business, but eventually find themselves using the equipment for personal reasons. What causes this cycle? Lack of research, frustration, and unwillingness to learn how to properly use the equipment they purchased.  When you decide to purchase any new devices, commit to only using them for your business. We take pictures with our phones all the time. Buy a “real estate” specific camera. You’ll end up saving money and get your desired results. 

 

I’ve seen some terrible pictures of some very nice properties. Why do agents have such a difficult time shooting good quality images?

  1. They don’t know how to use their camera
  2. They don’t know how to shoot the property
  3. Their broker/manager can’t shoot good images either

I’ve learned it’s easier to change your systems (equipment) and allow your systems to change your behavior, than it is to change your behavior and not your systems. To begin the process of shooting better images you need to use a camera that is simple and inexpensive. I’ve selected 3 cameras all under $250 that will help you start shooting better images of your properties tomorrow. 

Fujifilm FinePix T550 Digital Camera (Black)

$139

 

Image

 

 

Nikon Coolpix P310 Digital Camera (Black)

$179

Image

Nikon COOLPIX L820 Digital Camera (Black)

$196

Image

 

Reasons I’ve selected these 3 cameras:

  1. Price
  2. Wide Angle Lens
  3. Ability to adjust ISO Settings 

Are You Planning to Leave Your Office?

Planning is the process of thinking about and organizing the activities required to achieve a desired goal. The average Real Estate Agent is a poor planner. Why is this? Who knows. Let’s call it interesting and not attempt to dissect the many reasons agent do & don’t do things. The #1 reason real estate agents transition to another company is……..a lack of a strategic plan. 

If your current broker/owner of your real estate firm doesn’t have an active business plan, then it may be time to transition to another firm. Why? According to Jim Rohn, “The reason why most people face the future with apprehension instead of anticipation is because they don’t have it well designed.”

Most Transition Plans include the following recommendations:

  1. create a list of all current listings & pending sales, with all parties contact information
  2. make copies of all of your files
  3. create a list of all your past clients and prospects, with complete contact information
  4. update your photo

Why will your new Broker request you to complete these four tasks? Because your current Broker never taught you how to manage your business.  These are very basic steps to running a business. What does your Broker have planned for you?