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Grow To Greatness in Real Estate
Business Planning Tip: the Production Plan can be more effective if you plan for the stuff behind the numbers
By Cheri Alguire Like the budget, writing a production plan for success is a lot about numbers. Black and white. Hours, dollars, and widgets. There is a sensible layout to follow. You map out the big picture by breaking down your transactions to quarterly and monthly goals. You examine the buyer sales, listing sales, and number of new listings it takes to produce the income needed to support the budget. Easy, right? Well, straightforward, maybe. Easy, no. Production planning is as much about problem solving and perspective as it is about the numbers. Why? Because you know you will not always hit your numbers. (If you do, you probably were not challenging yourself enough during the visioning process.) And not hitting the numbers obviously means you have a problem. You may be overspending the budget and/or underproducing the income. Not hitting the numbers for an entire quarter might not just mean a problem, but a genuine crisis. So it is important when production planning to focus not just on target numbers, but on the potential problems related to production so that you can plan proactively to stay in business with a smile. Lets look at some Givens. #1 You are in control of more than you think. If you chart the numbers for first quarter and fall short, what do you do? (First of all, you always review the numbers.) If first quarter is lean, be prepared for you and others to blame outside influences. Oh, the market. Oh, those fickle buyers. Oh, those unrealistic, so-and-so sellers. Oh, those banks. Slap yourself and your teammates awake! The market is what the market is. Buyers and Sellers are simply responding to it. YOU are the expert. YOU need to take control. Take control of their expectations. Take control of your own emotions. Adjust your numbers if necessary for the rest of the year, but take control of your sales. If you were successful before this market, there is absolutely no reason you can’t be successful now. You have the experience and the skills. If you are new to this market, you have no excuse to be anything but successful because you don’t know the difference! If you were three sales short in the first quarter, plan now what it takes to make up those three in quarter two. #2 There are some things you cannot control. Let go! A teammate’s sudden divorce is going to affect your business. No doubt about it. Can you influence that event? No. (Even if you offer the unhappy couple an all-paid expenses weekend at the Poconos in a heart-shaped tub, their relationship will not change because of your generosity and desperate attempt at keeping your top buyer agent happy and productive.) Curse fate all you like, but know that the teammate will have court dates, down days, and need extra time off to be with the kids. Let go off the idea that life is unfair and provide as best you can for the loss in production through your own efforts or added staff. Know that these things happen. Deal. #3 Not to overuse and abuse the often quoted, Attitude is Everything, but it is. The mindset you get up with every day determines the success of your production plan. Is the market everything you read about in the papers or hear about on the TODAY SHOW? Is the sky really falling? If you believe it, your numbers certainly will reflect that view, (and you will need to hope that your spouse doesn’t mind supporting you for some time to come.) On the other hand, if you wake up each day seeing opportunity and, yes, fun in the current real estate market, your numbers will bloom and grow with every positive step. It’s not a Pollyanna world, but neither is it Oscar the Grouches. Your perspective determines outcome. Plan for the numbers. Plan for the problems. Plan for success. --------------------- Coach Cheri Alguire has helped hundreds of Super Small Business Owners, Realtors, Managers and Coaches create Business and Life Plans. Check out http://RealEstateBusinessPlanningGuide.com or http://www.SmallBusinessPlanningGuide.com/ contact us today at http://www.CheriAlguire.com

Budget: A Necessary Part of a Good Real Estate Business Plan
Budget: A Necessary Part of a Good Business Plan By Cheri Alguire With the constant bad news about the economy, everyone is talking budget these days as if it were a new and exciting phenomenon—just discovered! How to save a buck How to budget for a successful future How to make your dollar stretch the farthest The truth is that there is nothing new, trendy, or sexy about budgeting. A well-planned budget is simply the most practical aspect of your business plan—and one of the most important. It’s also not that much fun. But if you think about it, if you have completed the other parts of your business planning guide, you’ve done the hard part already. You’ve already analyzed where you spent your money last year and how well it returned your investment. You’ve articulated the vision for your business in the next year, five years, and ten. You’ve written down the action steps to achieve that goal. Now it’s just a matter of the numbers. The easiest way to tackle this job is with a good software program like QuickBooks, but you can also manage the old-fashioned way, by hand on a chart, if that’s what it takes to get you started. The budget records your total income, gross and net. It includes the numbers for your current expenses, plus those you anticipate adding under your new vision. It breaks down the expenses and itemizes them so that nothing is overlooked, creating a potential drain on your cash flow down the line. And remember: cash flow is the goal. When the numbers are complete, if you don’t like the result, you need to remember to reevaluate the plan. If your marketing exceeds your income, for example, then you must make a decision: slash the marketing budget or make more money. Either way, your budget needs to “show you the money.” Approach #1: Gary Keller reminds us to “lead with revenue” when budgeting. He cautions only to spend the money that the business has generated and avoid the “Field of Dreams” mentality of expecting business to materialize if you spend enough money on marketing, desk staff, quality equipment, etc. Approach #2: Write down the number of marketing dollars you will need for the next year to reach your goal then do the math. How many lists will you need to carry in order to create that cash flow? How many will you need to sell? How many buy sides? Those are your numbers to live by. Truth be told, a combination of these approaches is probably the wisest course, but regardless, the budget is the budget and you stick to it. (That’s the unsexy part.) But don’t worry about that because this axiom can serve you well when some annoying vendor tries to convince you that you really must buy his refrigerator magnets by the gross with your logo embossed on them in order to be a success at the next home show. You now have your ready-made excuse: “oh, we set our marketing budget last October.” The budget might not seem to be your best friend at times, but it should be your wisest adviser—the one you trust with your most important decisions. Accordingly, spend enough time with it to do it, and yourself, justice. Your business, and your profit/loss statement, will thank you. --------------------- Coach Cheri Alguire has helped hundreds of Super Small Business Owners, Realtors, Managers and Coaches create Business and Life Plans. Check out http://RealEstateBusinessPlanningGuide.com or http://www.SmallBusinessPlanningGuide.com/ contact us today at http://www.CheriAlguire.com

Why a Development Plan is Critical to Your Real Estate Business Plan for Next Year
By Cheri Alguire It is almost time to begin creating your Business Plan for next year. One important part that is often overlooked is what I call the Development Plan. A Development Plan helps you to look at your overall business in different specific areas. A great story is told by Jeffrey J. Fox in HOW TO BECOME A MARKETING SUPERSTAR. It is the story of Pablo Picasso, dining at an elite New York City restaurant and being approached by a socialite who presumes to ask him for a drawing. Fox relates, “Picasso grabbed some paper, and with pen and pencil, promptly sketched the waiters passing parfaits. As the woman reached for the sketch, Pablo Picasso said, ‘Madame. That will be $10,000.’ Shocked, she replied, ‘But that only took you five minutes.’ ‘No, Madame,’ replied Senor Picasso, ‘it took me fifty years.’” Fox tells the story as a parable for understanding—and charging--your worth. (And come to think of it, that part of the lesson applies here, too: a solid development plan will help you avoid the folly of cutting your commission fees.) But we recognize Picasso’s remark about the fifty years as a clear symbol of the value of a development plan. It takes time to plan, but the plan should have long-lasting consequences that shape the course of your business down the road and, ultimately, your desired profit. A development plan, in effect, defines your practice. A development plan can be as simple as a list. But it is an essential list. On this list you need to itemize the changes needed in the next year to improve your business. On it you should include: Marketing and Lead Systems What kind do you need to bring in the number of leads? Sales and Servicing Systems Technology What about Facebook? What about Twitter? What about Texting? People and Staffing Do you need an office manager? Support Systems Training Policies What are they? And are they written down? Procedures Ditto Team Development Retreats Celebrations Training New Ideas What is next? This is the place where you name your dreaming: what is it that you want to create? To revise and perfect? To research? To implement? What kinds of systems and practices do you want to employ? What people and roles? At the development stage, you may be looking at assistants, additional agents, coaches, mentors, equipment, programs, and education. (Budget concerns are for another day.) In development, we identify what it will take to produce your desired outcomes. Put them in place, and the path toward your business future is paved. --------------------- Coach Cheri Alguire has helped hundreds of Super Small Business Owners, Realtors, Managers and Coaches create Business and Life Plans. Check out http://RealEstateBusinessPlanningGuide.com or contact us today at http://www.CheriAlguire.com

Real Estate Scripts: FSBO Objections
By Cheri Alguire I am often asked, “What do you say when a For Sale By Owner seller says [asks]…?” I always have an answer for every FSBO objection, but only because I have the advantage of both knowledge and skill over the FSBO seller. Here is a list of common FSBO seller objections and a quick follow-up statement for the listing agent. They say: “I’ll save money. I won’t have to pay realtor commissions.” You say: “Well, you may save a portion of the commissions; did you know that over 90% of the For Sale By Owner homes are sold by realtors?” (FSBO response) “So, we are really talking about saving the seller side of the commission. Is it worth saving a small percent of the sales price, knowing you will eliminate the vast majority of buyers from even looking at your home? When would you have time to discuss a plan for selling your home?” They say: “I am going to see if I can sell it on my own.” You say: “Good! Have you considered what type of buyers look at For Sale By Owner homes?” (FSBO response) “Agents work with qualified buyers, people that have the means to secure loans or may be cash buyers. What arrangements have you made to assure your potential lookers are qualified buyers?” (FSBO response) “That is interesting. Do you have time this evening to get together to discuss a plan for pre-qualifying buyers?” They say: “I have an ad in the paper and I’m going to put it on Craigslist” You say: “Wonderful. What other methods are you using to expose your home to potential lookers?” (FSBO response) Do you have time to meet this weekend so I can share a few other ideas with you?” They say: “I have someone who is interested.” You say: “That’s great news. Are you aware of the pre-negotiation strategies that will assist you, as the seller, to secure the best possible offer without waiting days upon days?” (FSBO response) “Would tomorrow morning work for us to review the strategies?” They say: “My friend is an attorney, so she is going to do the paper work.” You say: “The four big steps in getting your home sold are: exposure, responding to buyers, negotiating and the paperwork. I am just curious, how is your friend going to assist you with the other three big steps?” (FSBO response) Would you be able to meet tomorrow during the day or in the evening to discuss these three big steps?” They say: “I can’t afford to list with a realtor. I need every cent of the sales price.” You say: “I understand. How did you determine your sales price? (FSBO response) “Great! Are you very familiar with the current market facts?” (FSBO response) “Would you have time to meet Monday or Tuesday evening to review the current housing market facts? I could do an estimate of proceeds for you to help you determine your bottom line.” They say: “I can pay $500.00 to have my home on the MLS.” You say: “Great! The MLS is one way to expose your home to agents who are working with buyers. What plans have you made to expose your home to buyers who are not yet working with realtors?” (FSBO response) “Would five or seven o’clock work for us to review how we capture interested buyers?” They say: “I don’t think realtors are worth their money.” You say: “Selecting a top realtor is a serious and important process. How many realtors have you interviewed for the job of selling your home?” (FSBO response) “Why don’t we meet this evening and I can assist you in writing the key questions to ask every realtor you interview.” They say: “I know my home better than any realtor.” You say: “I am sure that is true. I am going to be in your neighborhood previewing homes that compare to your home. Knowing your competition can give you a huge advantage. Would you like to join me?” (seller response) “Do you have any other selling concerns I can assist you with?” They say: “I have a friend in the business who is giving me advice.” You say: “Great! We can make your friend a partner in the process of selling your home and not miss any valuable market time. That way you know you’re getting the best advice. Can you meet tonight?” They say: “Will you cut your fee in half if you sell the home?” You say: “No. Are you very familiar with how the brokerage commission splits work through the MLS system? (FSBO response) Would you have time to meet tomorrow afternoon or evening?” They say: “What can you do that I can’t do to sell my home?” You say: “There are several factors that go into selling a home. A seller is responsible for and in control of two of the major factors (condition and price); the location is a given, and the forth factor is the realtor’s responsibility (marketing). Would you have time tomorrow to discuss the four factors?” They say: “I heard that agents will still show my home if I just have it on the MLS.” You say: “It is true, that some may show it. What arrangements have you made for compensating agents that show your home?” (seller response) “I may have some suggestions for you on how to attract more agents. Are you available tonight to discuss a few options?” They say: “I do not want unsupervised people in my home.” You say: “You’re right. Security is an important issue. However, as realtors we take several steps to maintain the security and integrity of the home buying process. Are you available this evening to discuss the steps we take to keep homes secure?” They say: “I sold my last home myself.” You say: “Good for you! What has to happen before you will consider interviewing a top agent who can get your home sold?” (FSBO response) “Can you meet this evening?” They say: “I just want to try selling it myself for thirty days.” You say: “Ok. I’m curious, if I brought you an offer that was 95% of that amount, how would you proceed?” (seller response) “If I could get you top dollar for your home in the next 30 days, would you list today?” (seller response) “Can you meet this evening to review our plan?” Two Plus One On the surface, FSBO objections have a dual focus: brokerage commissions and price of the home. After extensive interviewing or conversation, the peel back process will reveal the underlying concern or the true objection. The one big objection all FSBO sellers have in common is simply: realtor worth (or a lack of understanding of our value.) The challenge is getting the FSBO seller to understand and accept your value. One strategy is a comparison of your efforts (marketing, exposure, response time, access, availability, follow-up, feedback, legal forms, representation, fiduciary duties and negotiations) to their efforts (an ad, Craigslist, maybe MLS, limited web exposure, a sign, a friend in the business, or whatever). Once the comparison is made it should be a simple close. Your Value As realtors, you all compete against each other for listings. In the FSBO arena, your competition is extended beyond realtors to the actual seller. Your competition is the seller. Remember: Do not insult or belittle the seller’s efforts. They believe they can do your job and do it better. Focus your presentation on your worth, your point of difference, the true value you bring to the table. This is the only way to be a true champion in the FSBO arena. -------------------- Coach Cheri Alguire has coached over a thousand Realtors on scripts and other skills needed to take their business to a new level of success. For more information on her real estate coaching program, check out www.ProRealEstateCoach.com or ww.FSBORealEstateLeads.com

Real Estate Scripts - Potential Seller Objections
By Cheri Alguire I am often asked, “What do you say when a potential seller asks…?” I always have an answer for every objection, but only because I keep the objective of the conversation IN MIND at all times. Here is a list of common seller objections and a quick follow-up statement for the listing agent. They say: “I am going to try to sell it myself.” You say: “I am just curious, how do you plan on marketing your home?” “…representing the buyer?” “…responding to buyer leads?” “…being available for buyer showings?” (seller response) “If you had a proven plan for selling your home at top market value, would you be interested in using it?” They say: “I am not going to give my house away.” You say: “Good! I prefer to work with sellers who believe in the market facts and are willing to negotiate from a position of equity and strength. When would you have time to get together?” They say: “It is not a good time to sell.” You say: “I know that it is almost counter-intuitive; the supply and demand ratio indicates that this is a good time to be on the market. We are at a _____ month low in ‘homes for sale’ inventory. The demand remains high due to the low interest rates, the tax credit and the declining number of foreclosures available. Do you have time to meet this weekend?” They say: “I am going to talk with other realtors.” You say: “That’s fine. Help me understand. What is it that other realtors will provide you that we have not discussed?” (seller response) “Would tomorrow morning work for us to review the differences between my plan to sell your home and my competitor’s ideas?” They say: “We have to do several things prior to listing our home.” You say: “The two big steps in getting your home on the market are meeting with a realtor and preparing the house for the market. Would you be able to meet tomorrow during the day or in the evening to discuss them?” They say: “We are waiting for the neighbor’s home to sell before we go on the market.” You say: “What could possibly be more convenient to potential buyers than having two homes in the same neighborhood available at the same time? I am going to preview your neighbor’s home, would you like to join me?” (seller response) “Would you have time to meet at your home after our preview?” They say: “Yeah, but my home has (seller’s exceptional home feature).” You say: “If both properties are equal except (seller’s exceptional home feature), and both homes are priced the same, then your home will be the first to sell. Can you meet tonight?” They say: “I know most people don’t like busy streets, but we think it is a real advantage to be so conveniently located.” You say: “Location is always a factor for potential buyers, and we will secure feedback from every buyer who views your home. When is better for you to meet, Monday or Tuesday evening?” They say: “I want to sleep on it.” You say: “That sounds good. I will call you in the morning to see if you are ready to put your home on the market. Do you have any other questions on the selling process? (seller response) “Do you have any other selling concerns I can assist you with?” They say: “I have a friend who may be interested in purchasing the home.” You say: “Great! We can make your friend a ‘timed-exclusion’ to the listing contract and not miss any valuable market time. That way you know you are getting top dollar in today’s market either way. Can you meet tonight?” They say: “I want to fix a few things first.” You say: “If you do not mind, I would like to review your list with you. Just to make sure the items you are doing will ‘help’ the sale of your home and be worth your investment. Would you have time to meet tomorrow afternoon or evening?” They say: “I am too busy with the holidays coming up.” You say: “I understand the extra effort the holidays take. However, what we have found with the holidays is that homes look and show their best when they have received that extra holiday touch. When do you expect to be ready for the holidays?” (seller response) “How would the next day work for us to meet?” They say: “I heard that there are companies that will put my home on the MLS for a small fee.” You say: “This is true. What marketing and services do they provide?” (seller response) “I took a few notes, are you available tonight to compare those notes to our marketing and service plan?” They say: “We want to think it over.” You say: “You’re right. This is a huge decision. However, if you are ready to list your home, we can do the paperwork and I will hold it until you are ready to go on the market. This gives me the opportunity to prepare the ads, flyers, recordings, and home show.” (seller response) “Is there something specific holding you back? How can I assist you with your decision?” They say: “I don’t want to sign a long contract.” You say: “Ok. I will simply work with you as a temporary listing client rather than a full client. It will not impact the representation you receive or the marketing efforts. It only restricts us for the ads your home will be eligible for. It’s your decision. When are you available to meet?” They say: “If I can not get $xxx,xxx, I cannot sell.” You say: “Ok. I’m curious, if I brought you an offer that was 95% of that amount, how would you proceed?” (seller response) “If I could get you top dollar for your home in the next 30 days, would you list today?” (seller response) “Can you meet this evening to review our plan?” The Key to Successful Responses When responding to potential seller objections, it is not a matter of being through, accurate or adding value. Rather it is important to acknowledge the seller’s concern(s) AND close for the appointment. Only the best closers (successful realtors) completely understand that over 90% of the public does business with the first vendor of service they meet eye-to-eye. Once you have the appointment set, you will have the opportunity to clarify and reveal seller motivation. The bottom line result is more appointments equal more listings equal more satisfied clients. The Next Step Of course, if you set an appointment YOU must have a PLAN. If 90% of being successful is being there, then the remaining 10% is what you do once you are there. Think it through, do you homework, and make sure you are prepared. Nothing adds to a confident presentation than being prepared and rehearsed. ----- Coach Cheri Alguire has coached over a thousand Realtors on scripts and other skills needed to take their business to a new level of success. For more information on her real estate coaching program, check out www.ProRealEstateCoach.com or www.RealEstateBusinessResources.com

Pro Real Estate Coach | Take Your Real Estate Business to a New Level

Take Your Real Estate Business to a New Level

Budget: A Necessary Part of a Good Business Plan