All Forum Posts by: Irene Nash

For the offer, a lot depends on the circumstances. Does the offer need to be strong because they're competing, what kind of financing do they have, do buyers need closing costs from sellers, are they offering full price, what's important to the sellers that buyers may be able to provide (long or short closing, seller occupancy after closing, are they handy and not likely to nickel and dime on the inspection, etc.) I like to have the lender call the listing agent directly to vouch for the pre-approval letter so they've heard a human voice and know it's not some unreachable person.

As far as listing a house that needs updates, make it as clean and uncluttered as possible inside and out, we always stage (can be simple and DIY, makes a big difference) and do pro photos, and figure out what the house has going for it and what it could have that buyers love (great yard? open floor plan? room to add bathroom or finish out basement or add garage/workshop, etc.? privacy? proximity to really cool amenities?) and then write remarks based on those things.

I agree that listings are great but your buyers of today are listings down the road, and when the housing market slows down, as it always does eventually, suddenly buyers become the easier ones to work with. :)

PS I have before and after photos on my website of listings we've staged (we do our own staging) prior to listing them, you asked what makes listings stand out and I really think those transformations are good examples of what sellers should be able to expect when they list a home. Some of the pics are of low range starter homes.

Kevin Ward has a lot of cold calling scripts, you can find him on YouTube and he may still be giving his book away for free. I don't know if any are specifically for lenders but the structure and format should apply to most situations.

@Russell Brazil That must depend on the state because here in WA we're always told to do a 'Rental occupancy after closing' agreement, it's an MLS form that is essentially a lease. The reason Seller becomes a tenant via that form is so that the Buyer has landlord (aka eviction) rights if necessary - although I understand that may be more complicated now with eviction moratoria.

@Luke Boff Making the entire deal contingent upon sellers finding housing is a huge ask of your buyers. Buyers still need to comply by their financing contingency terms, have an appraisal and structural inspection within the specified timeframes, etc. and could lose all of the money they put into those things, not to mention they're tying themselves up with a house that may not get sold to them. There need to be deadlines, agreements as to what happens if 'x' doesn't work out, etc., and hopefully an escape clause for the buyers in case a good condo comes up sold by people who actually intend to sell no matter what.

Even if sellers agree to sell no matter what, there needs to be a deadline clearly specified for them to move out, it can't just be when they find a place. In WA state we do a rental agreement so the buyers have landlord rights. Also, most lenders who finance a primary residence will switch to looking at it as an investment property if it's rented for more than 30 days after closing, so definitely check with the lender to see what their time frame is - otherwise a long rental could breach the terms of your client's owner-occupied financing.

No matter what you do, use forms from your MLS or those supplied by your brokerage (which hires attorneys) for any agreement, if you try to write this up yourself you'll be acting like an attorney which we're not supposed to do and creates a huge liability issue.

@Bear Geiger Yes, I absolutely think you should have an honest conversation with your agent, as you suggested. Your explanation does not come across as unreasonable, I just think it's impossible for people on this forum to be able to respond in the detail required because we don't know all of the facts and figures that exist on the agent's side. Give her a chance to respond to the fact that you're not completely happy with the current arrangement and I think you'll both be able to see whether or not it makes sense to move forward together.

@Jake F.  This doesn't sound right to me. Even if in your state there's an implied representation clause somewhere (i.e. if somehow the person who shows you the home then becomes your agent) that should have been disclosed ahead of time. And real estate representation is full of disclosures, it's hard to imagine a situation in which buyers are obligated to use a specific agent without realizing they've gotten into that situation.

Also, most states have some kind of disclosure form the buyer needs to be shown before they sign a contract, i.e. in WA state we have the Law of Agency that explains how a buyer's agent represents a buyer (same for sellers). So if that is the case in your state and you were not shown that disclosure, the agent (both the listing and the buyer's agent) would be taking on some liability by saying to just add the agent's name to the contract.

As a listing agent I can tell you I do not enjoy the prospect of having a buyer represent themselves because I know I'll end up doing most of the work the buyer's agent would have done. Unless the buyer has been in real estate previously they simply are not familiar with the paperwork or the procedures and it's a massive pain in the butt - you have to constantly assist people in a process without representing them, and at the same time you're representing the other party. That's the only reason. I'd much rather have a buyer's agent do their job and get their portion of the commission.

But that aside, it burns me to see that without any disclosure up front you were put in a situation in which a buyer's agent was supposedly assigned to you. Professionalism is about providing people with the correct information so they can make educated choices. No buyer's agent wants to hear 'No, we're not going to use you even if you show us the home', but that's the question she needed to ask you ahead of time and she could have politely declined the showing - much better than trying to shlep someone into becoming a client.

@Mayerling Mejia No problem, glad it was helpful, and also I realized I made a typo - meant to say that the price of the course is more, not less, than the down payment on my first house. Granted that was 20 years ago, but still. :)

I'm not familiar with her trainings so I can't give any feedback about the value of her course, I'm sorry, but I did want to say that it is a large amount of money and I personally would really want to have a very high level of confidence in what the results were likely to be before spending that much.

I'm not saying it's not worth it, I really don't know, but I am saying that when you're newer it can be easy to be made to feel like you're copping out if you're not willing to invest a lot of money in something (and you do for sure have to be willing to part with some money sometimes in order to grow and also do the right thing for your clients in real estate) - so be aware of that and don't let anyone make you feel bad about not doing it if you're not highly confident it's a really good investment. That amount is less than the down payment I made for my first house, to put it in perspective. :) Good luck and props to you for being willing to invest in your RE future regardless of whether you choose to do this coaching or not.

Hi @Account Closed,

Congrats on getting your license. All the questions you ask are good ones. Here's my take based on what I've seen and experienced over the last 20 years.

Sphere - most agents when they start out are told to do all kinds of things to initiate contacts that will lead to business, but are not told to reach out to their family, friends, colleagues, community group members, etc.

I totally understand we don't want to bug these people and an agent will usually say 'none of them want to buy or sell right now' but that is totally not the point, and it's an enormous loss of potential business. Your sphere can actually be the core of your business.

Each one of them knows a whole other network of people you don't know, and if they think highly enough of you to recommend you they will, to those many people you would otherwise not be able to reach.

So how do you reach out to your sphere?

1) Consistently - at least once a month, ideally a bit more. (Some people will say weekly, at least in the beginning, I'm not saying that's wrong, but most agents will burn out or run out of money). If you manage once a month for a year you'll probably be in the top 20% of agents as far as consistent communication.

2) This ties in to your question about what to send - with info of high value. Of course you don't want to send salesy stuff, instead send something that anyone will find interesting (85% to 95% of people in your sphere are likely not buying or selling in the next year anyway, your info needs to speak to them). 

-- Anything that helps them increase the value, safety, or enjoyment of their real estate - or their future real estate - is a no-brainer. Who says "I don't want to hear about something that will increase the value, safety, or enjoyment of my home"?

I like trainer Brian Buffini's method of showing competence and character at the same time.

One thing I used to send out once a month that people really liked was a nice half page size glossy postcard that had local events for that month listed on the color postcard side, and on the back side had a note from me with a paragraph about how the market was doing. The bonus with the events postcard thing is that people tend to keep it around for the whole month, so make sure you info and ideally your business headshot are on the front.

As far as your farm, it's good to do the same kind of thing - always have something that shows competence, like a market update, but if you can include something else that's useful or funny (truly funny) that sets you apart or makes them think -'gee, that's helpful, I think I'll keep this) then that's better. 

The Lighter Side of Real Estate (I am not affiliated with them at all) has funny stuff you can share for free with their branding, or you can subscribe to remove the branding. Their stuff is truly funny. And you can use their posts on Facebook, etc.

Don't feel like you need to try to get actual sales from your sphere, that will come.

Buffini teaches to ask 'if you had a friend who were buying or selling a home, do you have an agent you'd refer them to?'  This is a low pressure question.

If they say no, then you can say 'I'd love to be the agent you refer your family and friends to. I send out market updates and helpful home tips to my clients every month, would it be OK for me to include you on that so you can get a feel for how I work? That way you can feel good about recommending me to the people you know.'

The goal is to get them on your CAP (client appreciation program) and then DO it consistently, even if it's just once a month, send something that shows your expertise and also that you're a decent person. People need to hear from you multiple times to forget a connection and trust your expertise in real estate.

Do not overcomplicate it or it will not get done, if you're like 99.5% of the rest of us. :)

Don't underestimate your sphere, they should be your best resource, these people know and like you and by approaching them like this it's super low pressure, won't make you feel salesy, and eventually of course if they like you enough to recommend you they'll use you as well.

PS. If they say 'yes, we have an agent', you can say 'that's great. It sounds like you have a really good agent that you like a lot. If down the road you ever come across someone who you think would be an especially good fit for me, please feel free to reach out and I'll do my best to make sure they have a great experience.'  And then leave it at that, it kind of plants the seed and you never know.

Aside from that, gaining traction is a huge topic. YouTube is great, and is a search engine, unlike Instagram and FB. If you're comfortable on video, go for it, most other agents won't.

The main thing is, the same concepts apply - be consistent, and provide useful information. Mainly be consistent. :) And use local keywords in your video titles. (Don't keyword stuff, but make sure your market update video title has your town name and state and other relevant terms in it.)

Niching can work but frankly it had better be a darn huge or high end niche. If I had niched when I was told to I would have said good-bye to a lot of great clients who have sent me tons of referrals and repeat business over the years. I would recommend not niching unless it jumps out in front of you as a no-brainer. Pre-foreclosures are difficult and lots of work, IMO. If you do niche, try to niche up.

But your sphere (yes again with the sphere) is likely not pre-foreclosures, they already have a connection with you and they all know people who will buy and sell in the next year - start with them.

Good luck! Sounds like you're working hard and motivated and putting a lot of thought into this, which is great.

It sounds like you're not yet under contract and are in the process of reaching mutual acceptance? 

In any case, I think it's likely simplest to request that the seller provide the disclosure statement within 3 or 4 days of mutual acceptance.

That way you don't have to get into any language discussing the inspection time frame, which makes it more complicated and also makes it harder for you to schedule an inspection. (Will the seller provide the disclosure statement on day 1, or day 7?)

If you ask for the disclosure statement to be provided within 3 or 4 days, depending on what's reasonable in your area) then you can simply schedule an inspection for 5 to 7 days after mutual acceptance, and since you'll have the disclosure statement prior to then, if there's something so bad that the buyer wants to back out you can just cancel your inspection.

Unless the disclosure statement time frame is a state law and you're not able to change it. In that case, maybe say buyer will do an inspection within 3 to 5 days from that time? 7 days tacked on to the seller's 7 days comes across like a long time for the seller to wait for an inspection.

Hi, also if you do something like that it's best to be super specific so there's no argument or question later, rather than 48 hours say 'until 'x' time on 'x' date.