LOS ANGELES 3-22-21

LOS ANGELES EDITION

UNTANGLING THE BIDDING WAR:

A BUYER’S & SELLER’S PERSPECTIVES

The Daily Schedule of a SUCCESSFUL REAL ESTATE AGENT

THERE GOES THE NEIGHBORHOOD: How to List High When Neighbors Are a Nuisance

COVER STORY

TODD MICHAUD

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LOS ANGELES EDITION

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TODDMICHAUD MICHAUD TODD

CONTENTS 4) THE DAILY SCHEDULE OF A SUCCESSFUL REAL ESTATE AGENT

16) UNTANGLING THE BIDDING WAR: A BUYER’S & SELLER’S PERSPECTIVES

6) THERE GOES THE NEIGHBORHOOD: HOW TO LIST HIGH WHEN NEIGHBORS ARE A NUISANCE

18) 5 THINGS YOU CAN DO TO ACHIEVE YOUR BIGGEST GOALS 20) BY THE NUMBERS: UNDERSTANDING THE TRUE VALUE OF SQUARE FOOTAGE

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The Daily Schedule

of a Successful Real Estate Agent Everything you do should be intentional. A busy schedule isn’t the same thing as a productive schedule. Sometimes people write things like “find clients” on their to-do list, but finding clients isn’t actually a task. It’s a goal. Your daily schedule should be created with your goal in mind if you want to be a successful real estate agent, but a goal is too broad to add to your calendar.

Instead, you can break your goal down into projects, break those projects down into tasks, and schedule time in your calendar to complete each task. You’ll find that some of these projects will have an immediate impact on your business, and that those are the tasks that should be completed first.

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The fact is that as a real estate agent you can set your own schedule—if you’re not productive until 10am, then you don’t have to start your day until then. But having a daily schedule means that every day you have a running start on all those other agents who just “wing it.”

You don’t want to feel burned out and busy but like you’re simultaneously not getting a whole lot done. You can only keep up 70+ hour weeks for so long before your body breaks down and both your performance and income drop as a result.

Since every real estate agent’s operating hours look different, the following daily schedule is broken up by the suggested amount of hours you

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should spend on each task rather than specific times of day. However, certain tasks, like prospecting, appointments, and listing presentations should be performed at times when it’s most convenient for clients. If you’re an agent who likes to end their workday at 5 o’clock, remember that this is also the same time your clients are likely ending their day, meaning you might be unavailable for showings during the only time their schedule allows.

3.5 hours – This is that time of day that you should schedule all your appointments and listing presentations. If you are a newer agent, you might use this time instead to do more prospecting and appointment setting.

1 hour – Spend this time waking up, exercising either at home or at the gym, and eating breakfast.

2 hours – Now it’s time to unwind. Use this time to have dinner and spend time with you family. If you have children, this is usually the time of day when they are wrapping up homework assignments and getting ready for bed.

It’s important that you make time for these moments the same way you make time for your work.

2 hours – Use this time before you head to the office to develop a morning routine, if you haven’t already. You can meditate, journal, practice affirmations, or read personal development books to prepare for the day ahead.

1 hour – Once you’re at the office, spend this time to review the day’s schedule, catch up with your assistant or other colleagues, and check the latest industry news. This is also the time of day that you can role play to prepare for appointments.

1.5 hours – Spend this time prospecting and appointment setting.

1 hour – Now it’s time for a lunch break. If you’re a multitasker, you can also use this time to prepare for the afternoon and any meetings you have scheduled or connect with followers on social media.

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.5 hours – Look over the day’s schedule again and ensure you’ve checked every task off your to-do list. While you’re at it, be sure to review tomorrow’s schedule and goals too.

2 hours – Spend these last couple hours before you fall asleep to have quality time with your spouse or perform your self-care routines.

8 hours – Now it’s time for sleep—getting a full night’s rest is crucial if you want every day to be productive.

As you can tell, there’s still some wiggle room left in this schedule, but the important thing is to block out time every day so you can achieve your goals and help your clients.

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There Goes the Neighborhood:

How to List High When Neighbors are a Nuisance Troublesome neighbors are a relatively common issue that agents come across. You can control the image of your client’s property and you can control your listing presentation, but you can’t always control what’s happening on your client’s street. How do you diffuse difficult neighbors that could lower your bottom line or embarrass you in front of prospective buyers?

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First of all, it takes tact and a gameplan. With that in mind, let’s consider a few ways you can maintain a listing’s viability and competitive edge—even when bothersome neighbors are involved. Here are a few common neighborly scenarios agents encounter and how to diffuse them to your advantage.

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How do you diffuse difficult neighbors that could lower your bottom line or embarrass you in front of prospective buyers? It takes tact and a gameplan.

as a courtesy introduction to the neighborhood.

While it may seem like needless busy work, it can dramatically improve prospective buyers’ perceptions of the area. Plus, you may positively ingratiate yourself with neighbors in the area and demonstrate your above-and-beyond service to your clientele in the process.

Is the neighbor’s landscaping an eyesore?

Here’s your recourse.

Most towns and cities have established ordinances regarding yard upkeep. If any of the properties adjacent to your listing are wildly overgrown, littered with junk, or otherwise in a state of obvious disrepair—take it up with the city. Rather than get directly involved at first glance, you might loop in city officials whose job it is to monitor clean-up efforts on rundown yards and properties. If this doesn’t work, you may have to take a more hands-on approach.

Start by thinking small and operating from a place of authenticity and neighborly service.

You might explain to the neighboring tenant that you’re listing and offer to mow their lawn Top Agent Magazine

Are there foreclosed or abandoned homes on your client’s block?

Do your homework.

It may take a little research and digging to figure out the banking entity that owns a foreclosed home, but it’s well worth the effort. Banks are typically required to maintain foreclosed homes on at least a basic level. If you’re worried about

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squatters, an unsightly façade, or general disrepair of a neighboring foreclosed property—go to the source. Sometimes banks take their time in hiring a third party to maintain a foreclosed property, but with some proactive prodding on your part, you may be able to speed the process along and resolve eyesores even before prospective buyers come calling. Remember: the squeaky wheel gets the grease. An improved bottom line will be your reward for those few prodding phone calls and emails.

Noisy, nosy, or annoying neighbors?

Don’t be discouraged.

Obnoxious neighbors can really rain on a seller’s parade, especially the kind of neighbor 8

that takes their less-than-stellar behavior to their porch, front yard, or sidewalk. While this sensitive issue may seem daunting, there are a few official channels you can utilize to thwart the issue before getting personally involved. If the neighborhood in question is governed by an HOA, you might take it up with them. If the troublesome neighbor is harassing passersby or taking to the sidewalk—in other words, public space—then you may be able to involve local authorities in worst-case scenarios. Of course, it’s always possible to talk to troublesome neighbors faceto-face, but do so with caution and with safety as the priority. Always reason gently and empathetically, utilizing I... phrasing, instead of accusatory You... phrasing. After all, some neighbors are clueless about their impact on the neighborhood and may adjust their behavior after being called out. If the issue persists and no third-party authority can help, then you may have to disclose the neighbor’s issues to prospective buyers, depending on the disclosure laws in your region. While this may seem like a blow, you can at least rest easy knowing you pursued all the potential avenues for resolution available. Likewise, your client will likely appreciate your thorough efforts to resolve the issue.

While troublesome neighborhoods can bring down an optimistic mood when listing a property, sometimes being real estate is all about being resourceful. With diligence, digging, and a little follow-up, you just may be able to resolve some of the issues plaguing your neighborly plot.

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TODD MICHAUD

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TODD MICHAUD “I work tirelessly to help my clients at the highest level possible. My goal is to ensure they win every time and I’m passionate about that” When Todd Michaud moved back to Southern California in 2001, he wasn’t sure what the future would hold. Coming from a health, fitness and business management background, he took some courses in investing and met a lender who 10

convinced him he should explore residential real estate as a sales career. He got his license, and soon found that decision to be an important one for the trajectory of his life. Todd has built a distinguished career from the ground up over the last Top Agent Magazine

sixteen years and he couldn’t be happier with his decision.

Customer service is a vital ingredient in his success formula, he prioritizes longevity and client satisfaction over shortterm gain. “I work tirelessly to help my clients at the highest level possible. My goal is to ensure they win every time and I’m passionate about that,” Todd says.

“They can see that I love what I do and know that I always have their best interests at heart.” Todd does it all, he’s hands

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on; new construction and remodel profitability consulting, site acquisition and resale, architectural planning, material and amenity choices, landscape design, right up to the final detail punch lists and staging install. He always goes to bat to secure and negotiate the best opportunities for his clients on the buy side through his relentless (but professional and friendly) negotiations on purchase prices as well as for follow up repairs and credits.

On the sell side, he positions his sellers

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for maximum equity return when selling their home or investment property. This requires careful, cost-effective home preparation from cosmetic touch-ups all the way to full-blown remodels. The photography, video and ads created for his marketing are 1st class. Todd and his Group are experts in creating and managing multiple offers, while streamlining the paperwork and escrow process to give clients and fellow brokers alike

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the best experience possible. “My clients know they can count on me for transparent, honest and profitable advice. I’m extremely proud of this standard I’ve set in my life.”

When his clients come calling, the phone is on and he strives to maintain a level of thoroughness in his explanations of the arduous real estate transaction process so that no client is ever left in the dark.

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By phone, email, text or social media, he’s available. “My approach is unique and a bit old school, there’s no office

line or assistant(s)– when you call, you get me. I have one phone number,” Todd says. Clients appreciate Todd’s grassroots approach and 75-90% of his business is through repeats and referrals from satisfied customers each year. Helping his clients reach their goals has brought him a great deal of self-fulfillment and he’s very grateful.

Todd is an advocate for Veterans and homeless folks alike, and he does everything he can to better people’s lives with dignity and respect. When his talents and knowledge enable him to give back and make dreams come true for others, it’s a Win/Win. This journey hasn’t been

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easy, but Todd has overcome every challenge presented through his unwavering positivity, optimism bias and deep commitment to his goals. “It’s all been worth it,” Todd says with a big smile. When he isn’t working, Todd loves spending time out-

doors, road trips, eating out, comedy and is a lifelong music aficionado. For the future, Todd plans to continue expanding his education, knowledge and client base while helping his partners, colleagues and friends boost their productivity and net worth.

For more information about Todd Michaud, please call (310) 429-8191, email ToddMichaud.LA@gmail.com or visit ToddMichaud.RealEstate 14

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Metro Retrofitting, Inc. is proud to congratulate

Todd Michaud

on being featured for the state of California in

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818.340.3060 · Toll Free: 800.450.3660 7631 Alabama Avenue · Canoga Park, CA 91304 www.gometroretro.com Top Agent Magazine

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Untangling the Bidding War: A Buyer’s & Seller’s Perspectives In a competitive marketplace, bidding wars become the norm. While this may put sellers in an excellent position to recoup on their investment, it can push buyers beyond their budgets and test their temperaments in the process. As an agent, how do you navigate both sides of the coin? After all, you want to net the best results for your client—regardless of which side of the closing table they’re on. To fortify your approach to a heated bidding war, here are a few ideas and insights to better clue you in on the perspectives of buyers and sellers alike.

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Buyer’s Perspective: Emotions Running High?

Channel it.

When the market is booming, buyers feel the pressure—especially when affordable inventory is limited. This can create stress, feelings of hopelessness, and impulsivity. As an agent, how do you channel this emotional energy into something positive? Consider asking buyers to put those anxieties and high hopes onto paper. Have buyers outline

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who they are, why they’re inspired to buy a home at this juncture in their lives, and how they see their lives unfolding once they become a homeowner (or repeat homeowner). Think of it as a letter of intent.

Buyers benefit from taking abstract fears and dreams and articulating them on paper. Likewise, this document can serve as a valuable tool during a bidding war. Letters like these can help sellers with multiple offers make a personal, emotional connection with a particular buyer.

Sellers Perspective: Manage expectations.

When multiple offers are rolling in on a property, it’s easy for sellers to get carried away. Numbers are flying, expectations are heightened, and sellers may become hypnotized by higher and higher offers and ideal outcomes. While it’s good to celebrate prime market positioning, it’s also important to maintain an even keel so that your seller’s mind is clear and they’re thinking rationally through their options.

Sometimes the highest offer isn’t necessarily the sure thing. Manage your clients’ expectations by leading by example, offering a balanced perspective, and talking them through all potential outcomes so that they don’t only hone in on the best-case scenario.

During a bidding war, tensions are running high for seller’s too, who will soon begin their next chapter in another home. Keep a cool head and remind your client to see the big picture, recognize that it’s possible for some offers to fall through, and to sit tight until the closing table has been successfully reached.

Buyer’s Perspective: How do you authentically and convincingly convey your interest?

When ten or so offers are in the mix, it can be hard to differentiate your buyer from the next. While numbers will obviously do a lot of the talking, you’d be surprised how much of a difference a Top Agent Magazine

personal touch can make. Some popular approaches to standing out include personal letters—as mentioned above—tailored to the property. Was the property in question a family home for years? You might have clients detail their dreams of raising a family inside those walls, rather than tear the property down and rebuild something to boost the lot’s value. Including a family photo is also a good tact for personalizing letters in a bidding war. Likewise, little gifts included with your offer can speak volumes about your personality and due diligence as an agent. It may seem a little cheesy, but when sellers are looking at ten near-identical offers, those personal touches can really paint a compelling, personalized picture.

Seller’s Perspective: How powerful is cash?

Data shows that cash offers—typical of investor clientele—double the chances of having an offer accepted. This goes hand in hand with waiving a financing contingency, which also helped boost the probability of an accepted offer, according to research. Cash is king, however, since offers that aren’t completely reliant on comprehensive financing seem to minimize risk for sellers, who are already eager to see a deal go through. Cash deals also tend to go through quickly, freeing sellers up to pursue their next property and move on to new horizons. While not every buyer has the ability to operate in cash, it’s a worthwhile consideration for those in ultra-competitive markets and with liquid capital.

While the bidding process can be stressful for agents and clients alike, it’s important to remember that it’s a time of opportunity, too. If you want to make the most of it as a seller, data shows that a personal touch can endear buyers to their seller counterparts. For sellers navigating a competitive process, it’s important to keep a balanced perspective. For agents, here’s the bottom line: get creative, be resourceful, and use all the tools in your arsenal to achieve the best result for the clients you serve.

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5 Things You Can Do To Achieve Your Biggest Goals If there’s one thing successful people can agree on, it’s that setting goals has been key to their success.

Whether you’re creating a five year plan or just settling on what you want to achieve by the end of the day, setting goals gives you the focus and direction you need to complete even the biggest tasks.

But there is a method to setting them. It’s a process that takes careful thought and consideration up front, which is then combined with the hard work necessary to implement your plan. Luckily there are proven methods to goal setting that you can start using immediately.

1. MAKE YOUR GOALS SPECIFIC Yes, it’s fun to think in grand terms of where you want to end up in life and in your career, but it’s better to have a specific goal like “Increase my sales by 25%”, than “Get rich.” When a goal is clear and specific, it allows you to figure out the exact steps you need to take to accomplish it. The more general it is, the more paralyzed you might be when it comes to figuring out what to do since, the choices may be overwhelming.

2. MAKE IT ATTAINABLE Making attainable goals might seem boring, I mean afterall, you want to dream big! But you don’t want to suffer through the disappointment of not reaching your goal, something that may not even be possible at this stage in your life to begin with. One solution to that is creating goal levels. You can have the dream goal, but underneath that you have the realistic goals that are setting up a foundation for achieving the big one. Things that are attainable still take work and effort to achieve. Those small victories will keep you motivated and encouraged to go for the bigger dreams. And don’t forget, those 18

little goals may have been things you wouldn’t have gotten done if you didn’t set out to achieve them, so be proud!

3. PUT A PLAN OF ACTION IN WRITING Your plan of action should include daily, weekly, monthly and yearly goals. There is something about seeing things in writing and crossing them off the list that is oddly satisfying.The daily goals are especially important in regards to building up those good habits. The first few weeks of your plan of action are critical when it comes to your long term success. Reaching a goal is something you are doing every day, all throughout the day, in numerous ways. Achieving goals is all about creating good new habits.

4. MAKE IT MEASURABLE This is key, since you definitely want to reward yourself for a job well done, and having a goal that is measurable in some way is a sure way to know.

Maybe it’s to increase your lead generation or to cut expenses, whatever the case, have a measurable test you need to meet, as well as a time frame. Then calculate what you have to do to reach that goal. Not only should your goal be specific, but the plan and the measure of success should also be set in stone.

5. ADJUST AS YOU GO You can have all the best laid plans, and you still might quickly realize that what you thought would help you reach your goal, might not be cutting it.

Commitment to reaching your goals is good, but commitment to a plan you know isn’t going to work is not only a waste of time, but will be a devastating blow to your motivation. Sticking to a plan everyday means adjusting it accordingly.

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By the Numbers:

Understanding the True Value of Square Footage Measuring the square footage of a property may seem like an objective and straightforward task, but you’d be surprised at how many agents and homebuyers misunderstand this pivotal figure.

True square footage provides homebuyers a concrete understanding of their prospective domain, but here’s the problem: the rules to determine a home’s square footage are not always uniform across the board. What’s more, much of 20

a home’s value is determined by its size, so accuracy is certainly important. While many real estate agents have their own systems for determining or confirming a home’s true square footage, it doesn’t hurt to update your practices and become an expert on the subject. After all, you may learn a few techniques that could add value to a listing, or better prepare you in guiding house-hunters on the lookout.

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1. Do your due diligence Most towns and cities have a local records department where floorplans and blueprints are kept on file. It’s worth noting that these records don’t typically include any subsequent additions or remodels on a property, but they still give archive hunters a legal baseline when outlining a property’s square footage. Oftentimes, a straightforward online search of a city or county’s records office can pull the information necessary, or else agents can poke around in person to uncover informative blueprints at the records office. Either way, access to original blueprints or floorplans is a great tool for determining livable square footage. As a bonus,

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original blueprints and floorplans—especially in historic properties—can be intriguing visual aids for prospective buyers, as well.

2. Know the rules While there aren’t universal standards when it comes to measuring square footage, there are general guidelines that can help determine square footage in an authentic way. Per the American National Standards Institute (ANSI), here are the official recommendations for measuring a home’s real square footage: n

Called “below grade spaces,” basements and sunrooms beyond a home’s typical

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living quarters do not count toward a home’s true square footage. According to ANSI, even big draws like finished basements don’t count toward a property’s Gross Living Area. Of course, even below grade spaces have their own desirable value and should be outlined as such on listings. n

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Did you know the space inside closets and on stairways counts toward a home’s square footage? Even if these areas are relatively small, they still add to a property’s calculable square footage.

When recording square footage, ANSI actually suggests performing measurements from a property’s exterior—though this method does not account for the

thickness of exterior walls, which could skew square footage numbers. n

Just like below grade spaces, a garage, a pool house, or even a guest house should not be included in a property’s Gross Living Area. The rationale at work here is this: if you must go outside to access additional living areas, then they are beyond the square footage scope of the primary dwelling and should not be included in a home’s Gross Living Area.

3. Double-check by doing the dirty work Buyers and sellers have or will make a sizable investment in a property, so isn’t it fair to double-check all the relevant facts and figures

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when it comes to true square footage? If you want to take on the endeavor yourself, here are a few helpful steps to take. n

First, you’ll need a few things to get started, including a tape measure that can measure at least 100 ft., graph paper, and a pencil.

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Next, choose a room to start measuring wall-by-wall. Measure Wall 1, then proceed to assign each square on the gridded paper a corresponding measurement, rounding to the nearest tenth of a foot for the sake of clarity.

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From there, draw out the wall you measured and measure the remaining walls in the

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room. Once you’ve completed the room’s measurements, multiply the room’s length and width to determine its square footage. n

As you go measure throughout the home, using your own system to scale, you will construct a failsafe floorplan.

Mastering your craft is everything, and the real estate industry is no different. Every now and again, it’s worthwhile to update your well of information, take matters into your own hands, and continue to innovate with the industry. While square footage may not seem like the juiciest starting off point for such a venture, never forget: mastery of technical knowledge is a sure sign of expertise.

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