MARYLAND 2-10-20

MARYLAND EDITION

7 REASONS WHY

YOUR PROSPECTS AREN'T TURNING INTO CLIENTS

Playing the Real Estate Matchmaker

By the Numbers: COVER STORY

CYNTHIA SULLIVAN

Understanding the True Value of Square Footage

FEATURED AGENT

CARLOS ESPINOZA

MARYLAND EDITION

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CYNTHIA SULLIVAN

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CARLOS ESPINOZA

CONTENTS 4) 5 TIPS TO MAKE NEW HIRES A LONG-LASTING SUCCESS 6) PLAYING THE REAL ESTATE MATCHMAKER— FOLLOW THESE 8 DATING RULES TO ENSURE YOU MATCH YOUR CLIENT WITH THE PERFECT HOME FOR THEM

15) BY THE NUMBERS: UNDERSTANDING THE TRUE VALUE OF SQUARE FOOTAGE 21) 7 REASONS WHY YOUR PROSPECTS AREN'T TURNING INTO CLIENTS

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5 Tips to Make New Hires

a Long-lasting Success Bringing a new employee into the mix is process commonly known as onboarding. The idea behind onboarding is to make the transition from new hire to team member as efficient and pain-free as possible. However, polling shows that some 31% of entry-level and intermediate level hires leave their new posts within just six months of starting. The question is: why?

The hiring and training process is time-intensive 4 doesn’t come cheap. This means that makand

ing a good match for the long haul requires more than just assessments of skill and personality. To ensure a talented new hire sticks around and is truly positioned for success, the onboarding process must be executed with the same care applied during hiring. For a few ideas on how to make the most of the onboarding process, consider the tenets below as you guide your new hire toward long-lasting success within Top Agent Magazine your company.

1. Be honest about the scope of the role Let’s say you’re looking to add a new buyers agent or loan processor to your team. You write up the position’s responsibilities, but neglect to mention that you want the new hire to handle a host of administrative tasks, as well. Maybe it doesn’t seem important enough to outline in detail, as it’s the sort of thing the rest of your does. Miscommunications like these are a leading reason why new hires leave their roles.

If there isn’t clarity and transparency about a position’s true responsibilities, then new hires may become quickly disillusioned and seek out greener pastures.

2. Build in some perks While stocking the breakroom with bagels every Friday may seem like a small gesture, it’s often those little morale-boosting moves that build loyalty and comradery among the team. Bike-to-work incentives, subsidized gym memberships, and benefits that match the needs of your employees—all are ways to demonstrate appreciation and investment in your team.

Likewise, the right candidate will return the favor and invest his or her energies into their new role.

3. Get a sense of big-picture career plans Another reason new hires move on may have nothing to do with you or your office. In fact, many hires in entry-level or even intermediate roles have doubts about their long-term vision.

That’s why it’s important to be upfront from the beginning regarding a candidate’s five-year Top and Agentultimate Magazinedream job. Maintain realistic plan

expectations when asking these questions, but use it as an opportunity to gage a candidate’s seriousness about the real estate or mortgage industry. Why this line of work over another?

Emphasizing industry longevity and career growth during the interview process can save you drama down the road.

4. Keep the lines of communication open Take a proactive approach in communicating with your new hire. Take time to check in regularly during the first six months of his or her addition. If you can, make time to train new hires yourself—if only for a part of the onboarding process. You’ll forge a deeper professional bond and create an avenue for further questions. All in all, make it clear that you’re personally invested in their presence and talents, and that you care what they have to say. That way, if any issues or doubts arise, you can stay on top of it and work out a solution, rather than lose a new employee.

5. Give new hires meaningful work to do It’s natural to keep the kid-gloves on with new hires, but don’t let that stop you from giving them a chance to shine. New team members will feel empowered and motivated if given meaningful projects to focus on. Don’t relegate their daily duties to busy work as they build experience. Instead, task new teammates with something challenging, or that draws on a specific skill you hired them for. You’ll instill confidence, demonstrate your commitment to their growth, and with any luck—keep them around 5 for the long haul.

Playing the Real Estate Matchmaker –

Follow These 8 Dating Rules to Ensure You Match Your Client with the Perfect Home for Them When you think a bit more about it, the ultimate goal of a real estate agent serving a client is really to match them up with the perfect house for them, almost the way a matchmaker tries to find two people that will fit well together as a couple. When people are looking for a house, they often treat the process as a quest for “the one” house that will fulfill their dreams of living in the house of their dreams. Don’t be fooled. It is always a search for “the one”, at least when it comes to helping a couple or family find a home.

When you look at your client’s search for a home in this manner, then you might begin to notice some pretty obvious similarities

between shopping for a home today and online dating. In this day and age most people live a substantial part entire lives online. People socialize with their friends on Facebook, they meet potential friends in forums and online communities, and we now even search for our perfect mate online. Shopping for a home also happens to usually start online. When they begin this search, make no mistake; they are looking for the “one.” These people then turn to you, the REALTOR® to play matchmaker for them. It is your job to wade through the pool of eligible homes (bachelors) and sort through all the ones that are too expensive, too nerdy, not cute enough, not smart enough, etc. until you find the “one.”

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It makes sense then to consult the tried and true practices in matchmaking that help those professionals find the right people for each other, and see if any of them could also apply for matching your clients with their dream home. You’ll find that these 8 dating rules may just show you the secret to matching your clients with the perfect home.

back to the store if you’re not happy with your new home. It’s best to first help your client get prequalified. This is a tangible step that shows they are ready to move on to a new home. You want to make sure they are completely over their love affair with their previous home. You can even ask them for a sign or proof that they’re ready to move on.

Who Is In and Not In Your Client’s League? Know Your Client’s Price Range:

Be Genuine, Not Superficial

When a person is looking for a mate, it is a waste of time for them to even consider those potential mates that are clearly out of their league. These people won’t even stop to give them the time of day.

In the world of real estate the idea is the same. There is no point showing your clients houses that they can’t afford and will simply lust after without having any real chance of purchasing the house. It is your job to keep your client ground in reality, and help them be realistic in terms of price when choosing their next home.

When trying to manage the many pitfalls of online dating, on inevitably goes on a date where the other person looks nothing like their picture online. That can be just as big of a problem when looking for a house. When clients show you a particular house they want to visit, ask them to name something about the house that they like other than the aesthetics. This way you can see if they are simply infatuated with the way the house looks in those pictures, or if there is a deeper interest in the home that could become a deeper connection between your client and the house.

Never Let Your Client’s First Impression of a Home Rule Their Decisions

Make Sure Your Client is Ready to Move On From Their Last Dream Home You’re job is also to make sure that your client is truly ready to move on from their previous home. This is a long term commitment, and they need to be absolutely sure they actually want to buy a new house. You can’t simply take the receipt

When your client first sees a house they have already been lusting after in their mind, they’re often so excited to finally be looking at it, especially if it does in fact look as good as it did in the pictures.

Make sure to encourage them to take some time before making such a big com-

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mitment, and don’t let their excitement push them into making a rash decision. It is your job to keep them grounded in reality. Push for your clients to do an inspection to make sure the house isn’t hiding any dark secrets. Sometimes the most charming facade can hide tons of slime and deadly mold.

Follow Your Heart (or Gut) People often laugh at and ridicule the idea of love at first sight, but when it comes to homes, the phenomenon can certainly happen. Your client may just find their perfect dream home at the very first place you take them. If you have a client that does insist this is the case, then you don’t want to try and rationalize with them or talk them out of their decision. You do, however, want to make sure you are watching out for their interest and make sure your clients take all the necessary precautions before they jump in headfirst.

See What Other People See in The Home – Do They See What Your Client Sees?

Have you come to the conclusion that your clients are being blinded by all of the twinkling windows and crystal clear water glistening in the backyard pool, and can’t see that the house they’ve fallen in love with is really just a dirty animal (maybe a pig) dressed up in nice clothes and lipstick. Ask your client if they would be willing to look at the house again with 8

their close friends, family, and anyone else they trust for a second opinion there to see it with them. If the house really is a dud, they’ll be able to see past any personal bias your client might have to the truth. They will be able to help your client see through the shining facade

Celebrate the Happy Union!

When a couple gets married they tend to throw a big party and celebrate their union. The same goes for the closing.

Your clients have just essentially married the house of their dreams, and now it’s time to rejoice. Congratulate them on their new union. Show your support for their new homeowner status by going to their housewarming party.

Help Your Clients Maintain Their Dream Home & Ensure a Lifetime of Happiness You can’t just disappear after the transaction is finished. Become their realtor for life by showing your clients how to maintain their dream home. Act as their resource for other professionals they may need to maintain the house such as handymen, plumbers, electricians, etc. Show them how to keep up with home maintenance so they don’t ignore problems that surface and end up with a much larger issue than they started with. Help them make sure their dream home lasts so they can live happily ever after in their home for a lifetime.

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CYNTHIA SULLIVAN Top Agent Magazine

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(Left to right) Janet Thompson, Tracey Rotz, Christina Sherman, Kristin Watts, Paul Sullivan, Tim Rotz, Cynthia Sullivan, Leesa Arnold, Stephanie Stamper, Kori Smetzer, Susal Creel, Mary Beth Herrera.

CYNTHIA SULLIVAN Four years ago Top Agent Cynthia Sullivan decided to provide a higher level of service to her customers and clients and began her own company — Sullivan Select Real Estate Services in Hagerstown, Maryland.

In the early ‘90’s, Cynthia Sullivan was an owner/operator of a thriving tennis club. She worked hard to make it a success by providing a better service to her clients than the other two competing clubs. She got up early every morning and baked cinnamon rolls for the players and provided more interesting programs and tournaments. She would be there to greet them when they came through the doors and to let them know how much she appreciated the chance to serve them. The club was doing so well the other two clubs closed their doors. But one fateful day 10 Copyright Top Agent Magazine

the club was struck by lightning and the vinyl bubble over four courts collapsed, leaving only the lights standing. That day she went from being a successful business owner to a single mom and indebted to her clients for indoor tennis they had paid for in advance.

Uncertain about her future, she ventured into a real estate career. She decided to use the same playbook she used at the tennis club. BE BETTER! She would call expired listings and promise a better deal than they had with their Top Agent Magazine

previous realtor. To sweeten the pot, she offered a one day oral cancelation of the listing if they were dissatisfied for any reason. She offered to reduce the commission if she sold the listing herself, and she promised to advertise more than any other agent. Of course, while she was advertising the listings, she was also advertising herself and the benefits she could provide over all the competitors.

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This worked like a charm, and Cynthia was Rookie of the Year for the state of Maryland for Long and Foster. As the years progressed, Cynthia’s real estate business flourished. She continually got repeat business, and friends were telling friends of the amazing experience they had buying or selling with Cynthia. Never without her phone, when the customer/client called, she answered, no matter the time or place, always 11 Copyright Top Agent Magazine

“I love bringing a buyer and seller together because I’m a natural matchmaker — and just like when you’re hooking people up together you’re looking for the attributes they want in a person.

There are things people are looking for in a home.

When I find the perfect house for them it’s just such a big thrill for me.”

showing them how much she cared about their deal and making it happen for them.

At every closing, she would provide her seller or buyer with a token of her appreciation, such as a mug or a cutting board, always with her name and number on it to remember how to get in touch if they needed her again.

One of Cynthia’s sellers who had trouble selling her farmhouse asked her to raffle her house. Cynthia didn’t know anything about this, but always trying to please her customers, she looked into it. She found out that the seller could only receive the appraised value of the house and if ticket sales went over that amount, the rest would have to go to charity. As a former elementary school teacher who loves children, Cynthia picked the San Mar Children’s Home to receive the proceeds.

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By this time in her career, Cynthia had become a marketing strategist and called the local newspaper to tell them about her raffle. They promptly wrote a front page article of the event and Cynthia called a friend at the Associated Press who picked up the story. Cynthia had to hire two additional assistants to field the calls from all over the world! She sold tickets in every state in America plus many internationally! The event, which took place less than two months from its inception, was the first successful house raffle in the United States! Cynthia and the seller found themselves on CNN, Fox News, Fox Business, Good Morning America, and even Oprah! The children’s home was the recipient of over two hundred thousand dollars in proceeds. It was a miraculous event!

In 2016, after over twenty years of success in the business, Cynthia and her husband Paul Sullivan, decided to launch her own real estate firm to provide an even more superior service for her customers and clients. Sullivan Select LLC was formed to go above and beyond what other firms offer. Since she no longer is strapped with franchise fees, she can provide a better split for agents. She can use the additional funds for more advertising of her properties and more incentives to list with her.

Instead of the calls on her ads coming through a front desk where an agent who knows nothing about her properties is anxiously waiting to take her lead, she advertises her cell number to directly get all of calls. She has hand picked only the top agents with advanced knowledge of the industry and plenty of integrity, which is sometimes missing in this field. She chose her agents carefully to ensure they would provide the same over-the-top service that she provides!

Sullivan Select LLC now has three locations in Hagerstown and Stevensville, Maryland and also in Waynesboro, PA. Cynthia is looking to open several more offices to cover the entire Mid Atlantic Region.

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(Back row, left to right) Leesa Arnold, Janet Thompson, Tim Rotz, Susan Creel, Stephanie Stamper, Mary Beth Herrera, Mike Blake (Front row left to right) Christina Sherman, Cynthia Sullivan, Paul Sullivan, Tracey Rotz

Cynthia’s desire and commitment to please her clients netted her many awards such as Homelight’s Top Producer, * Top Sellers agent who sells for more. From the start, she has

always been very competitive and when she works with you, she aims to do better. Most years her sales volume makes her one of the top 1% in the nation.

For more about Cynthia Sullivan visit sullivanselectllc.com, call 301-988-5115 or email her at cynthia@sullivanselectllc.com www.

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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 Top Agent Magazine

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

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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.

n

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.

n

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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CARLOS ESPINOZA Carlos Espinoza found his passion for real estate at a young age. When he graduated from Towson University in 2005 with a degree in Business, his sister—who is a Realtor— asked him to work with her. He decided to give it a try, soon became licensed, and found his passion for the real estate business. Fifteen years later, he serves the Washington DC area, and has consistently been among the top producers in the region and has achieved RE/MAX Platinum and Hall of Fame Club status.

As a bilingual agent, he works with both English and Spanish speakers. He prides himself on providing outstanding service to his clients and earning their referrals to friends and family. As a result of his dedication to quality, an impressive 90% of his business comes from repeat and referral clients. “I have a commitment to providing excellent Realtor services for the sale of their home, or finding the perfect home and negotiating a great price,” he says.

His clients appreciate that he is always available and is straightforward, honest, and always puts their interests first. To stay in touch with past clients, Carlos prefers a personal approach, reaching out by phone, following them on social media, mailing letters and cards, and sending gifts to celebrate important milestones. “Many of my clients become close friends,” he explains.

When it comes time to market a listing, Carlos understands that in today’s market, most buyers start their search for a home online. First, he provides cleaning, staging, landscaping, and professional photographers to prepare the home. Once the property looks its best and is ready to go to market, he posts Top Agent Magazine

the listing on social media platforms, Homesnap, and all the major real estate websites. He also spreads the word throughout his broad sphere of influence. This thorough, meticulous approach often results in quick sales at excellent prices. Last year, as a solo agent he completed 36 transactions for a total of $15 million in sales volume.

What’s Carlos’s favorite part of his job? “I like to help people accomplish their goals, whether it be to trade up to a larger home, buy for the first time, or sell/purchase an investment property. I love making it an enjoyable experience for them,” he says. He also enjoys the fact that every day is different, that he never gets bored, and there is always something new to learn. In his free time, Carlos enjoys spending time and traveling with his wife and their two young children, playing golf, and seeing friends. For the future, he plans to grow a team with multiple agents while maintaining boutique service that caters to his clients’ needs and helps them to achieve their hopes and dreams.

For more about Carlos Espinoza, call 240-426-8627, email Carlos@Espinozahomes.com, or visit Espinozahomes.com www.

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7 Reasons Why Your Prospects Aren’t Turning Into Clients Real estate experts suggest prospecting daily so that your sales pipeline never runs dry.

But sometimes all that effort doesn’t translate into results. If your prospects aren’t becoming clients, there’s a reason, which is better than it sounds because that means you can fix the problem.

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1. You’re Too Slow The Association of Real Estate License Law Officials estimates that there are about 2 million active real estate licensees in the United States alone. Of course, not all these individuals are working in the same markets. Nonetheless, that

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If your prospects aren’t becoming clients, there’s a reason, which is better than it sounds because that means you can fix the problem.

means that realtors face a lot of competition. If you are slow to respond to messages from prospective clients, someone else is sure to beat you to it. As a rule of thumb, it’s best to return calls and emails within 24 hours.

If you’re too busy working with active clients to return the phone calls and emails of prospective clients, consider hiring a real estate assistant who can help take administrative or marketing tasks off your plate.

2. They Don’t Trust You There are different reasons why a client might not trust you, some of which overlap with others on this list. When a client asks you a question, do you answer it directly or do you sidestep it?

Do you have testimonials and reviews from happy clients publicly available? Do you have an online presence? Social proof of your skills and knowledge is key.

3. You Don’t Seem Knowledgeable Enough Is your client constantly coming to you with new listings or marketing ideas rather than the 22

other way around? Do they mention real estate and finance terms you’ve never heard of or ask you questions you’ve never thought to ask yourself? Every agent starts somewhere, but if this seems to be a pattern, it’s one clients will pick up on too.

Your clients want to know that you will add value to their home buying or selling experience, and part of that value is your expertise and passion.

4. You Have No Web Presence It’s not enough to be on Zillow or have a Facebook page. There are clients who don’t use these platforms, and at the end of the day, you don’t own the content or your access to it. Both platforms could suddenly go out of business and any following you’ve gained could be lost.

It doesn’t cost much to create and maintain a website today. If customization matters little to you, sometimes you can even get up and running for free. At the very least, it’s a good idea to invest in a domain name because yourwebsite. wordpress.com looks a lot less professional than yourwebsite.com.

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5. You Don’t Seem to Care When clients don’t think you care, it usually means they don’t feel like you are listening.

You may have systems, processes, and a proven marketing strategy. You may like to get right down to business, but to your client, this isn’t just business—it’s their life and their family’s livelihood.

When your client tells you what’s important to them, they want to make sure that you really hear them. Make sure your body language conveys that. Slow down. Shut your office door.

Make eye contact, nod your head, and pause before you speak so that they understand that you’ve put thought into your words—that they aren’t simply lines from a script.

6. You Use Too Much Jargon Remember that your clients don’t speak real estate. At most, they might buy or sell a home once every few years. They hired you to be their advocate and may even expect you to be a bit of a teacher too. Use layman’s terms so that your

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client fully understands how the two of you will work together.

7. Your Target Audience Is Everyone Your clients are home buyers and sellers, yes, but who is your ideal client? Some specialties you might consider are college students and recent graduates, working professionals, military families, seniors, CEOs, or other high-profile clients.

As a newer agent, your target audience might be anyone who will hire you, but over time, you might find that you click more with certain clients, that their lifestyle is similar to yours, or that their goals align with your mission. Whatever the reason, marketing your business to this “ideal client” rather than every potential client will make selling your services easier.

Remember: It’s within your power to alleviate your client’s concerns, but understanding why your prospects aren’t turning into clients is a good start.

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