MASSACHUSETTS 7-20-20

MASSACHUSETTS EDITION

By the Numbers:

Understanding the True Value of Square Footage

Are You A VALUE-ADDED AGENT?

UNTANGLING THE BIDDING WAR: A Buyer’s & Seller’s Perspectives FEATURED AGENT

BRIAN GRAHAM

COVER STORY

JONI FLEMING

MASSACHUSETTS EDITION

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JONI FLEMING

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BRIAN GRAHAM

CONTENTS 4) 4 QUALITIES OF EXCEPTIONAL EMPLOYEES 6) ARE YOU A VALUE-ADDED AGENT?

15) BY THE NUMBERS: UNDERSTANDING THE TRUE VALUE OF SQUARE FOOTAGE 20) UNTANGLING THE BIDDING WAR: A BUYER’S & SELLER’S PERSPECTIVES

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4 Qualities of Exceptional Employees Hiring a new employee is one of the more stressful parts of being a business owner. After all, you’re taking someone on and trusting that they’ll not only be a valuable addition to the team, but won’t do anything to hurt your business’s hard earned reputation.

Sometimes a person comes in and you click right away, and other times you might be blown away by an impressive resume. But there are things you should look for that might not be as obvious at first. Employees that have the following qualities are ones you should seek out, because they will definitely be well worth the time and energy you invest in them.

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1. They have the confidence to be innovative There’s a reason people are drawn to those who think outside the box. Not only do innovations often lead to an extremely profitable business, even when that thinking doesn’t pan out, creative thinking is something that will energize your business and will motivate more employees to start taking chances.

Innovative thinkers also usually have great leadership skills. Ironically, you want an employee who isn’t afraid to speak up to authority and is someone who knows how to bend the rules without breaking them. They know that

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the success of the team and business is what’s most important, as long as it’s done ethically and with respect for everyone involved.

2. They are constantly reviewing their past performance A good employee looks forward, but they also look back. They are always evaluating what worked and what didn’t work in past performances and then adjusting their plans going forward accordingly. If they are coming off a big win, they know how to capitalize on that by using the momentum and cementing in everyone’s minds the value that they add to the team.

If things didn’t go as planned, they assess what they can do better next time, and they don’t get bogged down in insecurity. They take responsibility and they have confidence that they won’t repeat past mistakes. They know that failure is a temporary state, and are able to learn lessons from their mistakes, that will make them a better employee going forward.

While no one wants to fail, having the confidence to try something and fail will one day let you strike gold. Someone who lets failure shut them down, leads to a dead end and will soon make them a dead weight on your team.

3. They value teamwork Even though an exceptional employee might be a rising star, they realize that success is Top Agent Magazine

not an individual endeavor, it relies strongly on who you’re working with. Exceptional employees make sure that everyone is contributing and valued for their input. They put the interests of the company above their own, and thrive in an environment where ideas and information are shared freely.

Shared success is the ultimate goal for every project. Exceptional employees have the confidence to know that even when they’re not singled out for praise, they’re an irreplaceable component of a larger machine.

4. They are self-motivated learners A key thing to remember is that while experience is a valuable commodity, intelligence and intellectual curiosity is usually something that can’t be taught. Yes, you might request employees get additional training or attend seminars, but exceptional employees will be seeking out educational opportunities constantly. Even if they don’t have a lot of money for weekend retreats, they will be getting books from the library, downloading audiobooks, and most importantly, taking advantage of one their greatest resources, YOU. Exceptional employees know that the way to stay ahead is to always be at the forefront of new technology and systems. They don’t see educating themselves as a burden, they actually enjoy it. They realize that everything they take in, will one day make them not only an exceptional employee, but an exceptional boss as well.

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Are You a Value-Added Agent?

I’ll bet if I asked ten real estate agents, all ten would answer ‘yes’ to that question. Yet, when I ask agents how they are value-added, they say things like: • I communicate regularly with my clients.

• I have a written listing presentation.

• I am honest.

• I am trustworthy.

Are these ‘value-added’ attributes? Or, does the client expect these attributes and services?

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Are these exceptional services or average services? I’m writing this article at the beginning of a New Year. It’s a perfect time to re-assess your professionalism and master being that ‘value-added’ agent.

Client Expectations are Higher than Ever Unfortunately, too many real estate agents assume they are ‘value-added’ because they are providing the services they want to provide— Top Agent Magazine

the services they think the client values. However, there’s a real client out there, and the client has different expectations. How do I know that? Because so few agents regularly survey their clients. In fact, when I’m speaking to an audience, I survey them, and find that less than 25 percent gather after-sale surveys! So, the majority of agents don’t know if the services they are providing are average or exceptional.

Why Bother Being Exceptional?

• Because you want to set yourself apart.

• You want to create client loyalty.

• You want to create at least 50 percent of your business from client referrals (the latest National Association of Realtors survey Profile of Members found that the average Realtor got only 18 percent of their business from referrals. That’s a hard and expensive way to run a real estate business!

• Because you want to run a more pleasant, profitable business.

Four Actions Value-Added Agents Take How can you identify value-added agents? By their actions. Here are four actions I believe show agents that are above just ‘average’. The principle here is:

Watch the actions, not the words.

If I were a manager, or a seller or a buyer, and I wanted to find a value-added agent, here’s what I would look for: Top Agent Magazine

1. Has a database and populates it This agent is committed long-term to his clients and to his business. He uses a contact management program (CRM) to manage ‘leads’, so none are lost — and clients do not feel neglected. After all, it takes much longer today to convert a ‘lead’ to a sale than it used to take.

Actively using and maintaining a CRM means the agent is committed to forming long-term professional relationships over time.

Other demonstrable actions concerning the agent’s CRM are: • Has a rapid-response method to deal with Internet inquiries and other inquiries via email. (The average client expects a response within eight hours—but a recent survey showed the average agent responded in 50 hours!).

• Has a method to follow up on all leads until they ‘buy or die’. As a client, that means I won’t get lost. As a seller, it means my agent will follow up with all leads and give it 100 percent to sell my home.

2. Invests in the technology and follow-up pros have This agent makes every decision based on their vision of their career at least three to five years in the future. For example, instead of selling someone a house anywhere just to get a sale, my value-added agent sells only in an area they define as their ‘target area’. That way, they’ll get known, and can build on their reputation.

The value-added agent has the ‘guts’ to turn down business! Because they care more about the well-being of the client than getting one grimy commission check, they learn to 7

‘tell the truth attractively’, and work harder to retain the client than to make one commission.

Adding those Client Benefits to your Dialogue

3. Works for referrals, not just sales I said the agent learns to ‘tell the truth attractively’, even if the buyer or seller may not want to hear it. For example, if it’s in the best interests of the seller to list their home at a lower price, the value-added agent has the strategies and the statistics to prove that the seller won’t be well served by pricing higher.

Of course, it’s not enough to actually take these actions. You need to explain to the client why these actions are in their best interests, and how you stand apart from most agents by employing them. Why? Because your client won’t know you run your business so professionally.

And, the client probably doesn’t know most agents don’t run their businesses this way!

And, this value-added agent has the intestinal fortitude to walk away if they know the home will not sell at the client’s desired price (but doesn’t have to too many times because they create a stellar reputation amongst their clientele).

TIP: Always show your clients, don’t just tell them. You do have a Professional Portfolio and evidence on your website, don’t you?

4. Keeps the buyers and sellers’ best interests in mind Our value-added agent makes every decision to grow trust, not just to make a fast buck. For example, the agent sits down with a prospective couple and finds out they can’t purchase right away and creates a plan with them to save for their down payment. Then, the agent keeps in touch over a period of months, offering helpful information and market updates.

Put Yourself to the Test

How many of these actions P. S. Managers and team leaders—two tips do you exhibit?

What do you want to work on to become a true 1. Call each of your agents’‘value-added’ phone mails.

What’s the impre agent?

Are they professional? Do they state the company n TIP: represent your culture and image?

Managers, give your agents a 2. Create a quick class in phone messaging using the ‘test’ on these four points.

In other words, this agent practices seller or buyHow many pass? this blog. er agency representation, not ‘agent agency’!

Copyright ©, 2016 Carla Cros

Carla Cross,CRB, CRB, MA, is theoffounder andSeminars, president Carla Cross & Carla Cross, MA, President Carla Cross Inc.,ofand Carla real management and sales.

Herspecializing internationally s Crossestate Coaching, is an international speaker in realbest-selling estate management and Running business planning for all professionals. agents, Up and in 30 Days, is real nowestate going into its 5thHer edition sevenexperience internationallyas published books, including Up and Running in 30 Days , vast a top-selling agent and award-winning manage and 20 agent and management programs have helped thousands of real sales podium, blending her musical background with her proven estate professionals to the greater productivity and teaches profitability.someone Reach Carla strategies (she uses piano AND even to at play—f 425-392-6914 or www.carlacross.com. and practical).

Find out more at www.carlacross.com.

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JONI FLEMING Top Agent Magazine

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Top Agent Joni Fleming – of ERA M. Connie Laplante Real Estate has been providing first rate, unparalleled customer service to buyers and sellers in Western Massachusetts since 2003.

Rapidly approaching two decades in the real estate business, Top Agent Joni Fleming – of ERA M. Connie Laplante Real Estate – has built an impeccable reputation as an agent who can be trusted to always place the best interest of her clients front and center during every transaction. Armed with vast industry knowledge and a formidable work ethic, Joni 10 Copyright Top Agent Magazine

has been providing first rate, unparalleled customer service to her grateful buyers and sellers in Western Massachusetts since 2003.

Joni began building her thriving real estate career following a ten-year stint as the owner of a home daycare business. “Then, when my youngest was heading to school full time, I Top Agent Magazine

began looking for something different to do for a living,” recalls Joni. “I thought real estate would be a good fit because I thought that it would provide some flexibility of schedule.

I took the real estate course, got my license, and I interviewed with a local company, was Top Agent Magazine

hired, and have been with that same company ever since.” Joni, who found success quickly, credits the Broker, Connie Laplante who hired her, for providing the mentorship that helped her flourish. “Connie was an icon in the business for over 40 years, she was extremely well 11 Copyright Top Agent Magazine

“I enjoy working by myself,” Joni says, “because I’m with my clients from the beginning to the end of the transaction, walking them through the process. I am able to accomplish this because of the stellar support system I have from my Brokerage, manager and support staff.” respected and knew every aspect of the market, she took me under her wing and gave me a solid foundation in the business. I try to pass that along by always being available to help guide new agents in their careers” says Joni.

Currently, more than eighty percent of Joni’s business is based upon referrals and returning clients, a sure indicator that she is providing exemplary customer service. “I think it’s because I’m very passionate about doing the right thing for my clients,” says Joni, when asked how she manages to inspire such trust and loyalty in the highly competitive world Copyright Top Agent Magazine 12

of real estate. “I represent them with honesty and integrity.” Joni also believes that her status as a solo agent has helped her forge deeper relationships with her clients. “I enjoy working by myself,” she says, “because I’m with my clients from the beginning to the end of the transaction, walking them through the process.

I am able to accomplish this because of the stellar support system I have from my Brokerage, manager and support staff.”

As further evidence of Joni’s go-above-and-beyond business ethics, she currently holds a perfect overall five-star rating on Zillow.com, on which Top Agent Magazine

site she is a long time Premier Agent. “I cannot recommend Joni Fleming highly enough. She did an amazing job helping me to both sell my house and buy a new one. She is knowledgeable, professional, and very friendly. She anticipated my needs and always got right back to me with answers to my questions and concerns,” reads just one of many glowing testimonials.

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There are many other factors that have contribute to Joni’s success, including expert negotiating skills and marketing strategies that consist of both old-school and cutting-edge techniques.

When she isn’t working – which is rare, she admits – Joni loves nothing more than spending Copyright Top Agent Magazine 13

time with her husband, her children and their three dogs. Reading and beach-going are also among her recreational passions. She is also actively involved with her community, and she contributes her time to multiple local charitable organizations including The Chamber of Commerce, Council on Aging and Friends of Buttery Brook.

When asked about her plans for the future, Joni says her primary goal is to maintain the status quo of her business. “It’s working for me the way it is, I have happy, grateful clients” she says, “and I’m fortunate to be one of the few people who can say I truly love my job.”

For more about Joni Fleming, please call 413-315-0570 or email joni.fleming@era.com

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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.

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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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BRIAN GRAHAM After graduating from Boston University, Brian Graham accepted a job as a radio host. But in order to become more financially stable, he also decided to take on a side job. When he learned that his friend’s wife was doing real estate in her spare time, Brian figured he’d give it a try. Soon after, his radio station was bought out, and he began doing real estate fulltime. In 2015, along with his business partner, Ian Vaz, he started Leopold & McMasters Realty, located in Allston, Massachusetts.

Running a successful business, and being a successful broker, takes a great amount of passion—something Brian has plenty of. “Clients and co-workers give me a hard time because I reply to emails at all hours of the night. If I’m awake and I see an email at 3:00AM, I’m going to respond. This isn’t work that I stop thinking about as soon as I walk out the office door. I genuinely wake up excited to do this job every morning,” he says.

Clients play a big role in what Brian loves about his real estate work, which is why he likes to stay in touch with them long after a transaction has ended. “I always check up on my clients after they move into their new house. And they know they can count on me for any type of work that needs to be done, and that I’ll give them a quality referral. When I refer them to a handyman, a plumber, a mason, or an electrician, it’s someone that I’ve worked with directly, so they can be confident that person does really good work, and they won’t get an astronomical bill for it.”

Brian takes special care marketing his listings, and uses a staging company as well as a professional photographer to ensure a high quality presentation.

He then focuses on social media and online marketing to give his listings the greatest amount of exposure.

And his techniques definitely work, as the Leopold & McMasters sales team averages 50 to 60 sales a year, as well as around 400 rentals.

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As great as it is to get a commission from a sale, for Brian it’s the ability to help someone that keeps him motivated. “The biggest charge for me is those two minutes in between the seller telling me that our offer was accepted, and when I know I’m going to be able to deliver that great news to the buyer, and how thrilled they’re going to be. Boston is a really competitive market, so when I’m able to assist someone in getting the house they want, there’s no better feeling.”

Brian remains active and involved in his community, donating to causes he feels passionate about, promoting local restaurants, and participating in school events. And outside of that, he loves spending time with his wife Erin, and their three dogs, Sugar, Maizie, and Ollie. Going forward, Brian’s goal is to continue growing the business. “We’ve made amazing strides since year one, and even with everything going on with COVID-19, our sales numbers are up 40% from last year. I want to get everyone at our office to a point where they’re super successful, and I want our office to be associated with all the other big offices.”

To learn more about Brian Graham call 617-699-8287, email Brian@lmcrealtyboston.com, or visit leopoldmcmastersrealty.com/about www.

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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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