WASHINGTON 9-9-19

WASHINGTON EDITION

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TIPS TO GET NEW CLIENTS

Developing Your

7 REASONS WHY

PRICING PHILOSOPHY

YOUR PROSPECTS AREN'T TURNING INTO CLIENTS

COVER STORY

KRISTINA MONEYPENNY

WASHINGTON EDITION

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KRISTINA MONEYPENNY

KRISTINA MONEYPENNY CONTENTS

4) HOW TO THROW A NETWORKING EVENT THAT CAN PUT YOUR BUSINESS ON THE MAP 6) 7 REASONS WHY YOUR PROSPECTS AREN'T TURNING INTO CLIENTS

15) DEVELOPING YOUR PRICING PHILOSOPHY 21) 5 TIPS TO GET NEW CLIENTS

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How to Throw a Networking Event

that Can Put Your Business on the Map It’s hard to argue with the benefits of attending networking events—you make new connections, enjoy industry skill-building conversation, and expand your reach in the local business community. However, have you ever considered the benefits of hosting a networking event?

Instead of attending as a guest, you’ll be the wizard behind it all. Throwing a networking event can position you as a local business leader, and you’ll be able to curate the experience to your tastes and goals. This idea may be tempting, but how do you pull it off? Review some 4

of our tips and tricks below and you’ll be more than ready to throw a networking event that’ll put you on the map.

MAKE IT EASY FOR YOUR GUESTS TO SAY YES. From the outset, try to keep things as simple as possible for your guests. This means that e-invites should be structured, yet conversational.

Include a link to register online so that arriving to your event is seamless and requires no signup sheets or stuffy check-in procedures. Select a venue that’s relatively well-known and central

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Throwing a networking event can position you as a local business leader, and you’ll be able to curate the experience to your tastes and goals. to your area. It should also have easy-to-access parking so that attendance is streamlined and hassle-free. Also consider sending an automated event reminder the day before and the day of the event—that way you’ll set guests up for easy attendance that they don’t have to debate.

CREATE A THEME. Capitalizing on a holiday or local event is a great way to drive attendance to your networking function. While getting to know area professionals is a worthy reason to meet up, you’re likely to engender a livelier ambiance if you incorporate a holiday or theme. This will inspire comradery among your guests, in addition to giving your event a natural focus. Major sporting events, a Thanksgiving themed pie bakeoff, or a spring cleaning themed community volunteer day can generate more interest than your average mixer.

GET CREATIVE WITH YOUR GUEST LIST. While you may be trying to keep your invite list industry-specific, you may benefit from casting a wider net. Invite area entrepreneurs, young professionals, collegiate professional organizations, and even friends and family. You never know what sort of connections will be made, and high attendance is key to keeping the energy of your networking event at a high tier. Don’t worry about only collecting info from realtors or brokers or mortgage pros. Instead, create a Top Agent Magazine

sense of community so that opportunities flow naturally and conversation remains diverse.

BE THE BOSS. As host, it’ll be your job to play matchmaker and drive conversation at your networking event. This means that you’ll get to know more people, but it also means you’ll be able to create connections between different professionals and businesses. You can maximize your matchmaking abilities by planting a few socially-minded friends around to drive additional conversations. Your goal is to keep people talking and to be outgoing. It should also be your goal to follow-up once the event is complete. Use this as an opportunity to continue to connect different people you met, or to follow-up with coffee or lunch with someone you found interesting. Try sending out a group thank-you e-mail to your guests after the fact, telling them to keep an eye out for your next event, or to get in touch with you for any questions or contact information of fellow attendees.

While it may feel like a risk to throw a networking event, it’s a risk worth taking. By positioning yourself as the host of your event, you’ll drive awareness to your business and brand, and build up the local professional community in a way that’s sure to draw good will your way.

Keep these ideas in mind as you go about planning a memorable networking event of your own, and above all—have a good time and others will follow suit.

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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 Top Agent Magazine

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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KRISTINA MONEYPENNY Top Agent Magazine

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KRISTINA MONEYPENNY For Kristina Moneypenny, real estate quickly became a passion while she was on maternity leave with her first daughter. “I was bored and started looking for houses with a real estate agent,” she explains. Kristina loved every minute of the process, and was fast friends with her agent. “I referred her to 10 or 15 other people, and she eventually said I should enter the business. She convinced me to be her assistant,” she says. “Then I branched 10 Copyright Top Agent Magazine

out on my own. It was a fun transition.” With a happy personality and a love for helping others, success came easily for Kristina. She was Rookie of the Year her first year as an agent and has been unstoppable ever since.

Serving all of Kitsap County in Washington, her business has grown year after year.

Today the majority of it comes from referrals from past clients, a testament to her superior service and extensive knowledge.

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“I’m brutally honest,” Kristina says. “When I show a home, the first thing I do is a mini inspection. I give them the pros and cons.

I’m honest about that kind of stuff. I give my true opinion on what I think the value is.”

This builds a foundation of trust with her buyers and sellers, allowing them to make Top Agent Magazine

an educated decision about what to do next.

When working with Kristina, no stone is left unturned, and all questions are answered thoroughly. She only wants what is best for her clients. “What truly sets me apart is my ability to educate them and help them make their investment last,” she explains.

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During the initial meeting, she goes through everything, including a walkthrough of the property and advice on staging. Kristina also offers professional photography for every listing, no matter the price point, and certain properties also get drone footage. Once all the marketing material is complete, the home is Copyright Top Agent Magazine 12

placed on multiple real estate sites, including Zillow. She also hosts open houses. “We list on a Thursday, have an open house on Friday or Saturday, and usually have offers

by Tuesday.� Kristina places a priority on open houses as she sees about 50% of their business come from this single event.

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After the transaction, clients leave glowing reviews about their time together. One recently said, “My wife and I decided to call Kristina after a recommendation from a close friend. From the start Kristina was delightful. Not only was she kind, but she was prompt and dedicated. She contacted Top Agent Magazine

us immediately and had several listings in Poulsbo already lined up for us to view only a day or two after expressing our needs and wants. Kristina found us exactly what we were looking for and made it so, so easy. She took care of everything with such grace. If you are looking for your next Copyright Top Agent Magazine 13

home and want to find it without any stress or aggravation, she is the person for you.”

For the next few years, Kristina has many new construction projects lined up. She also wants to establish a team. No matter what, her love for the industry will continue to grow. “I love

the people, the challenge of finding someone a home, and getting them through inspection.

It’s very rewarding.”

For more information about Kristina Moneypenny, please call 360-731-6734 or email kristinam@johnlscott.com

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Developing Your Pricing Philosophy

By Dirk Zeller

Ask a dozen agents to explain their home pricing philosophy, and you’ll

hear a dozen different approaches. And if the talk reveals frank responses, you’ll also learn that the most common pricing strategy is no strategy at all.

Here’s my advice: Break out of the ranks by establishing and following a specific strategy for arriving at the ideal selling price for each home.

Adopt the philosophy that, in real estate sales, price is king. Price trumps all other factors—including marketing approaches, home condition, market competitiveness, and sales approach. I believe that, in the end, marketing and condition of the property are controlled by the price.

The alternative, advocated by many agents, most sellers, and even some sales trainers, is to emphasize marketing over pricing. Rather than working to set the ideal price, they believe success will come from optimizing the home’s condition and presentation and then marketing it with skill and savvy.

I take the opposite belief, based on years of experience working with sellers who wanted unrealistic prices for their homes and who experienced firsttime sales failures as a result.

Over my sales career, I resurrected and re-listed more than 600 expired listings—nearly 75 a year. Among all those transactions, I never met an owner with an expired listing who thought that an unreasonable price had anything to do with the home’s failure to sell. They all blamed the previous Copyright Agent Magazine Top Agent Top Magazine

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agent and that person’s approach to marketing. Each sought some magic marketing strategy to change the reality of the law of supply and demand.

There is a magic strategy: Price the home correctly.

Price is the only factor that can overcome sales obstacles, compensate for a home’s deficiencies, and motivate a purchaser even if the condition of the property and your marketing approach is less than perfect.

Getting the listing at any cost Does this scenario sound familiar? An agent (usually a newer agent) is short on business or maybe even desperate for the chance to stake a sign in someone’s yard. The agent wants a listing at any price – even if the chance 16

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to seal a deal erodes the likelihood of selling the property. To gain a seller’s nod of approval, the agent makes a flatteringly high pricing recommendation, throwing out a number the client wants to hear and then hoping something good will result from the bad situation.

I can think of few examples, if any, where this philosophy works. Hope isn’t a successful pricing strategy. Worse, the please-the-client mindset is a hard one to abandon. Agents who achieve listings with unrealistic prices find it hard to later counsel their clients honestly.

If you take and price a good listing competitively, it will sell. You can’t keep a good price a secret!

The pitfalls of a “please the buyer” approach are many and significant. By overpricing, you can practically count on a reduction in your productivity, profitability, and salability, and here’s why: It’s impossible to keep your productivity high when your time is spent in conversations with an unsuccessful seller who lacks motivation to take corrective action. The seller’s negativity, concerns, and phone calls will only increase with each week or month the house remains on the market.

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As time goes on, you’ll devote more and more time unsuccessfully trying to create a sale not only for your seller but also for yourself. This will pull you away from activities that are more likely to deliver income. The ensuing frustration will de-motivate you and stunt your ability to secure better appointments that create other income opportunities.

An unsold, overpriced listing negatively impacts your profitability because it costs you time and money to service while it delivers no revenue to your business. And the situation only gets worse the longer the listing languishes on the market. You’ll end up deducting the expenses of this in-limbo listing from the proceeds generated by any revenue-producing deals you manage to close in the meantime, reducing your net profit and business success.

Unsold homes that linger on the market seriously diminish your salability, which is the term that describes your sales success track. Your salability is based on such key statistics as your average ratio of listing price compared to sale price and the average number of days your listings are on the market.

Obviously, these statistics, which prospects rely on when choosing one agent over another, can be crushed by a “get the listings at any cost” philosophy. They’re also harmed by the “start high and reduce later” tactic.

If you take and price a good listing competitively, it will sell. You can’t keep a good price a secret!

Dirk Zeller is an Agent, an Investor, and the President and CEO of Real Estate Champions. Copyright©, Dirk Zeller. All rights reserved.

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Laughs!

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5 Tips to Get New Clients If you’ve been in the industry for a while, you’ve probably built up a healthy percentage of repeat and referral business.

Although it can be tempting to just maintain those relationships rather than generating new business, there’s something to be said for staying on top of Top Agent Magazine

your game by never resting on your laurels. Actively pursuing new clients is not only a way to generate more business, but depending on how you do it, it could even lead to a profitable new niche. Here are just a few ways to build up your new client base.

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1

Become a referral partner with industry peers

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Cold Call Expired and FSBO Listings

Everyone from mortgage lenders, to financial planners, to insurance agents, can be potentially lucrative referral partners for a Realtor®. You may already have great relationships with some that just need to be more formalized. But, you don’t just want to partner with anyone, make sure these are people you also feel completely comfortable referring your clients to - people who share your values and work ethic.

Another avenue to consider is divorce attorneys – yes, you heard that correctly. Helping people go through this difficult period actually requires a very specific skill set.

You need to be able to handle the legal aspects, as well as the emotional ones. There are numerous training courses you can take if you decide to take this route, which could end up being a lucrative and much-needed specialty.

This is a route a lot of agents take when they are just starting out, that usually leads to great success. You probably haven’t cold called since you started out, and this is a great skill to build up again.

It will not only sharpen your sales skills, but could generate a lot more business.

People with For Sale By Owners (FSBOs) and expired listings, are usually very motivated to sell. This is a great chance for you to really hone in on why they need to hire you. Do you offer innovative marketing plans? Access to a large sphere of influence? Expired listing clients are looking for ways to sell a property that seems impossible to move. With FSBOs, you need to show them how you can get them more money in their pocket, even 22

with paying you a commission. Pursuing both will really engage your mind to think outside of the box, which will not only get you more business, but make you better at what you do.

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Partner up with a Relocation Company

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Become a Builder’s Realtor® of choice

This is another niche market that you can really capitalize on if you want to pursue a new specialty. But, it is a specialty, so getting educated on the process will help you generate the business you want. It’s a complicated area of real estate, you’ll often

times be helping to facilitate dual transactions, as you try and secure a property at the same time you are helping your relocation client sell their previous home. This specialty is becoming an in-demand skill in areas that have major corporate headquarters.

This can be a real score for any Realtor®.

The competition might be fierce to land a client like this, but there are numerous ways to make yourself stand out from the rest.

Gain certifications and become knowledgeable about the construction process. Be wellversed on what trendy materials, features, and finishes will add value to a property.

Get the builder on board with you by offering to take just a segment of the subdivision then wow them with your marketing skills.

Take on properties they haven’t been able to sell. You can even offer to throw an open

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house for them. This is another way to show them the level of service they can expect from you. These clients might be harder to land, but the payoff will be enormous.

Create a Website that Offers Real Value to Potential Clients

Perhaps the most useful way of getting contact information for people looking to sell is by adding a home valuation feature to your website. When people are first considering selling their home, finding out how much

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it is worth is one of the first questions they want answered. By becoming a resource to potential clients (and current clients!), you just might be the first person that comes to mind when they’re actually looking to sell.

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