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First Time Home Buyer Specialist

Mishaun
March 04, 2019

First Time Home Buyer Specialist

This course was designed for residential real estate agents, helping them develop a niche with first time home buyers in their market. This presentation is used to facilitate this 8-hour, traditional, instructor-led course.

Mishaun

March 04, 2019
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Transcript

  1. Add Instructor Name
    Add Date

    View Slide

  2. LESSON 1 – Who Are They: Identifying The First Time Home Buyers?
    ▪ Analyzing FTHB demographics
    ▪ Analyzing FTHB psychographics
    ▪ Defining the generational outlook of FTHBs
    ▪ Reach the millennial FTHBs, in their place and space

    View Slide

  3. FTHBS PROFILE ACTIVITY
    1. Let’s work in small groups and
    analyze some information on
    first-time home buyers.
    2. And come up with your FTHBs
    profile, a short summary of
    what a FTHB looks like, based
    on the informational analysis
    3. Each small group will share
    their group summaries

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  4. DEMOGRAPHICS
    ▪ Age
    ▪ Gender
    ▪ Education
    ▪ Race / Ethnicity
    ▪ Location
    ▪ Occupation
    The structural, categorical make-up (vital
    and social statistical data) of a human
    population having shared characteristics

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  5. ▪ Personality
    ▪ Values / Beliefs
    ▪ Attitudes
    ▪ Interests
    ▪ Lifestyles
    ▪ Opinions
    The special treatment of demographics (vital
    and social statistical data) used to determine
    the attitudes and preferences of a specific
    segment of a population.
    PSYCHOGRAPHICS

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  6. ▪ Energetic
    ▪ Patriotic
    ▪ Courageous
    ▪ Loyal
    ▪ Community-oriented
    ▪ Hardworking
    ▪ Team player
    ▪ Respect for authority
    ▪ Cautious
    ▪ Conformist
    ▪ Risk-Averse
    ▪ Prudent
    ▪ Sacrifices
    ▪ The “Beat” generation
    Mature / Silent
    11.4% of population
    35.3 million
    Age in 2016: 71-91
    4 VIABLE GENERATIONS

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  7. Mature / Silents: Born 1926 – 1946
    ❑ Yes, this might be their first rodeo
    ❑ Saving for retirement is just now paying off
    ❑ Buying their retirement home
    ❑ Quickest decision-makers (1-18 months)
    ❑ They want comfort, privacy, and family access
    4 VIABLE GENERATIONS

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  8. ▪ Forever young
    ▪ Hate rules
    ▪ Ambitious
    ▪ Optimistic
    ▪ Individualistic
    ▪ Instant gratification
    ▪ Career-orientated
    ▪ Competitive
    ▪ Materialistic
    ▪ Nostalgic about childhood
    ▪ Views technology as tool
    ▪ Diligent
    Baby Boomers
    24.6% of population
    76.5 million
    Age in 2016: 52-70
    4 VIABLE GENERATIONS

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  9. Baby Boomers: Born 1947 – 1965
    ❑ Baby Boomers have money and retirement funds
    ❑ They have 70% of all disposable income in the U.S.
    ❑ They spend 3.2 trillion every year
    ❑ They ARE on social media in large numbers
    o 46% are on Facebook
    o 33% are on Twitter
    o 21% are on Google+
    4 VIABLE GENERATIONS

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  10. 16% of population
    49.6 million
    Age in 2016: 40-51
    ▪ Skeptical
    ▪ Latchkey kids
    ▪ Isolated
    ▪ Cynical
    ▪ Entrepreneurial
    ▪ Innovative
    ▪ Self-reliant
    ▪ Value quality of life
    ▪ Put family before career
    ▪ Pragmatic
    ▪ Cautious
    ▪ Sense of entitlement
    ▪ High-tech / Low-touch
    ▪ At several crossroads in life
    Generation X
    4 VIABLE GENERATIONS

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  11. Generation X: Born 1960 – 1980
    ❑ 28% of all home buyers
    ❑ 62% have at least 1 child under age 18 at home
    ❑ 30% have 2 children under age 18 at home
    ❑ 68% are married couples
    ❑ Average household income – $106,600
    ❑ 87%: Highest purchasers of single-family homes
    ❑ Most racially and ethnically diverse group of buyers
    4 VIABLE GENERATIONS

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  12. 24.8% of population
    77.2 million
    Age in 2016: 22-39
    ▪ Rational
    ▪ Empathetic
    ▪ Sheltered
    ▪ Nurtured
    ▪ Tolerant
    ▪ Multiculturalist
    ▪ Hopeful
    ▪ Over-Tasked
    ▪ Multi-tasker
    ▪ Short Attention Span
    ▪ High-tech / Low-touch
    ▪ Impressionable
    ▪ Crowdsourcing (peer reliant)
    ▪ Casual
    Millennials / Generation Y
    4 VIABLE GENERATIONS

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  13. Generation Y / Millennials: Born 2000 – 1981
    ❑ Make up 68% of first-time home buyers
    ❑ They are extremely tech-savvy
    ❑ They use the internet for almost everything
    ❑ Home-buying research starts online, via phone
    ❑ Average household income – $72,000
    ❑ Almost 50% of Millennials have student loan debt
    ❑ They are green and smart-home efficient
    4 VIABLE GENERATIONS

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  14. Neil Patel (April 26, 2017): https://www.quicksprout.com/2017/04/26/forget-
    millennials-7-reasons-why-baby-boomers-are-the-ideal-target-market/
    Share of Total Net Worth
    ($ Dollars $)
    Share of Total Income
    ($ Dollars $)
    4 VIABLE GENERATIONS

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  15. REACHING THE MILLENNIALS

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  16. REACHING THE MILLENNIALS
    6 of every 10 Millennials are open to a new
    job opportunity (they are job-hoppers)
    1:3
    6:10
    1 of every 3 homes are purchased
    by Millennials

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  17. REACHING THE MILLENNIALS
    Generational Outlook:
    • Most have direct, in your face, temperaments
    • Ambitious about what they deem is important
    • Embrace inclusiveness (very diverse generation)
    • Need to be engaged, dialed in
    • Many are highly educated
    • Activity-Driven (they are doers, they move around)
    • Purpose-Driven (they need to make a positive impact on society)
    • Appear entitled and narcissistic because they are very proud and self-confident
    • Extremely connected (gain the respect of one and the rest will follow)
    • Less religiously connected than older generations
    • Most are middle of the road politically
    Match Their
    ZEST

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  18. REACHING THE MILLENNIALS
    What They Value:
    • Collaboration, they are team players
    • Require constant appraisal
    • Need a home that fits their lifestyle
    • Require a healthy work-life balance
    • Expect rapid success in whatever they do
    • Career growth / development takes priority
    • Respect knowledge and facts
    • Put core values and purpose over money
    • Appreciate humanistic people and companies that give back

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  19. REACHING THE MILLENNIALS
    What They Value In An Agent:
    • Proper setting of expectations
    • Sharing information consistently
    • Providing proper and prompt feedback
    • Being strong in your social media presence
    • Personalized videos (they need to visually know you)
    • Knowledge / Expertise / Facts – bring your A-Game (your value
    proposition) to the table
    • Perform a Google search on your name and optimize/audit your social
    media networks (they WILL google you)
    • Determine what communication tools they use and have them on hand
    • Provide them financial solutions for home ownership
    AMBITION
    Match Their

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  20. LESSON 2: Who Are We: Leading FTHBs Through Awareness?
    ▪ Use emotional intelligence to improve your leadership ability and client interactions
    ▪ Utilize a client identification tool to promote client awareness and positive interactions
    ▪ Focus on critical real estate leadership skills that matter most in client relationship-
    building with FTHBs
    ▪ Leverage your leadership strengths to lead FTHBs in their path to home ownership

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  21. EMOTIONAL INTELLIGENCE
    Core of AWARENESS

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  22. “If you are tuned out of your own emotions, you will be poor at
    reading them in other people”
    Daniel Goleman: Emotional Intelligence (EI)
    IQ + EI =
    SUCCESS
    EI DEFINED:
    “Having the capacity to be aware
    of, control, and express one's
    emotions and, be able to handle
    interpersonal relationships
    carefully and compassionately.”
    www.dictionary.com
    EI EXPANDED:
    “EI is the ability to understand
    and manage your emotions
    and the emotions of other
    people around you.”
    www.mindtools.com/pages/article/newL
    DR_45.htm

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  23. Intrapersonal ▪ Self-Awareness
    ▪ Self-Regulation
    ▪ Self-Motivation
    FIVE DOMAINS OF EMOTIONAL INTELLIGENCE
    Interpersonal ▪ Empathy
    ▪ Social Skills

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  24. Intrapersonal
    ▪ Self-Awareness Conscious knowledge of your feelings and the awareness of how
    your emotions and actions can impact other people
    ▪ Self-Regulation The ability to manage your own emotions and actions in
    the face of adversity
    ▪ Self-Motivation Involves setting SMART goals and working diligently and consistently to
    achieve them and maintaining very high standards for your business
    mission, vision, and branding initiatives
    EMOTIONAL INTELLIGENCE

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  25. Interpersonal
    The ability to understand, acknowledge, and share the feelings of
    other people and their circumstances
    ▪ Empathy
    Involves being able to effectively interact with other people in a
    manner that is comprehensive to the intended audience
    ▪ Social Skills
    o Performing active listening
    o Being open to positive and negative feedback
    o Being adaptive and able to manage change
    o Being effective at conflict resolution
    EMOTIONAL INTELLIGENCE

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  26. 1. Think about a difficult client you encountered;
    what were some of the things you disliked
    about the interactions you had with that client?
    2. Which of his/her behavior or personality traits
    bothered you the most in that situation?
    3. Why do you think you had such a difficult time
    with this particular client?
    4. Share story and reflection with the group
    AWARENESS IS THE FIRST STEP TO SUCCESSFUL OUTCOMES
    Difficult Interaction Activity:

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  27. We can use a personality tool to gain valuable insight
    into the behavior of the first-time home buyer
    What techniques can we use to deal
    with these emotions?
    The first-time home buyers’ experience – what
    does it look like?
    AWARENESS IS THE FIRST STEP TO SUCCESSFUL OUTCOMES
    FTHBs Experience Activity:

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  28. View Slide

  29. OUTGOING
    RESERVED
    PEOPLE / PROCESS
    TASKS / RESULTS
    INFLUENCER
    DIRECTOR
    SUPPORTER
    CONTEMPLATOR
    CLIENT IDENTIFICATION
    MAIN
    Personality
    Outlook

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  30. DIRECTOR
    CONTEMPLATOR SUPPORTER
    INFLUENCER
    TASKS / RESULTS
    OUTGOING
    PEOPLE / PROCESS
    RESERVED
    Firm
    Direct
    Competitive
    Result-Driven
    Demanding
    Assertive
    Accurate
    Detailed
    Compliant
    Analytical
    Systematic
    Thorough
    Warm
    Accepting
    Persistent
    Steady
    Patient
    Reliable
    Sociable
    Persuasive
    Spontaneous
    Approachable
    Charismatic
    Energetic
    CLIENT IDENTIFICATION
    POSITIVE
    Personality
    Outlook

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  31. DIRECTOR
    CONTEMPLATOR SUPPORTER
    INFLUENCER
    TASKS / RESULTS
    OUTGOING
    PEOPLE / PROCESS
    RESERVED
    Impatient
    Controlling
    Aggressive
    Abrasive
    Insensitive
    Rigid
    Distant
    A Perfectionist
    Interrogative
    Unemotional
    A Pushover
    Indecisive
    Unassertive
    Too Emotional
    Overly Thorough
    Too Talkative
    Impulsive
    Overly Animated
    Too Carefree
    Unstructured
    CLIENT IDENTIFICATION
    NEGATIVE
    Personality
    Outlook

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  32. 1. Which category quadrant(s) would your client
    fall into (place a dot)?
    2. Which category quadrant(s) would you fall into
    (place a dot)?
    3. When you look at the 2 dots, it is more clear as
    to why you had such a difficult time interacting
    with the client?
    4. Share your reflection with the group
    AWARENESS IS THE FIRST STEP TO SUCCESSFUL OUTCOMES
    Difficult Interaction Activity Debrief:

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  33. CLIENT IDENTIFICATION TOOL
    What lens should we use when assessing and reading other
    people, especially our clients?
    Utilize A Positive Approach Model:
    • Understand that everyone has a unique blend of all
    personality traits
    • Acknowledge that personality traits are adaptive,
    influenced by our cultures, values, and circumstances
    • Use the tool to identify, highlight, and/or encourage
    ourselves and other people
    • Use the tool to address ours or someone else’s blind-
    spots without assuming a weakness exits
    CLIENT IDENTIFICATION TOOL

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  34. What type of real estate agent leadership does the FTHB need?
    CRITICAL LEADERSHIP SKILLS ACTIVITY:

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  35. Honesty
    Integrity
    Flexible Responsible Motivator
    Expert
    Negotiator
    Market
    Specialist
    Network
    Specialist
    Problem
    Solver
    Real Estate
    Counselor
    Detail
    Oriented
    CRITICAL LEADERSHIP SKILLS ACTIVITY:

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  36. LEVERAGE STRENGTHS ACTIVITY:
    IDENTIFY – LEVERAGE – SUCCEED:
    ❑ Things you enjoy
    ❑ Things you are good at
    ❑ Things you are passionate about
    Play To Your
    STRENGTHS

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  37. WHAT are you good at?
    LEVERAGE YOUR STRENGTHS ACTIVITY:

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  38. HOW do these strengths
    help your FTHBs?
    LEVERAGE YOUR STRENGTHS ACTIVITY:

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  39. WHY are these strengths
    important to FTHBs?
    LEVERAGE YOUR STRENGTHS ACTIVITY:

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  40. WHAT can you do to
    brand/market your
    3 strengths?
    LEVERAGE YOUR STRENGTHS ACTIVITY:

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  41. Newsletter
    Conversations
    Weekly Updates
    Blog/Video/Podcast
    WHAT can you do to
    brand/market your
    3 strengths?
    Informed / Compete
    WHY are these strengths
    important to FTHBs?
    Make Better Offers
    Understand Market
    Help Competition
    Be More Effective
    HOW do these strengths
    help your FTHBs?
    Market Expertise
    WHAT are you good at?
    LEVERAGE YOUR STRENGTHS ACTIVITY:

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  42. LESSON 3 – Where Are They: Mapping A Strategic Plan To Bridge Agent
    And Client?
    ▪ Identify the buying trends of FTHBs
    ▪ Simplify your strategies, get clear prospecting and marketing
    strategies for FTHBs
    ▪ Develop a process for attracting and retaining FTHBs in your market

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  43. HOME BUYING TRENDS
    ▪ The FTHBs’ first step is a search for
    their ONLINE DREAM PROPERTY
    ▪ Only 8% of buyers reach out to
    banks or mortgage lenders first

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  44. HOME BUYING TRENDS How Buyers Found Real Estate Agents
    (percentage distribution)

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  45. HOME BUYING TRENDS
    What’s the next
    thing you hope they
    would do?
    CALL YOU

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  46. HOME BUYING TRENDS
    GOAL I’m Your Realtor
    I’m Your Realtor
    I’m Your Realtor
    I’m Your Realtor
    I’m Your Realtor
    I’m Your Realtor
    I’m Your Realtor
    I’m Your Realtor
    Be Their Realtor
    BEFORE They Need One

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  47. PROSPECTING VS. MARKETING
    Prospecting = Selling
    Marketing = Branding

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  48. PROSPECTING VS. MARKETING
    Prospecting For New Clients
    ▪ Prospecting (Selling)
    o One-to-one Initiatives
    o Looking for new clients
    o Short term
    o Focused on the sale
    o You pursue clients

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  49. PROSPECTING VS. MARKETING Marketing To An Audience
    ▪ Marketing (Branding)
    o One-to-many initiatives
    o Build your audience, your sphere
    of interest (SIO)
    o Long term
    o Focused on relationship building
    o Clients find you, they are
    attracted by your brand

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  50. "Marketing, listen up! You
    work for sales, not the other
    way around.“
    AUTHOR: PRIM’D MARKETING
    https://www.primd.com/blog/what-is-the-difference-between-
    prospecting-for-new-clients-and-marketing-to-a-new-audience
    PROSPECTING VS. MARKETING

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  51. SALES AND MARKETING PROCESS
    Attention Attraction Capture Conversion

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  52. PIPELINE PROCESS PLANNING ACTIVITY
    TRAFFIC Flow
    LEADS Flow
    Prospects
    Customers
    ATTENTION make them AWARE of you
    ATTRACTION make them INTERESTED in you
    CAPTURE – went they DESIRE to buy, be there
    CONVERSION – take ACTION, lock them in
    Marketing
    Prospecting

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  53. MARKETING PROCESS
    VS
    OUTBOUND
    MARKETING
    INBOUND
    MARKETING
    PULL Marketing
    You Find Them
    PUSH Marketing
    They Find You
    • Direct Mail
    • Phone Calls
    • In Person Visits
    • Social Media
    • Website
    • SEO
    • Videos
    • Podcasts

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  54. OUTBOUND
    MARKETING
    Direct Mail
    (USPS or Email)
    ATTENTION PROCESS
    • Brochures/Flyers
    • Real Estate
    Information
    • Bomb Bomb
    • Branding Gifts
    • Postcards
    • Newsletters
    • Success Stories
    • Personal
    Marketing Pieces

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  55. OUTBOUND
    MARKETING
    Phone Calls
    PULL Marketing
    You Find Them
    ATTENTION PROCESS
    • The FORD call
    • Referral request
    • Investment pitch
    • Wellness check

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  56. ATTENTION PROCESS
    OUTBOUND
    MARKETING
    In Person Visits
    PULL Marketing
    You Find Them
    • Dropping by
    • Client parties
    • Client lunches
    • Meet and greets

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  57. ATTENTION PROCESS
    OUTBOUND
    MARKETING
    Social Media
    PULL Marketing
    You Find Them
    • Facebook
    • Twitter
    • Instagram
    • LinkedIn
    • Snapchat
    • Pinterest

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  58. ATTRACTION PROCESS
    INBOUND
    MARKETING
    The Power of Your
    WEBSITE
    PUSH Marketing
    They Find You
    1. PROPERTY SEARCH
    • User-Friendly
    • Find ANY Property IDX
    • Set up Prospect Mode
    • Track searches
    • Follow-up capability

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  59. ATTRACTION PROCESS
    INBOUND
    MARKETING
    The Power of Your
    WEBSITE
    PUSH Marketing
    They Find You
    2. INFORMATION
    What content, relevant to
    FTHBs, could you have on
    your website – list five (5)
    content items?

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  60. ATTRACTION PROCESS
    INBOUND
    MARKETING
    The Power of Your
    WEBSITE
    PUSH Marketing
    They Find You
    3. BLOGGING (Blogger,
    WordPress, Tumblr etc..)
    TIPS:
    • FAQ
    • FUAQ
    • Update regularly
    • Have fun

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  61. ATTRACTION PROCESS
    INBOUND
    MARKETING
    The Power of Your
    WEBSITE
    PUSH Marketing
    They Find You
    4. MARKETING VIDEO
    • Host: YouTube or website
    • 2 minutes or less, ideally
    • Give your blog a face
    • Answer FAQs and FUAQs
    • Share content on social
    media networks

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  62. ATTRACTION PROCESS
    INBOUND
    MARKETING
    The Power of Your
    WEBSITE
    PUSH Marketing
    They Find You
    4a. VIDEO MAKERS
    • Microsoft PowerPoint
    • Apple iMovie
    • Apple Keynote
    • GoAnimate’s Vyond
    • Adobe Spark
    • Powtoons

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  63. ATTRACTION PROCESS
    INBOUND
    MARKETING
    The Power of Your
    WEBSITE
    PUSH Marketing
    They Find You
    5. PODCAST
    • Perfect for passive
    consumption
    • Perfect for educational
    information
    • Can be longer than 2
    minutes
    • Update regularly
    HOSTING WEBSITES (APPS):
    • Overcast
    • Anchor
    • Soundcloud
    • Blubrry
    • BuzzSprout

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  64. ATTRACTION PROCESS
    INBOUND
    MARKETING
    The Power of Your
    WEBSITE
    PUSH Marketing
    They Find You
    OTHER METHODS
    • Online ads
    • Open Houses
    • FTHBs Seminars
    • Crowdsourcing
    • Social gatherings
    • Charity/Event work
    • Online/Virtual events

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  65. ATTENTION / ATTRACTION TIPS
    ➢ Appearance and social skills matter
    ➢ Create interactive slide shows, introduce yourself with short videos,
    have an inspiring bio and website, use multi-media
    ➢ Be able to do virtual and live open houses for individual buyers
    ➢ SEO – use keywords to attract your targeted audience
    ➢ Be knowledgeable, helpful, savvy, and friendly
    ➢ Emphasize “every step of the way” support
    ➢ Emphasize your ability to save them money
    ➢ Share the process (they’re not familiar with it)

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  66. ATTENTION / ATTRACTION TIPS
    Companies Top Priorities for B2C Content Marketing Trends
    Actively create more engaging content 73%
    Gain better knowledge of what content is effective 58%
    Focus on creating more visually pleasing content 55%
    Prevent staleness, repurpose content when needed 44%
    Focus on content optimization 43%
    Content Marketing Institute
    (North America 2016 Research:
    http://seo-focus.com/dont-kill-your-
    audiences-vibe-with-these-content-
    marketing-turn-offs/

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  67. ATTENTION / ATTRACTION TIPS
    PRIM’D MARKETING BLOG / CONSULTING
    https://www.primd.com/blog/what-is-the-difference-between-prospecting-for-new-
    clients-and-marketing-to-a-new-audience
    Great MARKETING will
    help to shorten your
    sales cycles and to
    improve your close rates.

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  68. PROSPECTING PROCESS
    Capture
    • A long way from capture to conversion
    • What can you do to be more effective?
    • What lead response systems for
    capturing and converting prospective
    FTHBs can be used?
    How do you handle the
    “the shopper”, a prospect
    who is just looking and not
    ready to commit to buying?
    I’m Not Your 2nd Opinion

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  69. SALES STYLES

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  70. SALES STYLES
    Passive Sales Style:
    ▪ Play the waiting game, not likely to pursue clients
    ▪ Wait on the right clients, ones who know what they want
    ▪ Then, lead those clients through the transactional process
    ▪ Success is obtainable utilizing this style, namely when the
    client makes the first move
    ▪ Perfect fit for the in-the-know client, who’s ready to commit
    Wait On It…

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  71. SALES STYLES
    Relationship-Building Sales Style:
    CONNECT
    ▪ This style is all about connecting with the clients
    ▪ Relationship-building is KEY
    ▪ They are in it for the long haul, replying on account
    development
    ▪ They appeal to the client’s emotional and personal needs
    ▪ Devote all their energy to getting to know the clients and
    ensuring their needs are met
    ▪ Work to provide tailor-made solutions for clients
    ▪ This process is effective yet time-consuming

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  72. SALES STYLES
    Results-Driven Sales Style:
    Get It DONE
    ▪ This style has one single goal, make the sale
    ▪ Power of persuasion is key in style
    ▪ This style motivates clients to “seal the deal”
    ▪ They are known as the “CLOSERS”
    ▪ They are enthusiastic and dedicated to expanding their account portfolios
    ▪ They are somewhat short on patience
    ▪ They don’t wait for the sale, as they can effectively direct the sales process

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  73. SALES STYLES
    Dedicated Sales Style:
    Product Knowledge
    ▪ This style’s key concern is product knowledge
    ▪ Their power is in the products and services they sell
    ▪ They WOW their clients with a deep knowledge base
    ▪ They stand behind the product 100% of the time
    ▪ They have a genuine allegiance to the company and brand
    ▪ They continually look to improve the brand and sales
    ▪ Their dedication is transferrable, fostering client loyalty to the brand
    ▪ They are motivated, problem solvers and position their product as the solution

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  74. SALES STYLES
    Educator Sales Style:
    INFORMER
    ▪ This style’s key concern is providing education
    ▪ They have a teaching mentality
    ▪ They keep clients informed, giving them the HOW and
    WHY their product is the solution
    ▪ They break down complex product concepts into layman
    terms, suitable for all client consumption
    ▪ They guide the sales interaction through a detailed
    explanation or a skilled demonstration of the product

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  75. SALES STYLES ACTIVITY
    TRAFFIC Flow
    LEADS Flow
    Prospects
    Customers
    ATTENTION make them AWARE of you
    ATTRACTION make them INTERESTED in you
    CAPTURE – when they DESIRE to buy, be there
    CONVERSION – take ACTION, lock them in
    Marketing
    Prospecting

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  76. PROSPECTING PROCESS
    • How do you know you
    have them?
    • Once you do have them,
    what is next?
    • Are systems in place for
    the next step?
    • Agency agreements
    Conversion

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  77. LESSON 4 – What Do FTHBs Want: The Art Of Delivering A Concise And
    Expert Consultation?
    ▪ Provide the FTHB a professional consultation by adopting the specialist model
    ▪ Questions matter – develop them for lead generation, and client qualification and
    commitment
    ▪ Build a virtual-powered consultation tailored for FTHBs and lead generation
    ▪ Develop a slim line, expert consultation – trim the fat to attract FTHBs
    ▪ Put you consultation to work by discovering the art of listening with a purpose

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  78. WHY DO A CONSULTATION?
    Would you allow a doctor to treat you without
    performing a professional consultation and
    collecting information, first?
    • Systemize your approach for
    performing consultations
    • Discover information that will
    save you HOURS of work
    • Never miss out on collecting
    critical information
    • Build concise and expert
    consultation forms
    o www.ReadytoBuySmart.com
    o www.wufoo.com
    o www.google.com/forms
    Real Estate
    SPECIALIST

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  79. WHY DO A CONSULTATION: THE BIG PICTURE
    • Develop the agent/client relationship; find out what really matters to the
    client in the home-buying process
    • Showcase your strengths – assure the FTHB that you are the agent of CHOICE
    • Maximize showing time; align client wants, needs, and expectations for their
    dream home
    • Provide the client with a comprehensive overview of the entire real estate
    transaction and involved cost
    o Purchase and Sales Agreement
    o Important timelines
    o Closing process
    o Escrow
    o Potential inspections

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  80. THE FATS WALLER CONSULTATION
    “Find out what they like and how
    they like it, and let them have it,
    just that way.”
    Fats Waller
    Ain’t Misbehavin Avoid
    FTHBs
    BLUES

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  81. WHY DO A CONSULTATION?
    Discover Their
    WHY, Their
    MOTIVATION
    For Buying

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  82. WHY DO A CONSULTATION
    • Love (family / self)
    • Safety / Fear / Health
    • Prestige / Ego / Pride
    • Greed
    • jealousy
    • Financial security, need, or desires
    • Schedule the appointment
    • Privacy
    • Social connections
    Discover Their WHY
    (their motivation)

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  83. WHY DO A CONSULTATION
    • Your job is to hear their reason
    • Then, probe for their motivation,
    their true passion for buying - which
    o Strengthens the agent/client
    relationship
    o Improves the effectiveness of
    negotiation plans
    o Improves the service and trust level I
    the eyes of the client
    Discover Their WHY
    (their motivation)

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  84. CONSULTATION QUESTIONS
    If you were allowed only 4 QUESTIONS to ask a potential FTHB
    during the consultation, what would those questions be; write
    them down in in your guide?

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  85. CONSULTATION QUESTIONS Open
    Ended
    Closed
    Ended

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  86. CONSULTATION QUESTIONS
    Which questions are OPEN-ENDED and which are CLOSE-ENDED?
    1. Are there any specific issues you are having with this process?
    2. Do you have a budget or range in mind?
    3. Let’s talk, does this house work for you?
    4. What does your Monday look like; can we make plans to talk?
    5. Be specific, tell me about the issues you are having with this process?
    6. Can you provide me with some feedback on the house you saw yesterday?
    7. What does the decision-making process look like for you; who else is involved?

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  87. CONSULTATION QUESTIONS
    Three (3) Greatest Questions Ever
    ▪ What do you mean?
    ▪ Why is that?
    ▪ What else?
    D R
    E
    V
    I
    R

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  88. CONCISE IS NICE - CONSULTATION
    Targeted
    Consultation
    ▪ Target your consultation, NOT your
    clients
    ▪ Remember, concise is ALWAYS nice
    ▪ Build a short lead generator form
    ▪ Build an official slim line, digital
    consultation form for FTHBs
    Think Virtual

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  89. CONCISE IS NICE - CONSULTATION
    ▪ Use outbound marketing techniques,
    something attention-grabbing
    ▪ Think of 4 TO 5 QUESTIONS to generate
    lead information and pull prospects
    deeper into your business space
    ▪ Ideally, have lead information come into
    CRM, Excel spreadsheet, or Access
    database
    ▪ Provide a link to your formal, slim line,
    digital consultation
    Short Form
    Lead Generation Form

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  90. CONCISE IS NICE - CONSULTATION
    ▪ Use qualifying, motivating, and
    engaging questions
    ▪ Think of 10 or less QUESTIONS to help
    build the agent/client relationship and
    support the transaction
    ▪ Ideally, have lead information come
    into CRM, Excel spreadsheet, or Access
    database
    ▪ Provide a link to your formal, slim line,
    digital consultation on your website
    Long Form
    Slim-line Consultation

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  91. CONCISE IS NICE - CONSULTATION
    1. Why are you moving? (Qualify – Motivation)
    2. How soon do you need to find a place? (Qualify – Urgency)
    3. Describe what you’re looking for in a home?
    4. Will you be paying cash or have you arranged financing? (Qualify – Financial Ability)
    5. Are you working with any other agents? (Qualify – Commitment)
    6. How long have you been looking?
    7. If you found the right home today, what would you do?
    8. What do you know about today’s market?
    9. What expectations do you have of either me or the process?

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  92. CONCISE IS NICE - CONSULTATION
    THREE KINDS OF LISTENING:
    ▪ The act of NOT listening (lack of interest or simply distracted)
    ▪ Listening just to respond (focusing on what to say next)
    ▪ Performing active listening (listen with a purpose)
    o Learn, obtain information
    o Understand what is being said (and)
    o Build trust and relationships

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  93. LESSON 5 – How Can We Help FTHBs: Creating A Seamless Buying
    Experience?
    ▪ Get the FTHBs ready for their buying experience – fantasy vs. reality
    ▪ Build relationship-driven systems to help explain the agent/client process
    ▪ Set client expectations, pre-position the FTHB for the transactional experience
    ▪ Select the perfect property or FTHBs; implement helpful tips home-buying
    success

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  94. FANTASY TO REALITY
    Five Steps for Getting Them Ready:
    1. EDUCATION
    o Be a better coach / mentor
    o Prep them for the process
    o Prep them for the market
    o Set their home-buying expectations
    2. COUNSEL AND LISTEN
    o Ask better questions
    o Listen to the answers
    o Match wants and needs
    o Develop trust

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  95. FANTASY TO REALITY Continued…
    3. EMPATHY
    o Do emotional/stress checks
    o Check for understanding
    o Express importance of patience
    4. ACTION
    o Get them to take action
    o Until they start LOOKING, reality doesn’t set in
    o Everything they do adds to the experience
    5. LOVE THE PROCESS
    o Keeps you patient
    o Keeps you sane
    o Reminds you of what’s important

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  96. EXPLAIN YOUR PROCESS
    ▪ How you search
    ▪ Agency relationships
    ▪ How you get paid
    ▪ How you show and select property
    ▪ Picking the “perfect” house (explain)
    ▪ When THEY find a house (e.g., “the rule” CALL THE AGENT)
    ▪ Permission to close

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  97. SETTING FTHBS EXPECTATIONS
    LEADING THE FTHBS – EXHIBIT LEADERSHIP:
    ▪ Exhibit great time management skills
    ▪ Communicate at THEIR level
    o Eliminate acronyms and real estate jargon
    o Let THEM frame the conversation
    o Act like a CONSULTANT
    ▪ Ask more then you Tell (ASK questions)
    ▪ Keep them engaged and informed at all times

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  98. SETTING FTHBS EXPECTATIONS
    Where Do You Want To LIVE?
    ▪ There is a buyer for every house;
    but, there is NOT a house for
    every buyer.
    ▪ For any given price, there are only
    so many variables you can
    control. How do you rank them?
    ▪ Buying a home is part art and part
    science – this is the science.
    Write Your Own Story

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  99. SETTING FTHBS EXPECTATIONS
    ▪ Our goal is to show you ALL of the homes
    you want to see (and none of the ones you
    don’t want to see!)
    ▪ The line between logic and emotion
    ▪ Buying a home is NOT a process of
    selection. It is a process of elimination.
    ▪ Plan to have 6 to 8 home showings

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  100. View Slide

  101. SETTING FTHBS EXPECTATIONS
    Home Buyer Packet:
    ▪ Shows you care
    ▪ Shows you are professional
    ▪ You become their “source”
    ▪ Focuses them on what’s important
    ▪ Help to set expectations
    ▪ Differentiates you from the pack
    ▪ Encourages “hoop jumping” (I just scratched your back)

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  102. SETTING FTHBS EXPECTATIONS
    Home Buyer Packet Activity:
    ▪ Get into your small groups
    ▪ Brainstorm and design the
    PERFECT FTHBs Packet
    ▪ Think like a FTHB; what would you
    like to have in your welcome
    packet?

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  103. SETTING FTHBS EXPECTATIONS
    Cover page
    Personal letter
    FTHBs process guide
    FTHBs task checklist
    Pre-Qualify / Approval
    Financing
    Buyer closing cost
    Loan application checklist
    Agency disclosure
    Agent process (how I work)
    Lock-ins and points
    LBP / Radon
    Offers / Earnest / Closings
    Company Information
    Professional Bio / Brand
    Sample contract / other forms
    The FTHBS Packet Contents

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  104. SETTING FTHBS EXPECTATIONS
    HELPFUL EXAMPLES:
    FTHBs Step-By-Step Process Map
    FTHBs Task Checklist

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  105. HOME SELECTION PROCESS FTHBS Engagement
    Create your best plan
    to get your CLIENTS
    more involved

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  106. HOME SELECTION PROCESS
    SELECT NEIGHBORHOODS:
    • Learn about neighborhoods they like
    • Comparisons of schools, demographics
    • Offer knowledge/information that matches their interests
    Think MOTIVATION

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  107. HOME SELECTION PROCESS
    HOME COMPARISONS:
    • Know market inventory
    • Preview homes (5 to 1)
    • Prioritize based on interview
    • Nothing is perfect – series of tradeoffs
    • How many?
    Think ANALYSIS

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  108. HOME SELECTION PROCESS
    CONDITION THEM TO THE MARKET:
    • They should know what to expect in various
    neighborhoods
    • They should know how to be competitive
    o Their goals must be achievable
    o You’re good but not a miracle worker
    o Explain the market in relation to offers
    o SP:LP a good number to know
    o “Buyers compete with other buyers”
    • Tell stories about past successes and failures
    ENGAGEMENT
    Plan Your Route for

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  109. HOME SELECTION PROCESS
    CONDITION THEM TO THE PROCESS:
    • Set Client Expectations
    • Home showings (online, drive-by, tours: ideally 6 to 8)
    o Outline the search process
    o Agent Goal – show you all the homes you want to see and
    none of the ones you don’t want to see
    o The line between logic and emotion
    o Buying a home is NOT a process of selection, it is a process
    of elimination
    o After 6 to 8 houses, reevaluate the client’s needs/want, the
    logic behind their choices

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  110. HOME SELECTION PROCESS
    CONDITION THEM TO THE PROCESS:
    • Home Showing (have client identify their “a, b,
    and c” items)
    • Closing (have client identify their “a, b, and c”
    items)
    • Financing
    o Make sure they (and you) know what they can afford
    o Pre-qualification/approval
    o Leverage through financing
    o Have their ducks in order

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  111. HOME SELECTION PROCESS
    Eliminate/evaluate:
    Preview
    Read their signals Set them at ease
    Point out features:
    SHOW benefits
    Silence is golden Match & Mirror
    Be excited Let them discover Let them buy
    9
    Full-Proof Tips
    for Showing
    FTHBs
    Properties

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  112. HOME SELECTION PROCESS
    • Is the neighborhood safe?
    • Is this a mixed neighborhood?
    • What is the racial composition of the neighborhood?
    • I only want to see homes in “X” neighborhoods?
    • Are there quality schools in the area?
    • Would you live here?
    Beware Of These “Fair Housing” Questions…

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  113. HOME SELECTION PROCESS
    Making An Offer
    Before leaving buyer
    Explain Possible
    Outcomes
    Create Doubt
    Over Acceptance
    Prepare For
    Counter Offer
    1 2 3

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  114. HOME SELECTION PROCESS
    Do your homework
    Review you documents
    Perform market analysis
    Prepare net sheet
    Take handwritten notes
    How does this compare to seller objective?
    Is everyone mentally prepared?
    Making An Offer
    Preparation Is KEY

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  115. HOME SELECTION PROCESS
    Seller/Listing agent Acting Oddly to Offers?
    Keep it non-emotional
    Who has market leverage and how much?
    Presenting Purchase Agreement
    Attitude Of The Seller

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  116. HOME SELECTION PROCESS
    Contract To Close
    Steps between accepted offer and
    transfer of property
    • Outline communication strategy
    (how we stay in touch)
    • Handle dates and deadlines (CRM?)
    • Discourage financial changes (don’t
    buy a new vehicle)
    • Prep for Inspection
    • Prep for documents (title, HOA,
    CCRs, other…)
    • Communicate with Lender
    • Communicate with other agent

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  117. LESSON 6 – How Do We Dazzle Them: Delivering Top Notch Client Services?
    ▪ Bridge the gap in customer satisfaction with FTHBs
    ▪ Master follow-up and follow-through, utilizing simple systems that work
    ▪ Put systems in place for delivering WASP-Worthy customer service

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  118. GASP WORTHY CUSTOMER SERVICE
    OMG
    I Can’t
    Believe It!

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  119. GASP WORTHY CUSTOMER SERVICE
    “A customer’s satisfaction is
    the gap between what the
    customer expects and what
    they get.”
    Author: Harry Beckwith
    Selling The Invisible
    Bridge The
    GAP

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  120. GASP WORTHY CUSTOMER SERVICE
    Positively Outrageous Service:
    • Creates a “halo” effect
    • Reinforces your promises
    • Reinforces your value
    • Creates mood of reciprocity
    • Results in “Word-of-Mouth”
    Why Give Great Service?

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  121. GASP WORTHY CUSTOMER SERVICE
    SERVICE PROVIDERS:
    • Lenders
    • Home inspectors
    • Insurance agents
    • Title/escrow companies
    • Attorneys
    • Service providers (paint, fix up, repair, decorate…)
    • Others?
    Develop A Resources Network

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  122. GASP WORTHY CUSTOMER SERVICE
    RULE: Follow-Up And Through
    3 DAYS:
    • Best done in person
    • Bring food to the move
    3 WEEKS:
    • Checking in to see how it’s going
    • Remember what they said they
    would do “as soon as they move in”
    3 MONTHS
    • Should be settled in
    NEXT STEP:
    • Place in regular sphere marketing
    The Rule

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  123. GASP WORTHY CUSTOMER SERIVCE
    Share possible methods to create the kinds of experiences
    that might make your Buyer GASP with shock, surprise,
    amazement, or delight.
    What could you do?
    GASP Worthy Activity:
    OMG!

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  124. LESSON 7 – How We Keep FTHBs: Staying Top Of Mind With FTHBs
    ▪ Identify the importance of supporting FTHBs post-closing
    ▪ Create effective “Top of Mind” marketing campaigns to
    support the FTHB, post-closing

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  125. STAYING TOP OF MIND
    Critical Step

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  126. STAYING TOP OF MIND
    Would buyer use real estate agent
    again or recommend agent to others?
    (Percentage Distribution)
    The Numbers are
    REFRESHING ☺

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  127. STAYING TOP OF MIND
    How Buyer Found Real Estate Agent
    (Percentage Distribution)
    The Numbers are
    DEPRESSING 

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  128. STAYING TOP OF MIND
    • STAY IN TOUCH
    o Repetition
    o Relevance
    • Make them feel special, like partners in your business
    • Seek and share feedback
    • Fix issues
    • Have a plan
    • Stay in touch (repetition works)
    Top Of Mind Awareness
    Critical Step

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  129. STAYING TOP OF MIND
    4 E’s Of Follow-up And Retention
    • EMPOWER/EDUCATE
    o Help them be better homeowners
    • ENCOURAGE
    o They’re online anyway, teach them
    how to spread your word
    • ENGAGE
    o Give the gift of you
    o Great service before, during, and
    AFTER the transaction
    • EQUIP
    o Give them things they can talk about
    o Amazing stuff, great service, insider
    knowledge, social elevation, incredible
    stories
    Critical Step

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  130. GASP WORTHY CUSTOMER SERIVCE
    Share possible methods to create the kinds of experiences
    that might make your Buyer GASP with shock, surprise,
    amazement, or delight.
    What could you do?
    GASP Worthy Activity:
    OMG!

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  131. CONCLUSION
    Final Exam
    Course Evaluation

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