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.
Home Buyers? ▪ Analyzing FTHB demographics ▪ Analyzing FTHB psychographics ▪ Defining the generational outlook of FTHBs ▪ Reach the millennial FTHBs, in their place and space
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
Ethnicity ▪ Location ▪ Occupation The structural, categorical make-up (vital and social statistical data) of a human population having shared characteristics
▪ 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
▪ 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
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
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
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
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
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
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
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
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
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
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
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
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
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:
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:
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
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:
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
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:
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
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
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
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
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
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
Marketing They Find You OTHER METHODS • Online ads • Open Houses • FTHBs Seminars • Crowdsourcing • Social gatherings • Charity/Event work • Online/Virtual events
➢ 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)
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/
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
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…
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
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
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
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
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
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
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
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
Safety / Fear / Health • Prestige / Ego / Pride • Greed • jealousy • Financial security, need, or desires • Schedule the appointment • Privacy • Social connections Discover Their WHY (their motivation)
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)
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?
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
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
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
(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?
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
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
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
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
▪ 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
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
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
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
▪ 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)
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
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
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
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
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
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…
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
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
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
• 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
Mind With FTHBs ▪ Identify the importance of supporting FTHBs post-closing ▪ Create effective “Top of Mind” marketing campaigns to support the FTHB, post-closing
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
• 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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