Power Tools for Managing Brokers

Come join us!

2008-07-14T14:38:33Z

Come check out the new blog from NAR's Information Central! "Power Tools for Managing Brokers" is no longer being updated, but you'll find plenty of interest in the InfoCentral Blog. The InfoCentral Blog keeps you up-to-date on new and useful information resources for the real estate industry -- websites, research reports, eBooks, news articles, services and databases from NAR's Information Central, and more. Surf on over to http://narblog1.realtors.org/mvtype/infocentral/.

What to do in a slow market

2007-08-17T16:34:49Z

Sandy Geroux offers tips for coping http://www.mirealtors.com/news/realtor/documents/supersalesaug07.pdf">with a slow market. "In fact, tough markets actually provide an incredible
opportunity for the best to shine through, weeding out the weakest links." Become the expert in your field, believe that your are in control of your business, work on accountability and develop a plan.

Overcoming burnout

2007-07-19T15:31:47Z

Kelle Sparta discusses identifying and overcoming burnout. Signs of burnout include lack of energy and productivity, irritability and disillusionment with the job. These issues can be dealt with by changing your work pattern and recommit yourself to the business of real estate.

What do your clients think of you and your firm?

2007-06-18T16:08:33Z

Survey them and find out, says John D. Mayfield.

Improving your profits

2007-06-12T19:20:06Z

Florida REALTOR® provides several ideas to boost profits for your firm. Nancy Hogan discontinued unused phone lines, provided Internet coaching and used recycled printer cartridges. Closing or merging offices can also reduce costs according to Chappy Adams. More emphasis on training can also ultimately improve your business.

Fraud and You

2007-05-29T16:58:32Z

The Houston Association of REALTORS® discusses mortgage fraud schemes such as chunking, foreclosure scams and flips. Penalties range from 5 to 30 years in prison. "What to do if you suspect fraud: a. If it is clear cut, walk away b. If you suspect fraud, tell your broker and seek their advice c. If approached by HUD or the FBI, never withhold any information d. Always seek legal council before doing anything
e. REPORT IT!!!"

Can you sell a billion dollars of property during your career?

2007-05-24T16:04:21Z

Mark Spain did just that. Over the 12 years of his real estate career, he has sold over a billion dollars. "According to research conducted by Steve Kantor, author of the newly released Billion Dollar Agent—Lessons Learned (www.billiondollaragent.com), only about 100-200 real estate agents have achieved a billion dollars in sales during their careers." His sales team of a dozen agents sold over 200 million dollars in 2005 sales.

Transitioning from Agent to Broker

2007-05-17T15:20:30Z

Texas REALTOR® provides tips to smooth the transition from agent to broker. You will need to think like a CEO and take responsibility for your business, develop a vision and an operating system. "It’s one thing to know the skills required to be a successful broker, but how do you develop them? Like anyone else seeking to improve an activity, you take classes, get mentors, and hire coaches and consultants. There is no magic pill. It takes courage, determination, humility, and a constant desire to improve."

Brokers, can you still do it all by yourself?

2007-05-09T15:14:20Z

Mia Pankey thought she could do it all by herself. “My duties include selling real estate, running the office, overseeing other [sales associates], light bookkeeping, clerical work for the appraisers and daily operations management.” Bob Corcoran, a real estate coach, had some suggestions for Mia's business, such as clarifying her passion for sales, setting up boundaries and the benefits of careful recruiting.

REO--No, it's not a band

2007-04-25T18:20:05Z

REO--That’s shorthand for “Real Estate Owned,” which is what lenders call properties they own following formal foreclosure proceedings against borrowers who have defaulted on their mortgages." With the current market, many more REOs are on the increase. Working with banks can be an opportunity for real estate professionals, providing real estate experience along with problem-solving on a tight deadline. Creating a good relationship with REO department at the bank is essential for building up your business.

Spruce up your next sales meeting...

2007-04-23T18:50:14Z

...with 2-minute life lessons on service. NAR's Virtual Library eBooks Collection proudly presents "Six Million $$$ Secrets for Superior Service" -- a digital video series taken from NAR's 2006 Midyear Information Services Forum. This series includes: Don Hutson on Performing Customer Miracles and Selling Value; Patricia Fripp on How to Treat People, Getting Smarter, and Attitude; and Jim Cathcart on Value. Also new to NAR's digital library: The Easy Step by Step Guide to Fewer, Shorter, Better Meetings. Check out eBooks.realtor.org for these and other titles. NAR members can borrow up to 3 eBooks, digital audios, and/or videos at a time, for FREE. New to NAR's digital library? Just follow the Quick Start Guide...and have your NRDS number ready!

Unbundling your business model

2007-04-09T17:00:32Z

Flat fees, fee for service, minimum services, unbundled services--are different names for the same business model. Flat fee service provides a menu of options available for the client--some only want MLS access, others need MLS access along with help showing the property.

"Flat-fee option In the structure used by Fanning and Carr in Rochester, N.Y., sellers have the option of paying a percentage-based full-service commission rate at closing or a flat fee of $1,795 up front and a percentage-based cooperative broker fee paid at closing.

For a $100,000 house, typical in the Rochester area, the cost difference in the two approaches can be significant. Typically, the percentage-based full-service commission amount is a bit more than the combination of flat fee and co-op commission."

Become a media whiz!

2007-03-23T16:59:33Z

Working with the media can put you and your firm in the spotlight. Ann DeFries of Boca Raton, FL provides tips for a smooth relationship with the media. “Be prepared,” she advises. “You have to know what you’re talking about; you can’t wing it. If you don’t know what you’re talking about, tell them to give you a little time, and you’ll find out.” . . . “I just answer the questions that are asked,” she says. “We have a tendency to want to tell everything that we know or to show our expertise. All of a sudden, if you do that, you’re going to find yourself in the [negative] headlines.”

Are open houses going the way of the dinosaur?

2007-03-05T15:48:58Z

According to the New York Times, some buildings are limiting or forbidding open houses entirely, for a variety of reasons. “We’re definitely seeing more buildings that don’t allow open houses, and it’s largely because people living there have security concerns,” said Deanna Kory, a senior vice president of the Corcoran Group. “Plus there’s also the inconvenience factor and the annoyance factor.” Building residents complain about crowds waiting to get in, the unescorted public riding the elevators and criminal activity. Lack of open houses can slow sales time and depress the selling prices, say agents.

What will impact real estate this year?

2007-02-26T20:50:28Z

Jeremy Conaway discusses factors that will influence the real estate industry in 2007. Media will continue to pick on real estate, empowered consumers will demand more information about houses and the home-buying process and such upstart websites like Zillow will mix it up in the real estate industry. "The current industry situation provides two clear insights. The first is that there is more opportunity for profit, creativity and innovation than at any other time in the history of the industry. A new boom lies ahead, but entry will be on the basis of meeting the current challenges rather than delivering yesterday’s product. Secondly, it must become immediately apparent that many of these new challenges cannot be met on a brokerage-by-brokerage basis."