When Selling a Historic Property

Marketing a property with historic or landmark status may draw a greater response than when selling your usual, traditional product. You’ll be working with especially knowledgeable buyers — history buffs — who may be more familiar with the home than you are, and they may have questions that you will need to answer in detail. That means it’s time to study. Facts to memorize (for starters): when was the home built? Have famous people lived or visited there? Have there been any significant changes to the house? Every little detail of the house (“George Washington slept here!”) can attract more buyers, ...

When a Home Inspection Becomes a Deal Breaker

First, an important clarification: a property cannot fail a home inspection. It’s not a pass/fail test. The process is simply an examination of the house’s overall condition, with a report on what might need repair or replacement. The inspection can vary by inspector, and can often lead to different interpretations, depending on who is buying and who is selling. That’s why it’s best for you to be involved in the inspection process, and offer advice and navigation should conflicts arise. You can click here to learn more about how agents can make the most of home inspections. Prepare your clients: a ...

6 “Big Picture” Business Lessons from Barbara Corcoran

“I found as a real estate broker that people really respond to how you look–especially in a town like New York,” entrepreneur Barbara Corcoran told Inc. magazine. “If you act and look successful, people will make the wrongful assumption that you are.” Barbara’s sharp wit and street smarts helped her become one of the most sought-after business minds in the country. As the founder of the mega-successful real estate brokerage, The Corcoran Group, and a costar/investor on the hit series Shark Tank, Barbara has amassed a large following of loyal entrepreneurial fans. Her success story is not typical: growing up poor ...

Ten Inspiring Quotes on Business Success from Mark Cuban

Mark Cuban is a billionaire entrepreneur, owner of the Dallas Mavericks basketball team, and costar of the hit series Shark Tank. Over the years, he has given consistently smart business advice, and he should know: in 2005, he sold his company, Broadcast.com, to Yahoo for $5.7 billion. Here are some inspiring quotes from the man himself, after a lifetime of business experience and wisdom, both learned and instinctual:  “Know your business and industry better than anyone else in the world. Love what you do or don’t do it.”  “I still work hard to know my business. I’m continuously looking for ways to improve ...

When Selling a Vacation Property

Vacation home clients come from two directions — those who dream of a getaway escape haven, and those who have had enough of the second mortgage, the upkeep and the friends and family who insist on dropping by. That gives you numerous opportunities to increase your commissions. In 2014, 21 percent of all home sales in the U.S. were vacation properties, according to Inman News. That same year, vacation-home sales reached 1.13 million, according to the National Association of Realtors®. That’s the highest amount since the organization began the survey in 2003. Buying and selling a vacation home is not ...

Marketing a House with a Pool

A house with a pool can be an appealing amenity for some; an expensive burden for others. Pools can also be seen as a safety hazard for children and pets. However, some people consider pools a must, while some others may have to be sold on the idea. According to the U.S. Consumer Product Safety Commission, the three most popular states for pool homes are California, Arizona and Florida. The National Association of Realtors® says that, on average, an in-ground pool adds about 7.7% to the home’s market value. According to The Association of Pool and Spa Professionals, the number of ...

What Clients Really Want from You

This may come as no surprise: nearly 62 percent of buyers and sellers are looking for lower fees when it comes to dealing with agents, according to a Redfin survey of 1,000 respondents. However, this part may surprise you: 22 percent of those surveyed said that low fees actually made them concerned about the quality of the service. From that same survey, buyers and sellers are increasingly finding that they want their agents to be as tech savvy as possible. Of those surveyed, 57 percent said that technology is vital. However, behind that comes yet another surprise: 31 percent of those surveyed ...

6 Takeaways from “How to Win Friends and Influence People”

Long before Tony Robbins and Oprah Winfrey, there was Dale Carnegie. He wrote a common-sense, easy-to-understand self-help book about how to get ahead in business — and in life. He gave the book an irresistible title: “How to Win Friends and Influence People.” It struck a chord immediately, almost single-handedly igniting the self-help industry. And Carnegie’s advice is just as relevant today. The book was published at the height of the Great Depression — 1936 — and was an instant bestseller. In its first year alone, it went through seventeen editions, and sold a quarter of a million copies in just ...

The State of the Commission 2018

In the United States, real estate agents make about $75 billion per year in commission payments, according to mortgagecalculator.biz. The median gross income of realtors® was $42,500 in 2016, according to a 2017 study by the National Association of Realtors®. That’s an increase from $39,200 in 2015. Drilling down to specific statistics are hard to come by; these are national commission percentage averages recorded by Real Trends, an industry consulting firm: 1992 = 6.04% 2005 = 5.02% 2011 = 5.30% 2013 = 5.38% 2014 = 5.18% 2015 = 5.26% 2017 = 5.12% In late 2017, Real Trends president Steve Murray, wrote: “The average commission rate ...

What Does It Take to Join the Six-Figure Commission Club?

Real estate agents who earn $100,000 or more a year seem to be of a different breed than the rest of the pack, according to a study by  InmanNext, a website operated by Inman News. Surveying 1,300 real estate agents who earn at least $100,000 a year, the study found that these agents tend to close more deals. Sixty-six percent of those surveyed said they closed 20 or more transactions in a year. Compare that to about half of those who earn $30,000 to $50,000 and say they closed fewer than ten deals. These high earners work longer hours. Forty-two percent ...