Monday, July 14, 2008

Secret#6 Drive a successful looking car.


Do you have dreams of making a lot of money in real estate, so you can drive around in a fancy new car as the envy of the neighborhood? Well, if so, you have it all backwards, because the the most successful agents actually bought their successful looking cars right out of real estate school, before they ever sign a single deal!

Yes, success breeds success, so the more successful you look, the more people will want to do business with you. And there's few definers of success like that of the car you choose to drive.

But before you go to the bank to take out your first business related loan (yes, you can use it as a write off!), what kind of car should you be looking for? Below is a quick guide to the type of car you should look into, depending on your situation.

Hummer: You may have seen a few of these parked at the gym. Why? Because the Hummer is the perfect car for those male agents who have recently found themselves interested in self improvement because of their exciting new return to the single life. With this liberating change in lifestyle, many men are frequenting new establishments in search of a complimentary clientele. If you are recently single, over forty with a core clientele of recently single moms, this is the car for you.

Mercedes: The crem de la crem of luxury cars. This car is particularly admired along warm coastal states where the real estate is especially glamourous. If you are an agent in and around the areas of Boca Raton or Newport Beach, this is the car to look into. Also note, while shopping for a Mercedes, 87.4% of the most successful agents in those areas drive a pearl colored Mercedes E-Class sedan with custom gold trim.

BMW SUV: Perfect for the mom turned recently successful real estate agent who does a lot of her contacting at school group functions, soccer games, or Costco. However, if you find yourself in this category, you must remember that the BMW SUV is the only type of car in this category you are allowed to own. Sedans can quite often come across as too sporty, therefore running the risk of arousing the attention of your potential clientele's husbands. For a less expensive option (i.e. your credit will not allow you to take out a loan that large), try the Acura RDX, or the Infinity EX35.

Toyota Prius: This may seem like the antithesis of a successful realtor car, but with the advent of global warming and Generation X, this is a great alternative. Sure it's small, and you probably don't want to have your clients ride around in the back, but the Toyota Prius is a hybrid vehicle that says you are an intellectual that cares about the environment, technology and text messaging. This is a great option for agents in and around the Portland Oregon area, or agents with clientele that are especially liberal, politically speaking. If you go this rout, it is also recommended to invest in a Thule bike rack.

Wednesday, July 9, 2008

Secret #5 Throw a networking party.


You can't make money in real estate unless you have clients, and a guaranteed way to get them is to throw a networking party.

But before you begin to look into your savings account to see how much you can spend on alcohol and prime rib, you need to first understand one simple principle. The more successful a real estate agent is, the less money they spend on building their business (possible exceptions are successful looking cars, time shares, and power suits; all of which we will discuss at a later date).

So how can you throw an impressive networking party without spending any money? One word -- potluck. And there's no better way of getting leads than by following these simple steps for a successful potluck networking party:

1. Make a list of everyone you know personally. Start with your family (including cousins, aunts, uncles, etc...) then spread out to friends, neighbors, and co-workers. It is not suggested to invite people you don't know, as they will be less likely to follow through with step no.2.

2. Send out individual invites. The reason you want to send out individual invites is to ensure you can get the food there free, without everyone knowing they are coming to a potluck (careful not to use the word "potluck" in your invitation, as it can make you sound cheap -- i.e. unsuccessful). For instance you can tell your Aunt Tilly that you are throwing a party where you will be taking care of everything, but it just wouldn't be the same without her "famous chili dip". Be sure to let each guest know their respective dishes are held in high public esteem, therefore increasing your chances of having them attend to showcase their contribution.

3. Give a speech at the opening of the party. When all of your guests arrive, you will want to welcome everyone by giving a little speech to thank them for coming to your home. During this speech, you will want to tell everyone how blessed you have been for having them all in your lives, and how much you will miss living so close to them because you will be selling your home.

At this point, you will hear gasps in the crowd as many of your closest friends and family will begin to question each other about your unexpected announcement. It is no doubt that many of them will become quite upset at the news, but this is precisely the reaction you need for step no.4.

4. Announce your business proposition. At this moment, you will need to calm everyone's fears by letting them know that as "a newly licensed real estate professional", you have been amazed to find out how much your home is worth, and how you are excited to move up into something much more comfortable. Next (and this is important), you need to express how indebted you are to everyone in the room because of the love and kindness you have received from them over the years, and that if there is anything you can ever do to help them in the the future, they should not hesitate to ask.

5. Enjoy the referrals. No doubt with your unexpected news and expression of good will you will be flooded with questions about your new career in real estate, how much your home is worth, if your new home is located on a golf course etc... all of which can easily be turned into a lead generating conversation. "Do you know how much your home is worth?", you might say, or, "Who knows, you could be sitting on a gold mine too".

Side note: In following these steps, you should not actually sell your home, as this is just a first step in creating leads. If, in the future, you are questioned about the fact that you have not yet moved, you may want to articulate how "success in real estate" has taught you that true happiness is being close to the ones you love. You should then tell your friend about a home that recently went up for sale near you, and that you would be willing to look into it further for them.