I've been around the block a time or two. With over 13 years in the business, I've seen some of the best years for the real estate industry. These were times in which homes sold simply because a sign was placed in the yard and financing options were plentiful even for the minimally qualified.
This post is the story of what a Rookie taught me and a message to all the 'old timers' out there who say it can't be done. It can. And it's not just about beginners luck.
When Lorrae Danzig took on the assignment for the sale of this Wyoming house, she knew it would be a challenge. The home had been listed several times and the owners were tough investors who had war room stories that made you cringe during the re-telling.
They wanted results. Period. Well...let's rephrase that...they wanted good results. They'd already had one agent tell them that although the home showed beautifully, they ought to cut their losses and run.
So, with their backs against the wall and everyone telling them NOT to trust a Rookie, they were understandably a little nervous about this meeting.
Well, let's cut to the chase and look critically at just WHAT Lorrae did to earn their trust, market their home and sell it successfully at a price that was over $11,000 MORE than what Mr. Experienced Agent said they could get for it.
Training...
Lorrae addressed the experience issue head on by letting her clients know that she wasn't winging their transaction. Lorrae is enrolled in the Mentor Training Program at Audu Real Estate which meant that the entire transaction would be intimately supervised by a Broker including the critical task of researching the neighborhood and price.
Researching...
Careful attention was put into finding out what pricing the area could support. This included doing a comprehensive mapping profile, neighborhood analysis and traditional Comparative Market Analysis. This data was sifted through to account for the impact of Foreclosures and the more insidious, but equally price deflating Short Sales and determining what impact they were having on the current market.
Marketing...
Top Quality marketing was initiated immediately. This included several quality photos online, listing the property on multiple websites, designing an informational flyer, creating a visually appealing Real Estate Show, sending out information about the home to interested parties, Open Houses and blogging about the home. The investor had been in the business for 20 years and his words were..."I've never seen anything like this.(referencing the Real Estate Show) Keep doing what you're doing!"
Follow-up...
This was critical. Every single lead was tracked. Agent feedback was transmitted regularly to the owner. The hit volume online was carefully monitored. When agents called about other properties in the area, this home was also brought to their attention. With over 13,000 homes online, it's easy not to see everything worth pre-viewing. Lorrae made sure her listing was not overlooked
Follow-Through...
When it comes to closing a real estate transaction, sometimes the most dangerous distance is between the final signatures and the closing. This deal was not short on unexpected twists and turns. Lorrae ensured that the ball didn't unwind into an unruly tangle by keeping abreast of the situation.
Communication...
She documented calls to the lender, the other agent, the title company, the appraiser and surveyor to make sure that everyone was on the same page. More than once, this prevented delays or worse...derailing of the transaction. When a curve ball was thrown 15 minutes before closing with an indication that there was a shortage of funds from the buyer, Lorrae kept things on track by remaining calm and communicating with all parties until the transaction closed 24 hours later.
Conclusion...
As I look back at this list, I see a strong focus on the Fundamentals of Real Estate. It's very easy to become disheartened at the negative news about the real estate industry. It's also easy to become distracted and spend time doing all sorts of things which will never sell a home. The basic principles of selling a home remain the same even though the tools we use may change. It's about making sure you focus on the basics of Communication, Research, Marketing, Prospecting, Follow-Through and Follow-Up. Sometimes, you can learn a lot from a Rookie...
Click here to read more about Lorrae Danzig..
Copyright 2008 Audu Real Estate All Rights Reserved
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Lola Audu, is the Designated Broker & Owner of Audu Real Estate. Our company specializes in helping people buy and sell homes in the greater Grand Rapids, West Michigan area. You can contact us via e-mail @ info@auduhomes.com or by phone at 616-791-0511. Thanks for visiting our blog. Here are links to some of our most popular posts for you to enjoy!
The ABC's of Selling Short Sales in West Michigan
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The One Week Shortsale Miracle!
The Convenience Factor...Would you Buy Your Next Home at the Grocery Store?
Six Hidden Issues Which Can STOP You From Moving from Here...to There
Lola - This was an excellent recounting of what this agent did, but also how any agent ought to be working to market a seller's home and work with them throughout the transaction. Nothing really magical, she jsut did what really ought to be done, and the price was right. Congratulations to you and Lorrae. I suspect the clients are thrilled.
Jeff
Lola: that is in impressive list of what that agent did to get it sold in atimely fashion.Its also a good bookmark.
Jeff, Thanks for stopping by. Hope you had a nice holiday. You're right...it's not magic. Sometimes, we forget the basic skill set necessary to sell a home.
Appreciate your comment Lloyd.
Lola - Lorrae did a great job. And the fact that she was being mentored helped her to stay focused and on track. Great job by all involved! I'm sure you are proud of this wonderful addition to your group.
Good for Lorrae!!! And no doubt Audu Real Estate is a wonderful company with team spirit and positive reinforcement!
Hi Lola!
Lola, It's always great to hear a good story about a rookie doing well out of the starting gate. Thank you for sharing this.
Lola - She followed all the steps necessary the property so no wonder she was successful. Thanks for sharing.
Lola, please pass along my congratulations to Lorrae. Not only did she do an outstanding job, but she educated herself daily in the process. Your mentorship program also is to be commended.
I'd be willing to bet she is going to receive many referrals from these happy clients!
Lola: This information is universal and certainly applies to old and new. I think one thing that is sorely lacking in our industry is a really sharp mentoring program. Too many new agents are just thrown into it.
Lola, Great post. I agree a good mentor is important in our business.
HI Lola, documenting is so important. Putting it all down and not keeping it in your head is critical. Of course we may never have to use it, but IF we do we will be glad we documented all phone calls. Easy to do in Outlook.
Great story. And a good reminder to go back to sharpen some of those skills dulled by several boom real estate years.
Congratulations on getting this deal closed. The investor must have loved you
LOLA - It's good to see that the person that took the chance on a rookie was handsomly rewarded. Sometimes it's better to be a big fish in a small pond than a small fish in a big pond. This listing was a priority for Lorrae, whereas it may have just been another listing that was frustrating an agent with many listings.
Impressive list of "to-do's" that every listing agent should be using in this slow market! Thanks for sharing this!
Attention to detail and follow through to keep your finger on every facet of a transaction is not easy. Experienced agents know what to expect and how to prepare for a smooth transaction. For a relative beginner to learn these steps, they will be light years ahead of their local competitors.
Great story about managing a transaction. That's the way to get to the settlement table.
It's all about the basics---Seems like she did a fabulous job--Kudos to her.
Classic attention to detail, close monitoring and followup while communicating with the client = formula for success. Good job!
Lola, good for your rookie! I think this is the best possible market to start off in - they really have to learn the essential skills quickly, and they have no mental history about what works and what doesn't. Then there are work habits. She is lucky to have you for her broker!
Good information. Thanks for the insight! Continued success~
good post- don't we all do this...she did what any good real estate agent does-you need to be on top of everything- this is why we earn the money we do...
Great post. It's a good reminder of the things we need to do with an emphasis on communication, follow-up, and paying attention to detail..
The tools are great, but as you point out the fundamentals remain the same. Congratulations to you and kudos to Lorrae.
Lola,
A great post about a great story of success!!! I can tell your team takes things seriously and professionally! Congratulations! Thanks, Fran
P.S. Naturally, I would address the problem of the underestimated closing costs to tweak my system and prevent a likely reoccurrence!
Sounds like she should be getting additional business from these investors. Way to work it Lorrae!
Great information and congratulations on the feature, like seeing those gold stars!!
FANTASTIC! I love how the experience issue was addressed- well done and congratulations!
Wonderful success story. It CAN be done!
Your rookie did a great job in communicating...that is a key element to our business and one we should not forget about!
Its very nice to hear stories of new agents doing well. So many sellers have the idea that Teams and the loca bog names are the only way to go.
That was a great success story!
So absolutely worthy of that little, gold star!!! This post is proof that getting back to the basics is the key to good real estate business. What you are teaching rookie agents is invaluable! Keep bringing us these good reports, my friend. We are listening and learning!! GBU!
HI LOLA!
This is awesome!! Being a rookie myself (somewhat!) I love to hear about rookies crushing the comptetion!!
Good for her!
Lola, it's a great story of what to do right in terms of marketing and preparation.
Lorrae and her mentor are to be commended. this is certainly what should be done to market & sell every listing and rightfully earn a commission. This much effort will undoubtedly limit the number of listings that a Realtor working alone can service.
Lola, great story and the rookie sounds like she is on her way to a positive, productive real estate career. Good starting fundamentals and training in our business are essential.
Lola - you are extremely gracious in your depiction of prior markets - "financing options were plentiful even for the minimally qualified." I feel it was more like - loans were available even for the completely unqualified - most of those people have already lost their home or are at high risk of losing their home in the near future.
I love your ABC's - great post - I enjoyed reading your promotion of Lorrae and accolades for a job well done. I agree with many other comments - that is exactly what we all need to be doing.
Hey Lola . . . Thanks for the post. I agree with your basicconclusion that the basic principles of selling a home remain the same even though the tools are different. Focusing on the basics of Communication, Research, Marketing, Prospecting, Follow-Through and Follow-Up Right on . . . .
Great post Lola, so many times as rookies we tend to be over looked, but because we are rookies we also tend to go the extra mile just to prove ourselves. But I have seen many "old timers" that go way above and beyond. Hats off to your "Rookie".
Bonnie
The Home Insspectors Wife
Thanks for the great post. Gary Keller of Keller Williams Realty says he got into the RE biz at the best time when the market was in the tank. He was forced to learn the correct way to do the biz. For those of us that got in 2-5 years ago we had biz fall into our laps. Most of us had to shift our business. Sounds like Lorrae is doing the biz the right way.
Greg
Interesting for you to say that the investor had never seen marketing like this. The marketing description you provided is the "norm" in my office!
Lola, Lorrae did a fantastic job, I especially loved that she took the time to follow up with everyone--who knows where the next sale or listing will come from? I believe people remember these things.
Without a doubt in this market that we are all experiencing --- your recounting the story of how this agent won over the skeptical seller and then produces results speaks volumes.
Carol, Lorrae is off to a good start. We are proud of her.
Hey Sally, Thanks for stopping by.
Ruthmarie, appreciate your comment.
Jennifer...you're right. But what's necessary tends to become fuzzy for many of us after awhile.
Kris...the referrals have already started coming. :) In addition, they made sure that I was aware of how deeply they appreciated the service.
Donna, I am an avid proponent of training and mentoring. Today, this is more important than ever.
Thank you Gita.
Missy, I love Outlook. Don't know quite how I'd function without it. There are so many details in a transaction that if we don't keep good records, it becomes easy to miss something important.
Jennifer...I agree.
Russ..the clients were very happy with Lorrae.
Adam...it wasn't until the closing that I was told the story of their prior recommendation regarding pricing. No CMA was done or any justification given according to them. This was in significant contrast to the research that Lorrae was able to provide.
Steve, you're welcome
Lenn, Thanks. Coming from an agent I respect as much as you, that's a true compliment. I'm pleased with the progress that I am observing.
Thank you Diane. Appreciate your stopping by.
Vicki...That's right!
Patricia...Thank you. One of the reasons I enjoy working with new agents is that they don't have to break 'old habits' and are not vested in the status quo.
Michael...we all should be doing this.
Thank you Jon.
Joan...Thanks for stopping by. It's about using new tools to accomplish the tried and true fundamentals of success. Understanding this provides a good foundation for beginners and experienced agents.
Fran...the closing cost issue was on the other side of the transaction with the Buyer's Agent and Lender. Lorrae maintained composure and eventually closed the transaction successfully. Thanks for stopping by...
Thanks for wishing us well Kathy. :)
Teresa...Thank you.
Allison...The experience issue is huge. New agents are often intimidated by their lack of experience. Addressing it up front and showing the benefits of training actually provided an advantage in this situation.
Kelly...Absolutely!
Sonja...Communication was vitally important. When thinks hit a rocky patch, our clients need to hear from us. I always tell agents to run towards the issue, not away from it.
Richard...competence is the way to go! The key is making sure that the job is done in a way that brings results. Also, homeowners must be willing to do their part by preparing the home and pricing it correctly.
Emily, thank you for your comment.
Elizabeth...Thanks for stopping by. Good to see you Active Rain. God Bless you too!
Yvette...being a Rookie with focus and direction is a powerful combo. Your participation on Active Rain is giving you an excellent education in the new tools that we will need to master in the real estate industry. Keep it up!
Thank you for your comment Colleen.
Absolutely Gena. Thanks for stopping by.
Colleen...Thanks for sharing your thoughts. It's also about working effeciently. Many tools allow us to syndicate our content as well. When we combine efficiency with the fundamentals, it's a potent weapon against the negative backdrop which seems to shadow much of the real estate world right now.
Sometimes a fresh approach is very good! Great story!
Work - who knew? (he-he-he!)
Lola - What a great post! And... congratulations on being featured. It's extremely refreshing to read something so positive! Thanks for sharing.
Kathy
can you tell me more about the realestate show?? Also what sort of tracking do you use for the hits, calls and so forth, is it a program of some sorts or like a spreadsheet??? Do you have a tranaction coordiantor?
can you tell me more about the realestate show?? Also what sort of tracking do you use for the hits, calls and so forth, is it a program of some sorts or like a spreadsheet??? Do you have a tranaction coordiantor?
Fabulous post. It sounds like you have terrific teamwork in your office which adds tremendous client value.
Lola, What a great reminder to all of us to kick it in high gear! Back to basics, and showing up better than the rest is a must right now. I always stress to Rookies to find an office with a great mentorship program. That is SO important, as you just proved! This was a great story to share.
excellent work lorrae, and excellent mentoring! i had a mentor very similar to audu real estate. she was awsome and taught her agents how to organize our duties as an agent of the whole buying process. this method of working a real estate transaction will always prevail!
Kathleen...I'm reading a book right now called 'Confessions of a Subprime Lender.' It's really eye opening regarding what was being done in various sectors of the lending industry.
James, Thanks for commenting.
Bonnie...we all can benefit from being reminded about Fundamental Principles of Real Estate. Thanks for commenting on this post.
Greg...Thanks for sharing your thoughts. There are radical changes occuring in the industry right now which will force all of us to a higher level of professionalism if we desire to stay engaged as real estate agents.
Vicky...This type of marketing should be the norm. Unfortunately, it is not always the case.
Carole...Thanks for stopping by. People do remember...my business was built on referrals so I know that years later, people remember how they were treated
Loretta & Lorraine, thank you for stopping by to read and comment.
Courtney...Thank you.
Kathy & Dena...Thanks for stopping by to read and comment.
Tatyana...Real Estate Shows is a wonderful marketing program which is offered by Jeff Turner who is a member of Active Rain. You can also get a discount on the program if you are an Active Rain Member. Our websites and local Board offer tracking of our listings.
WOW... Looks like she was a go getter to get the job done.. Congratulations to her !
Hi and congrats Lola for reminding me as a teaching Broker/Owner of the value of being a Mentor to a new agent and realizing that we need to give help and encouragement also to our seasoned people and mentoring them without them realizing they are being mentored!!
Lola, yes very true...........when I was in furniture sales, my boss said you were successful in the beginning, because you followed the rules. Then we become seasoned and try to take short cuts..... They do not work!
congrats on your feature! It was just e-mailed to me! woooo hooo!
Lola, everyone is a beginner at one time, but the difference is in doing things the right way from the start, unfortunately there are many that try to cut corners and never make it in this business.
It is easy for those of us who became adjusted to the real estate boom to get out of the habit of applying the basics that we used in past tough markets, but with a modern twist. There are so many new products and services now to help us and combined with the basics, we can succeed. I feel sorry for the agents who came into the market at the height of the boom. They never learned the basics and don't know what to do. Good for Lorrae and the great mentoring program in her office.
Explain this Real Estate Show... Is this on TV, or the web?
Great story and I like the way you chronicled it! It says a lot about you to praise your agents in such a big way- especially a new agent.
this is exactly what all of us should be doing on each and every transaction. putting in good systems and procedures helps to make it happen regularly and not just by accident. nice job!
Some old dogs have new tricks but in this case the new agent seems to have the right answer for the seller. Great job.
Excellent story, this looks lik the beginning to a book, text book, instruction manual... some type of training workbook at minimum!!! Lets collaborate... OH!!! My bad, after I looked at your profile... you are already running around that block! :)
Great story with a step by step recounting of how a rookie succeeded where other vets could not.
Congrats are in order for a rookie with superstar potential in our industry. Great job to her and the company for doing thigs right!
Lola- what a great way to help the Rookie. going out on your own without any backup is scary to say the least. This was a good example of how Mentoring works.
Having a rookie team up with an experienced agent is often a great benefit for both the agents and their client. Back in 1986 when I started in real estate with Merrill Lynch Realty, an experienced agent in our office had a listing about to expire - she suggested we split the listing, then went to the seller to say they'd have both an experienced agent and a hungry-aggressive new agent, both trying to sell their house. They did relist with us, and we did sell it.
Margaret, Thanks for your comment. I always tell my agent that 'there are no divas here.' :)
Elizabeth, I think that mentoring is more important now with the unique challenges the real estate industry is facing.
Ronald...Thanks. We appreciate the hard work and diligent efforts of all our agents enrolled in the Mentor Training Program.
Ilene, Thanks for your comment. Coaching is something that everyone can benefit from. We all have at least one area in which we can improve.
Hey Michelle, Thanks for stopping by. I didn't get the e-mail, but the flurry of comments indicates that at least a few others must have I think.
George, cutting corners is very tempting. While I'm all for doing things more efficiently, I agree...there are certain things which should not change.
Susan...you make a very salient point. We all saw this lack of training first hand, and it's results... which were sometimes disastrous.
Stephanie if you search "Real Estate shows or Jeff Turner' on Active Rain, you will be led right to the source of a great program. Well worth investing in...JMHO.
Amber, Thank you. I believe that we should look for opportunities to encourage others.
Reba...Yes, Yes, Yes!
Terry...These days, old dogs and newbies are all advised to step up their game. It's a whole new world of options and opportunities. Thanks for stopping by to read...
Roy, Thanks for reading.
Mike...Appreciate your comment.
Kathy, I've been so grateful for Mentors who have guided me in various aspects of my life. I really believe that this is one component which our industry lacks and which undermines the potential success of many individuals
Sharon, that is one of the most interesting stories I've read about teaming up a new agent with a Mentor. Thank you so much for stopping here to read my blog and share it.
Gulf Atlantic Funding...Thanks for the compliment. No books yet, but I have written two Continuing Ed courses. Does that count? :)
It's all about staying focused on the main goal...get it sold while keeping all parties in the loop.