The Guide to Beginning Your Real Estate Career

1. Intro with Better Lighting: Welcome. Thank you for coming to my class. My name is Jessie Dwyer of Jesse Dwyer, real estate. I am a licensed realtor in the State of Virginia and I work as a full-time real term. I've been a real treat for two years and I cannot tell you how much I wish I had had this class when I started my real estate career. Because here's what no one tells you. Getting your license does not teach you how to sell real estate. It teaches you how to pass a test. So I'm here to help you feel like, you know what you're doing when you get that call from a perspective, buyer or seller. So thank you for being here. I am so excited to help you begin your new career. 2. Project: So let's talk about your project. The project for this class is a little different, a little more in depth than I think most are. But the project for this class is to create your database and to send a mailer out to everyone that you put on that database. I've chosen this as your project because it is pertinent that you have an organized collection of phone numbers, emails, and addresses of as many people as possible. Ideally, this list would be filled at 100% with everybody you know, but for the purpose of this class, and because life is not perfect, there will be pieces you don't have or can't get a hold of and that's okay. Start by opening a spreadsheet and listing every name of every person you can think of in your life. One sheet should be dedicated to people in your area, the other two people outside of your area. Once you've done that, however, find the contact information for those people. This is a wonderful way to organically talk to people and make connections. So even if you haven't talked in ages, It's a great way to restart a relationship. Real estate success is built on relationships. So remember that as you go through this project. Lastly, what use red? Excuse me. Lastly, use whatever resources you want to create. The mailer, I recommend Canva.com. It's free, but you can use whatever you'd like. If you finish this project, I can promise you that you have begun to lay the foundation to your success as a realtor. So good luck. I believe in you. Let's get to database. 3. The Job and What It Requires: All right. Well, let's talk a little bit about the job of being a realtor and what it requires. It is not a 95. You could work 40 hours, one week, ten hours the next week, 60 the next every day can be and often is different. You need to have a y as well because this is a stressful and rather demanding job and you'll need to look back at your reasons for doing it. Sometimes, if you're a visual person and make a vision board and hanging it where you'll see it sometime or every time you work, which would be even better if you're more auditory, find a playlist or podcasts that gets you in the zone every morning. Find whatever keeps you motivated and strengthen your discipline every single day. Because the key to a realtor success is doing things consistently. Some, you know, a lot of realtors will send a mailer once and think, Oh great, I should get leads from that. If you send a mailer to the same people every single month, you're far more likely that they're going to remember you and that they're gonna call you one day. So consistency is key. Then I wanted to tell you some important habits of being a realtor that will help you in financing, finding success, being religious about your calendar and setting reminders is a huge one because you're going to be running around literally. You sometimes in a car, sometimes not for showings. And it can get to be a lot. So you really need to either have them written down on something hard copy or have them in your phone or both. Time blocking and having at least as semi set schedule for every day is also a wonderful habit to get into. I'm sure you can find a class on time walking, on Skillshare as well. Another place or another class you might want to find. A Skillshare class would be on communication if that is a skill you lack. Because being a realtor does require a high level of both verbal and written communication. You're working with a lot of different types of people who communicate in different ways. So you have to be able to kind of feel, feel how people best communicate, and then work within their parameters of communication. Checking the hot list on the MLS every morning, we'll get more into the MLS in a different video. But the hot list is basically all the new listings that have come up in the past 24 hours. So checking that every morning and just keeping yourself aware of the inventory that you have in your market and is a super great habit to get into saving people's contact information. That might seem like a silly or simple one. But it's really, really helpful because you talk to a lot of different people every single day. So if you get a call from someone you don't know, you have a good conversation and you know that they are a realtor there, a lender, there are possible client, save them in your phone because hopefully they're gonna call you again or hopefully, you know, you're going to call them again. Then the last one I have for you is share your cards all the time. Get some little business cards made up with your name, your face, your contact information, and share them with everyone. When people love to talk about real estate. So whenever someone brings up real estate, tell them, I'm a realtor, may conversation with them and before you leave, hand them your card. Thanks for watching this video, guys. We are on to the next. Hope you enjoy. 4. Working with Buyers: Okay guys, let's talk about working for buyers. Personally, my favorite part of being or alter is working as a buyer's agent. When you work with buyers, especially first-time buyers, you go out and exciting, emotional, and sometimes challenging journey with them. It's your job as their agent to protect their best interests and to inform though of their choices, while also making sure everything on the backend of their transaction goes smoothly. The first step with buyers is getting them in touch with the lender. If they need one, you need a pre-approval letter before showing any homes are writing any offers. There's no legality to that. It just saves people wasted time basically. Then step two, once you have that, you start with showings. Step 3, they find a house they like and you write up an offer for them. And then when that offer eventually gets accepted, you move to step four, which is working through contingencies. Contingencies are things such as inspections, appraisals, and then removal of contingencies. There are others as well. Sometimes people have surveys done things like that. It's all specific to the contract that you get ratified. And then step 5, all those contingencies are cleared and you head to the closing table the best day ever. It's nice to write your client and note and bring them a gift to congratulate them on their big milestone. That's a general summary of working with buyers. Hope that helps. Thanks so much for being here. 5. Working with Sellers: All right guys, let's talk about working with sellers now. Being the listing agent means that you're more involved in the overall numbers game of the sale. So I recommend having a listing presentation format ready to go to use as a template that looks professional and it has everything you're going to want your clients to know in it. Unless you have a prospective client that has already signed in exclusive right to represent the seller agreement with you. They can still shop around for other realtors. So for this reason, it's incredibly important to make an impressive and professional first impression and a great presentation can really do that. Listing can be harder to get the hang of. I'll tell you because there's no set formula for how to do a CMA. And a CMA stands for comparative market analysis. A CMA is what is the process that you go through to find the sale value of a home. So CMEs are made up of comparable homes that are currently on the market and or had been sold within the last year. And they're just they're similar homes is to the one that you are trying to put a price on. It's also really important in your presentation that you include a punch list of things they should do to prep their homes for showings, like removing family photos, locking up valuables, landscaping, touching up minor issues and fixing it issues, and just in general, anything they can do to make the house look its best so that when it goes on the market, it shows quickly and gets under contract. 6. Managing the Business Side: Okay. Today is the day we talk about managing the business side of your real estate business. So there are a lot of things that people don't realize when it comes to the business side of being a real term. Number one, there are fees to be a realtor. Just in general, you have to pay in order to be an active real term. So there are different levels. You pay your local level, your state level, and then your national dues to be a realtor to the National Association of Realtors, which is NA ER. There are also fees to keep your license current. Every single year you have to pay a fee. And there are fees to use the MLS. And of course, the MLS is what makes realtors special because they have the ability to use that MLS, which gives them so many people to look at their listings, gives them all the realtors to look at their listings. There's also the fact that as a realtor, you are an independent contractors. So with taxes, you file a 1099, considered an individual contractor. So you are self-employed. You are not employed by your broker and they do not take taxes out of your pay for you. So for each closing, you have each check, each paycheck that you get, you should put 20 percent of that away for taxes just in case 20 percent can be a little more than necessary. But I am just the kind of person who wants to put a little more away just in case you need it and then it's there versus not putting enough away and having to come up with that extra cash when taxes come. It is important to get an accountant for all these reasons, having to deal of money and to pay your taxes through them quarterly. I highly recommend that you talk to other realtors that you trust and get recommendations from them on accountants who have experience helping filters, specifically, laws change all the time and they, there'll be the ones who can keep you in the loop about what you can write off, which is so helpful. And your accountant will also be the one to help you decide if you want to form an LLC or an S Corp or whatever sort of foundation you want to base your business on. These different options work differently for different levels of income. So your accountant is going to become your best friend. They're gonna help you save money and they're going to help you kind of understand where you need to becoming from and your business. Thank you so much guys. I hope that was helpful and clarifying and I'll see you next time. 7. Brokerages, Mentors, and Teams: All righty guys. Today's lesson is about brokerages, mentors, and teams. So a brokerage is the company that you work for that has their broker's license. The only time you do not have to work for brokerage is when you have your own broker's license and you have open your own brokerage. So at the start of your real estate career, that's probably not worried you're going to be, but you get to choose the brokerage that you've worked for. And it's fun kind of at the beginning because you get to interview the brokerages. They also interview, You know, they wanna make sure that you're a good fit. But overall, you're choosing where you want to work. They're all going to want you, most likely because you help them make money. So I recommend you interview multiple brokerages and that you talk to realtors that work for all of them to learn about kinda how their company's handle certain issues, how they feel, their agents get along, and just kinda of what the company vibe is and what they stand for. Also makes sure to learn what types of fees that they charge, what their cap rate is and what percentage there brokerage fees are? Brokerage fees are like I said, they make money off of you. So when you get a paycheck from a closing, a certain amount is always going to go to your broker. And that can differ based on different brokers. So you wanna make sure that you take that into account when you're comparing brokerages. Pick a brokerage that you feel fits your personality and we'll support you and also look for a brokerage that has a mentorship program. Training is great. And a super training program is nothing that I'm going to stick my nose at bat that is so helpful in wonderful, It's great if you can find both training and mentoring. But if you have to choose one or the other training versus mentoring, I highly recommend the mentoring because you will learn so much so quickly by watching an experienced mentor and having them always available to answer your questions. Versus being in class for one day a week or something. And being taught very, very specific ideas, it's just so valuable to have a mentor beside you walking through this new career that you're starting. The choice of brokerage is one of the most important decisions that you will make in this career. And I'm really passionate about that. I know that it's been true for me. And I love my brokerage and I It's the perfect fit for me and I I wouldn't ever consider leaving. A lot of people do some people pick the wrong one or they just they move in, they have to go to a different one because it's closer to home. There are many reasons people switch and that is totally normal and totally fine. So if you are afraid you're going to make the wrong decision or something like that. Don't stress out. Just go with your gut. If in the future you do need to switch, it happens. The only thing I'll say about it is it is a lot of work to change over everything. You'll have to change systems and have updated passwords. Update your website, everything, advertising lies, your business cards. Anything that has your brokerage on it, and marketing materials, social media content, if you have any swag bags are magnets, your car magnets, et cetera. So just L In the last thing is you have to make sure that everyone knows where to find you and you switch over. So it's not the end of the world, but it is just a lot of work. So just keep that in mind when you're choosing your brokerage. And now let's talk about teams. That's pretty much all I had to say about brokerages. So teams, in my experience, no real estate team functions the exact same way. Teams can make their own terms and work anywhere they pleased, as long as they aren't breaking any set laws. Teams are a great way to learn as a beginner and a mentor can often be found in your team leads or a closing coordinator, or even fellow team members depending on who the team is made up of. Things to ask, the things that I really want you to ask if a team approaches you to join them or if you want to approach them, always ask what is their split and how does it work with the brokerage that you already pay out of your commissions? Do they take their split before your brokerage fee is taken out or after, basically. And we'll leads be fed to you or will you still just be on your own learning from them? But getting leads yourself only. Are you allowed to help both buyers and sellers. More often than not, it seems they, teams hire seller agents and buyer agents, and they want those agents to only buy are only sell. So if that is okay with you and that's the way it's set up that no worries. But if you want to be able to do both and have that freedom, that's a really important question to ask. Ask what their expectations are as well. That's just an important thing to make sure you're getting on a team that aligns with what you're wanting to do. Um, what fees do they pay for you, if any? And then what would the length of time be on your contract and How would a transition from the team be handled in the event that either party wanted to part ways like say you I don't know. Again, you have to move something like that. Or if they just feel like maybe the fit isn't right. How long would they give you notice? And how long would you have to give them notice before that? That is pretty much what I've got for you today. I hope that was helpful. I hope you find it wonderful brokerage, wonderful mentor. And if you're interested in a wonderful team. 8. MLS: Hello guys, welcome back to my next video. This is going to be a short one. I just want to talk about the MLS for a second. The MLS is one of a real tourism greatest tools, if not the greatest tool, honestly, MLF stands for multiple listing system. And it is basically the website that all other listing sites get their information from other listing sites such as Zillow, Realtor.com, Trulia, et cetera. Only realtors have access to the MLS and part of your association fees to be part of the National Association of Realtors, pay for your MLS access. Now, you can be a real estate agent with your license and legally you can practice real estate without being a realtor with the trademark and the R in the middle. The difference is you are not a member of the National Association of Realtors. If you are just at real estate agent. The plus I2 being part of the National Association of Realtors, is being able to have access to the MLS. It gives you and your clients so much more information at your fingertips. You can create searches that are customized to your clients and have them sent automatically when new things come on the market. And it's just a plethora of knowledge for you and also helps you keep track of your clients and really everything statistics. You can find other realtors information if you need it. It is a wealth of knowledge and very much worth, worth the price you pay as part of your fees for the National Association of Realtors. So I just wanted to make a quick video on that. Hope it was informational and that it helps you out. I'll see you next time. 9. Contracts, Contingencies, and Negotiations: Hello everybody. Thanks for coming back. This video is a big one. I bet this is going to, this is the questions. You've had questions about this since the day you thought I think I'm going to try to become a real estate agent. We're going to talk about contracts, contingencies in negotiations. Now, that is a large amount of information. A lot to talk about. This will not be exhaustive. I just want you to be aware of that. But it will be as thorough as I can make it. And it will also, it'll be very helpful. I promise it'll at least give you an idea of how and cracks are formed and what they're made of. So it's often, at least it was for me. One of the most stressful things about being a new realtor is contracts and knowing what is in them and how to create them. I think, if I remember correctly, the first time I wrote an offer, it took me hours, probably upwards of five hours because I just wasn't sure what I was doing. And this was with a mentor I had. I wasn't physically with her, but she was answering all my questions and I was given her many, many calls over those many, many hours. So if you feel that way, which will start this video out missing here, not by yourself, you can do this job. Watch this video, feel a little more confident, and then asks the questions that you need to ask to people that you work with and who have done this job for a long time in your area. Because the other thing is that this video, I'm going to talk about what I know, which is my area and the forms that are in my region that we use here. Florida will have different forms. Then Virginia, where I am, different parts of Virginia will have different forms than where I am here in Roanoke. So just consider that. Let's get started. First off, there's no exact formula to completing offer. Every author is different, but there are certain ones that certain forms that you will use pretty consistently, if not all the time. And there are other forms that you will just use during specific occasions or because you need one piece of information that's in them just depending on the deal. So here we purchase agreement. This is the first one I want to talk to you about. This is the meat and potatoes of an offer. It has all the major information such as who the agents are, what the property is, the proposed closing date, the contingencies, financing information, price, END earnest money deposit, added terms that you write in et cetera. So that is a massive piece of an offer that I use in every single one of my offers. Second form is an inspection addendum. So this form specifies how long the buyer has to get their inspections done. If they want to do inspections, which inspections they want to have done. And the timespan. And I think I said that already wet the timespan and which inspections are going to be done is on the inspection addendum. Another one. So this is specific to my area. It's a lead-based paint disclosure because here and run it, we have a lot of homes that are old, like they were built in the late 1800s, early 1900s. And lead-based paint was not illegal until 1978. So we have a form that just discloses that lead-based paint could have possibly Ben or be in the home that the buyer is wanting to buy. You may not have that in your area, especially if everything is like really knew, you're not going to have a lead-based paint disclosure, but you might have some other disclosures for your area. Another one is the standard clauses addendum form contains a lot of unrelated sections. And so usually if you're using this form, you just need it for one of them, maybe two of them. I don't use it often. I will use it sometimes if I want to include an acceptance clause in there, which sets a time that basically you say, I want to hear back from the seller or the listing agent about this offer by five o'clock the next day or else, you know, our offer is no longer valid. So use that woman. I'm trying to get people to respond. And then oftentimes they also use it. There are paragraphs in there about specific financing necessities. So that's usually those two reasons are why I would use the standard clauses addendum in my offers. The buyer brokerage agreement. Your brokerage will have a form for you that you and your client will sign that officially, it basically makes you their realtor says You two are working together. Some realtors try and get this signed right when they meet clients at the very beginning or at a first showing. But I have personally found that scares people sometimes. And I don't want people to feel stuck or like I am trying to I don't even know. Push them in any way, like they have to buy a house because they've talked to me. So what I've done and what I do in every single situation, no matter who it is. When I write an offer up, I put the buyer brokerage agreement in that first offer. And then as I'm going through the offer and explaining everything I say this is your buyer brokerage agreement says you're working with me as your agent. Simple as that. The next one. So this we're going to take a little bit of explaining. It is an escalation addendum. And those had been used a lot recently in this really strong sellers market where it's just so competitive. So an escalation had done them. It tells the seller how much your buyer is willing to pay absolute maximum if there are other offers on the property that you are competing with. So if you had two offers, so okay. Sorry. So say we offered $100,100 thousand and another person offered $102 thousand for the same property. Now, say we had chosen and amount to go up that you choose your Mac's price and then you choose an amount that you will increase each time if you are bidding against someone else. So if we picked an interval of $100 and they were offering 2 thousand odd more than us. And this is going to get kinda confusing orally. You might want to write it down, but we offer a 100 thousand, they offer a 102 thousand. We go up by 100. By 100. We're at 101 versus 10 to they would still win. Now if we had put it at $3 thousand interval, it would have gone from 100 to one of the 313 beats 12. And that is if the 10 to offer didn't escalation addendum of their own. So I know that's a little confusing. It's basically a way to say, Hey, I'm offering this originally, but I'm willing to go this high if I need to compete with someone directly. So I'll leave that at that. Then once you submit an offer to a listing agent, you wait to hear back. They will do one of three things. Always. Delete it, let you know. Hey, congratulations, you got you got accepted. We're going to ratify going to get both sides signed and we're going to start this deal. Or they could flat out rejected. This happens a lot if buyers lowball, some sellers will get a and say, you know, anyone, I only want to talk to these people. It's not very common, but it happens. And then the third and most common option is they will counter back. They will make a few slight changes to your offer or, or some big ones. But either way, they are considering your offer, but they want to change some of the pieces of it. But either way, you will get one of those three happening to you. And then before I end this video, that's the basic way to build a contract where I am. There's also a big thing that you can do for your buyer clients no matter where you are and this is the same when you, before you make an offer. In fact, the second you know who your buyer is going to be using. For finance, you're the lender. Call them, ask your buyer for the number. And this is of course, if your buyers not using someone you've already recommended to them and know well, called the lender they are using. Get to know them a little bit, just introduce yourself, doesn't have to be a long conversation. Give them a call. Say, Hey, Brenda, I am working with our mutual client X and just wanted to give you a call. Sam, excited to work with you, let you know kinda my information in case you need to contact me. And I really hope to enjoy this transaction with you and please let me know if you need anything, people really appreciate that. It's helpful. It's, it makes a little more comfortable. And if you've never worked together, it gives them a really good first impression, which you can't really make or unmake. So that is what I have to say about that. I hope this was helpful to you guys. You are gonna do great. If you have not written the contract yet, don't let this scare you. Let us help you and go ask the questions that you need to ask someone in your area. Now that you've gotten this kind of basic form of information, I'll see you next time. 10. Marketing and Networking: You guys, we've got another big video on marketing and networking is this subject today. Many successful agents pay for billboards and advertisements in newspapers, magazines, et cetera. And all of that can really add up. And usually as a new agent must be planned coinage, It's be rolling in extra money. I know I wasn't. So I'm going to share with you all of the free and some cheaper paid ways. I've gotten my name out there when I was beginning. And the tools and strategies that I have useful. The first, probably pretty obvious, but it's using social media. It's free. And it's really useful more than half of my clients in the first year and honestly still to this day come from my Facebook page, a couple from my Instagram. So it's really I'm active on it. I respond to people in a timely manner and yeah, people react to it really well. Try to have the same handle everywhere if you can. For example, mine on Facebook, Instagram, everything else? I have my website titled Zillow. It's Jesse Dwyer, realistic. That's helpful. And if you can't, not a huge deal, but it's just easier on your business card some time for people to remember. One thing you can do when it comes to Instagram that I did, I changed my personal Instagram to a business page instead of creating a brand new page. And I did that in order to keep all of my followers. Instead of having to invite everyone to like my new page, then they'd be following me twice. Why people aren't gonna do that. And a lot of people would just choose not to follow real estate thinking, I'm not going to buy a house right now, whether they just aren't interested in the way I did it, they're going to see it no matter what situation is currently. So I'll be in their minds hopefully. And I can do that when it comes to Facebook to you can use your personal page. Not creating a business page. But I on Facebook created a business page because it has a lot of advantages, mainly unlike the personal Facebook page, it's set up to show your business information. And it's just a better format for a business that's, you know, that's the reason they created it that way. But you can do whatever you want. I have friends who do do it both ways. The way I did it on Instagram and the opposite, and the way I did it on Facebook and the opposite. So just kinda test it and figure out what works best for you. Keep in mind that being a realtor is essentially becoming a sort of a public figure. You will be under a new level of scrutiny from clients and prospective clients, coworkers, et cetera. So just I say that to warn you to be careful what you share and consider what you've shared in the past. Because they're just going to be a lot more people looking at you a little more scrutiny SLI. So just keep that in mind, just be careful. It can also be a lot of hard to remember and come up with everything to post on social media, on multiple platforms of social media every day. So let me give you some websites that are massive helps to me personally that I use daily or that I don't need to use daily because I use them. The first one it's called Canva, CAN va.com. It is great and free. You can pay for a paid version, but I didn't for the first year and a half. It, you've used it to create fun and professional looking social media and print material. They have so many templates and you can customize every level of them. It is wonderful and it is free. The second one is called Buffer B, U FF, ER. And it's also free and it allows you to schedule posts to your Facebook and your Instagram pages. So at the beginning of each week, I think you can do 10 and at times like 10 posts planned at once. On a Sunday evening, you can plan your whole week's worth of social media and just plug it in and type it all in. And then for a week you're good, you don't have to worry about it. That's very helpful for me. The third one is called LRE was chance for ladies of real estate. So this one isn't free. However, it has been my greatest resource as a new agent, current agent. It has everything you might need in terms of material. I mean, everything. Think about something you might need. It will be there, I promise you. So your homework for that, go check it out. It's not just for women also, a lot of their stuff is kinda like pink themed, but everything is customer as well, customizable as well, and they are now linked to Canvas, would like pretty much everything they do. So again, you can customize your colors. So don't think it's just for women and men can use it to. It's a wonderful resource. All right, jumping off the social media train, open houses. Our awesome for new agents. I didn't open house every weekend for four months when I got my license and I got my first client, prefers to clients ended up coming from them. But it took me four months of one gaining confidence, doing it over and over again, talking to more and more people. I probably came across like I knew more because I did. And I got a lot of practice also communicating. Just it was it was really good practice. I highly recommend if any agents in your brokerage need people to host open houses for them, you don't have to do your own open houses. You don't have to have listings in order to host open houses. Find someone who needs someone to host an open house for them, highly recommended. An awesome thing you can also do is volunteer, get your name out there, meet people. One of my favorites is Habitat for Humanity. It's really fun. You learn so much and you meet people with a lot of similar interests because they're into homes and oftentimes have been in real estate themselves. Or just can be great resources for you to join. Clubs is also something that's fun and easy. You can never know too many people and it's business. Real estate is a relationship business. The best relationships are made when you are being yourself, when you're enjoying what you're dealing around, people who just kinda get you. So that is a fine, an easy thing to do to meet people and hopefully get new clients. You can also give away, do giveaways for small amount gift cards to local shops and restaurants on your social media. That's another thing I forgot to mention. It doesn't have to be big. Just make it fun. Just post, Hey, however many likes I get. If I get over 200 likes on my Facebook page, my new business Facebook page, I will put every name into a hat and draw out a name and you'll get a $10 gift card to enter local business name here. That gets a lot of traffic on your page and just people love. Pre-step is a great idea. Last tip on marketing and networking. I'll give today. I did, I did this. Make YouTube videos teaching people about real estate. I'm doing that right now. No matter how new you are, you know more. And a lot of people knew about your profession. You really do, believe me. I didn't believe it for months. Started. But you do You had to get licensed. You might not know a ton about the ins and outs of the actual job, but you know so much about real estate. And even if they have, if people have questions for you, you can find the answers. So learn some more kick pieces of information. You're really confident in beak. 20-second videos explaining what ratified means, explaining what inspections are done in your area. Just make fun videos, be yourself and share them with people. Say, Yeah, that's what I've got for you guys on networking and marketing. Hope that is helpful. Hope to see you back for the rest of the videos. And thank you again so much for being here with me. 11. Buyer's Market Tips: Hey everyone. Let's talk real quick about tips in a buyer's market for sellers. Have 34 you that I want to touch on. Number one, encourage your sellers to put your house on the market at a slightly lower price than similar homes that are currently on the market. You've got to make the few buyers out there want your listing over all the many others. Because in a buyer's market, there are so many listings available, so many homes are for sale, but there aren't a lot of buyers looking, so it's very competitive for the sellers. So you have to, as a seller, make your property, make people want it more than others. Then we're to stress how important prepping their homes for showings is. You only get one chance to make a good first impression, whether that's with photos or physical walk there. You get a first impression with both honestly. And they'll wanna do things like power wash the exterior, add mulch in flowers and landscaping, and really just do everything they can to make their home look as wonderful as it can. And then three till your sellers to prepare to be out of the house for the first two days or so to make showings easier. Or if they're not totally out of the house, you know, tell them to have plans for a good amount of the day. If they want to plan a time to maybe go see a movie, those are really good days to do that already. My next video will be about tips in a seller's market, so we'll get there next. 12. Seller's Market Tips: Hello again, friends. Thank you for coming back. Today we're talking about tips in a seller's market. So for buyers, this is the situation we're in currently in most of the country in the world is a very shrunk sellers market. And buyers are having to get really competitive and some stuff is just crazy that they're doing. My first tip for buyers is actually for you is to have a chat with your buyer clients about the competitive, competitive nature of the market you're in. Managing expectations is like super key to helping them make their best decisions because it's easy to get wrapped up in. I love a house and I will do anything house. And then they forego inspections and really regret that later on or they overpay a ton. And again down the road. When the excitement wears off, it's not always the best decision. Second thing, use an escalation clause. I talked about this in a prior video, but with the contracts contingencies in negotiations video. In that escalation clause, there's an option where your buyer can agree to pay the difference in the sales price and the appraised value if it comes lower than the sales price when you get your appraisal, but that makes your offer better because the seller receiving that offer knows a you're willing to pay more if you have two new competing and two that even if the appraisal comes in lower, you are still going to give them that sales price and you will pay cash for the difference from sales price and appraisal, your vice versa. So that's my second tip. My third is to offer them a larger END, a larger earnest money deposit right up front with the offer. An EMG goes towards the buyers downpayment at closing, but they give it to the brokerage to be held the day that the contract gets the modified or the week of the contract being ratified. So it's an upfront cost and it puts a little more skin in the game. It proves that you're a little more serious. If you put a bigger END down at Brown. For, you can always offer fewer contingencies. If your buyers want. I never recommend this for my buyers, but they're the boss is really, you're just the professional giving them advice. You have to remember that if they decide they don't want any infections, they don't have to have them and do not I do not recommend that to anyone buying a home. But if you need this home repeating, you want to have them to pick you. You can say, I will go no inspections and no repairs like this other one I have to make any repairs no matter what. Number 5, this is my last one for buyers, ask the listing agent, like give the listing agent a call before you make an offer and ask if there's anything that the sellers would specifically appreciate or lighter would make their lives easier. Oftentimes, a specific closing date is what I get from a listing agent. I'll say, you know, we can do a 30-day close. Would that be helpful? What would your sellers actually like more time perhaps. And you get different answers from different people in a different situation. So those are my tips for buyers in a seller's market. And even though sellers are in a great situation in a seller's market, I have a few tips for you for handling sellers in this market because managing their expectations is also important. Explain to them that if there is a bidding war and offer prices get increasingly high, you don't want to go just with the highest bidder necessarily, especially if they are not willing to pay the cash difference between the appraisal price that it comes back lower than the sale price. Because then you'll have to renegotiate the price. And it's very common that deals fall through with that issue. So you just don't want to pick the highest offer? Always, sometimes it's fine. And if it's only, I don't know, 510 thousand, something like that, over asking price. Oftentimes you'll be okay. But there are situations in our current market where people are offering 30000 over, a 100 thousand over and it can just cause big problems down the road. And you want them to know that so that they can make the smartest decision they can make. And then my second 1 second and last tip for them for you is help them find a place to go or help them negotiate a rent back in their contract that they accept once their house cells with little inventory on the market, the sellers become the buyers when they sell their house, they have to find somewhere else to go if they haven't already. And it can be an issue to find them housing, to move to after their houses sold. So just have some sort of plan in place for that. Whether they're going to rent somewhere or you have them looking to buy as soon as they are able. Alright guys, I hope this was helpful. Good out there and sell some houses. 13. Recap: While my friends, here we are, we are at the end. We have gone over so many important points and topics throughout this class. Choosing your brokerage, working for sellers versus working for buyers. Tips and differing markets, contract promoting yourself, social media and so many more. And I hope you have enjoyed learning from me and that you feel you have a better grasp now of how to set yourself up for success in your real estate career. Due to the project in this class being so full of people's private information, please don't share your spreadsheets if you've made one. And instead feel free to share the mail or you created that's always fun. And tell us how many people you were able to add to your database and any tips or tricks you've learned about when talking to people from all of your reaching out, help each other. That is a huge thing in this business. Be kind, be honest, care for each other, and do your best. You've got this. I really hope you enjoyed this class and thank you so much for joining me.