1 : the action of a lever or the mechanical advantage gained
2 : POWER, EFFECTIVENESS <trying to gain more political leverage>
3 : the use of credit to enhance one's speculative capacity
What does it mean to Realtors?
Do more with less or Using other people’s resources to reach your goals.
Here are some ways to gain leverage as a Realtor:
Find your niche:
What does this mean? Don’t learn the basics about everything, learn everything about something! You are out showing property up and down the Valley. You don’t know the locations of: schools, grocery stores, retail malls, medical facilities and so on and so on. If you concentrated on one area of town, a particular neighborhood and studied proximities to these amenities, you would be able to answer most of your client’s questions before they are even asked, making you the EXPERT they need!
Learn the area:
So now you have your niche, what next? Well my advice is to learn all there is to know about your area. What else is there to learn besides the proximities? Easy, if the area is new to development, research the developer: his background, how many other subdivisions he had created, when and why did he start this subdivision? Other things to research are: the neighborhood’s average price range, rate of appreciation, sale time for houses on the market, how many have sold in the last year (two years), are there any association fees, if so how much are they and what is included.
Build your team:
A real estate transaction is not just about the Realtor and the Client. There are several other important professionals that help make the transaction a great experience. When clients ask for advice pertaining to appraisals, title companies, mortgage brokers and more; most Realtors give a list of three or four names from each area hoping their client's experience will be a great one. Why play the guessing game with your client’s money, time and your reputation? Build your team of Professionals with one expert from each field - licensed appraisers, licensed mortgage brokers, licensed inspectors, etc. Let them know what you are doing and tell them you hope to refer as much clientele to them as possible; however, they must remain professional and continue to excel in their field. Most companies will be more than happy to help you, not realizing they are working for you.
We all know anything can come up or go astray during a transaction. Well, do not sit around and wait for someone else to discover an error. Go out there with your own check list and be the solution before the problem arises. You may have to think outside the box! Call a member of your team, a real estate lawyer, someone with the answer, ask questions, don’t be forceful but at the same time don’t be a pushover. Let your client know you are working towards their goal, not your own. Pretty soon you will be able to sit back and watch the transaction take care of itself.
The best time to get a referral is after a smooth closing. Here is a great way to ask your clients and team members for referrals.
You know Mr. Client, I had a great time helping you find your place, and I would love to help any of your family and friends do the same. Do you know anyone who will be buying or selling in the next 30 days? You do, great! I would love to call them right away, offer my services and help them find a home that fits their needs.
Hi there Mrs. Appraiser, thanks so much for the great work you did on the property at 123 Street, our clients were very pleased with the outcome. By the way, do you know anyone who may be buying or selling in the next 30 days? You do, great! I would love to call them right away, offer my services and help them find a home that fits their needs.
Now you may have two people to call by the end of the day, and when you have helped them, you will have two more and two more and two more, get it? Good!
These are just some of the ways Real Estate Leverage is key to your business.