Virtual reality is most often thought of as something specific to gaming and learning, but it has a lot of applications in the real world, particularly real estate. Based on the initial implementation of virtual reality by real estate companies, it is helping to address issues that have plagued the industry for decades.

The Problem Virtual Reality Solves

One of the biggest problems with the industry is that most people are not willing to make the final purchase without seeing the property. Because that usually means traveling and dedicating a lot of time into the endeavor. Given so much time to consider their options, people are more likely to talk themselves out of something.

There is also the problem of customers being deeply disappointed by a place once they arrive. The more negative reactions they have to a property, the less inclined they will feel toward the next property. By using virtual reality, real estate agents can easily remove both of these problems.

Potential Buyers Build Viewing Around Their Schedule

Technology has made instant gratification more of an expectation than a work of science fiction. People like to be able to get an idea about a product or services without having to build their entire day around that. This has been impossible for real estate because they had to physically go to the address to get a feel for the place. Drawings and pictures just don’t convey the experience. Virtual reality for real estate gives them that experience.

Potential buyer swill be able to access the virtual reality version of the home. They can take a real virtual tour, checking the different places of the home and see just how big each of the rooms are. They can begin visualizing the changes they would want to make to carpet, wallpaper, and bathrooms. They could do all of this around their current schedule. Instead of setting aside an entire day, they would be able to work it into a short break.

Simplifying the Process of Elimination

Of course buyers will probably still want to see the property before making a purchase, but virtual reality will make it easier to eliminate properties that don’t quite meet their needs. This will mean that time with customers will be much more productive because their interest will already be higher for the properties they view.

The change will also free up more time for real estate agents, which could translate to being able to help more customers. You won’t need to schedule full days to take a would-be-buyer to six or seven homes. Instead, you will be able to focus on taking them to a couple of their top choices.

Looking to learn more about the future of virtual reality and real estate? Contact us at Premier Commission today!

Tips for Effective Cold Calling

• Call during business hours- The purpose of real estate cold calling is to reach a live person to deliver your message, and generate the lead. To achieve this, you should prospect during regular business hours and get the direct line of the individual you are attempting to reach.
• Be persistent- When reaching out to potential leads, it is important to be persistent, without being annoying. Personalize your message and maintain a constant flow of conversation to ensure your message is received.
• Utilize an effective script- Once you reach your intended lead, you should be prepared with the appropriate script. A compelling script should be quick, non-offensive, easy to understand, and tactful.

After a productive cold call, many real estate agents generate sales and commissions. This, of course, is the key to your success as a real estate agent.

What Not to Do When Cold Calling

If you are a busy real estate agent looking to generate a significant amount of leads through cold calling, you are facing hard work. The process of real estate cold calling goes beyond picking up a phone and blindly dialing. If not done correctly, agents can lose the lead and the potential for earning commission. To ensure these things do not happen here is what not to do when cold calling:

• Cut out the small talk- Avoid asking questions like, “Is this a good time,” or “How are you,” this is an excellent way to lose control of the lead. Develop a powerful opening line that gets directly to your point. Establish a clear objective and do not stray from that goal.
• Don’t talk too much – Once you have clearly identified and explained your purpose, answer any questions you have quickly. Avoid the temptation of talking too much or giving lengthy responses to questions.
• Don’t use the yellow pages – Although it costs money to purchase a list, targeting your niche is a better approach than opening the yellow pages and dialing.
• Focus on bothering people – As a real estate agent it is important to stay focused on the task at hand. You may be calling up to a 100 people a day, if you focus on worrying about annoying them, you will not be able to make sales.

When done correctly, cold calling can increase the amount of leads generated and improve the amount of sales in the real estate market. If you are an agent, you understand the benefits of advancing your commission check.

Contact us at Middlgate Funding to find out more on how you can convert your pending receivables into cash!

43% of buyers choose their property online, so participating in the digital revolution is no longer optional. There are a number of ways to participate in the e-commerce realty boom. By:

• Collecting and managing clients and properties online as a sole proprietorship.
• Crowdfunding property development.
• Hosting your real estate business online while your realtors work remotely.
• Flipping properties using online resources.
• Hosting auctions online.

The Information Age

Today property records are accessible by buyers and sellers alike in a matter of seconds, and an online real estate agent isn’t a necessary part of acquiring that information anymore. Since data is freely available, realtors can now work harder at translating that information in meaningful ways.

Technological breakthroughs have created a fully integrated selling experience. Every part of the process fits into the next like a puzzle piece, from outbound marketing to administration. Data analytics put incredible power into your hands, letting you see, at a glance, which areas are offering you the best returns, which you’re investing the most time in, and which property types are delivering peak success.

Web Platforms

Managing a business using online portals and the cloud is not only simpler, but more economical as well. No online real estate agent needs to limit themselves to a single geographic area. Virtual tours and online communication make it possible to snag clients shopping outside your zone. This has caused an acceleration in the industry in several ways.

• Teamwork is easy to control when office administrators can feed all assignments into a shared platform.
• Most tasks can be carried out remotely, limiting travel costs.
• All information and clientele are at your fingertips as long as you have a smartphone in reach.
• Comparisons between properties are easily achieved.

Development

If you’re an online real estate agent who previously lacked the funds to develop your own property, the internet has levelled the playing field. Pioneers in the industry are using crowdfunding to make their wildest development dreams a reality. Any realtor willing to put time into their campaigns can participate in commercial real estate markets that were once only accessible by large institutions.

Tools

Mobile applications give you a comprehensive list of properties in any area you enter. The cloud puts your files in reach from your phone. Your new contacts can be fed into an integrated client list the moment you connect with them. If there’s a task for which there is no application, you can develop or commission it yourself. Business management has never been more streamlined.

The Client-Led Realtor

Before clients could educate themselves about everything from financing to available properties from their own living rooms, it was the realtor who was in charge. The internet has changed that power balance. 99% of property buyers begin their search online, and they’re educated enough to play a proactive role in their house hunting. For those who are passionate about real estate, the internet has shifted focus to where it’s most interesting: on the property itself.

Looking for more information about online real estate agents? Contact us today at Premier Commission!

Ignorance is Not Bliss

Working with first time home buyers often means coping with a substantial case of Dunning-Kruger effect. The less they know, the more confident they are in their views. A novice buyer is often an unrealistic negotiator, offering absurd figures for prime property. When you’re trying to sell a house to a new buyer, you’re likely to lose sales on a string of homes due to unrealistic offers.

Solutions:

• When you’re working with first time home buyers, try to be as helpful as possible in informing them of their options without making decisions for them. If they want to make a lowball offer on a property, let them do so and learn from the process.
• Offer novice buyers material that they can use to educate themselves about the home buying process and your local market. Listings, investment analyses, and mortgage calculators are perfect for this.

Indecision

Working with first time home buyers comes with plenty of indecision, and if you’re not careful, you could lose a lot of valuable time to them.

• Go straight to the heart of the problem. Give them space to communicate how they feel and what’s causing their indecisiveness. Listen actively by telling them how you perceive what they’ve said. This ensures you’re both on the same page.
• Clarify their needs early on. Spend time digging into their dreams with the help of a buyer questionnaire form. Deal with any objections directly, managing expectations if they’re unreasonably high.
• Encourage a sense of urgency. The housing market is constantly in flux, so today’s prices are rarely tomorrow’s.
• Clarify their needs further by separating homes into niches. This way you can reduce the number of properties they view, cutting down on indecision simultaneously.

Third Party Opinions

Friends and family “advisers” are almost guaranteed when you’re working with first time home buyers because they feel unsure of themselves. Trusted reinforcements are usually brought into all realtor communication, amplifying confusion and increasing your workload.

Solutions:

• Don’t discuss client issues with, or carry messages to, third parties on your client’s behalf. Your loyalty should remain firmly with your client. If necessary, hold all discussions with the entire family in the same room so that client and parents can discuss issues directly with one another.

Most solutions to client relationship problems can be found by exercising a dash of empathy. Putting yourself in their shoes lets you puzzle out a solution that will work for them. If you’re struggling with novice buyers and need funding to carry you through to the sale, contact us.

Accessibility

The first step to making good use of your real estate open house sign in sheet is to make it readily available to anyone who is entering the property. By placing it on a counter or table in a very prominent part of the home, and making sure that you greet each customer and direct them toward the sign in sheet, you will have a better chance of collecting their contact information. Even better than a physical sign in sheet is to use one of the popular sign in apps now available on smart phones. This allows users to check in on their phones and share their information in a way that you can later access from anywhere with an internet connection. This is easy and convenient for both parties.

Be Respectful

Now that people have spent nearly a decade being bombarded with all kinds of spam and advertising over the phone and online, many are weary of giving out personal information to someone who is trying to sell a house. By showing visitors that you are going to respect their privacy and their space by not sending them unwanted ads and constant emails. You are more likely to get their information. Give them an option to turn down newsletters ahead of time so that they are only receiving the communications that they really want.

Examine The Data

Contact information is useful not just because it lets you reach potential customers, but also because it helps you identify shared characteristics among those customers. By reviewing the contact information, email addresses and other information that you gather, you will be able to develop a demographic picture of who your customers are and how you should be marketing that house.

Reach Out

Ideally, your open house will attract a ton of traffic, but realistically that house will not be perfect for every person that stops by. This could be because of space, price, or other features that are beyond your control. However, even if that individual is not interested in purchasing the house you are currently showing, their information on your real estate open house sign in sheet indicates that they are interested in buying something. You now have the chance to reach out to them and identify what they are looking for and try to offer them something that better fits their needs.

A successfully implemented real estate open house sign in sheet can provide limitless value for agents. It allows you to tighten up your marketing efforts on the house you are currently selling by providing information about people who are already interested, but it also opens up your customer base to people who are looking for something else instead. You can take advantage of both groups of people by following up with them and getting more information about their exact housing needs.

If you’re looking for a great way to get your hard-earned commission today to boost your open house marketing efforts, get in touch with Premier Commission. Our convenient commission advances for real estate agents will make sure you have the cash you need to hold a successful open house!

To-Do Lists

Probably the single best way to keep track of your tasks and goals is to create to-do lists. Many agents recommend creating multiple lists for both short and long-term goals. First, create a one or five year plan that has all of the major goals you are working toward in a general sense. Frame it, put it up on the wall or just keep it somewhere where you can see it and be reminded of where you area headed. Next, create a to-do list for weekly tasks, things you need to check up on and errands you’ve been putting off. Lastly, create a daily to-do list that really nails down the tasks you need to take care of right now, today. When all of your daily tasks have been marked off, turn to your weekly list and see what you can get knocked out in your free time. Don’t forget to include family time and vacations on your to-do lists too!

Disconnect

For the sake of your sanity and mental health, take some time each day to disconnect from your phone, email and social media. Use a productivity app that rewards you for not wasting time, and set a timer for yourself. Whether it’s an hour or just thirty minutes, use this time to really focus on the most complicated tasks without any distractions and get as much done as possible. Staying organized on a day to day basis will ensure that you don’t waste this time tracking down information or trying to decide what needs to get done first.

Create Partnerships

You can’t be everywhere at once. Building a team of other agents and assistants in your area can help relieve the stress on you. Find partners with offset schedules, different availability, and located in different parts of town. Then when you have a client in need, you can refer them to your partners instead of having to make a long commute or cancelling family plans to make time for them. Splitting commissions with your partners is not such a bad deal if they are able to throw some business your way that falls within your normal work hours and gives you more flexibility throughout the week.

The key to maintaining a solid real estate agent work life balance is knowing what parts of your life are most important and how much time you want to spend on each one. By prioritizing your family alongside your work in your long term planning, you have the ability to check in on yourself and see how you are doing as you move down your to-do list each day. Working with other agents in the area will not only improve your real estate agent work life balance, but will also help them do the same. This mutually beneficial work relationship can help you reach a larger customer base and actually improve your income while reducing your work hours.

Premier Commission offers commission advances for agents who want to build their businesses. For more information about this useful cash flow tool, visit our website or call us today to speak to an agent.

Skip the Consultations

In the past, new home buyers and sellers wanted to vet their real estate broker through traditional means. That meant sitting down and having a heart to heart discussion, asking lots of questions and generally conducting an interview to determine whether or not you are the right fit for their needs. This was a time consuming process that may or may not have actually turned into any real money in the end. Today, Instagram allows you to post pictures of you, your work and other activities. You can show potential customers snapshots of your life and give them direct insight into who you are and what you’re all about. People will follow you because they like what you are sharing and they will feel like they have a personal connection to your life before ever meeting you. When it comes time for them to buy, they may skip the interview phase altogether because they are already confident that they know what you can do for them.

Showcase Features

The problem with many real estate listings, and real estate photography in general, is that there are a limited number of photos that can be connected to any single ad. The photographer is forced to capture pictures of the home that show every room and the exterior in an unexciting way without going into too much detail about any special features. Using Instagram for real estate allows you to create artistic photos of the same property that focus on the things people love most. Special kitchen upgrades, gorgeous landscaping and beautiful master suites are features that people want to see in detail. Capture the light coming through the living room window and reflecting off the chandelier. Share the birds sitting on the back deck railing overlooking a garden. People want to experience the house, not just see how big the room is from the doorway!

Broadcast Yourself

One of the best features of Instagram for real estate is that it is a social media platform that already plays well with all of your other marketing efforts. Not only can you post your pictures to Instagram for your followers, but you also have the ability to push those photos directly to Facebook, Twitter and other outlets with a single button. This saves you from having to go to each site individually and make separate posts.

Using Instagram for real estate is a great way to show off amazing properties and connect with people. Creating visual interactions with potential buyers will get them comfortable with the way you do business and make them want to reach out to you when they are ready to buy. You will have instantaneous feedback on your posts so you can see what buyers want to see more of, and you will have the ability to communicate directly with those buyers and transition them toward face-to-face meetings very quickly.

Are you a real estate agent looking to improve your cash flow and experiment with new marketing techniques? Premier Commission provides advance commissions agents. Contact us at 1-866-309-5582 with any questions, or apply for your commission advance today!

Minimize bad experience and improve client relationships with these simple guidelines:

• Pick your battles.
  Pre-screening real estate clients to determine compatibility with what you have to offer (and the personality traits you can handle) can head off difficult clients at the pass. Think of pre-screening as a job interview: Are the clients on time? Presentable? Courteous? How’s the chemistry? What are their needs? This can help uncover issues and prevent misconceptions and misunderstandings before they arise in your professional relationship with clients, helping them understand what you need from them in order to produce a mutually beneficial, successful outcome.
• Put yourself in their shoes.
  You can’t always pick your real estate clients, but you can try to understand them by putting yourself in their shoes rather than trying to convince them to see things your way. Try communicating your position through their perspective instead to better determine how you can help.
• Air it out.
  Simply listening to difficult real estate clients can work wonders in a variety of situations. In the case of concerns, let clients talk until they finish, without interrupting, to show them concerns are valid and you care. Reassure them you understand the situation, then get back to work. In the case of unreasonable desires, listening can also help you understand the true root of the issue. For instance deciphering if “a lot of space” means a large home, large property, or simply an open floor plan. Addressing the emotional nature of the home buying or selling process with this venting technique can work wonders!
• Educate
  Sometimes in difficult client situations, you simply have to build your relationship with clients through education on how buyer/agent interactions should work. In some cases, clients are not truly difficult, simply ignorant of the industry and the process. Having this knowledge sets the groundwork for changes in behavior necessary for a successful relationship – whether they stay with you or seek out another real estate professional.
• Stand your ground.
  When all else fails, don’t be afraid to remind clients why they hired you as their real estate professional: Your skills and experience, and your track record of success. Stand calmly but firmly behind your methods and decisions, and be willing to recommend difficult clients find another agent.

Nightmare real estate clients have you in a difficult financial spot? Premier Commission can help with a commission advance. Contact us today!

Homes should be repainted so that only neutrals colors are used before selling.

This myth causes more home owners and realtors to change a look that could be not only acceptable but an advantage. Some rooms look better in a bolder or gentler color than something neutral. Instead of changing the room color, you can have other color options available for people to look at. Having a bid for repainting can also make it easier for potential buyers to feel they have options and know the cost beforehand.

Remodeling projects will pay off when the home sells.

Many people expect to get their money back when it comes time to sell their home. The important thing to know is that remodeling projects are just as likely to end up being a loss as a gain. If you or your client are going to be remodeling, make sure that you don’t do it just to sell the home. When you remodel, make sure that you have time to enjoy the rewards. It is recommended that a home be up-to-date before you put it on the market, but if updates haven’t been made already, it won’t be worth it just to sell the place.

Set a price that is higher than what you want to get so that there is room to haggle.

This real estate myth is one that most people accept as true, but there are a few things you have to consider when pricing a home. If you list the house at too high a price, people will not be interested in looking at it. The longer your house is on the market also lowers the number of viewers will get because your home will be seen as less desirable, even after you drop the price. If you live in a major city or area where housing is in demand, people tend to ask for less than what they expect to get knowing that they will get multiple bids, resulting in a higher final bid.

Going green will mean that you automatically get a higher list price.

This can be true, but you have to be really careful about how much more you ask for in relation to comparable homes. If you expect people to pay too much of a difference, they are more likely to go with a comparable home and do their own conversions if they really want an environmentally-friendly home.

Don’t have holiday decorations up when the house goes on the market.

This one might be true if it is summer, but at the end or beginning of a year, decoration that is well done can be a draw. While there may be some who object to Christmas decorations just on principal (whether religious or simple erring belief in this myth), there are many more who will feel that it makes the home cozier. It helps to give them an idea of what it will look like when it is their home.

If you have any other real estate myths you would like to ask about, or if you have any questions about our commission advance process, you can contact Premier Commission today.

Enable GPS

One simple but effective way to ensure your safety during the workday is to enable the GPS locator on your phone. Apps like Glympse give your loved one or employer real-time GPS tracking based on your phone’s location. These apps can be enabled anytime you are going out with a client and end as soon as you get back. While you never expect a safety issue, a GPS enabled app can provide added protection during a normal workday.

Be Social but Safe

Real estate can seem like an all-encompassing profession. You work weekends, holidays, and may be on call at all hours of the day. Blurring the lines of home and business can be difficult when your career truly becomes your life. Often, real estate agents compromise their safety by giving too much personal information to their clients, such as their home number or address. While real estate agents need to be social, they also need to be cautious. If you wouldn’t give information to someone you met at a bar, you shouldn’t give it to clients. Maintain a separate company phone and keep your address private.

Meet First-Time Clients at the Office

Most clients want to get right to the house hunting but one real estate agent safety tip that should never be ignored is for agents to meet first-time clients at their place of business. Meeting clients in a neutral and safe location allows you to not only meet your client and determine if you feel comfortable going to look at houses alone but also allows your co-workers and managers to see the client. This builds a level of trust so you can forge a closer relationship while maintaining your own safety.

Maintain a Record of Client IDs

Most real estate agencies require contracts before showings and this is also the perfect time to employ a real estate agent safety tactic of getting identification from each client. Ask for a driver’s license or other form of photographic identification and make a copy for your own records. This information can be a literal life-saver if you feel threatened or unsafe in the future due to that client. Make sure your boss or co-worker is aware of this file.

Trust Yourself

Becoming a great real estate agent takes a certain kind of person. They need to be hard-working, dependable, and extroverted. They need to love talking to clients and helping people find the house of their dreams. It goes hand in hand that great real estate agents are also better judges of characters than most people because they are so finely attuned to the people around them. To that end, if you don’t feel comfortable around a client, trust that instinct. Never accept a client who makes you feel uneasy and never go out alone with a client who you do not trust. Go with your instincts.

Real estate agent safety shouldn’t be an afterthought. It needs to be at the forefront of your mind every day and in every encounter. Building in some safeguards such as meeting first-time clients at your business and enabling GPS tracking before every showing are just a few ways you can keep safe and have fun in your real estate career.

For more tips on how to be a successful and safe real estate agent, stay tuned to the Premier Commission Blog! To learn more about our commission advance services, feel free to contact us with your questions.