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    Star Agent: The Path to 50+ Real Estate Transactions Per Year
    Star Agent: The Path to 50+ Real Estate Transactions Per Year
    Star Agent: The Path to 50+ Real Estate Transactions Per Year
    Ebook293 pages2 hours

    Star Agent: The Path to 50+ Real Estate Transactions Per Year

    By Michel Friedman

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    About this ebook

    Star agent mission statement:
    To create a tool for every real estate practitioner that wants to increase their production and income in a comprehensive book that includes planning, techniques and strategies to guide them on how to achieve 50+ real estate transactions per year.

    It is my vision that the readers will use this book to build their systems and apply the strategies in their practice; that they will take this book every year to their favorite vacation place, read it again to refresh their memory, analyze their business and set goals for the following year – to continuously refer to the book if they wish to add a way of doing business or to remind them on scripts.
    I wrote this book to guide. Not to coach and not to train.
    When coaching or training, the coaches and the trainers usually focus on limited techniques and have a fixed script which they advocate it is their way or no way.
    For instance, a trainer will tell you "farming is a waste of time", or "doing open house is passive activity and you should avoid it". As a guide, I show you in the book that farming, too, is a great source of business when done correctly. Also, how to do open house as an "active" rather than "passive" activity that will produce predictable excellent results.
    When guiding, I give a wide range of techniques for doing business, and also a wide range of scripts and objection handling to situations. My idea is that the practitioners have to be comfortable with the script or the handling of the objection and can adjust it to their level of comfort. This way there is a better chance for the script or technique to be applied and used by the practitioner.

    This book is 30 years in the making: selling real estate, attending seminars of the greatest R.E. trainers in the world, doing office presentations at the request of my broker to the brokerage's agents under the title: "This is how I do it".
    I have presented at my real estate board, managed and taught thousands of Realtors®, written articles in a national real estate magazine – I thought it was time to put all my experience and knowledge in one book.

    LanguageEnglish
    PublisherTellwell Talent
    Release dateSep 30, 2020
    ISBN9780228828266
    Star Agent: The Path to 50+ Real Estate Transactions Per Year
    Author

    Michel Friedman

    Michel Friedman has been practising in real estate since 1990.In his first two years in real estate, Michel completed his broker qualification and became an award-winning real estate agent. During his career, Michel managed real estate offices of 50 REALTORS®, 250 REALTORS® and 1,200 REALTORS® per office. Michel was general manager of an international real estate franchise operation, overseeing franchise sales, franchise relations, franchise education, and legal and accounting departments; vice president of a brokerage of 2,500 REALTORS®; owner of a brokerage that he quickly grew to 135 agents; and acted as a trainer and coach in all of these companies. Michel was also a trainer at the Toronto Real Estate Board and was an authorized provider for the Real Estate Council of Ontario, Canada, (RECO) for various continuing education credit courses.Michel has helped many REALTORS® become great producers by using training methods that he developed and was influenced by. These methods are presented in this book.www.staragent.ca

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    • 5/5
      Best ever book for generating business in Real Estate. This is first guide book for new or senior agents. Just read page by page and make starting business foundation like brick by brick. Just start now and implement now.

    Book preview

    Star Agent - Michel Friedman

    Introduction

    The purpose of writing this book is to create a tool for you, the real estate practitioner that wants to increase your production and income and present tools to help you achieve that, in a comprehensive book that includes planning, techniques and strategies to guide you on how to reach 50+ real estate transactions per year.

    It is my vision that you will use this book to build your systems and apply the strategies in your practice. That you will take this book every year to your favorite vacation place, read it again to refresh your memory, analyze your current business and set goals for the following year. That you will continuously refer to the book if you wish to add a technique or a method of doing business or to remind yourself of scripts.

    My goal is to show you, the reader:

    1.How to attain a large inventory of listings.

    2.How to sell those listings quickly.

    3.How to best negotiate to successfully conclude a deal and maximize your profit.

    I wrote this book to guide. Not to coach and not to train.

    When coaching or training, the coaches and trainers usually focus on limited techniques and have a fixed script which they endorse. It is their way or no way.

    For instance: Some coaches will tell you farming is a waste of time, or doing an open house is a passive activity and you should avoid it. As a guide, I show you in the book that farming too is a great source of business when done correctly. I will also show you how to do open house as an active rather than passive activity that will produce predictable excellent results (and how visitors will give you their accurate contact information).

    When guiding, I present to you a wide range of techniques for doing business, and a wide range of scripts and objection handling to situations. My idea is that you have to be comfortable with the script or the handling of the objection and can adjust my script suggestion to your level of comfort. This way, there is a better chance for the script or technique to be applied and used by you.

    You will start with learning how to set a goal and build a daily and weekly work schedule to be able to achieve your own set goal.

    You will learn to build the right mindset. (Who is the top producing agent in your area? What are they doing?).

    You will build a budget for your business. (Learn to treat your practice as a business, learn to control your expenses).

    You will learn in detail various methods of prospecting. (The 100 boxes method, 12 months farming system, soliciting FSBO and expired listings).

    You will learn the qualifying questions for sellers, for buyers and FSBOs.

    You will learn various marketing techniques, from print advertising to social media advertising including detailed contracts for: I will sell your house … or I will buy it, and I will sell your house … or you don’t pay me. The dozen eggs technique, 3 cars for sale technique, 3 painters technique, A chance to win $10,000 on the spot and more.

    You will learn step by step listing presentation and offer presentations that include objection handling for pricing, commissions and duration of a listing.

    You will be taken through an offer process, how to interact with your seller or buyer as well as with the other agent to lead to a successful conclusion of a transaction.

    You will learn how agents Kill deals.

    You will learn to distinguish between a Relational agent and a Transactional agent and be able to identify what your style is and what you would like it to be.

    You will be guided to make a decision if it is time for you to build a team and if so, what are the considerations and the steps to be taken.

    Thirty years in the making, developing and practicing, I have presented my techniques at my real estate board, managed and taught thousands of Realtors ®, wrote articles in a national real estate magazine, I thought it was time to put all my experience and knowledge in one book.

    Goal Setting and Planning

    Annual Goal Setting

    Every 12 months, each REALTOR® should prepare a 12-month work plan.

    This plan will start with a goal.

    When you have a goal, you have something to work towards, otherwise, you just go round and round waiting for the next commission dollar, not knowing if and when it will come in.

    As you will see later, I emphasize listings since my goal is to get listings. You have probably noticed that the top-producing real estate agents are listing agents. A top-producing real estate agent who leads a team will manage listings and delegate the buyers to their team members. There is a reason they choose to go this route, as I will explain later on in the Listing Agent vs. Buyer Agent chapter.

    When setting your goals, assume that 70% of your business will come from listings sold, with the remaining 30% of your business coming from buyers generated from those listings.

    Shortly after starting my career, I noticed my broker had drawn a chart on a large whiteboard at the back of the office with the headings: Name of Agent, Address, Price. Whenever an agent got a listing, they would add their name and the listing information on the board. When a listing sold, the administrator would cross out the sale price with a red marker and write the selling price next to it. This served several purposes:

    1.It brought to the attention of the agents in the office all of the new listings, including exclusive listings, even before they were published on the MLS® system, thereby increasing the likelihood of our office double-ending a transaction.

    2.If another agent had the seller of this property as their prospect, it would now be game over; time to take this prospect off the follow-up list.

    At the end of each month, regardless of what sold and what remained listed, the administrator would erase the entire board, and we would start adding listings again from the top line.

    Being a goal-oriented person, the first day of each month I would be the first one at the office. As soon as the board was erased and cleaned, I would write on the first five lines:

    1.RESERVED FOR MICHEL FRIEDMAN

    2.RESERVED FOR MICHEL FRIEDMAN

    3.RESERVED FOR MICHEL FRIEDMAN

    4.RESERVED FOR MICHEL FRIEDMAN

    5.RESERVED FOR MICHEL FRIEDMAN

    The other agents seem to have respected that; they would add their listings starting at line six.

    After getting my first listing for the month, I would erase line one and write my name, the listing address and price, just as the others did. Another listing, another line.

    What did I achieve?

    1.I was setting a goal for myself of five listings each month. Most months, I had less than five, some months I had five, and a few months I had more, which I had to add to the bottom with everybody else.

    2.I was getting better exposure of my listings with the office agents. (Who would from time to time come to my office and congratulate me on my achievement.)

    3.But most important for me—imagine the embarrassment, imagine my drive, when the fifteenth of the month came and the big letters RESERVED FOR MICHEL FRIEDMAN were still on the board, announcing no listings yet.

    Annual-Income-Goal-Plan Form: Sample

    Variables:

    1.Set your own goal. In this example, I have set the gross commission income (GCI) at $500,000.

    2.Base A on your past sales or, if you are a new real estate agent with no history of sales, go by average property prices in the area you choose to work in.

    3.Base B on your past experience or ask your broker.

    4.For D, I am assuming that you will sell three of every four of your listings: some listings may expire, some sellers may change their mind about selling, etc.

    5.For E, the assumption is that you will prospect and get your leads cold (i.e., you don’t know the sellers and they don’t know you). You are in competition with other real estate agents to get this listing. I assumed a high ratio of three appointments to get one listing. This may be the case for a new real estate agent. Experienced real estate agents can use lower ratios (meaning fewer appointments will be needed to reach the same goal).

    6.For Less company share, I calculated 10% to the broker. You can adjust it as per your contract with your broker.

    7.For the final result, I have assumed 4 weeks of vacation time for you per year, so use 48 weeks per year to get the weekly result. Also, it is important to know that sometimes you have to go back to a prospect for more than one appointment to secure the listing. This is why I emphasized NEW appointments in the final result.

    8.As you probably noticed, I did not allocate activity for buyers, assuming that a percentage of your sellers are selling and buying and if you are successful in selling their property, chances are they will buy with you.

    In conclusion, when you have filled out this form, all you need to do is look at the dollar amount at the top together with the number of appointments per week or month at the bottom and know that, as per this example, if you go to TWO NEW listing appointments per week, using the ratios and average prices I have used here, your gross commission income (GCI) for the year will be $500,000.

    Set Your Own Annual Income Goal:

    Personal Image and Attitude

    Productivity Exercise:

    Write down your real-estate-related activities from yesterday for the timeframes indicated.

    Next, do the same for the day before yesterday.

    What did I do yesterday?

    9 am – 11 am:

    11 am – 1 pm:

    1 pm – 3 pm:

    3 pm – 5 pm:

    5 pm – 7 pm:

    7 pm – 9 pm:

    What did I do the day before yesterday?

    9 am – 11 am:

    11 am – 1 pm:

    1 pm – 3 pm:

    3 pm – 5 pm:

    5 pm – 7 pm:

    7 pm – 9 pm:

    The purpose of this exercise is to measure productivity.

    Example: Assume your goal is to earn $500,000/yr.

    If you divide this figure by 240 working days (5 days/wk x 48 wks, again assuming four weeks holidays per year), you can see you would need to earn, on average, $2,083/day to achieve your goal.

    I know real estate commissions are not earned daily, but just for the sake of argument, do you believe that for the activities you put down for yesterday and for the day before yesterday, an employer would pay you $2,083 per day?

    If the answer is no, it means that you are not doing what is necessary on a daily basis to achieve your

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