Posts in motivation
BRAND NEW - MAGIC MINUTE - What Does P.I.T.I. Stand For?

It’s a phrase you might never hear in any real estate transaction, but in case you do, here is what it stands for:

Principle

Interest

Taxes

Insurance


The only real time you will come across this term is when you just can’t seem to close escrow in the time original allotted.   If the seller is not happy with the extra amount of time the buyer is taking to close and they have to pay the mortgage, bills, etc., for longer than expected, they sometimes ask if you can pay those extra fees; the P.I.T.I. fees. 


Hope that sheds some light on the acronym.


Thanks for watching and being part of the rebellion


Peter

#MondayMantra – The Final Countdown

What on earth do I mean by that?

Someone once told me this little nugget and it always stuck with me… “What is happening today in your pipeline represents the work you did 6 months ago”.

Think about that for a second.  Think about all the work you did 6 months ago and how it translates to right now.    

What tends to happen over the summer and the end of the year is we drift off, but right now is the time to be most proactive.

Here’s a shocking fact, folks- We are only 8 short weeks away from Thanksgiving!   That suddenly makes the year seem real short, doesn’t it? 

So, with that said, I want to get into some opportunities for you all to reach out, even though it’s getting close to the end of the year. 

We are approaching some of the big ‘checkpoints’ of the year, and so this is where you should take the time to reach out to all of your contacts. 

Holidays are a way to reconnect without being insincere since they are all genuinely great times to make contact.   Take Halloween as an opportunity to reach out to people you know, then delegate Thanksgiving for people you kind-of-know and then Christmas for people you may not know at all.  

Remember, the work we are putting in NOW will become evident 6 months from now.  It will be spring in 6 months and our key time for business.  And trust me when I say that there is nothing worse than waking up Jan 3rd and being so optimistic, but then suddenly realizing you have no deals.

This is a call to action for prospecting.  If you have not been reaching out, use this chunk of the year to do so.  It’s prospecting gold! 

A big tip when doing so- Nothing says you don’t care about people more than using a generic message.  That is by far the worst plan of attack.  Be personal and sincere.  Stay away from pictures of posed fruit with no personal message!

Take these 8 weeks of meat left for real hardcore prospecting and getting business in the pipeline. 

When we feel like its time to kick back, what do we do instead?  We step on the gas! 

When everyone is running in one direction, what do we do?  We run in the other! 

Thanks for watching and being part of the rebellion

Peter

BRAND NEW - MAGIC MINUTE - Should I Write A Letter For My Offer?

The answer is a resounding yes! 

In a super competitive market, such as what we’re in right now, anything that sets you apart from other offers can make all the difference in you getting the house of your dreams over someone else. 

In this “love letter” to the seller I suggest picking out the obvious things the seller has done to make it super personal; the wallpaper in the master, the red and white stripes in little Johnny’s room, the frog fountain in the backyard or the brass door knocker on the front door that looks similar to one that you had growing up.  

Talk about the details, your feelings in regard to them and how you won’t change a thing and know that it’s your forever home!  

I will say that I have seen sellers accept offers that are far less than others just because of the love letter and family photo included.   This can be what puts you ahead of the pack to get that house you love.  

Thanks for watching

Peter

#MondayMantra – Instagram Clinic – Hacks To Help You Follow The Numbers

This is a juicy and jam-packed clinic, so I’m going to break it down the best I can, though you may need to watch again to get all the steps of the demo.

If you want to do a deep dive on IG this is the clinic for you.   

Instagram is certainly the bell of the ball and most popular format out there right now.  It’s gone from a simple social media app and has shifted into a sophisticated way to make contact with your clients.  The key is to track your data in terms of what is doing well and what isn’t by the numbers.  

In order to do this, you can do it through IG, which I will get into shortly, or I recommend these 3 apps in order of preference:

Iconosquare – best IG tracking app out there, it includes IG stories 

Sprout Social – a killer app for tracking data as well

Hootsuite – another great one

If you just want to go through what IG has to offer, this is another great way of tracking data as well.

For prospecting, I suggest that you “Save into collections” within IG the people you want to prospect so you can find them easily and follow them closely.

On IG you can track your numbers through “Insights” and then hit the “Content” button.  This shows you which of the posts are getting the most reactions, what’s working and what’s not.  

Then, if you want to get really granular, you click on “Impressions,” which gives you the option to look at your content in regards to likes, which is super valuable information.  

If you want to dive in even further you can click on “Engagement” which shows the posts you’re getting the most engagement from, which is key.   

That’s a very rough and ready showcase of all the valuable information you can pull from IG.  

The point of this clinic is that you need to be prospecting through social media, using collections and following your numbers.  Get into the guts of IG, and you will flourish.

Social media is your work, it’s not something you just get to.  This is prospecting, only the modern version of it.  

Thanks for watching and being part of the rebellion

Peter

'BEHIND THE TV SHOW' Hudson, NY Part II.

On another adventure, while filming for my new show on NETFLIX, ‘STAY HERE,’ I got to ogle at the famed Hudson River and take in the spectacular view of the water.

It turns out that the mountain range behind me (the name of which escapes me) has a hidden recording studio on it, called The Lair, which belonged to one of my favorite musicians, Mr. David Bowie.  May he rest in peace. 

With that view, he certainly had it right with his choice of locations to hide out in and create.

Stay tuned for more bits of my travels and tune into Netflix to watch ‘Stay Here’ now!

Thanks for watching

Peter

WATCH FULL VIDEO HERE

'BEHIND THE TV SHOW' Washington, D.C. Part III.

On this clip from my travels on the road, filming ‘STAY HERE’ on NETFLIX, I am the ultimate tourist and have my childhood dreams become a reality while visiting The Capitol Building. 

It was such an extraordinary piece of architecture and history, it just doesn’t get much better than that!

Thanks for watching and tune into to watch ‘Stay Here’ available now on Netflix!

Pete

WATCH FULL VIDEO HERE

 

#MondayMantra- Nothing To Lose

Today I want to cover a lot of ground, and so I've purposely given this mantra a broad title.  So what exactly does it mean?  

I’ve suffered over the years with underestimating my ability.  Perhaps it’s my British roots, as we tend to be a bit hard on ourselves, but I think a lot of people struggle with this.  If you have some entrepreneurial spirit at some point, you most likely have had the feelings of "I'm never going to succeed at that," or “everyone will think it’s stupid” or “I’ll never be as good as someone else."  I feel like 90% of entrepreneurial dreams we talk ourselves out of in the first 10 minutes of starting the line of thinking. 

The entrepreneurs that succeed have a relentlessness, they know it won't happen overnight, and they don’t listen to the inner voice that tells them they will fail.

So “nothing to lose” is this- We’ve already gained something huge simply by living in the U.S.  Think of the worst that can happen with following your dreams… and the worst isn’t that bad.  I welcome failing fast so I can start to concentrate on another route.  We forget we have nothing to lose and everything to gain and we “play in the middle."  But the funny thing about that is, I don’t really believe “the middle” exists. 

You are either moving towards your goal or away from it and the choice is ours.

So, I’m always moving in the direction towards the goal.  And here are a few nuggets of truth that I have found along the way- The educated risk for success in business- When I come to a decision of a goal I want to reach, I only get 65% of the way there, and the rest is based on faith.   AND every decision I make I still have those voices in the back of my head, and I battle through them. 

Here's a spot on quote from Martin Scorsese that I just love- "unless you have a white hot burning desire to become a director, it's not going to happen."  Make sure you have the passion for something and go full steam ahead at it.

With all of that said, the take away is this: The only commodity of value we have in life is time.  Why not take the risk then; because that is the only thing you really have to lose. 

Your life and your business are in your own hands and don't let anyone tell you anything different, especially not that nagging and negative inner voice.   

Thanks for watching and being part of the rebellion

Pete

#MondayMantra - Success – The Ability To Move From Failure to Failure With No Loss Of Enthusiasm

It’s a very big morning and important Monday.  This one is particularly special for me.  Firstly, I wanted to send my love to all of you for supporting my new show ‘Stay Here’ on Netflix.   It’s because of you that it’s getting such positive reviews.  So, I truly thank you from the bottom of my heart for the massive outpouring of support.

Also, I want to thank all of my loyal followers of the Monday Mantra who have been part of the rebellion for some time now.  I know who you are and so, I wanted to express my thanks to you today as well.  I couldn’t have accomplished any of this without all of your support.

Now onto the Mantra!

Failure is actually my friend.  That’s not a hashtag, I promise.  What it is though, is a way to reset the compass.  Success is not final, and failure is not fatal. 

Onto a few anecdotes to explain these profound Winston Churchill quotes that I have adopted as mantras

I auditioned to be in a band years back, and I didn't make it.  I found it so crushing I questioned doing something else.  After that, I got into the production side of things in music, thought I had a knack for it, and then I got fired from that job! I went home with my tail between my legs where I then sunk into a black hole of despair.  After a while, I dug myself out of it and then dug in.

I got to the point with myself where I knew if I was going to fail it was going to be on my terms.  So, I kept going and got into a B grade studio at the perfect time where my skills were needed, and it changed everything.   As most of you know, I went on to produce a bunch of hit records.   I did learn a lot from all my experiences that led me there.  Here are some key ones.

Bullet Points on how to handle Failure

1- Don’t make it personal even if it is. Just think of it as the universe gave it to someone else because they needed it more.

2- Learn and adapt.  If I fail at something I always ask the question “can you tell me why you chose someone else and you didn’t choose me.” This way I can grow from it.

3- Don’t obsess over the few people you can’t seem to get business from and focus on the people whose business you have.

4- Thoughts become things.  If you think you’re going to fail all the time, you will fail.

5- Don't look for approval.  The only opinion you should care about is your own.  When you play in the middle and safe, you are betraying the future you.   Instead, just go for it. 

6- When you think someone has made the wrong decision or has it out for you, look at the situation from their point of view.

7- If you have a bad experience with a client think of what your part in it all was. 

8- How can I better be of service?  Always ask yourself that.

Failure can come really quick, but success takes a long time.  And remember, fear and failure are bullies.  If we don’t listen to them and the debating society in our heads, they will never win!

Thanks for watching and being part of the rebellion

Pete 

‘BEHIND THE TV SHOW’ - New York Part I 

On this magical leg of my journey, while filming ‘STAY HERE’ for NETFLIX, which just premiered, I got to visit Brooklyn, NY.  And while there I managed to make it to the LORIMER subway stop in Greenpoint.  

I have yet to meet another Lorimer, and so I’m pretty sure I must be related to whomever the street was named after.  It was a glorious experience seeing my name on display for the first time!

You can see my name in bold again in ‘Stay Here’ on NETFLIX now!  

Thanks for watching and for being part of the rebellion

Pete

WATCH FULL VIDEO HERE

STAY HERE - OFFICIAL NETFLIX TRAILER

The time has finally come where I can open my big British mouth and shout from the rooftops that my show ‘STAY HERE’ will be premiering on NETFLIX August 17th! 

Tune in to watch me travel the U.S., with cohost Genevieve Gorder, giving expert advice to turn failing AirBnb rentals into gold! 

I truly couldn’t be more proud of the show and everyone who was a part of it!  Enjoy the trailer and I’ll be coming to a telly near you, very soon.  Let the countdown begin!

Thanks for watching and being part of the rebellion

Peter 

WATCH US ON NETFLIX HERE!

INMAN Podcast Series 'KEEPING IT REAL' - A Luxe Broker's Thoughts On Zillow, Hashtags And Gifting
download.png

Find out best practices for connecting with people on social media and how to make your closing gift keep on giving

Screenshot 2018-08-08 10.34.19.png

On this edition of “Keeping it real,” a recurring series on Inman, Peter Lorimer hosts a private meeting with his agents where he jumps on the gorilla in the room: Zillow. He also explores the world of hashtags and how Evabot can help agents’ marketing twofold.

Listen in for Lorimer’s take on Zillow, social media and gifting — three big topics in real estate right now.

Zillow

This year will be the first year Zillow is in profit. Where does the money come from?

Lorimer dives deeper into decoding this billion-dollar company by looking at the rise in numbers of agents, big data and what it all means to the agent right now.

“I think agents fear that they’re not going to get business, so they deploy capital with Zillow,” he said.

#SmartAgent

Lorimer offers guidance on the importance of hashtags in social media to gain business. Hashtags are like little buoy’s in the ocean of collections of things, he said.

He’ll also cover the correct usage as well as apps to help real estate agents find appropriate hashtags to use and how to connect with people through hashtags.

Evabot: Gifting for the savvy agent

To wrap it up, Lorimer shares his advocacy for Evabot, a sophisticated service that sends personalized boxes as closing gifts and also allows agents to track data via said gifts.

“If you want to use this as a strategy, $50 a month means you get Evabot to send surveys, testimonials and feedback from your customers. Guess what this is? This is social media god for $50 a month,” Lorimer said.

Peter Lorimer is the CEO of Beverly Hills, California-based

READ FULL ARTICLE HERE

BRAND NEW – MAGIC MINUTES – What’s Included In Closing Costs?

What are these ever-ambiguous closing costs and what do they encompass?

Here is a brief and straightforward example of closing costs in Los Angeles.

- If you are getting a loan for a property, they will charge you a percentage to borrow that money.  So, whatever you owe is part of the closing costs.   

- Inspections that you have to do for the house.  Depending on which you choose to do, etc.   These costs factor into the total. 

- Escrow costs- As a buyer, you would pay your half, and as a seller, you would do the same.  A really rough estimate can be anywhere from 1.5%-3.5% of the potential purchase price.  

Combine all of the above, and that is what makes up your closing costs.  

Hope that was helpful and check back in for more Magic Minutes headed your way!

Thanks for watching

Pete

#tbt - Be Triumphant

This video marks a day that I look back on in triumph.  An adventurous agent here at PLG, Nancy Waters, convinced me to attend Trapeze School at the Santa Monica Pier.  

Let’s just say the lunatic activity of leaping off the rafters forced me out of my comfort zone.

Somehow, after more than a few fails, I managed to pull it off by the skin of my teeth on my last try.

And yes, “Even old men can do it.”   The point… If I could pull this off you really can accomplish anything you put your mind to.  Be triumphant today. 

Thanks for watching

Pete

WATCH FULL VIDEO HERE

#MondayMantra – Controlling The Outcome – Do You Think You Can Design The Result?

This is a bit of an elusive title, so I’m going to jump right in and shed some light on what I’m referring to. 

Controlling the outcome of anything is something that is desirable to us all of course, but that way of thinking can be destructive…

It took me a long time, but I adopted a philosophy, with the help of lots of people, that has served me well.  And it goes all the way back to something my father said to me as a boy, “if you can find a job that you like, you are going to be happier than 98% of the population.”  LA specifically is a city that is made up of fake things and fakers, and I find all of that stuff really damaging.

People get into careers, and the pressure to succeed in those careers makes them miserable.  I see it all the time when selling houses that these pressures make them trapped to their lifestyle, and then they fall into the trap of expectations.

Don’t confuse goals with pressure though.  Goals are a great thing when they are realistic.  Expectations are toxic.  If we are rooted in the results, and we don't get what we expected it weighs us down and eats away at us.

So, the short of it is - none of us can control the outcome, so the trick is to “be happy with the outcome no matter what happens.”  We aren’t in control of what happens, we are only in control of our actions.  For instance, I try and treat everybody identically.  I’m not looking for what I can extract from a relationship, instead, I’m looking for what I can give.  Then, whatever the result is I can live with it… and that my friends is freedom. 

“We have knowns and unknowns.  And the only thing we can control are the knowns.”  Everyone I meet will get professional and personal service, no matter what.  That is a known because I can control it. 

I want to finish with this… The moment you feel you are working just for money is the moment it’s over.  I’m never going to be chained in expectations and results.  If those are fueling my decisions, those are not the right ones.  I can assure you that.

I have one daily commitment, and that is, I must work hard every day and give it everything I've got, and then I stay out of the results.

The way you take control is relinquishing control.  

Thanks for watching and being part of the rebellion!

Pete

 

#tbt - Run To Your Tribe

Here's another instance where I talk about my how I'm a firm believer in running to your tribe.  Do what YOU want to do, and in YOUR own way.  You will find other people that are outside the box as well.

PLG started in a nail salon after all.  This is a great reminder to go for it head against the grain.

I knew when the iPhone came out that it was the future of everything...  And now that future is here.  As always, I'm telling you the importance of that technology and to grab hold of it.

I also give a shout out to a DJ pioneer from Chicago, Steve "Silk" Hurley," who topped the charts in the UK and around the world with his unique sound.

He found his tribe and took a leap just like I did.

Thanks for watching and being part of the rebellion!

Peter

WATCH FULL VIDEO HERE

#MondayMantra – Inman SF Round Up – Post Conference Debrief Of Best Of Best

#MondayMantra – Inman SF Round Up – Post Conference Debrief Of Best Of Best

I just returned from my 4th year at the Inman Conference in San Francisco and I have to say that this one had a very different feel from the others…  There used to be a vibe that tech is the enemy and an underlying fear that it is going to replaces us.  THIS TIME, it seemed like even those most resistant to change have come around and finally understand that tech has to be part of our industry AND that ultimately it can be a great thing. 

I’m going to give you a grand overview with listing and tech tips, as well as the pulse of where everyone is currently at, in the real estate industry.

The debate between tech-based and traditional real estate was a central focal point for many of the speakers.  For instance, there was a stark contrast in the very exclusionary speech Gary Keller (of Keller Williams) gave in comparison to the very inclusionary one the CEO of Redfin gave.    

It seems though, that most everyone who spoke and had a strong opinion said something along the lines of, “It’s all in the value ad.” 

It’s about the referral, and there is a movement to individualize.  There will still be an awful lot of vanilla out there, as it’s the nature of the business, but there was definitely the presence of a shift. 

“It’s all about attraction, not promotion.”  I think that is key.  It’s not about stats, it’s about you and who you are that will make people want to work with you.

Here are some killer Highlights and Tips that I took away from the conference:

LISTING TECHNIQUES:

- A big struggle we all face as realtors is to continually get our clients to keep the house clean for open houses… An absolutely brilliant way to avoid this problem? Provide a complimentary cleaning service the day before an open house!

- Young family, 3 kids, house needs a lot of work?  Provide complimentary childcare service for the day to get ready.  Also brilliant. 

- More standard tips - go out to dinner after an open house or provide a day at the spa, etc. 

TECH TIPS:

- Captioned videos get opened 80% more than videos without them.  They are a pain to do (I know) unless you send your finished footage to REV.COM.  It’s a fantastic service that transcribes captions to your videos for you.

- BELIEVE.TV - $20.00 a month and you will have the ability to get much more produced and polished videos for Facebook. 

- BUZZSUMO.COM – Allows you to compare and contrast how your social media posts are doing against other peoples posts.

- PLAYBUZZ.COM – Allows you to create really interesting graphics, animations and informational videos that look really clean and professional.

- HOTJAR.COM – Allows you to have a heat map on your website.  Meaning, it shows you where people are clicking and hanging out on your website.  This is dynamite information.

- STOREO.COM - An app that allows you to film vertically and will automatically chop your video into 15-second videos for your stories on IG.

- FACEBOOK BOTS- CHATFUEL, MANYCHATS.  Look these up!  A lot of talk about these and the importance of bots in general. 

The Big Take Away:

Something I’ve been saying for a while now - What people want more than anything is what?  YOU.  So don't hide behind a bunch of tech, but rather use it to showcase YOU.

I think tech has reached a point where there is so much of it, it can almost make us invisible… and we must be held accountable to our clients at all times, so we have to fight against that risk of being invisible... 

People like to see your face and hear your voice, so do just that with your social media and the amazing tech available to us right now.  If you do that you will stand out of the sea of vanilla and increase your business.

Tech is here to stay in our industry, and the platforms are not going away, so embrace it!

Thanks for watching and being part of the rebellion

Pete

BRAND NEW - MAGIC MINUTE - How Is A.I. Affecting The Real Estate Market?

Artificial Intelligence is a massive subject, and one that I’m enthralled by, so I’m going to do my best to squish this answer into a Magic Minute (Lorimer style)!

A.I. has already permeated our industry, and it's pervasive; Redfin, Siri, bots (plugins), etc.

When the two worlds collide, A.I. combined with Big Data, it can pack a really powerful punch. This is the new frontier, and we are all still really just beginning to discover what it has to offer. The next natural thought Real Estate agents usually have is, “Will Artificial Intelligence and robots replace us?”

The answer is: Robots don’t have empathy, hope or emotions, and those qualities are most important when selling houses.

So, NO, I don’t think they will ever completely take over.  A.I. will augment us, not replace us… UNLESS we let it.  Those of us who embrace and harness the powers of it will lead successful careers.  But, on the flipside, those of us who don’t and fight against it will mostly likely fade into insignificance. 

Thanks for watching and being part of the rebellion

Pete

#MondayMantra - Pocket Listings – The Art of Finding Off Market Listings

I’m being very specific today by doing a real estate-centric mantra.  Figured I’d shake things up a bit since the second half of the year is coming out of the gate like gangbusters already.  AND the industry seems to be saying that things are going to continue in that good direction too.  There is a great article on Inman about that very sentiment.  Check it out.

So, let’s keep focusing on what can propel us forward in this second act of 2018 and jump into “Pocket Listings.”  When it’s a seller's market, these become even more desirable. 

Some basic techniques for finding these listings:

1-    MLS – The system already has a plethora of market listings for the taking.  What I suggest is to look for any listings that have expired, have been canceled or withdrawn.  After you get the information and check that the property hasn’t sold, then call the agent that had the listing and say you have a client that may be interested.  THEN, you show your client a house that is off market AND most importantly that you can provide them with listings they can’t find themselves.  That is key. 

2-    REMINE – A new company that shows you who has equity and the percentage, so, if you want to send out mailers or go door knocking this is very helpful.  Another app is called PROPERTY RADAR.  It’s magnificent.  You can go into an area and target people based on specific information… (Pre-foreclosures being one of them.  By tracking this data with these two apps, this is the most successful way to go about dealing with pre-foreclosures.  (For example- My friend went to the houses listed and tried to show them a way out with empathy and strategy and found that apparently, no one does this.  That’s another way to find off-market listings.  Be proactive!)

3-    Websites- That actually have some listings not on the MLS; ThePLS.com and Thetopagentnetwork.com (TAN).  You have to dig through, but the deal is you will end up being able to show houses to your clients that again, they would never otherwise be able to find on their own! The search is worth it.

4-    Zillow- (Yes Zillow!) They have “potential listings” categories, which most clients will also NOT find on their own that you can go through.

5-    New Construction Buyers- you can literally drive around and look for construction sites and then go straight to the builder before it hits the MLS.

I hope that was helpful and thanks for watching!

Peter

 

 

INMAN Podcast Series - KEEPING IT REAL - How To Set Goals And Achieve Them
download.png

Keeping it real: HOW TO SET GOALS AND ACHIEVE THEM

samuel-clara-69657-unsplash.jpg

READ THE ARTICLE AND LISTEN TO THE PODCAST HERE!

The secret is knowing what you have control over, digging in and working as hard as you can.

On this edition of “Keeping it real,” a recurring series on Inman, Peter Lorimer discusses the importance of setting goals and how to achieve them.  Listen in as Lorimer shares the techniques he used while climbing to the top as a successful record producer and how he continued to use them while becoming an equally successful real estate entrepreneur.

“Goals are an integral part of who we are as business people; love them or hate them, they are a necessary evil,” Lorimer said. “When used in a more constructive manner, as opposed to destructive one, they can become powerful allies.”

A question Lorimer is continually asked in business is, “How do you set goals in real estate and achieve them?”

Setting goals are paramount, but it’s more about setting the right ones. Strictly setting financial goals can be hollow, and it’s a perfect setup to fail. If you don’t hit the exact number or don’t make the exact number of deals you had in mind, you begin to lose steam and drift.

“The only thing that you are 1,000 percent in charge of is the work that you put out,” he said.

So, the key is to set goals you can control:

·       How you market

·       How many people you see a day

·       How you budget your time

·       Researching

·       Putting what your clients want first and what you want last

·       Making yourself indispensable

“The secret is knowing what we have control over, digging in and working as hard as we possibly can,” Lorimer said.

 

#tbt Gary Vee Take Two

This was a real highlight for me when I got to ask my idol Gary Vee a burning question I’ve had for a while...

“Can you ever put out too much content?” Let’s just say I got the answer I was hoping for. 

He really is an extraordinary man, and I felt a bit like a fangirl getting to hang with him for a few minutes.

Though it has a bit of a gyrating feel to it, my mate and coworker, Waleed, captured the emotions of the meeting pretty well, I’d say.

Thanks for watching!

Peter

WATCH FULL VIDEO HERE