Posts tagged magic minute
How Do I Help a Timid Buyer Cross The Line? | Magic Minute Season 3

How do you help a timid buyer cross the line? My opinion is that that's the wrong question. Instead, we should be asking this: How can you be of service to them in order to instill confidence?

🚫 No one likes a pushy salesperson 🚫

Our job has changed. We are our clients' advocates; therefore, we need to garner the most precious commodity of all - trust.

"Don't look at every client as a paycheck; look at what you earn in a year as a salary, and make sure that everyone gets the same service." - Cindy Lorimer

Comment below with how you can be of service today.

Thanks for being part of the rebellion and for being here ❤️ Pete

What is the Best Time to Take Listing Photographs? - Magic Minute Season 3

I believe in putting everything you've got into everything you do. Trying to fit listing photos into a certain hour or two is a bit short-sighted. If I had to pick a time, I'd say noon.

I hire a photographer to come mid-afternoon and in the evening. Houses have different personalities depending on the time of the day.

Your sellers will love that you went the extra mile. Always be of service.

Thanks for being part of the rebellion and for being here ❤️ Pete

How Do I Become A Luxury Real Estate Agent? | Magic Minute Season 3

Los Angeles is FULL of luxury properties, and a lot of real estate agents want in. How do you break into it? First, be patient. It's going to take a while. Expect to work, as an apprentice, for a successful real estate agent for several years. And, insert yourself into their circles. Country clubs, dinners, etc. Why? Because we sell trust, and you have to earn trust (especially when you're an agent buying or selling a multi-million dollar house).

In addition, you'll need to work harder than everyone else. It's competitive, but it pays off.

Thanks for being part of the rebellion and for being here ❤️ Pete

Should I Invest In AirBnb's? - Magic Minute Season 3

Should you invest in AirBnBs? I'm a HUGE believer in these being an amazing investment. One thing to make sure of before you do, though. You need to make sure you're in an AirBnB friendly zone (check with the city council).

I believe this is the next wave for property investors. What are your thoughts on this, friends?

Thanks for being part of the rebellion and for being here ❤️ Pete

How to Successfully Cold Call - Magic Minute Season 3

Well, you all know how I feel about this. If you're cold calling - God bless you. People build careers on calling complete strangers, but that's the last thing I want to do. There's a multitude of ways to meet buyers OTHER than cold-calling. Instead, try things like sitting every freaking open house. What are your thoughts on this? Thanks for being part of the rebellion and for being here ❤️ Pete

Should I Get a Home Warranty? - Magic Minute Season 3

Home warranties... What are they? What do they include? Should I have one? Look at a warranty like an insurance policy, meaning it can include as little or as much as you want. A basic warranty plan covers things like electrical and some plumbing, bolster it and you could also get the roof and/or foundation covered. Go even further and you can get your appliances and air conditioner included.

Case in point: I recently purchased a home and included everything and the kitchen sink in my home warranty. When the air conditioner quit working and we needed a new one, it cost me $50.

Real estate agents, add on as much as you can to the buyer's warranty!

Thanks for being part of the rebellion and for being here! ❤️ Pete

What are Special Assessments? - Magic Minute Season 3

What are special assessments? They may not be the sexiest part of real estate, but we have to know it all, friends!

Generally speaking, this situation comes up in a condo building, when the HOA doesn't have enough money in the reserves to complete repairs. You have to have enough money in the reserves to cover repairs, OR the special assessment gets passed to the condo owner.

Example: If your condo building needs a new roof, and there's not enough in the reserves, you have to pay for it!

My rule of thumb for HOA reserves can help out here. I recommend 25K per unit. Check out my HOA reserves video for more info!

Thanks for being part of the rebellion and for being here ❤️ Pete

What are Contingencies? - Magic Minute - Season 3

What are contingencies? Title, disclosures, inspections... just to a name a few.

Contingencies are the line in the sand of all real estate transactions. Think of them as a protective layer in the deal. If you're a buyer, what does it mean to remove them? Well, tbh, it can be scary. (😱)

Why? Because, once those contingencies are removed and the buyer doesn't go through with the deal, the seller can (and very well might) go after that deposit.

If you are a buyer's agent, make sure you double/triple/quadruple check all the paperwork relating to the contingencies. Because once they're gone 💨 goes that deposit (possibly).

Thanks for being part of the rebellion and for being here ❤️ Pete

What is an HOA Reserve? - Magic Minute Season 3

What is an HOA reserve? I know, I know… it can seem like a snore. But you have to know this stuff!

Homeowners’ Associations are the governing bodies that help make sure there’s not a meth lab next door to your home or a punk band on the tenth floor of your condo.

The HOA reserves are there for when things like a leaky roof or other big problems arise. And as buyer’s agent, I like to see about 25K per unit in reserve. That helps your buyer feel safe, should something come up!

May not be the sexiest topic, but we need to know it all!

Thanks for being here ❤️ Pete

2019 Real Estate Market Predictions - Magic Minute Season 3

2019 Real Estate Market Predictions - Magic Minute Season 3

Here is my educated opinion on where we’re headed: The market has consistently grown for the past decade and I think we’ve plateaued a little bit.

I don’t see a huge crash. Slow and steady is the name of the game.

So, if you are a seller, sell between April and July. This is typically the best time of the year to sell anyways, and strategically makes sense for 2019.

Thanks for watching and being part of the rebellion!

Pete

MAGIC MINUTE – 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

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

MAGIC MINUTE - What Should A Real Estate Agents Commission Be?

BRAND NEW – MAGIC MINUTE – What Should A Real Estate Agents Commission Be?

Commission really is the backbone of the Real Estate industry.

With that said, all sorts of questions usually come to mind, like who should pay who and how much?

Here’s a breakdown of the traditional method in California:

The seller ALWAYS pays all of the commission, which is typically 6% or 5%.  I’m happy with 5%, but that varies a little.  Also, if a listing agent represents both the seller and the buyer it goes down a tad to about 4%.

Why don’t buyers pay commission?  Well, ultimately they always do when they end up SELLING their property.  

This method is a way to entice new buyers into the market.  It’s not really feasible with all the expenses of getting a loan, putting money down, etc., for the buyer to also pay the commission.  It becomes financially impossible for many. 

I hope this answers some of your commission concerns!

Thanks for watching and being part of the rebellion

Pete

MAGIC MINUTE - What's The Difference Between Staging And Decorating?

This is a good question and one that people often confuse!  

Rules of thumb for knowing the difference:

Decorating - is permanent; light fixtures, doorknobs, tiles, landscaping, carpets, paint, etc.  This comes first in the pair.

Staging - is the soul.  This comes after the decorating and is where you are setting the stage for the buyer’s potential lifestyle.  This is almost like creating a theater set.  Use this step to tell the narrative of the home.

When you fuse these 2 parts together, you get a powerful elixir that means your seller's bottom line exponentially gets larger!

Thanks for watching 

Peter

MAGIC MINUTE - How Can I Build Confidence As A New Agent?

I genuinely believe confidence is the most important ingredient to being successful, so I recommend trying these tips and building yours.

If you are meeting a client in an area that you aren't entirely familiar with, do all the research you can on it.  Empower yourself with knowledge.  I suggest going to the vicinity early to take it all in.  Talk to the locals, go to the shops, find out where the mass transit is as well as the cinemas, restaurants, etc.!

I also like to scope out where there is a Starbucks popping up when looking around.  They are a massive company with a lot of money and resources and have done all the research of up and coming areas.   Find comparable companies as well.  I usually recommend looking in those areas for properties and sharing that with your clients as a selling point.

To wrap it up, of course, be honest, sincere and genuine.  But above all else, be confident!

Thanks for watching 

Peter

MAGIC MINUTE - When Is The Best Time To Put A House On The Market?

MAGIC MINUTE is back in action for its 3rd SEASON!  We get right down to business this time around with a whole NEW bag of tips and tricks of the trade.  Tune in to watch me talk as fast as I can and pack in as many Real Estate tidbits as I can, in a (Lorimer style) minute! 

This will vary around the globe, but here in LA it’s universally agreed upon that spring going into summer is best.  Of course, it’s tough to pinpoint that zone, since it’s always seemingly summer here, but that’s the general rule of thumb.

Here’s a more specific breakdown:

No Mans Land – Unless you absolutely have to list your property I would avoid Halloween to Valentine’s Day.  If you want to squish it a bit you can list it 2 weeks before Thanksgiving or in the middle of January if need be, but try and stay away around this time.

Ideal Time – March, April & May.  People have recovered from holiday spending.  Also, it’s just positive vibes all around with the sun shining and summer around the corner. 

Thanks for watching

Peter