Posts tagged peter lorimer
Real Estate Errors & Omissions Insurance Explained | Mail Bag

All real estate agents make genuine errors at some point in their real estate career. The answer to this question is the barrier of protection you need to protect yourself.

Welcome to another episode of ✉️ MailBag ✉️

This week's question comes from Brandon from Dallas, "Do I need E&O Insurance?"

First of all, what is that?

Errors and omissions insurance. If you're an agent and you miss a step or miss disclosing something, E & O Insurance should cover it. This insurance is for accidents - genuine errors. This does NOT cover fraudulence. It is for actual mistakes, accidental omissions, and errors.

The answer to this question is yes, you need this as much as you need air.

Why? If you don't have it, your genuine mistakes could cost the brokerage 1 million dollars.

Great question, Brandon. Friends, keep hurling your burning questions this way.

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

3 Secrets to Roadmap Massive Success in Real Estate in 2020 | Monday Mantra

Todays Mantra is all about 3 Secrets (actually 4 as I have a bonus secret at the end of the video) that I deploy to make sure that I am on point with everything in my real estate career so that I can have a healthy pipeline when I start my new year, in this case its 2020.

I will be covering everything from prospecting to your digital identity, so glad you can join me on this weeks Monday Mantra its great to have you with me, thanks for being part of this.

Love PL

Tips on How to Handle Indecisive Buyers in Real Estate | MailBag | Q&A

Tips on how to handle indecisive buyers may just be the nugget of info you need today to help your real estate career.

Welcome to another episode of ✉️ MailBag ✉️

This weeks question comes from Mary O from Richmond Virginia "How do you deal with indecisive buyers?"

All buyers are indecisive.

It's our job to be patient, to be a therapist. It's not about our job to get the deal to close as fast as possible. Sure, we'll have to work harder with one client at times than we do with others.

My lovely wife Cindy gave me this advice: Never look at each client as a commission check. Look at what you make over a year as your salary.

Don't worry about the results. Focus on serving your clients and treating them like family. Trust me, the rest will follow.

Keep the questions comin'.

Thanks ❤️ Pete

Do I Really Need To Disclose That??! | Mail Bag

✉️ MailBag ✉️

You ask questions, and I answer them. This week the question is, "Do I need to disclose a death in the house?" - Maryann G. Santa Barbara

This one can be a landmine. 💣

There are two explanations to this. A legal (-ish. Disclaimer: I'm not a lawyer) explanation, and my own explanation.

Legally, in California, you only need to disclose a death if it happened in the property within three years of the deal.

However, my explanation is different. I go by this rule of thumb with EVERYTHING (and my clients appreciate it). If I'm thinking, "Do I need to disclose this?", the answer is one thousand percent "yes".

It's just not always clear cut. Buyers may have religious reasons for wanting to know, or they simply just get freaked out about such things. Keep yourself out of the courtroom and in trust with your clients by following these three words: Always Disclose Everything.

As always, thanks for your questions. Keep hurlin' em this way.

Thanks for being here ❤️ Pete

Music Producer to Real Estate Powerhouse-Peter Lorimer | Super Agents Live Podcast

This chat with Super Agents Live turned into one of my favorites.

I talk a lot about failing fast - giving it my all until I hit a brick wall. How long is long enough to try? Let's turn the tables on that question a bit. It's less about how long you try and much more about consistency. I see people try something for a bit, get discouraged when it doesn't work quickly, and move on. I wonder how many beautiful successes could have happened if we'd all just stick it out.

Everyone thought I was looney when I left the music industry. But for me, it was a lightbulb moment. Not only was the writing on the wall as far as the future of the music business, but the lifestyle was unhealthy. I got sober and left.

It was a moment of clarity for me. I needed to do things my way.

I did not leave empty-handed, though. I left with a practiced trend-spotting muscle, a clear vision for who my tribe was, and an even stronger desire to build something.

I jumped into the white space. I followed my gut, ran hard after my tribe, kept my head down, and worked.

Failure is a big part of my story - I always believe that it's imminent. I believe that what's supposed to happen, will. Including both failures and successes. I'm detached from the outcome. I do things because it's the right thing to do. That's it.

My biggest piece of advice: You are the product, not the brokerage.

Own who you are, put in the work, and quit obsessing over the outcome.

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

For original post click here

Top 4 Secrets of Real Estate Mega Agents

Want to be a mega real estate agent? Let's start with a fundamental truth. This truth has always grounded me in my real estate career: be of service. It always comes back to this, friends. Put yourself last and put your client first.

This good work daily battles four vicious enemies. Fear, self-righteous indignation, and expectations claw at us almost hourly throughout the day.

Which one of these enemies do you battle with the most often?

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

Netflix Real Estate Star and Super Agent is Changing the Game. An Interview with Peter Lorimer | Top Agents Playbook Podcast with Ray Wood

Fewer agents, more marketers. That's what Ray Wood and I chatted about. (Among many other things.)

How did it all begin? I knew it was time. I knew I needed to jump all in. And, soon, I knew I had to do it my way. By that, I mean creativity over corporate. I'm not driven by money, I'm driven by goals.

My formula for success: never sit still. Always strive to evolve--however incrementally.

I grew my trend-spotting muscle (and you can grow yours, too). It started in music as I obsessed over the nuances of EM. And now today, I watch endless videos and follow all the big names in real estate and marketing. I drink from the firehouse of knowledge every day.

My big prediction for the real estate industry: It's either corporate, traditional, or boutique brands. In the next 5 years, it will be the day of the boutique and the super-corporate.

You are the brand. Marketing, branding, and prospecting. It all comes back to trust. And that happens in person.

This was a good one y'all. Listen in for more.

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

For Original Post Click Here

Shhh...I Shouldn't Be Showing You This - Secret Silver Lake

You guys know I love pushing boundaries and just generally living on the edge. And anytime I can give you some juicy nuggets of information, I have to. So I worked up this cheeky sneak peek for you to see this fabulous project I've been working on.

The project is a tremendous property called SJ8 and they are a little more luxe than the usual. It's located 5 minutes from a $6 latte at Sunset Junction and boasts breathtaking views, gorgeous plans, and a sought-after location. This is all I'm allowed to show you for now (really, shouldn't be showing you this), but stay tuned for more.

Check this out and 🤐.

EDM Producer To Netflix Star | Young Smart Money Podcast with Apple Crider

Are you waiting to jump? You should give this podcast a listen. I love chats like this one. My recent conversation with Apple Crider on his podcast, Young Smart Money, included my one-liner on how to be successful as an entrepreneur, as well as some other juicy tidbits.

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

YOU’RE FIRED! How to Stop Working with a Bad Real Realtor | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them. This week the question is, "As a buyer, can I change my realtor throughout my home buying process?" - Ana J, Tulsa, OK

Technically speaking, yes. Most realtors are not a huge fan of this fact, but it's true. I don't believe it's prudent to jump around, choosing different agents throughout the process. However, if your buyer's agent is not adding value, and you haven't signed anything - you're not obligated.

For the most part, buyer's agents are free. Utilize that. You'll probably get a better deal and just overall make a more educated decision.

Thanks for the questions! Keep 'em coming.

Thanks for being here ❤️ PL

Shhh: The Secret Way to Buy or Sell a Property Anonymously | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them. This week the question is, "How can my client buy or sell a property anonymously?" Frank J., Los Angeles

This happens quite often in the celebrity world. Most of A-listers don't enjoy the world knowing when they buy a new home. I've gone through deals like these with several clients.

It's not possible to anonymously buy a property. So here's what you do:

1. Get an attorney who can help.

2. Take the title in the name of an LLC or a trust

For example, I have a client who owns multiple properties. He doesn't want the world to know they are his, so he takes ownership with an LLC. That way, when someone searches his name, no one can tell who owns it.

Thanks for your questions, keep hurling them this way!

❤️ PL

Increase Your Short Term Rental Income | Yvonne Kandi Radio Podcast

Chatted with Yvonne Kandi recently and we covered my past, present, and my top tips for short-term rentals.

As a kid, we had three options (basically). Sports, crime, or music. I chose music - had a path there. In the mid-eighties, I was in a night club at 14. I discovered my muse there, one of the loves of my life - house music. I dropped out of high school and ran straight towards that and did it for around 16 years.

After a decade and a half, I needed my next move. Seeing Los Angeles as a lucrative market for property investing, I started investing in properties in areas that I thought would pop. As I invested, my music + creative tribe began to reach out.

I dove into real estate, and we've gone from 2 agents to 200 agents.

Tips to increase your short-term rental income:
✨ FIRST, investors, buy properties in AirBnB-friendly cities.
✨ Your guests' experience is paramount. Anticipating what they might need will directly correlate to amazing reviews, and in turn, results in a better ROI. Good practice to do this - send a questionnaire a week before they arrive.
✨ Don't look for the cheapest way to do stuff, look for the best way to do stuff.

Give it a listen for more! Thanks for being part of the rebellion and for being here ❤️ Peter

What The Heck Is A Real Estate Prelim? | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them. This week the question is, "What is a preliminary title report?" - Melissa C.

A preliminary title report is a precursor to the title report.

Here's what you do with it.

Agents, when all transactions open, you get a preliminary title report - most likely issued from escrow. In every single one of my deals, I send my preliminary title report to my title officer. Even if he's not the title officer on this particular deal - I ask him to look it over. These reports can be covered in landmines and things that are easy for the untrained eye to miss. Make sure you bring in an expert-level second pair of eyes to check out your preliminary report before moving forward.

As usual, wonderful question. I'm really enjoying working through all these. Keep sending them in!

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

Want to join my mailing list?

Send me your deets here: https://peterlorimer.com/contact-plg-1

Airbnb Bliss: Top 10 Cities Where Vacation Rentals Rake in the Most Cash via Realtor.com
image-62.jpg

The short-term rental market is going through its first big push back from legislators and communities. As popularity for short-term rental investments rises, some markets are becoming saturated, and, as a result, neighbors and other's affected by the influx of tourists in their communities (as well as the rise in home prices) are becoming more than disgruntled.

It makes sense. But, does this mean the time has passed for short-term rentals? Not by a long shot. We are still just beginning. What it does mean, however, is that you need to do your homework. If you're looking at purchasing a home as a short-term rental investment, there are some things you need to consider prior to doing so.

👉 How much can you get for a traditional, long-term rental if legislation makes that necessary?
👉 Is the market saturated?
👉 Can you match or beat competitors' prices?

Consider those, along with the data and rankings found in this article, and you can move forward in getting a slice of the short-term rental pie. For the full article on Realtor.com click here: https://www.realtor.com/news/trends/10-best-cities-to-own-an-airbnb-rental-property/

Individuality is the Key to Success | Agents of Compass Podcast

Ivan and I had a candid conversation on Agents of Compass. I get pretty stoked when I talk about things like authenticity, boutique real estate, social media, and staying out of expectations. We covered all of that and then some.

Starting out in real estate was brutal (I'd been licensed for about 5 years before I even tapped into some big name clients). One of the best things I ever did for myself and my career was divorce myself from expectations. I learned to bust my ass and not worry about the results. I figured out how to do that and have never looked back.

Social media brings me about 90% of my business. Social media = prospecting. First and foremost, you must be authentic. Reality check, friends. People will ALWAYS smell bullshit.

The only thing worse than not doing social media is doing vanilla social media. That tells your consumers you don't care, and they'll move on to someone who does. The resurgence of boutique real estate companies (and other companies) is a rebellion against vanilla.

Other points from this episode:

  • Individuality. All agents need to take charge of their own digital identity.

  • Toxic clients. I don't want to work with people that don't want to work with me. I'll never compromise who I am to work with someone.

  • Trade secrets. Knowledge is never, ever owned. It's borrowed, and it's our duty to hand it off.

Give this podcast a listen and get fired up with me about staying uncomfortable, authentic, and out of expectations.

What is A Dual Agency? | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them. This week, the question is, "What is a dual agency?" - Tristan Y.

A dual agency is where you represent the buyer and the seller. I believe this is incredibly dicey--and honestly, this is where a lot of the lawsuits in regards to real estate live.

Tread carefully; transparency is EVERYTHING.

The best advice my lawyer ever gave me: If you ever find yourself wondering if you should disclose something, then you should absolutely disclose it.

Unless your seller really wants you to be a dual agent, I'd recommend you only represent the seller.

❤️ PL

Want to join my email list?

Drop me your deets and I will send you my monthly newsletter plus updates to all my latest content.

Mia La Maven Charity Poker Tournament

My motto is "pass it on". Knowledge is never owned and it's our duty to pass it on to the next person.

I learned to pass it on when I was a record producer. I watched, and here's what I saw: there were always two types of people in the industry--the first type said, "don't touch a thing," and the second type said, "use whatever you want." The second type became massively successful.

I think the world is changing. My policy is to share EVERYTHING. If you're worried about people taking what you have, you're going to lose it. There's more than enough for everyone. I'm not in charge, I just get up and work REALLY hard, and try to help as many people as I can.

We can't manipulate the results. I've logged a ton of business hours, and I've learned that nothing is THAT important. Life-changing deals are never life-changing.

Another thing, wealth has barely any association with what's in the bank. Money isn't the aim, it's the by-product. When I was selling houses to celebrities, I at first was fearful of making one wrong move. I learned to speak to them as a friend. I gave it to them straight - as a friend would. The art of sales to me is NEVER to sell. I treat my clients as extended family members. Because, at the end of the day, what matters to me is the people in my life and the experiences that we have together.

I say this to my agents all the time: "You can never do anything wrong; the only thing you can do wrong is worry that you're going to do something wrong."

Live out of faith (not fear), and keep your head out of the results.

For more info on this wonderful cause please check out:

instagram.com/thejacksteven

instagram.com/poker4lifela

https://www.mialamavenmedspa.com/

Staying in Touch With Past Clients | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them. This week, the question is, "How often do you keep in touch with a past client?" - John M.

Oh, The Past Client Follow-Up.

Real estate tends to be extremely forward-focused, so a lot of agents let these "forgotten children of real estate" fall through the cracks a bit.

It's definitely a missed opportunity. These are people that we've worked with and that will be advocates and tell others about us.

I recommend following up with them no less than every 6 months. For me, I don't simply send a note, I buy past clients dinner or invite them to an event at least once a year.

❤️ PL

Want to join my email list?

Drop me your deets and I will send you my monthly newsletter plus updates to all my latest content.

Casey Neistat and the Mansion in the Hollywood Hills | Backstage Pass | Vlog

In this vlog, which is the start of season 3, it’s all about Casey Neistat. As you know Casey is moving to LA and Jeff Landreville who is an agent at my company, PLG Estates, is a man obsessed with vlogging and with Casey.

We visit a mansion in the Hollywood Hills and chop it up talking biz and Casey and the plan that Jeff has hatched, which is magnificent!! If you want to see more of Jeff’s vlog go here and you will see Jeff’s full version of his vlog.

As always, thanks for being here ❤️ PL

How to Market Your Real Estate Business | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them.

This week, the question is, "As a new agent, how much marketing and promotion should I do to grow my business?" - Larry B.

When I was a new agent, I went all in with social media. I spent every last dime I had on social media marketing. Creating original content that shows who you are as a human being and a real estate agent. People run towards similar people (their tribe). People can't run towards you if they can't SEE you or know you. How much? When you're first starting out, everything but food and gas should be spent on your career.

50/50 rule: 50% of your time learning about your craft and 50% actually doing it.

Immerse yourself.

❤️PL

Want to join my email list?

Drop me your deets and I will send you my monthly newsletter plus updates to all my latest content.