Posts tagged real estate
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

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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

Is A Real Estate Home Warranty Necessary? | Mail Bag

✉️ MailBag ✉️

You ask questions, and I answer them. This week the question is, "Is a home warranty necessary?" - Rob T.

YES. Absolutely necessary. One hundred percent.

As a buyer, a warranty is a policy that costs between $200-$500. It usually lasts about a year. Typically, it covers appliances--items that aren't structural. I also recommend renewing every 12 months.

As a buyer's agent, you're doing a disservice if you don't write this into all offers that you submit. Your clients will love you for it. Especially when you highlight it as a value-add.

Lovin' these questions, guys. Keep throwing 'em at me.

Thanks ❤️ PL

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 🤐.

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

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

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Send me your deets here:

HELP!! What's the Difference between Pre-Approved vs. Pre-Qualified for a Loan? | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them. This week the question is, "What is the difference between pre-approved and pre-qualified?" Claire D. Stockton

Great question. There's a huge difference between the two, so I'm happy to get into this one.

👉 Pre-qualified: Your lender does a bird's eye view of your credit score, employment history, and income. He or she then uses that information to determine what sort of loan you could qualify for.

👉Pre-approved: You work with your lender, going through every stage of actually getting a loan, right up until the home appraisal. Your lender gets everything needed to get you through underwriting, making you almost as good as cash in terms of buying power. Check with your lender on this, but in some cases, once you get through pre-approval, you may be able to remove the loan contingency from the offer, making your offer much more desirable to the seller.

As always, thanks so much for your questions.

Thanks for being part of the rebellion and for being here

❤️ PL

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 Referral? | MailBag | Q&A

You ask questions, and I answer them. This week the question is, "What is a referral?" - Ronda B.

A referral can actually be a couple of different things:

  1. Person to person: Someone in your client base or sphere of influence refers you to someone else. You can't compensate them with money, but you can take them out to a nice dinner.

  2. Brokerage to brokerage or agent to agent: This is when an agent or brokerage refers an agent to another agent or brokerage. This typically happens when a real estate agent moves to a different city or state. Money can be exchanged in this situation.

Thanks for your questions, guys. I'm having a lot of fun answering these. Feel free to DM me on IG with your pressing real estate questions.

❤️ 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.

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.

Real Estate Titans episode #109, hosted by Greg Fowler

I really enjoyed my recent candid conversation with Greg Fowler. We dove into some interesting topics, and, as per usual, I laid all answers right there on the table.

We touched on my big "why?" (spoiler alert: it's not money, it's family). We also chatted about what I feel are the most toxic things in the universe: fear, ego, and expectations. I shared my biggest personal and professional challenges and the mantra that helps me get shit done.

I think you'll really enjoy this one, friends. Give it a listen.

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 Avoid the Wrong Partnerships | MailBag | Q&A

You ask questions, and I answer them. This week, the question is "What are the potential downfalls of entering into the wrong partnership?"

Much of my answer to this really boils down to acting vs. reacting. If you are wanting to enter into a partnership because you aren't hitting your goals, you might end up disappointing two people instead of one.

I would only recommend getting a partner if you have so much business that you can't handle it all yourself OR your potential partner could contribute to the partnership in different and valuable ways.

What are your thoughts on this? If you have a partner-in-crime, tag 'em here and share the love.

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

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.

How To Improve Your Negotiation Skills - MailBag

✉️ MailBag ✉️

My weekly Magic Minute is taking a bit of a hiatus, and in its place, I'm doing MailBag: You ask questions, and I answer them.

For our first MailBag, the question is "What are your top tips to improve negotiations?" I freakin' love this question!

Here are my top 3:

👉 Always keep a cool head. When deals become adversarial, they fail.

👉 Always be transparent with your client. Even (especially) when it comes to bad news.

👉 Always make your clients interest the North Star of every deal. Do not worry about the commission or anything other than what's best for the client.

Ping me on IG or Twitter with your questions and I'll start chipping away at them here!

Thanks ❤️ 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.

Luxury or Regular Real Estate: What's the Difference? | Magic Minute Season 3

Luxury or Regular Real Estate: What's the Difference?

There are some great analogs between luxury and regular real estate. I remember when I crossed the threshold to sell my first 5M house, I was incredibly intimidated. However, I quickly realized that even though it was a bigger and fancier home, it still had four walls, bedrooms, bathrooms, and a kitchen. And once I wrapped my head around that, I really got into it. Sure, there are plenty of differences, too. And you'll get to discover them all on your journey as an agent.

What Should You Create Instagram Videos About? - Magic Minute Season 3

What should you create videos about? YOU. I've always found that authenticity + vulnerability translates into the camera. Work towards having your social media feed be a 360-degree depiction of you. That allows people to feel like they know you. And that, friends, builds trust.

Be authentic, be real, be you. Consistently.

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