Posts tagged real estate strategies
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

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

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

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

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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

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

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

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

How To Assess Your Client's Home Value? | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them. This week, the question is, "How do I properly assess my client's home value?" Jessica L.

Here's the technique I've used for years--bracketing. Bracketing is also used by real estate appraisers and encompasses preparing comps as well as a range of values for the property.

First, I prepare a few comps before meeting the seller, and then present three different price points around the home's true street value:

👉 Below market value

👉 Right at market value

👉 Above market value

This method takes the pressure off you, the agent, and allows the seller to feel ownership over the process.

❤️ 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.

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.

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.

Top Tips for Selling Your Home in a Slow Season | Magic Minute Season 3

Top Tips for Selling Your Home in a Slow Season:

👉 Three words: Price, Price, Price - you have to price it perfectly.

👉 Work with a pro: listen to your agent if they are wanting to stage, declutter, or make any other changes.

As the market neutralizes, the value proposition of a real estate professional is becoming more valuable. A good agent can help you differentiate your home from the one for sale down the street.

I'd love to hear your thoughts this! Let me know in the comments.

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

The Secret to ZERO Failures - Season Finale | Monday Mantra

This may be the most important Mantra I have ever done and its the season finale too!

This is not just a roadmap for business, its a roadmap for life. I will be covering the struggles from my UK roots, coming to America, Buddhism, The "Burning Bush" moment of clarity and many other milestones. BUT I will also be covering my experience with my spiritual guide, my spiritual herbalist, transcendental meditation. There may be points where you think "Whoa Pete has lost it" but I assure you its all spoken with the truest sincerity I can muster.

After a decade or more of practice and application the techniques talked about have culminated in I now have no failure and ultimate freedom. I know this one is out there for sure but its given to you with nothing but the heartfelt desire to show you what took me years to discover and that has utterly and unimaginably shaped my life infinitely for the better. Thanks for being watching and for being part of the rebellion.

L.O.V.E. PL

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