Posts tagged real estate training
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 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

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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.

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.

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.

Should I Be A Solo Agent? Or Should I Be On A Team? | Magic Minute Season 3

Solo or Team? I get this question all the time.

If you're kicking butt on your own and you want to team up with another agent who is also killing it, it could be a match made in heaven. The problem with teaming up always occurs when agents are unequally matched. If you team up with someone, and you're closing deals and getting clients, and your partner is not, that's where problems begin to occur (or vice versa).

I believe that, in the beginning, it can be beneficial to learn from someone; but ultimately, I'm an indie through and through.

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

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

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 Does FSBO Mean? | Magic Minute Season 3

What exactly does FSBO mean?? For Sale By Owner. This is a tricky part of real estate. Most FSBOs are people that don't, generally, like real estate agents or they just want to sell their house themselves.

If you're a real estate agent and you're looking for an angle, you can work this, but to be effective, you need to add value. If your strategy is just to walk up to them or call them and try to get their listings - it's going to be rough.

BUT, if you offer to bring them a buyer - the seller, most likely, will value your hard work and might even give you the listing. I've had this happen to me on multiple occasions.

Get creative and be patient.

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

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

Got Toxic Clients? - Magic Minute - Season 3

Real estate agents (and other professionals!), we've all been there.

Toxic clients.

Those clients, that, when the phone rings, you get that unpleasant feeling in your belly. What do we do?! Here's how I handle it. I give it two weeks. If, after two weeks, the client and I still aren't jiving, I let 'em go. It can be hard, but let me tell you, getting rid of clients that suck the life out of you frees you up to do good work for others!

Have any of you dealt with this before? Hit me in the comments.

Thanks for being here ❤️ Pete

The Art of Confidence | Monday Mantra

Today’s mantra is all about the art of confidence. What is it? How do you get it? And how do you use it? Believe it or not I once lacked confidence but through following the techniques I talk about here I managed to smash through my worries and forge ahead. I hope you get something out of this and thanks, as always, 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

#ThrowbackTuesday - Leave The Footprints, Don't Follow Them

MEDIA & MARKETING PANEL C.A.R. 2016  

I was invited to speak at the California Association of Realtors Conference in Long Beach, on the Media and Marketing Panel.   As always I will gladly jump on stage to spout about things I'm passionate about and was honored to do so.

One of the main things I spoke about was what I think the secret to being successful in this business is… One word – YOUTUBE.  Lead, don’t follow and find your own information. 

It's funny stepping out of my bubble to see what the rest of my industry is doing and it's always kinda wild to compare what I'm doing.  It seems that real estate, for the most part, is stuck in the dark ages... but I attempted to shine a light on at least my contribution to the industry in this episode of the Vlog...

Leave the footprints, don’t follow them. 

Thanks for being part of the rebellion 

Pete