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Why Is Housing Inventory So Low? Tips for Overcoming Market Challenges
Welcome back to our "Tips and Tricks Tuesday" series, which highlights articles around a monthly theme. August's theme is "Finding more homes for sale." Read on for tips and tricks for finding business even in challenging market: The real estate market continues to grapple with persistent inventory issues, creating a challenging environment for both buyers and sellers. As demand for housing remains strong, the supply of available properties struggles to keep pace, resulting in a highly competitive landscape. In the latest episode of Destination Coaching, TRIBUS coaches Johnny Pfeiffer and Brandon Doyle discuss these inventory issues in real estate today. They go over what it actually is, how it happened and what is to come of it. Find out their thoughts about Zoom Cities, market efficiency, construction and interest rates. For more content like this, head to destcoaching.com and sign up for a free call

Is it Time to Hire a Real Estate Coach?
Real estate professionals all started somewhere. While many industry pros aren't shocked at new agents struggling to get their footing, it's not just the newbies who may need business help. Even established agents need a refresher — or even remotivation — occasionally. Or, a real estate pro boomerangs back into the industry. All of these possibilities are worthy of considering hiring a real estate coach. You may be wondering, I'm already part of a brokerage, why do I need any more coaching? A real estate coach is unique in their specific focus on the fine details of not only the industry, but also how to best perform and succeed in real estate. Real estate coaches can size up your strengths and weaknesses and work with you to build actionable business or improvement plans. They can also provide marketing tips, advice for handling clients, help with lead generation tactics, and much more. Why Work with a Real Estate Coach? Some more key reasons you may consider hiring a real estate coach include: Your local market is heating up: If market activity is on the rise and you find yourself struggling to make the most of it for your business, a real estate coach can help you muscle through the details and create systems and processes to maximize your time investment. Time is money: Time management and knowing where to prioritize is crucial to a successful real estate business. A coach can help you decipher key areas of focus and give plenty of real-life tips around scheduling and time management to help you unlock greater work-life balance. Getting a plan in place: From marketing expertise to crafting a long-term business plan, a real estate coach's experience can line up with your weaknesses to turn them into strengths. By partnering with a coach, your real estate business can get on a solid foundation and a steady track with careful, knowledge-backed planning. You're ready to grow: Maybe it's time for you to switch brokerages. Perhaps you're ready to start your own team. Or expanding and excelling as an agent is a goal you're now chasing. For all of these scenarios (and then some), a real estate coach can help you create an actionable plan to reach these goals. Pro Tip: Still not sure why you may want to work with a real estate coach? Try this: ask yourself where your greatest areas of opportunity are, and where your prominent strengths lie. Write these down on a piece of paper. Then, highlight how each of your strengths currently help your business, and how improving your weak spots could help your business. For example, if you're strong at networking, this helps your business by expanding your sphere of clients. If you're weaker at online marketing, you could improve lead generation if your marketing skills were stronger. Doing this exercise will help you start to understand where a real estate coach can support you to fill in the gaps and help you grow, and where they can also nurture and strengthen the aptitude you already bring to the table. A Quick Cost Analysis When considering hiring a real estate coach, there are a host of factors to consider. Generally, the bigger the name, the larger the price. Typically, a real estate coach can cost anywhere from $300 to $1,500 with price dictated by tenure, level of support that they offer, training materials, and private, hands-on training sessions. More Affordable Stepping Stones If this range isn't within your budget, there's no need to worry. Other options that offer real estate coaching include: Group coaching: Real estate coaches usually charge a lower monthly fee for access to group coaching. Group coaching typically consists of a regularly-scheduled coaching session with predetermined materials by the real estate coach, and the opportunity to hear from other agents in the group as they share their challenges and wins. In addition to receiving coaching at a lower cost, you also get the benefit of networking opportunities. Connecting via social media: Countless real estate pros leverage social media platforms like LinkedIn to share their top tips for business success. These tips can come in the form of blog posts or videos, allowing you to also familiarize yourself with the style of the real estate coach and assess if their approach is what you want to emulate for your business. These real estate coaches may also advertise free workshops or networking events via their social media platforms. Virtual coursework: Another option is online coursework crafted specifically by a real estate coach. They may offer reports, case studies, pre-recorded videos, or scheduled live virtual discussions for a set, package price. This will allow you to work at your own pace, offer you access to their expertise, and sometimes even a network of agents also taking the course. How to Find the Right Real Estate Coach for You When investing in a real estate coach, you'll want to conduct your own cost analysis through accessibility and the degree of your needs. The timing of real estate opportunities is often unpredictable; you'll want to have quick, easy access to your coach to help you navigate smoothly through whatever is thrown your way. A key trait of a quality real estate coach starts with their tenure. The longer an agent has been in business, the more you can trust they've earned their wisdom. Their success rate is equally important: what is their reputation for results? Zeroing in on their success milestones like other agents they've helped grow, their own deals closed, and their marketing tactics, you can assess if this is a real estate coach you'd want to partner with for your business. Finally, interviewing is key. While a good real estate coach brings a wealth of knowledge and deep expertise, a great real estate coach meshes well with your personality and business mindset. Making sure you connect is key to maximizing your partnership and growing your business. To view the original article, visit the BoomTown

How to Convert an Internet Lead via Phone
The strategies you use to successfully convert leads are a big factor in your level of productivity. As we are able to find leads through an increasing number of channels, it can be challenging to identify the best ways to move toward conversion. Taking advantage of the opportunities that come via the internet can require some new ways of thinking and creative combinations of tools that you might not have tried before. One traditional, yet effective way to move an online inquiry into the pipeline is to make contact by phone. Following up is critical, and it's amazing how frequently initial contacts are ignored. For example, the WAV Group measured lead responsiveness from a sample of 384 different brokers across 11 states. Researchers inquired about online listings and recorded the data on responses by agents. In their experience: 48% of buyer inquiries were NEVER responded to Average number of call back attempts after the initial contact was 1.5 The average number of email contact attempts was 2.07 Average response time was 917 minutes (or 15.29 hours) So, strategy number one: RESPOND. Beyond that, many industry coaches recommend using the phone to convert these online leads. Here's a roundup of wisdom on the subject. #1. Tom Ferry Ferry's blog is loaded with information, videos, and interviews. He has an energetic style and provides specific tips for being more effective in using your phone for lead conversion. Tom Ferry's 6 Communications Tips Know your customers' pain and know their problems. Examples: market conditions, past purchasing experiences Know your dialogues. If you want to be good on the phone, you have to practice! When you know what to say and how to say it, you can be more in tune to your customers' needs. Get to the point! Example: "I'm calling today to schedule an appointment…" Give two options for setting a time. Stand up when you are making calls! Your body controls your tonality and your emotional state. On the phone = 20% effective sensory communication. Remember that when you talk, you are only engaging in one sense out of five. Speaking clearly is important. Get the fear out of the way with these three questions: What's the worst case scenario? What's the most likely scenario? What's the best case scenario? #2. Jared James A professional speaker, author, coach, marketer and entrepreneur, Jared James has a YouTube channel filled with tips and tricks for lead conversion. He makes no bones about the critical nature of timing. Five minutes can be the difference between a deal and no deal —and industry experts like Jared, Chris Smith and others agree. When you contact a lead within the first five minutes of their initial inquiry, the chances of converting that lead go up 100x. That's because there's context around that moment—they're still on your website, they're still thinking about you, and they haven't been taken over by the wave of all the other things on their plate. Jared talks about how to do this yourself—or with an inside sales assistant—and reminds you to perform an immediate call back rather than leaving a voice message. #3. Ken Goodfellow On Ken's blog, the topic of lead conversion is often discussed, and Ken recognizes the importance of the personal touch that a phone call creates. Initially follow up with the lead through email or text—but follow up with a personable phone call shortly after. Simply restate your position in a unique and refreshing manner. #4. Lee Davenport A quality CRM is part of any follow-up and lead conversion strategy, and Lee Davenport offers great insights into what features your CRM should have to help you respond quickly to incoming inquiries. She mentions a situation that most agents can relate to: You're sitting in a three-hour CRE course and receive an inquiry. Will your CRM automatically respond to the inquiry with a personalized message? Here are some more functions Lee recommends. To view the original article, visit the Wise Agent