CALL ME FOR A SHOWING at 858-692-3377
CALL ME FOR A SHOWING at 858-692-3377
CALL ME FOR A SHOWING at 858-692-3377
Wednesday, August 29, 2012
Wednesday, April 11, 2012
Rule Number 1: Assume Nothing!
The Realtor's Role: Assume Nothing! Anticipate, Ask, Assess, Analyze, Advise:
Brentwood, Beverly Hills, Bel Air, and...Los Angeles at large is known for being very culturally diverse and is now drawing a large number of foreign investors. In today's global real estate market, when it comes to finding a home or selling a home for a client, we have to be prepared with the right questions, devise a plan to be sure we communicate properly, and go the extra mile to be sure we are up-to-date with new lending policies, foreign affairs and basic cultural practices that could make or break a deal. I'm not suggesting you run out and buy a CD set to learn how to speak Mandarin, but a basic book in everyday business practices wouldn't hurt.
Most importantly, ASSUME NOTHING! I have learned through my travels that what may seem "normal" (I hate that word) to me, may be completely preposterous to someone else. Take Exhibit A: Below is a photo I took when I was in Cambodia at a public restroom or WC (Water Closet) near Angkor Wat.
Angkor Wat happens to be one of the most spectacular pieces of real estate I have ever seen and its beauty and history draws hundreds or thousands of tourists from all over the world each year. As primitive as Cambodia may seem, this sign is genius! It anticipates the foreign visitor who has never seen a western toilet before (and there are millions), and instructs the "client" on the proper use without using a single word. Brilliant way to avoid confusion and get the point across clearly! You got it, right?!
Now apply this approach to your clients, and I can guarantee the road to a closed deal will be much easier. I recommend the A6 approach (6 happens to be my lucky number) when getting a new client: Anticipate, Ask, Assess, Analyze, Advise and Assume Nothing!
1. Anticipate: Before meeting with a client, compile a list of questions to ask your client (create a profile sheet), also, based on your initial encounter, you should get a feel for what obstacles may arise during your journey together. Will they qualify? Are they telling you the truth about the old retainer wall in the backyard? Be prepared for problems before they hit.
2. Ask: You have your profile sheet now, so use it. Ask the buyer or seller questions that will paint a clear picture of what they expect out of the agent/client relationship and the ultimate purchase or sale of a home. Don't be shy to ask cultural or religious questions. Approach these topics strictly from an open-minded, professional approach so you can better serve your client. When you find yourself out of questions, review what you have noted and clarify your notes with your client.
3. Assess: Whether it is a pending foreclosure or nervous first-time buyer, be sure to look at the big picture and then break it out into smaller sections (I recommend creating a timeline that you may or may not want to share with your client). Your are the trusted professional, so as you gather your information, be sure to look for any hidden "treasures" (their Mom is living in a retirement home and they want to be close by, Feng Shui is important, the address cannot contain the number 4 due to cultural beliefs) and uncover them before they become the forgotten Easter egg that starts to stink.
4. Analyze: You should know your clients brother's kids names by now, so take the data you have compiled and create the perfect plan so the end result is...A successfully closed deal, with multiple referrals from your client!
5. Advise: Now that you know your client (KYC), you know what they want and don't want, and you know how to get it for them, guide them through the process of buying or selling a home in a manner that leaves them feeling like they learned something in the process and chose the most valuable agent on the planet.
6. Assume Nothing! I hate it when a doctor tells you something is wrong and they use terms that only Doogie Howser would know. Just because terms like SFR, CC, ROI, Cap Rate, etc may be in our daily lives, it does not mean our clients are privy to real estate lingo. Often times our egos get in the way and we forget to confirm with our clients that they understand everything. Our clients have egos too and may not want to admit they do not know something, leaving them a bit uneasy. Always confirm with your clients that they understand what is going on, this will keep the communication and trust flowing.
So if the tourism board in Cambodia can communicate clearly, I surely hope I can in LALA land.
Ciao,
Alison
The Wood Group at Sotheby's International Realty 11911 San Vicente Blvd., Suite 200, Los Angeles, CA 90049.(Brentwood, CA) Your global boutique realtor.
Brentwood, Beverly Hills, Bel Air, and...Los Angeles at large is known for being very culturally diverse and is now drawing a large number of foreign investors. In today's global real estate market, when it comes to finding a home or selling a home for a client, we have to be prepared with the right questions, devise a plan to be sure we communicate properly, and go the extra mile to be sure we are up-to-date with new lending policies, foreign affairs and basic cultural practices that could make or break a deal. I'm not suggesting you run out and buy a CD set to learn how to speak Mandarin, but a basic book in everyday business practices wouldn't hurt.
Most importantly, ASSUME NOTHING! I have learned through my travels that what may seem "normal" (I hate that word) to me, may be completely preposterous to someone else. Take Exhibit A: Below is a photo I took when I was in Cambodia at a public restroom or WC (Water Closet) near Angkor Wat.
Angkor Wat happens to be one of the most spectacular pieces of real estate I have ever seen and its beauty and history draws hundreds or thousands of tourists from all over the world each year. As primitive as Cambodia may seem, this sign is genius! It anticipates the foreign visitor who has never seen a western toilet before (and there are millions), and instructs the "client" on the proper use without using a single word. Brilliant way to avoid confusion and get the point across clearly! You got it, right?!
Now apply this approach to your clients, and I can guarantee the road to a closed deal will be much easier. I recommend the A6 approach (6 happens to be my lucky number) when getting a new client: Anticipate, Ask, Assess, Analyze, Advise and Assume Nothing!
1. Anticipate: Before meeting with a client, compile a list of questions to ask your client (create a profile sheet), also, based on your initial encounter, you should get a feel for what obstacles may arise during your journey together. Will they qualify? Are they telling you the truth about the old retainer wall in the backyard? Be prepared for problems before they hit.
2. Ask: You have your profile sheet now, so use it. Ask the buyer or seller questions that will paint a clear picture of what they expect out of the agent/client relationship and the ultimate purchase or sale of a home. Don't be shy to ask cultural or religious questions. Approach these topics strictly from an open-minded, professional approach so you can better serve your client. When you find yourself out of questions, review what you have noted and clarify your notes with your client.
3. Assess: Whether it is a pending foreclosure or nervous first-time buyer, be sure to look at the big picture and then break it out into smaller sections (I recommend creating a timeline that you may or may not want to share with your client). Your are the trusted professional, so as you gather your information, be sure to look for any hidden "treasures" (their Mom is living in a retirement home and they want to be close by, Feng Shui is important, the address cannot contain the number 4 due to cultural beliefs) and uncover them before they become the forgotten Easter egg that starts to stink.
4. Analyze: You should know your clients brother's kids names by now, so take the data you have compiled and create the perfect plan so the end result is...A successfully closed deal, with multiple referrals from your client!
5. Advise: Now that you know your client (KYC), you know what they want and don't want, and you know how to get it for them, guide them through the process of buying or selling a home in a manner that leaves them feeling like they learned something in the process and chose the most valuable agent on the planet.
6. Assume Nothing! I hate it when a doctor tells you something is wrong and they use terms that only Doogie Howser would know. Just because terms like SFR, CC, ROI, Cap Rate, etc may be in our daily lives, it does not mean our clients are privy to real estate lingo. Often times our egos get in the way and we forget to confirm with our clients that they understand everything. Our clients have egos too and may not want to admit they do not know something, leaving them a bit uneasy. Always confirm with your clients that they understand what is going on, this will keep the communication and trust flowing.
So if the tourism board in Cambodia can communicate clearly, I surely hope I can in LALA land.
Ciao,
Alison
The Wood Group at Sotheby's International Realty 11911 San Vicente Blvd., Suite 200, Los Angeles, CA 90049.(Brentwood, CA) Your global boutique realtor.
Thursday, February 16, 2012
Whether you are practicing real estate in Brentwood or Bangalore, a good rule of thumb is to always expect the unexpected and prepare, prepare, prepare! Buying or selling a home is one of the most emotionally charged experiences in a persons life, and it is up to the agent to take a strong advisory role during the course of their client's real estate transaction and guide them through the process.
I have often seen hazardous situations go unattended (photo: fire safety measures on a million square foot development site in India) because the real estate professional was more concerned with hurting their client's feelings rather than upholding their professional pledge to always act in their client's best interest.
Granted it isn't easy to tell someone their property is worth less than what they thought, inform someone their dream home sold five hours before their offer was submitted, tell an elderly parent they can no longer handle the stairs in the home they raised their children in, but we all know that when things become sugar-coated, they are rarely better for us. Delaying the inevitable only hurts our clients in the long run. So do some push ups and get strong for your clients. They need your professional experience and talents!
Prepare, role play, do whatever it takes to be able to respond in productive ways to those emotionally charged situations that always occur in residential real estate. Expect the Unexpected!
Bangkok or Beverly Hills Real Estate? Where to Start in a Foreign Market
Bangkok or Beverly Hills Real Estate?
Where to start in a foreign market:
Those of us who are lucky enough to travel and experience new people, places and things often find ourselves wondering if investing in another country is a wise decision, and if so where. We find ourselves thinking of numerous questions we want to ask someone, yet don't quite know who to ask or how to find them.
Whether you are considering investing in an up and coming market (Bangkok) and/or a well established market (Beverly Hills), I have one tip that will get the ball rolling on your real estate research. Start at the Four Seasons, Peninsula, Montage or any other International 5 star resort!
No need to book a room right away. This tip is based on simple real estate basics, location, location, location and other factors such as transportation, zoning and income. Start with mapping out the actual location of the hotel. You'll rarely find a hotel of this caliber in an undesirable area.
Then head to the concierge, they are a wealth of knowledge! Ask them who they would recommend for a local realtor or real estate attorney, but do not under estimate the concierge local knowledge about pricing and desirabilty.
Head out to the patio for lunch and ask your local waiter where he lives, where he would like to live, and what rental rates are like. Most of the time you will find that your waiter is not shy, unless of course there is a language barrier. If you encounter some difficulty at lunch, don't fret, there are plenty of other opportunities to learn about the local market.
After lunch, mosey into the lobby/lounge area for a coffee and strike up some conversation with some hotel guests. Try to avoid the family that looks like they are there to visit the local version of Mickey Mouse and look for someone who appears to be on a business trip. Don't be bashful, just stick out you hand and say "Hi. I'm (your name), pardon e for bothering you, but I'm doing some research on the local real estate and was wondering if you had any recommendations of good locations to visit. I am looking for a good (residential, commercial, industrial, investment) property."
So where are you flying to next, Bangkok or Beverly Hills? If it is Beverly Hills, call me :)!
Subscribe to:
Posts (Atom)