The Shoe's On The Other Foot: Feeling the Sellers' Pain

Empathy is one thing.  But actually experiencing what my clients go through has been a total revelation.  I have new appreciation for my clients’ angst while placing a home on the market for sale and looking for a new one.  The process is making me a better agent, but --- OUCH!  It is really painful!

Making the decision

Our home of almost ten years has been comfortable and we’ve loved it, but the time was ripe for a change.  My wife and I explored a renovation; we worked with a designer to analyze our needs and taste, put the project out to bid, submitted plans to our coop’s managing agent and negotiated with the building’s architect/engineer.  After all that, we realized that the expense and annoyance might not be worth it.  Jeez – we were frustrated and annoyed at the tortoise pace and red tape of even these preliminary steps.  What would it be like for the four of us (and our dog and cat) to live in a construction site and to breathe dust and to share one bathroom for months?  Perhaps now was the right time to move.

Technology and Tools of the Trade

To remain relevant and avoid extinction, real estate professional must employ innovative technology.  Our clients use it; our clients expect us to use it. Top agents use technology to give themselves a competitive edge as they take their businesses to the next level. What are today’s “must have” technological tools?

 HARDWARE

Smart Phone

Remember how clever that TV gadget-loving G-man Maxwell Smart seemed, using his shoe phone for telephone calls? The idea of communicating with mobile telephones is not as ridiculous as we once thought.  Today’s smart phones are tiny and durable, like Max’s, but they have other features and tools that a creative real estate professional should use for maximum communication punch. Smaller than a small wallet, smart phones:

• Take great pictures
• Make movies
• Store and update calendars
• Send and receive email and text messages
• Connect to the internet, and
• Run the latest apps.

A sophisticated PDA is an absolute MUST HAVE for the successful real estate professional.

Still in love with your tried and true—perhaps a flip phone that has all the contacts of your nears and dears? Afraid of the cost of those contracts and data rates? Too busy or too tired to navigate yet another device? Get over it!  If you don’t have a mobile phone with the latest features--or if you do have one but don’t know how to use it--you’re in trouble. The world is digital, wireless, and internet connected at all times.  You must be, too, else you’ll be as dated as good old Maxwell Smart.

Breathe easy. The competition for mobile phone customers is fierce.  Packages are far more reasonably priced than ever.  Also, phone stores have trained professionals who can transfer your data and walk you through the features of your new gadget. 

 Notebook

A notebook, small laptop, iPad or the equivalent is quickly becoming a real estate necessity. You already have an smart phone you say?  That’s a good start.  But to show your clients’ available options and the latest opportunities, nothing sells as well as an image on a good-sized screen.  Smart phones are simply too small.

Furthermore, today’s notepads allow you to run extensive databases and records that the average smart phone cannot.  Your office is often on the go.  Make your computer on-the go, too.

Real Estate Dating Guide

Look at the headlines in the newspapers:  Economic meltdown.  Scandals.  Distrust.  Fear.  When it comes to the most valuable transaction our clients may ever complete, it is no wonder that buyers and sellers do their homework and diligently scrutinize us before signing on the dotted line.  How should agents prepare for this increased level of scrutiny?

Have raving fans.  Hopefully those that know us and respect our work are recommending us to their friends, colleagues and neighbors.  Introductions from trusted advisors work best.  Fuel the fire by encouraging these types of referrals. The stronger and more trustworthy the referral, the less painful the scrutiny will be.  Blind dates are preferable to meeting strangers on the street, no?

Be visible online. If you Google yourself, what do you find?  This is what your buyers and sellers will know about you before you’ve spoken on the phone or met in person. Be present, and be pretty, online, because online research is an integral part of today’s real estate agent beauty pageant. Have your own web site or an individual page on your company’s site.  List your credentials, years of experience, licenses, degrees, designations, trade group memberships and awards.  Remove the Facebook photos from the wee hours of last New Year’s Eve.  If you write a blog or newsletter, make certain it is up-to-the-minute, easily accessible, and well written.

Know your unique selling proposition (USP).  Once you pass the online first impressions test, buyers and sellers will typically invite you for an interview, akin to the first date.  Chances are that they will meet at least one other candidate, and most likely, two or three others.  How are you different and better?  Be able to articulate succinctly why a potential client should hire you. 

Prep Beforehand--Expect the hard questions:

Just like a first date, there are certain questions to expect. Some are easy to answer, some make people squeamish, but all help both parties determine if their match is a good one. The more you prepare and anticipate them, the better impression you’ll make.

Am I Ready to Buy a Home?

The decision to purchase a home is a highly personal one, based on both tangible and intangible factors.  Beyond personal situation, local market conditions, financing costs, and future expectations must also be evaluated.
Am I ready to buy a home?

What's Up With Those New Year's Resolutions?

If you tend to ring in the New Year with a list of resolutions to become the best real estate professional the world has ever seen, then chances are, your New Year's resolutions go in by January and out by March.  What's the sense with that? This year, consider these short tips to turn your resolutions into a truly profitable and memorable year...   click here

New York City Holiday Tipping Ettiquette

Year in and year out, I’m asked about New York City holiday tipping etiquette.  Here’s my take:

I feel that a holiday tip is an acknowledgment of work well done and is especially appropriate at this time of year.  It is good manners, customary, and just plain “nice” to give a little something extra as a way to say “thank you.”  As anyone who dines out knows, tipping is expected; the base wages for wait staff assume they will be tipped.  The same holds true for many apartment building workers and others in local service industries.

Of course, service providers are expected to provide good service.  And if you work in these fields, you should go out of your way to do the little extras because it’s the right thing to do and not because you’re looking for money in return.  Having said this, it is quite simply human nature to go the extra mile for people who demonstrate their appreciation.

So, how much?  In determining what to give, keep in mind how pleased you are with the service, its frequency, how long you’ve known the person, your budget, the local custom, the level of service of your building (deluxe vs. moderate), whether you rent or own and personal chemistry.  If you just moved, it is okay to pro rate the gratuity, but don’t forget those you left behind.  The actual amounts given will reflect your personal financial circumstances and whether you feel particularly generous, frugal or somewhere in the middle.

The following are guidelines of suggested gratuities:

Apartment Building Superintendents: $25 - $250.  There is a wide range here depending on the services offered by your building and how much the super and the staff are at your beck-and-call during the year.

Doormen: $25 and up. Consider how nice they are, if you get lots of visitors and deliveries, and if they actually open the door and help with packages.  To maintain a level of quality service, you need to pay for it.  Unfortunately.  It is okay to tip some more than others, but you must presume that the staff compare notes.

Porters: $15 - $30. These people have a difficult and sometimes unpleasant job.  If you’ve spilled kitty litter or Styrofoam packaging stuffers in your incinerator room, you owe it to your custodian to remember.

Handyman: $15 - $30.  This is an instance where your tip can be proportionate to the amount of the work you’ve requested during the year.  If you merely greet the handyman in the hall, the lower end of the range should suffice.  If you’ve gotten him out of bed in the dead of night to repair a gushing water leak, ask yourself how much such a task is worth and show your appreciation accordingly.

Mail Carrier:  $10 - $20.

Garage attendant:   $20 - $50.

Nanny:  1 -2 week’s salary.

Housekeeper:  1 – 2 week’s salary.

Babysitter:  an evening’s pay

There is a long list of other people to remember during the holidays – personal trainers, stylists, manicurists, dog walkers, etc., and the range of what is considered appropriate is wide and left mostly to personal judgment.

Regardless of the cash value of any gift, it is important that a gratuity be given as a present.  If times are especially hard for you, bake something or do something else to show your appreciation and gratitude.  Always include a card and/or a hand written note and deliver it personally.  If money is being given, cash is preferred rather than a check.  The beginning of December is generally the most appreciated time to tip so the recipients can do their own holiday shopping.

In what can seem like an uncivilized city, it is important to remember to make a gesture of appreciation to those who make our lives easier.  The holiday season is the perfect time to do so.

With warmest wishes for the holidays,

Michael

Back to the Future

Imagine this scenario.  It is early in 2009 and you're about to get married.  You and your beloved each live in a tiny hovel, and you want a nicer place in which to build your lives together and call home.  You explored the following options:

• Buy a place? Nah- the economy is shaky.  Better off waiting until prices hit rock bottom.
• Rent a modest place and save for a down payment or spend a tad more in monthly rent and take a place in a shiny new development having a media room, lounge, a washer / dryer in the unit, dramatic views and two months free rent, the gym membership and payment of the broker's commission?

Make the stretch -- go for the newer building!  After all, it seemed like the time was right to finally grow up a little.
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