Flagstaff Top Producers Real Estate Update: October 2007

Coaching is at an all time high demand lately. With Real Estate fluctuating so much, Real Estate Professionals know that it takes more than just business cards and a license to make a lasting impression in Real Estate. Coaches can help you grow your Real Estate Business by being the new perspective you might be looking for. They can help you with your business plan, lead generation, and much more if you find the right one with the right experience.

In finding a GREAT Real Estate coach to grow your Real Estate Business, here are some questions that I recommend considering before signing anything:

Experience
It's impossible to be an overarching coach. In the same way that with Real Estate, you have to find a niche and some sort of specialty to brand yourself and make your Real Estate Business as attractive as possible to consumers, coaches can't possibly have the ability to coach people in all sorts of businesses, professions and backgrounds. How can a coach who has experience in spirituality and healthy living properly coach you with your Real Estate business plan, sales tactics, and lead generation? He/she can't. If you want a coach to grow your Real Estate Business, find a coach who has experience being a Real Estate Agent, or who specializes in coaching Real Estate Professionals.

Certification
Coaches seem to be all over the place, and most of them don't have any certification. Surprised? A lot of times, since there are nearly no colleges that offer degrees in coaching, people will just take on the title "Life Coach" because they want to give people advice. Find a coach who has been certified by a coaching federation or school because certifications do exist for coaches. They need to know the tools to make you reach your goals, and if they have no training, education, or materials to grow your Real Estate business, you'll find yourself at point A again after spending hundreds or thousands of dollars.

Comfort
Just because a coach worked for a friend or business associate doesn't mean the same coach will work for you. If a coach that you're interested in isn't offering a free sample session, be wary of what they might be trying to get you contracted for. Your relationship with your coach is just as important as your relationship with an assistant. It has to be comfortable and open for either of you to get anything out if it. Make sure that you sample your coach before signing on with him/her.

Present
Is your coach lost in yesterday? As a Real Estate Agent in today's changing market, you have to be educated and up-to-date with technology, current trends, and everything changing in Real Estate today. If your coach isn't current, then you might find your Real Estate sales going down the drain. In order to grow your Real Estate business, marketing, advertising and branding are of the utmost importance. These are all contingent upon what's attractive to home buyers today and are always changing. Make sure your coach is keeping up with the Joneses so you don't get lost in old business.

Multiplicity
Using multiple methods of coaching is also important for your Real Estate coach. Your coach can't just coach you on your business goals, just as he/she can't just coach you on your sales. You have to have a well-rounded coach who touches on every aspect of your business and everything that might affect it.


Sincerely,

Cheri Alguire

1. Selection, selection, selection. There are about 57,000 resale homes on the market in Maricopa county(Phoenix). Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago the resale inventory dropped below 5,000 units. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market.
   
2. No Bidding Wars. In 2005 we had one client that made an offer on ten homes. They lost the first nine to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.
3. You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you 'make them an offer they can't refuse'.
4. Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
5. Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.
6. There are plenty of specs. In the not too distant past buyer had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines. R.L. Brown estimates that builders have thousands of specs ready for immediate occupancy.
7. Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
8. Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
9. Location, location, location. Today's buyers can find homes closer to work. In the past buyers flocked to Maricopa and Queen Creek in order to find affordable homes. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines, and relatives.
10. Real Financing is available. The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It's a great time to buy real estate!