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Armonk NY Real Estate

Real estate prospecting fundamentals | Inman News in Armonk NY

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An issue with social media is that it doesn’t require social skills — maybe just some typing skills — to get started. You don’t have to smile, laugh or get teary-eyed, unless you want to leverage the appearance of a feeling.

With technology, we can appear to be very busy in prospecting, but real prospecting is becoming a lost skill.

Our prospecting mindset has moved from roaming the plains like a hungry lion to casting multiple lines with baitless hooks, waiting and hoping for a strike.

Here’s the problem: Technology — while it can be a powerful tool in prospecting, when in the right hands and with the right voice and approach behind it — has taught some of us to be lazy, to prospect by telling.

Reader warning: You may not want to read further because what is about to be shared is a prospecting strategy and tactic guaranteed to help you find prospects who want to purchase or sell real estate or know someone who does.

For the more competitive among you, you might want to have a contest to see who has the most listing and sales the next 30 days pitting technology against what I modestly and informally call the “David Fletcher Prospecting for a Listing or Buyer Today and Not Stopping Until I Find at Least One” system.

One of your team members will need to be good typist. The other must be willing to leave the computer and risk mild rejection in exchange for the possibility of thousands of dollars in commission.

Instructions are always the same.

  • Wear your name badge.
  • Expect to get referred prospects today.
  • If you start shaking and need to text someone to calm down, do it. Then, stay focused on what we are doing for at least two hours.
  • Ask the question.

How it works:

The question: “As you can see (on my badge or Realtor pin), I am in real estate and I was wondering if you may know someone who might be wanting to buy or sell a home?”

Expect the person to say no at first, because they did not expect the question. Give them time to think about it.

Wait for them to return with a referral.

Actual scenarios:

Scenario 1: Two people, one of them an agent, are having lunch. (Lunch is always a good time and place.) The server approaches and a friendly but brief conversation ensues. She brings food, and the agent requests the server’s permission to ask a question. When granted, the agent asks, “Do you know anyone who might be thinking of buying or selling real estate?” The server says no.

The agent responds, “That’s fine. If you think of anyone I would appreciate it.”

Moments later she returns, saying that actually she is seeking to buy a house, but she is divorced and has a child and very little money. As it turns out, the agent specializes in working with low-income buyers. In this instance, the agent may not only get the sale — he may be helping someone who has not a clue what to do about her housing concerns. All because he asked!

Scenario 2: Same process, different restaurant, with two agents. The server does not refer any prospects. As the agents are leaving the restaurant, another restaurant worker opens the door. As the agents exit, one of the agents asks her the question.

“Yes, as matter of fact my mother wants to move nearer to me, but she has to sell her house first.”

In friendly fashion would there be any question you can think of that should be asked at this point?

How about this one:

AGENT: Does she have it listed?

WORKER: Not yet. Why don’t you call her?

AGENT: That’s a great idea.

The restaurant worker gives her mother’s telephone number to the agent.

The agent thanks her, then asks if she can let her mother know that an agent will be calling.

Result: The agent lists the mother’s house and sells her a house near her daughter. Why did he earn two commission checks?

Because he asked the question.

Scenario 3: Meeting with 12 agents at a large mall. The agents are instructed to break into six groups and start shopping.

Some keys for the agents’ success:

They must not rush the question.

They should wait for a salesperson to ask a question.

MALL SALESPERSON: May I help you?

AGENT: I hope so. As you can see (by my pin or badge), I am in real estate and I was wondering if you knew anyone who might be selling or buying a home.

MALL SALESPERSON: No.

The agent may continue to shop at the store, and can perhaps double-back through the store before returning to the original meeting spot.

Give the agents 90 minutes to obtain as many referred prospects as they can find. When I conducted this exercise with a group of agents, they had obtained over 20 names of prospects. Not all of them were urgently seeking to buy or sell, but the agents were pumped.

I never knew what happened on this one, but I can trust that they learned to continue prospecting for referred prospects in a personal way.

Why did they get the names of these prospects? Because they asked!

Scenario 4: An agent wants to prospect specifically for listings, and decides to target some hotspots for soon-to-be sellers — namely, some home improvement retailers.

The agent asks shoppers for their opinion about some hardware, and then pops the question.

The agent ends up getting a call to schedule a listing presentation.

Why? Because the agent asked.

The challenge

Divide participants into two teams: the “technology typists” and the “passionate prospectors.” The team that lists and writes the most contracts with new prospects wins.

If the typists lose, they take the prospectors to lunch and ask the winning team to share their techniques. If the prospectors lose, they have to prove to the typists that they are willing to adopt new technologies to improve their business and — better yet — are willing to learn to correctly use the technology provided by their broker

NAR fights threats to home ownership | Armonk NY Homes

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That’s the big picture that members of Congress must see as REALTORS® flood Capitol Hill for meetings with their senators and representatives this week, NAR’s chief lobbyist Jerry Giovaniello told REALTORS® attending the 2011 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington.
 
Among the high-profile issues that lawmakers are starting to talk about: Reforming secondary mortgage market companies Fannie Mae and Freddie Mac and deciding whether the mortgage interest deduction should be curbed, perhaps starting with second homes. But these are just the tip of the iceberg, Giovaniello told hundreds of REALTORS® at the Federal Issues Update Wednesday morning.

 
Some 8,000 REALTORS® are in Washington, D.C., this week and meetings with their members of Congress are a central part of why they’re here.

Among the threats to home ownership for the broad middle class are rising fees and tightening standards for FHA and conventional financing, a looming decrease in high-cost loan limits for FHA and conventional mortgages, a proposal to require a high minimum down payment for “safe” conventional loans, overly rigid FHA condominium financing rules, and a looming expiration of federal flood insurance.

The Question Lawmakers Need to Hear

“This is a perfect storm,” Giovaniello said. “There are 83 new members of Congress.” For these and other members who might not see how all of the different issues knit together, “you need to get back to the original attack on home ownership. The question is whether only a certain class of households will be able to become home owners in this country.”

The proposal for a high down payment is of particular importance, because if the proposal stands, it would lead to further consolidation in the mortgage lending industry, leading to just a few financial institutions in the industry, Giovaniello said. These big lenders are already too big to fail, in the same way that Fannie Mae and Freddie Mac were considered too big to fail. That led to hundreds of billions in bailout funds after the mortgage meltdown.

The high down payment proposal is in a recommended rule by banking regulators that would define a safe conventional mortgage as that with at least 20 percent down, and other tight underwriting requirements. If loans don’t meet that definition, lenders would have to retain 5 percent of the value of the loans on their books, a requirement that would lead to far higher interest rates, knocking out much of the broad middle class of home buyers.

Down Payment Isn’t the Issue; Underwriting Is

Should the proposal be finalized into law, it would lead to concentration in lending among the largest banks because community banks and other small lenders won’t have the resources to hold the 5 percent on their books.

Giovaniello said lawmakers might try to compromise and press the regulators to lower the requirement to 10 percent down, but that misses the point. The issue isn’t minimum down payment, Giovaniello said. FHA and VA have very low down payments, yet they have better loan performance than the conventional market. The issue is simply sound underwriting.

“We have to change this argument,” he said. “Lenders want REALTORS® to compromise at 10 percent. That’s just not going to work.”

 

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Armonk NY Pool | Armonk NY Homes

05/10/2011

Armonk NY Pool | Armonk NY Homes

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Email A/B Split Test Experiment | Email Marketing Strategy | Armonk NY Homes

Albert EinsteinNo amount of experimentation can ever prove me right; a single experiment can prove me wrong.
– Albert Einstein (1879-1955)

If you’ve been following my Marketing Over Coffee (MoC) blog series, you know that we’ve been running a little experiment here at the Factory.  My first blog post introduced the experiment, which involved testing two MoC email templates against each other.  The first template was very text-heavy and light on design.  The second, which Blue Sky Factory designed, involved more HTML design, followed industry best practices, and was more polished and professional looking.

My second blog post revealed these two creatives and compared them against each other.  I explained how, by all email best practices, the second template was “better” than the first.  I then went on to outline how the A/B split test would work.

Marketing Over Coffee previous template  

Previously Used Template

Marketing Over Coffee new template  

New Template

Let The Testing Begin!

The A/B split test was launched on September 22nd to 40% of the MoC email list.  20% of their list received the old template, while the other 20% received the new template.  Subject line, From Name, email content and date/time of send were all completely identical so that the only factor we were testing was the actual template design.  We allowed the A/B test to run for a sufficient amount of time, then gathered the email metrics to determine the winning email that would be sent to the remaining 60% of the list.

After letting the A/B test run for two hours, the new template had a slight edge on the old template.  The old template had received an open rate of 9.8% and a click-through rate of 0.9%.  The new template, however, had received an open rate of 11.6% and a click-through rate of 2.3%.  Satisfied with these results, we sent the “winning” new template to the remainder of the list.

We continued to follow the results of the A/B test into the next day, and then something interesting happened…

It Turned Into A TIE!

Seriously, the results were almost identical.  The old template finished strong with a 25.7% open rate and a 4.2% click-through rate, whereas the new template received a 27.0% open rate and a 4.7% click-through rate.  The new template’s results were still slightly higher, but it certainly did not blow the old template out of the water.  In addition, the MoC team tracked downloads of an OPML file on their site.  MoC found that unique clicks from each email to the OPML file were almost identical from the two templates, while there were more repeat clicks to the file from the old template than the new template.

What We Learned

What a colossal waste of time, you may be thinking.  Not so! What we learned from this experiment was that industry best practices do not necessarily work for all audiences.  To learn what works for your email recipients, you must Test, Test, Test!  Not all audiences will respond to the same type of subject line, call-to-action, email design, landing page, etc.  Test different types with your own email recipients, and use what works best for your email campaigns.

So What Now?!?

With these inconclusive results in mind, what does Marketing Over Coffee plan to do moving forward?  After speaking with Chris Penn, one of the co-hosts of MoC, about the A/B test results, they plan on using a “hybrid” email template for future campaigns.  They will use the design and look of the new template, and apply that to the “barebones simplicity” of the old template.  This will help MoC to maintain the polished, professional look of the new template, while keeping the email template easy to use for the MoC team.

 

Intrigued by this experiment and want to conduct your own?  Click here to read how to get started with your own A/B test.  Ready to run a creative A/B test of your own?  Check out our creative portfolio to see what our team can do, and contact us if you’re ready to start experimenting!

Joanna Lawson-Matthew
Account Manager, Blue Sky Factory

Armonk NY Weekend Real Estate Report | RobReportBlog | Armonk NY Homes

Armonk NY Real Estate   |    RobReportBlog

63   homes available

$1,450,000   median price

$14,995,000   high price

$469,000   low price

$412  average price per foot

205  average DOM

5009  average size

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Armonk Luxury Homes

More Homeowners Under Water With Their Mortgages | Armonk NY Homes – Robert Paul’s blog

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Sometime, somehow, the foreclosure crisis will ease. But probably not anytime soon.

Home prices dropped 2.6% nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com.
 
Now 27% of homeowners with mortgages owe more than their homes are worth. That’s up from 23.2% a quarter earlier.

That will surely lead to higher foreclosure rates soon. That’s because being underwater is second only to unaffordable payments in leading to foreclosure, according to Zillow’s chief economist, Stan Humphries.

Additionally, the report found that more than one-third of all homes were sold at a loss in December. That trend has been on a steady uptick for the past six months, as homeowners try to find ways around foreclosure or out from under their homes.

The so-called “robo-signing” events of the fall also forced the number of underwater mortgages higher.

When banks’ foreclosure paperwork came under scrutiny, many halted all repossessions until they could straighten things out. With foreclosures no longer being cleaned out of the system, more homes stayed underwater rather than moving on to foreclosure.

Full Story

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