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+--- Thread: so this new guy shows up at work (/showthread.php?tid=8421)
- Keyser Soze - 02-04-2004
i just want you to transcript one of your calls dammit!!!
- Galt - 02-04-2004
Yes, that would be good. But I'm interested in how you find your prospects. Are you just thumbing through a phone book calling people if they want to buy a house, or is there some sort of lead list, like in Glengary Glen Ross.
- Keyser Soze - 02-04-2004
ABC
- IrishAlkey - 02-04-2004
FOX
- Keyser Soze - 02-04-2004
another great movie alkey has not seen.
- GonzoStyle - 02-04-2004
Galt Wrote:Yes, that would be good. But I'm interested in how you find your prospects. Are you just thumbing through a phone book calling people if they want to buy a house, or is there some sort of lead list, like in Glengary Glen Ross.The buyers we dont look for, they come to us. The property values here are soaring, they have increased by 10% on average every year for the last 4 years. Especially in the downtown area, people are moving in from the city now.
We have a backlog of buyers, the average is about 10 buyers for every 1 seller. We don't have to sell a house, we just have to show it. The average 5 years ago was 3-6 months to get a buyer for a house. Now it's under 30 days but it takes 3 months for the average deal to close there after.
It's getting sellers thats the hard part. The misconception is that the agent works for the buyer, we don't. We have no obligation to the buyer except for certain disclosures and honesty. All of our fiduciary responsibilities lie with the seller, which is who pays us our commision, we work for the seller. We honestly don't have to do anything for the buyer except show them the house.
The reason most people fail is cause they think like that, they dont realize the buyer is a future customer for them that can bring in not only other clients but the avg person stays in their home 6 years, who will they go to, to sell their house then?
There are many places to get listings for homes, the commision split is 50% to the broker (my boss). then 25 to the listing agent and 25 to the selling agent. So technically I can get 10 listings and have other people deal with the haggle of selling and collect my commision, people do that for a living. They spend 6 months getting tons of listings then taking 6 months to play golf and collect their commisions. Or you can list and sell and get the whole 50%. My company is the largest privately owned one in NY. We are light years ahead with all of our services to the client, so we usually dont go below a 5% commision unless the property is above 1 million.
As far as getting clients, you go by for sale by owner ads in the paper (9 out of 10 people who sell on their own eventually go to an agent anyway).
Expired listings, which are listings that didnt sell within their contracted time frame.
Off market listings, which the owner took off market but they never stay off for long. It's usually they wanna wait for something and most agents never ask.
and word of mouth, I just tell everyone I meet and go back to people I have made contacts with in the past and tell them I am in the real estate business now. People who bump into me on the street, anyone.
- IrishAlkey - 02-04-2004
I saw Glengary Glen Ross.
I also read the play.
I also saw Boiler Room!
NEENER!
- IrishAlkey - 02-04-2004
ALWAYS BE FUCKING CLOSING!
;p
~*lol*~
- Keyser Soze - 02-04-2004
sounds like you're doing pretty well these days. good for you!
- GonzoStyle - 02-04-2004
Ofcourse its a pain in the ass, it sounds easy but its not.
Out of every 100 people I call, i will get into one house. Out of every 10 houses I see I will list 2-3.
So I have to call 1,000 people and spend countless hours with them.
Before I call I have to do a dozen things, see if they are on the do not call list, look up their house on the system, look up the tax records for the home, etc etc.
Then you gotta spend so much time once you get the house listed, once you get it sold it takes months to prepare everything for the sale, average deal takes 3-6 months to close after sale.
So I am logging in about 75-80 hours a week but I do a lot of stuff from home for now, once I get clients built up I will be a ghost here most weeks.
But the money is there, its just begging to be picked up.
The difference between the agent who makes 50 grand a year and the agent who makes 250 is just 10% extra effort.
- IrishAlkey - 02-04-2004
Yes, I'm doing fine!
*~`<..>`~* \m/ :16: \m/
- Keyser Soze - 02-04-2004
thats awesome gonzo. i've always been tempted to get into the real estate biz. if i had the capital, i'd like to buy a bunch of places, fix them up and turn them over for a nice profit.
doesnt gomez sort of do the same work? which brings me to another question, where the fuck has gomez been?
- IrishAlkey - 02-04-2004
Country Kitchen Buffet
- GonzoStyle - 02-04-2004
Well investing right now for short term gain isn't a good idea, unless you are gonna rent it out or live in it. Next year interest rates are going up, it wont hurt most people but some it will and they'll start selling.
The main point is to have a plan, not to just show up and wing it. I have a very intricate system of how I do things.
I do not discriminate or assume someone wont wanna sell, I call every single person. I print out or cut out the add and paste it in my book and keep track of it till it is sold. Not till its in contract but till the new owner moves in, cause if there is an opening along the way I will get in on it.
I had misconceptions myself about the business but there are so many other ways to make dough other than selling in this business, there are huge relocation opportunities even if I dont sell and find someone who is moving I can get them a house in timbuktu if need be.
But the money I didnt know how big it was.
We had an awards ceremony at the marriot 2 weeks ago.
out of the 500 active agents.
50 were in the million dollar club
30 were in the two million club
and 15 were in the presidents club which is 2 million and beyond.
thats 1 out of every 5 agents who made over a million.
plus half the agents are part timers who dont care much, they just wanna have something to do.
a bunch were in their first year.
and thats not counting the ones who were in the 100k plus column.
- Galt - 02-04-2004
I'm very proud of you.
- drusilla - 02-04-2004
when you move out are you gonna take the doggy with you?
- GonzoStyle - 02-04-2004
aww shucks thanks.
I was always a good salesman, anywhere I worked. I know how to deal with people and I can relate to almost anyone on any level, I just needed the shot.
It's honestly a great business, if you get into the right company. There's hundreds of offices in brooklyn alone, anyone can open up acme realty but no one wants to put in that little bit of extra effort that makes the difference.
Plus sucking up to the president of the company during company meetings doesn't hurt.
Once I get some dough my way, it's drinks for everyone.
- drusilla - 02-04-2004
yay for you
- GonzoStyle - 02-04-2004
drusilla Wrote:when you move out are you gonna take the doggy with you?I am already pricing condo's.
and hell fuckin no, I need a masculine dog.
I am gonna get a rotty and name it Genghis Khan.
- GonzoStyle - 02-04-2004
Like I said I am tellin everyone and anyone, so if you hear somethin let me know and you'll get a thank you from me. I serve Brooklyn, SI & LI.
Or if anyone has any services they offer, we can do a barter for reccomendations.
I am gonna come to galt with duffel bags full of dough and we'll triple and quadruple it, son!