Thoughts from Real Estate News

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1. When actions speak louder than words
Have you ever heard the phrase “you never get a second chance to make a good impression”? As any successful salesperson will tell you, the ability to accurately interpret your prospect’s body language is an essential aspect to making that sale.


Real estate champions understand the importance of non-verbal communication during the sales process and adapt their sales techniques depending on their interpretation of the situation.


Body language is the oldest and one of the best communication tools we have, yet so few of us ever fully develop the necessary skills to actually make sense of it! Do you present yourself in the best possible light when prospecting? With research indicating that over 80 per cent of every conversation is conveyed through non-verbal communication, it may be a good idea to take a check on how you present yourself to your client during your first meeting.

Here are a few pointers to get you started…

First impressions count!

Whether we like it or not, research shows that we decide whether or not we like somebody within the first few seconds of meeting them. This works both ways - a positive first impression is vital to winning the prospect over to you as well, so take the time to make eye contact and smile at your client. Handshakes should be firm, not overpowering or too limp.

Mirroring

Creating an instant rapport with your client can be achieved by ‘matching and mirroring’ your prospect’s body language. The process of mimicking their gestures is an unconscious way of informing them that you agree with what they are saying. It is important to ensure that your actions are in congruence with the words you are saying as there is often a discrepancy between the two. When in doubt, experts advise you to trust the non-verbal communication!

Many sales trainers believe that an agent can deliberately build trust and rapport by subtly matching a person’s body language during the first 10-15 minutes of an appointment. If you notice that your prospect is subconsciously matching your body language, then the chances are that you have developed a positive relationship and they are interested in what you have to say. Congratulations!

Reading the signs

There are two fundamental categories of body gestures; open/closed and forward/backward. When a prospect is receptive to your ideas, they will generally have their arms unfolded, legs uncrossed and their palms exposed. However, should they turn their body away from you or show closed gestures then you may need to rethink your communication strategy.

As a general rule, the following gestures can indicate these scenarios…

• Rubbing eyes – deceit
• Rolling eyes – dismissive gesture
• Rubbing nose – dislike of the topic
• Hand or fingers blocking mouth – deceit
• Stroking the chin – making a decision
• Leaning back and closed – lack of interest
• Leaning back and open – contemplation and cautious interest
• Leaning forward and closed – potentially aggressive
• Leaning forward and open – interest and agreement

It is important to remember that isolated body gestures should not be taken out of context, so try to look at the overall pattern of your prospect’s behaviour as opposed to individual actions.

Non-verbal communication has a much greater impact and reliability than the spoken word; the ability to ‘listen with your eyes’ is a critical aspect of prospecting. If you can recognise when a prospect is interested, you can begin to make headway in closing the deal with them at the appropriate moment without applying too much “pressure”.

2. There’s no ‘I’ in team: or is there?
Effective teamwork is a vital component of building a successful real estate business, yet without individual characters and their varying personalities there would be no team! Does that sound confusing?

Unfortunately, team orientation can often come at the expense of the individual. In a collectivist, team-orientated company, people tend to be less adventurous; that is, they are less likely to deviate in directions that lead to innovation and creativity.

Without vivid and unique ‘I’s a team is flat, uniform and stereotyped. Does this sound like the type of team that you want to build? Of course not! A team without desire, passion and jealousy isn’t a team that is going to get results.
When putting a team together, it is important to remember to include a mix of very different characters – then resist the urge to suppress their individuality, but instead harness it to achieve collective goals!

During team development exercises we are taught to think and act as a team and work together to win, and if everybody plays their role as defined, the team will reach their desired aim. Conflict over issues within a team is not a bad thing; in fact, energetic discussions about issues are healthy when handled in the appropriate manner! It can also help to create understanding and confidence in the product or project, when objections are handled constructively.

So what factors do you need to take into consideration next time you are developing a team? Here are a few thoughts that you may want to take into account…

1.Does each member know the mechanics behind working as a team? Too few team members understand the dynamics needed to make a team function – it is a skill that needs to be learned and not left to chance. Individuals need to recognise that the strength of each individual is the key to success!

2.Are team members clear about their roles within the group? They should be assigned to tasks dependent on their skills. If they aren’t clear about the contribution that they bring to the group, their self-worth will be in doubt, which will in turn cause resentment towards other members.

3.Will the team member contribute effectively to the team? It is important for workers to uphold their share of what needs to be accomplished. Although it is important for members to retain their sense of individuality, the team needs to reach its goal.

4.Will each team member share responsibility when the chips are down? Make sure that you build a team that doesn’t adopt a blame culture and each person is accountable for their own activities. If a team member is not giving 100 per cent then they must be culpable for some of the problems.

Good teams, in whatever sphere of life, require a wide range of qualities that are in creative tension to function. The basic building blocks of a team are comprised of individual personalities – you can spell team with an ‘I’!

3. Virtually Yours – Is it time to hire a PREVA?

Wouldn’t it be great if you could have an assistant whenever you need one? Well, now you can! The dramatic rise in the use of the Internet since the 1990s has paved the way for the rise in the use of ‘personal real estate virtual assistants’ or ‘PREVAs’, who are outsourced and usually work off-site.

The Internet has enabled real estate agents to bypass much of the routine administrative tasks that they have no time to complete by enlisting the services of VA’s who are experienced in providing support to the industry.

A VA can be selected and hired on a project-by-project basis, by the hour or by task. It is completely up to your own need! Most are competent enough to perform a variety of tasks from general administration, making listing presentations, scheduling appointments and chasing up sales leads.

Why hire a VA?
Although the role of the VA is similar to taking on a temp, they are generally considered to be more entrepreneurial as they are self-employed, bill only the hours worked or by tasks completed, and are dependent on referrals and steady work flow.

Hiring a VA means that you get all the benefits of outsourcing – no equipment and rental costs, no insurance to cover for, no sick pay, vacations or other budget draining items to cover for.

If you know what you are willing to pay for the services of a VA, then their location is not a problem! You have the option of shopping around for VA’s located in areas where wages are more reasonable to keep the costs down.

Is it practical?
Hiring a virtual assistant is becoming a popular practice for real estate professionals who do not have the time to perform routine tasks. For an hourly fee of anywhere between $22 to $40 - less than the cost of temps or employees - agents can take advantage of professional assistance as and when they need it. VA’s are already well versed with computers, and can assist with your specific needs from traditional office support services to other areas such as web design.

Even if your VA resides on the other side of the state, all of the necessary technology is available these days to communicate with them as if they were in the next room. Work assignments can be delegated via e-mail, phone, fax or web-based tools like instant messenger.

How can I find a VA?
The Internet provides a wealth of information about VA’s. By simply entering ‘virtual assistant’ in your favourite search engine, you will find literally hundreds of sites dedicated to providing the services of a VA. These sites often contain searchable databases by industry, location, experience, skills and price so that you are able to find a suitable assistant reasonably quickly.

When you have found a VA that matches your requirements, it is considered good practice to contact them via email. After all – that is their world!


4. Phishy business
The incidence of online identity theft has climbed steadily over recent months and is proving to be a headache for financial institutions and online retailers as they struggle to curb the number of criminals coveting personal information and online account details from their customers.

The latest statistics are scary: there are approximately 81,000 known computer viruses and 500 new viruses detected each month. Over two billion spam email messages are posted each day, and 27 per cent of these have a hidden Customer ID to determine if they have been opened.
‘Phishing’ is a popular strategy devised by thieves to fool people into revealing passwords and other sensitive information by posing as a legitimate source such as a reputable bank.

The dynamic nature of e-crimes has meant that technology companies have needed to introduce a number of products and services onto the market aimed at significantly reducing the number of online threats. While these have been somewhat effective, identity theft still continues to be a problem, especially for the computer novice.

The good news is that many of these threats can be avoided by being vigilant and using the appropriate security software. Here is some practical advice that you can follow to help you protect yourself against identity theft!

Do not open or respond to unsolicited emails
You have probably already been the unsuspecting recipient of one of these ‘phishy’ emails that require you to provide personal information or passwords. They often use scare tactics to alarm you into responding. Remember – if in doubt, do not click the link on the email!

Look for the security padlock
You know when you’re in the secure part of a website as a small padlock appears in the bottom right hand corner of your web browser. This means that any personal information that you have entered cannot be seen by hackers.

Beware of ‘pharming’
This is one of the latest versions of online ID theft, whereby a virus or malicious program is secretly planted on your computer and hijacks your web browser. When you type in the address of a legitimate website, you’re taken to a fake copy of the site without realising it. Any personal information you provide at the phony site, such as your password or account number, can be stolen and fraudulently used. Once again, the best defense is to look for the security icon.

Protect your PC
Make sure that your PC is updated with all of the latest anti-spyware software, a firewall and spam filters. A firewall will prevent hackers and unauthorised communications from entering your computer, and spam filters will help to reduce the number of phishing emails that you get.

Passwords
You know that little box that pops up and asks if you want your computer to remember certain user names and passwords? Don’t tick it! Most passwords are stored on a Windows 95/98/ME system and even the most half-baked would-be hacker knows what it is. If you are not using a firewall it is pretty easy for these people to steal your password file and attempt to crack it at their leisure.

It is worth also noting that the best passwords often include a combination of letters and numbers – none of which have any resemblance to your name.


5. Industry News

Property market to remain strong despite reduction in first home owners grant
Last weekend's auction clearance rates remained strong with first-time buyers rushing to take advantage of the last week of the first home owners grant, despite a drop in volume numbers due to the AFL Grand Final.

But despite the drop in value of the grants, Australian Property Monitors senior economist Matthew Bell says the recent growth in the market will not be deterred.

"If you look at last weekend's rates, before this most recent one, it was very strong in terms of numbers. In Sydney we had the most amount of houses up for auction we've ever had, and we had great clearance rates, so although there is some movement of getting in for the last bit of the grants the market is still holding up well."

But Bell says despite the strength of the market, the disappearance of the first home owners grant next week and again after 31 December will have an impact in the market.

"The general view is that there is going to be a drop off in demand due to the grant expiring, but I don't think that's going to transfer to a big drop in prices across the board. Investors are coming back into the market, and I think that will fill some of the gap in terms of demand."

"I think we will see some flattening in prices, but I don't think we'll see any of the catastrophic drops that people used to predict when people talked about the grants when they first came in."

In Melbourne, auction results were solid despite only 135 properties reported for sale due to the Grand Final. Of those 113 were sold resulting in a clearance rate of 86%.

"The auction market picks up again next weekend with 500 homes going under the hammer and nearly 700 the weekend after," Real Estate Institute of Victoria chief executive Enzo Raimondo said in a statement.

In Sydney, 470 properties were put up for auction with 342 sold and 37 withdrawn resulting in a 67% clearance rate. Total sales reached $253 million.

In Brisbane, 30 properties went up for auction with a clearance rate of 67%, and total sales reaching $10 million. In Adelaide, only five properties went up for the auction, resulting in a clearance rate of 60% and sales worth $1.2 million..

Source www.smartcompany.com.au


Home sales surge; Resilient financial system
• The Housing Industry Association has reported that new home sales rose by a staggering 11.4 per cent in August to a 19-month high.
• Detached home sales rose by a considerable 11.8 per cent while apartment sales increased by 7.5 per cent across Australia. Detached home sales were mixed across the states, up by over 20 per cent in Victoria and Queensland however lower by over 11 per cent in NSW.
• The Reserve Bank has indicated that the strong state of household balance sheets has helped consumers weather the global financial crisis.
• The Reserve Bank has highlighted the success of listed companies in raising equity finance. Equity raisings in the first half of 2009 was equivalent to 6 per cent of GDP – double the average over the past 15 years.

Source CommSec