Successful Entrepreneurs are Never "Out of the Office"

Have you ever tried to connect with someone only to get one of those automatic “out of office" responses? This drives me nuts. I’m always traveling somewhere “out of office” whether it’s business related or not. No matter where I may roam and for what purpose, I always make sure I am accessible and open for opportunities. Not doing this costs you money!

 I am sure that many of you reading this right now have used the “out of office” automated reply. “Hi, I’ll be out of the office returning on the 23rd. I won’t have access to email or phone traveling on vacation and out of the country. Have a great week and I will connect with you upon my return.”

This is crazy! No one should ever announce they are closed off to opportunities. They should be open for business no matter what. Especially in real estate.

Look, I understand, I am a father and there have are plenty of times when I’m giving full attention to my family. However, business is still being handled. Tweets are coming, Facebook posts are going out, and calls, texts and emails are coming in. People who are trying to reach me have no idea that I’m on the floor coloring and playing with my sons or hanging out on the beach. I’m still always connected.

Develop a plan to continue your business ...partner up for the week and split some deals if needed ...but don't just "disconnect."

We live in a 24/7 world. You can resist this reality all you want and join the rest of those seeking comfort, but then how will you ever achieve true freedom? 

Do you think the mega successful people such as Mark Cuban, Richard Branson, Jeff Bezos, Mark Zuckerberg or Howard Schultz are announcing any breaks from the business action? No! They’re in the game, baby. 

So even if you are going to be “out of the office,” always be open for business, accessible and ready to do whatever it takes to satisfy customers, close deals and connect with others.

Renting vs. Buying a Home.

There’s no question that buying a house makes sense for some folks, but mainly for non-financial reasons. 

Owning a home gives you stability (you’re not at the mercy of a landlord) and freedom (you can do what you want with the place). 

Here are a few points to consider when deciding whether homeownership or renting makes better sense for you.

Reasons to rent

• Flexibility. Renting allows you to explore an area before making the longer-term commitment to homeownership. Unless you are certain about a specific neighborhood, renting allows time for research and discovery.
• Career uncertainty. If you think you might need to move in the near future, or are mulling job changes that span several areas of town or are located elsewhere in the country, you might want to rent. Buying ties you down to a greater extent.
• Income uncertainty. If you expect a pay hike or cut in the near future, that can change your borrowing ability as well as impact your ability to pay a mortgage.
• Bad credit. Creating a history of on-time rental payments can help you build the sort of credit you’ll need to qualify for a mortgage.
• No maintenance expenses. When a pipe leaks, you don't head to the store; you head for the telephone and call the landlord.
• Utilities (sometimes) included. In some instances, the landlord may pay for many utilities such as water, sewer, garbage, and, in some cases, even heat and hot water.

But there is a downside, too: You may have no control over the fluctuation of your rent, a big-budget item that can change often. Long-term budgeting becomes more difficult.

Reasons to buy

• Equity. When you pay rent, you are paying your landlord’s mortgage or adding equity to his or her bank account. However, when you have a home mortgage, you increase your degree of ownership in your home with every payment. A general rule is that if you intend to stay in your property for at least five to seven years, the costs of purchasing the home are more likely to be offset by accrued equity and increased housing value. In the event that equity in the home grows to more than a 20-to-80 percent loan-to-value ratio, you will be able to borrow against your equity in the home. This can be cautiously used should you need capital to pay for major purchases. If interest rates drop, you can refinance your mortgage at more favorable rates, or, once you've paid the entire mortgage off, borrow against the equity in your home to fund major purchases such as a second home or your child's education.
• Tax deductions. You can deduct mortgage interest as well as your property taxes. Uncle Sam doesn't give renters this bonus. Not only that, but if you meet certain requirements the IRS won't apply a "capital gains" tax on your profits from the sale of your home. You can keep the first $250,000 in profit you make when selling the home if you're single, or the first $500,000 if married. In addition, those who work from home may be eligible to take deductions for their home office and portions of utilities.
• Creative control. You like dozens of pictures on the wall? Well, hammer away -- they are your walls now. Go ahead and paint them mango! Wish you had another room? Go ahead and add one.
• Maintenance choices. If you live in a house, you can decide how to approach maintenance, either doing it yourself or picking your own contractor. If you live in a condominium or homeowners' association, you may pay a monthly fee to have maintenance work covered by the association's contractors.

While a home is a good investment -- and let's face it, you have to live somewhere -- many financial experts caution against purchasing a home simply as an investment. 

Important Questions to Consider

1. How Long Do You Expect to Live There?

While buying a home may be one of the most expensive investments you’ll ever make, it also requires a major emotional investment. The days of buying a home and selling it for a profit within a short period of time are pretty much over except for the most savvy house flippers. If you are considering buying a home, be prepared to stay in it for five to seven years or longer in order to recoup the cost of buying, to survive a questionable market, and to build equity. If you can’t make that long-term commitment, you’re probably not ready for the responsibility of homeownership.

2. What Are the Costs of Buying?

A big factor in the decision to buy or own is your local housing market. Check online to get an estimate of rental costs and purchase costs for your area, and check with a realtor to learn about neighborhoods and homes you might want to purchase. Most mortgage lenders are happy to work with first-time buyers to explain the mortgage process and pre-qualify you so you know how much you can borrow. But be careful to consider how much you want to spend on your housing and whether you are ready to make the long-term commitment.

3. What Are Your Future Plans?

While no one really knows exactly where they will be in five years, you should think carefully about your goals for your career and for your personal life. If you hope to climb your career ladder – but may need to relocate to do so – then renting may be the best option, unless you are certain you want to own an investment property.

If you are single and hope to be married, you need to think about your home purchase in terms of whether it will be comfortable for two people or a small family, or whether you will want to sell it or rent it out in a few years. If you are married and hope to start a family, and thereby intend for one spouse to work less or stop working altogether, make sure your housing budget can accommodate a reduction in income. Lastly, if you have an avocation that you love but costs money, such as golfing or skiing, make sure you keep that in mind when you create your housing budget.

4. Do You Have the Ability to Finance a Home Purchase?

If you’re considering buying a home, your first step should be to meet with a lender to determine whether you qualify for a mortgage and, if so, how much you can borrow. Your ability to qualify depends on several major factors:

Call my Team for a "Free" Prequalification for a Home Loan: 404-358-2034

Why You Need a Buyer’s Agent for New Construction

Many home buyers without a Buyers Agent think that its the right thing to do by just calling the agent representing the new home community. "Wrong!"

It is foolish for a home buyer to enter into a new construction contract without an experienced real estate agent. The advantages are many; aside from the obvious ones. In most cases, the buyer agent representation is often FREE. The seller or builder typically pays the commission.

The community agent represents the builder/developer, so many times you are just another in a line of buyer looking in there community. There is no loyalty to you, as there would be with your own Buyers Agent representing you.

Many new home agents actually welcome experienced buyer agents. A few reasons include:

• Site agents want to sell homes. They don't want to have to handle every aspect of the buyer for months after the contract.
• Site agents find it much easier to deal with another agent as opposed to directly with a buyer.
• Buyer agents often handle questions and potential issues long before the site agent is called.

 Why You Need a Buyer’s Agent for New Construction

1. Site agents depend on agents in the field to sell homes. They expect to move inventory through a channel of agents that have "ready to purchase" buyers. 

2. Experienced buyer's agent know how to present requests and negotiate with the on-site agents.

3. Experienced buyer's agent know how to read and explain a new construction contracts.

4. Most good buyer's agents will be there even after the home closes. There is nothing better than referral business to friends and family.

5. An experienced buyer's agent will usually have a networking group to recommend for items, such as, inspections, mortgages, construction issues, etc. 

It is best to use a professional that represents your best interest, especially when that guidance is typically available at no cost.

Take advantage of the opportunity.

How to Pick a Real Estate Agent That Suits Your Needs

Picking the "Right Agent" the First Time.

Many factors contribute to the experience and success of buying and selling homes, but even in the digital age of a more transparent real estate market, working with a good real estate agent continues to be one of biggest impacts on either side of the transaction.

But how do you pick the right person to represent you or your home?   

Before you just start asking your friends or digging through the fliers in your mailbox or hunting online, here are a few dos and don't’s you should seriously consider when selecting an agent.

Do:

• Ask people you trust for agent recommendations, but take what they say with a grain of salt. Did they recently buy a home in your same price range?  Have they had a successful time selling their home? Just because this agent worked out well for them does not guarantee the same experience for you.

• Research. Most real estate websites,reviews. This can be a good starting place.

• Find an agent that specializes in what you’re trying to do. Don’t select an agent who sells $2 million homes to help you find a $200,000 home. Check out current home listings. Do you like the photos, the description? Try contacting the agent to see if they’re available for you.

• Interview the agent. What is their specific marketing plan for your home? How will they negotiate so that you can be the winning bidder on your dream home? Why are they the best option for you? Can you call some of their past clients?

• Set up expectations. What do you want from them? Outline your needs from the get-go so there won’t be any surprises down the road.

• Make sure you get along with the agent. You don’t need to be best friends, but ultimately there should be some sort of rapport that allows for a successful business relationship.

Don’t:

• Pick friends or family. You don’t want to jeopardize a friendship if the buying or selling process gets difficult. Also, be wary of hiring even a friend of a friend, or someone recommended. If you’re serious about real estate, find someone that you can be honest and professional with. Unfortunately, that may not include your cousin or your best friend’s spouse.

• Pick someone who dual represents the buyer and the seller of the property you’re looking at. They may not be able to fully transparent with you.

• Be afraid to break if off with the agent if needed. Be honest and simply tell the agent it’s not working out. List your reasons and be respectful.

• If you’re not quite ready to be tied down to a particular agent, it’s better not to engage one until you’ve made a formal decision. You can communicate with an agent and ask for advice, but be clear upfront where you stand.

Give my Team a call and let's discuss what makes us different from other agents in the area, and let us show you our Plan of Action in assisting you in Buying or Selling your next home.

Make Sure The The Realtor You Interview Has a DMO in Place...

DMO.

Ever heard of that?

It stands for “Daily Method of Operation”….or what you plan to do on a daily basis. Its my key to my daily activity.

Simply…your DMO is your “Real Estate Marketing PLAN”…a PLAN for Success that you execute daily, and that is how you operate daily in this industry…

Brick by Brick, day by day, successful Realtors build their business with a DMO PLAN in place that creates success for their client and themselves.

Why do I have a DMO?

Because my clients expect only the "BEST" from me!

Most people in real estate these days, have too weak of a DMO, and it creates nothing in results.

It Takes Work.

The amount of work that it takes to build a career in selling homes is significant, and it does take time. Most new Realtors never understand that it is the CONSISTENCY of a DMO that is the secret, not just the activity. Then they end up getting out of the business.

My DMO structures my time working this business, so that I have a PLAN.

A PLAN for your Success!!!!!

The PLAN.

Want to know why a PLAN is so important?

It helps you to:

P…Put it in writing

This means you need to put what you are planning on doing in writing, and keep it in front of you.

How am I going to market my clients home today? Put it in writing…

How many homes will I need to show your buyer that matches their criteria? Put it in writing….

How many Appointments do I need to have this week? Put it in writing…

Writing it down FOCUSES you Laser sharp….

L…Lock and Load

Lock and Load means to get your ammo and gun ready for firing…ready to pull the trigger on the Plan… MAKE SOMETHING HAPPEN!

Many Realtors never check their DMO to see if it will do what they want it to do…usually it will not, as there is not enough activity for that to happen. That makes for a very unhappy seller/buyer.

A….Activate the Tasks.

Simply….you must activate and execute your plan with the tasks needed, as that is where the power in it lies…no action…no acceleration of momentum.

You must engage your DMO with ENERGY!

It is the Force behind a Hurricane that creates the Power in it…it is the Force behind your action that will create the power in it as well….

N…Need?

Simply….What does my plan need that is not there?

What is missing in it that needs to be there?

Am I truly listening to my clients needs?

Are you saying the right things?

Are I getting the right information? Ever drive to a home across town that says active, only to find out its Pending Sale and no one updated the listing? ...should have called first and wrote it down.

What does your plan lack in follow up structure?

Are you working enough hours and are they the hours you can get a hold of people?

My DMO will create a DAILY PATH for me to walk in success.

By the way….

DMO also stands for Disciplined Motion On Fire!!!!

You want a Realtor to assist you with a DMO ...that gets "fast results" ...Give me a call.

-Scott