Sunday, October 09, 2011

THE VALUE OF A GOOD REFERRAL NETWORK - EXPAND YOUR PRESENCE BY KNOWING YOUR MARKET.

I have written about the power of thank you notes  and testimonials. It doesn't get much better than having the top female ActiveRain Blogger, Lenn Harley, write a post saying...

''So, I called Margaret Rome.   Margaret answered her phone as she almost always does and the rest is history.  If I know one thing about Margaret, I know that IF MARGARET ROME TAKES A LISTING, it will probably soon be sold.  Margaret is a smart real estate broker.  Just as Lenn does not agree to work with every home buyer calling, Margaret wants to see feasibility when she takes a listing. .."

Thank you Lenn for another listing that just went under contract!

Via Lenn Harley, Real Estate Broker, Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate):
THE VALUE OF A GOOD REFERRAL NETWORK - EXPAND YOUR PRESENCE BY KNOWING YOUR MARKET and SERVICES.

REFERRALS are an important income producing resource in the business plan of many real estate agents and brokers.  Outgoing referrals have been a focus of my real estate business since about 1995 when I established a presence on the Internet.  With many years in the real estate business as an agent and broker, I developed the ability to understand the many market segments in my area.  Living in a variety of towns and communities in Maryland, Northern Virginia and D.C. and knowing the many communities helps.  The Internet gave me the ability to advertise real estate services throughout a selected market area.

YOU CAN ONLY BE IN ONE PLACE AT A TIME.   The ability to develop business throughout Maryland and Northern Virginia is one thing.  However, to deliver services to consumers responding to your advertising relies on a network of experienced real estate agents and brokers.  Since 1996, I have made several thousand buyer and seller referrals to agents and brokers throughout my market area.  The buyer and seller contacts come to me by telephone or e-mail.  Knowledge of the area and services needed is critical.  I've spent many thousands of hours, hundreds of thousands of miles and many $$Dollars of my advertising budget understanding the market forces that determine various real estate markets. 

Maryland, Virginia and D.C. are not just one market.  We are many real estate markets.  Therefore, it was important for me to develop a network of experienced local agents and brokers as referral resources for consumer contacts.  When a consumer contacts me about selling a property in Baltimore City or Baltimore County, I immediately think of Margaret AuctionRome. 

EXPERIENCED REAL ESTATE FOLKS CAN WALK AND CHEW GUM AT THE SAME TIME.  About 3 years ago, Margaret contacted me Auabout her move to a new real estate brokerage.  One of the services offered by that broker was REAL ESTATE AUCTIONS.  This specialty was not new to me since in past years as a listing agent, several of my seller clients and builders I represented had used the real estate auction to sell their home or move new home inventory.  With this background and experience, I decided to include real estate auctions as a selling alternative on selected web sitesWith good SEO, Google searches for real estate auctions in various locations in my market area produced contacts from consumers seeking to auction their home for sale as an alternative or in addition to the traditional MLS listing.

"I'd like to talk about auctioning a property for sale in Baltimore."   That was the introduction a lovely owner who was in the process of divesting a number of properties in Baltimore.
AUCTION ISN'T FOR EVERYONE.  After speaking with the gentleman for quite a while and explaining to him the various types of auctions, it became clear that, although an auction would be possible for him, the expense involved in auctioning a property in which they had significant equity just wasn't justified.  He simply needed to list his home for sale with an experienced and knowledgeable broker who would get it sold.  He agreed that he just wanted to dispose of the property and the auction process wasn't necessarily the best option.  My experience with auction buyers is that they quite often unrealistic and offer far below market value.  If he offered the property with a reserve, the bids were unlikely to materialize.  If he offered the property as an absolute auction, he stood to lose a significant amount of money when compared to what he could sell the property for in a traditional real estate listing and sale.

Since opening her own brokerage, Margaret is no longer with the broker offering auction services so I have developed another auction resource.  However, knowing the expectations of most buyers seeking to BUY A HOME AT AUCTION, this owner/seller was likely to have a far better net proceeds for the sale of his property through a traditional real estate listing and sale.
So, I called Margaret Rome.   Margaret answered her phone as she almost always does and the rest is history.  If I know one thing about Margaret, I know that IF MARGARET ROME TAKES A LISTING, it will probably soon be sold.  Margaret is a smart real estate broker.  Just as Lenn does not agree to work with every home buyer calling, Margaret wants to see feasibility when she takes a listing.  Realtors spend a lot of time and resources when first engaged by a buyer or sellerFor sellers, we want to know that the property is priced right for the market and that the seller is cooperative and realistic about price, access, etc.  For buyers, we want to know that the buyer is in the right price range for their ability to buy and that they will be available to view properties identified as good prospects based on the buyers goals and qualifications.
SOUNDS SO SIMPLE DOESN'T IT?? 
HA!
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

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