Building Your Business

Building Your Individual Business 1. Most success stories begin with a plan and a successful real estate career isn’t an exception. Most business plans have a goal to make as much profit as possible as their common denominator and ours will be the same. 2. I think the key to a good plan is to decide what steps are necessary to achieve your goal. It’s important to quantify in a logical and realistic design: a. What needs to be done b. How it will be done c. When will it be done 3. In real estate, key elements for success include networking, name recognition/familiarity, and a reputation for being honest and reliable as well as responsible. 4. Let’s assume you’re honest, because it’s probably too late to recover if you’re not! Starting a new business career like this gives you a fresh opportunity to develop a reputation for being responsible and reliable as your business increases. 5. The first step you should take is assembling a data bank for what would be termed your “Sphere of Influence”. These are your friends, neighbors, relatives, acquaintances from school, church, clubs, etc. It is important to have a data base with their names, addresses, phone numbers, e-mail addresses that you can input into Mailchimp and use Facebook to make connections. 6. The best advice that I can offer you to build your business in the shortest amount of time as far as your business plan is: a. Facebook and Instagram - posting real estate items 3 x per week b. TikTok – more to come on this c. Build your data base Once this information is assembled, you want to broadcast e-mails via Mailchimp or your social media. People are fascinated with the sale prices in their town. If you are the person that is the source of this information, you will be considered their personal real estate expert within a few months. In my opinion, mix your business and personal Facebook and Instagram pages so people will see you posting real estate information they might not see on your business page.

7. When you are at a party, meeting, etc. always ask people where they live. When they tell you, make a positive comment about their location then mention the reason you are familiar with their area is that you’re in the real estate business. If they direct the conversation to real estate, and they probably will, you have a great opportunity to make an impression. At the end of almost every conversation, always hand someone your card and offer your services if they have any real estate needs in the future. 8. Regular contact is a key element in the future success of your personal business. It’s vital that everyone you know realizes that you are involved with real estate. If you have a business card with your picture replicate it in the local newspaper as an inexpensive advertisement every three weeks. Familiarity breeds respect and success follows respect. If people see you in the paper or other venues, it makes it much easier when you are discussing anything pertaining to real estate with them like listings, buying, etc. 9.

What I like about the e-mails, they are “gentle” reminders and not necessarily “pushy”! Caption your e-mail “just thought you would find this interesting”. I wouldn’t recommend newsletters, recipes, etc. just facts and figures. They are succinct and deal with something almost every homeowner has vested interest. People will look forward to receiving them every month and people will start quoting you to their friends!

10. An important element in your business plan is to follow-up with people after you sell their house. There are programs that will send automatic greeting cards for the anniversary of the purchase, Thanksgiving, July 4th, etc. On a national survey, 76% responded that they were happy with their realtor but at the same time only 11% wound up using the same realtor again. People have short memories! Personal notes with your signature are always welcome. Flowers on their housebuying anniversary are a very good investment and could pay back a thousandfold. 11. Open Houses are a great way of jump starting your business, I have always said that if you got three potential customers at an open house, you would probably feel disappointed but if you got 3 on floor time you would be thrilled.

SPHERE OF INFLUENCE YOUR SPHERE OF INFLUENCE IS YOUR MOST IMPORTANT ASSET

• • • • • • • • • • • •

FAMILY FRIENDS YOUR CHILDREN (PARENTS OF THEIR FRIENDS) HUSBAND/WIFE (CO-WORKERS/BUSINESS ASSOCIATES/NEW HIRES) YOUR EX CO-WORKERS ACQUAINTANCES (PEOPLE INTRODUCED TO YOU; FRIEl\TDS OF FRIENDS,ETC) SERVICE PEOPLE (WHERE YOU GET YOUR CAR SERVICED/GAS; YOUR DRY CLEANERS;FAVORITE RESTAURANTS;CONVENIENCE STORES;LAWN SERVICE) PLACES OF WORSHIP (YOUR CHURCH/SYNAGOGUE) PEOPLE YOU MEET WHEN TRAVELING (PLANE;TRAIN;CRUISESHIP,ETC.) CLUBS/ORGANIZATIONS (FITNESS CENTER;PTA;TENNIS/GOLF;NEWCOMERS;ETC. DOCTORS/DENTISTS NANNY, BABYSITTERS

BE SURE EVERYONE YOU CAN THINK OF KNOWS YOU ARE IN THE REAL ESTATE BUSINESS AND YOU CAN HANDLE ALL THEIR REAL ESTATE NEEDS .PEOPLE MANY TIMES DO NOT REALIZE YOU CAN COVER MANY GEOGRAPHIC AREAS OR REFER THEM TO A SPECIALIST IN THAT AREA. ALSO, DON'T FORGET YOU CAN REFER THEM OUT OF STATE ALSO. AJF/10

HIGGINS GROUP

REAL ESTATE

Marketing Cost to the Agents The following cost will be paid for solely by the agents: Company List Side Transactions A $75.00 marketing subsidy fee will be charged per $100,000.00 of the contracted selling price ON ALL LISTINGS regardless of CTS date or being listed/not listed on the MLS. This will be deducted from the commission check and covers any company print marketing, website strategies, and Who's Who in Luxury Real Estate, the company Market Assist Program and image advertising. Important to note that this fee is only charged when the listing sells. Higgins Group absorbs the entire cost of marketing if the property doesn't sell. Transaction Cap is $1,950. There is no exception to this rule. Company Buy Side Transactions A $37.00 fee will be charged per $100,000.00 of the contracted selling price on a buy side transaction. The Cap for this transaction is $960 ($2,600,000). This will be deducted from the commission check. There is no exception to this rule. There are no fees on rentals transactions and are not included in any of the marketing options listed above. Company subsidized E & 0 Insurance at time of hire-$275 or prorated amount and renews 8/2023. Realtor .com company subsidized Enhanced Listing Program - paid at time of hire. We are not sure if the program will be renewed after April 2023 Any Virtual Tours and Professional Photography All Sign installations and removals by Sign Guy CT All fees for any MLS, including any fines incurred on your listings for both agent and Higgins Group All fines and fees for Marketing/Advertising Issues by the State All fees to maintain real estate license, MLS and Boards All personal signs and riders-paid for at the time of ordering All Postage Any personalized marketing materials Any ads other than approved company open house ads that feature their personal contact information *See personal sale policy pg 12

Policy & Procedures Manual Rev - 2/1/2022- Marketing Fee / Personal Sales

17

HIGGINS GROUP

REAL

ESTATE

E & 0 Policy at the Higgins Group

Higgins Group will continue to subsidize the E & 0 insurance cost for all agents which allows us to be much less than our competitors.

The policy time frame is 8/1/22 to 7 /31/23. This applies to all Higgins Group agents both active and in referral. Please note that payment upfront lets us pay more down which enables us to get a savings that we pass onto you. The higher fee is not a penalty but is the cost without the upfront payment. There is an inclination for many insurance companies to not want to carry this type of insurance so that is why they raise the rates in order to make it worth their while. As you can see from other brokerages charging $400 to $600 a year, we don't make money on this but rather subsidize it so it won't be a burden on you. A copy is available on the Agent Dashboard under Company Resources.

REALTOR.COM PROGRAM WITH HIGGINS GROUP

Realtor.com Advantage Pro Program which enables all Higgins Group listings to be enhanced with individual agent and company information and you get your leads for your listings. This program is no longer available with Realtor, we have been grandfathered in and is mandatory program for all active agents in the company. REALTOR.COM 2022-2023 Agent Advantage Pro • • • • • • •

Expanded Agent Profiles All Leads go directly to you the listing agent Social Media Connections RECOMMENDATIONS AND REVIEWS Additional property photos (UP TO 100 PER LISTING) Email Lead Delivery to multiple clients Update Descriptions, Open houses, Branded Virtual Tours, Link to Websites

REAL TOR.com continues to offer us a discount if we pay a percentage of our plan upfront. This enables us to offer you the reduced rate for upfront payment. This is not a penalty but a way of taking advantage of a discount. Renewal April 2023.

Policy & Procedures Manual Rev - 2/1/2022 - Marketing Fee / Personal Sales

18

HIGGINS GROUP

REAL ESTATE

-A

!!_gt1GuyC1

We have been working with Sign Guy CT in our Stamford, Trumbull offices and Michael DeBiase Team for over a year and have been very happy with their work and have decided to move all installations to them go forward. They are a locally owned and operated full service residential and commercial Real Estate sign installation company with over 10 years' experience. Customer satisfaction is their highest priority. Here is a quick overview of what to expect: •

Installation $35 (includes installation and removal)

•

Free generic sign rider rental with every install (over 45 to choose from)

•

Text message photo the moment your sign is up.

•

Orders completed within 1-2 business days.

•

24/7 text message customer support

Other: State of the Art PVC Jacketed poles, free sign storage, personal Sign Order Portal to enter and track your sign orders and panel inventory, mobile phone app, and much more... visit our website or call to learn more. You will receive and email from Bill Cannon, the owner which give you directions for setting up your online account.

Policy & Procedures Manual Rev - 2/1/2022- Marketing Fee/ Personal Sales

19

S M A rt T m 111 Listing Status Definitions Active - An active listing is one that is on the market and available for showings. The following are Change Types within the Active category: New- a listing that has been on the MLS for 14 days or less. BOM (Back on Market)- a listing that was off market (Under Contract, WITH, TEMP) and then comes back on the market and is once again available for sale. This also applies to Under Contract-Continue to Show listings , even though it is technically considered an available for sale status. RAIS or PINC (Price Increase)*- a property where the price was increased. REDC or PDCR (Price Decrease)*- a property where the price was decreased. * Depending on the display you are viewing, you will see one of these two codes. Both codes mean the same thing. Each Change Type lasts 14 days, after which it goes back to just Active. Under Contract-Continue to Show (UC-CTS) - Means that either (i) have executed and delivered a purchase and sale agreement or, if earlier, (ii) have executed and delivered a written bilateral offer to purchase, and, in either case, contingencies remain and the Seller requests that the Listed Property remain on market for backup offers. If a listing is in the Under Contract-Continue to Show status, it must be available to be shown to interested buyers. If it will not be available for showings, it should be in the Under Contract status. Under Contract-Continue to Show listings do expire upon their expiration date. Under Contract {UC) - The status of a listed property when the Seller and the potential buyer of the listed property either (i) have executed and delivered a purchase and sale agreement or, if earlier, (ii) have executed and delivered a written bilateral offer to purchase, and, in either case, the Seller has not requested that the Listed Property remain marketed for back-up offers. Each Under Contract Listing shall be considered to be "off market". Under Contract listings do not expire. Temp Off Market - Temporarily unavailable to be shown but expected to be active in the near future. Temp Off Market listings do expire upon their listing expiration date. Withdrawn- Shall mean the status of a listed property that is temporarily taken off the market. (WITH) Listing remains subject to the terms and conditions of its original Listing Agreement and, as such, expires at midnight on the expiration date of the Listing Agreement. BOM- stands for Back on Market. Though this is technically not a Status, but rather a change type, a listing is BOM if it was in an off market status (Under Contract-Continue to Show, Under Contract, TEMP or WITH) and then becomes available again and is brought back onto the market. In this scenario, the original listing agreement is still valid, as it has not yet reached its expiration date. Cancelled- The status of a listed property where the Listing Agreement has been terminated prior to its expiration date. Expired - Listing is off the market following the expiration date of the listing agreement. Closed - Transaction has completed. The Seller no longer holds title to the property.

When is listing submitted to MLS? When is public marketing allowed?

When can a showing be scheduled?

When are showings allowed? Can the Go Active date be adjusted? Days on Market (DOM) Calculation (aka Market Time)

What paperwork is required?

Who should sign?

Coming Soon

Withhold

Within 48 hours of signed Listing Agreement As soon as it is entered on MLS as Coming Soon (except for tours/open houses)1 As soon as it is entered on MLS as Coming Soon (but only for the Go Active date or later)

Within 48 hours of signed Listing Agreement 2

Not until Go Active date or later Cannot be shortened; can be extended, but not to exceed 14 total days as a Coming Soon listing Days on Market start on the Go Active Date Listing Agreement or Listing Agreement Compliance Certification must be loaded to Supplements as a Private Document and Coming Soon Addendum loaded as Coming Soon Supplement Listing Agent and Seller(s)/Lessor(s)

At the discretion of the listing agent and the seller

Not through MLS

Not through MLS At seller's instruction, Go Active Date can be after 30 days (minimum) from Listing Agreement execution Days on Market starts upon executed agreement Withhold from MLS form must be submitted to SmartMLS within 48 hours of listing agreement execution; Sellers Instruction to File Listing with SmartMLS is required if seller decides to submit listing to the MLS

Listing Agent & Broker/Manager and Seller(s)/Lessor(s)

1

For Coming Soon listings, all public marketing with the exception of tours and/or open houses is permitted as soon as the listing is entered on the MLS in the Coming Soon status. As is the case with showings, Tours and Open Houses cannot occur during the Coming Soon period- they can only occur once the listing is Active on the MLS.

The listing must be entered into Matrix as a Withhold from MLS listing and the Listing Agreement/Listing Agreement Compliance Certification and the Instruction to Withhold form uploaded within 48 hours of the executed listing agreement. If the seller decides they want their withheld listing activated on the MLS (so all SmartMLS subscribers and their clients can see it), it has to be after a minimum of 30 days being withheld. Market Time will accrue during the time the listing was withheld. 2

offers a higher price. The trick is to look at the deal holistically and not be swayed by the word "cash."

Rctu 1· n to N cwslcttcr

Jonathan T. Pace - (203) 570-3522

Realty News - July 2015

Jonathan T. Pace, Higgins Group, 278 Post Road East , Westport CT 06880 If you'd like to be unsubscribed from this newsletter, click here The material in this publication is provided for your informational purpose only and is not intended to substitute professional advice. If your property is currently listed with a Real Estate Broker, this publication is not intended as a solicitation. Powered by AnyPresentations.com

1)

2)

3)

Where a listing broker has compensated a cooperating broker and another cooperating broker subsequently claims to be the procuring cause of the sale or lease. In such cases the complainant may name the first cooperating broker as respondent and arbitration may proceed without the listing broker being named as a respondent. When arbitration occurs between two (or more) cooperating brokers and where the listing broker is not a party, the amount in dispute and the amount of any potential resulting award is limited to the amount paid to the respondent by the listing broker and any amount credited or paid to a party to the transaction at the direction of the respondent. Alternatively, if the complaint is brought against the listing broker, the listing broker may name the first cooperating broker as a third­ party respondent. In either instance the decision of the hearing panel as to procuring cause shall be conclusive with respect to all current or subsequent claims of the parties for compensation arising out of the underlying cooperative transaction. (Adopted 1/97, Amended 1/07) Where a buyer or tenant representative is compensated by the seller or landlord, and not by the listing broker, and the listing broker, as a result, reduces the commission owed by the seller or landlord and, subsequent to such actions, another cooperating broker claims to be the procuring cause of sale or lease. In such cases the complainant may name the first cooperating broker as respondent and arbitration may proceed without the listing broker being named as a respondent. When arbitration occurs between two (or more) cooperating brokers and where the listing broker is not a party, the amount in dispute and the amount of any potential resulting award is limited to the amount paid to the respondent by the seller or landlord and any amount credited or paid to a party to the transaction at the direction of the respondent. Alternatively, if the complaint is brought against the listing broker, the listing broker may name the first cooperating broker as a third-party respondent. In either instance the decision of the hearing panel as to procuring cause shall be conclusive with respect to all current or subsequent claims of the parties for compensation arising out of the underlying cooperative transaction. (Adopted 1/97, Amended 1/07) Where a buyer or tenant representative is compensated by the buyer or tenant and, as a result, the listing broker reduces the commission owed by the seller or landlord and, subsequent to such actions, another cooperating broker claims to be the procuring cause of sale or lease. In such cases the complainant may name the first cooperating broker as respondent and arbitration may proceed without the listing broker being named as a respondent. Alternatively, if the complaint is brought against the listing broker, the listing broker may name the first cooperating broker as a third-party respondent. In either instance the decision of the hearing panel as to procuring cause shall be conclusive

l"OU.U.HOLIUIQ OPl'Ol;flllUTI

with respect to all current or subsequent claims of the parties for compensation arising out of the underlying cooperative transaction. (Adopted 1/97) 4)

Where two or more listing brokers claim entitlement to compensation pursuant to open listings with a seller or landlord who agrees to participate in arbitration (or who requests arbitration) and who agrees to be bound by the decision. In cases where one of the listing brokers has been compensated by the seller or landlord, the other listing broker, as complainant, may name the first listing broker as respondent and arbitration may proceed between the brokers. (Adopted 1/97)

5)

Where a buyer or tenant representative is compensated by the seller or landlord, and not by the listing broker, and the listing broker, as a result, reduces the commission owed by the seller or landlord and, subsequent to such actions, claims to be the procuring cause of sale or lease. In such cases arbitration shall be between the listing broker and the buyer' or tenant representative and the amount in dispute is limited to the amount of the reduction of commission to which the listing broker agreed. (Adopted 1/05)

• Standard of Practice 17-5

The obligation to arbitrate established in Article 17 includes disputes between REALTORS® (principals) in different states in instances where, absent an established inter-association arbitration agreement, the REALTOR® (principal) requesting arbitration agrees to submit to the jurisdiction of, travel to, participate in, and be bound by any resulting award rendered in arbitration conducted by the respondent(s) REALTOR®'s association, in instances where the respondent(s) REALTOR®'s association determines that an arbitrable issue exists. (Adopted 1/07)

Explanatory Notes The reader should be aware of the following policies which have been approved by the Board of Directors of the National Association: In filing a charge of an alleged violation of the Code of Ethics by a REALTOR®, the charge must read as an alleged violation of one or more Articles of the Code. Standards of Practice may be cited in support of the charge. The Standards of Practice serve to clarify the ethical obligations imposed by the various Articles and supplement, and do not substitute for, the Case Interpretations in Interpretations of the Code of Ethics. Modifications to existing Standards of Practice and additional new Standards of Practice are approved from time to time. Readers are cautioned to ensure that the most recent publications are utilized.

I

430 North Michigan Avenue Chicago, IL 60611-4087 800.874.6500 I www.nar.realtor ©2022 NATIONAL ASSOCIATION OF REALTORS® 166-288-22 (01/22 VG)

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NATIONAL ASSOCIATION OF REALTORS®

Notes