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| Introduction | |
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| About the Author | |
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| The Real Estate Industry | |
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| Introduction | |
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| Brokerage History | |
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| Brokerage Outlook and Trends | |
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| Brokerage Regulations and Laws | |
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| Real Estate License Law | |
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| National Regulations | |
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| State Regulations | |
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| Local Regulations | |
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| Agency Law | |
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| License Law | |
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| Contract Law | |
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| Deceptive Trade Practices Act (DTPA) | |
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| Sherman Antitrust Act | |
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| Do Not Call, Do Not Fax, and Anti-Spam Laws | |
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| The Clayton Act | |
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| Fair Housing | |
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| The Real Estate Settlement Procedures Act | |
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| Ethics | |
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| National Association of Realtors | |
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| Code of Ethics | |
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| Responsibility of the Real Estate Brokerage | |
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| Conclusion | |
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| Chapter 1 Review Questions | |
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| The Real Estate Broker and Owner | |
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| Characteristics of Talented Brokers and Owners | |
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| Questions That You Should Ask Yourself | |
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| Why Do You Want to Become a Broker? | |
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| Do You Have the Qualities of a Real Estate Broker? | |
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| What Are the "Perks" of the Position of Broker? | |
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| What Are the Biggest "Trials" of the Position of Broker? | |
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| What Is It "Really" Like to Be a Broker? | |
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| What Is the Job Description of a Broker? | |
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| Do You Want to Get Started? When? Now, or in the Future? | |
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| Are You Willing to Pay the Price to Become the Best Real Estate Broker You Can Be? | |
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| Legal Requirements of Becoming a Real Estate Broker | |
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| Brokers Need to Lead by Example | |
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| Mentoring | |
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| Finding a Mentor | |
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| Networking | |
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| Roundtables | |
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| Why Brokers Fail | |
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| Approaches to Management | |
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| The Commander | |
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| The Peacemaker | |
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| The Collaborator | |
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| The Controller | |
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| Activities of the Broker | |
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| Company Direction | |
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| Acquisitions | |
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| Retention | |
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| Recruiting | |
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| Training | |
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| Hiring and Firing of Staff | |
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| Manager/Assistant Manager Reviews | |
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| Individual Business Development (IBD) Meetings | |
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| Day-to-Day Operations | |
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| Review Listings and Purchase Agreements | |
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| Being Available for Advice | |
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| Personal Education and Development | |
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| Office Meetings | |
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| Real Estate Office Meeting Tips | |
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| Managing New Real Estate Salespeople | |
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| Managing Experienced Real Estate Salespeople | |
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| Office Philosophy | |
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| Tracking | |
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| Conclusion | |
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| Chapter Two Review Questions | |
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| The Real Estate Brokerage Office | |
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| Office Identity | |
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| Office Types | |
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| Mom and Pop Shops | |
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| Niche Offices | |
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| Single Office with the Broker and Fewer than Five Salespeople | |
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| Single Office with the Broker and More than Five Salespeople but Fewer than Fifty Agents | |
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| Single Office with the Broker and More than Fifty Agents | |
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| Two to Five Offices Owned by One Broker and Fewer than 100 Salespeople | |
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| More than Five Offices and More than 100 Salespeople | |
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| Marketing Companies | |
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| Independent Offices | |
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| National Franchise Offices | |
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| International Franchises | |
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| Neighborhood Offices | |
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| Community Offices | |
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| City Offices | |
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| Regional Offices | |
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| Multi-State Offices | |
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| Sole Proprietorships | |
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| Partnerships | |
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| Corporations | |
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| Building Types | |
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| Stand-Alone | |
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| House | |
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| Brick-and-Mortar | |
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| Strip Center | |
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| Office Building | |
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| Buying versus Leasing | |
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| Buying | |
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| Leasing | |
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| Mergers and Acquisitions | |
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| Why Do They Want to Sell? | |
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| What Are You Actually Buying? | |
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| Is the Company Managed Properly? | |
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| Valuation of a Real Estate Company | |
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| Office Layout | |
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| Reception Area | |
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| Conference Rooms | |
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| Bathrooms | |
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| Bullpen | |
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| Semiprivate Offices | |
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| Private Offices | |
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| Computer Room | |
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| Equipment Room | |
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| Forms Room | |
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| Storage | |
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| Operational Offices | |
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| Broker's Office | |
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| Library | |
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| Break Room | |
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| Office Equipment | |
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| Signage | |
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| Facsimile Machines | |
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| Personal Computers | |
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| High-Speed Internet | |
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| Printers | |
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| Copier | |
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| Telephone Systems | |
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| Desks | |
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| Chairs | |
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| File Cabinets | |
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| Art | |
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| Library | |
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| Office Supplies | |
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| Landscaping | |
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| Conclusion | |
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| Chapter Three Review Questions | |
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| Real Estate Brokerage Operations | |
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| Operations of a Real Estate Brokerage | |
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| Day-to-Day Operations | |
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| Salespeople Operations | |
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| Monthly Operations | |
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| Yearly Operations | |
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| Conclusion | |
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| Chapter Four Review Questions | |
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| Real Estate Brokerage Marketing | |
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| Services Offered to the General Public | |
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| Residential | |
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| Commercial | |
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| Property Management | |
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| Farm and Ranch | |
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| Fine Homes and Estates | |
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| Vacation | |
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| Areas Served | |
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| Hard-Dollar Costs to the Brokerage Firm | |
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| Marketing | |
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| Company Marketing Strategies | |
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| Company Marketing Plan | |
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| Name Recognition vs. Prospect Generating | |
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| Marketing Budget | |
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| Marketing Campaign | |
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| Advertising | |
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| Writing Effective Ad Copy | |
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| Frequency | |
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| Advertising Media | |
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| Conclusion | |
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| Chapter Five Review Questions | |
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| Additional Marketing Ideas in Real Estate | |
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| Marketing My Office | |
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| Name Recognition Advertising | |
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| Name Tags/Name Badges | |
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| Home-Buyer Seminars | |
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| Home-Seller Seminars | |
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| Trade Shows | |
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| Conventions | |
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| Home Improvement Shows | |
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| Career Days/Career Fairs | |
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| Flyers | |
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| Word of Mouth | |
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| Conclusion | |
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| Chapter 6 Review Questions | |
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| Real Estate Brokerage Compensation Structures | |
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| Multiple Plans | |
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| Single Plans | |
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| Splits | |
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| One Hundred Percent | |
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| Profit Sharing | |
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| Teams | |
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| Home Office | |
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| Employee | |
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| Bonuses | |
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| Conclusion | |
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| Chapter 7 Review Questions | |
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| Real Estate Brokerage Staff Relations | |
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| Employment Law | |
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| Independent Contractor versus Employee | |
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| Manager | |
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| Management Development Program | |
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| Sources for Managers | |
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| Management Development Program Model | |
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| Salespeople | |
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| Shooting Stars | |
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| Top Producers | |
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| Middle Producers | |
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| Bottom Producers | |
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| New Salespeople | |
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| The Perfect Office | |
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| Searchers | |
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| Kennel Dogs | |
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| Prima Donnas | |
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| Nesters | |
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| Conclusion | |
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| Chapter Eight Review Questions | |
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| Recruiting Real Estate Salespeople | |
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| Introduction to Recruiting | |
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| Selecting Potential Recruits | |
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| Top Reasons Salespeople Choose a Broker | |
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| Recruit the Salespeople You Want | |
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| Recruiting Actions | |
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| The Best Source of Recruiting Leads | |
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| Telemarketing | |
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| Categories of Recruits | |
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| Not Interested-No Prospect | |
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| Not Interested Now But Maybe in Less than Two Years-Lead Prospect | |
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| Interested Soon, But Not Now-Possible Prospect | |
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| Interested Now-Grand Prospect | |
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| Telemarketing Procedure | |
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| Choose an Area You Want Salespeople from, Quickly | |
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| Call Anytime | |
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| Call the Individual | |
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| Look up Addresses and Phone Numbers in the Cross Directory | |
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| Be Professional | |
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| Set up an Interview with the Recruit | |
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| Meet the Recruit | |
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| Contact at Least Once a Month | |
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| Telemarketing Scripts | |
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| Recruiting Door-to-Door | |
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| Basics of Recruiting Door-to-Door | |
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| Agent with Other Company | |
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| Keys to Working AWOCs | |
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| AWOC Action Plan | |
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| Calling on an AWOC | |
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| AWOC "Fair Deal" | |
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| Additional Items You Could Offer | |
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| Watch for Events | |
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| Additional Ways to Improve Your Recruiting Efforts | |
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| Terminate Unproductive Salespeople | |
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| Respond When Competition Offers Your Salespeople a Great Package | |
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| Alter Current Compensation to Keep Salespeople | |
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| Respond When Competitors Send Letters to Your Salespeople | |
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| Respond When One of Your Salespeople Is Recruited | |
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| Advertising for Recruits | |
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| Attract Attention | |
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| Arouse Interest | |
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| Create Desire | |
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| Call for Action | |
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| Examples of Advertisements | |
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| Conclusion | |
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| Chapter Nine Review Questions | |
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| Recruiting Interview | |
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| Recruit Interview | |
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| Recruiting Introduction Discussion | |
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| Recruiting Interview Hints | |
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| Questioning Techniques | |
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| "Wants and Needs" Analysis | |
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| Additional Recruiting Interview Questions | |
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| Recruit Presentation Manual | |
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| Main Topics of a Recruiting Presentation | |
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| Recruiting Packet | |
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| Costs of Recruiting | |
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| Objection Handling Techniques | |
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| Objection versus Rejection | |
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| Objection versus Question | |
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| Open-Ended versus Closed-Ended Questions | |
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| Tips for Addressing Objections | |
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| Handle Objections by Asking Questions | |
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| Objection Handling Worksheets | |
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| Closing Techniques | |
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| Trial Close | |
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| The Tie-Down Close | |
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| Alternate of Choice Close | |
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| Assumptive Close | |
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| Feedback Question Close | |
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| Similar Situation Close | |
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| Reduce to the Ridiculous Close | |
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| Puppy Dog Close | |
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| Good Guy/Bad Guy Close | |
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| Take-Away Close | |
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| Appeal to the Higher Authority | |
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| If-Then | |
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| Conclusion | |
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| Chapter Ten Review Questions | |
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| Retention of Real Estate Salespeople | |
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| Introduction to Retention | |
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| Call Nights | |
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| Company Events | |
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| Training | |
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| Covering the Costs of Training | |
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| Mentoring/Teams | |
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| Office Policies and Procedures Manual | |
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| Ancillary Businesses | |
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| Conclusion | |
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| Chapter Eleven Review Questions | |
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| Real Estate Business Development | |
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| Introduction | |
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| Setting up a Relocation Mind-Set | |
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| Finding Relocation Business | |
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| Corporate Calling | |
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| Additional Ways to Find Relocation Business | |
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| Meeting with Personnel Directors and Others | |
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| A Letter of Introduction and First Contact | |
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| The First Corporate Presentation | |
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| The Proposal | |
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| Components of a Proposal | |
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| Guidelines for Writing a Proposal | |
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| Relocation Services Offered | |
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| Creating a Company Relocation Packet/Brochure | |
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| Creating a Newcomer's Packet | |
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| Land Development | |
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| Notary Functions | |
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| Property Insurance | |
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| Conclusion | |
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| Chapter Twelve Review Questions | |
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| Real Estate Business Planning | |
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| Introduction | |
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| Writing a Business Plan | |
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| Cover Page | |
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| Table of Contents | |
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| Executive Summary | |
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| Mission Statement | |
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| Vision Statement | |
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| Strategy | |
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| Continuous Improvement | |
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| Defining Your Customers | |
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| The Market | |
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| Sales and Marketing | |
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| Information About Your Business | |
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| Business Description | |
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| Operations | |
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| Service Fees | |
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| Personnel Development | |
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| Development Status | |
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| Service Process | |
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| Outsourcing Marketing | |
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| Location | |
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| Method of Sales | |
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| Advertising and Promotion | |
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| Management Description | |
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| Ownership | |
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| Board of Advisors | |
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| Competition | |
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| Financials | |
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| Risks | |
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| Financial Statement | |
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| Estimated Sales | |
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| Operating Expenses | |
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| Capital Requirements | |
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| Cost of Services | |
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| Income Statement | |
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| Cash Flow Statement | |
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| Balance Sheet | |
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| Conclusion | |
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| Chapter Thirteen Review Questions | |
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| Financing a Real Estate Business | |
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| Applying for a Business Loan | |
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| Ability to Repay | |
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| Collateral | |
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| Credit Rating | |
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| Management Experience | |
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| Equity | |
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| Detailed Business Plan | |
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| The Loan Process | |
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| Can the Business Repay the Loan? | |
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| Can You Repay the Loan if the Business Fails? | |
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| Does the Business Pay Its Bills? | |
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| Are the Owners Committed to the Business? | |
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| Does the Business Have a Profitable Operating History? | |
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| Are Sales Growing? | |
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| Does the Business Control Expenses? | |
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| Is There Any Discretionary Cash Flow? | |
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| What Is the Future of the Industry? | |
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| Who Is Your Competition, and What Are Their Strengths and Weaknesses? | |
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| Have You Filed and Paid All Income Tax Returns? | |
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| Does the Business Have the Ability to Repay a Loan? | |
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| Does Your Business Have a Positive Net Worth? | |
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| Is Your Business Carrying Too Much Debt? | |
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| Do You Have Enough of Your Own Money in the Business? | |
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| Are You Willing to Personally Guarantee a Loan? | |
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| Does Your Business Have Qualified Managers and Advisors? | |
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| Do You Have Experience in Running Your Own Business? | |
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| Preliminary Actions Before the Presentation | |
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| Calling on Lenders | |
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| At the Appointment | |
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| Alternative Sources of Loans | |
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| Partners | |
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| Friends and Family | |
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| Business Partners | |
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| Investment Group | |
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| Venture Capitalists | |
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| Conclusion | |
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| Chapter Fourteen Review Questions | |
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| Starting Up a Real Estate Business | |
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| Characteristics of Real Estate Brokers | |
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| Change Factors | |
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| Phases of Change | |
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| Leader or Manager | |
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| Development of Leadership | |
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| Starting Operations as a Real Estate Company | |
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| Conclusion | |
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| Chapter Fifteen Review Questions | |
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| Appendix | |
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| Credits | |
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| Index | |