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How to Find a Great Realtor to Run Your Property “Comparables” (Comps)

Establishing value on your property is critical. Skill number one above all other skills to master.

The most important aspects of being a real estate investor is the ability to establish value on houses or properties you are considering buying, wholesaling, or flipping. Irregardless of location, be it California, New York, Houston, or Dallas its a must know skill to learn in time.

But how do you master comping property if you do not have Multiple Listing Service (MLS) access? How can you practice and practice running comps (like I have until you breeze through it), looking at land, comparing variables like year built, location, lot square feet, bed and baths, subdivision and lastly what is the property next too? Is it next to a commercial center, stinky ranch or pig farm or a nice area with a creek or lake? These factors are important to know in learning to master running comps on property.

Before you can become proficient with running comps you need MLS access from a realtor if you are not one already. And this is how you do it. You want to find a realtor you know on a personal level, maybe a friend, friend of the family, or relative. If you don’t have a realtor on hand you need to make friends with one.

This is how you go about making friends and getting MLS access. Drive for dollars and find a vacant, boarded up house ones you want to consider buying or wholesaling. Find two or three, then call a few Realtors up tell them you are real estate buyer or investor and need a good realtor to buy through and run comps.

Start off only giving them a few addresses to comp then a week later give them a few more, meanwhile take them out to coffee get to know them, their likes dislikes, hobbies, etc. Form a relationship with them. A week later give them a few more comps to run, be sure the houses are in your actual buying areas of interest. In other words make sure its real comps of real houses. Its one way to get to know your platinum areas.

Phone your realtor talk to him or her about the houses he or she comped. Make the chat a casual conversation. Ask them if they would like you to refer them (realtor) to the sellers who want to list. Of course the realtor will say yes! Let them know not all sellers you meet are desperate or motivated sellers and some simply need a good realtor to list with.

Then when a seller does not want to sell ask them if they would like to talk to your realtor to see if listing is right for them. Call the Realtor and give them the seller’s name, phone, address, and the condition of the house. This will show the realtor you are serious. No one works for free. Keep track of those referrals maybe the realtor will give you a small finders fee once listed and sold, just don’t ask for one at this point. Your sole goal is MLS access! The gold standard of running comps.

Somewhere in the discussions you are giving them the comps to run, they start to get a bit overwhelmed at the extra work load of running the comps for you. This is what you want. They need to realize in the back of their minds without you mentioning it, they should just give you MLS access.

However, when you feel its a good time tell them you can “save them time buy getting MLS access as an “real estate assistant” or such, just whatever is easier for them” which they can ethically do. This is why, they have real estate assistants who run comps for them, look up properties on the MLS and help out in the office for them.

If you are giving them leads they are going to be more than happy to give you the access you need once you establish trust with them. It is wise to be working about 2-3 Realtors at once to see who is actually a big picture or forward thinker. Do this until they get you the MLS access. Do this until you can speak their language. Do this until you get your MLS access. But stay in touch with the other Realtors, because you never know when you will need them too.

Let this soak in a bit and see if it helps you to get the MLS access you need. Zillow or no other comp service is worth a darn, hey its hard enough to establish value with the MLS as it is. Some Realtors will say they can run the comps but a realtor see’s comps through a different light than the investor. Here is one major difference, WE write the $200,000 check to BUY the house, Realtors only list the house. We better be right-on with our comps! Get it!?! So they see running comps through a different pair of glasses, and this is one of many reasons why you need the actual MLS access yourself.

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The Five Pillars of Marketing Success

Does the following give a pretty good picture of your current marketing activity?You have a website but you’re not really satisfied with it. You go to networking events once in awhile. If someone asks you to give a talk, you’re happy to do it. You post on Facebook and/or LinkedIn semi-regularly. When you find the time, you send an article to those on your relatively small email list. You occasionally set up meetings with colleagues to explore opportunities.Now there’s nothing wrong with any of those marketing activities. And usually, they will result in landing some new clients.But this is not the approach that works to get a steady, predictable stream of new clients.Please don’t tune me out here, thinking, “Well, I really can’t do more than this. I’m already stretched thin. If you give me too much to do I’ll get overwhelmed.”I agree. It’s not that you need to do more marketing, it’s that you need to shift your marketing paradigm from one of “Randomness” to one that is “Focused.”Random marketing is just that; it’s all over the place. You do a little bit here and a little bit there on an inconsistent basis. You are trying to keep your face, name, and message in front of your prospective clients but the results are unpredictable.The Random marketing paradigm is not very effective because it doesn’t gain a lot of momentum. You don’t do enough of one marketing activity to grab the attention of your prospective clients and move them to take action.The Focused Marketing Paradigm is very different. It’s based on repeatedly communicating very directly to your target market with a very definite end in mind. It gets the attention of your prospective clients and they ultimately take action.The Focused Marketing Paradigm has Five PillarsUnderstand and implement these five pillars and I promise you’ll see a shift in your marketing results.Pillar One: Focused GoalsA Random goal is saying something like, “I’d like to attract a few more clients to my business.” Not very compelling is it?A Focused goal is much more specific. “My goal is to land 3 new clients in the high-tech plastics business in the Houston area with an average project size of $30,000 each by the end of the year.”The more detail, depth, and specificity about the goal, the better. You’ve really thought through what you want to achieve and also have confidence that you could deliver if you did reach your goal. It’s so real to you that you can taste it.What is the Focused Goal for your marketing?Pillar Two: Focused Program or Service Random programs or services are generalized consulting, coaching or training programs. “I offer management consulting and training to corporations.” Kind of vague, right? But this is what I hear all the time.A Focused Program or Service is more tangible. “I offer the high-tech plastics industry Management Acceleration Programs for emerging leaders in the industry.”In my business, I’ve always offered programs: The Marketing Mastery Program, the Marketing Action Group, and the More Clients Club. And each program has very specific parameters, deliverables, and objectives. It sure makes intangible services easier to market and sell.What is the Focused Program or Service you’re offering?Pillar Three: Focused Target MarketIn the above example, the target was the “high-tech plastics industry.” But it’s more common to hear things like, “I work with large companies who want to increase productivity.” This is too general and it makes it hard for clients to know if you understand them and can help them.A Focused target market is where you are absolutely clear what kinds of people or companies can most benefit from your expertise. And then you articulate that clearly.I worked with a financial planning company last year that targeted middle class families in the Buffalo New York area. Guess who they attracted to their practice? When people read about who they worked with on their website, they said, “That’s Us!” and called them.Who exactly is your Focused Target Market?Pillar Four: Focused Message and Value PropositionA Random message or value proposition tends to be too general and can be hard to pin down. It avoids making a promise that is meaningful to the prospective client.Messages such as, “We offer the best service in the industry,” or “Smart insights into great management,” are meaningless to your prospective clients. The value is not immediately obvious.A Focused message or value proposition zeros in on exactly what your clients get and what it means to them. I admit that this can be the marketing pillar that is hardest to pin down. Ultimately you have to test a number of different things.For the re-launch of the More Clients Club, my current value proposition is: “Everything Self-Employed Professionals Need in One Place to Attract More Clients.” And now, of course, I’m bending over backward to deliver on that promise.And a marketing message or value proposition is much more than a sound bite. Your message must permeate every aspect of your marketing, from your website to the emails you send out. Your prospects need to be constantly reminded of the value you offer.What is your Focused Message or Value Proposition?Pillar Five: Focused Marketing StrategyA Random marketing strategy is much like the collection of marketing activities I outlined at the top of the article. You’re just all over the place, throwing something at the wall, hoping it will stick, with no organized system or plan.A Focused marketing strategy is more like a putting on a theatrical production. You have the script, the actors, rehearsals, and opening night, all executed on a strict timeline.Two examples:For my Marketing Mastery Program, I held a series of introductory teleconferences, invited those interested to apply for the program, interviewed each applicant, and then converted 50% into participants. Over a 6-week period, I filled my business for a full year – four years in a row.A career coach in one of my programs recently filled her practice in three months with a focused campaign of personalized emails designed to get appointments with her ideal clients. Then she converted a large percentage into paying clients.That’s the power of a focused marketing strategy.You need to identify the right marketing strategy for your business, but even more important is the way you organize and implement the strategy.Developing a focused strategy is the most complex and challenging of the Five Pillars. You can’t just put together something haphazardly and hope you get the equivalent of a professional Shakespearian production.What is your Focused Marketing Strategy?If you work to build a focused plan with these five solid pillars, your marketing will work better and faster, attracting more of your ideal clients, usually at a higher rate.I recommend you work on one pillar at a time. Write them out and fine-tune them until you feel confident and excited about them. Yes, you will need to do some research and study to make sure your plan is viable. But this is certainly better than spinning your wheels with a random strategy that is going nowhere.Cheers, Robert

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