Whiteboard Topics: 6 Surprises to Know About Real Estate Agents

You may think you’ve gotten the real estate market figured out, but Lake Homes Realty’s CEO, Glenn Phillips, has 6 surprises you probably didn’t know about.

  1. Not All are a Realtor ®: There’s a difference between being a real estate agent and being a realtor. Real estate agents must become a member of The National Association of Realtors to achieve the status.
  2. What Their Training Includes: Most of their mandatory training involves learning the legal aspects of real estate such as contracts and state-specific laws. It doesn’t include soft skills like negotiation and real estate marketing.
  3. Less than Half are Full-Time: Because the threshold to obtaining a real estate license is lower than other forms of education, this is a part-time commitment for most agents.
  4. 1 Out of 70 Adults: There is a large number of people that hold an active real estate license, meaning a lot of people, with varying skill levels, can represent someone in a transaction.
  5. Top 5% Land 10% More $: The top 5% of agents alone are able to make drastic amounts more for their clients because they have more experience in their market and have been trained to become a well-rounded agent.
  6. May Not Be Representing You: A Buyers Agency Agreement is a secure way to ensure the agent you are communicating with is working in your best interest. Before making this commitment, however, it’s crucial you research the agent thoroughly.

Real estate can be tricky when you don’t know what to expect. Keeping these tips in mind before beginning your home search will help you navigate the market with ease.

Whiteboard Topics: 6 Reasons Real Estate Agents Choose Lake Homes Realty

It’s no secret that we’re the nation’s largest lake-focused real estate brokerage. Lake Homes Realty’s CEO, Glenn Phillips, explains why real estate agents choose Lake Homes Realty.
 

Specialization: With a market full of agents, specializing is important to stand out from competitors. The lake homes market is extremely popular, and a great one to specialize in.
Market Reach: LakeHomes.com is shown to millions of potential clients a year. Our website will allow you to expand your clientele by reaching consumers all across the nation.
Technology: Our in-house technology allows you to effectively manage and personalize your interactions with buyers/sellers.
High-Quality Clients: Because LakeHomes.com targets consumers specifically interested in buying/selling a lake home, the leads generated are of exceptional quality.
Support: Agent support is a top priority, even though we are highly virtual. There will always be a person on the other end of the line when you need assistance.
Alignment: We connect buyers and sellers to agents that will best fit their lake buying needs. This alignment will inevitably be beneficial to all three parties, as everyone’s needs will be met.
 

From quality lead generation to specialized tools to aid in client management, joining Lake Homes Realty just makes sense. Join us and propel your real estate career to heights once unimaginable!

Realtor Magazine Features Doris Phillips and Lake Homes Realty

Realtor Magazine cover featuring Success(ion) title Doris Phillips, Chief Operating Officer of Lake Homes Realty, was featured in the May/June 2017 edition of Realtor® Magazine.

The feature article, entitled “On Golden Ponds,” is the latest installment in a periodic series of featuring the nation’s most successful and innovative real estate brokers.

The article highlights Phillips’ growth in real estate through the years. This includes a number of years in title insurance and real estate closings. In 2004, she founded her own title insurance agency, RealSource.

The article also offers an inside look at the unique history of Lake Homes Realty and LakeHomes.com, including how the business was designed using a new brokerage business model.

A Unique Real Estate Company

Featuring licensed agents in multiple states, Lake Homes Realty provides robust agent and client support using a high-tech support center.

Doris Phillips, COO of Lake Homes Realty
Lake Homes Realty COO, Doris Phillips

Instead of the overhead of multiple brick-and-mortar offices, Lake Homes Realty instead invests more heavily in better marketing for its clients and agents across the country.

In addition to COO, Doris is also National Director of Brokerage Operations. She manages all aspects of the company’s brokerage operations, including licensing, contracts and commissions.

“I’m honored that Realtor Magazine wanted to share our story,” said Phillips. “We work hard to be very meaningful to our agents, buyers and sellers. And we strive to think beyond ‘how its always been done’ to find more and more ways to serve.”

Realtor Magazine

Realtor Magazine has a print distribution that reaches more than 1 million readers nationwide as well as an active online presence.

Click here to read the full article online at RealtorMag.com or visit http://realtormag.realtor.org/for-brokers/standouts/article/2017/05/golden-ponds.

 

Birmingham Business Journal Announces Lake Homes Realty’s Expansion to Oklahoma

Million Dollar Market

Oklahoma marks the eleventh state Lake Homes Realty has entered for business since 2013. Oklahoma is a $550 million lake real estate market.

Lake Homes Realty Welcomes Realtors®

Angella Lee joins as the specialist for Lake Eufaula. She has been in the business since 1987 and loves life on the lake.

Jason Hightower joins as the specialist for Lake Texoma. He is a lifelong resident of the lake and has been selling property there for five years.

Birmingham Business Journal Logo

On the Move

Lake Homes has more than 2,500 lake property listings and has seen an increase of 350 percent in website traffic over the last two years.

The Birmingham Business Journal voted Lake Homes Realty one of the fastest growing businesses in 2015.

The Importance of Hiring a Lake Expert Real Estate Agent

A good real estate agent can help you to secure a property faster and at a more reasonable price, so it is always worth hiring one when you are considering purchasing a new home.

man in suit holding out a Lake Homes Realty Lake Expert business cardThey offer a level of expertise in the market that you simply won’t have and can help in a variety of ways.

In addition to this, lake real estate often comes with many complications not seen when dealing with normal residential properties.

Advice

A good real estate agent will be able to provide solid advice relating to the property you are looking at buying.

This information could include the general history of the home and if there are any issues that need to be resolved, should you choose to make the purchase.

Significant information could include lending standards and short sales.

A good real estate agent will also be able to advise you on the actual value of the property in comparison to the asking price.

Agents will be able to let you know when it is a wise move to negotiate on a price or when you have found yourself a good deal.

To facilitate this, agents will often bring in other professionals to carry out home inspections.

Inspectors will be able to determine if there is anything wrong with the property that hasn’t already come up in an initial walk-through. Should you still be interested upon seeing the findings, any issues discovered can then be used as leverage once it comes time to negotiate price.

Legalities

Buying a house comes with a minefield of paperwork, legal documentation and additional complications.

It’s a hazardous place to wonder into on your own, which is why it is a good idea to bring a real estate agent along for the journey.

Their expertise will ensure that you get all of the right paperwork completed on time and have it ready to go without complication.

When it comes time to close on the deal, most people will aim to get things completed within a short time frame.

Having somebody to guide you through the processes involved can be a lifesaver.

Niche real estate

And these are just the reasons you need to hire a real estate agent for a normal transaction!

When it comes to making a purchase of lakefront real estate, there are other hidden dangers to be aware of.

These can include water levels and water views that fluctuate during different seasons, leased lots that can’t be purchased outright, watercraft regulations, and shoreline management rules.

A true lake expert will know all the nuances of the lake and will help you navigate your transaction, keeping you informed, sometimes on things you didn’t even know you had to worry about!

It is perhaps unwise to try to complete every stage of a house purchase on your own. Even if you feel like you have things well in hand, it is always worth at least consulting with an expert before moving forward.

Real Estate Agents: A Letter From the Client Who Got Away

Dear Realtor,

I’m sorry I didn’t select you to assist me with the purchase of my lake property. You see, even though I spent time researching the many lake real estate agents in your market, I never found you. It was only after I became disillusioned with my current agent that someone suggested you.

I was told of your experience and expertise. You’re well respected in your market. Unfortunately, your local brand is only local and since I’m not from your area, I had no way of knowing. If only you had better reach and web presence.

Like most, I started my search with Google. I am human and demand convenience so I selected the first few brokerages listed in the search results. You’re not with any of them. I wish you were. Please speak with your company about working harder to get to the top of that Google search.

Had you been, it may not have mattered. Depending on the site, I was presented with anywhere from 50 to 200 agents from whom to choose. I knew none of those people. It was basically a lottery. Everyone was a market expert and honest. They all went the extra mile.

It was like choosing the best ant in an ant farm. So while you’re at it, could you ask your broker to reduce the number of agents and give us more relevant information about you?

I thought the “real estate” websites like Realtor.com, Zillow, or Trulia would help. Though agents must pay to be there, many don’t. Even so, I was left with another sea of names to sift through.

Many didn’t bother to provide more than contact information. My time is worth more than that so if all I get is a cell number, I’m probably not going to call. Maybe you could choose one or two of those sites and provide a little information about yourself, your credentials, and your experience?

To my credit, I dug a little deeper than many clients do. I also searched Social Media. I can learn a lot from social media. I can see everything from activity to marketing strategies.

As a minimum, social media shows me they’re more serious than the next agent with no social media presence. I never saw you. I didn’t need to see you on every site; just one or two would have been great…hint, hint.

In conclusion, you really let me down. Thanks to your inability or unwillingness to stand out from all the others in the market, I missed out on your expertise. For me, it’s simply about conveniently finding the best REALTOR. If your broker’s site isn’t at the top of my search, it’s not convenient.

Researching and choosing from scores of agents on a brokerage site is not convenient. Anemic industry and social media site presence is not convenient. There are many clients out there. Around half, like me, aren’t from your state. Your local brand isn’t going to reach them so I respectfully ask you address these issues so they don’t miss out on your help like I did.

Thank you for your time.

Sincerely,

The One Who Got Away


director of development john sims

John Sims is the Director of Development at Lake Homes Realty

5 Qualities to Look for When Choosing a Real Estate Agent

This article was updated on August 15, 2019.

When you choose to sell your home, you will need to pick the best real estate agent available so that your house does not sit on the market for longer than it should. Choosing a real estate agent can be difficult, but these are five qualities you should look for in a real estate agent.

1. Expertise

Real estate agent Selling lake homes is very different from selling off-lake properties. Make sure the agent you choose to work with is a lake expert who knows the lake, shoreline restrictions, water levels, and nearby attractions.

2. Communication

You’d be surprised to hear of how many bad experiences buyers have had with agents who could not communicate. In addition to being knowledgeable, your agent should be an excellent communicator who keeps you up-to-date with each step of your transaction’s process.

3. Integrity

You can tell a lot about a real estate agent by reading testimonials from past clients. You may find that the agent you are interested in may not be as honest as they appear to be. So, you will also need to make sure the agent is honest with you.

You will need them to be honest and brave enough to tell you the truth about the property. You may want to sell your home for $400k, but the agent knows it will only sell for $300k you want them to be upfront with this information.

Remember, candor denotes trust.

4. Schedule

ScheduleReal estate can be an extremely demanding business. The real estate agent you choose to work with should be able to manage their schedule efficiently.

If a buyer only has a specific window of time during which they can view a property, you need to be confident that your agent will be on time to the showing.

5. Industry Knowledge

Your agent should have extensive knowledge of the local market. The agent should be intimately familiar with state and local real estate laws, the home selling process, and every aspect of the real estate game.

Such knowledge is crucial to ensuring that there are no omitted details in contracts and other aspects of the sale of your home.

It is also important that you meet your agent in person and ask for a portfolio. Do not be shy to ask questions or vet multiple real estate agents.

It is your home and your money that they are responsible for in the end. Do plenty of online research and make sure you find a qualified lake expert agent to help you through the process.

Successful People Think Outside the Box: Sell The Experience

This article was last updated on August 27, 2019.

The old joke goes:

In New York, a guy walks into a bank. He tells the loan officer that he needs to borrow $5000 because he is going to Europe for two weeks. The loan officer says the bank will need collateral for the loan.

The guy hands him the keys and the title papers to his new Ferrari, which is parked in front of the bank.

Obviously, a $250,000 Ferrari is more than enough collateral, so the loan officer gives the man $5000.

He leaves, and the loan officer drives the Ferrari into the bank’s underground parking garage and parks it.

think outside the box

Over the next few days, the big joke among the bank employees is all about the foolish man that put up $250,000 collateral for a measly $5000 loan. But, two weeks later, the guy returns from his trip and repays his loan – plus $26.92 in interest.

The loan officer says to the guy, “I want to thank you for your business, but I’m curious. While you were away, I checked and found out you are a multimillionaire. I don’t understand why you bothered to borrow $5000 when you have so much money.”

The guy replies, “Where else in New York can I park my Ferrari for $2.00/day and expect it to be there when I return?”

Being boxed in is limiting. There’s the space inside the box and ALL the rest. In addition to its limitations, the space inside the box is VERY crowded.

Many entities doing many of the same things means no one stands apart from the rest. Real estate brokerages who all follow the same business model, use the same tools and sell the same things overwhelm the industry. They’re just more blue M&Ms in a box full of blue M&Ms. You get the picture.

Successful people continually think outside the box. Whether in marketing or customer relations, setting yourself apart from those who are thinking inside the box is crucial to realizing business goals.

Bill Gates didn’t sell computers. He sold the experience of having personal computing power in every home.

Apple doesn’t sell tech toys. They sell cool ways to connect with the world.

Amazon doesn’t sell stuff. They sell the ability to quickly and conveniently find what you’re looking for.

At Lake Homes Realty, we sell dreams — dreams of summer afternoons on the water and fall evenings spent by the fire pit.

A client may be looking at a dock but what they’re seeing is a child’s first fish.

Lake property is a means of realizing those dreams, and when you market the dream, in all reality, you more effectively market the properties and your local brand. 

Real Estate Agents: Build Your Personal Brand

Being known socially does not equate to being known professionally. This is especially true for those who concentrate on lake property as a large portion of your potential clients and do not live in the community.

Personal branding and reach is key in engaging all potential clients. Investments in personal branding highlights your experience and expertise for local clients while letting all others know you are the person to contact regarding your lake.

Protect Your Personal Brand

Register your own domain and establish your on-line presence. Notice I did not say get a really nice page on your broker’s site. A brokerage incurs the time and monetary expense of developing a website to market the brokerage…not you.

Consider the odds of a client selecting you among all other agents on the brokerage site versus selecting you on your own site.

Get Active in Social Media

You don’t have to be on every social media platform. Choose those you feel best reach your potential clients. A professional Facebook page may be a great platform for engaging local clients while a fully updated and informative LinkedIn profile will provide the professional qualification of interest to others.

Link your social media to your website and stay active and updated. Nothing says quitter like an unfinished profile or page last updated in June 2013!

Industry Sites May Be Beneficial

As with social media, you don’t need to be on each and every one. Choose those that work best for you in terms of cost vs. exposure and quality leads. A portion of your marketing budget will be spent on this. Carefully plan where you want those dollars to go.

With all that said, having a great online presence will do little in terms of bringing clients, especially those who aren’t in the area, if you’re invisible on the web. If finding you isn’t convenient, you won’t be found.

One of the best ways to ensure clients do find you is working with a brokerage that invests in a real, national reach and is laser focused on your lake properties. Unfortunately, the brokerages that have the ability to do so are few and far between. When one claims to provide this, make them prove it. If they do, jump on that platform!


director of development john sims

 John Sims is the Director of Development at Lake Homes Realty