Orlando Real Estate Market Snaphot

Here is a video that I did on the Orlando Real Estate Market. Please feel free to share with your friends!

Managing the Sale of Your Home - Position Your Home to Sell

In this series of posts, we will discuss the different stages that we take in order to manage the sale of your home. There are three main components of a Realtor's job description: Acquisition of buyers and sellers, creation of highly satisfied customers, and long-term maintenance of the real estate relationship.

What do people that are speaking to you about listing their home for sale really want to do? They want to sell their home of course. When you are meeting with a potential seller, what is the most important factor that will influence whether or not you are able to sell their home? The correct price. Today, people that are considered buyers are not dumb. As a matter of fact, there are really three subcategories of buyers: Experienced buyers (those that have been studying the market for a time), Semi-experienced buyers (those that are not brand new to the market, but not yet considered experienced), and New buyers (those that have just entered the market). Studies show that the most critical time for a home that has just been listed is the first 14 days.This is when buyers are most likely to make an offer on a newly listed home. After this time period, interest falls off dramatically. The experienced buyers that have been studying the market know when a newly listed home is priced right, or if it is overpriced. If it is priced right in the market, they will take a bite. Think of them as sharks in a feeding tank. If you throw chum (home priced correctly) into the tank, they will bite. If you throw rubber tires into the tank (homes that are overpriced, even by as little as 5%) they will not take a bite.

In today's market, it is so important to offer an initial price positioning that will get your seller's home sold quickly. You need to develop a competitive listing price to attract home buyer's interest and inquiries and to generate attention and support from other Realtors. Remember that the largest pool of potential home buyers wants to see your property within the first 14 days on the market. The number of qualified buyers decreases as the number of days on the market increases, so your home must create energy and excitement immediately. Aggressive property pricing from the start will generate the most Realtor and home buyer activity. With a competitive market analysis, you receive details about what current home buyers are willing to pay for properties similar to your seller's home in the local market. This recent sales data takes into consideration the prices paid for recently sold properties, properties currently on the market that are not selling, and homes that did not sell which shows the properties/prices that home buyers have not been willing to pay in today's market.

The next step in positioning a home to sell is to discuss any home enhancement recommendations for making the home look its best for showing and open houses. This may include removing clutter from rooms, having the carpets professionally cleaned, or painting the walls a neutral color to make it more appealing to potential buyers. Buyers need to be able to envision themselves living in the home. Another great enhancement that can be made is to remove all family photos from the walls/house and removing all items from the refrigerator doors.

The final step in positioning a home to sell is to implement a full-service marketing plan. This will provide maximum property exposure and generate both online and in-person showings. You will want to utilize the marketing tactics that your broker has in place for you. You may also find it useful to promote your new listing via other channels that you may need to pay for out of your own pocket.

When all is said and done, selling a home really boils down to one thing...price. I cannot emphasize the importance of pricing a home correctly from the very beginning. It is your job to stress the significance of this decision to your seller. If a home does not sell, it does not do your seller any good, nor does it benefit you. If a seller does not agree with your professional opinion on where the market currently is and what their home should be priced at to bring them the greatest profit in today's market, then you will need to decide if you really want to take the listing. Remember that having your sign in their yard is great advertising...if the home sells. If it does not, then you could be doing more harm to your future business and reputation. Ultimately, you have a business to run. If you are dealing with a seller that is unwilling to take your advice, you will need to decide if you want to take the risk of having a home sitting on the market and not selling on your record.

Please keep your eyes out for the next post in the Managing the Sale of Your Home series. I hope that you have enjoyed this post. Please keep an eye out for my next post to this blog. You can follow me on Twitter: @TopOrlCBRealtor or "friend me" on facebook (Tim Shelton). Checkout my website: Thanks for reading!

Tim Shelton, Realtor
Coldwell Banker Residential Real Estate
Winter Springs, Florida

Goals That Work - Part IV

This post will complete my series on goals. So far we have discussed that there are four components to setting goals and we've discussed three of them: Goals Must be Specific and Measurable, Goals Must Have a Time Limit and Goals Must be YOUR Goals.The fourth and last component to achieving your goals is that goals must be in writing.

Goals Must be in Writing
For some reason, this last component is the one where everyone drops the ball. It sounds good to put your goal in writing, but almost no one does. And the correlation is clear: almost no one wins. Winners are so strange that we admire them deeply. With very few exceptions winners have written goals. It is almost impossible to accomplish something big without a written blueprint.

You may have heard of the 1953 Goal Setting Study by Yale University. If you haven't, then let me bring you up to speed. The study found that the 3% of 1953 Yale graduates who had set clear, written goals had amassed more wealth than the other 97% of graduates combined. Is that enough to convince you that your goals must be in writing? Read that again: 3% of 1953 Yale graduates who had set clear, written goals had amassed more wealth than the other 97% of graduates combined. That's huge!

Now, let me also share with you this little tidbit of information. According to Yale University and their website, this claim is false. That's correct, I said false. Here's a statement from their website:
 

It has been determined that no “goals study” of the Class of 1953 actually occurred. In recent years, we have received a number of requests for information on a reported study based on a survey administered to the Class of 1953 in their senior year and a follow-up study conducted ten years later. This study has been described as how one’s goals at graduation related to success and annual incomes achieved during the period.

The secretary of the Class of 1953, who had served in that capacity for many years, did not know of [the study], nor did any of the fellow class members he questioned. In addition, a number of Yale administrators were consulted and the records of various offices were examined in an effort to document the reported study. There was no relevant record, nor did anyone recall the purported study of the Class of 1953, or any other class.

So you are probably wondering why the fourth component to goals is Goals Must be in Writing. Just because there is no proven study from Yale University does not mean that it does not exist. There is a study by Professor Gail Matthews at Dominican University, not Yale University which looked at goal-setting and achievement over a much shorter period of four to six weeks. Her study had three main findings, according to the summary she posted:

1.) Accountability is important: those who committed to and followed through on sending progress reports to a friend achieved significantly more than those who did not.
2.) Public commitment matters: those who sent their commitments to a friend accomplished significantly more than those who just wrote action commitments or did not write their goals.
3.) Writing your goals is important: those who wrote down their goals accomplished significantly more than those who did not.

In closing, it has been proven that people whom write their goals are more successful than those that do not. Folks, you need to write your goals down. You need to review them frequently if you want to be successful. It is a proven fact.

I hope that you have enjoyed these posts on goals. Please keep an eye out for my next post to this blog. You can follow me on Twitter: @TopOrlCBRealtor or "friend me" on facebook (Tim Shelton). Checkout my website: Thanks for reading!

Tim Shelton, Realtor
Coldwell Banker Residential Real Estate
Winter Springs, Florida

Goals That Work - Part III

This post is Part III of my series of posts on "Goals". If you haven't read the previous two posts on this subject, I recommend reading them before continuing with this post.

So far we've learned that there are four components to setting and achieving goals. We've gone over the first two components: Goals must be specific and measurable. Goals must have a time limit. This post will discuss the third component: The Goals Must be Your Goals.

The Goals Must be Your Goals

"My wife wants me to lose thirty pounds." That will never happen. "My father wanted me to be a surgeon." I don't want to be your patient. "My father wanted me to be a preacher." I want a preacher called by the Father, not by his dad. If you don't own the goal and it doesn't come from your dream, then you won't have the toughness to persevere when the going gets tough. There is never an exception - everyone who wins must push through obstacles, lots of them. You simply will not get up at dawn for your three-mile run because your wife wants you thinner. Big goals require big backbone - wimps need not apply. You have to have courage and you can't import that; it comes from you caring deeply about the result. When you care about the end of the story, you will work your way through it.

The fourth and final component will be revealed soon! Keep checking this blog for updates.

I certainly hope that you are enjoying these posts. Please be sure to follow me on Twitter @TopOrlCBRealtor and "friend me" on Facebook (Tim Shelton).

Are you looking to buy or sell a home? Click here and contact me through my website and I'll be more than happy to help!

Goals That Work - Part II

In my last post, we discussed that goals must be specific and that goals must also be measurable. I told you that there are four components to goals. Here is the second component:

Goals Must Have a Time Limit
Goals that do not have a time limit are unable to be broken down into "micro" goals to measure your progress. You might say, "I want to write a book." Great, when? In twenty years? In twenty months? If you don't put a deadline on the goal it will never happen and you will get to eat the bitter fruit of regret. You will say, "I always wanted to write a book, but I just never got around to it." I am not a very good writer in the literary sense, but a blog like this is a great way to teach and convey ideas. When I decided to write this blog, I decided on deadlines for updating my blog with different posts. So here I sit today finishing this post to stay on pace to hit my goal. See how powerful goal setting is?

If you say you want to make $100,000, that is not good enough. If you say you want to make $100,000 in this year, now we have something to work with. You will need to work backwards from that number. Figure out how much income you need to average each month to make $100,000 per year. Next, figure out how much you need to make each week on average to earn $100,000 per year. You need to learn what the average sales price is for your sales and how many quality relational contacts have to be made to result in one sale. So, now you have some easy math that you can do to get an idea of how much work will need to be done to accomplish your goal of $100,000.

If you want to lose thirty pounds you cannot just say, "I want to lose thirty pounds." Not good enough. When? I want to lose thirty pounds in three months. Now we have something we can build on. Are you already doing the math? That is ten pounds a month and therefore two and a half pounds a week. So we are going to exercise more and eat less to hit the two and half pounds per week. If you hit the chocolate cake or the second helping, the scales will yell at you that you are off the mark for your goal.

So if you want to be more social, lose weight, own your own business, increase revenues, write a book, or have a better marriage, your goals need to be specific and measurable and have a time limit.

Stay tuned for my next post where I will share with you the third component to setting goals. 

Goals That Work

Anyone that is looking to start their own business must set goals. Goals are a very important piece of the puzzle to your success. I believe goals that work have four components to them. Each component must be addressed in order to have a real goal that will work. It is important to remember that goals are not dreams, visions, or wishes. In a sense, goals are bringing those things down to earth. This allows us to take actual steps to make our dreams come true. If you follow these four components when setting your goals for your new business, you will be setup for success!

I will reveal these components to you one at a time and each will have their own post. We will start with the following:

Goals Must Be Specific and Goals Must Be Measurable
You cannot have vague goals. A vague goal is not a goal at all. A vague goals is nothing more than a dream or wish and you do not want to end up being one of those people that ends up dreaming and doesn't do anything. You cannot simply say that I want to lose weight; that is not specific enough. You cannot say that you want to be better educated; that is not specific or measurable. Saying that you want to make more money is just a dream and will not happen; because while "more money" is measurable, it is not specific. Instead, you should set goals by saying things such as:

1. I want to lose thirty pounds.
2. I want a waist that is four inches smaller.
3. I want to make $100,000 per year.
4. I want a college degree in _________.
5. I want to have diner with six couples.

Each of these goals is specific and measurable. One of the powers of goal setting is that it pulls you toward your goals because they are clearly set before you. Properly set goals can be put on the front of your refrigerator or on the whiteboard at the office, giving all who see them the ability to measure your progress. Measurable progress is called traction. When you can observe your movement toward your goals, it pumps you up!

Please check back for the next post when I will reveal the second component to accomplishing your goals! Thanks for reading!

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What is Your Motivation?

Remember the very first day that you walked into the office of your new career as a Real Estate Agent? The butterflies in your stomach. The unknown of what lies ahead of you. All of the questions that you had running through your mind at a rapid pace. Will I be successful? How will I get my first client? Am I crazy for thinking that I can do this?

It's funny to me how we can prepare for a career by taking classes, reading books and writing our business plan and then when it's time for the rubber to meet the road...we doubt our decisions. I believe that these are all common things that all Realtors go through, especially when they first start their careers.

When I decided to become a Realtor in Orlando and the greater Central Florida area, I made a commitment to myself that I was going to be successful. I decided that I was not only going to be a good Realtor, but that I was going to be the #1 Realtor in Orlando and the greater Central Florida area. That's right, with no experience, I was going to be the best Orlando Realtor.

I got into the Orlando Real Estate market for many reasons. I had been successful at many things in my past and knew that if I could apply lessons that I'd learned from my past to the Orlando Real Estate market, that I could very well become the top Orlando Realtor. I asked myself, what motivates me? Motivation is one of the most powerful forces in our lives. Well, the obvious answer would be money, right? Isn't that why we all get into the Real Estate business? I'm not so sure. We all have different "drivers" as to why we go into business for ourselves. I believe that there are four major drivers that propel us into this business: Independence, Wealth, Recognition/Fame, and Contribution.

Independence. This is a common driver for many of us. We are motivated by the day when we can tell our boss what we really think of them and walk out the door with confidence. If you like the idea of setting your own hours and standards, then independence could very well be your main driver. Being a Realtor can give you the independence that you are looking for in your career.

Wealth. Unless you were born with a silver spoon in your mouth (a picture of Ricky Schroeder in Silver Spoons comes to mind for some strange reason) then you most likely have to work for a living. We all have different definitions of what wealh means to us. Some of us would say that wealth is having a jet in the hangar, a Ferrari in the garage and the large estate on the lake. Others might define wealth as not having any debt or just being able to put food on the table. Unfortunately, a lot of people are afraid to state that wealth is what motivates or drives them. There is nothing to be ashamed of if this is your main motivation. In today's world, the word profit tends to be seen as a dirty word to many people and being in business for yourself somehow makes you greedy. I'm here to tell you that nothing is further from the truth. When you create your own wealth you are able to provide for you and your family's needs. You are also most likely providing employment to others (by hiring assistants, or utiizing the services of others such as mortgage brokers, underwriters, insurance agents, website developers, marketing associates, etc.). Wealth is not something to be ashamed of. Remember, profit is not a dirty word. Wealth can be obtained by becoming a successful Realtor.

Recognition/Fame. These are also some great reasons why people become Realtors. As a Realtor in Orlando, we all have our pictures on our business cards and on our websites. Why? We are building our brand. You are your own brand in this market. If you provide outstanding service to your clients, then you should take great pride in that. By having your face and name associated with your business shows the public that you have great confidence in yourself, your company, and your abilities. There's nothing wrong with wanting fame as well. Fame is sometimes a motivator for someone that is tired of just being another face in the sea of faces in a place of employment. Just being a number in the eyes of their employer. I think it's fair to say that everyone wants their "15 minutes of fame". Besides, fame can make you money. Fame can make life much easier for us such as always being able to get a seat at our favorite restaurant or receiving "comps" for different products. Remember though that it can also be a double-edged sword. I once heard a saying about recognitiion and fame...."Babies cry for it, grown men die for it."

Contribution. This can be an important motivator/driver. There are some of us out there that desire to give back to others. Some of us are compelled to help meet a basic need for people, animals or the environment. We just want to help others and leave the world a better place. There is nothing, absolutely nothing wrong with you if this is your main driver. You need to recognize that your goals are going to be very different from other Realtors in your area though. The motivation of contribution can be just as financially rewarding as any of the other drivers/motivators. Your profits can be invested back into your community and allowing for even more good works to be done.

So, what is your main motivation? I have different motivators at different times. Sometimes in my business I'm more motivated by wealth while at other times I'm more driven by contribution. As you may have noticed, by having and sharing this blog, I am utilizing my driver of recognition/fame. In the end. all of these drivers will propel me to become the best Orlando Realtor.