Tag Archives: Kansas City Real Estate Market

Getting Your Real Estate License in Missouri and Kansas City

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Getting Your Real Estate License in Missouri

If you are considering getting your Missouri real estate license you may find that is is easier than you thought. The process of getting your real estate license, whether you are in Kansas City or St. Louis is pretty much the same. The Missouri Real Estate Commission mandates a certain number of classroom or online hours to get your Missouri real estate license.

Many real estate license schools in Kansas City and Missouri in general have both classes that you need.

Getting your real estate license in Missouri and Kansas City is easier than you think!

Getting your real estate license in Missouri and Kansas City is easier than you think!

Classes required to get your real estate license in Missouri

  • The first class needed to get your Missouri real estate license is called the Missouri Pre-License Course, which is exactly what it sounds like. This 48 hour class prepares you to take the Missouri Real Estate License Test. Once you complete this course, either in-class or online, you are ready to take the real estate license test for Missouri , which covers national and state specific questions.
  • The second class needed to get your Missouri real estate license is called the 24 hour Missouri Practice Course.  This class begins to show you the “Practice” or the business workings of real estate. You will go over forms, and some very basic best practices of running a real estate business in Missouri.

Additional Steps to Get Your Missouri Real Estate License

Along with your Missouri Real Estate Classes, you will need to take the Missouri State license test. If you took the classes at a school or online they will give you the information on approved real estate license testing centers. These will be proctored exams, so be prepared to remove all personal belongings.

One last thing you need to do to get your Missouri real estate license is to get your fingerprints taken for your background check. In Missouri, you are required to use an approved third party vendor for this. Yes, even if you are cleared for top secret defense contracts, and you just came back from a 4 year tour with Homeland Security, the Missouri Real Estate Commission would like you to submit new fingerprints.

I Just Passed My Missouri Real Estate Classes and Test, Now What?

So you have complete all the requirements for your real estate license in Missouri, now what? The next decision you make after this will be the biggest decision you may make in your real estate career – which company to hang your Missouri real estate license with. Getting your Missouri real estate license is one thing, partnering with a real estate brokerage that has the tools and resources to help you get your business off the ground is a whole blog post in and of itself.

Welcome to the Real Estate Industry!

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The Number One Real Estate Brand in Kansas City

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The number one real estate brand in Kansas City has been and always will be – YOU!

Real estate in Kansas City, and every other market across the country, is a local business and people do business with whom they know, like and trust. The National Association of Realtors 2011 profile of home buyers and sellers, surveyed home buyers and sellers and asked them why they chose the agent they worked with. Here are their findings:

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If the number one brand in real estate in kansas city is YOU – let’s take a look at where most new and seasoned agents have the best opportunity for growth:

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More new agents and seasoned agents are beginning to PROFIT FROM THE TRUTH and are no longer buying into the rumors our competitors are feeding them.

Keller Williams is not threatened by the individual agent’s success. We believe in business conversations based numbers, in growth, education and training. The real estate company you choose to partner with has less to do with splits, and costs, and more to do with your NET result at the end of the year. We focus on building business worth having, careers worth owning and lives worth living.

Are you hitting your potential? What does the next level of success look like for you? Who at your current brokerage is helping you get there? How much longer are you willing to wait to make what you deserve?

Let’s sit down for a cup of coffee and go over these questions. Contact me today for a confidential business strategy session so you can get your answers from the source. You can always buy into the rumors, or you can PROFIT from the TRUTH.

5 for July: Getting Seller Leads in a Hot Market in Kansas City

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Getting Seller Listing Leads in a Hot Market Can Be As Easy As 1-5!

For July, while we are hanging on to this seller’s market here in Kansas City I wanted to share some effective strategies to increase your listing inventory. So this whole month I will be posting 5 strategies for picking up new listings in Kansas City or any market for that matter. These listing strategies are simple, easy and effective. If you are not implementing lead generation activities for picking up listings then you are really missing out in this real estate market shift.

5 in July Listing Strategies

  1. Getting Listings from Your Database or Sphere of Influence

  2. Getting Listings from Open Houses

  3. Getting New Listings From your Geographical Farm

  4. Getting For Sale By Owner Listings or FSBO Listings

  5. Getting Expired Listings

 

Why work three times harder?

Why do we focus on getting listings leads for our business? One word – LEVERAGE. If we have listings we have an opportunity for three transactions, let me explain. First, you sell the listing. Second, that seller also needs to buy a new home. Third, you will get sign calls that can be converted to buyers, and who knows they may also have a house to sell. There is also a bonus, if the caller is unrepresented and wants to stay that way then you can double side the transaction.

So listings equal leverage. You don’t have to be there to show them and they have the opportunity to turn into multiple transactions. When you have a steady listing inventory you don’t have to focus on getting buyer leads, they will be coming to you. Not enough buyers? Simple, get more listings! So stay tuned for the next post, where we dive into your Database and the Acres of Diamonds there.

Setting Buyer Expectations in a Seller’s Market in Kansas City

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Setting buyer expectations in a seller’s market in Kansas City can save you time, money and frustrations!

Seemingly overnight we have transitioned from a buyer’s market (more than six months of inventory) to a seller’s market (less than 6 months inventory) in Kansas City. Naturally there is some lag between when the news passes this info along. So right now, we have real live buyers in the field, still looking to get that deal of a lifetime, and they are coming up on homes that are going under contract in less than a week, multiple offers and oftentimes now going under contract for more than list price. If you are not ahead of this shift, and setting your buyer’s expectations about the market ahead of time, you could be setting yourself up for frustration and disappointment.

So how do you set buyer expectations in a seller’s market?

In short, data. You should have the ability to pull up market statistics in your local MLS that can show you average list to sales price ratios over a period of time. In the Heartland MLS that report is called the “Market Conditions Addendum” and does a nice job of compiling the data in a very easy format. Let’s be real, all the data in the world doesn’t mean diddly if you can’t interpret it and relay the info to your buyers in a way that they will understand.

So what if your buyers still think that they can go out and steal a property?

So if you have tried to set your buyers expectations by showing them the data that shows them that we are in a seller’s market here in Kansas City or wherever you are, then sometimes losing out on a property is the only remedy. We are the agent of our client. We can provide advice and consult to the best of our knowledge, if your client still wants to lob in an offer then as a fiduciary you have to do it. Just make sure to let them know that they could be losing out on their perfect home, while someone else comes in on top of this offer and takes it.

Ok, great Mat, we hear you, but how can I set my buyer’s expectations in this Seller’s Market?

Simple. Scripts.

List Price to Sales Price
The average list price in (____________) is (__________) but the average sales price is
(__________). That means that sellers are coming down approximately (__________
dollars). The reason I share this information is that I would prefer to turn you down now,
rather than disappoint you later, if you think you could offer $25,000 less than the list price
and actually expect to get it.
So let me ask you a very direct question. If we found you the perfect home and the seller
is only willing to come down about (_________ dollars) how would you feel about that?

If you want even more killer tips on taking advantage of this monstrous shift in the market, reach out to me here!

Overcoming NO in Real Estate Sales and in Life

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Overcoming NO in real estate sales and in Life – changing the way we look at asking for what we want!

I had a recent conversation with a dear friend about their business and we came across a really great subject that I wanted to take a minute and go over with you. In a nutshell, we were talking about our respective services and that there were times when their bids seem high and they sometimes freeze before presenting them for fear of rejection – fear of the NO. Overcoming NO in real estate sales

The word NO is such an interesting word – only 2 letters – but those two letters have the power to completely paralyze  us and cause us to fall into inaction. So why is that? My daughter is about to turn three and she is fearless when it comes to the word NO, she will ask and ask for hours to get what she wants, sometimes getting 10-15 no’s until either I tire of the struggle and say yes, or she gets bored of the asking and moves on. At what point in life do we lose this never ending desire to get what we want?

In sales and in life we have to deal with NO on a daily basis. It’s just a part of the job, and those who can overcome the fear of NO don’t just do a little bit better than their counterparts, they are crushing it.

So what is the main fear behind NO?

Rejection. We all want to be liked and making a call, meeting with a client or asking for something you want puts us in a vulnerable state. Asking someone to work with us or choose us puts us in a position that if they say no, it can oftentimes feel like they are rejecting us personally, even though more than 95% of the time it has nothing to do with you personally. They are usually just not ready for your service, or you have not demonstrated enough value for them to make any type of switch.

So how do we get past the paralyzing fear of hearing NO?Getting to YES in real estate sales in Kansas City

  1. Don’t be tied to the result! – A pro baseball player in the hall of fame strikes out 70% of the time during their entire career! What kind of career do you think they would have if they got discouraged after 2 or 3 strike outs?
  2. Make collecting No’s a game. – If it’s about numbers, then if your goal is to get to 30 No’s a day, then imagine how many Yes’s would be sprinkled in there. Also, notice the mind shift, if you are making calls to get No’s then what happens when you hear one? That’s right, success! The Yes’s are in there and they will come out.
  3. Never forget that if you never ask then the answer is always NO.

So get over your fear of NO! It’s little, it’s insignificant and most importantly it’s just two little letters that are standing in the way of your true potential and life changing opportunity.

Overcoming Sales Cold Call Reluctance in Real Estate

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Overcoming Call Reluctance in Real Estate Sales

Are you having difficulties overcoming call reluctance in real estate? The good news is that you are not alone! Most real estate agents that get into the business don’t realize a couple things:

  1. Real Estate is a Business and you need to learn how to run one.
  2. Real Estate is a SALES job and to grow your business you need to find and create leads
Overcoming Sales Call Reluctance is a conditioned trait!

Overcoming Sales Call Reluctance is a conditioned trait!

On the surface this all sounds fine and good, until you have to make your first few sales calls. You think to yourself, “I’m going to be amazing at this, I’m on the phone all day anyway. What’s so hard about making sales calls to potential clients?” Then they get their list ready, which is your cell phone database to begin with…and then….it starts.
The sweats, the doubt, the fear and that phone and that list become every sales agent’s worst nightmare. You just got a case of sales call reluctance – the good news is that you can overcome it.

So what is Sales Call Reluctance in real estate?

In its simplest form, sales cold call reluctance is a fear of rejection. We all have it; we all want to be liked. So when we call people to talk about business or to ask for a referral there are several limiting beliefs that all sales people get:

  • I personally hate getting sales calls so I will be bothering others.
  • What if they hang up on me?
  • What if they yell at me?
  • What if they are rude?
  • What if they laugh at me?
  • What if I stutter and sound like a tool?
  • No one answers their phones anyway; this is a waste of time.

Regardless of the fear, there are some very simple tips to overcoming sales call reluctance! You can become a sales master in a very short time!

Top 5 tips to overcome sales call reluctance in real estate.

  1. Have a purpose before your call – know why you are calling every time before you dial.
  2. Have a script – scripts are a game plan, in football the offense calls a play before every snap of the ball – it’s their script and then they react to what the defense provides them, but they always start out with a script – get over it and start using them.
  3. Come From Contribution! People don’t care how much you know until they know how much you care. They who give the most value and care the most get the sale.
  4. Realize that sales calls are a numbers game – and that hall of fame baseball players strike out 7 out of 10 times at bat and still make millions a year. Same thing – you can’t help every call, but every call gets you closer to a yes.
  5. Time On Task Over Time – You will get better and more confident over time. Accept the fact that you are nervous. So what! The more calls you make the better you will get and your conversions will get and your account will grow.
You are now a Sales Cold Calling Master! Congratulations!

You are now a Sales Cold Calling Master! Congratulations!

So do yourself and your family a favor and start overcoming sales call reluctance in real estate by implementing these tips immediately. One of the best things you can do is contact us now and get into coaching. Next thing you know you could be writing a blog about how you overcame call reluctance too!

Real Estate Careers in Kansas City

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Are you considering a Real Estate career in Kansas City?

Start your real estate career right! with Keller Williams Diamond Partners!

Did you know that the market is now starting to turn? Were you aware that home prices in many neighborhoods are starting to stabilize? Foreclosures and Short Sales in Kansas City are starting to decline, bringing what was one a very strong ‘buyer’s’ market into a more balanced market, and even into a ‘seller’s’ market. If you have been on the fence considering a career in real estate in Kansas City then right now may be a better time than ever.

Is a career in real estate for you?

Have you found yourself sitting at home, watching HGTV, House Hunters, Flip This House or Million Dollar Listing and thought to yourself “I would be a great real estate agent!” Then a career as a real estate agent may be the perfect fit for you! But before you just jump right into this, you may want to ask yourself a few questions:

  1. Are you a self starter and can keep on task with no one pushing you to get a job done?
  2. Do you feel comfortable meeting new people and talking about your business?
  3. Are you a good time manager, can you keep appointments or are you always late?

If you can answer YES to any of these questions then you may be a perfect fit for a real estate career in Kansas City and the surrounding metro.

So how do I get started in Real Estate?

You will want to start interviewing brokerages and seeing if the culture and training match your needs. Questions to ask:

  1. What type of new agent training do you offer?
  2. What are my costs as an agent? Commission Splits?
  3. At what point do I get to keep 100% of my commissions?
  4. Does your company do any charity work in the community?
  5. What type of ongoing and continuing training opportunities do you have to offer?

To find out more about how Keller Williams has become the real estate company of choice amongst new and experienced real estate agents just give us a call at 913-322-8379 to set up a meeting. Or visit our website at http://www.KWcareersKC.com and register below to be contacted for the next step.

Are there any particular requirements for me to purchase a Foreclosure or Short Sale in Kansas City?

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Are there any particular requirements for me to purchase a Foreclosure or Short Sale in Kansas City?

This is part of a longer blog thread where we are talking about distressed sales in Kansas City, and more particularly in Johnson County Kansas, and what the differences are, and which one is right for you. You can read the first post on this topic here.

As with many things in life, buying a foreclosure deal in Johnson County also comes down to “The Benjamins” – Cash money, financing and/or a combination of both.

Foreclosures

There is a big push for the foreclosures on the market to be purchased by Owner Occupants – people who are going to live there. Many of the government backed foreclosures and or big banks have a special period that only owner occupants can bid on a property. HUD call this the “exclusive” period which varies in length of time but can usually be about 14 days, and Fannie Mae calls this the “First Look Initiative”. During this time, no investors are able to submit an offer, therefore reducing the competition for these deals.

Just because you want to buy a foreclosure, doesn’t mean you can! Lending requirements for different loans have different “condition” requirements. That means, if you can only qualify for an FHA or VA type loan, the house may be in too rough of shape for it to pass the lenders appraisal process. A really good lender can explain all the different loan types available and what you will qualify for, I’m not going to get into that. Important thing to note is to tell your lender that you are considering looking at foreclosures and which loans will work for you.

Short Sales

Depending on the condition of the property the same lending requirements may apply here as well. On of the very biggest requirements in purchasing a short sale is PATIENCE. It can take 77 to 120 days for a Short Sale to close. So be prepared to make an offer, have the seller sign it and then wait for up to 3 months before you even get a response from the bank. It doesn’t mean that people are not doing their jobs, the banks are just that overloaded.

So, are there any particular requirements for me to purchase a Foreclosure or Short Sale in Kansas City? Mainly your financing, whether you are going to live there or not and your time frame are your most important factors.

Where can I find Foreclosures and Short Sales in Kansas City?

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Where can I find Foreclosures and Short Sales in Kansas City?

This is one part of a longer blog thread where we are talking about distressed sales in Kansas City, and more particularly in Johnson County Kansas, and what the differences are, and which one is right for you. You can read the first post on this topic here.

The good news is that by reading this post you are already one step closer to finding the “GREAT DEALS” that foreclosures and short sales have to offer. Actually, if you just look up at the first line – that particular hyperlink will take you to a very special list – a Johnson County Foreclosure list. (Don’t tell anyone!)

I mainly wanted to write this post to warn you of the predators out there that are willing to take your money to offer you something that is pretty much free – well, you may need to provide some contact info – but never your credit card number. So if you have ever stumbled upon a “Get the Hottest Secret Foreclosure List” site and they ask you to pay for it – RUNNNNNNNN!!!!!!!!

Foreclosures – If you are really interested in finding them you can ask your Realtor – I happen to know a good one if you need one 🙂 – and have them run a search in their MLS  (the Multiple Listing Service, the database that all realtors use to market homes for sale) for the terms “REO, BANK OWNED, CORPORATE OWNED, AS IS, HUD, FANNIE MAE, and FORECLOSURE”. This should bring up quite a list of foreclosure properties, and they can set you up on an automatic email that updates you with any new properties as they come on the market.

Short Sales – This one is a little harder to search on your own, but your agent (wink wink) can help you out with that. There is a field in our particular MLS here in Kansas City where if a listing is a potential Short Sale, then they have to disclose it to the other agents. We as agents can search those types of listings or even remove those types of listings from your search.

So, Where can you find Foreclosures and Short Sales in Kansas City? Well, silly, you just did!

What’s the Difference between a Short Sale and a Foreclosure?

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What’s the Difference between a Short Sale and a Foreclosure?

This is a great question and we get asked this a lot.

This is one part of a longer blog thread where we are talking about distressed sales in Kansas City, and more particularly Johnson County Kansas and what the differences are and which one is right for you. You can read the first post on this topic here.

So back to the main question.

What the heck is the difference between a short sale and a foreclosure?

There are two main differences and they all have to do with where in the foreclosure process a property or owner happens to be.

So what is a foreclosure?

A foreclosure is a listing that is being sold by a bank or other entity that has taken back a home that went into default and was unsuccessfully sold at the foreclosure auction. It is vacant and can be in many different level is disrepair. Sometimes these are called “REO’s”. According to Wikipedia, “The term REO originates from the term Other Real Estate Owned (OREO), which is used on financial statements to classify real estate property owned by financial institution but which are not directly related to its business.” Generally foreclosures are much easier to purchase and can close fairly quickly 10-20 days depending on the lender.

So what the heck is a “Short Sale”?

In short (no pun intended) a short sale is an attempt for a seller to sell a home for less than they owe(selling it “short”) on their mortgage balance in lieu of going into foreclosure.

Why would a bank want to do something like this? Why would any bank agree to sell for less than what is owed? Great question! Foreclosures are expensive and banks are in the business of lending money and not owning homes. If a seller is not able to make payments and the house can only sell for a certain amount of money, then the bank may actually save money by accepting a short sale than going all the way to foreclosure.

We will get into this in a later post, but there is nothing quick about short sales and the can take 77-140 days to close. Yikes!

If you want to find out more you can reach out to us and we will be happy to sit down with you and discuss your options. Also, if you know of someone who is behind on their payments and feels like their only option is foreclosure, then they need to talk to us right away. They have option that can greatly affect their future borrowing ability – they do not have to give up.

Till next time!