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Module 1 Discussion: The Military Market
  • 3. Let’s discuss the Military Market. What could you do to:
    Adapt your core real estate skills for sellers? Adapt your core real estate skills for buyers?
    What could you do to build a referral base?

    After you have posted to this discussion, review your colleagues’ comments and reply to at least one other post.
  • Setting up regular CMA for clients who will sell in the future to stay in front of them, and provide market data. For buyers, tailor my method of communication based on if both buyers are available, or if technology will be needed to share with the buyer not present. For referrals, join local groups for military support/networking and also reach out to other local organizations that support military families to offer my real estate services.
  • For the seller I would make sure to keep in contact throughout the short time they are here and making sure to give them updated information on their home such as the CMA and other information they may be interested in. Also, making sure to follow up when time gets closer to PCSing. This way I can make sure I know where their next duty station will be and be able to refer them to another agent where they are going and help them to prepare for selling or renting in the right amount of time :D
  • For sellers, keep them informed about the value of their home and neighborhood. For buyers, share necessary apps to keep them both involved with the home purchase. For referrals, sponsor functions involving military, network.
  • For Sellers provide a market analysis for area sales for marketing listing. For buyers I would access their needs based on the family. To build a referral base I would let all my veteran friends and family know I have obtained the designation. I would also visit local base personnel for referrals.
  • For buyers and sellers I reach out to my military clients I have closed with and to agents and staff located in previous military bases where we have served over the past 30 years .
  • Setting up clients with a Local Housing Data news letter so they can be informed about the market they are planning on buying in. Also, I would keep open clear and constant communication with buyers & sellers via email, phone, or text: which ever works best for that client. Lastly, Always keep in contact with past military clients to ensure referrals.
  • It's important to understand the timeframe associated with the PSC move. Getting the house to closing adds additional stress to the seller. Be careful not to overprice the house from the beginning. Understand buyer needs, the number of dependants and subsequent requirement for adequate bedrooms
  • For sellers position the home strategically in the market, paying attention to the time constraints involved. For buyers, communicate effectively and focus on more than the house...they're moving into a new community...provide them with info about the area. For referrals, I'd partner with agents in different locations. I'm looking forward to participating in the facebook once I receive the designation.
  • Sellers: have a clear understanding of timeline, price home accordingly, communicate selling strategy to ensure seller is on board and motivated. Refer to MRP in new location. Buyer: Know what is important to them in a home and their lifestyle. Assist with resources to help with adjustment to a new community. Stay in touch after the sale. Provide regular market updates and home value information. The buyer will eventually become a seller.
    Referral Base: Use social media to announce MRP designation; we are members of certain military organizations so will use those platforms to network using MRP designation, stay in touch and ask for the referral from military clients past and present.
  • Provide yearly cma, help military renters, create a timeline for them
  • Seller's: understand timeline, communicate the market, help them price right and spruce up little items. Buyer's: establish value, educate on market and community. Find a place to hang out where they are and share that you are a designated MRP.
  • Sellers:Understand the time frame. Explain to the seller what they can do to help there home sell quickly by adding curb appeal etc. Making sure the home is priced correctly to start with as this could add more stress to an already stressful situation. Refer an agent to them in the area they are moving to help them in that process. By having a partner agent you can communicate with them with the permission of the clients to help coordinate.

    Buyers: Understand the timeframe for the move. Listen to the important items for them and show accordingly as most are on a tight time frame. Provide information on areas that fit the needs of the buyer. It is important to also see if they plan on retiring or PCS back to the place they are going to purchase. This way you can help them look for the home that fits their needs.

    Building a referral base: Always do what is right for the family. When they see that your focused on helping them and not yourself it will gain trust and trust leads to referrals.
  • For sellers I like to help them understand when the right time to sell would be. We call it the pcs season. Help them realize that when there are more buyers, you will make more on your sell.
    Buyers I would like to guide them in the direction of where to get information so that they can buy in a desirable location. Speaking from experience and buying my first house, all the agent cared about was his commission.

    By taking care of my clients and making them happy is one way how I build my referral base.
  • What could you do to:
    Adapt your core real estate skills for sellers? - Find out their timeline for moving - living in Florida there isn't necessarily a "right" time to sell. Learn about what drew them to purchase the home they're selling to begin with, and market those aspects of the home instead. Also find out whether it's smarter for them to rent versus sell - and let them know their best interests are being looked after.

    Adapt your core real estate skills for buyers? - Find out what's important to them in finding a home - schools, proximity to work location, community activities, and cost.

    What could you do to build a referral base? - Utilize my military spouse connections!
  • Providing valuable information over time is a great way to stay connected and being their go-to when the time comes for them to buy or sell. They contact you, and already have an idea of what is going on since I provided useful information. CMA, Neighborhood stats, etc.
  • For Sellers: I would first get clear on their timeline, learn their objectives, and discuss with them their options. The San Francisco Bay Area market is hot for sales and rentals, so determining which option is going best suit their objectives is crucial. Based on their interest, I would present them with a CMA and/or RMA and assist them in determining the fair market value of their home or current market rent for their home. We would discuss what actions should be considered to best prepare the home for the market (for faster sale or tenancy) and what resources (including property management considerations should they choose to rent their home) are available to aid them in making the transition as smooth as possible for their entire family.

    For Buyers: Buyers may also have a tight timeline and must act decisively in order to find the home that will best suit the needs of their family in a manner that is timely - with minimal stress. I would do my best to learn as much as possible about the precise needs of their family (including the duration of their assignment/PCS), help them understand both the home sales and rental markets in the area, as well as, provide information about their communities of interest (commute/traffic patterns, neighborhood statistics, school districts, public services, recreation, etc.) so that they can make an informed decision that best suits the needs of their family.

    With both sellers and buyers, I would endeavor to guide them through each stage of the transaction to ensure any unforeseen challenge could be resolved quickly, and stress kept to a minimum.

    Building a referral base: Gaining the respect and trust of my clients to the point where they trust referring others to me really hinges on the degree of genuine care and quality of service I provide with each transaction. I build my good reputation by helping people find solutions that lead to smooth transitions for their families. Upon closing a transaction, I ask for feedback and referrals, always bearing in mind that referrals are earned.
  • Because my area is not heavily populated with active duty military (we have Camp Dawson), I would be working more with buyers than sellers.

    My referral base is good, and I get a fair number of business from referrals. I guard my reputation closely, and seek feedback and referrals from current/past customers.
  • To adapt core real estate skills for sellers, I will begin offering the RPR investment analysis report when completing the CMA. To adapt core real estate skills for buyers, I will begin incorporating more technology driven approaches to ease the process.
    To build a referral base, I will begin networking in more places that military professionals congregate as well as develop a plan to begin requesting referrals from my sphere of influence.
  • For sellers, work with them to price and market the home in such a way as to show well & sell in the time frame that meets their needs. For buyers, spend time necessary to fully understand their needs & conduct home search accordingly. For referral base, utilize sphere of influence to develop.
  • For Seller, I would complete a CMA and an estimate of potential closing cost. This will first give me a better idea of where the seller is at in terms of closing. I think it is really important to discuss the time of year the seller is looking to list their home. If they are needing to leave in a month that has historically been slower, I would highlight all the potential options so they could select what benefited them the most financially.

    For Buyer, definitely discuss future resell values in all areas and additions. This is very important if they know they will be leaving in 2 or 3 years.

    To build a referral base, I believe by gaining more knowledge in this course I will have a better understanding of how to take care of my Military Clients and their families. I think when you do a great job helping and having great respect for others, word will travel fast and to me that's the strongest way to build a referral base. :)

  • I am located in a highly populated military town. In addition, I was a military brat and my brother is proudly servicing in the US Army. I am hoping with my past and current military connections. Along with my experience from growing up in the military, this will make me a "go-to" realtor in my community.
  • Being a disabled US Army Veteran will have its advantages, one most vets or active duty persons want to work with other vets because we have an understanding of each other. For me it will be about breaking into the circle of influence and surround myself with the military members in the area that are active duty as there are several smaller groups throughout the DFW area. Not only the active duty folks but other veterans I am already a member of an American Legion and I need to join the local VFW as well and work with other veterans as there a lot of us in just my personal neighborhood. Understanding their time crunch on buying or selling and being there for the will garner me a lot of referrals from them and in the military word of mouth travels very fast. Continuing to keep myself up to date on the market areas and keeping the BAH handy is a huge thing. I am already trying to work on putting together a seminar for veterans on using the VA and what it means to them. Tons of ideas with to work with buyers and sellers alike.

    One of the biggest things I would like to do is get an in with the command at the Joint Naval Reserve Station as it has a lot of active duty personal at that location.
  • Sellers provide a cma of the value of their home. For buyers do a need analysis, keep them informed about what houses come on the market and the financing process to purchase a home.
  • Sellers: Provide a yearly CMA. Discuss whether this is a good property to keep as an investment. Make sure they understand pricing strategies and how pricing to sell without losing on their investment is important in order to sell quickly. Refer them on to an agent at their next destination.

    Buyers: Plan ahead - map put showing to best support many properties in a timely fashion. Provide input into resale values for an area using a short timeline of 2-3 years. Provide solid information about the area, and discuss VA Loan specifics when it comes to purchasing homes.

    Build a good referral base by exceeding agent expectations being the most knowledgeable about the area.
  • Yearly CMA for clients who will sell in the future. Set up in MLS to receive whats sold on a monthly basis. Provide Investment report to see if worthwhile to keep or sell. For Buyers find out best way to communicate. Discuss what their BAH is and provide rent vs. purchase calculator to help. For referrals, join local groups for military support/networking and also reach out to other local organizations that support military families to offer my real estate services.
  • Buyers: I currently proved a packet for each home I show with information about the home, average sales prices of comparable, neighborhood info and school if. In our current market a Seller nets about 90% of the sales price. I will add information about how long it has taken to gain 10% equity in the neighborhood. Also provide the rental rate for the neighborhood.
    Explain the possibility of purchasing a home to live in short term and turning it into an investment property when they leave.

    Sellers: I already provide CMA of the property but I will add rental information. Renting their home may be a better option. I will also provide brochures about VA loans and encourage them to discuss with their financial adviser about having their VA eligibility tied up in a rental property.

  • Adapt your core real estate skills for sellers? Send CMAs and market data yearly so they are in the know if they need to sell and keep in touch for any help/information they may need.
    Adapt your core real estate skills for buyers? Find out their wants and needs, timeframe for purchase, BAH rates so you can help them determine whether a purchase or a rental would make better sense.
    What could you do to build a referral base? Join local groups that military families might join, gain trust and respect from past buyers/sellers, learn all you can so you are the go to person for everything military.
  • i would make sure my military seller's are set up on a market watch that they will get monthly so they can keep updated on what is happening in the market. It will also serve to keep me top of mind when they receive their orders. For buyers I will put together a packet of homes we saw with notes about each property for easier decision making. Iwill have a list of all utilities, cable, cleaners etc for them as well.
  • Client follow-up is key and using available resources like RPR to keep sellers updated on the current market statistics and trends.
  • A few new ideas I pick up was to blog about the local community and real estate. I was also under the impression that RPR was not going to be funded be NAR any longer so I would have to search for other recourses to share the same kind of information with my clients.
  • Let’s discuss the Military Market. What could you do to:
    Adapt your core real estate skills for sellers? I would prepare a CMA and RMA and discuss the best decision for their property at that time. I would take into account the Military market for that area, their time line and improvements needed or done to the house.
    Adapt your core real estate skills for buyers? I would keep a close eye on my buyers timeline, their needs, location, budget and suggest rentals or sales that best fit their needs!
    What could you do to build a referral base? Referral is all about taking care of your client today so that they refer you to friends tomorrow. Timing, honesty, hard work, and precision is necessary when handling military sales/rentals.
  • Seller: I will keep them informed about the market in their area, I will advise them on renting their property verse selling it.

    Buyer: I would find out their needs and time frame to ensure that I meet their goals and expectation for this process. I will keep them informed of the process to elleviate any concerns.

    Referrals: By receiving my certification MRP, I hope to meet and or join a support group who deals with Military families and we can share ideas and referrals.
  • Buyer: Some of the buyers are young families getting started and they need an advocate to help them find the right home to meet their needs and instruction in navigating the home buying process.
    Seller: A solid CMA will help them get the right amount of money for their home while selling it in a reasonable time frame for their needs.
  • 1. Be flexible for househunting tours
    2. Use technology to narrow down the search
    3. Know the community
    4. Know the military bases
    5. Know the BAH for the area
    6. Share your resource network
    7. Know the numbers
    8. Listen for understanding
    9. Stay in contact
    10. Build an advocate relationship
  • For sellers I would set them up on a month or quarterly cloud cma marketing report keeping them up to date on what their community and neighborhood is achieving in value.
    For the buyers set up specific searches based on their criteria, know the community, know the military bases, know the BAH for the area, connect with local military social media groups and get involved with military families.
  • Set up regular CMA for clients who will sell in the future to stay in front of them, and provide market data. For buyers, be available for many showings in a short period and be prepared to move quickly. For referrals, do seminars on some military bases in the area and have the military people I already know spread the word that I have the MRP designation.
  • There are 3 bases near my location, so in a way earning this designation is vital to my success as an agent. Setting up future CMA's for active duty personnel is one thing to help down the road. But also knowing the support groups, and being able to connect recently discharged veterans with those support groups. Providing quality client service by treating active duty, & veterans as individuals, and not just a uniform. I plan to stay on top of the BAH for the area, as well as the commuting times/mileage from base. Knowing the market, as well as the specific needs of the active duty military client. I've already reached out to the referral coordinator for my brokerage, and can ensure a smooth transition to another agent at their next duty station.
  • I have worked with a number of military service members across branches (Army, Marines, Cost Guard) from from active duty through ETS, Veterans and disabled Veterans. I have developed strong personal relationships with them and maintained those relationships through phone calls, emails, Facebook, LinkedIn, seasonal cards and personal visits.

    Specialized training/Designations have been critical in my growth as an Agent, now Broker. Although I started primarily as a CBR after 9 years I began learning and focusing on the selling side, CRS (now RRC), SRS, & RENE.

    I started the home search and discussion with my most recent service member as soon as he knew he would be coming back to Boston. I was their Buyer Agent when they purchased their first home and then I sold that home for them when they had a change of duty.

    I know my market, I build/maintain our relationship and I *believe* with all my heart that those who serve and their families deserve 200% of my time and effort.

    They and their families have made personal sacrifices in war time and in peace - they deserve my best and then some.
  • As a vet myself, I have adapted my skill set to set down with sellers and show them their options. Although most end up with a 30 year mortgage, most find themselves with no equity and have to rent their homes, in which I provide these services.
    For buyers, it’s pretty straight forward after they are pre-approved…sit down and gauge what their needs are and show them what fits.

    For referrals, use your CRM to stay in touch.
  • Seller: Go through the RPR to gather different reports and perform a CMA if a quick deployment leaves little time to sell stay in touch via skype email phone etc.....

    Buyer: Ask engaging questions about needs and necessities plan search and showings accordingly.
  • I can see the importance of staying on top of education when assisting active and retired military members. In order to state that your an expert you need to become one. Then when assisting them do what is expected. Give 100% and treat the transaction like its the biggest most important transaction of their life. They deserve nothing less.
  • For Sellers I would stay in contact with them probably twice a year with letters, or some sort of contact so they know I am still available to assist. Providing them information about the market, or even providing a CMA as needed.
    Buyers-stay in contact with them once, or twice a year so they continue to know that you are available for any questions they may have.
    Referral Base-I provide a stack of business cards to my clients to provide to friends who may be interested in selling, or buying.
  • Sellers: CMA, keeping up our relationship with cards finding out where and when they will move and educating them on our market and when to sell.
    Buyers: giving them knowledge about the area if new, learning their needs as service members and their families needs.
  • Sellers: Keep in touch with them by providing CMA, and giving them guides on how to prepare the home for sale. Know the timing of PCS, and contact them to find out how you an help and make the process easier, by finding them an agent where they are moving to, finding then handiman, people to do repair or improvements at discount prices.
    Buyers: Understand the timing of move, try to get them home in time, understand the VA financing, understand that they might not be here for the Inspection etc, so know how to work long distance with them.
    Referral: establish relationships with agents who work with military personnel.
  • Let’s discuss the Military Market. What could you do to:
    Adapt your core real estate skills for sellers? CMA, stayed in contact with the, .
    Adapt your core real estate skills for buyers? Trying to prioritize their needs, to find them the perfect house,
    What could you do to build a referral base?giving a good service

  • Adapt my skills for Sellers - perform CMA and do an annual update.
    Skills for Buyers - Familiarize myself with properties within a 20 mile range of local base as well as, Listen!
    Building a referral base - involve myself in a military based organization, volunteer at VA and host seminars
  • Long term planning with the buyers. Keep in touch to understand what their relocation needs will be in the future. Invite clients and theirs friends to events.
  • One way to create a standout plan for sellers would be to create a "sellers program" for those who are active duty and those who are retired/or veterans. This will allow me to setup a checklist and put together a team and a series of resources that will benefit these unique sellers. For sellers, I would also find out where they are re-locating to and create a connection in that location to ensure they taken care of and I would follow up with them during the transition.

    I would do a similar setup for buyers. Have CMA's ready on the listings that they wish to see, neighborhood reports, etc.

    With each transaction I would use my review system to garner referrals and I would continue to reach out and let people know to reach out to me for help.
  • My first reaction was ensuring communication in that when a military person needs to move, they need to move. While it is true they'll want someone with a good reputation, there isn't a lot of room in their schedules for interviews ad nauseum, so I'd like to have the rapport and be available when the trigger is pulled.

    I've heard several folks talk about "getting in" with bases, but I don't know how to do that. Unlike a normal capitalist business, I feel like base bureaucracy might restrict advertising and networking, so finding a means of making acquaintances through volunteering etc will be important.
  • For sellers: I think competitive pricing and a sound marketing strategy is key.

    For buyers: School rankings and time-testing commute times are important factors for attracting relocating military personnel.