Bragging Rights: Developing Your Credibility Kit

Here is problem number two with new short sale investors: they’re not sure how to answer the real estate professionals who think that all so-called investors are just talking a good game to hide their lack of skill or confidence. Failing to answer those people just gives them the impression that they were right all along. (Click here to read about problem number one.)

Have you ever heard of a brag book? It’s a folder of testimonials, referrals, and certification showing levels of knowledge and skill so that Realtors® can see that you provide them with the best chance for the house to be sold and commission paid. While this is difficult to gather at first, as deals get closed and success is achieved, agents will begin referring other Realtors to the investor, and materials for your brag book can accumulate.

If you have limited experience in real estate, how do you establish your credibility while prospecting for Realtors®? Talk to them about the team you have assembled to support the success that they need to have you have so that the transaction will get completed. Talk about who you are, your business background, and what you’ve done in the real estate business. If you have this history, it’s important to share; if not, obviously refrain from doing this.

One of the things you can do as a coaching student is to mention your involvement with a group of individuals nationwide that meet on a regular basis to discuss the market trends, rules and regulations found in various parts of the country. It’s helpful for people to know that you are a part of a larger group committed to continuing education in this industry. Likewise, you have a group of people that will support you, such as LMS and SREC. Realtors will want to know that your negotiating team is in place and that it is effective.

Don’t “fake it until you make it.” You are approaching people who care deeply about the issues and concerns that their sellers have about getting their house sold and what might happen if it gets sold for less than full payoff. You need to spend time learning about what is taking place in the industry and the changes coming down the road so you can answer those questions. Mention that you have a real estate attorney (if you do) as a part of your team to help with legal issues such as 1099-Cs and deficiency judgments.

Be mindful that you are talking to someone who specializes in the sale of property. You are asking them to be the person on your team to get the property sold. You have the business model and the resources to consistently close deals that many people in the industry find too difficult to undertake. You have a team that you hope will include the Realtor®, who will list your properties for you. You do business with the hope that other agents will refer you properties with the expectation that they will be paid a commission.

Always remember that there is no substitute for honesty when you are cultivating a business relationship, especially one with a respected member of the community.

Here’s what to include:

1. Proof that you belong to the Better Business Bureau

2. Financial references

3. Proof of incorporation

4. PR items (If you don’t have PR items, get some! You can write advertorials that look like articles if necessary.)

5. “Before & After” photos of rehabs you’ve done

6. Testimonials (Write these especially to hit their “Hot-Buttons.”)

7. Case studies of properties in which you got the mortgages discounted

8. Business cards and brochures.

9. Articles related to market conditions in your area (Use a combination of  headlines, full articles, and paragraphs with highlights of the important parts.)

10. Examples of problems you’ve solved (Focus on feelings and emotions and better futures for clients.)

11. Your website address(es) - and you MUST have up-to-date websites or you’re simply not credible.

So, when you are building your brag book, don’t try to craft it as a sales presentation. Instead, treat this as something to be e-mailed to the Realtor ahead of time to help them get to know you and get them on board with your mission before you even arrive at the meeting. This can also be an excellent leave-behind to remind them of why they should work with you.

Let that initial e-mail or brag book firmly establish your credibility – what your company has done, is doing, or will be doing to help the community.