Chapter 7: Business Development Flashcards
(10 cards)
In recent years, the most effective means of increasing licensee productivity has been:
advances in technology
Technology has given real estate agents many tools to achieve higher production levels when used properly.
New licensees who want to maximize their knowledge and professionalism should pursue which of the following?
-Affiliate with a brokerage that provides additional training.
-Commit to continuing and meaningful self-education of industry practices and changing laws.
Take advantage of mentoring or Affiliate with a brokerage that provides additional training.
Commit to continuing and meaningful self-education of industry practices and changing laws.
-Take advantage of mentoring or coaching programs.
All of the above.
All of the above
All of the mentioned methods can help an agent gain knowledge.
Of the following, which one would create the greatest challenge for a new licensee?
Increasing number of foreclosures.
Foreclosures have negatively impacted housing prices.
Content-rich continuing education for the licensee does NOT:
hinder the licensee and the brokerage in the long run because of time spent.
Most companies have determined that education increases individual production and creates a more profitable bottom line. Education is also regarded as a risk management tool, as an educated work force is less likely to make mistakes that result in claims or litigation.
Following the successful closing of a transaction, it is important for a licensee
-to incorporate a system for following up and maintaining an on-going relationship with the represented client
-to ask the client for referrals
Relationship marketing is based on the premise that the key to success is repeat clients and referral business. This is accomplished by developing long-term relationships and bonds of trust with clients.
An effective listing presentation includes:
-a recommendation of listing price based upon a market analysis.
-a comprehensive marketing plan.
All of the above.
Which of the following is NOT a function of prospecting for listings?
Qualifying buyers.
Prospecting can be defined as searching or exploring for potential sellers or buyers. Qualifying happens after prospecting.
When developing an effective business plan, which of the following factors should be taken into consideration?
-Establishing annual goals.
-Establishing monthly goals.
-Establishing a means to monitor goals.
All of the above
After the seller and buyer have successfully entered into a contract, which of the following is NOT a duty of the licensees?
Providing legal advice if legal issues arise.
Agents should never give legal advice. Any legal issues should be referred to a competent attorney.
A brokerage business model that offers ongoing overrides on dollars generated by agents recruited by associated agents is known as:
interdependent brokerage model
Many interdependent brokerages offer incentives to their agents in the form of profit sharing, stock options, and participatory leadership opportunities. Others offer ongoing overrides on the dollars generated by agents recruited to the company by an agent.
