Clifton

Lists, surveys & reports…oh my!

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It seems all the rage lately has been lists such as Top Reasons to…Top 10 Foreclosure Markets…Top 7 Markets in Mortgage Delinquencies, etc. and people are asking where Virginia ranks in these types of surveys.  These lists don’t always rank all states or areas but many times these lists rank the Top 10 and Bottom 10 and Virginia has not been in them.  This tells me we are in the middle of the pack – until now.  I recently read a report on Real Trends about Corelogic reporting housing prices remaining flat and guess what?  Virginia was number 5 in price appreciation – woo hoo!  We made a list and it was for a good reason!  Read the report here.

Here is other real estate information making the news…Foreclosures are up 25% on the year.  Banks took back 95,363 properties in August – nationwide – making it the 9th month in a row foreclosures increased on an annualized basis.  Since December 2007, 2.3 million homes have been foreclosed on by banks and there are at least 1 million more to go.  Yes, we will be impacted by foreclosures but it will be to a lesser extent than the rest of the country which is good.  It will bring inventory on the market in lower price points – which is needed – and it will help first time buyers enter the market as many of these homes are made available to owner occupants for the first two weeks the property is marketed.

Regardless, all real estate is local and it is our job as professionals to get the word out prospective home buyers and sellers that we are in one of the best markets in the country and people are buying and selling homes in Northern Virginia.  Get it?  Got it?  Good!

Now, go sell something!

Do you over promise and under deliver?

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To over promise and under deliver is one of the worst mistakes a sales person can make in business.  You take both your time and the client’s time to a build a relationship through finding out each other’s wants and needs, as well as learn what their expectations are for you and for them.   Agreements and commitments are made based upon satisfying these needs.  Then, the salesperson doesn’t deliver based upon promises that were made.  In the end, when you can’t deliver upon the promise, and you didn’t set the expectation up front, you broke the bond of trust and in turn, hurt your business situation which can take years to recover from financially.

The question I have is why?  Why do people say and commit to delivering results that they cannot produce?  It brings ill will, harms friendships and causes more harm than good.  Your reputation is one of the most valuable assets you have in business – it takes years to develop – why put yourself in the position of having to defend yourself to others or rebuilding your reputation.

My advice is know what you and your business can deliver and by when.  Don’t say yes or we can do that to just get the business.  Return phone calls, emails, and text messages promptly.  If your company changes policy which results in you not being able to perform, notify the client immediately.  If you delegate to others, stay on top of them to make sure nothing slips through the cracks.  Remember, it is your reputation, not theirs at stake.  After the sale, service is critical and will get you more referrals in the end.  Follow up and follow through is what matters most.

Expectations are set through relationship building, proper delegation and being held accountable to get the job done.  This is what you get paid to do, so DO IT.  Live up to your word, do your job and make someone satisfied, not disgruntled and upset that they made the decision to go with you.  Get it?  Got it?  Good!

Now, go sell something and deliver on your promise!

Don’t believe everything you hear!

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Be careful to pay attention to what you read.  It was recently reported that Fannie Mae foreclosures were up 12% in the second quarter – loan modifications that are 30 – 59 days late are up 2.19% – deeds in lieu of foreclosure and short sales are up 27% – there is “frailty” in the housing market and on and on. 

Well, as the cops say in the movie Hangover – not up in here, that’s right, not up in here!  In Prince William County, the average sales prices of properties are up to $255,000 from $229,000 in August of 2010 versus 2009 numbers – this reflects an increase of 12.46%.  And the average days on the market are down to 44 from 63 – a decrease of 30%.  This is great news but wait, there’s more.  In Loudoun County property prices are up to $378,000 from $344,000 from August 2009 to August 2010 – an increase of 8% and the average days on market are down from 65 to 52 – a decrease of 20%.  The story of good news continues for Fairfax County as well – average sales prices are up to $417,000 from $381,500 – an increase of 8.6% and the average days on market are down to 52 from 61 – a decrease of 15%.  The City of Alexandria and other localities here in the Washington area are experiencing similar results. 

The government has release nearly $1,000,000,000 to states for their Neighborhood Stabilization Program.  This program was introduced to bring stabilization to neighborhoods that have been affected by foreclosures and abandonment.  As a result of this program, Virginia received $6,254,000 (mainly for the Hampton Roads area and Richmond) a relatively low number compared to Florida who received over $208,000,000 and California who received over $149,000,000.  Again, this is good news for the Northern Virginia real estate market.

The bottom line is that we will be having more foreclosures coming on the market and short sales will continue to be present in our market place as well.  But, the good news is we are seeing that the distressed market is having less of an impact on our market than the rest of the country.  Our market is strong compared with the rest of the country – people are still moving here and houses are selling with price increases over last year’s numbers.  Know the facts and make it happen!  Get it?  Got it?  Good!

Now, go sell something!

Extra, Extra…there is some Good News in Real Estate!

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Good news is that the Case-Schiller Home Pricing Index reflects that housing prices are up in the Washington area for July, the 4th straight month of gains – good news…there is talk about prices not making a comeback to 2006 price levels until 2014 – bad news…nationally, home sales were down 27.2% from June- bad news…but our numbers were only 18.4%, nearly 9% better than the rest of the country – good news.  Days on market is down – good news.  Inventory levels continue to maintain and even slightly decrease…not really bad or good news either way, just an FYI.

Well, enough of that silly little exercise.  However, I did that to illustrate a point – the market is what you make it and you can spin it the way you want so why not be positive.  The other point is, if you head is spinning, so are consumers.  It is our responsibility to get in front of people and explain to them that our market is different.  In our area, people are always buying or selling – we have a 2.6 month supply of houses – your job is to find them.  We can talk about the negative sales numbers or the positive sales prices – choose to move people forward and not keep them down!

More good news, Virginia was once again ranked extremely high as a business friendly state, #2 over all nationally, as ranked by CNBC.  To illustrate this point, Northrop Grumman selected Fairfax County for its headquarters, MeadWestvaco is relocating to Richmond, Pfizer has agreed to stay in Richmond, Southern University is relocating jobs to VA, and Thermo Fisher Scientific is expanding as is Evatran.  Northern Virginia boasts the lowest unemployment rates in the country and Northern Virginia has seen a drop off in foreclosures where the rest of the state has seen an increase.  In addition, Gables Residential is building 120 apartments near Fair Oaks after sitting on the property since 2007 as they see a need now for more housing.  STG has also inked a deal for 100,000 square feet in Reston and plans to grow from a $220,000,000 company today to a $1 Billion company by 2016 – keep an eye on them!

Now for the numbers!  Inventory levels are down to just under 7,600 – contracts continue to come in at about the same pace weekly – mid 600’s and month’s supply remains in the mid 2’s with rentals still posting strong numbers at a 1 month supply.  Interest rates continue to be phenomenal as well.  So, as we have said for several months now and was reconfirmed at the broker owner meetings in Denver…it is an investors market!  Find’em, sell’em, rent’em, manage’em and then sell’em again…what a theory and business model for the next few years!  Get in the game or get out.  Get it?  Got it?  Good!

Now, go sell something!

The leads, the leads…where are all the leads?

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The dog days of summer are nearly over and the recent news about housing is not good and I don’t believe it will be better any time soon based upon what builders are reporting and where our sales were the first two weeks of August but you know what?  Business continues to happen.   Sellers are selling and buyers are buying – you just have to find them!  How do you find them?  You have to work – a dirty little four letter word!

What needs to be done?  Well, as we have discussed in the past, it is the effort you put in today that brings you results in 60 – 90 days.  So, let me ask you a few questions.  Have you picked up the phone and called someone in your sphere?  Have you attended a networking event lately?  Have you started a business networking group, joined a chamber, or gotten involved in a charitable group to get yourself in front of more people?  Have you stopped by a dentist’s, doctors’, or other professional’s office and delivered your newsletter or item of value for the patients to review while waiting?  Oh and while you are at it, have you introduced yourself to the receptionist and ask to add them to your database?  Have you held an open house – the right way to build your business?  Are you talking about real estate at church, football practices, the pool, the grocery store, etc in a positive light and attracting potential clients to you?  Are you answering your phone when it rings or do you let it go to voicemail?  Basically, what are you doing to make it happen for you?  What is your attitude?  Do you know the numbers, trends, and what is forecast for our business?  If not, you better or you will be out of the business.

You need to be proactive today to make things happen in the real estate business.  You can’t wait for your broker to give you a lead.  You can’t wait for the phone to ring.  You can’t wait for a walk in or for an internet lead to come in online – you have to make it happen for yourself.  You need to build a business that is based upon fundamentals of generating leads for yourself through a strong referral base.  If your business is built on the latest trends in the business such as paying for leads, foreclosures, short sales through direct marketing efforts and you neglect your other business and database, when the times change – so will your business.  You have to make it happen and start getting involved with your business.  You are responsible for you – we can help guide you but it is your actions that bring you success or failure in the real estate business today.

Building a business requires a plan including daily activities and a to do list.  Build a business based upon high performance – write your plan, set daily activities, follow through on those activities and have accountability built into your plan.  Network with other agents who are successful in the business today and find out what they are doing, how often, and what is working and what hasn’t worked for them recently.  It is so easy to blame the economy, the media, and others – besides yourself – now is the time to step up if you want to make this business work for you.

If you wait, it won’t happen.  If you wait, you probably don’t really want it so you should consider getting out of the business.  If it is to be, it is up to me is the phrase that comes to mind for doing business today.  It isn’t your broker’s responsibility to provide you with leads – unless you don’t want to build a business of your own.  Either you want it or you don’t.  Get it?  Got it?  Good!

Now, go sell something!

Not all four letter words are bad.

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The four letter words that agents are afraid of and don’t always embrace are plan and work.  If you don’t plan –you won’t know what you want and how to obtain results.   As the great Yogi Berra once said, “If you don't know where you are going, you might wind up someplace else”.  In addition, to be successful, you need to work. 

Many agents today have an air of entitlement when it comes to obtaining business – they expect it to come to them versus going out and giving value to those in their database to receive business in return.  This is a concept known as work…going out, making contacts, providing value (referrals, business, items of value, etc) to help make others successful.  David Kendall once said, “The only place where success comes before work is in the dictionary.”  Get busy working and get busy getting results!

Here are some tips to help you get on the road to planning:

· Change your daily activities

· Start with a list

· Prioritize the items

· Add dates to complete

· Develop a plan of action to accomplish these items by your completion date

· Organize yourself, your day, and your approach to achieving your objectives

· Work your plan

· Resolve to do it

· Kick into gear and get it done

In order to obtain results, you must work.  Once you know what you want, plan each day to achieve your goals. 

Here are some tips to get you on the road to success through work:

· Have a plan of action

· List what will give you the best results

· Prioritize your time around getting your tasks complete

· Time block to get the items completed

· Be organized

· Be focused

· Be intentional in your efforts

· Avoid naysayers and negative people

· Have a positive, can do attitude

· Have the mindset of getting it done

· Think high performance – what is the highest and best use of my time right now

· Determine the right people to help you

As you can see, the two lists are very similar and virtually go hand in hand.  You have to have a plan to work effectively and you have to work a plan to get results.  You are responsible for your results – bad, good or great!  You have to want it in or to get it – whatever it is!  Get it?  Got it?  Good!

What do you think?

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What differentiates highly successful people from others who just get by day to day?  In analyzing the situation, I believe people who take the time to think are the ones who far exceed those in the business and in life who don’t think. 

Let’s discuss the problems with how people think.  They don’t think in depth enough, they have knee jerk reactions and responses to what they have processed, they just repeat information from others, and they don’t future think – what will the eventual end result be and is it what I want?  As a result, they aren’t open to feedback or suggestions and become close minded.  It is so important to think and process information for yourself to become your own person.

Let’s review what type of thinking people should embrace?  Thinking on the fly, strategic thinking, and thinking for yourself.  So, what does it mean to think?   It is to form thoughts, have an opinion on, or comprehend something.  In order to possess this skill, you must take the time to learn, develop a strategy and follow through on your thought or decision.

First, how do you learn to think on the fly?  It starts with reading.  Read books, magazines, blogs, newsletters and articles published on the subject in which you have an interest.  Attend seminars, trainings, and conferences.  Review numbers, research trends, speak with industry experts and ask questions.  Sit down and develop a list of what you believe about what you have read and heard – is it true based upon what you have experienced?  What is similar?  What is different?  What do you “think” about their data and yours?   Have an open mind, take the time to sit and reflect and formulate your own opinion…this is where it starts!  When you take the time to learn, you can quickly and easily think on the fly and respond quickly to situations as well as develop a plan of action for strategic thinking.

Next, how do you begin to think strategically?  Ask, what is the strategy?  First, develop a plan.  What is the purpose?  What is the eventual goal or outcome of what you want to achieve?  Then, make a list of what you need to get to the end result.  Analyze each option you have  written down and then review the analysis.  You must break down each component in your analysis and think, are your conclusions correct?  If the decision or thoughts affect others, what are the repercussions, how will you handle how people perceive your decision or thought process?  Are you getting what you want out of your decision? 

How do you think for yourself?  Ask yourself questions.  What are two or three alternatives to the situation at hand?  What are the outcomes of each scenario?  Which is the best alternative based upon the outcomes?  Develop your own ideas, thoughts or opinions by taking what you have learned from the second paragraph and put what you have learned into your words.  Interpret, paraphrase, develop your own thoughts and communicate them to others clearly and concisely through various avenues.  It is so important develop yourself and not become a “yes” man.  If you can’t develop your own style, give credit you who you get your information from so that others know who is responsible for delivering you your information.

Follow through encompasses announcing what you have learned.   You can write a blog, write a book, become a trusted resource to those who understand and believe in your thoughts.  You must develop accountability for your thoughts and how you communicate them.  Consistently review your thoughts and make adjustments as time requires.  Remember, change is good.

Be original, take the time to think, and make it your own based upon your research – put it in your words and become a thought leader in your own right.  Additionally, rehearse answers to what are commonly asked questions about you, the market, and your business.  The more you incorporate thinking into your daily activities, the more you will succeed.  Get it?  Got it?  Goo

What’s your mindset?

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One of the most important things you can do at the beginning of each morning is to check your mindset.  What are your thoughts at the start of everyday?  Are you positive or negative?  Are you eager or are you apprehensive?  Are you excited or worried about what the day will bring to you?  What is the first thing you think about when you get out of bed or when you face any situation during your day.  Whatever it is will dictate your behavior the rest of the day so it is so important to feed your mind with the right thoughts.  Also, your thoughts help develop your character, your personality and how others perceive you which determines if they will want to be with you or associate with you.  So start the day right – with the right mindset – the mindset for success!

The people you interact with on a daily basis are the ones who will set your baseline attitude.  Are they forward thinking, positive, can do people or are they lazy, see what we can get away with today type of people.  If the latter, you need to move on and find new friends.  It has been said that your income is the average of the 7 people you hang around with most…income and attitude go hand in hand – think about that for a minute!

Do you have a mindset that says you need to get up, work hard and accomplish something worthwhile today?  Do you have a true work ethic that drives you to make the most of everyday or do you have an air of entitlement where you expect people to give you business, buy you lunch, and give you what you want?  If the latter, you need to really analyze your thinking and thought processes.

Is your mindset and attitude one of inspiration to others?  Do you lift up others or do you put them down?  Are you destructive in how you treat, speak, or act towards others?  If you are in the second set, why, it does you and them no good to be this way?  Think about this, you get further faster by helping, encouraging and motivating others rather than by putting them down.  Change your mindset and success will follow.

Do you have a servant mentality ready and willing to help others by referring them, educating them or by just being there for them in their time of need or are you always needy asking for more from others and not giving back?  The saying is, the more give the more you get so get busy giving!

Is your attitude one of positivity, creativity and innovation that motivates others to achieve more or are you angry, close minded and negative ready to snap at anyone you encounter?  Take the time to think before you act, what are the consequences of your actions and words.  Strive to be more open minded and unlock the creativity within you!  There is also medication for this…ask Kate.

Are you constantly looking to improve upon how you act or treat others?  Are you continuously upgrading your systems and processes to serve others better? Or are you stuck in a rut, doing the same thing over and over like a robot because that’s the way it has always been and will always be?  It all starts with your mindset.  Write down new things that come to mind and share them with others.  Take the first step to continuous improvement and never look back!

Be bold in your statements and make things happen because your thoughts control your destiny.  Sit back and analyze how and what you think at the beginning of each day and get your head right each and every morning.  You will be surprised at what will happen!  Get it?  Got it?  Good!

Now, go sell something!

 

 

Avoid Road Work Ahead!

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There are many keys to success and planning and preparation are near the top.  So many times there are instances when I will receive an urgent phone call, text or email from an agent who didn’t plan or prepare for a certain situation.  These situations range from their business is no longer supporting them, to the market is changing and what should they do, to them not having a key to one of the offices where they are meeting a client.  My belief is they do not treat their business as a business.  They get too focused on the day to day activities and don’t work on their business to see the big picture.  Don’t get me wrong, putting your nose to the grindstone and working hard is great but sometimes you need to pick your head up and see where you are going!  You have to see the pot holes in the road, the curveballs that are being thrown at you and change your course or path you are taking to avoid the turbulence.  The question is, how do you do this?

· Have a true business plan – every company on Wall Street has one and so should you too

· Take time each week to review your plan and see if it is on target or not and if not, what needs to be revised to make it work and achieve your goals

· Plan out each day in advance – on paper and prioritize them to have a successful day – it only requires an extra 15 minutes so wake up earlier

· Meet one on one with your broker to see if there are suggestions to improve upon or determine what may need adjustments

· Schedule time for trainings, reading information about the market, and networking with other top agents to learn where the market is headed and how you can take advantage of it – don’t get left behind

· Operate your business like a business and understand the importance of touching all the bases of your business – planning, lead generation, systems and process improvement, and education

· Work your strengths and hire to your weaknesses

· Pay attention to the details so nothing slips through the cracks

· Take the time to get organized – an ounce of prevention is worth more than a pound of cure

· Know your company and how it operates – if you don’t know, ask

· If you have several offices, visit them while out on the road and speak with their office manager or yours and determine office protocols, policies and procedures – it will only take 5 minutes but will save you time and embarrassment later

There are many more items or tasks that can help you get successful and stay in the business but you can see it starts with basic planning and preparation and it takes only a little time to do it.  If you get yourself organized, put your plan of action on paper and do it – you will see results.  Get it?  Got it?  Good!

Now, go sell something!

Do you have all your P’s?

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The Eight P’s that lead to success and how they can help you achieve more sales. 

Here they are – proactivity, prospecting, practice, preparation, passion, psychology, professionalism, and persistence.

Without a doubt, you need to be proactive.  You cannot wait for things to happen – you must go out and make them happen.  Get into the office a little earlier, and stay at work a little later.  You have to make the calls, do the emails, write the notes, and become involved in networking, plus all the other things to make the business come in for you.

Prospecting is a necessity.  Without consistent outreach to your sphere of influence and database, business won’t just appear.  You need a plan of action and follow that plan to get leads consistently.  Often times, agents get too involved in their business putting out fires, showing properties, handling settlement issues that they forget to prospect and as a result, their business suffers.  There needs to be a set time to develop new business – everyday – if you want to be a success.

Athletes, actors, speakers, and many other professionals practice.  As an agent, you need to practice your dialogues.  Your dialogues include phone call dialogues, listing presentations, buyer presentations, objection handling, your value proposition, and your affirmation dialogues.  It has been said that practice makes perfect but I believe it was John Wooden who said perfect practice makes perfect.  Either way – get your practice in daily.  Get a voice recorder and practice while driving in your car, or with other agents in your office, or at home with family members.  Just do it!

Preparation is also critical.  The consumer is going to the internet to get their information, they talk with friends, family members, and coworkers to get their intelligence.  As we know, other’s opinions are not always correct.  You need to prepared and have your data ready, your numbers spot on, and your trends documented to make a strong case to get your point across to your clients.  With proper preparation your professionalism will shine through and help you attain more business and more referrals.

You need to have passion for what you do.  If you have passion or if you don’t, it shows.  If you don’t have it, you won’t be as engaged, as convincing, as determined as you should be and people will recognize this in the way you work with them.  If you have the passion – you will have more energy and enthusiasm for getting into the office and helping others.  This behavior is evident and people will be attracted to working with you and refer others to do so as well.

The psychological aspect of sales is just as important as all the other pieces of the puzzle.  You have to be positive and upbeat to start with – everyday.  You have to be able to quickly recognize what type of personality style your clients have as well.  Are they analytical, logical, drivers, ambiables or a combination of a few?  It is imperative to know how to speak with people in their “personality” style language.  The quicker you do this, the more sales you will achieve and as a result, more success you will attain.

Professionalism encompasses so many aspects of how to conduct yourself in sales situations.  Punctuality, dress, language, conversations, listening, knowing your business, and respect are just a few.  Take professionalism seriously and your business will prosper.

Lastly, persistence and determination are critical to success.  Many people get caught up in the latest and greatest sales fad, technology or tool and stray from the tried and true relationship building aspects of sales.  Working by referral, adding new people into your database and providing them more value will put you on the pathway to success.

Embrace the Eight P’s and you will enjoy success in sales for years to come.  Get it?  Got it?  Good!

Now, go sell something!