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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!

It is that time of the month again…

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Platinum Club!  Here is what we discussed…

· Agents are concerned about appraisals – again.  Recently we had an appraiser come from Annapolis to do an appraisal in Leesburg – over 1.5 hours away – stay tuned about how it will turn out.  In another instance, an appraiser did an appraisal in Centreville who came from Frederick Maryland – at least a 1.25 hour drive away and it came in low to kill the deal.  Agents need to personalize themselves to the appraiser and build rapport with the appraiser as they do with any other client or business situation.  Suggestions were to take off lockbox and meet the appraiser to build the relationship.  Also, by taking off the lockbox you can say that you were inundated with showings and contracts and the sellers wanted it to stop to build excitement about your property.  Also, ask if they need help – don’t tell them what they need to know.

· Banks are doing strategic loan modifications to well qualified borrowers to get their loan mod numbers up to the government so they can foreclose on others…very sneaky!

· Sales continue to be brisk under $350,000 when the houses are priced right and are in top condition…it seems we say this every month!!

· It has been an investors market for several months now and will continue to be so for the next few years going forward because of jobs being created here, the strong rental market, low interest rates, affordable house prices and demand from those who have sold their houses through short sales or foreclosure needing a place to live.

· Fannie foreclosure assignments are rolling in but not many other foreclosures are not being released onto the market…of the Fannie listings, only about 25% are able to be placed on the market due to repairs, evictions or improper foreclosure.  Currently there are only 468 foreclosures on the market in Northern Virginia.  Our total distressed market only makes up 22.5% of our market – it is just over 30% in the rest of the country.

· Speaking of distressed properties, sellers are getting HAFA notices after short sales are in process and are requesting to switch to the program.  They are doing this because of the moving assistance credit of $3,000.  Many are doing this even after getting approval for the short sale and then they are getting foreclosure notices and completely screwing up the sales in the process.  People’s greed will never cease to amaze us!!

· It appears to be somewhat of a quirky market in a lot of cases…houses that are gorgeous  and priced right that the agents thought would sell quickly are sitting on the market and those they thought would never sell because of price, condition, location, etc are flying off the shelves – you never know what’s gonna happen.

· Quick pieces of advice – market to your sphere, talk to your sphere, stop by and see your sphere, and additionally, grow your sphere.  Network with others, know your numbers, know the trends, be a provider of valuable information and be a great communicator.

The networking with these other top notch professionals is an opportunity that should never be missed when invited to attend.  The jokes, camaraderie and discussions make you feel great and truly pump you up on the business.  Plus it is an opportunity to convey to clients what other top producing agents are saying about the market in an invitation only – exclusive environment.  Don’t miss it again.  Get it?  Got it?  Good!

Now, go sell something!

What makes a TRUE leader?

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It is one of the most debated questions amongst business owners, community groups, and associations.  There is no exact answer, but there are a lot of opinions and there are a lot of questions surrounding this topic. 

Are leaders made or born?  Is there a “ladder” one must climb to reach the top and if so, does each rung need to be touched?  Are there those who just show up, participate in activities and deserve to be the leader because of tenure or can one be recognized for achievement, ability and knowhow and be placed into a leadership role ahead of others who have “played” the game?

One of the best characteristics of a leader is charisma.  Are people attracted to and want to learn from an individual because of how they carry themselves?  When they enter a room do they command respect and recognition from others?  Do people seek them out and ask their opinion both privately and publicly?  Are they confident and approach others easily and vice versa?  Are they warm and welcoming?  Do they smile easily and genuinely?  Do they express empathy and convey understanding?  Do they dress and play the part of a leader?  If so, this person is on their way to leadership.

Do they have a rolodex of other leaders?  Do they know the owners of other companies that are not only local but national in scope?  Do they have the ear of these professionals because of the respect they earned on the streets?  Are they actively involved in their business as an owner who has been through tough times and pulled themselves up by the bootstraps and in turn inspired others to do the same or did they just go through the motions and accept what others told them to do?  If so, this person is on the way to leadership.

Do they accept and embrace change and look for another way of approaching how things are done?  Do they do the same thing others have done because that’s the way it has always been done and always should be done or do they break the mold?  Are they satisfied with the status quo or are they looking for ways to build a better mouse trap or continuously improve upon systems and processes?  Are they able to analyze situations to know when to say when and forge a new path or direction and have others follow them in the new direction?  Are they quick to adapt to different situations calmly yet quickly?  If so, they are on their way to leadership.

Are they able to communicate well with others across multiple platforms as well as across generations?  Do they know how to “speak” with people on their level and motivate them to accomplish more than they would have had they not met this person?  Is their communication concise, responsive and consistent? Are they comfortable speaking one on one as well as in front of groups publicly?  Are they often asked to participate in events, conferences or outings because of their ability to communicate with others and how they are perceived?  If so, they are on their way to leadership.

Do they accept accountability and encourage others to be held accountable?  Do they expect the best from themselves and motivate others to expect the best from themselves?  Do they praise publicly, early and often?  Do they correct others privately and help set a corrective course of action for improvement in performance?  If so, this person is on their way to leadership.

Are their time management skills in place?  Do they have the ability to juggle many balls while accomplishing them all well?  Can they delegate well to others and get the most out of them so that the job is done properly, every time?  Do they allocate the appropriate amount of time for others and empower them do the same?  If so, they are on their way to leadership.

Are they actively involved in all aspects of their business?  Do they attend conferences, seminars and trainings both locally and nationally?  Are they often asked to be a speaker at these events?  Are they involved in their association and have they been involved with it on multiple levels?  Do they have several revenue streams within their business which gives them a broader perspective on the business or is their approach to the business more narrowly focused?  Are they considered to be great networkers?  If these qualities are possessed by someone, they are on the path to leadership.

Are they able to clearly state their vision?  Is their vision clear and concise?  Is it one that inspires others to follow and want to be a part of as well?  Is part of their vision and mission to refer easily and be open to receiving referrals as well?  Do they share their knowledge, skills and abilities with others freely and openly?  If so, leadership is in this person’s future.

Obviously, it is difficult to find someone who possesses all of these qualities and this person should be embraced and accepted into leadership without reservation.  In addition, others may possess some or many of these characteristics but not all and should be given consideration for lesser leadership roles until they develop the qualities necessary for leadership positions.  Get it?  Got it?  Good!

Now, go lead someone!

What’s going on in our crazy market?

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What a great event – the broker owner conference in Denver – turned out to be for all of those who attended.  The networking was excellent as always but it was the content of all of the sessions that had the most impact on us.  Michael Abrashoff delivered the key note address on leading your company.  Many of us are coming out of the survival mode and into the “new normal” economy so his message on leadership was very timely.  Each of the breakout sessions covered aspects that are relative to our industry today.  Topics included:  how to take advantage of the market we are experiencing, how to increase your exposure on the internet as well as marketing ideas to help you generate more business.

It is important to attend events such as these to get an understanding of what other agents and brokers are experiencing today, to hear what industry experts are forecasting for our market going forward and to get tips on making you a better agent to become a more professional business person.

Here are a few ideas that were discussed:

· Banks have only released 30% of their inventory up to this point

· Short sales on average are sold at 15% discount – foreclosures are sold at a 35% discount so banks are going to adapt and begin to accept more short sales and are even considering principal reductions on loans of 10% because they will save money in the end

· Interest rates are going remain at this level for several more months

· The job market is stabilizing

· The US Dollar is stabilizing

· The bulk of the Stimulus money is being released in 2010-2011

· There should be 5.5 million home sales in 2010 – 5.2 to 5.3 million in 2011

· 14.75 million houses are underwater – 9.1 million have negative equity of 20% and 4.1 million are have negative equity of 50%

· Foreclosures will continue through 2012 and will begin to slow in 2013

· 70% of all loans are being handled by 4 banks

· 1.7 million GSE loans are 60+ days past due

· Government agencies hold almost half of all REO inventory

· Strategic defaults may have peaked

· Chase is no longer doing short sales so be sure to let your clients know!

· Foreclosures accounted for 31% of Q1 sales – distressed properties accounted for over 50% of all sales

· Investors make up 20% of the market today and will represent 50% over the next 3 years, so it’s time to get educated on working with them to capture this piece of our market

So what do you think the moral of the convention was for most of us?  Get busy understanding distressed properties, how to handle short sales, and the options sellers have going forward.  Get it?  Got it?  Good!

Great information was shared last night at the Real Estate Information Exchange!

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Real Estate Information Exchange news you can use!

 

· Fannie Mae & Freddie Mac have been ordered to delist from the NYSE because they have been trading below $1 for more than 30 days. The delisting will be effective July 8th .

o   They can still post filings w/ the SEC

o   Investors will be able to buy & trade on the over-the-counter bulletin board (I attached a definition)

o   Trading on the over-the-counter bulletin board will cause the trading volume will drop, prices will deteriorate further, price volatility will increase it will become more difficult to trade a large number of stocks

 

·     Housing starts fall

o   Housing starts in May fell 10% from April (but up 7.8% from this time last year)

o   Building permits are down 5.9% from April (but up 4.4% from this time last year)

o   Builder confidence is dropping due to problems with obtaining financing, faulty appraisals, competition from short sales & foreclosures

 

·      Senate approves extension of Tax Credit Closing Deadline because of backlog of closings due to close by June 30th…homebuyers and lenders now have until September 30th to close on their properties!

 

· Bank of America has converted an additional 16,000 homeowners from trial to permanent loan mods this past month….bringing its total to 70,000!

o   HAMP is B of A’s biggest effort and have completed 71k non-HAMP mods so far this year

o   Total delinquency rate (according to Moody’s) among 2005-2008 subprime loans peaked at 54.4% in Jan. 2010 and since then the rate has began to decline and as of April is 51.5%

o   24% of delinquent borrowers in Feb were current in March

o   Expect that 50-70% of permanent mods will eventually default…wow! Because negative equity is such a significant driver of default (the level will depend heavily on the successful implementation of principal forgiveness)

 

· VA Dept of Health recommends denying 2 applications for a Haymarket Hospital – just so you know what is happening in our area…

 

· RIS Social Media conference…lots of good information, you have to leverage social media in your business… it’s the future. If you would like to learn a few tips, set up a time to meet with me!

 

· Josh Burruss of Potomac Mortgage Group briefed us on what’s happening in the mortgage side of things.  New Disclosures! Undisclosed Debt Disclosures and New Debt Acknowledgement at Closing form.  Credit will be pulled for FHA borrowers 3 days prior to closing and these forms have to be signed confirming that no new debt has been incurred during the time period while we wait for closing.  This can hurt a lot of buyers whose credit scores are one or two points away from being in the poorer credit zones. Stay tuned as things seem to change daily.