Archive for April, 2008

Is Your Business Profiting From The Law Of Attraction?

Tuesday, April 29th, 2008
Have you ever seen the cartoons and comic strips, where the dog and its owner look eerily similar?

Well, I believe there’s some truth to it.

It may not be physical (as in looks), but who you choose to hang out with (family & friends), hang around with at the office and work with as clients, is your sphere….and often times, similar traits appear. Other times, if you’re stressed for long periods of time, is it really coincidental that you’re also working with a lot of stressed out clients with their own problems?

In our real estate lives, we often spend half of each day dealing and communicating with our current and future clients. You could say that, collectively, we spend our much time with our clients as we do with our family and friends. So, it’s important to decide to work with and help people that we get along with and who will appreciate our time and effort in helping them achieve their real estate needs.

One of the best reasons for meeting your potential clients in the office is to sit down and converse with them. Find out what their dreams and goals are…what their expectations are. Are they nice people? If after 30 minutes, you don’t have a good feeling at all about them, then decide if you want them in your life, because should you agree to work with them, you’ll be spending a lot of time with them and if they’re negative, their emotions can rub off on you and drain you emotionally.

At my consultations, I always tell the prospective clients “I’m here to interview you as much as you’re here to interview me. At the end of our time together, we both have the option to decide to work together or not. Fair enough?” It sometimes really changes the atmosphere of our meeting. It lets them know that we each have the power to decide if we want to work together and not have it be only a one-sided decision of the prospect.

So, who are you associating with?

I attended a personal development training, where Mr. John Gardner, a self-made millionaire from South Carolina and co-author of “Chicken Soup For The Entrepreneurial Soul“, talked about the successful habits of many success-minded business people in history as well as the current day entrepreneurs.

One of the philosophies I learned from this training was “The Law of Association”. Who are you associating with on a daily, weekly and monthly basis to improve your business skills?

It’s been said by many that ‘You become like the 10 people you hang around.’

Are you at the business level you desire? If not, it’s never too late to start.

Take people, who you aspire to be like, out to breakfast or lunch. By asking them lots of questions and really focusing on their answers (take notes), you’ll shorten your learning curve.

You may even want to ask them if you can join their team as a buyers agent or a listing agent. Think out of the box a little bit. If your business is not where you want it to be, look at different options. Joining a successful team can be a win-win for everyone involved.

The bottom line is if you don’t like the people you’re working for, then find some new clients.

Just thoughts to ponder!

To your success,
Dan
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All content copyrighted © 2008 - Dan Weis, Agent Success Coach

Is Your Database Automated or Non-Existent?

Tuesday, April 22nd, 2008
When I ask real estate agents about their database of clients and prospects, they give me one of three responses:
  1. they use a database management software program, like Top Producer consistently and they know their numbers;
  2. they have a list of clients in a database, but they don’t have much information in it;
  3. they don’t have a database of past clients at all and prospect leads are in their planner or on post-it notes (who knows where).

Which answer would you give?

Managing your database of clients and prospects is critical in today’s market. You need to continually learn more about your clients, even after they’ve been through a transaction with you.

Everyone is constantly going through changes in their lives.

Not to generalize, but many people buy several homes through their lifetime, not including possibly helping parents or children with their purchases.

What this means is you need to keep in contact with your clients as their lives change.

Let them know that you’re there to be their real estate resource. Sometimes people just need to get their questions answered, so they don’t make a wrong move. If you surround yourself with ancillary professionals, like contractors, insurance agents, lenders, etc, you’ll be better able to service your clients.

Back to building your database; if you don’t use Top Producer or ACT or Agent2000, etc, then at least formulate a list of your clients and prospects on Microsoft Word or use an Excel spreadsheet. At the very least, fill out 3 x 5 cards and rubber-band them together as clients and another as prospects.

Detail each client’s information with what their future plans may be for their next home. That way you can keep an eye out for them over time and when the timing is right, share your findings with them. Also, know the names and ages of their children and pets and what hobbies they like. It makes it a lot easier to chat with them when you call instead of just asking for a referral.

When talking with prospects, find out as much as you can about their likes and dislikes in a new home. Also, learn about their job and personal life as appropriate. The more you know about a prospect, the more comfortable they’ll be with you and you’ll have a better chance at helping them buy or sell.

As you’re talking with people write down as much as you can about your conversation and as soon as you’re finished, make a record of all your notes. That way you won’t forget anything the next time you speak with them and they’ll be impressed that you remembered certain tidbits.

One additional point to discuss about database management is:

if you have a database of more than 200 - 300 names, how up to date is your list?

Would you be comforable calling every name on the list? Would those who you’re calling remember who you are? If no, it’s time to pare down your list.

Focus on keeping your best clients and those who are most likely to refer you and/or do business with you again in the future.

What help do you need with building your database?

Stop Being a Spectator!

Tuesday, April 15th, 2008
Many golfers say that spring has arrived when it’s time for a golf tournament called ‘The Masters’.

I know it gets me excited, because the sheer beauty of the course on TV is spectacular and I’ve heard that in person it’s even more beautiful.

As you know from previous posts, I don’t spend a lot of time watching sports entertainment, but the Masters is my one of my few indulgences.

I’ve always been a Tiger Woods backer, because of how we does what he does.

(More on Tiger later!)

Although Sunday ended up being pretty uneventful, because of Tiger’s lack of precision putting, I was glad that Trevor Immelman won, especially after hearing about all that he and his family had gone through over the years.

What does all of this have to do with your real estate business? Plenty!

From the time Trevor was 11 years old, he wanted to wear the GREEN JACKET. He and his family all sacrificed everything through the years…the endless road trips to tournaments, the coaching expenses, the re-mortgaging of their home again and again, his benign cancer tumor removal earlier this year.

Trevor was focused on his goal.

Did he often wonder if it would happen for him? Yes!

Did he ever quit? No!

Trevor Immelman didn’t even make the cut the week before The Masters.

Most people today hit a few bumps in the road during their journey of what they call success and they quit…stopped dead in their tracks.

Then they become a spectator. They watch everyone else, whose exceeding in their business and saying things like “they’re so lucky” or “they just know the right people”. Well, hard work will help you get more things in life than just sitting on the sidelines.

I’ve often wondered why you see people on TV at NFL games with their bodies all painted in their team’s colors and they’re hoot’in and holler’in for a bunch of millionaire sports professionals, who are living out their own dreams.

There’s nothing wrong with being a spectator in one part of your life, if you’re truly in control of your own life and being all you can be.

Don’t just go through the motions in life. Life is not a dress rehearsal.

We all have but one life to live.

Whatever your goals are, know that it will take time to achieve them.

Don’t dream about being a millionaire real estate agent just for the money. Be excited about it, because of who it will help you become in the process.

Follow the steps needed to help you achieve your real estate goals. If you’re currently earning $50,000/year, don’t say that next year you want to earn $250,000/year, because you don’t have the skillset to achieve that level yet.

Review how you achieved your $50,000 and increase your business model by 25%. Figure out what you need to learn to do more business and determine how much help you by delegating some of the work load to others.

It’s been said that an agent can close around 40 transactions per year by themselves, but it’s going to give you a lot of stress in your life.

What are you really good at doing that’s income-producing activities?

Do that and delegate everything else.

Just remember that’s it’s not achieved and in sync overnight.

Work on it every day.

Get 1% better today than you were yesterday.

Now here’s a video that I want you to watch. It’s an interview of Tiger Woods done last week prior to The Masters. It’s very insightful and will show you how Tiger thinks about achieving his goals and focus in life.

There are some great strategies that you learn from and use in your real estate business.

Listen and learn:

http://sports.espn.go.com/broadband/video/videopage?&brand=null&videoId=3331650&n8pe6c=3

To your success,

1st Qtr of 2008 Is History!

Tuesday, April 8th, 2008
The 1st quarter of 2008 is now officially over.

How did you do in your real estate business?

Did you hit your 3-month goals?

Did you have any goals written down?

If you didn’t write your goals down, you’re really hurting your chances at success…at taking your real estate business to the next level.

Many times agents don’t write down their goals, because they don’t feel they’re that important, but they’re wrong.

Goals help keep you on track with where you want to go.

I think the main reason agents don’t write down their goals is because in the past, they didn’t achieve them
often enough, so they give up.

That’s why I believe 12 month goals are a bad idea.

Remember in a recent tip about how I recommended having 90 goals vs. annual goals?

A 12 month period is too long of a time frame.

Too many things can change over the course of 12 months, so you need to focus more on 90 days at a time.

You may even want to tighten it even more and set a goal for the next 30 days only.

Build some success in the short-term and then you will start building momentum.

You know all of this. You’ve heard it all before.

But are you doing it?

If you’re real estate business isn’t where you want it to be, then it’s time to refocus and determine where
you want to be in the next 30 days.

Work hard at it.

Work your B_TT off for the next 30 days!

Why not?

There’s nothing like the present to change your life.

Don’t make excuses.

You can change it in an instant!

Did I say it would be easy? NO!

Just do it.

Yes, you’ll get nervous…have self-doubt…struggle at times, but perservere through and you’ll feel so much better about yourself.

I know the real estate market is tough in many areas, but for every agent who takes action, there are 100
agents saying it can’t be done.

Well, those 100 agents are right. They can’t do it.

But there are agents doing it despite the market conditions.

So which agent are you?

Don’t give up!

The Kansas Jayhawks didn’t give up last night.

They were down by 9 points with just over 2 minutes left in the game. Did they panic? No! They kept their composure and stayed focused on doing whatever they could to be there in the end.

The result of their actions: NCAA National Champions!

Never, ever give up and you’ll be amazed at where your life will take you.

To your success,

Dan

Join FREE Network For Real Estate Referrals & Ideas: ActiveRain Real Estate Network

All content copyrighted © 2008 - Dan Weis, Agent Success Coach

Ways To Reduce Your Client’s Mortgage Stress!

Tuesday, April 1st, 2008

The past few months have brought a lot of mortgage changes to the real estate transaction.

A couple of examples are:

  • Low credit scores are costing buyers more
  • In many cases, 100% financing is GONE
  • Appraisals are being more strictly scrutinized
  • Buyer’s credit is being re-verified right before closing

As listing and selling agents, you need to keep your clients informed about the many changes that are occurring in the marketplace.

As a buyer’s agent, you need to make sure that your buyer understands that their mortgage lender will often continue asking for additional documentation during the mortgage approval process. The lender’s underwriter is constantly being made aware of new guidelines that are happening sometimes daily.

Tell your buyer that this is very common in the mortgage industry and that what wasn’t a necessary document yesterday is a requirement today. Everyone is concerned about C.Y.A. The more information the buyer can provide at their initial mortgage appointment the better.

Also, tell your buyers to freeze their non-essential buying during the mortgage approval process. Inform them not lease a new vehicle, buy a large item and put on layaway, open or close any credit card accounts that the loan officer didn’t recommend doing. You don’t want their credit score to go down, debt ratios go higher or have their financial reserves reduced.

In some cases, because loans were not properly packaged, lenders are being required to buy them back. So let your buyers know that there can be last-minute conditions attached to their file before receiving a full approval. Don’t allow them to get upset. Just provide the requested documentation, so that their mortgage can be approved. Many consumers feel they are being singled out, but even those with the highest credit scores and cash reserves are having to jump through more hoops to get their mortgage approved.

As for listing agents, when you receive an offer on your listing, make sure that you get a pre-approval letter with the offer. You do want to find out if the pre-approval was reviewed by an underwriter or automated system and not just a loan officer.

Also understand that a lot of things may be happening behind the scenes to get the mortgage approved that you’re not privy to because of privacy laws.

The best thing you can do for your seller is to keep in touch with the buyer’s loan officer at least weekly. You should have an initial phone call stating that you know that the loan officer can’t share the buyer’s confidential information with you, but that you want to be kept in the loop, should any issues arise that the seller needs to be aware of. If the buyer isn’t going to get their approval, you want to know as soon as possible, so that you can see if anything can be done to remediate the situation or so that you can put the listing back on the market.

Many times people go through a lot of stress in a real estate transaction, because they are not kept up to date on what’s happening. The more you share with your clients about what is going on or what can or may happen, the less stress that will be felt by all.

To your success,

Dan

Join FREE Network For Real Estate Referrals & Ideas: ActiveRain Real Estate Network

All content copyrighted © 2008 - Dan Weis, Agent Success Coach