Easier Said Than Done.

How many times have you been in conversation with a prospective customer; the conversation goes well and then you go your separate ways? What, you didn't ask for the order?  You know very well that you needed to ask, you are in sales after all.  You have been to all of the training's, you have read all of the books, you know the scripts, you've practiced the techniques, but for what ever reason you do not ask!  How can this be?

I chalk up the lapse of action to ask for the order as a mental stop that needs to be broken, and broken fast.  I once heard  a negotiation technique that I felt was interesting in multiple ways.  Bare with me as I make sense of this.  The technique was as follows:

To set the technique up, you are a NEW real estate investor, you have just found a property that you like, and you wish to make an offer.  The question now is where do you start, and how can you get yourself to make that first step?  Here is what was recommended...Make an absurdly low-ball offer.  Why?  The reasoning behind this is to get the conversation started.  This low offer not only shocks the other party, but helps release the fear that was built up within the NEW investor, and does not put the investor in a dangerous position, but merely helps break the ice. 

Another example was shared the other day on the radio.  All attendees were in a training beginners' class to learn how to juggle.  The instructor stands up in front of the room and instructs the attendees to hold all of their balls in their hands.  He then orders all of the students to drop all of the balls onto the floor.  What is the point of this?  The purpose of dropping the balls was to help release the tension that every single student had of dropping the balls.  The instructor wanted to get that anxiety out up front, and followed this lesson up by saying, "There, now there is only room for improvement." 

I think too often then not, fear and anxiety, for failure holds us back from attaining our true potential.  Sometimes you need to just confront the fear up front, and make the first move to get the ball rolling.  Trust that your knowledge, your personality, and your experineces will take care of the rest.  Take that first step, make your first move, and just pay attention to the reaction, it will give you hints on where to go from there.  Just get started. The worst thing that will happen is your prospective client says no, and there is only up from there.

- Scott

Valuing Your Social Capital

Social media is certainly here to stay.  In fact, if you are not involved with social media in some way shape or form, then you have just fallen behind elementary school children. Nowadays, kids far younger then my counter parts and colleagues, have mobile devices in their hands and are advancing into the mobile realm. They are posting videos, blogs, tweets, posts, and so much more that it is incredible.  With so much activity occurring within the social sphere, it has become extremely important to monitor social activities.

Monitoring social activities is important to ensure that your "social cred" is intact and accurate.  I just came across multiple companies that provide monitoring and analysis of influential socialites:

• Peek You
• Traackr
• MBlast
• PeerIndex
• Kred

All of these sites are geared to the identifying, and tracking, of social activity.  Can you see the need for these companies?  Can you see how the demand for such services has given rise to these companies?  Businesses have made it a point to monitor social media sites to scan for both positive and negative customer experiences.  Consumer opinions can escalate both positively and negatively on a viral scale given the right circumstances.  As a service provider, it is in our interests to respond promptly to this feedback and take action immediately.  Technology waits for no one, and with opinions at the fingertips of consumers, waiting at a seconds notice to flood social media channels, attention must be paid to social media. 

How would you rate your social cred? Better yet, what are your consumers saying about your social activity?  Are you even getting any social activity?

- Scott

The Obstacles We Create

I am in the business of sales.  I sell a unique product, what makes my product unique is not so much the product itself, but the way that it is sold.  I sell to Realtors, Mortgage, and Escrow professionals, but they are not the end users of my product..their customers are.  I try to sell in order for those professionals to recommend my product to their clients.  The more clients that they [professionals] have, the more potential sales that I could have.  Therefore, as in most sales positions, I am taking the position of a profit partner.  What is a profit partner?  As I define it, it is someone who helps drive business in some way, shape, or form in a manner of good faith that will result in an increase in sales.  I strive to add value through my connections to other professionals, tools that could instill efficiency, knowledge, and by acting as a bouncing board for ideas.

When taking the position of a profit partner, it is important to realize the importance of your time, energy, and expertise.  You must realize when your advice, tools, and other resources are not being utilized.  Sometimes the greatest obstacles are those created by your partners themselves.  Some obstacles cannot be helped, and overcome.  Cut your losses, move on, and spend your time with those that see value in your offering/s.  Only then can you succeed, and thrive.  We must note that the obstacles facing our customers are very much the same obstacles that we ourselves create and face on a daily basis. Use this fact as the platform resolve possible hurdles.

The Impact of Real Estate

Real estate has been in the headlines for the last several years.  The reason for all of the publicity is because of the jugernaut that is our industry.  For many years the N.A.R. has been one of the largest lobbyist groups in Washington D.C., and a "home" has been intertwined into the American Dream since America's inception.  Since real estate is such a focus in our country, there are many benefits that have been created for homeowners, two such benefits are the mortgage interest deduction and the property tax deduction.  Below are some recent facts regarding the property tax deduction from "Eye on Housing":

 A few facts about the deduction from 2010 data:

•    The property tax deduction benefitted 32.9 million homeowning households for a total savings of $23 billion

•   Almost 80% of  the tax benefit was collected by households earning less than $200,000 in economic income

◦                     Household income is the sum of all income earned by individuals filing on the same tax form; economic income includes items like employer-paid payroll tax and health insurance

•   For households earning between $100,000 and $200,000, the average tax savings was more than $800.

This deduction has become just that much more important in recent years, as home prices have plunged while property tax payments have remained about the same, leading to higher effective tax rates on homeowners.

House Resolution 557, sponsored by U.S. Representative Pascrell of New Jersey, expresses support for this important homeownership tax rule.

There are great benefits for homeowners, we need to broadcast these benefits to get more renters into homes.  Let's make it happen!

The Beginning Of Something Great!

I would like to begin by stating that from this point forward, this blog will not only serve as the platform to track and cite my experiences as I have entered the workforce, but this blog will also serve as the means by which I will be creating my first book.  It will be a peice-meal project, but through Jeffery Gitomer's guidance, I will complete a book by the end of 2012!

http://www.gitomer.com/articles/ViewGitbit.html?id=16110

It would do me a great service if you could please leave me comments.  Your comments will help expand my thoughts, and opinions, but also serve as building blocks for my book.

Thank you.



Scott

Representing Buyers

I was fortunate to sit in on a Keller Williams Buyer's Agent training, and I was able to compile the following pointers for Buyer's Agents:

1). Verify everything.  Double check all information, and follow up for yourself.  Assume nothing.

2).  Complete everything.  Be professional and submit/ deliver only completed items.

3).  Follow up...Weekly.

4).  Educate buyers up front (timeframes, expectations, CMA's, net sheets, etc.)
* Get all information before initiating the short sale.
** 3-Way calls are a great way to keep all parties informed.

5).  Personal letters to sellers as to why they should accept your offer could help.

I hope that these pointers can assist you and your buyers.

Kindly,


Scott

What Does Trust Mean?

Trust is one of the most important traits that a person and/ or a business can have.   Once upon a time, trust was conveyed with a firm handshake, and someone’s’ word.  As it was, verses what it is today, is that people actually followed through!

If a person gave their word that something was so, or that something would be done, then it would be known by all to be.   The repercussions that would come towards the person or business that did not act according to their word, were devastating to the person and business almost immediately.  For example, most historic towns were small, and each town probably had one or two professionals in any given field.  Further, within these towns, everyone knew everyone, and everything that went on within them.  Now, translate those points with a negative connotation attached to them; word would travel fast whether someone had the quality, integrity, or professionalism to warrant the towns’ business.  Trust builds a perceived quality, and a perceived consistency. 

Lets look at McDonalds for example.  If we visit a McDonalds in a foreign country, it is obvious that the food might be slightly different to appeal to the local tastes and cultures, but everyone trusts the quality, the cleanliness, and the service that they will receive from McDonalds.  McDonalds has built a trust within all of us, and we have all come to expect certain amenities.  Imagine if you went to a McDonalds and the décor of the establishment included the colors blue and gren, verses the normal color scheme of yellow and red?  Would you trust that McDonalds?  What are you doing to build trust within your customers?  What are the expectations of your customers? 

To build a thriving and sustainable nosiness, trust must be ingrained within the everyday business practices that we conduct.  Consistency really is the name of the game.  Above all, follow through.  The old adage of, “actions speak louder than words,” very impactful to building trust within customers and clients.   Imagine your favorite companies, or brands, and how they have built a trust within you.  How would you respond if that trust were broken?  Now imagine your customers and clients…

Trust, to me, means a consistency and expected value that my customers have come to love.

Scott