Your Seller Insists on Overpricing? Try This! - 07/30/08 10:54 PM
I see many posts about listing prices and overpriced houses with pricing driven by sellers.  It makes me think of the discussions we have in our office about our potential clients.  That discussion centers on Price vs Cost.  In some industries, this is a common discussion for sales folks.
Price - The Amount of Money Exchanged at a Single Point in Time. 
Cost - The Amount of Money Spent Over a Period of Time.
Let's take a simple topic first that is on everyone's mind. Gasoline.  We may know of a gas station that is 20 miles away with gasoline that is a … (46 comments)

What would you Do? Commercial Realtor Suggests Potential Lessee Bypass their Realtor... - 07/30/08 01:30 PM
Okay, this one ran through our office recently and I'm curious on what thoughts any of you may have on this....
BACKGROUND: We are not real estate agents.  We provide transaction management services and other real estate support services.
Outside of our work arena, we are acquaintances with the owners of a restaurant we like to eat at periodically.  They are needing to relocate and we suggested a Realtor that could help them locate a new place to lease that meets their goals (location, cost, etc).  Cost is a big concern in the deal to the restaurant folks.
So the Realtor shows … (5 comments)

Selling Houses or Just a Lure for Listings? Lessons from a Long Ago Summer on the Lake... - 07/24/08 09:52 AM
When I was a teenager in rural Bear Creek, Alabama, my brother, father and I had a small fishing bait store near an area lake one Summer.  I learned several things about business that year that really applies to the world of real estate agents.
 
1. I found that 10% of the fishermen seemed to catch 90% of the fish.
Didn't matter the weather, the season, the type of fish.   They knew how to catch fish.  
The other 90% of the fishermen were successful on occasion but for the most part there was always something to explain their lack of fish... interestingly, it … (22 comments)

"Mutually Qualify" Your Potential Clients... or Waste Time to Discover Issues Later? (And I'm not talking about lender pre-qualification!) - 07/21/08 11:32 PM
When I am meeting with a potential customer, vendor, or partner, one of our primary goals is to mutually qualify the arrangement.  It saves us all time and leads to a very high success rate!
What do I mean by "mutually qualify?" 
Well, so many folks are working so hard to sell themselves or their company, they forget the end goal...  Successful deals and/or successful ongoing business.
We have found that even when the market is tough, we absolutely have to do business with people that are going to do the things necessary for success.  Anything else, ends poorly with everyone … (7 comments)

What do you think can make the Closing GREAT ? ? ? - 07/17/08 05:55 PM
Need some feedback here please....
BACKGROUND: RealSource (our firm), in addition to many other services, has a new real estate closing center and is in the process of planning additional locations. 
Our goal is to help make the closing process less sterile and a warmer experience than other places.   Fresh snacks, cold soft drinks, cold bottled water, fresh good coffee, bowl of chocolates, friendly staff and warm, friendly comfortable conference rooms. 
We want the closing to be organized and as quick as the parties would like while not being impersonal.  Good communication with all parties leading up to closing, particularly if there are delays … (7 comments)

What Do You Do First? Listen or Answer? - 07/16/08 08:02 PM

"Blah, Blah, Blah, Blah, Blah"
Okay, this is not quite the level of a pet peeve for me but it can be something that leads to a struggling conversation at best and a lost deal and/or lost referrals at worst.
I am amazed at how many people start talking with an answer before they know the question.  
Of course, I've pondered how they can do this and concluded that, while aggravating, it is not a crime to be:
eager, or knowledgeable, or think they are knowledgeable, or think they must be show how knowledgeable they are, or psychic or highly … (11 comments)

Quarter Bets at Work (a.k.a., are we having fun yet?) - 07/16/08 07:09 PM
If you work full-time, you spend more time working than at home.   And if your work is "WORK" then what's the point.  Work can and should have a fun side too. 
(Of course, it helps if you are with a great company, with a great team that works hard and has a sense of humor.)
Anyway, is your office a fun place to work? 
Here are some of our adventures in recent years with our tech team and occasional participation from the operations staff....
Someone brought a miniature pool table to the office.  Losers of each game had to eat a "GFP"(Gross Food … (0 comments)

. . . Your Biggest Obstacle . . . . May Be You! - 07/13/08 01:16 PM
Introspective Time! 
We discuss in our sales, operations and strategy meetings the power of fear that limits people (us, our clients, potential clients, vendors, etc.)   
Particularly fear of failure.  Even if it is not a gripping fear, it limits us in our daily activities, including work. 
Fear of hearing a "no", fear of losing a deal, fear of not being liked, fear of public speaking, fear of mistakes, fear of talking about money, fear of... well, you get the point.
Now, I'm not one that subscribes to the theory that sales or business is war.  However, I do like some of the concepts … (14 comments)

"MONEY" - A Very Uncomfortable Topic For Many! - 07/11/08 10:16 AM
MONEY
So many people don't like to talk about it. 
They dance around it, they don't want to suggest a price first, they don't want to bring it up until the end of a discussion.
Depending on where you grew up (I grew up in a very conservative culture but in a house that was not as conservative), there may be words and topics you don't bring up.... money.... sex... cancer.... prison.... death.
Before I turn into a strange version of Carlin with my own "Five Words You Can't Say in the South", let me get back to MONEY.
My personal belief … (4 comments)

Are you a Salesperson or Are you a Project Manager? (or Both?) - 07/10/08 09:41 AM
Are you a salespreson or a project manager?  Or both? 
More importantly, are you a great salesperson or a great project manager?   Or great at both?
I believe that by nature, right brain vs left brain, we tend to be better at one or the other.  Naturally, training and practice can improve the other.  And we all know somebody that is just great at both, whether inherently or through work. 
My observations are that most (but not all) Realtors and lenders that are very successful are great salespeople, but not always great project managers.  Some have assistants, some get help from service … (2 comments)

PMI Problems, More REOs, & Finding Success - 07/09/08 10:35 AM
While there was a bump up in the real estate market numbers this Spring, that was just that.  A bump.  And many attribute that temporary rise to the number of forclosed properties that hit the market and tended to move faster than they typical house.
More Properties to Hit Market
I have heard from various parties we deal with that it is very likely the banks will try to get properties off their books by the end of year, creating a larger wave of inventory.  Who knows, some banks may anticipate this and begin their push earlier than the 4th quarter.
… (0 comments)

Referrals... Not Giving Any? You Get What You Give! - 07/08/08 04:20 PM
Referrals... often the hot lead that is ours to not screw up.  We all want them, so what is one of the best ways to get them?
Refer to others.  
Think about it.  It is human nature to reciprocate. 
For example, suppose you need to refer to someone for another service (survey, appraisal, loan, gift basket, whatever...).  You have two people in mind that offer a comparable level of serivce.  Would you refer to the one that sent you two leads last month or the one you just know through softball games at the park? 
I bet it would be the one that is … (0 comments)

Time Management: "Teaching the Pig to Sing..." - 07/07/08 09:33 PM
This is a phrase I use with our team regarding Time Management and Focus.  It comes from the country* saying....
       "It's like teaching the pig to sing... it just wastes your time and annoys the pig."
One of the skill areas I am focusing on for myself is improving time management and prioritization.  This is important to me and will help my clients and our firm.
There are so many wastes of time in every industry... and our lives.  For instance, in real estate my personal belief is that over-priced houses are such a waste of everyone's time.  Are you … (4 comments)

Are You Trying to be "Unique"... Just Like EVERYONE Else? - 07/06/08 02:12 PM
Ever notice how businesses of all types, not just real estate related, sell themselves much like high school kids?  They want to be unique... just like everyone else.
Even when honest, the messages often sent don't mean anything to the potential customer.  It's great you are customer-focused, honest, experienced, seasoned, been in the business lots of years, sold lots of houses, a leader in technology, a leader in your community, married, not married, kids, no kids, progressive, received sales awards, have a few listings, have hundreds of listings, like the beach, like to golf, like to fish, are active in local … (13 comments)

What to do with a "no".... - 07/03/08 01:39 PM
What can you do with a "no"...
Move on to the next prospect. Move on to the next property. Move on to the next research project. Find out if you made an error (so you don't repeat it). Find out if you were not communicating clearly (again, so you don't repeat it) Move on to the next day. Move on to the next email. Move on to the next phone call. Move on to the next house for a past client. Move on to learn more about a market. Be glad you've not wasted more time on a dead-end. Find out … (24 comments)

Minor Detail? Major Problem! Minor Address Error Creates Havoc - 07/02/08 09:21 AM
Little things can be such a big difference!  In the conclusion of a recent deal, we found a lender had added "SW" to a street address on all of their paperwork.   Don't know why but there it was.  Every document from the lender.
Well, it turns out that "changed address" was a real, but different, street address (for example, the deal was for "123 Second Ave" but the loan documents said "123 Second Ave SW."). The closing staff and attorney either did not catch this mistake or ignored it
Now, to make it interesting the buyer of this house was having utilities … (2 comments)

Question - How have you found great assistants? - 07/01/08 03:10 PM
Greetings! 
I am curious as to how those with good-to-great assistants found those assistants.  And how you keep them trained.
I spoke with one successful Realtor that told me that by having an assistant, she and her husband sold 14 more houses a year.  She said that if she loses focus and starts working on tasks normally assigned to their assistant, her husband teases her with "So, are you being the assistant today?"  That helps her keep the eye on what she should be focusing on.
I've spoke with another Realtor that has had several assistants and none worked out.  The assistants … (3 comments)