Lending With Integrity

The Art of Database Management - Part II: Gathering Information

Shawn Silvey (Cherry Creek Mortgage Company) — Sun, 17 Jun 2007 23:12:53 -0500

The Art of Database Management

Part II: Gathering Information

Most of us are sales people when you get right down to it. Our job is to sell our services - and ourselves - as we strive to add more clients to our existing book of business. The unfortunate fact is that most of us are in such a hurry to sell our services that, in the process, we forget to do the most important thing relative to sales, and we end up out there on our own searching for "a sale."

Remember the quote from Bill Gates? The most important thing we can do is gather as much information as possible and understand what our customers need. From there, we can construct a presentation that has a high probability of giving them exactly what they want and hitting the bull's eye.

We've all heard of The Golden Rule, "Do unto others as you would have them do unto you." I prefer to consider The Platinum Rule^TM* which states, "Do unto others the way they would want you to do unto them."

The only way to accomplish this is by asking intelligent questions up front when speaking to clients and making a better effort to understand them. Here are some examples of questions you should be asking clients at your first meeting:

1. What are your hobbies?

2. Do you have a clearly defined investment strategy?

3. Would you consider your investment strategy to be conservative, moderate, or aggressive?

4. How old do you want to be when you are financially independent and completely debt free?

5. Do you currently have a college fund set up for your children?

6. What is most important to you about the relationship you are seeking with someone in my profession?

7. What is your preferred form of communication during this process?

8. What's the most important thing in your life?

9. What drives you and why do you do what you do?

10. What are your financial goals and what do you want to accomplish by achieving them?

If you had honest answers to all of the questions listed above, on every one of your clients, wouldn't you stand a better chance of being able to provide them with what they need, thereby ensuring they will be clients for life? Wouldn't they also refer more of their family, friends, and co-workers to you?

We all want to be succesful in whatever our chosen profession is. But what drives most of us is what we want to do with that success. Find out what truly drives your clients and share their dreams. Then help them to accomplish them. We are in a unique position to be able to do that.

At the end of the day the focus needs to be on the relationship first and the transaction second. The transaction should be crafted to HELP YOUR CLIENT to achieve their dreams and goals. That is the foundation for truly establishing a client for life. Put the needs of others before your own ambitions.

By doing that the transactions will come.

Stay tuned for more business boosting tips in The Art of Database Management Part III: Reporting and Managing Information

* The Platinum Rule^TM is a registered trademark of Dr. Tony Alessandra.

Keeping the Faith

Shawn Silvey (Cherry Creek Mortgage Company) — Sun, 10 Jun 2007 23:31:18 -0500

Some days are much harder to get through than others. Here's a little piece that helps me to keep shooting to attain greatness (with humility). It helps in establishing relationships that are mutually beneficial.

I PROMISE.....

To be so strong that nothing can disturb my peace of mind.

To talk health, happiness, and prosperity to every person I meet.

To make all my friends feel that there is something worthwhile in them.

To look at the sunny side of everything and make my optimism come true.

To think only of the best, to work only for the best and to expect only the best.

To be just as enthusiastic about the success of others as I am about my own.

To forget the mistakes of the past and press on to the greater achievements of the future.

To wear a cheerful expression at all times and give a smile to every living creature I meet.

To give so much time to improving myself that I have no time to criticize others.

To be too large for worry, too noble for anger, too strong for fear, and too happy to permit the presence of trouble.

To think well of myself and to proclaim this fact to the world, not in loud word, but in great deeds.

To live in the faith that the whole world is on my side, so long as I am true to the best that is in me.

(Christian D. Larson - Modified by The Secret 2007)

Link to Find Your Illinois Representatives

Shawn Silvey (Cherry Creek Mortgage Company) — Tue, 05 Jun 2007 09:43:24 -0500

To all,

It was brought to my attention the link to get to your representatives info didn't work (Thanks Sean). Try this one http://www.elections.il.gov/DistrictLocator/SelectSearchType.aspx?NavLink=1 If that doesnt work just go the Illinois General Assembly main website and at the bottom of the home page under "Miscellaneous Site Items" click on "Legislator Lookup"

Shawn

Illinois Legislative Update June 1, 2007

Shawn Silvey (Cherry Creek Mortgage Company) — Mon, 04 Jun 2007 12:06:07 -0500

Good News. It took all of you to stall this. Don't stop now. Be a pest. It is your livelihood.

This is as of June 1, 2007

SB1674 - passed the House on May 30, 2006 by a narrow margin and then moved to the Senate. The bill went into Rules Committee where it became bogged down because of the phone calls and many questions that could not be answered. Thus the bill did not come out of committee, which resulted in it not being voted on in the Senate.

For the bill to enacted it would take a 3/5 majority vote not a simple majority vote, which is a great success for us. We anticipate there will be recommendations for changes and looking to make the law more palatable, so stay tuned.

HB1478 is on hold until further notice. In order for this bill to brought forward and be enacted it would take a 3/5 majority in both the House and Senate.

4050 Rules - the closing date has come and gone for comments. These are still active and we will watch closely if the final rules are filed for JCAR to vote on them. We will keep you informed if we need to start up the phone calls again to the JCAR members.

Keep the communications to your representatives going. Let them know how you feel. Urge all you know to do the same and educate the public concerning the potential damage to the industry this could cause.

ILLINOIS HOUSE BILLS IT'S NOW OR NEVER FOLKS

Shawn Silvey (Cherry Creek Mortgage Company) — Thu, 31 May 2007 10:40:57 -0500

Call Your Senator Today SB1674 - Fight For Your Industry



Thursday, May 31, 2007	Volume IIII - Issue 44

2006 - 2007 Diamond Sponsor

We maximize our returns by maximizing yours!

CRITICAL URGENT HB1478 HB4050 & NOW SB1674

Shawn Silvey (Cherry Creek Mortgage Company) — Thu, 31 May 2007 10:04:54 -0500

Results of negotiation with Speaker Madigan Speaker Madigan has moved HB1478 and 4050 Rules into one piece of legislation, SB1674, sponsored by Representative Joe Lyon, to make it an issue that will go through the House and Senate before the end of the day, May 31. If this legislation does not pass by then, it will take 3/5 majority instead of simple majority starting June 1, 2007. We need your help NOW to make these calls and asking for a no vote.

We were presented the actual legislation for the first time at 11:15am on Tuesday, May 29. (What does that tell you?)Larry Gold, Legal Counsel; Jeff Glass, Lobbyist and Marve Stockert, on behalf of the industry met with Speaker Madigan's staff yesterday after we saw the legislation. We gave them alternatives to make the legislation work and we were told that if we did not endorse the bill or at least stay neutral that they were going to remove a $900. roll back of the licensing fees, which was not going to be guaranteed past July of 2008, he in fact did remove the roll back in the version going through the House. We said no and laid out our alternatives and at 7:30pm last night we were told that the Speaker was not interested in any alternatives and that he was going to proceed.

1) There is a fiduciary responsibility on all loans in the state of Illinois, thus private right of action by the consumer, charges by Attorney General or IDFPR can be levied against your personal assets.

2) Stated income loans as we know them to day are gone in the state of Illinois

3) Counseling as was in the new 4050 rules that we made comments on, thus the real estate system will implode.

4) There are many other items, but these are the main three items

5) The full version of SB1674 will be on the front page of our website by Noon today. Thus we are at this point now, the legislation is going through the House today and we have to make calls now. We are sorry that we don?t have more time, but yesterday is the first anyone saw of this legislation as it is written. Call your House members and your Senator now!!!! I'M TALKING RIGHT THIS MINUTE!!! THEY'RE GOING INTO SESSION THIS MORNING!! DROP EVERYTHING AND CALL RIGHT NOW!!!

Go to: http://www.iamb.org/
Click on PAC/Find A Legislator
Click on Legislator Search
Type in your address and your Representatives and Senators will come up.

CRITICAL URGENT HB1478 HB4050 & NOW SB1674

Shawn Silvey (Cherry Creek Mortgage Company) — Thu, 31 May 2007 10:02:40 -0500

2) Stated income loans as we know them to day are gone in the state of Illinois

3) Counseling as was in the new 4050 rules that we made comments on, thus the real estate system will implode.

4) There are many other items, but these are the main three items

Go to: http://www.iamb.org/
Click on PAC/Find A Legislator
Click on Legislator Search
Type in your address and your Representatives and Senators will come up.

CRITICAL URGENT URGENT HB1478 HB4050 & SB1674

Shawn Silvey (Cherry Creek Mortgage Company) — Thu, 31 May 2007 10:00:00 -0500

2) Stated income loans as we know them to day are gone in the state of Illinois

3) Counseling as was in the new 4050 rules that we made comments on, thus the real estate system will implode.

4) There are many other items, but these are the main three items

Go to: http://www.iamb.org/
Click on PAC/Find A Legislator
Click on Legislator Search
Type in your address and your Representatives and Senators will come up.

CRITICAL URGENT HB1478 HB4050 & NOW SB1674

Shawn Silvey (Cherry Creek Mortgage Company) — Thu, 31 May 2007 09:57:40 -0500

2) Stated income loans as we know them to day are gone in the state of Illinois

3) Counseling as was in the new 4050 rules that we made comments on, thus the real estate system will implode.

4) There are many other items, but these are the main three items

Go to: http://www.iamb.org/
Click on PAC/Find A Legislator
Click on Legislator Search
Type in your address and your Representatives and Senators will come up.

The Art of Database Management - Database or Mailing List?

Shawn Silvey (Cherry Creek Mortgage Company) — Wed, 30 May 2007 23:56:04 -0500

The Art of Database Management

Part I: Working Smarter

The relationship you develop with your customers, combined with the personal information you are constantly collecting, can be a goldmine for future business. The fact is most business professionals spend a significant amount of money marketing to people they don't know in an effort to procure new business.

Wouldn't it make more sense to go deeper with your existing clients-to really understand their needs-and spend your marketing dollars on people you already have a relationship with? In Bill Gates' book, Business at the Speed of Thought,* he states: "How you gather, manage and use information to serve the needs of your customer will determine whether you win or lose in your business." This is a terrific definition of database management. Database management is about gathering information about your customer so you have an understanding of their relevant needs. From there, you can proactively structure a plan to give them exactly what they want.

Have you ever had a client for whom you did good work turn around and use the services of one of your competitors without even giving you the opportunity to make a bid for their business? When this happens, it happens for a reason. The fact is, your client had a need and you weren't there to fulfill it for them, probably because you didn't even know they had a need.

By using technology to manage information electronically, you will have the ability to run reports and analyze the information you have about your customers. You can then use that information to put yourself a step ahead of the competition. By proactively serving your clients' needs and interests, you will no doubt become more successful.

Look for more Business Boosters about efficient methods I use to manage my business and provide stellar customer service!

What's in a Domain Name?

Shawn Silvey (Cherry Creek Mortgage Company) — Wed, 30 May 2007 23:32:58 -0500

What's in a Domain Name

Choosing Your Own Address

Cybersquatter, n. Person who buys a domain name with the intent of later selling it at an inflated price.

Some people feel that all the good domain names are taken. It's true that cybersquatters have pursued almost all the acronyms and one-word phrases they can think of, leaving the small businesspeople to scrounge for names that don't seem half as catchy as Yahoo!® and Amazon.com™.

But a domain name does not have to be the name of your business. It just has to make sense! Let me suggest some rules to follow:

Think of keywords people will use to search for your business. Including those words in your name can help boost your search engine rank, as well as being memorable. Let's consider John Doe, who sells homes in Miami, Florida. www.johndoe.com is a lousy choice for a Real Estate agent, because nobody knows that's what John Doe does for a living! www.johndoerealty.com is a much better choice.

Remember your locale! www.miami-homes-and-condos.com is even better for John, and is probably available. If not, he could try www.miami-condos-and-homes.com, or www.miamifloridahomes.com, or any number of variations.

Don't worry about finding a name that is easy to remember. Remember: 99% of the visits to most websites come from clicks and links from other sites, whether it is a search engine, a directory, or a previous bookmark. That means only 1% of your visitors need to be able to remember your name and type it in. Encourage visitors to bookmark the pages of homes they like so they can come back later.

You can use more than just letters - hyphens and numbers are valid, too. Also, your name doesn't have to be a.com (for company ) just because you're a business. The extensions.net,.us, and.biz are all valid for any company or individual to use.

Be careful about homonyms that might confuse people. A Real Estate agent specializing in beachfront or riverfront properties might think www.reelestate.com would attract fishermen, but it will probably also make some people think he just doesn't know how to spell.

I hope these rules are helpful for you. Remember, a domain name costs less than $10, and can point to an existing website with little difficulty. If you already have a website, but think of new names you'd like to use, it's very little trouble to get them up and going in less than a week.

Look forward to more Business Boosters coming your way!

The Google Effect

Shawn Silvey (Cherry Creek Mortgage Company) — Wed, 30 May 2007 23:26:41 -0500

The Google Effect

Learn About Your Prospect Before the Appointment! Knowledge is power.

Do you know enough about your prospects and potential strategic partners when you meet for that first appointment? The Internet can tremendously aid your business in many different ways. One of the great benefits is Google, the world's leading search engine, aptly named http://www.google.com. This search engine allows you to access a wealth of information about people-possibly those with whom you seek to form a relationship. Use this utility to research backgrounds on individuals prior to meeting with them.

As sales people, we've been told, "Use your mouth less and your ears more," especially on the first few appointments. That gives us a clearer view of our prospective clients' and referral partners' hot buttons. Often, because of our insecurity as sales people, we present our sales pitch too aggressively. We essentially toss darts at a dartboard and hope to come close to hitting the bull's eye. That's where Google comes in handy.

Consider the value of walking into an appointment, armed with the knowledge of a prospective client's goals and interests. Many people have Web pages loaded with personal information about their family, their hobbies and their successes. The more data you gather about your contacts, the better you can tailor your presentations to suit their needs and desires. By doing a little preliminary research, your interactions will dramatically improve. This will lead to an increased conversion ratio from prospect to client.

Here's another hot tip! Would you like a quick listing of all the professionals in a certain field in your area? Try http://local.google.com, and put in the name of the profession (for example, "CPA"), along with your zip code. Google combines search data with Yellow Pages references to compile an amazing list of professionals, including business phone numbers, addresses, as well as links to their websites. You can use this information to develop strategic partnerships in a variety of fields.

Look for more Business Boosters about efficient methods I use to manage my business and provide stellar customer service!

Google^TM is a trademark of Google Inc. Dave Savage, co-founder of Mortgage Coach, is credited with the idea of using Google in this capacity.

Getting Your Business Online

Shawn Silvey (Cherry Creek Mortgage Company) — Wed, 30 May 2007 22:48:12 -0500

Getting Your Business Online

It's Cheaper - and Easier - Than You Think!

When dealing with technology, it seems like the less you know, the more you pay . But that doesn't mean you have to be a computer geek to avoid getting taken for a ride. Armed with a little knowledge about where to look and what to look for, you can avoid the high costs that the less-informed are forced to pay.

Let's take a look at personal web sites, for example. You've probably heard many Internet buzzwords flying around the last few years. Things like domain names, web hosting, and web design, to name a few. For some people, this techno-babble stops them in their tracks. They either throw in the towel early, or look for some hot shot (expensive!) web developer to handle it for them. But it's really not that difficult to figure out. Let's first define some key terms.

The domain name is the name of the site, like www.stellarrealestate.com or www.mega-great-homes.net. Domain names are purchased for one-year intervals, though you can purchase them for several years in advance. There are a few big names (and several smaller ones) that are authorized to sell domain names. The going price for a domain name for one year is less than $10. Personally, I recommend www.godaddy.com.

Web hosting is the service of placing your web site on a computer that is available to web surfers across the Internet. Although you live in one town, your website will probably be hosted on a computer in some far-off place like Kalamazoo, Michigan. The company that owns that computer charges you a monthly fee - generally around $10/month. My recommendation for affordable but reliable web hosting is www.godaddy.com or ww.50megs.com.

Web design is probably the most expensive and involved step. There is an unlimited number of web design firms, and an equally high number of freelancers to choose from. If you have very particular features in mind, this is where you'll pay anywhere from several hundred to several thousand dollars to build the site you envisioned. But there is another solution. Consider a template-style web hosting company. They typically have pre-designed templates that allow you to drop in your information, and it can be much cheaper than building a site from scratch. Most of these companies include the web hosting with the cost of the web design, and charge as little as $10/month.

Look for a company that specializes in your industry. Real Estate professionals, for example, would want to consider www.blitzdevelopment.com or www.myhomeloansite.com. You'll often find a lot of extra features such as calendars, online calculators, information forms, live news feeds, and more, at no extra charge. These features add up fast if you hire someone to build custom versions just for you.

I'd love to talk with you about other strategies I have used to take my business to the next level!

Be an Investor's Sidekick - Grow Your Business

Shawn Silvey (Cherry Creek Mortgage Company) — Wed, 30 May 2007 22:25:21 -0500

The Real Estate Investor's Sidekick

How to Be the Magnate's Best Friend

Books like Gary Eldred's Investing in Real Estate* have helped millions of Americans begin the journey to wealth through real estate ownership. Contrary to what other dreamy, no-money-down literature might suggest, it does take money to make money. And if you're not in a position to become a real estate investor yourself, or you're just not interested in the headache, you can still do quite well by being the investor's sidekick.

When you meet someone interested in investment properties, make it your goal to be their agent for life. Unlike most homebuyers, investors - even the new ones just starting out - will be making multiple purchases in a few short years. Here are some ways to make them fall in love with you, so they take you along as they move up the ladder.

Know what the investor wants better than he or she does. The novice investor might not see the pitfalls that you spot, and if you help them into a purchase that slows or ends their investing career, you've just slaughtered your goose that lays the golden eggs. For example, if they're looking to fix and flip a property, know the high-end market value in the area so you can tell them the current cap they would get when trying to sell the home even when renovated. $50,000 worth of improvements to a $200,000 home is a huge mistake in a neighborhood where the most expensive home is selling for $210,000.
Watch for sales and closeouts on home improvement products. You can save your investor a ton of money in renovation costs if you find a paint store having a liquidation sale, or an extra scrap of new carpet going for dirt cheap, or even a neighbor selling great used furniture in a yard sale. Just notifying them of a sale shows them that you're interested in their success as a real estate investor, whether or not they can use the products at the time.
Get ready for commercial real estate. Most real estate investors start with residential properties, but realize there's more money to be made (with much less managerial headache) in commercial properties. Don't get left behind! Study market trends in your area, and take the initiative to educate yourself as to the deals that are happening. Just 10 minutes of research a day - whether it be phone calls to properties for lease, asking businesses what they pay in rent, or finding an owner willing to share their thoughts - can put you in a fantastic position to assist the investor.
Stay tuned for more Business Boosters coming your way!

The EPA on Home Safety - Reducing the Risks

Shawn Silvey (Cherry Creek Mortgage Company) — Wed, 30 May 2007 22:16:39 -0500

The EPA on Home Safety - Reducing the Risks

Don't wait for a discerning buyer to find faults in a listed property. Be alert for these simple things to help your client sell their home before a potential buyer or inspector points them out for you.

The EPA website (www.epa.gov) has tons of useful information on possible hazards in a home, and you should at least check the following conditions as part of the listing process.

Radon Gas - In January of 2004, the HUD home inspection form for FHA loans (HUD 92564-CN) was modified to include information on radon content in indoor air. This is mandatory for all FHA-insured mortgages, which means a good portion of sellers will need to request a radon inspection as part of their home inspection. Visit www.epa.gov/iaq/whereyoulive.html for help finding a qualified radon service professional in your area, and put them on your extended team of professionals.

Asbestos - Asbestos may not be easily identified, so consult with a professional if you are unsure about a material in a home. The Environmental Protection Agency says that "Usually the best thing is to LEAVE asbestos material that is in good condition ALONE." If buyers have concerns, refer them to www.epa.gov/asbestos for current information on asbestos risks.

Lead-Based Paint - If a home was built before 1978, there's a chance that lead-based paint was used. If the paint is peeling, that is not the only danger to be concerned about. Lead-contaminated dust and soil can also pose serious health risks to children and pregnant women if inhaled or ingested. Make certain the buyer knows if there is lead-based paint in the home, and remind them that removal of lead-based paint, if done incorrectly, can result in lead-contaminated dust being released into the air. Visit www.epa.gov/lead for more information.

Smoke Alarms - Know your state's smoke alarm laws by heart! Some states require one smoke alarm in each bedroom, plus a detector on each floor. Make sure your sellers' home complies - the last thing you want is a delay in a purchase for something as simple as smoke alarms!

Additionally, there may be risks specific to the region where you live, such as California's earthquakes or Florida's hurricanes, that mean regional laws to follow. Do your homework, and be better prepared to help your clients sell their homes!

RESPA BASICS Simple, but critical

Shawn Silvey (Cherry Creek Mortgage Company) — Wed, 30 May 2007 17:35:42 -0500

RESPA

Understanding HUD's Consumer Protection Laws - In many states, Real Estate licenses are granted without close examination of an applicant's knowledge of RESPA guidelines. As a result, many Real Estate Agents go into business unaware that certain practices are prohibited via Federal statutes enacted by the US Department of Housing and Urban Development.

RESPA stands for the Real Estate Settlement Procedures Act. Introduced in 1974, RESPA law is designed to protect the consumer, and help them "shop smarter" when they are in the process of purchasing a home. RESPA requires the lender to provide the consumer with disclosures (such as the Truth-in-Lending Disclosure Statement) at various instances throughout the loan process, and also prohibits kickbacks and referral fees that would increase the cost of settlement services to the consumer.

There are two main points of the law that affect referral relationships between parties involved in the selling of a home, and I will provide examples as to how this can be interpreted.

Prohibition of kickbacks. RESPA states that no one can give any "thing of value" in exchange for referrals. According to RESPA, if a Real Estate Agent refers business to me, I cannot even send them a gift certificate as a way of saying thanks. This applies to any people involved in a Real Estate transaction. If a client of yours refers another person to you, you can't reward them with any "thing of value" in exchange for the referral. Can you have a party and invite all your past clients and include referral sources? Yes. But you cannot exclusively invite referral sources, as this would constitute a provision of something of value in exchange for referrals according to RESPA.

Can you give a client a thank you gift after a transaction closes? Yes. Giving new homeowners a house-warming gift is great marketing tool to implement after the deal is closed. However, you cannot give them a thank you gift in exchange for referring additional business to you.

Prohibition of defraying costs. RESPA law indicates that normal promotional and educational practices are permissible, as long as there is no defrayment of cost involved. If you enter into a cooperative marketing campaign with a Loan Officer, Title Rep, or any other professional, the other party cannot pay for your portion of the costs, (though some may unwittingly offer to do so). Costs for advertising and distribution must be divided proportionately.

For example, if your name and image branding takes up ¼ of the advertising space in a co-op marketing campaign with a Loan Executive, then the LO should pay 75% and you should pay 25% of the costs, based upon fair market values.

This information is not provided as an attempt to give you legal counsel, and you should consult a qualified attorney if you have any questions regarding RESPA. Penalties for violations are stiff, including up to $10,000 in fines and/or up to a year in prison. Details on the law can be found at www.hud.gov

When the Sellers Aren't Selling

Shawn Silvey (Cherry Creek Mortgage Company) — Wed, 30 May 2007 17:09:43 -0500

When the Sellers Aren't Selling - Get Back to The Basics

Remind Them: "Presentation is Everything!" At times the sellers themselves thwart the efforts of the Real Estate Agent. Nothing can be quite as frustrating as trying to pull all the weight whensomeone else is adding to the burden by being uncooperative!

If you have a seller who is not making sure their home is presentable to a potential buyer, remind them that presentation is everything! By eliminatingpoints the potential buyer may find fault with and bringing out the positive amenities, they are more likely to sell the home quickly and also get the price they are asking for. Here are just a few tips that will help them support your efforts as their representative in the transaction:

Let there be light. Buy some 100-watt bulbs to brighten the rooms and open curtains or blinds to let light in. Unless a window faces a brick wall or some type of eyesore, open the drapes!
Garage, not garbage. Have a garage sale to clean out the clutter and make the garage more spacious. Your clients are moving and will need to start organizing anyway, so why wait until the last minute? Clean up oil spots in the garage or carport with a good cleanser to remove that "lived-in" appearance. The home may not be brand new, but it's new to the potential buyer.
Make scents. Get a nice potpourri air freshener, or keep some refrigerated cookie dough on hand to throw in the oven when a prospect is coming over. Make the house smell like a home .

Paint-relief. Consider re-painting any areas that need to be touched up, but especially the front door and entryway, and any appliances that are showing their age.

Power plants. Trim down any jungles outside, especially if they cover the house. Get rid of any half-dead houseplants. Water the lawns briefly before any visit, and keep the lawns mowed and edged.

The Importance of Goal Setting

Shawn Silvey (Cherry Creek Mortgage Company) — Wed, 30 May 2007 16:58:16 -0500

Here's a very useful reminder from Mike Ferry and LoantoolBox. Tracking and goal setting is one of the hardest things for me to maintain and block the time out for. I always feel I could be doing something more productive. At the end of the day, the most productive activity any of us can engage in is monitoring our activities and which ones are successful or not. the only way to know if we're successful is to define what success means for us through appropriate goal setting.

Mike Ferry on Setting Goals and Tracking Results - Success is a Numbers Game, but Discipline Drives the Process Since the early 1990s, Mike Ferry has conducted over 5,400 seminars and presentations on the subject of what it takes to succeed in real estate.* In a recent interview with LoanToolbox CEO Tim Braheem, Ferry focused on the need for real estate professionals to go back to the basics of setting goals and tracking their results.

Goal setting means going beyond what it takes to merely get by, Ferry claimed. The real estate professional must first determine what it takes to break even and have a concrete idea of where they would like to be financially to have a more comfortable lifestyle. For example, if a real estate agent has a monthly cost of living of $5,000 and their spouse brings in $2,000 a month consistently, a minimum of $3,000 is needed to eke out a living. If the average commission is $5,000, then clearly if the agent sells ½ home per month he or she is still on bare bones survival. Ferry encourages real estate professionals to create a wish list of things they would like to do or have to quantify the dollar income needed to fulfill their dreams. From there, it is essential to share those goals with friends or family as a confirmation to this ambition and to establish a barometer of real life accountability.

According to Ferry, a combination of disciplines and activities must prevail to achieve these goals, and thetracking of results is essential on every level. The closing of a sale indicates the real estate agent has done a good job at prospecting, pre-qualification, presentation, has handled objectives, and has a strong network of professionals in place to manage all aspects of the transaction, Ferry stated. The agent should track their batting average on all levels and obviously seek to do a better job in areas that need improvement.

Ferry asserts that the real estate professional has three options to prospecting new business: Wait, buy or earn. If the agent sits an open house, they are waiting for prospects to come to them. Another option is to buy lead lists. In both cases, the agent will need to account for time spent on pursuing unqualified leads. The goal is to earn business and work with higher quality leads, thus improving the numbers overall. If you want to close 30 transactions per year, break it down to the smallest increment. You may determine you need to pre-qualify 200 people to close 30 transactions. If you need to make 800 calls to pre-qualify 200 people and you work 200 days per year, then you need to make a minimum of four calls each day. By chunking the formula down to its most minute form, achieving the end result is relatively attainable.

URGENT URGENT FOR ILLINOIS HOME LENDING

Shawn Silvey (Cherry Creek Mortgage Company) — Wed, 30 May 2007 15:15:53 -0500

ALL of you NEED to contact your representatives in the legislature IMMEDIATELY! Read this.

Speaker Madigan has moved HB1478 and HB4050 Rules into one piece of legislation, SB1674, sponsored by Representative Joe Lyon, to make it an issue that will go through the House and Senate before the end of the day, May 31. If this legislation does not pass by then, it will take 3/5 majority instead of simple majority starting June 1, 2007. We need your help NOW to make these calls and asking for a NO vote.

THIS IS THE ARTICLE FROM THE ILLINOIS ASSOCIATION OF MORTGAGE BROKERS:

We were presented the actual legislation for the first time at 11:15am on Tuesday, May 29. Larry Gold, Legal Counsel; Jeff Glass, Lobbyist and Marve Stockert, on behalf of the industry met with Speaker Madigan's staff yesterday after we saw the legislation. We gave them alternatives to make the legislation work and we were told that if we did not endorse the bill or at least stay neutral that they were going to remove a $900 roll back of the licensing fees, which was not going to be guaranteed past July of 2008, he in fact did remove the roll back in the version going through the House. We said no and laid out our alternatives and at 7:30pm last night we were told that the Speaker was not interested in any alternatives and that he was going to proceed.

1) There is a fiduciary responsibility on all loans in the state of Illinois, thus private right of action by the consumer, charges by Attorney General or IDFPR can be levied against your personal assets.

2) Stated income loans as we know them to day are gone in the state of Illinois

3) Counseling as was in the new 4050 rules that we made comments on, thus the real estate system will implode.

4) There are many other items, but these are the main three items

5) The full version of SB1674 will be on the front page of our website by Noon today.

Thus we are at this point now, the legislation is going through the House today and we have to make calls now. We are sorry that we don't have more time, but yesterday is the first anyone saw of this legislation as it is written.

Call your House members and your Senator now!!!! THAT MEANS TODAY!!!!!!

To find your Representative and Senate member, please use the following link.

http://www.elections.state.il.us/DistrictLocator/SelectSearchTypeaspx

URGENT URGENT FOR ILLINOIS HOME LENDING

Shawn Silvey (Cherry Creek Mortgage Company) — Wed, 30 May 2007 15:08:51 -0500