Rich Levin's Blog

Technology is scary

2008-12-04T09:32:10Z

I was recently on a Mastermind call that completely overwhelmed and excited me. Mastermind is an exclusive group of Real Estate speakers on various topics. We meet once a month to share ideas and exchange information. This month we spoke with Fran from Trulia about the importance of having an online presence and how to go about it. I took about 10 pages of notes in the 45 minute call, I then handed them off to my assistant to sort through the information. She recently added me to Digg, Trulia, Facebook, LinkedIn and Twitter. My blog now has Twitter and Digg links. So if you participate in any of these sources feel free to add me as a friend, post comments or just check them out for yourself. Technology is scary but wonderfully exciting.

Simplest and Best Ways to Create Business

2008-12-01T09:41:20Z

In a recent blog I talked about ways of creating business in this soft market.

The first and the simplest is to make contact with 5 to 15 past clients or people in your Spheres of influence per day.

In most cases do not ask for business. That's right, DO NOT ASK FOR BUSINESS. In most cases this makes the people you are calling uncomfortable. More importantly it makes you uncomfortable which means you are less likely to make these calls.

Instead, simply call and ask past Client's how the house is. Tell others that you were thinking about them and just wanted to see how they were doing.

I suggest you start with your most recent clients as those will be the most comfortable for you to call.

I suggest 5 a day as it is not very time consuming or overwhelming for you. Notice how well people respond. Instead of noticing how uncomfortable you are, if you are. Notice how very comfortable they are. How they are pleased to hear from you. Focus on that so you can see that this is such a good thing for them.

Set up a system to make notes about the conversation and to schedule the next contact. How often should you call? You decide for each person. Base this on what happened during the call. You may need to get back with them next week to provide some information or check back in three or six month or not until next year.

This week, put time in your calendar to make at least 5 calls; and see how good you make other people feel.

Five Ideas for Creating More Real Estate Business in a Soft Market

2008-11-28T09:19:33Z

On a recent coaching call we were strategizing over ways to get business in this market. Quite a few good ideas were tossed around. I am going to share the top four then discuss them in upcoming blogs.

1. Contact 5 to 15 Past Clients or people in your spheres of influence per day and doing this in a way that is completely comfortable for you and for them.

2. Conduct a Seminar or Speaking Event where you can help people make sense of how all this mortgage stuff affects or doesn't affect your market and their property or moving decisions.

3. Host a Client Party at no cost to you because it will be sponsored by other vendors who want to reach people as badly as you do in this soft market.

4. Direct Mail Campaigns (SOI and Farm) but send smart mailings that have the four elements that make people more likely to respond.

5. During this holiday season as you are visiting and partying, talk about the opportunities in this market. I have been talking about these opportunities all over the country..

Create Your Best Strategic Business Plan for 2009

2008-11-19T09:51:36Z

Rich Levin will be conducting a free live tele-seminar this Thursday (11/20) at 3 PM EST.
Now is the time to start strategizing and preparing for 2009. Rich will discuss the 5 key steps to create an effective Business Plan. He will teach you how to set real obtainable goals that you will stick to and succeed with by utilizing the 5 key goal setting steps. This is completely free and open to everyone so invite your fellow Agents to this very informative event.
Rich receives rave reviews for these free calls and due to his busy fall speaking schedule he has been very limited in his time but he is very excited to get back to conducting these free educational calls for Realtors.
Simply dial 309-946-5300 then enter 317175# when prompted for the pin # on Thursday 11/20 at 3:00 PM EST
Don't miss this live event. You will have a chance to ask Rich questions at the end.

NAR Thank you

2008-11-13T16:18:25Z

I am just back from NAR Convention and wanted to take a moment to thank everyone I meet and spoke with at convention. I had a ton of positive feedback about the two seminars I conducted and an overwhelming positive response to my Get Rich Success Charts that I introduced there. It is nice once in a while to receive recognition for all my hard work. I am happy to finally being sharing my coaching charts with the world as I have spent years improving them per requests by Agents that use them everyday with amazing results. "Your Numbers Set You Free"

Psychology, Mechanics and Goals

2008-11-10T14:22:05Z

Psychology, Mechanics and Goals, those are the three elements of all success.

The focus for these is control. Is control a good or a bad thing? I suggest a good thing. You want to have control over your body and bodily functions. Lose control of those things and the consequences are unpleasant. We want to have control over our automobiles, computers, and other physical things we own. Do we want to also have control over our attitude, our focus, and the intangible elements in our lives? I certainly vote a big yes on that one.

So here are the three elements of success in terms of control. Psychology is control over your mind and your attitude. Mechanics is control over your hands and your efforts. Goals are control over your heart and your focus. I don't think this is a complete thought yet. But I liked the direction of it.

The key to using this thought is that every day you take at least five minutes to look at all three in this way. Psychology, put yourself in a positive empowering state of mind. Mechanics, decide what action or actions you will take that will lead you directly to where you want to go. Goals, focus on the measurable results that you are working to accomplish this month, this year and longer if you have distinguished that.

Are You Ready to Ask the Tough Questions?

2008-11-05T09:55:37Z

New topic today, one that is of greater importance to those people over fifty than those under forty; will you be able to maintain your lifestyle if you stop working? Or will you have to choose one of the other two options? Which are:

1. Will you have to work until the day the good Lord takes you?
2. Will you have to retire at a much lower standard of living than you have when you are working?

These are tough questions.

No matter how much money you are earning or have been earning, the key to your financial health is what you have been doing, or not doing with it.

There are lots of good options. And lots of ones that don't lead you to financial security.

Over the next few blog posts we will share the thinking that will lead you to the most positive possible answers.

Marketing Myths, Errors and Facts of High Return Marketing

2008-11-03T11:33:59Z

Rich Levin conducted a free educational tele-seminar last Thursday title Marketing Myths, Errors and Facts of High Return Marketing. If you would like to listen to the recording please visit www.RichLevinBlog.com

The next tele-seminar will be held on Thursday, November 20 for more information please visit www.RichLevin.com

Out of Control Continuation

2008-10-27T09:43:52Z

We have been asking Agents what is it that makes them feel most out of control and what they do about it. If you would like to send me what makes you feel most out of control and what you do about it. Send it to Rich@RichLevin.com.

Jenny from Juneau wrote: (Name changed to save the innocent and not so innocent)
The days I come to work with a full schedule, I know what I have to do, where I have to be and I manage it all.

The days I come in with NO APPOINTMENTS are the worst because I see them as great days to get caught up. They inevitably turn out to be FULL SCHEDULED DAYS but everything that takes place blindsides me as if I'm under attack.

I get it all done, but I am exhausted from all of the juggling compared to a full scheduled day. It is as if "Murphy" lives in my calendar! How do I get it done....just keep writing notes and crossing them off as they are completed, but this can take till 10 pm some times.

First, I have to say I love the way people write. "... as if I'm under attach." "Murphy lives in my calendar." These are both great phrases and make me understand exactly what she is saying.

My thought on this is that focus on weekly and monthly goals is the other deterrent to days like this in addition to having a full schedule of appointments. When I set goals with my Clients we reduce them down to the number of appointments with new people each week. (Which for most Agents is around two, a very manageable number). We also track progress toward monthly goals and we watch monthly anticipated cash flow.

I tell you all this because it gives focus to your days that do not have scheduled appointments. Also, when you know where you are in relation to your goals the pressure eases off and you can take time to reorganize or to relax with greater peace of mind.

On the other hand, some days unravel. Knowing your numbers allows you to feel better about those days, keep them to a minimum, and get you back into productivity more quickly.

Addiction

2008-10-20T10:49:34Z

Dictionary.com defines it as "the state of being enslaved to a habit or practice."

I use the term to describe people, Agents that are stuck with bad habits built on flawed thinking. Addicted to stress, addicted to struggle, addicted to being broke. I have discussed this with psychologists and although it is an unusual application of the concept and clinically incorrect. Every one of them agrees that the way people respond and behave around stress, struggle etc, does mirror the more classical meaning of addiction.

It simply means that you have habitual thinking that prevents you from making different decisions. Are you addicted to being financially secure? Or are you addicted to struggling financially? Here's how to tell? If you are addicted to financial security then when it is threatened you take action. If you are addicted to financial struggle then as soon as you begin to create more financial stability you sabotage it with procrastination, distraction, spending, or something else.

Addictions are chronic. What are the chronic, ongoing challenges you face? You know those persistent complaints that keep you up at night. Some of which you may keep quite private. Do your addictions get in the way of your success and happiness?

Identify them first. Particularly identify the behavior. Interrupting the thinking pattern just before the behavior is the key to breaking through.

These "addictions" are often the source of financial struggle.

When Can I Retire?

2008-10-16T08:30:32Z

A Client asked me this. In return I asked her, "By retire, do you mean when can you stop having to work out of necessity and stop working if you want to but maintain your lifestyle?"

She said, "Yes, when can I stop?" I said, "Never, at the rate you are going."

Here is the irony. This is a person who is earning hundreds of thousands of dollars a year, often over a half million. But she has been spending every bit of it and more.

I said, "To maintain your lifestyle when you stop working means you have to have investments and savings, a net worth that provides enough income to maintain your lifestyle. Since you have built no net worth, you will never retire."

I was purposely blunt because I knew that with her level of earnings, if she controlled her spending, it was possible for her to create the net worth that would provide for her retirement. I said, "If you scaled back your spending you could save a couple hundred thousand dollars a year or more. In ten years you would be in a position to be able to slow down significantly, if not stop if you wanted to."

Build net worth. Most of you reading this are Real Estate Agents. Do you own property? That is the smartest fastest way to build net worth although it takes some work. Regardless of what you do with your savings and investment funds, are you controlling your spending and building net worth.

It is never too early or too late to start or to increase the pace at which you are building your financial foundation.

Make Your Own Market

2008-10-14T10:38:54Z

Why does the stock market keep dropping and rising? It is obvious. A huge number of people sell their stock and drive the prices down. And then the smart bargain hunters buy at the reduced prices. The same is true in the Real Estate market only the Sellers, unfortunately, are not investors; many of them are homeowners who can't afford the houses they bought or builders who overbuilt.

The point is that the smart bargain hunters are buying now. How do you find these smart bargain hunters? Create them. If you see this as the bottom or near bottom of your market call your spheres of influence and past Clients, send the message in your marketing that for first time homebuyers and Real Estate investors this may be one of the best times to be actively looking.

At my health club, the manager is now looking to buy because I had this conversation with him. Many of my friends are encouraging their children to buy their first home. At my synagogue a young married couple is now actively looking and another couple is selling their existing, paid off, home and moving up because they realize the advantage they have selling in a range where houses are selling and buying in a range that the market is more stagnant.

All of this activity is happening because I am spreading the word. Create your own market. If you don't believe it is the best time. Then watch the statistics in your market closely and once you are convinced get out there and do a bunch of people a big favor. Encourage them to take advantage of this market.

Forclosure Hot Spots

2008-10-10T09:16:23Z

Have you seen this site? It was featured on an Inman News post.

It shows the rate of foreclosures across the country using a hot map. Double click on your area and it will zoom right into your congressional district.

It is going to be really useful to me as I speak in fourteen cities about this over the next sixty days.

http://hotpads.com/search/election-2008#lat=37.6790386010976&lon=-97.312608897686&zoom=12&bottomZoom=17&previewId=election-2008&previewType=area&template=political&listingTypes=foreclosure&includeVaguePricing=false&pricingFrequency=once&loan=30,0.059,0&areaLabels=Congressional&areaBorders=heatMapForeclosurePerHousehold

Want to be Patriotic?

2008-10-06T11:42:15Z

Stop complaining about there being no mortgage money for people with bad credit, little cash, and questionable employment. Sorry to be so blunt but those of us who have been in business for over a decade remember when Buyers with bad credit needed to have large down payments, thirty percent or more to offset the risk of the bad credit. The same was true of people without documentable employment. They needed to have a large down payment or exceptional credit and a larger down payment.

There was plenty of money for people with little cash as long as they had good employment and decent credit. That is still true. The availability of money to people who had two of the three negatives (bad credit, little cash, questionable employment) that existed for the past five or more years is absolutely the basis for the financial crises we are in today.

So, please be patriotic by working with qualified Buyers, raising the standards of borrowers back to where they need to be to ensure a low failure rate; instead of complaining about it.

We are in the greatest career in the world in terms of personal freedom and opportunity for success and contributing to the free society in which we live. Work proudly.

10/2/08 Emergency Tough Market Tele-seminar

2008-10-03T11:05:44Z

Wow, we had Agents from every part of the country on the Teleseminar yesterday. Instead of the scheduled topic, Marketing Myths..., I announced that it would be an Emergency Tough Market Teleseminar.

The feedback was fabulous. First, Agents from many markets confirmed that Buyers were being more cautious and banks were being stricter in a number of ways.

Then we looked at strategies and approaches to get everything you can out of this market.

And finally we ended with a conversation about psychology and how to keep yourself focused and motivated in this market.

If you want to hear the teleseminar, it is about forty minutes you can go to www.RichLevinBlog.com. Click on the teleseminar category.

A Brilliant Observation

2008-10-02T08:22:50Z

Wow! A Client told me I could share this. It's perfect.

She said that the last two properties she sold were to people who had been working with another Agent in the spring.

In both cases the Agent lost touch. In one the buyer said they hadn't heard from the Agent in weeks. The other said the Agent seemed disinterested in helping them and was really negative about the market.

This is a brilliant observation. This year more than any other, with the media so negative on Real Estate, the normal summer lull that many Agents fall prey to, and so many Agents who have lost their edge because of a soft market, this is an enormous opportunity for those of you who are competent, attentive, and upbeat.

Obviously you cannot interfere with another Agent's exclusive contract but in most market very few Agents use exclusive contracts. Those Buyers who are not being served well are a perfectly ethical opportunity.

Blog me your success stories. I'd love to read them and share them.

By the way, don't forget about my free tele-seminar today at 3:00 PM EST. "Costly Myths, Errors and Facts of High Return Marketing." Marketing is a hot topic is this tough market, those Agents that continue to effectively market will survive it. For specific information please visit: http://richlevin.com/rich_levins_teleseminars.aspx

Costly Marketing Myths, Errors and Facts of High Return Marketing

2008-09-29T13:10:01Z

Rich will be conducting another free educational tele-seminar this Thursday (October 2) at 3:00 PM EST. He will discuss all facets of marketing. He will also discuss Goals, habits and the who, what, why, and when of SOI Marketing. This is part 6 in his extremely popular Soft Market Series.
Simply call 1-605-475-6000 then enter 317175# when prompted for a pin number. This is open to all Agents and Brokers. For a complete overview of Rich's tele-seminars

When is the Best Time to Make Calls?

2008-09-26T09:49:19Z

I believe the best days and times to make lead generation calls are the ones you are most likely to show up for. Many Agents choose evenings and although more people are home, by the time evening comes they don't have the motivation or energy to make the calls.

Actually making the calls is obviously the key.

So, there are a few keys to accomplishing this.

You will find most people home in the evening although this is the harder time for you and the least convenient for most people. Always ask for permission or if it is a good time to speak before you start. This is courteous and it allows people to tell you when it is a better time for them.

Business phone calls should be done the mid to late afternoon because people are less productive and most open to interruption then.

The best thing to do is when you meet people ask for a daytime number and use it. Explain that you like to touch base during the day as to not interrupt busy or family evenings.

I hope this helps.

The Nine Weaknessess of Experienced Real Estate Agents

2008-09-22T12:06:07Z

The following are what I call the nine weaknesses of experienced Real Estate Agents. After working with Agents one on one for over a decade, I have discovered that these are the main areas that will lead experienced Agents to add 50% to 100% in their production particularly in this market.

These are the things they need to know. Although, they often want to know other things. What they want to know is often driven by the latest workshop they attended, articles they read, or suggestions from another Agent. When they follow these "want to knows" it usually provides very little for their actual growth versus the "need to know" that is based on what moves Agents to higher production. As you might imagine, I have workshops on all or any combination of these topics.

The Majors
Strategizing, Goals and Measured results
Some Part of Lead Management
Having a Buyer Presentation
Adjusting Marketing Campaigns

The Minors
Negotiating Skills and Instincts
Pricing and Adjustment Strategy
Selling Skills
Consistent Communication
Hiring and Supervision (of Assistants and Building a team)

I can review your particular weaknesses a free Business Strategy Session with me. Simply click the link or call 585-244-2700 to schedule the time with me. I am dedicated to improving Agents production from coast to coast.

Apparently, The Market is Turning

2008-09-19T11:59:55Z

More and more of my Clients in Ohio, California, Tennessee, Pennsylvania, and many other states are telling me that more buyers are showing up.

Is this the result of pent up demand?

Was the Federal Government passing of the Housing Bill the catalyst that people were waiting for to give them confidence that the market is close to or at it's bottom?

Is it the relaxing of oil prices and the slow reduction of gas prices?

It is a strange time for the market to perk up. Mid-summer Real Estate activity does not usually pick up. So, I am guessing that it is some outside force or congruence of events.

Whatever it is, I see it as a very hopeful sign and one that I expect will grow and spread.

For those of you who have been in my audiences for the past two years have heard me predict exactly what is happening. In fact following is an excerpt from an article that I wrote a year ago about this.

"So again the economists got this right. The same article said 58% of the economists "predicted a ‘meaningful' recovery in U.S. housing markets before the second half of 2008 or in the second half of 2008. The majority of the other 42% predicted the recovery in 2009.

This is completely consistent with history. This two or three years of soft buyer's market with slightly flattening prices will likely be followed by five or more years of a healthy seller's market with equally healthy price appreciation."

OK, you caught me I am really pleased with myself to have predicted this correctly. Here's one more piece of advice. Stick out the rest of this year and regardless of who is elected president they are going to take credit for an economy that will turn around because an increasingly healthy Real Estate market is feeding it. Those advance their skills to survive this slow market will find those skills pay them in multiples in the healthy market around the corner.

Be Nice but Be Firm

2008-09-17T08:01:26Z

It is weird when a topic comes up with multiple coaching Clients, in the same day, when that topic has not come up for months or longer.

Four Clients, one needed to be firm with her Assistant about her service standards. Another needed to be firm with the less productive Agents in his company. A third needed to be firm with a partner. The fourth needed to be firm with Clients whose delays were threatening their transaction.

One Client said to me, "Rich, I don't want to abrasive. That's note me."

I told him that you can be firm and be nice. (This reminds me of what Patrick Swayze said to the bouncers in the movie ‘Road House.' I also tell people to watch Kyra Sedgwick in the TV program ‘The Closer' to see firm with a smile.)

In fact I told him that without learning to be firm he would continue to be frustrated, out of control, and limited. And that he could be firm without being abrasive, firm and nice.

It is a good lesson and a talent that is necessary to learn to achieve high levels.

Excellent Quick Thinking and Great Rapport

2008-09-15T10:38:58Z

Hope this following true story makes sense. It was just told to me by one of my coaching clients. Talk about luck (or good coaching).

A Seller was referred to me through one of my SOI and met with me yesterday (he is currently listed with another agency and not happy). As we are standing on the front porch after I had just arrived, a car whips into the driveway and the guy asks my seller if he is the REALTOR®. He says no and the driver says 'your REALTOR® won't call me back'.

I then jumped in and said I would show him the house (remember it was not my listing) which I did. After 20 minutes of talking to the guy we went back to the porch and all three of us started what ended up to be a one hour discussion about houses.

The seller was a widower and had not started dating. The buyer was single and had just broken up with a long-term relationship. Long story short, the two exchanged phone numbers so my seller could date the buyer's sister and the buyer could date one of my friends.

Then the driver asked me to show his sister houses and said he had two houses listed with another agency, wasn't happy with them and wanted me to look at them and take them over when they expire.

The driver leaves. My seller then jumps up and says 'I am sold, you have the listing'. I said I haven't even given you my 'presentation' yet. He said no problem. I am going to fire my other Agent.

It all stemmed from the guy driving in and saying that the REALTOR® wouldn't return his phone call. How 'bout that for luck or just plain stupid on the part of the other Agent?

I laughed all the way home.

The Day the Internet Took Over

2008-09-10T10:46:46Z

July 24, 2008, mark that date as a turning point. It is the last issue of the LA Times Real Estate Guide. The LA times announced that the July 24th edition was the last issue of the stand alone Real Estate section called ‘The Real Estate Guide" or just "The Guide." Real Estate for sale and Real Estate articles, columns and topics would now appear in other sections of the paper.

There is an expression that says things start on the west coast and come east. This is probably another example of that. In the book, The Long Tail by Chris Anderson, the Editor-in-Chief of Wired magazine, writes that the peak of newspaper print publications occurred in the 70's 80's. It has been declining ever since.

Interesting Stuff

Inner Peace

2008-09-08T12:46:47Z

Just as I was about to write this blog and I paused to think about what I would like to share today and thought about the below text in an email I received. It made me laugh out loud. So here's a giggle for the day.

Inner Peace
I am passing this on to you because it definitely works, and we could all use a little more calmness in our lives. By following simple advice heard on the Dr. Phil show, you too can find inner peace. Dr. Phil proclaimed, 'The way to achieve inner peace is to finish all the things you have started and have never finished.' So, I looked around my house to see all the things I started and hadn't finished, and before the morning was over I finished off a bottle of Zinfandel, a bottle of Bailey's Irish Cream, a package of Oreo's, the remainder of my old Prozac prescription, the rest of the cheesecake, some Doritos, and a box of chocolates. You have no idea how freaking good I feel right now.

Is This Topic Off Limits?

2008-08-27T14:13:35Z

Here is a topic that is off limits: changing offices. Occasionally I have Clients who are looking to change offices for one reason or another.

As a Coach to the Agent I see it as my job to support my Client in making best decision and negotiate the very best situation. In doing so I have learned a lot about what companies offer and how negotiation approaches and skills apply best to the situation.

I have to admit I take a great deal of pleasure and pride in coaching a Client to the right place and with transition package that is beyond what the Client ever expected to get.

You know the new Broker respects the Agent a great deal more when they require a lot in the negotiation than when they come with little negotiation. This is just one of a whole lot of interesting things that have become apparent.

The latest is another truly remarkable situation where the Agent is moving from an unpleasant challenging situation to one that is overflowing with opportunity and a positive supportive environment.

I have a question for you. Please tell me if this is an off limits topic or one that I should share ideas and write articles about. I understand how valuable it is when you are in the situation at the same time I respect loyalty and don't want to put ideas in Agent's minds that will distract them from applying themselves to accomplishing their main goals of production and income.
Do you have an opinion about this? Or do you have questions about it?