Steven's Blog

Are You Rowing Backwards?

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Sun, 15 Jul 2007 10:40:51 -0500

Marketing is like rowing a boat. When you know how to row properly, the pointed bow moves smoothly forward through the water encountering the least amount of resistance.

Rowing backwards, the square stern of the boat pushes against the water, requiring more effort and increases the risk of having a wave come over the transom (back) and swamping it. Yet most people market backwards, trying to grow their business while pushing against the greatest level of resistance.

Wouldn't you like to market your business so that it moved easily forward?

What's the first thing most people do to increase sales of their products, services? They put together a description of their credentials. Then they pick up the phone, run an ad campaign, send out a brochure and/or build a web site and ask people to buy from them.

Do you know anyone who has used this approach?

Have you tried it yourself?

Were you happy with the number of new clients and customers you attracted?

It's a common misconception that the fastest way to attract more clients and customers is to focus on asking people to buy. It looks like the obvious route, but in most cases it generates only a trickle of new clients for small business owners. It can work if you're a large company with millions of dollars to spend building your brand. Why doesn't this selling approach work for service professionals and small business owners?

A sale is the end point or one of the way points in your relationship with a client. Before they are ready to give you their money prospects need to be confident that you have what they want, and they trust your product or service will deliver on your promises.

When you lead with a focus on selling and your credentials you run into high levels of resistance. It is like trying to row a boat backwards.

Marketing is about building relationships, one by one. Start by focusing on what your prospect wants, not on yourself.

Think about it. When you pick up the phone or encounter a friend, what's one of the first things you say? Do you launch into a monologue about yourself? Most people usually start the conversation with a friendly question or two and then find a topic of mutual interest. If you have information your friend is interested in, you share it.

I often speak with people who say they hate marketing. Why? Trying to convince people to buy feels pushy.

An alternative that is more effective - and more fun - is to focus instead on giving people what they want. Get your prospect's attention by leading with a question or statement that succinctly gets them thinking about how you can solve a "problem" they are experiencing. This is your marketing message or elevator speech, not your sales pitch. Once you have their interest, give them something they want in order to prompt them to contact you. This could be a short report or article.

Does your marketing approach give people what they want? Does it help start a conversation and a relationship?

Once a prospect gives you their contact information, go to work and make good on their trust by showing an interest in their needs and giving them a steady stream of useful tips. The more you give your prospects, the stronger your relationship will be.

Rowing a boat backwards is hard work and won't get you very far. There is just too much resistance. To attract more clients and grow your business stop marketing backwards and pushing against high levels of resistance. Give your prospects what they want, build relationships and you'll find more prospects buying the solutions you provide.

Just thought you should know.

Have a profitable day!

Steven

Set The Stage For A Bigger Sale!

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Fri, 13 Jul 2007 15:43:02 -0500

Well, the year is over half way gone, and it is time to assess your production to see if you are on track to achieve your goals. Are you ahead of your goal or are you behind? Is your marketing working for you or do you need to "tweak" the system a bit to get back on track?

I, of course, was fishing last weekend. As many people know, I love Trout fishing and I go out at every opportunity. Of course, with the solitude, I spend a lot of time thinking and I always seem to find some parallel between fishing and marketing.

As I started out the weekend, I went to a stream that I know was stocked with Trout. I know what the stocking schedule is and I know where they stock the stream. On the surface, this should greatly increase my chances for success.

However, I need to factor in more information to ensure my success. For example, how long ago did they stock the stream? How many people have been fishing on the creek? What are the water conditions - is the water high, low, cloudy, the temperature of the water, etc. All of these factors play a role in my potential for success.

Of course, this started me thinking on the parallels between fishing and our business. You see, there are many "tried and true" techniques for marketing to prospective clients, yet some of them seem to work better than others. Even further, some techniques tend to work better during certain times of the year than others while some will work virtually all of the time.

The trick is to figure out what works when and how much time and resources you should dedicate to a technique before moving on to other ideas. The ability to recognize the differences will allow you to maximize your marketing efforts thus maximizing your production and income. Additionally, the more you can "stack the deck" in your favor, the greater success you will enjoy.

The first creek I went to has been very productive for me. I have fished it many times over the years and I know where the fish are, for the most part, located. I work the different locations, varying my presentation, and I more often than not catch fish.

Additionally, one of the tools I use to "stack the deck" in my favor is polarized sunglasses. A pair of glasses may seem rather silly to mention as a "tool", but there is a very good reason to have this tool.

Polarized sunglasses have the effect of doing what I call "turning off the lights". When you have polarized sunglasses on and you look at the stream, virtually all of the glare created by the sunlight on the water is filtered out, allowing you to see down into the water and identifying any fish that are swimming around. This saves you a tremendous amount of time and effort by allowing you to fish where they are located and skipping over the areas where you see no activity. This makes you much more efficient, allowing you to cover a lot more territory and thus giving you more opportunity to catch fish.

Any way, back to the first creek. With my sunglasses on, I could see that there were a lot of fish in the creek, but I could tell by the size of them that they were not Trout. Small bass, Blue Gills, Carp and Chubs abounded, but my quarry, Trout, were no where to be seen. I decided to fish for a bit anyway to see what I could catch. This reminded me of Realtors who use a particular marketing idea because "it always worked for me before".

After fishing for awhile, I caught a bunch of fish, but not one of them was a Trout. This caused me to rethink my choice of streams and go to a different location.

When I went to the next stream, I could see fish that I knew were Trout so I started to fish hard. I ended the day catching several nice size fish and considered it a successful venture.

However, what if I had tunnel vision like so many agents and had stayed at the first creek because "I knew it had worked for me before"? I most likely would have ended the day with nothing to show for it except a lot of time and energy invested with very little production.

What if this is the same "technique" you employ with your marketing efforts. What if you stick with "what worked before" and find that it gives you little to no production? Does this mean that it no longer works?

Of course not! The error wasn't in the idea itself, the mistake was in not analyzing what works when and knowing when to change your strategy. You need to keep track of the different marketing concepts that you use throughout the year and logging what works best at different times of the year.

For example, let's look at advertising in the different periodicals. The Real Estate Book, Homes and Land, you name it. Which months of the year produce the most calls for you? You do keep track of your lead calls and where they come from, don't you?

Looking at your level of calls, would it make more sense for you to cut back on your advertising in these magazines at certain times of the year and focus your advertising dollars on other efforts? Or, are you of the tunnel vision mentality and continue to plow money into efforts that are basically window dressing that will not produce results?

Only you know the answer to this question. You must evaluate your marketing efforts constantly throughout the year to ensure that each dollar spent on marketing returns many times the investment.

Just thought you should know.

Have a profitable day,

Steven

5 Characteristics of Top Producers!

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Fri, 13 Jul 2007 15:37:01 -0500

Are you a peak sales performer? It seems as though every sales pro thinks they are the best. Nobody else can sell like them, or close like them. But yet, when I press them on exactly what it is that makes up a peak sales producer, they usually say, a strong positive mental attitude, goals and aspirations. It's shocking to see what little knowledge most salespeople have of what it takes to be a top producer.

The Xerox Corporation recently conducted a study to learn what makes a top performer. This study outlined the behavioral differences among salespeople in over twenty-four different industries. They studied over five hundred sales calls. They looked at not only top producing sales performers, but also mediocre and marginal producers as well. They found five different behavior patterns that seemed to characterize the crème from the half and half.

Xerox researchers found that peak sales producers first establish a very balanced dialogue with their prospects and interact like friends. They seem to have an uncanny ability to get their prospects involved as well as help them discover why their product or service would be of value in helping solve their problems. Top producers also realize that proving why the product will be valuable is much better than simply telling the prospect about it. Your prospect will never buy because of what you present. She instead buys from what she convinces herself of. This means that even if you are selling a watch, telling your prospect you will cure his ignorance of time, will not be enough. Your prospect will literally talk to himself to discover that this watch will indeed keep him from running late. He will not listen to you, he will only listen to himself.

The second characteristic of peak performing salespeople is their ability to probe skillfully. These top sales producers are so good at asking questions that they almost always uncover their prospects needs first, before mentioning anything about the product. I'm sure you have found, if you present product benefits or especially the price too soon, the prospect often disqualifies you by giving an objection. But top producers acknowledge and support the prospects comments much better than mediocre performers. They have an uncanny way of using "counseling techniques," to ferret out the prospects true needs. These top performers ask twenty-five percent more open-ended questions than the low performers. Have you ever been contacted by a hard closer? The reason they are pushy is an inability to establish rapport with you. They have not listened to enough of your needs before prescribing a solution. Top salespeople, are so good at probing that they make you think that they know your problem inside and out before they ever recommend a solution.

The third characteristic of peak sales performers, is skill at matching product features to needs. They have learned to uncover real needs and show how the product or service can satisfy it. These peak performers are so good at uncovering needs, they often uncover many. In fact, research has now shown that when two or more needs were uncovered, a sale occurred. Many of us in the sales business have a tendency to present benefits that may not relate to needs. Unfortunately, if you talk your product benefits and features that do not match up to the needs of your prospect, you are inviting objections.

These peak sales performers have a fourth characteristic. They have a highly developed talent at turning a prospect's negative attitude around. These top sales producers have developed an interesting technique of being able to counter objections and a prospect's rejection properly and directly. Do you think that you receive objections when you sell? This is a fairly obvious question. It's like asking if fish can swim. But in studies it was shown that successful sales interactions contain fifty percent more objections than those appointments that resulted in no sale. This indicates people who buy will produce more objections than those who will not. It seems obvious then it's not the prospect who is giving up by saying, "I don't want to". It's more likely you are giving up on the customer. You are quit often before the prospect does. There are actually three ways to answer objections; before it's asked, when it's asked and after it's asked. You obviously know that some prospective customers will give you objections nearly every time you present a product. Knowing when those objections may come will undoubtedly give you a key concept in avoiding those objections by addressing them in the beginning. "Mr. Prospect, some people have even said that this typewriter ribbon does not last as long as other ribbons on the market, but we have found that the high quality of this ribbon allows it to be reused, rather than last longer." If you answer the objection before it is asked, you will cut out a source of problems.

A good time to answer an objection is after it is asked. Undoubtedly, you have received objections in which a prospect said something like, "Well, how much does this cost anyway?" or, "This is way too expensive, I can't afford it." The objection may come at a point where you have not been able to fully give the prospect a sense of value for what he's buying. You might simply say, "I'll get to that on how I can justify the cost in a few minutes.

I once heard a computer sales person in the mid 1980's get an objection from a prospect in the middle of the presentation and said; "I haven't got an air conditioning unit that can support a computer this big in my office." The salesperson promptly said, "I understand your concern and in just a couple of seconds, I will show you why that it won't really be a problem." So rather than let that prospect distract him he was able to thereby circumvent the objection and address it at a later time when it would fit into the presentation more nicely making more sense.

The fifth and last characteristic of peak sales performers is one of knowing how to post close. These top producers have learned to summarize benefits and propose a concise and succinct plan of action when they close. There is a difference between the peak performers and the marginal ones. The poor performers tends to make the sale and lose touch with the customer. This leaves the customer with the sense that he is high and dry with no one to turn to in case something goes wrong. The top performer actually lays a plan of action in helping the prospect understand exactly what will happen in implementing his product or service and the relationship that will start after the purchase. They in effect are saying, "Mr. Prospect, upon buying this product, our relationship is just starting, not ending. The is where long term sales and profits are made.

The Xerox study also showed when this kind of proposed line of action close was used, seventy-five percent of the prospects ending up buying. Your prospect not only wants your product, but he wants to know that the relationship comes with the purchase. Your prospect first buys trust and the rapport. They buy the product benefits second. Now this may change in certain situations. If you are buying a product over the Internet or through direct mail, the relationship may not be as high. But when a prospect says to you, I want to buy your product, he is basically also saying, I trust you, I think a lot of you, I want to spend time with you afterwards. Please support and keep that relationship strong after I buy this product.

Here are some other key items from the Xerox research:

1) The age, sex and experience level of the salesperson do not significantly affect whether the prospect will buy or not. Whether that salesperson was eighteen or eighty, male or female, the prospect was as likely to buy because of these five characteristics as whether that person was thirty, male with ten years experience.

2) The study showed that the ability of the salesperson to recognize cues and buying signals as well as use skillful techniques in controlling the call, were much more beneficial than having the best product.

3) In studying poor producing sales people, it was shown that these marginal performers tend to over structure the call. The biggest mistake they make is to think of a sales call as one in which their prospect only cares about the product. The top performers seem to move smoothly into establishing a dialogue and rapport, thereby maintaining their relationship and controlling the call.

The relationship is always more important than the product. If that were not true then airliners could be sold through direct mail. It was also found that the average sales people tend to pay too little attention to prospect's needs.
They often are taught to ask questions but apparently don't listen well enough to the answers or utilize the information received. They concentrate too hard on asking the right questions instead of listening to the responses.

And lastly, the top performing sales people were able to establish a dialogue very easily while subtly controlling the dialogue. They were very alert to buying signals throughout the interview. Often you'll find your prospect showing signals such as leaning forward in their chair, putting a hand on their knee and forearm on their thigh, as well as pupils dilating. On the telephone, buying signals are such as voice modulating up in saying words like, "Really, Sounds good to me, or Great." These top performing sales people are very attuned to buying signals knowing that they've said enough, it's time to close.

I hope these characteristics have given you a better concept of how to sell and how important the relationship of the sale is. It's not enough to just present your ideas, you have to be a psychologist of sorts in knowing how to read the prospect especially in the first few minutes.

The Xerox study found that successful sales call lasts an average of thirty-three minutes. The successful sales person asks the average of 13.6 questions, describes an average of 6.4 product benefits, and lists over 7.7 product features. As you can see that there's a lot more listening done in a sale than presenting the product. The customer on the other hand, usually tells the salesperson about 2.2 different needs, raises 1.4 objections and makes 2.8 statements of acceptance while himself asking 7.7 questions. Yes, you will get objections. But if you find out needs, he will buy and you will sell

If you could analyze the parts of your sales process that are the strongest and weakest, and shore those weaknesses up, selling for you will be as natural as a duck paddling on top of water. You'll be absolutely surprised when someone says, "no." Use these techniques and you will make more sales than you have in a long time.

Just thought you should know.

Have a profitable day,

Steven

How To Keep Your Customers SOLD!

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Fri, 13 Jul 2007 15:16:08 -0500

Recently, a salesperson worked three long months trying to make a high commission sale to a wealthy professional, a doctor. Not only did the salesperson know their product but they also worked hard to develop a trusting relationship. The good doctor was astute enough to focus the salesperson's recommendations on investments property. In the end, his trust in the agent's competence won out. He would become another satisfied source of referrals. In turn, the agent would gain access to a new market rich with professionals possessing needs they could fill.

A month later the agent received a phone call from the good doctor. The client became rude and curt on the telephone. He said he was mis-informed and felt ripped off. He didn't need that much insurance and thought the premiums were excessive. His colleagues told him of group products which he should have evaluated instead. The doctor said he bought too quickly without being properly advised. He shouldn't have bought so soon.

Have you ever faced a situation like this before? Have your clients ever regretted buying from you? We have all had remorseful buyers, but how does remorse progress into a bad client who terminates his relationship with you by letting his product or service be replaced. This may not make much difference if you make a sale expecting never to see the customer or client again. But today, you can't afford that cavalier attitude. Clients need a mortgage every 8 years. They buy a car every 5 years. Your customers will buy an investment every week or month. You can afford to lose a sale. But you can't afford to lose a customer or client. Don't they realize that you really know their needs? Aren't they aware that you read the Wall Street Journal every day and have professional designations telling the world how much you know? The answer lies in how clients could ever become de-sold in the first place.

KEEPING THE SALE

Making a sale takes great skill, but the real benefit comes from keeping a client. The cost of getting a new client is nearly double that of selling to an existing one. Recently, I refinanced a past client to help them tap into their equity in the home. When I asked them if they had heard from the agent who sold them the house (who referred me to them) they replied that they had received a card from her about three years ago but since then, nothing. By this time, even if the agent did call, it would be perceived as a cold call to their own past client. In fact, the property was recently listed for sale, and they hadn't even given a thought to calling the agent who sold them the house.

No wonder business gets replaced. Clients often can't remember why they bought from an agent, and even worse what the agent even did for them.

Possible stages of the selling process:

1) APPROACH SELL DE-SELL
2) RAPPORT
3) PROBE
4) PRESENT
5) CLOSE
6) SALE
7) REMORSE
8) DOUBT
9) FEAR
10) DISTRUST
11) REJECT

LOW TRUST HIGH TRUST LOW TRUST
LEVELS OF TRUST

Your prospect goes through many selling stages before they decide to buy. They first gets acquainted with you during the approach or courtship period. They may reject or accept you at that point depending on the strength of the referral. After the first few tenuous minutes, the salesperson tries to reach a sort of similarity with the prospect. Rapport is generated by a close identification with the salesperson's personality. The prospect tries to reach common ground. Their striving to reach similarity, "That salesperson is just like me,-- I enjoy her company." The degree to which you generate rapport will determine the quality of information you receive during the time you probe.

The probing stage of selling is much more important than just determining needs. This phase is also useful in generating a relationship bond. I interviewed computer consultants a few years ago. Most told me what they could offer and what I should allow them to do. But, one told me why he was asking questions and then wrote down every answer without judging any of our inefficiencies. As I answered, I found myself glued to his pad of paper. His style of asking questions about my needs was like putting super glue on our emotions.

The next selling stage is trust. If you show empathy and listen, you'll develop rapport rapidly. Your prospect will listen to your recommendations and sell them selves. Trust comes from confidence in the competence of the abilities and desires of someone else. From trust comes the close. With trust, it is rarely even hard or manipulative. It's simply a culmination of a high-rapport trusting relationship, much like a lover's kiss. The highest level of trust comes during the point at which people buy. This is the primary reason why all referrals should be acquired when someone buys, not afterward.

When the prospect is closed, the sale is over. Or is it? The first phase of de-selling is remorse. If your client isn't serviced properly or is left alone, they may feel remorse. This remorse may not be bad enough to avoid paying the first premium or payment, but they may feel that they could have made a mistake.

Have you ever heard that people buy due to emotion and then justify it by logic? This is certainly more true during the development of a relationship with a salesperson, less true after that. The initial period after your client buys is filled with remorse. It could be your most vulnerable time in losing business to competitors. I bought an insurance policy from a financial planner a few years ago. I hadn't thought about it again until another agent asked me what insurance product I owned. When I told him, he said my company had pool reserves and couldn't continue providing the benefits. I called my planner and asked him if he knew something about the company that he wasn't sharing. The key phrase here is, " I called my planner." Was I a bad client or was I caught off guard during a vulnerable period of remorse? You may not be so lucky. Your client my not bother to call.

The next phase of de-sell is doubt. This step revolves around the motives of the salesperson. "Was he just trying to make money from me? Didn't he care about my family? Was I just an easy mark?" This doubt stems more from a people relationship crisis than a product crisis. The replacement salesperson is fomenting the crisis by playing on the prospect's doubt.

"Didn't your agent tell you that product X was better? You know why? He makes a lot more commission on what he sold you than what you really need. In this case the client isn't comparing products, he is doubting the ethics of the salesperson. The doubt is in the person-to-person relationship, not in the product.

It doesn't take long before doubt gives way to fear. The prospect gets a feeling of impending doom or loss of money. "If I don't get rid of this product, I will be in trouble. Fear occurs anytime after the sale. It doesn't have to be rational. When it occurs, your customer will contemplate rejection of you and then your product. Have you ever been concerned about losing a customer when they don't return phone calls? He won't give you the chance to defend yourself? Is he a bad client? He simply went through a process of de-sell. The de-sell cycle may occur as quickly as the sell cycle. This process is typical of what the North Koreans did to the United States POW's during the Korean War. This same sort of remorse, doubt, fear, distrust and regret cycle is inherent during any brainwashing episode. The product is simply a focal point of attention. Is the client bad or just a victim? Does the salesperson attempt to sell and run, NO! He tries to instill an ongoing sense of trust through a long term relationship. "Stick with me as your partner, and I'll make you money.

The most obvious way to avoid a de-sell is to keep in contact with your client. Since the client bought the relationship first and the product second, he needs a good relationship maintained. I have never heard a prospect yet say, "Gee, I'd rather buy a relationship based product (like a car, financial products, house) through the mail than from a real flesh and blood human being." Your prospect also believed there would be a continuing relationship with you when he bought the product. If your doctor saw you once but never again it wouldn't be long before you'd use other doctors. The same is true of your clients. Don't let your clients become orphans. Keep in contact.

Just sending birthday cards or even a regular newsletter will do wonders in ensuring their loyalty. Then, when you do call, you'll find not only a receptive source of referrals, but also a ready market of new business. Are clients who replace their products or services bad or just responding to neglect?

There are FOUR basic areas in which most of your client's objections about you and your products fall: 1) confusion, 2) doubt, 3) product weakness, and 4) low trust. When your client is confused about what the product can do, he opens himself up to criticism by competitors. Does your client know what he is buying? If not educate him. It's true that many clients will buy whatever you recommend, but you may face de-sell if you aren't there to defend the product.

When your clients are in doubt, they don't believe the claims you've made about the products. They need more information to satisfy questions about the product's capabilities. Recently, while in the midst of selling me a life insurance product, an agent handed me a Wall Street Journal article explaining how built up cash values of policies would be protected from taxes. How he spotted my doubt, I don't know, but he sold me more insurance because he did.

If your client feels the product is weak, he's displaying a concern about it satisfying his needs. He may be aware of a product's pitfalls because a competitor pointed them out. It is up to you to go in and re-establish his needs and goals that both of you initially discussed. Then, show the client how the product truly meets his goals or upgrade him to a better product or service.

Low trust is the most critical area of client objections. Trust revolves around the client's reliance on your competency to solve his problems. It also focuses on how well he identifies with you. People tend to trust others who are most like them. They distrust those who seem dissimilar. The longer you avoid contact with your client, the more dissimilar you become. If the replacing salesperson is able to convince your client that the product was sold because of high commissions, you're sunk. Trust will be lost.

Bad clients don't just happen to good salespeople. They are made. It's not easy for a replacing salesperson to get through the barrier of a happy satisfied client. But, if you lose contact, your client will gradually de-sell himself often aided by your competition. Selling is hard enough. Selling after your client has gone through de-sell is like a divorced couple getting remarried.

The relationship between you and your clients can be tenuous or a gold mine. It can be a source of referrals or misery. It all depends on how you nurture the relationship. The sell starts when your client buys not when you first make contact. The de-sell may start at the same time if you ignore you client.

Bad clients don't just happen, they are created.

Just thought you should know.

Have a profitable day,

Steven

The Power of Leverage!

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Thu, 12 Jul 2007 15:47:11 -0500

One of the most under appreciated principles in marketing is the power of marketing leverage. In my estimation there is no where else you can create as much leverage than in your marketing.

For example, when you purchase a piece of real estate you can use leverage. You can put a small amount of your own money down, borrow the rest and create a reasonably good return on investment.

Let's say, for example, you put $5,000 down and sell the property a year later for a $10,000 profit. That's a 200% return on investment.

Not bad.

But let's take a look at the leverage we can create with marketing. Let's say you are running an advertisement every month that is costing you $400 per month resulting in 12 leads a month which turns into one closed loan with the average income of $2000. That's a 4X or 400% return on investment in a matter of a month or two.

But here is where the real leverage can occur...

By simply testing different copy you should be able to improve the results of that ad over time. That means, you can get more leads and more closed loans without spending a single extra dollar.

So for instance, with better copy or a better offer let's say you increase the response rate of your ad to 18 leads and 1.5 closed loans per month. You are still spending the same $400 per month but now your income is $3000 or a 650% return on investment. (Really, that's an extra $1000 at no cost which is an ROI of infinity.)

Now, let's assume that you have a great follow up program and you are working the leads you get for referrals. Imagine if you could get an additional six prospects from your 18 leads and you close the same ratio. That now translates to 24 leads and $4,000 in income, resulting in a return on investment of 900% WITHOUT SPENDING ONE ADDITIONAL DOLLAR IN MARKETING!

Where else can you get that kind of leverage on your money? By following this simple principle, you can put your business on automatic and create exponential growth.

As far as I'm concerned, good marketing is the best investment of them all.

Just thought you should know.

Have a profitable day,

Steven

Passive vs. Pro-Active Marketing - What's The Difference?

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Thu, 12 Jul 2007 15:45:44 -0500

Attention ALL Realtors: Knowing The Difference Between Proactive and Passive Marketing Techniques Can Save Your Business!

Recently I met with an agent who works for a large, well known real estate company. As with Realtors in this market, he was struggling to close a decent amount of business. Being that as a part of my service to you is that I work as a marketing consultant, I offered to review his business and see if I could see any areas that he could improve in order to generate more business.

After a few minutes of reviewing is marketing strategies, I saw right away what his problem was. He was relying too heavily on passive marketing, and it was draining his business.

Do you know what the difference between "proactive" and "passive" marketing?

Let's briefly see how Merriam-Webster's Dictionary defines the two words:

Proactive: acting in anticipation of future problems, needs, or changes.

Passive: existing or occurring without being active, open, or direct.

It basically boils down to the amount of control you have in the situation. Proactive marketing strategies force you to find the prospects that you are looking for.

Passive marketing strategies causes you to sit back and wait for the prospects to come to you.

From my personal experience, it seems that far too many Realtors are relying on passive methods for generating business. As an end result they are struggling.

Examples of passive marketing campaigns:

     -putting a vanity classified ad in the newspaper
     -your company provided website
     -sending a mailing campaign to your database without asking for a call to action
     -buying a Yellow Pages ad

Now there is nothing wrong with these methods. You will get a trickle of business from people who need your services right now.

But these methods should be the first step and not the last one. By being proactive, you squeeze many more prospects from the same amount of marketing dollars.

If you are on a tight budget, you MUST be using proactive marketing strategies. Yes, they are a little more complicated to set up, but you get much more bang for your marketing buck.

Here is an example to crystallize my point:

You are in desperate need of some new business. So you follow your manager's advice and place an ad in the real estate section of the newspaper. It costs you $100 of your marketing budget and it results in one new loan. Sounds great, right? With the commissions you earned on this transaction you probably made five to ten times your investment back. Great, right?

Now let's see what a real estate professional using proactive marketing strategies handles the same situation. This agent also places a classified ad in the paper and also invests the $100. But here is where the proactive and passive strategies differ. In his ad, he lets readers know that if they are interested in purchasing their own home in the next three years, they can go to his website to download a free report on the best ways to make it happen.

The loan officers also gets one new loan from someone that is looking to purchase a home this month, but he also got 50 people to download the free report.

Here is why this is important. Those fifty prospects are automatically placed in his email follow-up system. Without him lifting a single finger, he is going to send those prospects emails a few days later, two weeks later, a
month later and so forth. He is going to build rapport with them and provide them with the information they need. By doing so, this next year he will turn 5 of those prospects into new clients.

So which is the better way? Turning $100 of your marketing dollars into one closing, or turning that same $100 into six new loans this year plus placing fifty people into your marketing pipeline who may do business with you in the future or who may recommend you to their friends, family and co-workers?

Consider this: what if the second agent ran that ad every week? What if he also placed identical ads in the smaller newspapers in his area? What about advertising in the Home For Sale magazines? You get the picture.

Yes, proactive marketing strategies are a bit more complicated and do take more time to set up. But look at the results!

So if you are like many real estate professionals and are in need of increasing your commission checks without increasing your marketing budget, then you need to be looking at proactive marketing methods to make it happen. In addition to providing you a continuous flow of ready to act clients, it will put your business on automatic so that it will continue to grow regardless of whether you are in the office or sitting on the beach soaking up rays!

Just thought you should know.

Have a profitable day,

Steven
www.themortgagemaverick.com

Have You Calculated Your e-Factor?

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Wed, 11 Jul 2007 08:40:48 -0500

Have you calculated your e-factor? Do you even know what an e-factor is?

Not knowing this important phrase may be costing you THOUSANDS of dollars in lost commissions. You need to step back, re-examine what you are doing and begin to plan your path to success.

So, what is an e-factor? It's a fancy conjugation advertisers use to identify emotion factors, those things that drive people to make decisions, regardless of what the decision is, whether to let the salesperson in the door in the first place, or whether it's to make a purchase at the end of the process.

Conceptually, most marketing is push marketing. It's sort of marketing by brute force and it's designed to shove products, services, sales people, and appointments down people's throats. In many cases it comes across as begging, in some cases it comes across as pushy, and in all cases it comes across very "salesy". Magnetic marketing is all about attraction; letting the prospect have the sense, the feeling, that he is seeking out the Realtor and often that allows a different type of selling, a different type of relationship, where the Realtor is really viewed as an expert.

One of the best examples that I know to illustrate this is the "marketing guru" who shares the story that he will cheerfully pay 500 bucks in cash to anybody who can tell him of a time when they received any kind of cold call from a cardiologist. It just doesn't happen. All cardiologist's marketing is magnetic marketing, not push marketing, and therefore, it allows for a sales process that is diagnostic plus prescriptive with virtually zero resistance, price or otherwise. At the end of the examination and the diagnosis when the cardiologist tells you you've got to get in and they've got to replace a tube, your questions pretty much have to do with how soon can you get in, not how much or gee, my brother-in-law's a cardiologist and so on.

These are none of the things that sales people deal with in normal sales environments. But, the reason it's that way at the end is because of the way it was structured at the beginning. So, magnetic marketing definitionally is about using media, systems, processes to attract ideally qualified prospects to you, who view you as an expert with solutions to their problems so that you get to sell in a competitive vacuum.

If you want control over the process, that battles won or lost, I believe, in the very first square on the marketing game board. It is determined by whether the prospect perceives that you are chasing them or the prospect perceives that they are choosing and seeking you out. Therefore, control of that perception then controls everything else from there on out, and those who figure out how to do that real well find the rest of their process gets easier and easier and easier, and their sales production rises because they're only spending face-to-face time with people who are predisposed to do business with them in a competitive vacuum.

You begin by offering information of value or perceived value, precisely matched with the interests of the decision maker whom you wish to attract. Simple translation is you create the right bait and if you have the right bait for the right fish, you've got the right bait for the right animal. You focus on not advertising your product, not advertising your company, not advertising your services, not advertising your technology, but on advertising and marketing only the bait to attract precisely the right creature to respond. Now, you begin this communication with this person who has raised his hand appropriately and through that communication you establish your problem solution set up, you establish the generic solution to the problem, you establish your specific solution to the problem, and you establish the expertise of you as the sales person, who is ultimately going to get face to face with this person, and you create an environment where the prospect is going to make the first move to call or otherwise respond to request the appointment, which usually is couched in some way as an appointment or an examination or a complimentary consultation, or something that has intrinsic value in and of itself.

A pure lead generation ad, or a pure lead generation broadcast fax, or email or whatever is very much akin to a personals ad. If you've never run them, but go look at them you'll see that the structure of a personals ad is incredibly simple. It is a description of who the person wants to respond, who the person does not want to respond, and an incentive for response, in this case it's typically implied, but still it's there. So a personals ad may read divorced, white female, age 35 seeks single male 28-52, must like horseback riding, be nonsmoker, own boat, father own liquor store, etc. It's who they want and who they don't want.

Translated into marketing, for example in the financial planning industry, an ad like that might be: Attention individuals with incomes no less than $300,000 a year to $542,612 a year with children who will reach college age in the next three to five years, we have incredibly important information you should have blah, blah.....please do not respond to this ad if you are um, um, um... and then call for free recorded message or fax back this form or whatever. You can see how this format translates really into any environment.

There's fundamentally no difference between the objective of the marketing plans of the "big boys" and you as a Realtor. Just remember this: businesses don't buy anything; people buy things. The check has to be signed by somebody, and the purchase order has to be signed by somebody, and that's a human being with flesh, blood, and so forth. You can learn a lot that you can use on a smaller scale from the million dollar ad campaigns that are run.

First, think of yourself. What motivates you to buy all of the things that you purchase? Unless you are an alien, the emotions you experience are very similar to the buying public that you are looking to connect with. You need to design your advertising campaign around satisfying these needs, wants and desires. Stop telling everyone how great you are, how many millions of dollars you sell...your intended audience can't relate and really doesn't care. They have their own agendas.

Re-work all of you advertising and approach it from the point of view of how you will serve their agendas. It will pay off with a fantastic bank account for you.

Just thought you should know.

Have a profitable day!

Steven

Improve Your Profits With the 20/50/30 Rule!

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Tue, 10 Jul 2007 06:26:47 -0500

You've heard of the Pareto Principle right? If not, it's the 80/20 rule that economist Vilfredo Pareto developed through his research.
I bet you haven't heard of the 20/50/30 Rule, though... right? It works hand-in-hand with the 80/20 rule for leads and is more centered on lead qualification.

The basic premise is this:

20% of the prospects that you contact will do business with you easily. There are several reasons why, but the rules on handling them are the same regardless.

1. Get out of their way, and make it as easy as possible for them to do business with you.

2. They believe what you say is true and have an overall good feeling about you.

3. They believe you are skilled at what you do and trust that you can deliver what they need.

4. These types of leads are like Gold - get out of your own way and get to the point.

What should you do? Close the deal!!!

The next 50% of prospects are on the fence. They could go either way, and you have to work with them to make sure they fall on your side of the fence. Here are some ways to help your cause:

1. Make a compelling presentation with confidence.

2. Make sure you tailor your presentation to fit their individual behavioral style.

3. Help break the ice with them, so they actually begin to like you.

4. Make sure that you communicate effectively the benefits that you bring to them.

What should you do? Close the deal so that you can then move them to the 20% that will do business with you easily.

The last 30% of prospects are problems waiting to happen. Their characteristics are:

1. They are highly demanding.

2. Usually have limited respect for you.

3. You will expend tremendous energy with them.

4. You will expend huge quantities of time with them.

What should you do? Throw these leads away - the conversion rate is too low, and the energy wasted is very high.

You need to take a VERY hard look at the prospects with which you are working. Decide who is stealing your time and who you should working with to close more deals. Measure their actions against the above listed guidelines and act accordingly.

You will end up with more money in your pocket and more free time to enjoy your life.

Just thought you should know.

Have a profitable day.

Steven

Determine YOUR Success...Or Someone Else Will!

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Tue, 10 Jul 2007 06:24:27 -0500

With all this talk of a soft market and more sellers than buyers, many agents have begun to doubt if they are going to be as successful this year as they were last year. When I hear that, I automatically assume that they are talking about making more money. It seems that so many equate success only with money. In reality, there are other things that are important and should be measured as success.

A couple of months ago I was mentoring an agent and they brought to our session the statement that they needed to be more successful. Unclear in what they meant, I asked the question, "What is success for you?" It took a while, actually until we met again, for them to be able to define success. After further review they found that success was on their doorstep. The problem was that they had never defined it and they and their team were confused.

I have a fundamental belief that you must define your success, what it looks like and what it will take for you to achieve it, or someone else will do it for you. Allowing others to define your success leads to what they - not you - see as success. You MUST define it so that you are really seeking what makes you successful.

Here is what I believe to be four non-negotiable components of enduring success. Later you can re-examine the components and revisit what is really success for you.

Component #1: Happiness

Why is it that we have heard so many times money isn't everything? The reason is quite simple: it's true. If it wasn't then everyone with money would be happy and the happiest people in the world would be the richest people in the world. Would you be left out of that group?

Happiness comes from so many different areas. You need to explore where those sources are for you. Look at the happiness that comes from the things that you enjoy doing the most. If you do those things on a regular basis, then you are to consider yourself successful in that area. This happiness should not be determined by a soft or hot market, but rather by your values or innermost desires. Happiness can be right at home but one so focused on their "work success" might walk right by it and never enjoy.

Another place is work. That's right: WORK. Find the things about your career and work that really make you happy. Write them down and take time to enjoy. If you can't find anything, then a career move may be in store. I would imagine that there are many things about your work that really make you happy. Helping others find the dream house, solving a problem for your client, etc. However, if you have not defined success as happiness, you will focus on the problem, not on the joy of solving it.

Stretch out your success barometer to the community. After all of the talk in our industry of "get those referrals," most agents lose the real joy of being involved on a personal level in the community. Take the challenge and search for real happiness in being involved. Helping others, giving back or just simply having a great conversation with someone in town could prove to be real happiness for you.

Component #2: Achievement

Success is not just about what you get done today or how many transactions are going to close this month. The most successful people have found many different ways to enjoy their success. By falling prey to the infinite "more," it is quite easy to miss the larger picture. Feeling a deep satisfaction from your past and present achievements will ensure greater success in the future. Remember, success breeds success and failure can breed more of the same.

Jot down a few of your most rewarding achievements. Maybe it was the day you graduated from college. You may have been in the top 10 percent of your class or the first one to graduate in your family. It could be that you worked your way through school and never gave up even when you were exhausted. There could be successes you have forgotten about because of time passing or being too busy today to jolt your memory process.

Remember the first transaction that you closed? You went into the deal with trepidation and fear but it all came together. For the new agent, it was not only success but also a time of relief, happiness and yes even a financial reward at the end. That was a true achievement.

You can look back and find so many achievements. Writing them down brings back memories and good feelings. We often pride ourselves in being overachievers and hard workers. This may not be a bad thing but should be considered in what you determine to be called success. Don't be afraid to remember your achievements for it will not hinder the future, only enhance it.

Component #3: Significance

At some point in life we have all asked a very pertinent question, "What is the significance of all this that I do?" Again, it is time to write down what we consider to be of significance. What we consider to not be of great significance could have been huge in the lives of others. So don't count it short when it could have been one of your greatest successes. Being a parent is one of the areas where one often fails to see the significance in many of the tasks performed. We were so busy that it passed us right by while being fully engaged in what had to get done that day.

Watching that newlywed couple enter their first house that you put so much time and energy in that you missed the true significance. Just for a moment try to forget about what you had to do to make it happen and enjoy the long-term effect. For that couple, it may have been one of the most significant moments, so just enjoy your part of the success.

Maybe you gave of your time to help a family when you thought that you should be at work. Think of it as a great success. You made a mark and that will never be forgotten. But even if it is forgotten, it was a time of significance in your life. COUNT IT! You are only human if you ask the significance of what you do. It is even more human to think that what others do has more significance in this life than what you do. Remember, you are looking at the significance of success in your life. Let the others find it in theirs. Comparing for the sake of comparing hinders the process and serves no real purpose.

Component #4: Legacy

Legacy is about building on your achievements and values to help others succeed after you're gone. I must tell you that this is probably my greatest desire. From time to time as I long to leave a legacy I easily forget how it is built. Why? I am caught up in the moment. Sometimes "living in the now" can be a benefit, but not necessarily when it comes to building your legacy.

Success will lead to a great legacy, hopefully. But it also will lead to a better today. When you are working with another agent, the impact of your professionalism, courtesy and promptness may be only a few of your daily successes. Without it being said the other agent has learned that there is a better way to do business and your legacy will be remembered through the impact that occurred. Why not think about the sale as an active engagement in legacy rather than as a platform for happiness or just a great way of doing business?

Whether it is the President of the United States or the guy next door, legacy should be a huge part of one's overall success. Legacy is not determined in monetary ways. That would be called an inheritance. Legacy is what you determined to be of great value and others have observed it and counted it worthy to be remembered.

Write it down. How will you impact others in your family, work and community? How will you leave your legacy? Depends on what you did yesterday, what you will do today and what you do tomorrow. Legacy is a great part of success.

Now It's Up to You

Your next step is the good part: deciding where to go and place your attention. I suggest taking the time to ponder all four components. It may move a little focus from one component to the other. It may mean that you will spend less time on work and more in the community. Or vice-versa.

Take one sheet of paper for each component and fill it with things you consider to be important. Questions will arise in your mind when enough really is enough. Maybe it is time to move the focus or just refocus on one particular area. The answer will be different for each person.

Just remember, if you don't determine what is success for yourself, someone else will. As an agent, parent, friend or just a neighbor, the more you celebrate your successes the more successful you will become. Success breeds success.

You decide before someone else does.

Just thought you should know.

Have a profitable day,

Steven

5 Biggest Mistakes Agents Make!

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Mon, 09 Jul 2007 07:17:51 -0500

Real estate has enough surprises and challenges - you don't need to create your own. Self-inflicted agent damage can be solved with patience, education, and experience. Even with top producers, the occasional snafu, while rare, still happens! What follows are some of the biggest mistakes many realtors make in the selling of real estate. It is my goal that you learn from others, because experience is a hard task master. And keep in mind, they don't give out Purple Hearts for self-inflicted injuries!

1. Occupancy prior to closing

I know what you're thinking. The client had to get in, the property was vacant, and the seller didn't care! Why not be a client-pleasing agent and make it happen? You can even cure the liability issue with a pre-occupancy agreement and make certain that all insurance is in place, but I guarantee you that you will only do this once in your career! If you do it a second time, then you must enjoy pain. When those new buyers move in prior to closing, they are at the height of their anxiety. Buyers remorse is running rampant. Mrs. Buyer is still mad at Mr. Buyer for not negotiating harder. The lender is still calling for "just one more" piece of paper! They are so grateful that you arranged that early occupancy but as they are moving in, they notice that the front concrete porch, once hidden with a mat, has a huge crack. They didn't notice the discoloration on the walls until the pictures were removed. How about that stain that was behind the seller's couch? You're saying, "But all of these things would have been seen during a final walk through anyway?"

True, but these things only add to the fire when they discover that when three people are taking a shower at once the hot water pipes jiggle just before the hot water runs out. They also discover that there is a draft through the master bedroom window, that there is an ever so small leak from the skylight, and that there is a gouge of plaster on the inside of the closet. Normal wear and tear, enhanced by the buyer's anxiety and multiplied by the fact that they are currently living with it every minute until the close, combines with the fact that they have the ability to not bring in the money and documents to close. What this involves for the agent is hours of negotiation, repairs, and probably a commissionectomy. No resale house is perfect nor can any one expect it to be; however, when you enhance the presentation of problems and combine it with the buyer's ability to not attend the closing, you are only begging for pain. You will find that it is certainly not worth that short lived client appreciation of early occupancy. In my previous life as a Realtor, I had one personal experience - my buyers sold their home in another state. They came into my office, they told me that they could not get the closing extended, and they had no place to live. I knew it was a mistake but I offered them my abilities for occupancy prior to closing. After much negotiation and time spent, I negotiated a pre-occupancy agreement and obtained the keys for a Saturday move-in prior to a Thursday closing. The batteries in the garage door opener were dead. Every lock in the house had a different key! The rain that week was incredible and the little yellow stain in the corner of the living room (that everyone had noticed) now became damp. We called out the roofer who had previously made repairs and we found that for another $250, the work could be done correctly this time. The carpet didn't go quite with the color of their living room couch and you've never seen more ants in one house! Every day, from move-in to closing, I was negotiating price concessions, handymen visits, and warranty agreements much to the chagrin of everyone involved. Instead of the whole experience being chalked up to "you gotta expect some problems with a used house, honey" it was "we want it perfect before we close!". It only took one time for me to learn that final walk-throughs were okay but there will be no living with the challenges until close.

2. Not preparing for the busiest week of your career - the week before your vacation.

Yes, it's true! REG, the real estate god, guarantees that the week before your vacation will be your busiest week ever! More clients will call this week, more sellers will want to list, and more buyers will want to buy than at any time in your career! Your anxiety grows as the date your vacation approaches and you start considering postponing it or cancelling it all together. Not only will this cause resentment for the real estate business but it will also cause serious family problems! Furthermore, if you ever do cancel your vacation, REG makes sure that those newly acquired clients will soon become the nightmares that we talked about in point number one. Therefore, plan and understand that the time constraints will cause anxiety and that you will need help. Make sure that you have enlisted the help of your manager, broker, and your best friend in the office. They will take care of the files and they will do a great job! Start setting up your "in house" office alliances now to make sure that you have a life! If you want to go and increase your overhead, one of the greatest uses of an assistant is to make sure that the continuity of your small business maintains a level keel during your well-deserved time away. Yes, you can have a life in real estate, but you have to plan for it.

3. Agents were not put on this planet to negotiate!

Very early in my real estate career, I was told by one of my mentors that your seller's highest priority may not be price. They want their hopes, goals, and aspirations realized. Buyers are not always interested in shaving off that last $3000; sometimes they're just interested in getting the home. Over the years, I have seen hundreds of transactions lost by a real estate agent who had a client that truly wanted that home than I've seen that same agent deliver less than full price offers in the hopes of negotiating a few thousand dollars off the price. I've then seen that offer rejected in favor of a better one. I've even had buyers call me (as the listing agent) directly, bypassing their buyer's agent letting me know how badly they wanted the house and if they had known that they had a chance of losing the house than they would have offered more. I have been in the unenviable position of having to tell them that it's too late. I've even seen people cry. When clients want to buy a home, their best chance of doing that is to make a full price or better offer. When a seller wants to sell a home, their best chance is to accept the first offer. Any deviation from these assumptions increases the chances of their goals not being met. I'm not saying to accept ridiculous offers or make offers at above market value, but please take into consideration your client's needs. A $1000 price difference over a 30-year mortgage on a $100,000 home will mean nothing to a client who loves the home. A seller that wants to move closer to family in another state sometimes does not want to see a counter offer rejected and a buyer buy another home because you thought it would be a better idea if a higher 'net' could be squeezed. Real estate agents make dreams come true and they should only become negotiators when it's in the client's best interest....not in the agent's ego or DNA.

4. If they are not motivated, you do not have clients.

As I move around the area, I see agents knocking themselves out with clients that have less than perfect motivation. There isn't a worse mistake in the world than working for free, which we all do, for a client who has less than realistic motivation. "I am testing the market. I have plenty of time to look. I have seen hundreds of properties and I don't like any of them. All the sellers are crazy, I really don't have to buy." These are comments from clients that have less than perfect motivation. When you deal with clients who have lower motivation, you deal with individuals who have more time to complete a transaction - sometimes forever! Since you work for free until closing, time is money! However, there is something even more insidious at work. If the client doesn't really need the fruits of your labor, then nothing that you do sometimes is good enough. Therefore you are in a constant state of frustration with an unhappy client trying to achieve goals that are unclear. The concept is simple. A seller has to have a real reason to sell and a buyer has to have a real reason to buy. If they can not convince you of these things, please have your internal red flag go up and be wary about your investment of time. I believe that the lack of pre-qualifying for motivation may be the largest mistake agents make in their career.

5. It's time to under-promise and over-deliver.

If the sign is going to be up in three days, tell them five. If you're going to email them three pictures, please email them four. If you're going to have them drive by six properties, give them a bonus seven. If you're going to return the phone call in three days, make it two. All agents want to please. I know that I did - and this sometimes leads to promoting best case analyses. It sets up a goal and expectation that are sometimes hard to achieve. One agent I know of makes sure that his affiliates, like his lender, give him a worst case analysis. He says that if you're going to tell a client that we'll be receiving loan approval in three or four days and it takes two weeks, even though you have no control over the loan approval process, you're going to be a jerk! So, therefore, please adopt the worst case analysis with consistently grim expectations. I even went so far as to send all buyers and sellers, who were at the point of signing a contract to buy or sell a home, a list of every nightmare that I encountered in my years of real estate experience. The reason I did this was that they would understand the amount of work that goes into closing a transaction and also to let them know that there are many ways in which a transaction can not come to fruition. This also let them know that they have chosen someone who has great experience in heading off these potential problems. The concept was genius! It not only let them know the amount of problems that were possible, but since most of these problems never happened, they believe that their affiliation with me was the reason for their good fortune. You build perceived value by always outperforming your client's expectations. You'll find the frustration level of your clients, and most importantly, yourself, will be severely reduced.

With a little thought and preparation, you can make your real estate career much more rewarding and less stressful. The control is totally within your hands.

Just thought you should know.

Have a profitable day!

Steven

Developing Your Marketing Plan!

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Sat, 07 Jul 2007 07:03:45 -0500

Congratulations! You've come to the intelligent conclusion that self promotion is important for the on going viability of your business.

You're now ready to go. But, where do you go? Where do you begin? How do you make the most effective use of your marketing dollars to get the maximum exposure and return on your investment?

It's simple! The answer is...EFFECTIVE PLANNING! Remember, it's hard to hit the target if you don't know where you're aiming.

First and foremost, WHAT is your target market? Are you going to focus on first time home buyers, move up buyers, retirees? Each of these are reached in a different way.

Choose a target market that is within your comfort zone. First time home buyers are usually much easier to work with than the more experienced move up buyers and retirees. Do you have the comfort level and experience to handle the plethora of hard hitting questions that move up buyers and retirees usually throw at you?

Once you decide on the target market that is within your comfort zone, do your research. Learn everything about your target market that you can find. What is most important to them? Have an intimate, working knowledge of the information important to them. This will establish you in their mind as the expert to call for all of their real estate needs.

Begin collecting material to use as part of your self promotion tools. Magazine and newspaper articles, on-line articles, statistics, school and shopping information, the list is endless. Keep files of this information to use in your self promotion marketing.

Once you have collected this information, it's time to decide how you will disseminate the info to your target market. General newspaper and magazine ads will receive responses, but this is a shotgun approach to the masses.

Direct mail and/or targeted ads are your best bet to reach your target market. Looking for first time home buyers? Try a direct mail piece to the rental communities in your area? Ads in a specific industry magazine are another great way to reach a specific target market.

Most importantly, once you decide on a medium to deliver your message, you must track your responses to glean the most effective ads and locations. Keep track of where EVERY call originates so you can then concentrate your efforts to these ends.

Experimentation and adaptation is the rule. If you are receiving a decent response from a certain medium, you may need to "tweak" your message a little to improve the results. If you are receiving no response, you may need to completely over haul your message or try other areas to achieve results.

Once you find a message that works, use it hard. Repetition will buy the brain cells of your target market and will, in time, return large rewards to you. It will ensure the viability of your business.

Just thought you should know.

Have a profitable day!

Steven

Is Your Marketing Plan Established?

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Sat, 07 Jul 2007 07:02:05 -0500

Okay, things have slowed down a bit, but now that rates have risen slightly, it appears that there is more inventory coming on to the market, thus making it possible to convert some prospects into bona fide sales. For the last 1-2 years, you haven't had to do too much; the phone just rang and you ran with the ball.

However, now is the time to get back to the basics, evaluate your goals and check your plans to see if your goals are attainable. An integral part of this equation is your dedication to marketing.

You DO have a marketing plan in place, don't you? If you feel it isn't necessary, think again. Even in times of plenty, you need to continue to market yourself to the public, establishing yourself as the expert in your field. To that end, I give you...

10 Reasons To Commit To A Marketing Plan

1. The Market Is Always Changing. New families, new prospects, new lifestyles change
      the marketplace. Nearly one third of the people in America will move this year. Nearly
      five million Americans will get married. When you stop advertising, you miss evolving
      opportunities and stop being part of the process. You are not in the game.

2. People Forget Fast. Remember, they're bombarded with tons of messages (an
     estimated 2700) daily. An experiment proved the need or consistency in marketing
     by running advertising once a week for thirteen weeks.   After that period, 63% of
     the people surveyed remembered the advertising. One month later, 32% remembered
     it. Two weeks after that, 21% remembered it. That means that 79% of the people
     forgot the advertisement that was placed.

3. Your Competition Isn't Quitting. People will spend money to make purchases,
     and if you don't make them aware that you are selling something, they'll spend the
     money elsewhere.

4. Marketing Strengthens Your Identity. When you quit marketing, you short
     change your reputation, reliability, and the confidence people have in you. When
     economic conditions sour, smart people continue to advertise. The bond of
     communication is too precious to break capriciously.

5. Marketing Is Essential To Survival And Growth. With very few exceptions,
     people won't know you're there if you don't get the word out. When you cease
     marketing, you're on the road to nonexistence. Just as you can't start a business
     without marketing, you can't maintain one either.

6. Marketing Enables You To Hold Onto Your Old Customers. Many enterprises
     survive on repeat an referral business. Old customers are the key to both. When
     old customers don't hear from you or about you , they tend to forget you.

7. Marketing Maintains Morale. Your own morale is improved when your marketing
     is at work, and especially when you see that it does, in deed, work. Cutting out your
     marketing seems a signal of failure to those who actively follow your advertising.
     That may not be many people, but it will be some.

8. Marketing Gives You An Advantage Over Competitors Who Have Ceased
     Marketing. A troubled economy can be a superb advantage to a marketing minded
     entreprenour. It forces some competitors to stop marketing giving you a chance to
     pull ahead of them and attract some of their customers. In all ugly economic
     situations, there are winners and losers.

9. Marketing Allows Your Business To Continue Operating. You still have some
     overhead: telephone bills, yellow page ads, rent and/or equipment costs, possibly
     a payroll, and your time. Marketing creates the air that overhead breathes.

10. You Have Invested Money That You Stand To Lose. If you quit marketing, all
       of the money you spent for ads, commercials and advertising time and space
       becomes lost as the consumer awareness it purchased slowly dwindles away.
       Sure, you can buy it again, but you'll have to start from scratch. Unless you are
       planning to go out of business, it is rarely a good idea to cease marketing completely.

Just thought you should know. Let me know if you have any questions.

Have a profitable day!

Steven

60 Tips For Success!

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Sat, 07 Jul 2007 07:00:35 -0500

If you are new to real estate and trying to find your path to success, or if you are an experienced agent looking for ways to improve your performance these "tips" can help you refocus your efforts to achieve the results that you desire.

In trying to build a real estate business we have to look at a number of important issues .... for example .... the individual agent's personal motivation, how big the agent thinks, the agent's level of commitment, their willingness to learn how to sell .... and the list goes on.

In addition to these types of thoughts the agent has to decide what methods they will use for building their business once they've dealt with the issues from above. By methods, I mean, are they going to wait for business to find them, are they going to buy business or are they going to go out and earn the business?

The term waiting refers to the traditional methods used by agents who generally never become top producers in the marketplace. By waiting the agent is going to hold open houses, take floor time (referred to as "opportunity time") and work a geographical farm. The problem, of course, with these types of activities is that it's very difficult to predict the business coming in to the agent or duplicate it once you get the business.

The term buying business has also become a commonly used method by agents today. Here the agent commits to and spends money with the anticipation of people calling them (this is commonly called "response marketing"). Buying means, you will be spending your money on advertising, both personal and property ads, extensive marketing that will vary from personal brochures to bus benches to a variety of the other gimmicks that agents purchase to gain the public's attention. Also in the category of buying business falls the extensive mailings that agents continue to do.

These mailings will be from anybody to a lead in the database to the just listed, just sold cards and letters that are being continually sent out.

Earning business was the third method mentioned above and the method that is taught the least, and, therefore, used by the fewest number of agents. By earning business the agent spends a portion of each day prospecting or trying to find potential buyers and sellers. This is done either face to face or on the phone. The agent will contact their centers of influence, their past clients, call or contact people around their listings and sales, contact for sale by owners and expired listings and, in some cases, make cold phone calls or knock on cold doors.

Of the three methods mentioned in this report, the superstars that are working to add 20% annually to their business are specializing in earning versus waiting or buying.

Will the superstars I'm referring to in this report take floor time? ....

No. Will they hold an open house? .... No. Will they have an assistant or showing agent hold open house for them? ... Occasionally. Are these top agents spending money on ads, promotions and mailings? .... In some cases they do and the more repeat and referral business they earn, the less money they spend on these and the higher the profit they experience in their business.

As you read the ideas in this article, you must realize that the agents who contributed these "60 tips from the superstars" are following preplanned, designed systems and are working to add 20% annually to their business and, are working daily using the ideas they've learned regarding earning business.

The information shared in this article was taken from an interview with 75 agents from all over North America. They have been in the real estate business an average of 9 years and their production for the years 1997, 1998 and 1999 is as follows:

1996 they averaged 121 closed units per person.

1997 they averaged 152 closed units per person.

1998 they will average 209 closed units per person.

The average income for this group is just over one million dollars annually and they are running about 35% in expenses. Their expenses include monies paid to assistants and showing agents they may employ.

As you can see, they are not only highly productive but they are highly profitable, which is one of the primary goals that everyone has in this business.

Regarding the "60 tips" .... they are divided the thoughts into four categories .... Skills, Production, Mindset and Profit.

Skills

The skills a real estate person has are the foundation for a productive and profitable career. The skills are either made of steel and cement or they are made of sand. Obviously, one is lasting and strong and one goes away with the slightest amount of adversity. To make your skills strong, exact scripts, dialogues and techniques must be practiced daily.

They must be learned and ingrained into the subconscious mind. Real estate is still one of the only industries where basic skills are not required. Because of this, each salesperson has to take the time each day to improve on the specifics of what they are saying and what they are doing. Without skills the agent must rely on waiting or buying as a means of getting business.

Remember, that waiting and buying are very time consuming and very expensive and it's very difficult to control the responses you get.

Production

Comes to agents as they develop their skills, intensify their commitment and follow their business plans. Production is the result of doing each day those activities that lead to listings and sales. A productive agent is going to spend 70% of his work day involved in prospecting (finding new business), lead follow up (setting appointments and qualifying prospects), listing presentations and negotiating contracts. The other 30% of the day will be spent on the management of the staff, planning and occasionally working on a problem transaction.

Mindset

Many people believe that it's easier to learn a skill than it is to develop strength of mind, and, they are probably right. Mindset is simply developing mental strength so that the day's ups and downs do not throw you off the track. Developing a strong mindset is probably one of the biggest challenges every individual faces and it is critical to an agents' growth.

Profit

What's left after the expenses have been paid. For an agent to believe that they can create production without the proper skills and mindset is foolish. The growth of your profit in real estate is the proof that you've mastered or are in the process of mastering, skills, production and mindset.

As stated above, the "60 tips" fall into each of these four categories with 15 tips in each area. Study them carefully, re-read this report daily and then apply these ideas and let's add 20% to your production.

SKILLS

1. Developing the ability to set, maintain and follow a goal oriented daily schedule is critical to
    one's success. Each of us must develop the skill of not only setting the schedule but then
    create the discipline to follow it daily.

2. To increase your skills you must determine what motivates you as an individual. Some of
    your options are: more money, more recognition, debt reduction, savings for investments
    or retirement, or you may be motivated by something as simple as intense competition
    within your office or your area.

3. Prospecting results come as a result of patience and an understanding of the time required
    to get those results. You must complete a 90 day prospecting cycle to develop the skill of
    prospecting required to add 20% to your business annually.

4. Prospecting intensity is critical .... You should never stop your prospecting because you
    have or have not generated a lead. Generating or not generating a lead is not the issue,
    it's the discipline of completing the prospecting process that is the issue .... this requires
    intensity on your part.

5. The objective in prospecting is to get appointments .... not leads. When you get a lead,
    you must qualify it immediately and close for an appointment, otherwise you're going to
    be spending too much time doing lead follow up later.

6. We generally do not prospect for any one of a few reasons .... discover which one is
    stopping you. For example, we don't have any scripts to use, we can't handle rejection,
    acceptance or embarrassment or maybe it's something as simple as poor time
    management skills because we've never created the schedule referred to in point
    number one.

7. We have to create the habit of never going on a listing presentation until we've pre-qualified
    the seller 100%.

8. Your listing presentation must be designed around questions. The answers to these
    questions will give you enough information to decide whether or not you want to take the
    listing. Remember, you and only you, decide if a contract is going to be signed.

9. When you ask a question, you must be able to stop talking and listen to the answer being
    given .... then you must respond to that answer.

10. You must develop a response to every question and objection you receive while prospecting,
      presenting, closing and negotiating. This is the easiest way to not only build confidence in
      yourself but to also have the customer have more confidence in you.

11. You know when a seller's motivation is lower than it should be because they demand ..... a
      much higher price, extensive marketing and a lot of personal service. You must learn to
      walk away from these types of listings.

12. To increase our skills we must develop both strong, positive and negative consequences to
      our own behavior and then have somebody hold us accountable so we make sure we are
      using the skills we are being taught so we don't continue to make the same mistakes
      repetitively.

13. You can control the response and the effectiveness of your prospecting by controlling both
      the quality and the quantity of the contacts that you are making.

14. When prospecting you must learn and use every word of the script, not just the words you
      are comfortable with.

15. If you're uncomfortable making lead follow up calls, it means that you either do not have a
     defined script or you don't have a lead.

PRODUCTION

1. Learning not to be emotionally involved in the transactions is one of the first and most critical
    steps to higher production. There is nothing that can hurt your personal production faster
    than letting the customers or the transactions run your emotions up and down daily.

2. Accept the fact that scheduled prospecting times are actual appointments that you have to
    keep. These prospecting appointments are as important as a listing appointment because
    you can't do one without the other.

3. Since everyone experiences slumps at various times, the fastest way out of a slump is to
    prospect for two hours and find someone who wants to buy or sell immediately.

4. Every day when you start to work you have two options ....

    A. Do something highly productive or,

    B. Act like an average, non-productive real estate agent. Which path are you going to take?

5. To increase production, remember, you are the only one to decide if a real estate market is
    good or bad. Your customers, the economy and other agents do not make this decision for
    you.

6. It really doesn't matter what cycle the real estate economy is in, because 15 to 20 good
    listing appointments a month will cure all of your production problems.

7. Every week, answer these three questions: Should I be giving some of my listings back?
    What emotional price am I paying for some of the listings that I have? What does it cost
    to keep a listing for six months that will not sell?

8. To increase your production, construct your business around the following:

   A. Continuous planning.

   B. Paying absolute attention to details.

   C. Making decisions based on facts and not on emotions.

9. We can never reach high levels (non-traditional) of production if we keep going back to
    traditional methods of doing business. At some point we have to cut the cord and go to
    the next level.

10. Always be looking for the thought, word or action that stops you from achieving the goals
     you've set .... it may be a person who you know well, so beware of the people you spend
     your time with and talk with.

11. To increase production, remember, that the agents who are willing to continue trying after
      they have continually failed will always win in the long run.

12. To increase production we have to eliminate all the clutter in our lives, especially in our
      business and our workspace (our office). And, as importantly, we must remove all the
      frenzy that either we create or we allow our staff or customers to create from the business.

13. To increase production try the following:

     A. Track the number of hours you prospect daily for 90 days.

     B. Track whom you call and the order in which you call them.

     C. Check your energy and intensity hourly while you are doing the prospecting.

14. At the end of each day carefully answer the following three questions.

     A. What did I do right today?

     B. Where did I get off the track?

     C. What do I need to focus on tomorrow?

15. To increase production, remember that selling is legal.

MINDSET

1. Don't be so hard on yourself everyday. As long as you're doing what you're supposed
    to be doing everyday, you're going to succeed in this business.

2. There's nothing that's going to happen each day as you work that you really have to be
    afraid of. Keep your eye on the goals that you've set and the fears that you experience
    during the course of the day will go away.

3. Accept failure as a normal part of the living process. View it as a new way to explore the
    world of selling. Make note of the lessons you learn and move on.

4. If you put the same energy into prospecting daily and following our schedule that you may
    so often put into creative avoidance activities you'll achieve the goals you've set a lot faster.
    You have the power eliminate these non-productive activities.

5. If you never expose ourselves to high risk you'll never get high rewards PERIOD. Are you
    willing to take the risk of learning new skills?

6. You must constantly ask yourself these types of questions if you want to develop a stronger
    mindset ...

    A. Who do I spend my time with?

    B. What have they got me saying and doing?

    C. Where do they have me going?

    D. What do they have me thinking?

    E. Because of the above ... what am I becoming?

7. The people around you are nothing more than a reflection of you. If you want to see who
    you are, look at your friends, your acquaintances and the people you spend time with.
    Are you happy with what you see?

8. Since success in anything is nothing more than the progressive realization of a worthwhile
    goal or objective, you must define the goal, the path that you're going to take and, in your
    mind, accept the fact that you can accomplish this.

9. A good portion of the success that you will achieve comes in streaks. We have to learn to
    pace ourselves mentally and emotionally .... Think of yourself as running a marathon versus
    running the hundred yard dash.

10. A real estate person is never finished when they are defeated. They're finished when they quit.
     Develop the mindset that quitting is not an option for you.

11. Discipline is the ability to make and keep a promise to yourself.

12. We all know that the problem we face is not the fear that we have at the moment, but how
     we react to that fear. If you look carefully at this, it is a mental situation, not a physical one.

13. It's critical that you never start our day real excited or real depressed, because you can't
      think clearly when you are overly excited or overly depressed.

14. You need to make the connection between our success and the fact that you are the only
     one in charge of that success.

15. Mental toughness is doing what you are supposed to do every single day.

PROFIT

1. The difference between a real estate agent earning a living and a professional salesperson
    doing a large and profitable business can easily be defined by how efficient they are each
    day. How efficient are you?

2. One of the simple ways to accumulate high profits is to learn to control your emotions. Our
    emotional ups and downs lead to bad decisions, and, in almost every case, cost us money.

3. If 70% of your income is not coming from listings sold, you are working too many days and
    too many hours and therefore, you are not as profitable as you should be.

4. The only way to earn large amounts of money and therefore, potentially large profits is to give
    high quality service to the people you deal with. Also, you have to mentally accept the fact
    that making money is critical because money is how business people keep score.

5. If you are in a position today where you are short of money, it simply means you have not
    given the type of service to other people that they actually want. Re-define the service you
    are offering and the cost of giving it.

6. There are only two types of activities in the real estate business: creating income ... and
    administering the income that you bring in. Where do you spend most of your time?

7. You have to have a monthly profit and loss statement. You need to get to know it,
    understand it and, if you're brave enough, share it with your staff.

8. To increase profits, charge a full commission on every transaction. Don't cut
    commissions for anybody under any circumstance.

9. To increase profits add a transaction fee for all buyers and all sellers on every transaction.

10. There are three major challenges to increasing your profits. They are:

     A. Getting your ego out of the way.

     B. Developing the ability to change quickly.

     C. A lack of commitment. Which one of these is stopping you from becoming more profitable?

11. As I mentioned earlier regarding emotions .... One of the quickest ways to increase profits
     is to quit acting like an average real estate agent. Don't spend 10% more than what you
     are earning.

12. Everyday, measure the difference between the plan you've set and where your business
     actually is at the moment .... If you want to improve your profits, close this gap.

13. To become highly profitable you have to quit focusing on our gross sales volume and what
     your showing agents, if any, are doing. You have to look carefully at the reality of what
     you personally are doing each day and the money you are bringing in. This is how you
     create profits.

14. If my profit is to improve, my attitude towards the words skills, production and mindset
     needs to improve also. The faster I improve my attitude toward these words, the faster
     I'll improve my profits.

15. Remember that personal discipline is a key factor in earning a profit. Take the time to
     re-read this report daily for the next sixty to ninety days. Work on one idea at a time
     until you have mastered that thought.

NOW GO GET IT DONE!

Just thought you should know.

Have a profitable day!

Steven

KILLER Presentation Book!

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Sat, 07 Jul 2007 06:57:09 -0500

Okay, you have your scripted list of questions that you are going to ask each and every client. These questions are geared to give you vital information that you can use later to close the seller on any offers received (if you don't have a list of questions to ask, e-mail me. I'll give you the ones I used to use);

You've inspected the property as a professional, finding something to complement them about regarding the home.

Now comes the all important presentation; this is what will set you apart from your competition. First, think of what your presentation looks like now. Take a brutally honest look at it. Is it professional? Could it be better? Do you talk about how great you are (aka. bragging) or do you let your presentation say the same thing?

Your presentation book should be divided into four separate sections. They are:

     - Company Information
     - Personal Information
     - Marketing Techniques
     - Objection Handling Section

First, company information. In this section, put all kinds of information that makes your company stand out from the other companies. This section could include your company mission statement, market share reports, bar charts, whatever you can imagine to set your company up as the best option for them to market their home;

Second, your personal information. THIS SECTION IS THE MOST IMPORTANT section of the book. In here, you will place any and all information that tells the client that you are the best Realtor in the world.
Put your resume in here. After all, you are applying for the job of marketing their home. You give a resume for other jobs; why not here as well. At the very least, it will set you apart from your competition.

Include certificates for continuing education courses and seminars that you have attended. Show your commitment to your business. Include letters of recommendation from your past clients. You don't have any? Shame on you! GO GET THEM! Include a cumulative sales record for all sales that you have made in your career. Show the address, list price, sales price and the final percent of list price that the property brought. This alone is a very POWERFUL tool. If it is to your advantage, include the days on market for each of your listings. Only include this if your DOM is less than the current market average. Include pictures of some of your listings that brought full price along with an MLS printout. Finally, include any other items that you think will demonstrate to the client that you are the best person for the job.

Third, your marketing section. Include in here the different methods of marketing that you will employ to get their house sold. Include a copy of the multiple listing sheet(s) that you fill out for each listing. Include the Seller Disclosure Form to show them what to expect. Include copies of advertisements that you or your company have done (Real Estate Book, Homes and Land, Display ads, etc). Show some of your web pages and how the properties are presented. You want to include anything that you or your company does to market homes.

Finally, you need an objection handling section. This is something that will be built up over time. Keep your eyes open for newspaper or magazine articles, Internet articles, anything that will address possible objections to moving forward that you will invariably hear.

Possible drawbacks to waiting? Got that. Urgency to sell. Got it. Selling without a Realtor? It's in there. They only want to sign a three month contract? Got that covered. They want to compare you against other companies? Already did it.

The possibilities are endless. When in doubt, include it. You never know when you will need it.

In conclusion, once you get your presentation book together, you need to practice with it. You should get to the point where you can discuss the next page with the client before you even turn the page.

Remember: you are a professional! Look it. Act it. Be it. With this weapon, you will draw the client to one and only one conclusion: YOU are the best person for the job!

Good luck. If you have any questions about how to put your book together, let me know.

Just thought you should know.

Have a profitable day!

Steven

3 Secrets To Effective Personal Marketing

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Thu, 05 Jul 2007 09:46:21 -0500

Rosser Reeves, in his classic book, Reality in Advertising, said it best: "If you run a brilliant campaign every year, but change it every year, your competitors can pass you with a campaign that is less than brilliant - providing they do not change it."

Great personal marketing campaigns that create a steady flow of new business for an agent are built on years of consistency. Every ad, every piece of direct mail, every flyer, every web page, even every conversation that a customer is exposed to must reinforce the image and public personality of an agent. Great agents understand this and work hard to reinforce a single identity that runs throughout everything they do, both conceptually and graphically.

Absolutely Brilliant

Outside real estate, we see the power of consistency in many of today's leading brands. Absolut started its famous bottle campaign in 1981, and it's still going strong. Absolut stormed to the top of the vodka market and has held the dominant market share for the last 15 years. They have held the course with a consistent campaign while their competitors have jumped from one big promotion to another that produces short-term sales blips that do not hold up over time.

Take The Test

Unfortunately, a lot of agents I talk to tell me that they are being consistent; but, upon inspection of their marketing materials, they are not. To evaluate your consistency, start by taking all of the marketing materials that you used last year and set them out on a table. This includes every ad you ran, every piece of mail you sent, including Just-Listed and Just-Solds, flyers, calendars, notepads, letters and anything else you use to market yourself, door hangers, promotional items, even your business card. Spread them out and just glance at them. Does each and every piece reinforce the same basic look? Do they have a consistency, graphic feel and style?

Next, pick up and look at each piece individually; does each piece communicate the same central message to a prospect? Does each piece reinforce the next piece? As a group, do your materials clearly differentiate you from all the other real estate agents in the area? Is your name and picture always presented as the highest quality part of your materials?

If you answered no to any of these questions, you are not being consistent in your marketing, and it's costing you money.

Breeding Consistency

So, where do you start? First, you must clearly define your central message that you are going to drive into your clients' mind to differentiate you from all the other agents in your market. Remember, the best themes are built around an element of your personality and communicated emotionally in your marketing.

Warning: you cannot build a differentiating campaign using the same old claims of service, experience and integrity.

Once you have a central message, create a personal logo that will become the graphic theme that ties all of your marketing materials together. Remember, a logo is the one thing that should stay totally consistent over time. Do not put your picture into your logo because it will be outdated quickly.

Based on your theme and personal logo, select a color palette that will be used in all of your marketing materials. Do not use the same color palette that your company does or it will look like your company is the driving force behind your marketing activities and not you.

Now you have the core elements in place to make all of your marketing create a consistent identity in the minds of your clients.

Forming a Relationship Through Marketing

Once you have the core elements in place, now use them in everything that you do. Carry the theme into all of your advertising and marketing materials. As a consumer, if I see an ad in the newspaper, then get a piece of direct mail that reinforces the same message, and now I walk into your open house and pick up your personal brochure that has the same look and feel, I feel like I already know you. You have an identity that makes you stand out and gives you a huge advantage in the marketplace.

Just like the exact same home in one location can be worth lots more than the same home in another, having consistency throughout all of your marketing materials will make them a lot more effective.

Just thought you should know.

E-mail me with any questions.

Have a profitable day,

Steven

14 Advertising Tips!

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Thu, 05 Jul 2007 09:13:37 -0500

Today I want to talk about fourteen tips to make sure that your advertising copy works. Ideas that, although we have had the concepts thrown at us many times, we sometimes overlook the obvious. Ensuring that you follow these guidelines will increase the response to your marketing and generate more profit per dollar invested.

Tip #1: Translate Features into Benefits. Don't just give information and assume the reader
            will correctly interpret what you meant. For example, front wheel drive on a vehicle
            is a desirable feature. The advertising has to go on to explain the benefits of front
            wheel drive - safety, improved cornering, improved braking, better gas mileage - and
            so on.

Tip #2: Write From the "You" Perspective, Not the "I/We" Perspective. Say, you will benefit
            greatly from extraordinary durability." Don't say, "We build the most durable product".
            Think about it a minute: if you were selling a widget, and YOU didn't think it was the most
            durable product, if you sold it anyway you would ultimately earn a reputation of being
            dishonest. Convey that which you believe in most.

Tip #3: Communicate Credibility. Credibility can be communicated with length of time in the
            business, the size of your company, the number of customers served (think McDonalds!),
            testimonials from satisfied clients, your memberships and influential associations,
            guarantees and warranties and all of these things combined.

Tip #4: You Can Use Dramatic License. You should not deceive or misrepresent anything but
            you can dramatize it. Here's an example you're familiar with: Remington's former president,
            Victor Kiam, used to say in their commercials, "I liked the shaver so much, I bought the
            company". Think about that statement for a moment. It's actually quite silly. This man was
            a VERY astute businessman, and his acquisition of the company was based on very careful
            analysis of many different factors, including the quality of the product. However, his
            statement was at least partially true and is a dramatic way of talking about product quality.
            That's dramatic license.

Tip #5: Remember That Stories Sell, Facts Only Tell. Whenever you can use first person stories,
            third party stories about customers and anecdotes to make key selling points, do so.
           Stories sell, facts only tell.

Tip #6: Don't Be Afraid of Long Copy. Ad copy should be long enough to tell your story effectively
            and persuasively. I have read effective sales letters that were 42 pages long. The
            information was so powerful and informative, I just had to read all of it.

Tip #7: Utilize the Writing Technique of Double Readership Path. This is really quite simple but
            extremely important. The idea is to understand and reach both ends of the spectrum of
            consumer behavior. Analytical behavior versus impulsive behavior. The analytical person
            will read lengthy copy (the agreement of sale) completely and is interested in as much
            information as possible. The impulsive individual lacks the patience to read lots of copy
            and wants to get the message quickly. When you organize your ad copy and format you
            should communicate the important points of your message in only the headlines, subheads,
            photo captions and response devices so the impulsive person can quickly skim, still get the
            message and take positive action.

Tip #8: Keep Your Copy Lean and Necessarily Short. Watch out for wordiness that distracts from
            the sales message. If a word or phrase does not advance the sales process why is it there?
            Most copy writers like to edit their rough drafts after a day or two cooling off period. You may
            want to use this same approach. It may give you a fresh perspective on the message you
            are trying to convey.

Tip #9: Keep Your Sentences and Paragraphs Short. Complex sentence structure or long
            paragraphs are intimidating and confusing to many people. Don't make the common
            mistake of overestimating the intelligence and sophistication of your readers.

Tip #10: You MUST Create a Sense of Urgency. This can be done with discounts or bonus
              offers that expire within a certain time frame or with extra incentive for fast response.

Tip #11: It's Okay to Compare Apples to Oranges. A sales seminar program may be able to be
              purchased on CD for $100, yet you might easily pay $200, $300 or more to obtain
              this same information to actually attend the seminar in person. Looking at it, it's
              relatively inexpensive to pay the same amount for this wealth of knowledge that you
              would pay for dinner out with your family.

Tip #12: Internal Repetition is an Important and Beneficial Technique. In a given direct mail
              piece it's wise to make the same important points several different times in several
              different ways.

Tip #13: Use the Power of the P.S. Most direct mail copy writing professionals agree that many
              people skip down to the P.S. on a letter and read that first. You can use this to your
              advantage two ways. One, be sure that your letter or advertisement has a P.S. and two,
              make a powerful, interesting and persuasive statement in the P.S. For example, this is
              a good place to present the bonus offer.

Tip #14: Become a Student of Advertising Copy. Study all of the direct mail advertising that you
              receive and advertisements that you see very carefully and collect those pieces that you
              find particularly persuasive. Over a period of time, you will begin to identify common
              ingredients in those pieces that you can copy in your own work. The justification is
              simple: those items that you find compelling will be the same items that compel others
              to act as well.

Well, there you have it. Fourteen tips that will improve your response ratio to your advertising. Study the marketing pieces that you currently use and decide how they can best be improved. Utilizing these techniques will help you close more sales with less money invested, thus increasing your bottom line (ie. your income!)

Just thought you should know.

Have a profitable day,

Steven

Maximizing Your Business Card

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Tue, 03 Jul 2007 18:56:59 -0500

This advice will fly directly in the face of many I have seen here on AR, but bear with me and I think you will see my logic.

As a rule, I don't give out my business card unless someone asks for it. Of course, there are rare exceptions, but normally, if someone doesn't ask for my card - I don't give it out.

Stupid? Let me explain why.

What happens when you give out your business card before someone asks? You announce: This is what I am doing. And maybe even: I want you to buy from me.

By giving out your business card when people don't ask for it, you put yourself and your business in the spotlight - this might be gratifying for your ego, but it's not good for your positioning. "Get in touch with me when you need me" is a weak attempt to get someone interested in your product or service. Although most people will politely accept the card, they will seldom - if ever - call.

Think of it this way: when is the last time that you met a successful doctor, lawyer or other professional and, upon being introduced to you, they immediately whip out their business card and shove it in your face? If you want to be treated like a true professional, ACT like a true professional.

But that doesn't mean that you should leave everything to chance. No, no! Think in terms of *earning* the right to be in people's Rolodex file - this way you will be asked for your business card, which is an entirely different situation.

Now, it DOES take a bit more effort than simply handing someone your card and saying, "Call me when you need me." The good news is that as a result of your extra efforts people will also *keep* your card, and maybe even refer to it - instead of trashing it with the others they receive unsolicited.

How to do it?

First of all, strive to become a person others feel attracted to. That's very simple. It begins with developing a healthy ego, which allows you to put other people in the spotlight instead of yourself. Another necessary skill is active listening (which has very little to do with a superficial gazing into someone's eyes and nodding in agreement - although it is a good beginning).

Like it or not, people are much more interested in their own lives than in yours. And they love others who are genuinely interested in their plans, desires, headaches, values, family, hobbies, etc. If you encourage them to talk, you will be amazed at how quickly they will reciprocate and ask: "And what do YOU do?"

Isn't this a nice prompt for handing them your business card?

There are some ways that might *induce* someone to ASK for your card. My favorite is asking for THEIR card first. You might simply say "Gee, this really sounds very interesting - let's make sure we stay in touch. May I have your business card?"

Usually this prompts them to say "Sure, and may I have one of yours?" It is that simple.

And what if they don't ask? I do not offer mine.

But guess what? Now, when I have their business card, I also have permission to contact them. That allows me to take the initiative, so most of the time I immediately follow up with a personal hand written note stating something like:

     Dear Sue,

     It was a true pleasure to chat with you yesterday about.....
     I am looking forward to getting to know you better!

     Steven

And this time my card will be enclosed in the same envelope. Of course, that doesn't mean that Sue is going to call me. It doesn't mean that she will want to meet with me or do business with me right away - quite the contrary, most of the time it will take a lot more follow-up than that one note. But it IS a pretty good way to begin a relationship, don't you agree?

The problem is that many people follow this same strategy - but that's where they stop. They never bother to continue the follow up to fully establish the relationship.

So many people are in such a rush to develop "now" business that they totally neglect "future" business. However, this is where a successful real estate career is established. By constantly staying in touch with your database (you DO have one, don't you?) you will build a network of people who are either calling you to assist them with their needs OR are referring their friends and relatives to you for their real estate needs.

It's the on-going follow up that positions you as the trusted advisor. By maintaining your follow up into the future, you will secure your place and will build a business that will serve YOU instead of you serving IT.

Just thought you should know.

Have a profitable day!

Steven

The Headline "Test"

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Mon, 02 Jul 2007 08:11:45 -0500

When you are marketing, be it a classified ad, brochure, flyer, etc., how do you know you have a powerful, effective headline? Here's a great acid test: separate the headline from everything else, out of context, and treat it as a classified ad; nothing but the headline and a response instruction....then ask yourself if people would respond.

For example, if your headline is the name of your company, the classified ad would read: 'Joe's Plumbing. For more info, call 1-800-000-0000." How does that sound? Does it grab your attention? Does it want to make you call Joe NOW and ask for his help? Of course not!

That headline does NOT work. But if the headline is: "Any Plumbing Problem Expertly Diagnosed And Solved Fast, With All Work Guaranteed - same Day Service. Call 1-800-0000".   That headline does work. If you have a current situation (say, water spewing from a pipe or a sewer line completely blocked completely) you want to be able to make one phone call and have your problem solved. Joe is telling you that he provides same day service - just what you need.

Put every headline you use in your ads, letters, flyers, brochures to this test.

TIPS FOR STRONGER HEADLINES:

·       Telegraph a dynamic benefit or promise
·       Add "How To" to the beginning (How to own this home for LESS than you are paying in rent)
·       "Flag" your targeted prospects. (Example: (ARTHRITIS SUFFERERS: HOW TO END PAIN IN 59
        SECONDS)
·       Arouse curiosity
·       Use meaningful specifics. (Egs: 59 seconds is more "specific" than "in seconds".)
·       Use powerful attention-grabbing words, like "Warning", "Guaranteed", "New", 'Now."

Look at the ads you have been promoting. Examine each and every detail of the ad. Check your responses. Are you getting the return you desire? If not, FIX IT!

Your efforts will pay off with more sales with less effort.

Just thought you should know.

Have a profitable day,

Steven

12 Pointers PLUS Some Bonuses

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Sun, 01 Jul 2007 10:14:43 -0500

Here are the things you seek to accomplish when you ask questions of prospects or clients:

1. You ask questions to gain and maintain control.

2. You ask questions to indicate the broad areas they are interested in where you might be of service. Then, you ask more questions to isolate the narrow area that is your best opportunity to serve them. You follow that with more questions to pinpoint the exact item you can provide or the specific service you can render.

3. You ask questions to get the minor yeses that will start the stream of minor agreements that will swell into the major river of acceptance of your proposition.

4. You ask questions to arouse and direct their emotions toward the decision to own.

5. You ask questions to isolate objections. Only in rare cases will a qualified and properly handled prospect voice all the standard objections to your offering. Only a few objections will occur to, or be important to an individual prospect. Knowing that, the Champion seeks them out with eagerness instead of avoiding them with fear.

6. You ask questions to answer objections. Unquestionably, the finest way to answer an objection is to porcupine a question that, when the client answers it, affirms that the objection is in reality of no consequence--or even is an advantage to the client.

7. You ask questions to determine the benefits that the prospect wants to own. Benefits. Yes, that's right, benefits. People don't really buy products and services, they buy the benefits they expect to receive by owning those products or services.

8. You ask questions to acknowledge a fact. If you say it, they can doubt you. If they say it, it's true.

9. You ask questions that will confirm that they are going ahead and you should now go on to the next step in our selling sequence.

10. You ask questions that involve them in ownership decisions and thoughts about your offering.

11. You ask questions to help you clients rationalize decisions that they want to make. You do that because you want them to make that decision, too. Aren't we all looking for someone to tell us that we need that electronic marvel?

12. You ask questions that close them on the sale. All the closes depend on your question-asking ability for their potency. Don't make the mistake of concentrating solely on what you're going to tell them. Don't overlook the vital importance of asking the right questions, of varying our methods to fit their answers.

TIMELY TIP
Enlisting the Aid of the Receptionist

Using e-mail for prospecting and selling is one of the most powerful tools a professional salesperson can have. Unlike the passive strategy of a web site where you have to wait until someone visits your site before your can present to them, e-mail is an active selling tool. You can compose a selling message any time and send it out to a database of prospects or your list of clients.

But don't think you can send just any e-mail message out to whomever you please. There are rules to this kind of contact and communication. And if you break them, you can seriously harm your credibility and reputation.

What you do is get your client's and prospect's permission to send e-mails before your message shows up in the email box.

Remember that building trust with your client is job one for the professional salesperson. And your client is your most precious resource.

CLOSE TIP OF THE MONTH

"I can get a cheaper commission somewhere else."

Don't you just love hearing that? You should. It tells you that they want your product or service. They're not saying, "it's not right for me." They're saying, "I've decided I want, need and have to have it, but just don't want to pay what you're asking for it." As with most selling situations, the real stall is the money. Your job is to eliminate money as the concern.

Here's how to do it: You calmly agree with them at first. Then, you help them rationalize the decision. It's the bottom line of all closing attempts.

Here are the words to use:

That may very well be true, John. And, after all, in today's economy, we all want the most for our money. A truth that I have learned over the years is that the cheapest price is not always what we really want.

Most people look for three things when making an investment:

1. the finest quality;
2. the best service; and
3. the lowest price.

I have never yet found a company that could provide the finest quality and the best service for the lowest price.

I'm curious, John, for your long-term happiness, which of those three would you be most willing to give up? Quality? Service? Or, low price?

When you put it that way, they rationalize the message of "you get what you pay for." If they are truly concerned about the quality of your product, these words help lessen the strength of the money concern.

Just thought you should know.

Have a profitable day,

Steven

Are You Reaching... or Settling?

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Sun, 01 Jul 2007 10:12:51 -0500

No subject has been explored, examined or exploited more than that of reaching your full potential. Aristotle explored the concept from a metaphysics view back in 545 B.C. No doubt the subject was debated even before the Greek philosopher. Now centuries later, books, DVDs, articles, interviews and any other source available have tried to shed light on the subject.

Different angles on this goal come from viewpoints of religion, self-improvement, metaphysics and the like - all seeking to provide deeper answers. Why, you ask? One of the greatest desires of mankind is to reach full potential.

· A longing to be better.

· A quest for the yet to be experienced.

· A hunger for a better life.

· A curiosity of how it could be.

I would like to share a few keys to opening the door to full potential. I am no Aristotle, but I do love the concept of all of us living better lives, having better businesses and enjoying our passion along the way.

KEY #1: Overcoming the Fear

Have you ever examined, in your own life, the negative consequences of fear?

· Immobilizes decision making.

· Prevents you from being willing to let go of old habits or ways of thinking in order to change.

· Keeps you locked in self-destructive behavior.

· Can be the roadblock to growth. If not overcome, fear becomes the patterned way of living an unhealthy lifestyle.

Action Step: List 3 things that you fear the most. Make a plan to overcome each of them. Before you can overcome the enemy, you must meet it face to face. Then you follow the steps. It may be a good book, self-analysis or you may need to seek professional help.

KEY #2: Permanently Stop Procrastination

This is a disease that spreads to all, no matter your profession. Also, the effects can reach all areas of your life.

Huge misnomer: The idea that you cannot control your bad habits is a myth. If we could we change our way of thinking and understand that procrastination is really no disease at all, but rather a bad habit to be busted, then we can move forward with correcting it. In reality, bad habits are impulses.

Here are few that keep us from unlocking the door to full potential:

· I need to call this person today but don't have the time.

· Someone told me of a great book to read but I'm so busy.

· Yes, I should send them a greeting but I forgot.

· I'll do it first thing in the morning.

Action Step: Write out three things that you have procrastinated on today. Finish them before you call it a day. Think about how good it feels that you got it done.

Key #3: Think and Do

This key will open the door as quickly as any key. Think about the last six months and do it differently if you need. Examine your strategy. Will the next six months be different?

I have found that most of us will make what we think we are worth. I am not talking about false dreams or goals but the inside of what you really think of yourself.

Ponder these points:

· No one will think of you more than you think of yourself.

· You will get paid what you think deep down you are worth.

· If you do what you think you ought to do, you will be successful.

· Bad thinking is the first roadblock to great success.

Action Step: Map out what you are going to think and do. Great thinking leads to great actions. Without the great actions the thinking is worthless.

Donald Trump said it best: "You're thinking any way. You might as well think big".

Just thought you should know.

Have a profitable day,

Steven

Playing 20 Questions!

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Thu, 28 Jun 2007 07:33:47 -0500

The phone rings and the butterflies start...it's a POTENTIAL SELLER! Your mind immediately rushes to how you're to impress them, beat out the competition, obtain a signature on a saleable listing, and find interested buyers. But wait - the most important part of a listing presentation is happening right now and you're woefully unprepared! Remember that the agent who knows the most about the seller prior to the listing presentation wins the business! The purpose of this article is to prepare you for that incoming seller phone call so you can arm yourself with the information that will give you an edge during a listing presentation.

Upon identification of a potential seller phone call, pull out the following list of questions. It's important to have a list of questions because sometimes adrenaline affects your ability to wing it. Even top producing superstars need a "crutch" when under the pressure of a seller who is "thinkin' but not listin'." I used some type of questions for 12 years in one form or another and this "checklist" just kept evolving. I was not embarrassed to tell the seller to hold on a moment while I grabbed my checklist of questions. It shows your organization. People love to deal with an organized, consistent service giver and these questions will guarantee you of that fact.

Here are the questions that you should ask a seller prior to your going out to see them.

Property:___________________________________________________________
Date:________________________ Operator: ______________________________
Seller's Name: ______________________________________________________
Mailing Address: ____________________________________________________
Phone: (H):________________________ (W): ________________________ Pager:______________________ Fax: ______________________________
E-mail: ____________________________

1. How Did You Hear of Me/Our Company/Who referred you?_________________________
    _________________________________________________________________________

2. Why do you want to sell? ____________________________________________________

3. Who else are you interviewing?
Agent Office Appointment Date/Time
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________

***Remember, you want to be the last appointment the seller meets with. Make this happen and reschedule if necessary. You can say, "Meeting with all the other brokers first will guarantee a maximum of questions. I can better serve you if you have the maximum amount of questions available."

5. If I/we answer all of your questions to your satisfaction, are you prepared to list your property when
    we get together?____________________ (They will almost always answer "NO")

6. Would it be possible for all decision makers to be present and meet with me/us on ________(Date)
    ________(Time)?

7. Who will be present?__________________________________________________

8. Do you own any other properties in the area?_____________________
    If yes, where?______________________________________________

9. Where are you moving? __________________________________________

10. Do you know a real estate professional there?_____________________

11. When do you need to sell?____________________________________

12. What price do you want to list?________________________________

13. How much are your underlying loans?
     1st $ ____________________
     2nd $ ____________________
     3rd $ ____________________

14. Do you need a 1031 Tax Deferred Exchange?____________________

15. What criteria are you going to use in hiring an agent? ___________________________
      _______________________________________________________________________

16. We will be sending/delivering/offering on our website a little pre-meeting information packet. Can I/we
     ask you to review it prior to our meeting? _____________________

17. May I/we ask that you wait to make a decision on your agent until we meet? ___________

18. Can I/we arrange some FREE time for you to consult with a CPA? __________________

19. Tell me about your property?
Type Sq. Ft. Bed/Bath Income Length of Lease
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

20. Any other amenities of property? ____________________________________________
     ________________________________________________________________________

After the closing "nice-ities," you are set with enough information to impress them at your meeting. Don't forget that the information you gathered in a pre-listing confirmation listing package delivered to them via email, mail, or viewed on your website will add to the amount of information that you can use to impress your seller. Having sellers is the most important aspect of real estate and obtaining a listing in the face of today's competition can be very challenging. Knowing the most about the seller before you show up for the meeting will enable you to be the best at changing their financial future.

Feel free to copy and paste this questionnaire onto your company letterhead to have available by the phone when the seller prospects call. Customize it to your own tastes and you will be better prepared to impress the seller leads and close the deal!

Just thought you should know.

Have a profitable day!

Steven

27 Tips...

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Thu, 28 Jun 2007 07:30:24 -0500

Feel free to cut and past the information to create a flyer that you can use in your listing presentation.

27 VALUABLE TIPS You Should Know
To Get Your Home SOLD FAST and for TOP DOLLAR

Because your home may well be your largest asset, selling it is probably one of the most important decisions you will make in your life. To better understand the homeselling process, this article has been prepared from current industry insider reports. Through these 27 tips, you will discover how
to protect and capitalize on your most important investment, reduce stress, be in control of your
situation, and make the most profit possible.

1. Understand Why You Are Selling Your Home
    Your motivation to sell is the determining factor as to how you will approach the process. It
    affects everything from what you set your asking price at to how much time, money and effort
    you're willing to invest in order to prepare your home for sale. For example, if your goal is for
    a quick sale, this would determine one approach. If you want to maximize your profit, the sales
    process might take longer, thus determining a different approach.

2. Keep the Reason(s) You are Selling to Yourself
    The reason(s) you are selling your home will affect the way you negotiate its sale. By keeping
    this to yourself you don't provide ammunition to your prospective buyers. For example, should
    they learn that you must move quickly, you could be placed at a disadvantage in the negotiation
    process. When asked, simply say that your housing needs have changed. Remember, the
    reason(s) you are selling is only for you to know.

3. Before Setting a Price - Do Your Homework
    When you set your price, you make buyers aware of the absolute maximum they have to pay for
    your home. As a seller, you will want to get a selling price as close to the list price as possible.
    If you start out by pricing too high you run the risk of not being taken seriously by buyers and
    their agents and pricing too low can result in selling for much less than you were hoping for.

SETTING YOUR HOME'S SALE PRICE:

* If You Live in a Subdivision.
If your home is comprised of similar or identical floor plans, built in the same period, look at recent
sales in your neighborhood subdivision to give you a good idea of what your home is worth.

* If You Live in An Older Neighborhood.
As neighborhoods change over time each home may be different in minor or substantial ways.
Because of this you will probably find that there aren't many homes truly comparable to your own.
In this case you may want to consider seeking a Realtor® to help you with the pricing process.

* If You Decide to Sell On Your Own.
A good way to establish a value is to look at homes that have sold in your neighborhood within the
past 6 months, including those now on the market. This is how prospective buyers will assess
the worth of your home. Also, a trip to City Hall can provide you with home sale information in
its public records, for most communities.

4. Do Some "Home Shopping" Yourself
    The best way to learn about your competition and discover what turns buyers off is to check out
    other open houses. Note floor plans, condition, appearance, size of lot, location and other
    features. Particularly, note not only the asking prices but what they are actually selling for.
    Remember, if you're serious about getting your home sold fast, don't price it higher than your
    neighbor's.

5. When Getting an Appraisal is a Benefit
    Sometimes a good appraisal can be a benefit in marketing your home. Getting an appraisal is a
    good way to let prospective buyers know that your home can be financed. However, an
    appraisal does cost money, has a limited life, and there's no guarantee you'll like the figure
    you hear.

6. Tax Assessments - What They Really Mean
    Some people think that tax assessments are a way of evaluating a home. The difficulty here is
    that assessments are based on a number of criteria that may not be related to property values,
    so they may not necessarily reflect your home's true value.

7. Deciding Upon a Realtor®
    According to the National Association of Realtors, nearly two-thirds of the people surveyed who
    sell their own homes say they wouldn't do it again themselves. Primary reasons included
    setting a price,marketing handicaps, liability concerns, and time constraints. When deciding
    upon a Realtor®, consider two or three. Be as wary of quotes that are too low as those that
    are too high.

All Realtors® are not the same! A professional Realtor® knows the market and has information
on past sales, current listings, a marketing plan, and will provide their background and references.
Evaluate each candidate carefully on the basis of their experience, qualifications, enthusiasm and
personality. Be sure you choose someone that you trust and feel confident that they will do a
good job on your behalf.

If you choose to sell on your own, you can still talk to a Realtor®. Many are more than willing to
help do-it-yourselfers with paperwork, contracts, etc. and should problems arise, you now have
someone you can readily call upon.

8. Ensure You Have Room to Negotiate
    Before settling on your asking price make sure you leave yourself enough room in which to
    bargain. For example, set your lowest and highest selling price. Then check your priorities
    to know if you'll price high to maximize your profit or price closer to market value if you want
    sell quickly.

9. Appearances Do Matter - Make them Count!
    Appearance is so critical that it would be unwise to ignore this when selling your home. The look
    and "feel" of your home will generate a greater emotional response than any other factor.
    Prospective buyers react to what they see, hear, feel, and smell even though you may have
    priced your home to sell.

10. Invite the Honest Opinions of Others
     The biggest mistake you can make at this point is to rely solely on your own judgement. Don't
     be shy about seeking the honest opinions of others. You need to be objective about your
     home's good points as well as bad. Fortunately, your Realtor® will be unabashed about
     discussing what should be done to make your home more marketable.

11. Get it Spic n' Span Clean and Fix Everything, Even If It Seems Insignificant
     Scrub, scour, tidy up, straighten, get rid of the clutter, declare war on dust, repair squeaks, the
     light switch that doesn't work, and the tiny crack in the bathroom mirror because these can be
     deal-breakers and you'll never know what turns buyers off. Remember, you're not just
     competing with other resale homes, but brand-new ones as well.

Current homeowners: if you anticipate selling within the next few years, the time to begin minor
repairs is now! Save yourself time and aggravation by addressing small problems as they arise,
rather than waiting and spending a lot of effort and money in the short time before you sell.

12. Allow Prospective Buyers to Visualize Themselves in Your Home
     The last thing you want prospective buyers to feel when viewing your home is that they may be
     intruding into someone's life. Avoid clutter such as too many knick-knacks, etc. Decorate in
     neutral colors, like white or beige and place a few carefully chosen items to add warmth and
     character. You can enhance the attractiveness of your home with a well-placed vase of flowers
     or potpourri in the bathroom. Home-decor magazines are great for tips.

13. Deal Breaker Odors - Must Go!
     You may not realize it, but odd smells like traces of food, pets and smoking odors can stop
     deals quickly. If prospective buyers know you have a dog, or that you smoke, they'll start
     being aware of odors and seeing stains that may not even exist. Don't leave any clues.

14. Be a Smart Seller - Disclose Everything
     Smart sellers are proactive in disclosing all known defects to their buyers in writing. This can
     reduce liability and prevent law suits later on.

15. It's Better With More Prospects
     When you maximize your home's marketability, you will most likely attract more than one
     prospective buyer. It is much better to have several buyers because they will compete with
     each other; a single buyer will end up competing with you.

16. Keep Emotions in Check During Negotiations
     Let go of the emotion you've invested in your home. Be detached, using a business-like
     manner in your negotiations. You'll definitely have an advantage over those who get caught
     up emotionally in the situation.

17. Learn Why Your Buyer is Motivated
     The better you know your buyers the better you can use the negotiation process to your
     advantage. This allows you to control the pace and duration of the process.

As a rule, buyers are looking to purchase the best affordable property for the least amount of money. Knowing what motivates them enables you to negotiate more effectively. For example,
does your buyer need to move quickly? Armed with this information you are in a better position to
bargain.

18. What the Buyer Can Really Pay
     As soon as possible, try to learn the amount of mortgage the buyer is qualified to carry and how
     much his/her down payment is. If their offer is low, ask their Realtor® about the buyer's ability
     to pay what your home is worth.

19. When the Buyer Would Like to Close
     Quite often, when buyers would "like" to close is when they need to close. Knowledge of their
     deadlines for completing negotiations again creates a negotiating advantage for you.

20. Never Sign a Deal on Your Next Home Until You Sell Your Current Home
     Beware of closing on your new home while you're still making mortgage payments on the old
     one or you might end up becoming a seller who is eager (even desperate) for the first deal that
     comes along.

21. Moving Out Before You Sell Can Put You at a Disadvantage
     It has been proven that it's more difficult to sell a home that is vacant because it becomes
     forlorn looking, forgotten, no longer an appealing sight. Buyers start getting the message
     that you have a another home and are probably motivated to sell. This could cost you
     thousands of dollars.

22. Deadlines Create A Serious Disadvantage
     Don't try to sell by a certain date. This adds unnecessary pressure and is a serious
     disadvantage in negotiations.

23. A Low Offer - Don't Take It Personally
     Invariably the initial offer is below what both you and the buyer knows he'll pay for your property.
     Don't be upset, evaluate the offer objectively. Ensure it spells out the offering price, sufficient
     deposit, amount of down payment, mortgage amount, a closing date and any special requests.
     This can simply provide a starting point from which you can negotiate.

24. Turn That Low Offer Around
     You can counter a low offer or even an offer that's just under your asking price. This lets the
     buyer know that the first offer isn't seen as being a serious one. Now you'll be negotiating
     only with buyers with serious offers.

25. Maybe the Buyer's Not Qualified
     If you feel an offer is inadequate, now is the time to make sure the buyer is qualified to carry the
     size of mortgage the deal requires.   Inquire how they arrived at their figure, and suggest they
     compare your price to the prices of homes for sale in your neighborhood.

26. Ensure the Contract is Complete
     To avoid problems, ensure that all terms, costs and responsibilities are spelled out in the
     contract of sale. It should include such items as the date it was made, names of parties
     involved, address of property being sold, purchase price, where deposit monies will be held,
     date for loan approval, date and place of closing, type of deed, including any contingencies
     that remain to be settled and what personal property is included (or not) in the sale.

27. Resist Deviating From the Contract
     For example, if the buyer requests a move-in prior to closing, just say no. That you've been
     advised against it. Now is not the time to take any chances of the deal falling through.

Just thought you should know.

Have a profitable day!

Steven

Time To Reassess...

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Wed, 27 Jun 2007 07:36:35 -0500

Well, the year is half way gone. Six months down, six to go. Are you on track to achieve the goals you set for yourself at the beginning of the year?

You did set goals, didn't you? It is extremely hard to hit the target if you don't know where to aim. Take heart, it's not too late to right the ship.

If you are on track to achieve that which you planned at that beginning of the year, congratulations! You are to be commended for your focus and determination.

If you aren't on track, set a moment aside to discover what is getting you off course. Were your goals realistic when you set them at the beginning of the year? Have you followed through with taking the steps toward success?

The time is now to refocus your energy. You can reach your goals this year if you will only focus on the important factors needed to achieve success.

Have you sent your center of influence mailings like you should? Have you utilized the phone to its fullest potential? Have you made sure that EVERYONE knows you are a Realtor, able to help them with all of their real estate needs?

Regardless of your goals, if they are realistic relative to your past production you can achieve them. All it takes is dedication and hard work.

I know you can do it. I have faith in you.

NOW GET GOING!

Just thought you should know.

Have a profitable day!

Steven

Dealing With Difficult Customers

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Wed, 27 Jun 2007 07:32:35 -0500

It is very hard to give 125% service to a client that does not deserve it by their resistant behavior. Many agents make a career out of working with difficult people when there are so many nice ones to choose from. The bottom line is lead generation. Do alot of it and you can pick and choose your clientele, don't do it and you will be stuck with the clients below. However, let's say they sneak up on you packaged in a wonderful client and then spring their unusualness on you... here are some tips that I learned after 12 years in my previous career as a Realtor....

1. THE KNOW-IT-ALL. This customer is obnoxious, adversarial, resists your ideas and is always telling you how to do your job.

1A. In my experience these people are a little insecure and need to tell the world their worth. Well, in my opinion you should listen to them, agree as far as you can and suggest alternative methods in addition to theirs. However, never let them dictate the incorrect procedure, method, order or allow them to change your track. The agent must believe themselves to be the professional and must always be able to walk away from a transaction. The minute you can walk away, is the minute you have control. Be nice, suggest alternatives, do as much as you can for them, but when they cross the line asking you to do things that are not best for them or you - be firm. Then be firm again and again. If they don't get it and you can't live with it, let them go nicely. A nice let down would be: "Mr. Johnson, I do not believe that I can meet your expectations, maybe Steve in my office can do that for you.. he might have more experience with that. Let me have Steve give you a call today. Thank you for your time!" Then call Steve, give Steve the client and receive a 30% referral fee. You are now free to find a nicer experience.

2. THE WORRY WART. This customer is nervous, anxious, fears for the worst and calls you night and day to see how things are going.

2A. In my experience a good presentation outlining the potential problems in a listing i.e.: A. agents that don't show up for appointments B. Mistakes on the flyers or ads C. Brochures that run out on a Saturday morning, etc. These have to be addressed in a fun and informational manner. Go ahead and explain how your systems works, try to prevent problems and worries, but I guarantee they will happen. Then set reasonable expectation at the presentation, whether buyer or seller, as to what they can expect. For instance I told every Seller that they can expect a call from me every 10 working days and any more than that would pull me away from the job of matching the perfect buyer campaign to their home. Of course in the spirit of under promising and over delivering, I always out-performed my promises which cured 95% of all worry warts. So a combination of good presentation and under promise, over deliver will always put a nervous Nell on the rebound.

3. THE UNDECIDED. These customers can't decide anything ... what kind of house or
neighborhood they're looking for, what their price range is, or even whether they really want to buy or sell.

3A. This is easy. New agents work with under-motivated clients. Top agents search for motivation before they invest time. The best way is to have a list of questions by the phone ... one for sellers and one for buyers. If they do not seem like they will jump through the hoops to get the job done, have enough leads to give you the guts to let go of the under motivated. My sellers had to have good reasons to sell (not just testing the market), are willing to price very realistically, will allow all my marketing methods without any restrictions, and have to be pleasant. If not I will not spend time away from my F words of family, faith, fun, friends, fitness and finances. My buyers had to jump through 5 hoops before I would invest valuable time and resources. If not, I referred them out. They must be motivated for me to give 125% ... the same percentage that separates you from the service a regular agent offers, verses a superstar agent.

4. THE SILENT SAM. These customers never let you know what's on they're mind.
These are sellers who won't tell you their goals or timeline, or buyers who won't let you know if they'd prefer a ranch, a two-story, or a castle with a moat around it.

4A. If this is your problem, then you are not asking enough questions (see above, have them written down so you don't forget and also so you don't get bamboozled) and shame on you. However, if they don't really know, educate them and spend time with them if you believe them to have an underlying motivation. However, lack of clarity comes from lack of motivation so see the previous answer. I spent alot of time early in my career with clients who did not want to answer the questions mentioned earlier, but when I explained that those answers were necessary to the process of delivering top dollar in net equity at a rapid pace, or I explained to buyers that if I knew more that sometimes I could uncover potential sellers that no one else may be able to deliver, I usually had my answers. Do not work without the answers!

5. THE WEASEL. This kind of customer wants you to break rules and do things that are unethical. He or she wants you to back out of contracts, fail to make disclosures, and renege on promises to buyers.

5A. I don't do slimey. If it is in the gray area, let someone else handle it and refer it out. There is right and wrong and no reason to do wrong when there are so many clients out there. Just generate leads so that you feel good about just saying no.

6. THE PUPPET. This customer is a close-cousin to THE UNDECIDED. He or she is easily manipulated by family or friends and even the checker at the grocery store who once knew someone who bought a home.

6A. This is probably the easiest to cure. Ask the question!!!!!!!!! If they have advisors, ask and then require them to be at the listing presentation, at the offer, at the showings when they are helping a buyer, and so on. When it is a surprise, then get them on the phone right then and there. Nothing ever diffuses an advisor better than you calling with their advisee right there. Unreasonableness disappears when the advisor is consulted by the agent. By all means always include the advisor as soon as possible to make them feel important - they sometimes then will be your best ally!

Taking control of your business and career now will ensure your long term success!

Just thought you should know.

Have a profitable day!

Steven

Benefits of Joint Marketing

Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.) — Tue, 26 Jun 2007 17:25:09 -0500

Competition if FIERCE! With the market the way it has been, there has been a tremendous influx of new agents and loan officers. Everyone wanted to get a slice of the easy pie and who can blame them? One of the biggest hurdles in today's market had been lack of inventory. People are chomping at the bit to buy something, anything before the rates skyrocket.

With this in mind, how do you stand out from the crowd? What can you do to maximize your exposure? How can you generate more and more business?

Unfortunately, many of you focus entirely on this concept. You strive to produce more and more business without realizing the most important aspect...your bottom line. What good does it do you to increase your business by 20% if your marketing effort costs 50% more. You may make a few more dollars, but in the long run you will be working harder to generate less per loan. This is contrary to our goal! You must strive to earn more per loan so that you can work smarter rather than harder.

With this in mind, how can you increase your business? You can spend a ton more on advertising and other forms of public marketing, but we already know this won't accomplish your goal. So what can you do that will get you more "bang for your buck"?

Joint Marketing! This is a fantastic approach that can pay huge dividends. Imagine this concept...you work closely with a lender, title company, attorney or other service provider. You could market to their past clientele as well as they market to your past clientele. Sounds like a plan! But what is to be gained?

First, the power of third party endorsements. Look at the advertising done today. "We offer the best service" or "We're number one in your market". They're all the same. Everyone telling how great they are and why you should call them. This type of marketing is normal, expected and WAY overdone.

Consumers, for the most part, block this marketing out. They are inundated on a daily basis with it, so it carries little weight with them. However, when someone else tells them how great you are, they put more credence into the statement. Testimonials are the most powerful advertising that you can offer.

Along this line, if your affiliated business partners tell their current and past clientele how great your service is, these people will be more inclined to contact you because they value the opinion of the person making the statement due to the fact that they have a previous working relationship with the individual making the statement. Correspondingly, if you recommend your affiliated business partners to your current and past clientele, you create a symbiotic relationship that gives you more control over the final outcome...YOUR PAYCHECK!

Consider all of the different businesses with which you can or could be experiencing joint marketing. The combinations are virtually endless. For example, we have been going through a tremendous refinance market. These people worked closely with a loan officer and a title company. Imagine the impact if both of these affiliated business partners included you in a joint marketing effort. How much more business would you realize for a very limited increase in marketing?

Another idea to increase your bottom line.

Just thought you should know.

Have a profitable day!

Steven