Dear friends and customers: Enjoy this week's Real Estate Update and then some......
Above and Beyond the Sale: How to Provide Five-Star Service to Your Clients
by Denise Lones/Realty Times
There is one secret you can apply to your business that's known to generate word-of-mouth lifetime referrals -- and it doesn't cost a penny. Yet, we live in a time where very few people seem to use this secret.
It applies to every industry under the sun -- from the gas station to the brokerage firm to real estate. The handful of practitioners of this art are generally the top producers in their field.
What is it? Five-star customer service.
And it's hard to find nowadays. Most people seem focused on themselves wherever we go. They do their job to collect their pay and they go home, forgetting about us once they have our money.
Five-star customer service is all about:
•1. Great communication with your client.
•2. Amazing service throughout the transaction.
•3. Fantastic follow-up.
•4. A true desire to keep the client connected to your industry for years to come.
My father was an expert at this. As a restaurant owner, he was a busy man. With several pots simmering in the kitchen and a wait staff to manage, he understood the deeper meaning of the word "stress."
And yet, he managed to create an amazing impression for each and every person who had a meal at his restaurant. As they were leaving after having paid the server, he would always run to the door and say, "Thank you so much for coming to my restaurant! I'd love to see you again."
It actually became a kind of art form. He had to time it precisely because he had several meals cooking in the kitchen.
This simple little act of running from the kitchen to thank people created an imprint in people's minds. They remembered his warmth and sincerity. The chances that they would come back were increased tenfold just by his doing this. (And it worked. His restaurant often had people waiting outside for a table.)
When I was a little girl, I asked him one day, "Dad, why do you do that? You have food cooking in the kitchen."
He replied with one of the most profound statements I've ever heard:
"It's not what you do for people when you're getting paid that counts. It's what you do for them after the sale that counts."
So, how does this apply to real estate?
I challenge agents when I ask this question: "What do you do for your clients after the closing?"
The answer to that question is where five-star service begins. Prior to that, everything you do is judged because you're supposed to be doing it. But when you do something after you've been paid, your stock rises exponentially in their memories.
For example, do you send past clients mailings on a regular basis? And I don't mean cards that say "Please keep me in mind if you have any friends who need a real estate agent." That's transparently self-serving and will lower your stock in their memories -- because it's just plain annoying.
But when you send your past clients information that helps them -- long after the sale -- you become that rare practitioner of five-star service.
How about an annual analysis of their home's value in comparison to the neighbors? How about a predictions report for the upcoming year? How about a recap of the market in the previous year? People love these materials because they prove the wisdom of their investment.
And here's a great tip: Call them after you've sent the report, but before they receive it. Just to let them know it's coming and you're thinking about them. There's something about a human voice that makes all the difference in the world.
These little things cost very little, but they come back in big dollars over the long run. When you demonstrate to people that you're not just out for the money, they will love you for it. Plus, they'll tell everybody about you.
That's the power of five-star customer service.
Published: August 12, 2008
Washington Report: Housing and Economic Reform Act
by Kenneth R. Harney/Realty Times
Anyone in home real estate knows that the FHA program -- once the ugly duckling of the mortgage market -- has turned into one of the hottest sources of financing even in relatively high cost housing markets on the West and East coasts.
FHA loan limits are way up, credit standards and debt-to-income ratios are generous, and competitiors like Fannie Mae and Freddie Mac keep raising costs on their mortgages because of what they call "adverse" market conditions.
Last week, FHA leaders gave their first peek at how they'll be handling the dozens of new responsibilities given to them by Congress in the recently approved Housing and Economic Reform Act.
Tops on the list: What to do with loan limits. That's a major issue in dozens of markets where home prices are well above national averages. So here's what's coming: The current, temporary nationwide limit imposed by Congress's economic stimulus package last February will remain in place through December 31st.
As of January 1, the limit will fall back to $625,500 in the highest priced housing markets. Now you may think that's a step backwards, but remember: Prior to the temporary economic stimulus legislation, the top FHA limit was around $363,000, while Fannie Mae and Freddie Mac's limit was $417,000.
For areas with lower prices, the limits will be set by FHA later this year based on a formula provided by Congress: 115 percent of the median sale price of homes in the metropolitan market. So if your property is located in an area where the median price is, say $350,000, the new maximum FHA mortgage will be $402,500.
Some other key changes touched on by FHA leaders in presentations to a Mortgage Bankers Association of America conference in Washington:
Starting January 1, the minimum downpayment for an FHA loan will be 3.5 percent. That's a half point higher than the current minimum, but Congress wants to make sure borrowers have a real investment in the house they buy.
Borrowers can still get help with that downpayment, such as gifts from relatives, local government and trade union homeownership programs -- but starting October 1 -- not January 1 -- they won't be able to use any of the popular downpayment assistance programs run by organizations that funnel "gifts" from home sellers to buyers. Organizations such as Nehemiah, Incorporated and Ameridream will no longer be able to provide seller-funded gifts in connection with FHA mortgages.
So if you're a home buyer -- or a real estate or mortgage professional working with home buyers -- keep that October 1 deadline in mind.
Published: August 11, 2008
Hedge funds investing in delinquent mortgages
Fla. still No. 1 with foreign home buyers Like their domestic counterparts, foreign buyers have retreated from the U.S. housing market, although Florida remains their No. 1 pick.
http://www.miamiherald.com/business/story/633199.html
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Seminars and upcoming events for your consideration:
Short Sale Seminars, Back by Popular Demand....... Floyd Wickman Production Workshops , August 13, Palm Beach and August 15, Miami.
Women's Council of Realtors, North Broward is hosting a "Champagne Social" , August 21 in Parkland. This will be a fantastic event with a Lock and Key Networking program.....You do not want to miss this one!!!
Mentor with the Millionaires Conference, September 20, Boca Raton Marriott. Extra terrific event for you to consider.
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