Hey there--
Too often these days we get dragged into unprofitable ventures, relationships, and activities. I must tell you that I spend a good amount of time saying "NO!" to various forms of media. I am quite tired of hearing how bad things are, and that the "sky is falling". I find that my days are much more productive when I say "No!" to the gloom and doom of the media and focus on positive, profitable, high payoff activities. Being able to focus on high payoff activities is my key to having a successful day, week, and year. Please keep in mind that not all of my "high payoff activities" are income related. Many of them for me are related to time spent with business partners, teammates, my family, and assorted non profit agencies that we work with. So, take a moment to read the item below and hopefully it brings some value to your week.
Toda is Fed day! The Fed began their meetings and at 2:15 EST, they will release their Policy Statement and Interest Rate Decision. While a cut of .50% is expected and is already "priced in" by the market, a larger cut is possible. More of a cut could move the markets..........however, which direction they'll move is uncertain. With consumer confidence being so low (today's number was the lowest on record) and the stock market in rally mode (the 889 point gain today was the second best ever), it's hard to tell where the market is headed. Typically, too much of a cut could signal trouble (that the Fed sees more bad news ahead), so we'll see what happens tomorrow. Remember, Fed Funds Rates and mortgage rates typically move in opposite directions, so this cut is not expected to improve first mortgage rates, but it will improve rates on most home equity lines of credit.
Have a cheerful day!
Mary Taylor
Knowing when to say NO
Position Yourself to Work with High-End Clientele
In an effort to increase your hourly rate of pay, you must make the commitment to
focus on high payoff activities. If you find you are working with too many
high-maintenance customers that generate little profit, then it's time to weed these
types of people out of your book of business.
This is the approach that superstar Realtor®* Kathi McLean of REMAX® Olson &
Associates, took when she realized she was spinning her wheels with too many
customers who drained her of her time and energy, with little financial gain. Kathi
concluded that her business could only improve by turning down people that fit this
profile.
Kathi and her husband Bob McLean started to take a more selective approach.
They began refusing to work with people who were disrespectful or had a negative
attitude. By choosing to work with quality clientele, they saw a distinct difference in
both their income and time management capability in just six months.
The McLeans compare their scenario to the business models of restaurants
recognized for fine dining. For example, if you fail to make reservations at the
exclusive Château d' Fancy in Beverly Hills, they certainly aren't going to set up a card table in the alley for you. As much
as they want your business, they still insist that you comply with their business model: Make the reservation, and savor
the dining experience.
On the other end of the spectrum there are fast food joints begging for your business! You can eat inside, outside, or even
in your car. Your children can play on their playgrounds, and if you buy certain products you'll get a prize, a toy, or even a
coupon for more food! They'll do just about anything to get you in the door. Which type of restaurant do you have more
respect for? More importantly, where would you rather work with if given a choice?
Take the time to sit down and analyze where the majority of your time is spent. Which customers take the most time with
the least amount of payoff? Conversely, who are the easiest people to work with, yet generate the greatest financial
return? From there, define your business model and commit to working with people who make your production numbers
soar!
Call me when you have a client who needs special attention in obtaining their mortgage loan.
Association of REALTORS® and subscribes to its strict Code of Ethics.
All loans subject to credit approval and property appraisal. Programs, rates, and terms subject to change without notice. For ARM loans, rate may increase after
settlement. Prequalification is not a commitment to lend, a condition of loan approval, or an application for credit. Pre-approvals will result in a loan decision
subject to conditions. Consult a tax advisor regarding the deductibility of interest.-- a Division of National City Bank
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