Bank owned as percent of sales May 2011
Thursday, June 16, 2011
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Don’t rest on your laurels
Wednesday, June 15, 2011
Don’t rest on your laurels
One of the cardinal rules of real estate, selling, and life is: Thou shalt not rest on thy laurels. I need to confess this sin since I violated it today.
A client asked me to meet them at a local branch of Wells Fargo to sign a signature card on an account we have for a rental we jointly own. The young banker looked at me as we signed the paperwork and said, “Aren’t you in the real estate business”. I smiled and said yes. A little voice whispered to me, “Hey stupid, why didn’t you hand him a card. Why didn’t you ask him if he had any real estate needs”?
Reactive agents rest on their laurels. Real estate agents that rest on their laurels have skinny kids and part time jobs. A recession is a great time to be a proactive, prospecting, back to basics, referral mover and shaker.
My banker buddy said he was using my website to look for his first home. The good news is he now has a friend in the real estate business. The great news is he taught me a wonderful lesson about not being a ‘secret agent’.
Relaxing and resting on your laurels can become a way of life. Before I went to the bank, I had my oil changed. Did I ask the service manager who up-sold me on a brake & power steering flush about his real estate needs? Of course I didn’t.
Did I ask my client, whom I met at the bank if she had any friends with real estate needs? No, strike three. What a wasteful morning in the annals of real estate selling.
Each day every agent has a choice to be proactive and ask for business or reactive and rest on their laurels.
Paul Pastore
ReMax Infinity
The Second Commandment of Selling
Monday, May 16, 2011
The Second Commandment of Selling
The second commandment of selling is Thou shall not discuss listing a property without all the decision makers being present. I violated this rule this past week.
My selling assistant set the appointment with our new clients. I failed to ask if both the husband and wife planned to be present. I assumed they would be there, then I realized what happens when you make assumptions.
Mrs. Seller was present and seemed to have a ‘chip on her shoulder’ since the property did not sell with the first listing agent. She had dozens of showing, but no offers. She was unsure why the property didn’t sell! She was unclear where she would relocate. She was unaware of what she expected to net. She would not discuss her expectations about pricing.
This began to feel like an episode of the ‘Realty Twilight Zone’. I looked at my watch and two hours had elapsed. Time flies when you are having fun, or wasting time. It reminded me of the old joke with the punch line, “What’s time to a pig”.
I asked Mrs. Seller if I could speak to her husband on the phone and she reluctantly agreed. Within five minutes he shared his feelings about pricing, and the reason for selling. It’s amazing the amount of clarity that can be achieved when speaking directly to all the decision makers.
Mrs. Seller wanted a detailed list of staging suggestions before she signed a listing agreement. I questioned her about smoking outside while the property was listed.
We both agreed that she would discuss matters with her husband and we would all meet again if they wanted to proceed.
Several days have past, and the seller has not called. If they do, the maximum list price is 600k. An appraisal will be required, in addition to an adequate listing length. And, most importantly, no more discussions without both decision makers present.
Distressed Sales: State by State
Tuesday, April 26, 2011
Distressed Sales: State by State
We have often written on the impact foreclosures and short sales have on the value of the house next door. The Center for Responsible Lending has done great reporting on the subject. It seems distressed properties will be a challenge we will need to deal with for some time. The National Association of Realtors (NAR) released their Existing Sales Report. The report said:
Distressed homes – sold at discount – accounted for a 39 percent market share in February, up from 37 percent in January and 35 percent in February 2010.
This week, NAR released an Economic Outlook. In the report, they covered the percentage of overall sales that distressed properties represented in each state. Here is a map that accompanied the report:
Bottom Line
Distressed properties have a major impact on house values in a marketplace. Where there is a large percentage of distressed properties, home prices will continue to soften until we work our way through this inventory.
Secrets to win a speech contest
Thursday, April 07, 2011
Secrets to win a speech contest
Imagine if there were some secrets to winning a Toastmaster speech contest! Recently, I met a fairy whose name was Mary and she shared those secrets with me.
First, use the "Four H formula". The H’s stand for head, heart, humor, and a heavy-duty message that the audience will remember. The winning speech will give people something to think about (head). It will also tug at their heart strings (heart). A great speech will have some funny moments to break the tension (humor). A memorable message is the final element.
At the last division contest I attended, one speaker had been a member of Toastmasters for only a few months. She gave a great speech about abuse that was riveting. It had head, heart, and a heavy message. Unfortunately, it had no humor, and because of that, she did not place in the top three.
At that same contest, another speaker read a wonderful poem about a tiger. It was replete with analogies and metaphors that kept my mind amazed at the phrasing. In my opinion, it lacked heart and humor. This speaker went home without a medal also.
Mary the fairy told me that, “People want to be entertained more than they want to be informed”. She said it takes years for some speakers to realize this secret. This is especially relevant in after dinner speeches.
I was so impressed with these speaking secrets that I asked the fairy if she had any tips. She shared two final gold nuggets. One was to never use notes in a speech contest. The other was to videotape your presentation and review it after the contest; Mary herself carries a ‘Flip’ video.
I asked Mary the Fairy how could I get to Carnegie Hall. She said, “Practice, practice, practice”. Then she smiled and vanished with a puff of fairy dust.
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