People often ask me “what are the secrets to success in the real estate game?”  While the answer can be very long if we get into the details, there is a simple and short answer that applies to the cross section of the American entrepreneurial business landscape.  All of the secrets that we can control can be boiled down into one simple triad. 

The first is to develop a great attitude.  Not one that is born out of PMA (Positive Mental Attitude) delusion, but an attitude that is born out of true and real gratitude.  Remember, things can always be worse and although we cannot always dictate what happens in our life, we can control our response to it.  Without a perspective that can see opportunity within challenges and remain humble in our successes we will miss 90% of what life has to offer.

The second is to develop a vision that is bigger than you are.  Success follows leadership and a leader needs a vision or dream to inspire others to follow.  The “others” may be your team, your clients or your family.   You will need to be able to draw your strength from somewhere during the darker days.  Your vision or dream has to be big enough to drive you to do the most difficult of tasks – discipline yourself.

The third is to develop a tremendous work effort.  The greatest laid plans are worthless if not executed on.  Great ideas without implementation are the fodder of those who die with regret.  Work hard, work well, work smart and even an average skill set will make it.  Combine a great work ethic with your natural strengths and you will be unstoppable.

Carpe diem,

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Questions to ask yourself regarding technical details

• The site is viewable on a 15″ monitor with no scrolling needed. (extra points for having an iPhone optimized site)
• I’ve viewed my site via other browsers to make sure it looks right.
• I’ve made sure all of my links work (http://www.linkbot.com/).
• I have had my HTML validated.
• I have verified my meta tags.
• Whenever an e-mail address is included, it is hot linked.
• My average page is less than 30K text and 50K graphics.
• My e-mail address uses the same domain name as my web site domain name.
• I’ve compressed my graphics for fast downloading (http://www.gifwizard.com/).
• I am getting a traffic report from my web hosting company.

Questions to ask yourself regarding graphic design and appeal

• My site has a professional (not hobbyist) look.
• My art (logos, illustrations) is clean and crisp, not scratchy looking.
• My site looks distinct; it’s not a cookie-cutter duplicate of other sites in my field.
• I use only one or two different fonts per page.
• I used interlaced .gif files (they appear more quickly).
• I use ALT tags.
• I use only colors that all browsers can display properly.
• I chose colors carefully and artfully.
• There is a theme to my site; it is an expression of me or my company.
• The names I use for the links make sense even to the ignorant visitor.

Carpe diem,

Are you being truthful with your clients?  Are you setting expectations correctly?  I always am amazed with agents who tell their clients that their service exceeds expectations – really?  No matter how good your service, if you just told me that, my expectations are now raised to a point where you no longer can surprise me and exceed them.  The key to referrals and service is to lower expectations on the onset and provide great service that will exceed the expectations you’ve lowered.   Instead of giving a client a list of 1000 things you are going to do for them, let them know that this is going to be difficult, it won’t be fun or enjoyable and here is a list of a few obstacles or roadblocks that may come up.  Then reassure them that you will be there to guide them through the process.  I’ve got a couple of agents who’s referral rate went up more than 500% just with this simple change at the first appt.  Here’s a sample list of things that can go wrong that you could give to your clients -

The Buyer/Borrower:

•1.      Does not tell the truth on the loan application.

•2.      Submits incorrect information to the lender.

•3.      Has recent late payments on credit report.

•4.      Found out about additional debt after loan application.

•5.      Borrower loses job.

•6.      Co-borrower loses job.

•7.      Income verification lower than what was stated on loan application.

•8.      Overtime income not allowed by underwriter for qualifying.

•9.      Applicant makes large purchase on credit before closing.

•10.  Illness, injury, divorce or other financial setback during escrow.

•11.  Lacks motivation.

•12.  Gift donor changes mind.

•13.  Cannot locate divorce decree.

•14.  Cannot locate petition or discharge of bankruptcy.

•15.  Cannot locate tax returns.

•16.  Cannot locate bank statements.

•17.  Difficulty in obtaining verification of rent.

•18.  Interest rate increases and borrower no longer qualifies.

•19.  Loan program changes with higher rates, points and fees.

•20.  Child support not disclosed on application.

•21.  Borrower is a foreign national.

•22.  Bankruptcy within the last two years.

•23.  Mortgage payment is double the previous housing payment.

•24.  Borrower does not have steady two-year employment history.

•25.  Borrower brings in handwritten pay stubs.

•26.  Borrower switches to job with a probation period.

•27.  Borrower switches from salary to 100% commission.

•28.  Borrower/co-borrower/seller dies.

•29.  Family members or friends do not like the home buyer chooses.

•30.  Buyer is too picky about property in price range they can afford.

•31.  Buyer feels the house is misrepresented.

•32.  Veterans DD214 form not available.

•33.  Buyer comes up short of money at closing.

•34.  Buyer does not properly “paper trail” additional money that comes from gifts, loans, etc.

•35.  Buyer does not bring cashier’s check to title company for closing costs and down payment.

The Seller:

•36.  Loses motivation to sell (job transfer does not go through, reconciles marriage, etc.)

•37.  Cannot find a suitable replacement property.

•38.  Will not allow appraiser inside home.

•39.  Will not allow inspectors inside home in a timely manner.

•40.  Removes property that the buyer believed was included.

•41.  Cannot clear up liens – is short on cash to close.

•42.  Did not own 100% of property as previously disclosed.

•43.  Encounters problems getting partners signatures.

•44.  Leaves town without giving anyone Power of Attorney.

•45.  Delays the projected move-out date.

•46.  Did not complete the repairs agreed to in contract.

•47.  Seller’s home goes into foreclosure during escrow.

•48.  Misrepresents information about home and neighborhood.

•49.  Does not disclose all hidden or unknown defects and they are subsequently discovered.

•50.  Builder miscalculates completion date of new home.

•51.  Builder has too many cost overruns.

•52.  Final inspection on new home does not pass.

•53.  Seller does not appear for closing and won’t sign papers.

The Realtor(s):

•54.  Have no client control over buyers or sellers.

•55.  Delays access to property for inspection and appraisals.

•56.  Unfamiliar with their client’s financial position – do they have enough equity to sell, etc.

•57.  Does not get completed paperwork to the lender in time.

•58.  Inexperienced in this type of property transaction.

•59.  Takes unexpected time off during transaction and can’t be reached.

•60.  Misleads other parties to the transaction – has huge ego.

•61.  Does not do sufficient homework on their clients or the property and wastes everyone’s time.

The Property:

•62.  County will not approve septic system or well.

•63.  Termite report reveals substantial damage and seller is not willing to fix or repair.

•64.  Home was misrepresented as to size and condition.

•65.  Home is destroyed prior to closing.

•66.  Home not structurally sound.

•67.  Home is uninsurable for homeowners insurance.

•68.  Property incorrectly zoned.

•69.  Portion of home sits on neighbor’s property.

•70.  Unique home and comparable properties for appraisal difficult to find.

The Escrow/Title Company:

•71.  Fails to notify lender/agents of unsigned or unreturned documents.

•72.  Fails to obtain information from beneficiaries, lien holders, insurance companies, or lenders in a timely manner.

•73.  Lets principals leave town without getting all necessary signatures.

•74.  Loses or incorrectly prepares paperwork.

•75.  Does not pass on valuable information quickly enough.

•76.  Does not coordinate well, so that many items can be done simultaneously.

•77.  Does not bend the rules on small problems.

•78.  Finds liens or other title problems at the last minute.

The Appraiser:

•79.  Is not local and misunderstands the market.

•80.  Is too busy to complete the appraisal on schedule.

•81.  No comparable sales are available.

•82.  Is not on the lender’s “approved list.”

•83.  Makes important mistakes on appraisal and brings in value too low.

•84.  Lender requires a second or “review” appraisal.

Inspectors:

•85.  Pest inspector not available when needed.

•86.  Pest inspector too picky about condition of property.

•87.  Home inspector not available when needed.

•88.  Inspection reports alarm buyer and sale is cancelled.

Carpe diem,

Secrets to Successful Branding – The Law of Fellowship

If, we, as the real estate community really understood the concept of branding and its importance, we would save a fortune by cutting the misplaced dollars we are spending in the name of “getting their name out there.”

Most of us are re-treads – people who fell into this business and came from some other background. In 15 years of asking, I’ve only found one person who grew up wanting to be a real estate agent (and she is no longer in the business). I can’t tell you how many people I’ve interviewed as a Broker that said the reason they wanted to be an agent was because they liked houses and people. If that is the sole reason they are here my advice to them has been – “Don’t get started in this business because in 6 months you will hate them both.”

Those that make it in this industry in today’s world are those that approach it with an amount of business prowess. Unfortunately, that isn’t taught in the “learn everything you need to know to become successful in real estate in two weeks” class. So, we throw the newbies to the vultures (vendors who sell BS products that do nothing but line the pockets of the vendors and serve as filler our nation’s dumps). We let them sling mud on a wall and see what sticks and hope against hope that they will be one of the very few fortunate ones who will survive the first three years.

Over time, those that emerge as mega agents realize that to truly win in this you must realize that it is a business not a career (and there is a major difference) and start learning how to become the “RainMaker.” Although we have dozens of proprietary campaigns to generate more leads, from time to time, we need to strip back to the basics and dive into the philosophy to align ourselves with the right thinking to launch our business to the next level. This week, it’s all about how to brand effectively so that you may maximize your ROI in any marketing or advertising program your engage in. From Al Ries, a master of marketing and branding in the retail sector, we take the lessons and apply the fundamentals to our real estate businesses.

One Secret in Branding is the Law of Fellowship

In recent years there has been a trend in real estate to become more and more competitive within the ranks. Yes, the general agent population as independent contractors find themselves competing against even those that they sit next to in the office. But to those that have nailed their brand, and realize that no one else can compete with them in that space, sharing and collaboration are positive attributes. In order to build the category, a brand should welcome other brands. Competition between two leaders raises awareness and allows for emergence and increase in market share for both. Competition between two mega agents is a great thing. One, it keeps them doing what they must to stay ahead (market, advertise and be leaders) and two, it creates a very visible ad war that creates buzz that helps both of them. No one cares when someone is out in front by themselves, it’s not newsworthy, but if you have a competition everyone wants to watch.

Think about the TV ratings for the midweek practices of one sports team. They do drills, practice game play and it is often more technically interesting than the game, however, you have to get a TV that has reception into the thousands of channels before you can even find a way to watch. Now consider the Superbowl, World Series or NBA Championships. Two teams that when playing against each other gain far more support, recognition and fan base than when they play alone.

Carpe diem,

Notes from General William J. Lennox, USMA at West Point The Art of Developing Leaders Seminar

1. The history of West Point is a history of leadership.
2. West Point has some of the best of the best of America’s youth.
3. Leadership at West Point is a part of the culture.
4. We have an honor code. 
5. We celebrate our past leaders.  Our job is to lead leaders. 
6. Leadership is much more than role or position. 
7. Leaders accomplish the mission, take care of their people, and uphold their values.

In your organization what are you doing to build a legacy of leadership?

What are some ways you can insure that the best of the best want to work with you?  How do you improve them when they join?  List four steps you could take to improve the leaders you already have.

West Point has a leadership culture. What are some ways you can develop a leadership culture in your organization?

List the honor code of your organization.  Do you and your co-workers know it and follow it?

What do you do in your organization to honor the leaders that have gone before?  List four things you can do to honor and celebrate past leaders.

How can you teach leadership to your leaders far beyond role or responsibility?

Carpe diem,

Questions to ask yourself regarding important details and information

• I use a graphically great company logo or name.
• My toll-free and toll phone numbers and fax number are on each page.
• A copyright notice is on each page.
• The title matches each HTML page.
• I provide the city and state where you are located
• The “last updated” date is included on the home page and selected pages.
• I’ve got a professional photo of myself on my site so people can relate to me.
• I have included an FAQ section.
• Each page has a consistent look and feel.
• I have meta tags on each page, not just the home page.
• I’ve had someone read my site and help me remove all jargon.

Questions to ask yourself regarding basic content

• I explain who I am and what makes me special.
• I explain the services I offer and how they work.
• I clearly state how much my services benefit the reader.
• I have a list of solutions that will appeal to most of my visitors.
• I describe at least three benefits to  people who use my service.
• I offer several things or services for free at my site to get people started.
• I have a page containing links that might interest the visitor.
• The site is organized around what’s important to the visitor, not just what’s important to me.
• I explain who visits my site and what I can do for them.

Carpe diem,

I get dozens of vendor calls a week and will confess that I use voice mail as a screen to prioritize my time and response.  In today’s marketplace, I can bet you have already seen the size of your pipeline grow and the need to spend more time in follow-up is taking more of your schedule.  When doing follow-up with new prospects or leads leaving a message is a risk – If you do, create a message that will get a response.

If you leave a message, here’s a collection of tips to get return calls:

1. Leave your first name, company and number only in a businesslike manner – it seems calls are returned in reverse proportion to the amount of information left.
2. Be funny – Clean wit will get a response.
3. Be indirect – “I was going to mail you confidential information and I want to make sure I have the correct address.”
4. Offer fun – “I have two tickets to tonight’s game and thought you might be interested.”
5. Remind them of where you first met them and that it was a positive meeting.
6. Dangle the carrot – leave just enough information to entice a call-back.
7. Ask a thought-provoking question.
8. Cut off your message mid-sentence right before you get to the good part.

Most importantly, when leaving a message ask yourself – would I return this call?  If you hesitate in your answer change the message. 

Carpe diem,

Secrets to Successful Branding – The Law of the Generic

If, we, as the real estate community really understood the concept of branding and its importance, we would save a fortune by cutting the misplaced dollars we are spending in the name of “getting their name out there.”

Most of us are re-treads – people who fell into this business and came from some other background. In 15 years of asking, I’ve only found one person who grew up wanting to be a real estate agent (and she is no longer in the business). I can’t tell you how many people I’ve interviewed as a Broker that said the reason they wanted to be an agent was because they liked houses and people. If that is the sole reason they are here my advice to them has been – “Don’t get started in this business because in 6 months you will hate them both.”

Those that make it in this industry in today’s world are those that approach it with an amount of business prowess. Unfortunately, that isn’t taught in the “learn everything you need to know to become successful in real estate in two weeks” class. So, we throw the newbies to the vultures (vendors who sell BS products that do nothing but line the pockets of the vendors and serve as filler our nation’s dumps). We let them sling mud on a wall and see what sticks and hope against hope that they will be one of the very few fortunate ones who will survive the first three years.

Over time, those that emerge as mega agents realize that to truly win in this you must realize that it is a business not a career (and there is a major difference) and start learning how to become the “RainMaker.” Although we have dozens of proprietary campaigns to generate more leads, from time to time, we need to strip back to the basics and dive into the philosophy to align ourselves with the right thinking to launch our business to the next level. This week, it’s all about how to brand effectively so that you may maximize your ROI in any marketing or advertising program your engage in. From Al Ries, a master of marketing and branding in the retail sector, we take the lessons and apply the fundamentals to our real estate businesses.

One Secret in Branding is the Law of the Generic

One of the fastest routes to failure is giving a brand a generic name. The generic is forgettable and will be attributed to something or someone else. You are much better off creating a word for a brand than using the generic – think Google.com vs. SearchEngine.com or Amazon.com vs. Books.com or Redfin.com vs. WebsiteBasedRealEstateCompany.com

In the world of real estate, our default brand of old is our high school headshot picture. We slap it on everything we do because someone back in 1985 told us that was the ultimate expression of personal promotion. Although, your picture does allow you to be unique (and unique used in this way is better for some vs. others) it also is inherently problematic as a brand.

I live in an area that has a predominate luxury agent. She has a large team and she has used her picture in almost every conceivable place over the years. I remember distinctly the day I got to meet her at one of her palace listings almost 15 years ago. As she greeted the agents who graced her broker open and introduced herself, I did not recognize her. In fact, I thought that she was in distinct danger of failing prey to a lawsuit over false advertising. All these years later, she still uses the same picture (that was heavily re-touched 20 years ago – and the years between now and then have been less than kind). She is handcuffed to that picture; if she changes it her brand will de-stabilize her brand and if she doesn’t she will be increasingly held as dishonest. Either way she loses. Establish your brand and logo with longevity in mind. 

Carpe diem,

Notes from Executive Panel: Leadership Lessons from the Front Lines Seminar

Steven S. Reinemund- Chairman and CEO, PepsiCo

Michael Duke- President and CEO, Wal-Mart Stores, USA

Thomas Chapman- Chairman and CEO, Equifax, Inc.

Eric Pillmore- Sr. VP Corporate Governance, Tyco Int.

1. Leadership starts with character, a moral compass. 
2. A leader must care about their people and be able to create a vision and a strategy. 
3. Organizations must provide an environment for their leaders to grow. 
4. Balance is important to maintaining leaders. 
5. Creativity and innovation are keys to continued success. 
6. Measurement is important; ownership is vital to leadership. 

How can you measure the character of your leaders?  What are some ways you can improve your organizational environment to better grow leaders?  List five specific actions you can take.

What actions do you take to allow co-workers to have balance in their lives?  List two ways you could improve balance in your own life.

Do you feel your company is creative and innovative?  What are three things you can do to improve innovation?

Measurement is important.  List the three measures you have of leadership in your organization.  How could your measurement be improved?

How is ownership created and maintained in your organization?  What steps can you do to improve ownership and accountability?

Carpe diem,

I am not much for poetry. I guess it’s my “bottom line” nature that appreciates quotes (they are small and concise) versus beautiful prose. But I was stuck by the following – I have heard it attributed to a number for sources, ranging from Nelson Mandela to Bono. To the best of my ability, I have traced it back to Marianne Williamson from her book A Return to Love. I hope enjoy!

Our deepest fear is not that we are inadequate.
Our deepest fear is that we are powerful beyond measure!
It is our Light, not our darkness, that frightens us.
We ask ourselves, who am I to be brilliant, gorgeous, talented and fabulous?
Actually, who are you not to be? You are a child of God.
Your playing small doesn’t serve the world.There’s nothing enlightened about shrinking
so that other people won’t feel insecure around you.
We are born to make manifest the Glory of God that is within us.
It’s not just in some of us. It’s in everyone.
And as we let our own Light shine,
We unconsciously give other people permission to do the same.
As we are liberated from our fears,
Our presence automatically liberates others.

Carpe diem,

You can also click on one of the following links to have the mastery coaching blog with helpful life and business tidbits geared to real estate’s elite delivered to your computer,

To subscribe to the mastery coaching blog via email

To subscribe to the mastery coaching blog via RSS reader