Luxury Clues

Hitting Your Real Estate Income Goals in 2010

2009-12-14T08:14:00-08:00

Have you set your income goals for 2010? Given the challenges in today's market, to hit your real estate production goals for 2010 will take more than just persistence and self-discipline. To "go the distance," you need a workable strategy to keep you on track throughout the year.

If you did not hit your production goals for 2009, did you write down your goals? Lack of written goals is one of the most common reasons agents fail to hit their production goals. If you are wondering what you need to do to hit the goals you set for 2010, you will need persistence, self-discipline,as well as a written workable plan with clear-cut priorities based upon solid business principles, the most important of which is profitability. To increase the probability of "going the distance" in 2010, evaluate your business in each of the following areas.

People who achieve their goals usually do so because they make achieving those goals their top priority. The key here is identifying your top 3 priorities and then making them the cornerstones in building your business for 2010. To determine your top three business priorities, identify the three sources of business that were the most profitable for you in 2009. For example, if most of your sales came from your referral database, your geographical farm, and expired listings, make these three activities your primary focus in 2010. Don't worry about holding open house or taking floor time if these activities weren't as profitable. It's much easier to expand what's successful in your business as opposed to building what's weak. Make expanding the profitable portions of your business your number one priority for 2010.
Procrastination is a primary reason people don't achieve goals. Each time we procrastinate about doing something, it becomes that much more difficult to complete. Thus, tackle your three highest priority goals immediately. Any amount of delay greatly increases the amount of energy and effort it will take to achieve the goals. This also holds true for your daily activities as well. You may hate calling on owners of expired listings, but if it's one of your three most profitable activities, do it first and get it out of the way.
Many people set goals yet have no plan for achieving them. American business is an excellent point in case. 90% of all businesses do NOT have a business plan and consequently, most of these businesses fail. If you want to achieve a goal, outline a specific strategy for achieving the goal on paper and then stick to your plan. This means if your business plan is to contact 25 people per day and you've only contacted 25 this week, you need to do whatever it takes to hit the number you've set. If your plan is not working, identify the elements of the plan that do work and revise what doesn't work.
Some people only achieve their goals when the people in their lives support them to do so. Others achieve goals just to "show" the nay-sayers they can. Regardless of which type you are, take advantage of the support (or the lack of support) to help motivate yourself to achieve the goals you set. In either case, you must tell someone else what your goals are as well as the timetable in which you hope to achieve them. Working with a business coach is a great way to do this.
Our emotions can help us to achieve a goal or hinder us. Some people find they are more effective in achieving goals where they have no emotional charge around achieving the goal. For others, being "charged up" is essential to their success. For example, some salespeople work very well with having a production quota each month while others become so stressed their production actually decreases. Others feel they work best under pressure and use deadlines to create emotional energy. Each person is different—identify the strategy that works for you and use it.
Each of our actions takes place in the context of our environment. For example, some people thrive in a noisy, boisterous environment while others require absolute quiet. If you find yourself consistently being distracted when you're working, change your physical environment. If the office is a distraction, work at home and vice versa. Take note of where you're most efficient and spend your time in an environment that supports your success rather than hampering it.
When we set goals based upon "shoulds," (i.e. external sources), they are extremely difficult to achieve. If a goal is truly important, achieving it will be tied to the extent to which you can bring your own internal motivation and beliefs in alignment with those from the outside. Just believing you "should" prospect is usually not enough to sustain the activity. Rather than focusing on "shoulds," identify your strengths and work on developing them. In most cases, your strengths are in alignment with your internal values while your "shoulds" are not. You're much more likely to "go the distance" based upon your strengths rather than your weaknesses.

When it comes to achieving your goals, Buckminster Fuller summed it up best when he said, "Environment is stronger than will." Set your priorities and your environment in order and you'll make your goals a sweet reality it 2010.

Posted by Bernice Ross. Looking for a great gift for someone who is in real estate or for your kids/grandkids who want to know what you do for a living? If so, get "Real Estate Dough the Game" and have more fun than ever playing! (To see how to play, click on the left tool bar to download the power point that illustrates how the game works.)

Six Strategies for Improving Your Life in 2010

2009-12-13T20:05:50-08:00

There's an old adage that says, "If you keep doing the same thing, you'll keep getting the same results." If you would like to make some small changes that can produce big results in your life, try any (or all) of the six strategies below.

1. Since the people around us are a "mirror" of who we are, surround yourself with people who are happy, well adjusted, and whose lives you admire. Make your decision not upon their physical possessions, but on what they have "on the inside" that is of value. Surrounding yourself with miserable, unhappy, complaining people only makes your life miserable as well.

2. Create more space in your life by eliminating at least one small thing each day that drains your energy. For example, sew on that missing button, throw out the old magazines you've been meaning to read, clean your closet, etc. Remember, before something better can come into your life, you have to create the space for it. Or putting it a little differently, if there's a old clunker in your garage that doesn't run, you've got no room for a shiny new car. Clean your closet, clean your garage--it makes no difference where you start.

3. As you create more space in your life, make sure you have clarity about what you want to "attract." A simple way to do this is to identify the two most important things you would like to add to your life if you had the time and space. For example, if you would like to have more recreational time with your family, write down the specific details of what you would do. Would you spend more time playing with your children? Would you be at home, at a park, or the beach? Would you make a picnic lunch or explore a new fun place for them to eat? Next, schedule a specific time to enjoy this activity as soon as possible. Once you've made room for this activity the first time, it's much easier to schedule in the future.

4. Make a point to do at least one special thing for yourself each day that contributes to your overall happiness and well being. Whether it's taking 30 minutes to meditate, read, take a long relaxing bath, etc., nourishing yourself is necessary before you can "nourish" others.

5. Take at least five minutes each day to write down or just mentally "say thanks" for what is really working in your life. As one coach put it so well, "How can I ask God for more if I don't appreciate what I already have?"

6. Be willing to share with others. Take a penny and hold it tightly in your fist. Is there any room for "new money" in your tightly clenched fist? Now open your fist and drop the penny. There's plenty of room for more, isn't there? The point is, if want to have more in your life, be willing to give to others. If finances are a challenge, be willing to volunteer in your community, give an elderly person a much needed ride, etc. What we give to others, whether it's positive or negative, is always returned with interest.

Posted by Bernice Ross--Happy Holidays!

Hot Green, Luxury, and Other Gift Ideas for 2009

2009-12-07T21:03:25-08:00

It's the holidays and time for gift giving. Keeping with tradition for this blog, here are some outrageous, over-the-top gifts, as well as some great ideas for those with a more limited budget.

1. The folks over at Squidoo have compiled a list of the best "green" gift ideas, the best "luxury gift ideas," plus a host of other "best" gift ideas for people of every age and every pocketbook.

2. Nook or Kindle? For those of us who are bookworms, the Nook is the newest attempt from Barnes and Noble to compete with Kindle. It's slightly smaller than the Kindle, although it weighs more. The Kindle has a traditional keyboard and can surf the web. The Nook relies on a touch screen and does not have web surfing capability. Kindle is on the Sprint Network, the Nook is on AT&T. What captured my attention, however, was that the Nook allows me to highlight key parts of books, it then compiles them, and I can download them on my computer. You can't do this with Kindle. I can also read books purchased from B&N on my iPhone. There are over 500,000 e-books on the Nook and 1,000,000 titles. You can also share books with other Nook users. (If you have tested both, I would love to hear your feedback.)

3. Give the Gift of a Memory. One of the most wonderful gifts you can share is your special memories. For example, for your parents or grandparents, write down your very favorite memories of the time you spent with them. Share what made you laugh, what made you mad, and the things they did that you will tell your children or grandchildren. For your spouse or partner, write down your memories of when you met, the anxieties you may have had about whether that person would fall in love with you, plus as many of the special times that you can recall. If you have small children or grandchildren, help them make memories. Have them help you with the holiday baking, picking out gifts, or going to a very grown-up lunch or dinner where they can be the center of attention.

4. And in keeping with our tradition at LuxuryClues--the Victoria Secret's 2009 Fantasy bra. (The price, in line with the challenging economic times--down from $12.5 million in previous years to a mere $3 million this year.)

Happy Gift Giving!

Posted by Bernice Ross, www.RealEstateCoach.com, the Place You Go to Make Real Estate Dough(R)

Making Wishes Come True

2009-12-05T10:56:06-08:00

This is a true story that first appeared in Chicken Soup for the Soul. "Billy," who's real name was "Bospy Salazar" was the first child to have his wish granted from the "Make a Wish Foundation." For additional information on these events including a picture of the real Billy visit Snopes. Here's the story:

In Phoenix, a 26-year-old mother stared down at her 6 year old son, who was dying of terminal leukemia. Although her heart was filled with sadness, she also had a strong feeling of determination. Like any parent, she wanted her son to grow up and fulfill all his dreams. Now that was no longer possible…the leukemia would see to that. But she still wanted her son's dream to come true.

She took her son' s hand and asked, 'Billy, did you ever think about what you wanted to be once you grew up? Did you ever dream and wish what you would do with your life?'

Mommy, “I always wanted to be a fireman when I grew up.”

Mom smiled back and said, “Let's see if we can make your wish come true.”

Later that day she went to her local fire Department in Phoenix, where she met Fireman Bob, who had a heart as big as Phoenix.

She explained her son's final wish and asked if it might be possible to give her 6 year-old son a ride around the block on a fire engine.

Fireman Bob said, 'Look, we can do better than that. If you'll have your son ready at seven o'clock Wednesday morning, we'll make him an honorary Fireman for the whole day. He can come down to the fire station, eat with us, go out on all the fire calls, the whole nine yards!

And if you'll give us his sizes, we'll get a real fire uniform for him, with a real fire hat - not a toy - one-with the emblem of the Phoenix Fire Department on it, and a yellow slicker like we wear and rubber boots.'

"They're all manufactured right here in Phoenix, so we can get them fast."

Three days later Fireman Bob picked up Billy, dressed him in his uniform and escorted him from his hospital bed to the waiting hook and ladder truck.

Billy got to sit on the back of the truck and help steer it back to the fire station. He was in heaven. There were three fire calls in Phoenix that day and Billy got to go out on all three calls.

He rode in the different fire engines, the Paramedic's' van, and even the fire chief's car.

He was also videotaped for the local news program.

Having his dream come true, with all the love and attention that was lavished upon him, so deeply touched Billy, that he lived three months longer than any doctor thought possible.

One night all of his vital signs began to drop dramatically and the head nurse, who believed in the hospice concept - that no one should die alone, began to call the family members to the hospital. Then she remembered the day Billy had spent as a Fireman, so she called the Fire Chief and asked if it would be possible to send a fireman in uniform to the hospital to be with Billy as he made his transition.

The chief replied, “We can do better than that. We'll be there in five minutes.. Will you please do me a favor?”

When you hear the sirens screaming and see the lights flashing, will you announce over the PA system that there is not a fire?'

“It's the department coming to see one of its finest members one more time. And will you open the window to his room?”

About five minutes later a hook and ladder truck arrived at the hospital and extended its ladder up to Billy's third floor open window---16 fire-fighters climbed up the ladder into Billy's room. With his mother's permission, they hugged him and held him and told him how much they loved him. With His dying breath, Billy looked up at the fire chief and said,

“Chief, am I really a fireman now?”

“Billy, you are,” the chief said.

With those words, Billy smiled and closed his eyes one last time.

Happy holidays!

Posted by Bernice Ross

Making Wishes Come True

2009-12-05T10:52:27-08:00

fulfill all his dreams. Now that was no longer possible…the leukemia would see to that. But she still wanted her son's dream to come true.

She took her son' s hand and asked, 'Billy, did you ever think about what you wanted

to be once you grew up? Did you ever dream and wish what you would do with your life?'

Mommy, “I always wanted to be a fireman when I grew up.”

Mom smiled back and said, “Let's see if we can make your wish come true.”

Later that day she went to her local fire Department in Phoenix, where she met Fireman Bob, who had a heart as big as .

She explained her son's final wish and asked if it might be possible to give her 6 year-old son a ride around the block on a fire engine.

"They're all manufactured right here in Phoenix, so we can get them fast."

Three days later Fireman Bob picked up Billy, dressed him in his uniform and escorted him from his hospital bed to the waiting hook and ladder truck.

Billy got to sit on the back of the truck and help steer it back to the fire station. He was in heaven. There were three fire calls in Phoenix that day and Billy got to go out on all three calls.

He rode in the different fire engines, the Paramedic's' van, and even the fire chief's car.

He was also videotaped for the local news program.

Having his dream come true, with all the love and attention that was lavished upon him, so deeply touched Billy, that he lived three months longer than any doctor thought possible.

The chief replied, “We can do better than that. We'll be there in five minutes.. Will you please do me a favor?”

When you hear the sirens screaming and see the lights flashing, will you announce over the PA system that there is not a fire?'

“It's the department coming to see one of its finest members one more time. And will you open the window to his room?”

“Chief, am I really a fireman now?”

“Billy, you are,” the chief said.

With those words, Billy smiled and closed his eyes one last time.

Happy holidays!

Posted by Bernice Ross

Five Web 2.0 Tools to Dominate the Competition on Listing Appointments

2009-12-02T13:27:58-08:00

Do you know how to weave Web 2.0 tools into your listing appointments so you can earn a full commission and get your listings at the right price? If not, here's a simple approach.

1. Create your own personal Unique Selling Proposition that uses tools that your competitors probably don't have or don't discuss.

2. Offer these five tools as part of your premium marketing plan. My personal recommendations

a. UnitedLane.com's 3D Open House technology

b. Post at least 20+ pictures on your website.

c. Create a separate website for each of your listings using the property address, city, and zip code in the URL.

d. Use the Point2 listing syndication service to send your listings to over 40 major listing portals.

e. Post your 60-90 second video tours on TubeMogul.com to reach 15 major video portals including YouTube, Vimeo, Google, and Yahoo video.

3. If the seller asks you to discount, explain you only work with sellers who want to get the highest possible price for their property using the best technology tools available.

Need help with this? If so, sign up for our free webinar sponsored by United Lane on Monday, December 7, 2009 at 11:00 AM Eastern, 10 am Central, 9 am Mountain, and 8:00 am Pacific. I'll take you through each step in this process including the dialogues and language you need to use to dominate your competition in 2010.

https://www2.gotomeeting.com/register/833048299

Posted by Bernice Ross, www.RealEstateCoach.com, The Place You Go to Make Real Estate Dough(R)!

What Do Nicolas Cage, Aretha Franklin, Jose Canseco, and Victoria Gotti Have in Common

2009-12-01T21:25:54-08:00

If you haven't figured it out, each one of these celebrities has faced foreclosure on their homes.

Victoria Gotti lost her home in May to foreclosure. So did the Queen of Soul, Aretha Franklin and baseball star, Jose Canseco.

While Nicolas Cage owns homes all over the world, his two homes in New Orleans were also turned back to the bank according to Luxist. What's interesting about the Luxist post is the following comment: "The bank is free to go after Hancock Park Real Estate Company, Cage's real estate holding company, for the other $1 million and can also try to sell the homes at market value to raise the money."

If you're working with luxury foreclosures, this is an important point to note. When people own more than one home multi-million dollar home, there is normally language in the loan documents that allows the lender to go after the owner's other assets if he or she defaults. Unlike most primary residences where the lender's only recourse is to take back the property, in the luxury market, there's a good chance the lender can obtain liens against the owner’s other personal assets. If one of your luxury clients is considering a short sale or is facing foreclosure, please advise them to speak to their attorney and/or tax advisor about the potential ramifications of the sale on their other assets.

Posted by Bernice Ross, CEO, RealEstateCoach.com, the Place You Go to Make Real Estate Dough!

A look at San Francisco's Most Prestigious New SOMA Address

2009-11-22T16:43:15-08:00

After the NAR conference, I had a chance to fly up and have dinner with Tim Murray of Alain Pinel. (If you're not familiar with the Bay Area, Alain Pinel is the largest independent residential real estate firm in California with 30 offices and over 1,300 sales associates serving 10 San Francisco Bay Area counties.) Tim has a long history in San Francisco real estate including selling units in most of the major highrises over the last 20 years. He was kind enough to arrange a private tour for me of the beautiful Millennium high rise, South of Market. The "SOMA" area is in the process of becoming re-gentrified. Its proximity to the Bay Bridge means it has spectacular views a well as being close to the city’s Financial District. The development is 60 stories and has over 400 condominiums making it the fourth largest condo project in the city.

On the one of the top floors, four of the prime units range from $3.5 to $5.5 million and were decorated by a number of San Francisco’s leading designers. One of the units had headboards from IKEA covered in faux jewels. In the same room was a “lace chair” that retails for $65,000. The condos are in regular use for charitable fund raising events almost every night.

The Millennium is a city on to itself. There is a large saltwater indoor pool, top of the line workout facilities, private restaurant, plus a theater residents can use to entertain their guests. Click here to see the interiors.

Posted by Bernice Ross, Do you want to make more "dough" from your real estate business? Then get Bernice's best selling book, Real Estate Dough, Your Recipe for Real Estate Success.

Seven Real Estate Negotiation Tips Every Real Estate Agent Should Know

2009-11-21T19:56:38-08:00

Negotiation will make or break your business in 2010. Here are seven negotiation tips that every real estate agent should know.

1. Trust is paramount: How do you establish trust in a negotiation situation? There are three key steps. Listen, ask questions, and let the clients be in control of the process. Outline their options (including not accepting the offer) and allow them to decide which option is best for them.

2. Give and take: Some negotiators constantly grind the other party to obtain concessions. To break this pattern, when you make a concession ask, “If we do that for you, what are you willing to do for us?” If you allow the other party to come up with a concession, it may be better than what you would have proposed.

3.Give-to-get: This is the opposite of “give and take." In give-to-get, you offer to give something first in order to get something back. For example, if negotiations are at an impasse, you can restart the negotiation by making a new concession. For example, you could say, “We could move up the closing date. Is there something you could give us in exchange?”

4. Shut up and sell: There's an old sales adage that says, "The first one who speaks loses." Most Americans are uncomfortable with silence and feel compelled to say something. In contrast, people from other cultures often use silence to get what they want. Be smart. Wait for your clients to make the first move.

5. Don’t accept the first “No.” This is especially true for international buyers. For example, Russians always begin a negotiation by saying "No" first. This is also true when you deal with insurance companies, the government, or any other type of bureaucracy. If they can make you go away, they cut down on their work load and their cost. Be persistent. Keep after them until they give in.

6. Don't tip your hand. While you may be tempted to jump up down with glee over a great offer, don't let on about how great you think the offer is. Instead, question some of the terms. I remember receiving one really great offer on one of my listings and another one that was $80,000 less than the first offer. My seller wanted to accept the first offer. I suggested that she counter $10,000 higher and the first set of buyers agreed.

7. Show them how little it really costs: Assume that your buyers are making an offer on a house that is listed for $150,000. The buyers and the sellers are $3,000 apart. The buyers are resisting coming up the additional $3,000. Each $1,000 of their loan amount results in an additional $6.00 per $1,000 in payments. In this case, the additional payment would be an additional $18.00 per month. Explain to the buyers that if they are able to skip one inexpensive restaurant meal per month, they will be able to get the right home with the right schools for their children.

Posted by Bernice Ross, author of the #1 Selling Book at NAR 2008, Real Estate Dough, Your Recipe for Real Estate Sales Success

How Good Are Your Luxury Real Estate Negotiation Skills?

2009-10-26T16:50:57-07:00

Negotiation is the number one skill that will make or break your real estate business. In today's tough environment, it may be time to hop in your car and see your clients face-to-face rather than using your fax machine to negotiate that offer.

There's one very clear trend that has emerged from today's market. The experienced agents who mastered face-to-face negotiation are the ones who are doing well in this difficult market. It takes a skilled negotiator to close a REO or short sale, to get reluctant buyers off the fence, or to persuade sellers to aggressively price their property before it declines further in value. Here are some of the “tried and true” negotiation strategies that are just as effective today as they were 40 years ago.

One of the most important negotiation principles is "the first one who speaks loses." The quickest way to kill a deal is for the agents to insert themselves in to the decision making process. In the area where I worked, listing agents always accompanied all buyer showings. Hundreds of times I watched listing agents kill my buyer’s interest by pointing out features that the buyer hated or suggesting lots of wonderful ways to fix up the house when the buyers would have been happy with the house in its original condition.

Sadly, we have a whole new generation of agents who have never mastered negotiation skills due to the heated seller’s market that lasted for over ten years. In fact, back at the height of the market in 2004 and 2005, I remember being shocked to hear that agents who were representing buyers in multiple offer situations were eliminating loan contingencies and physical inspections from their offers. During this strong seller’s market, listing agents and sellers didn’t want to have 5 or 10 buyers’ agents demanding that they each have an opportunity to present their respective offers face-to-face. Faxing an offer was easier than driving across town to present it. Besides, when there were so many offers, why bother wasting your time if yours wasn’t going to be accepted anyway?

I remember being in a multiple offer situation where our asking price on a property was $395,000. We had two offers. One was $320,000 and the other was $375,000. The seller was willing to take $375,000. I suggested countering at $390,000. Since the market was strong and the buyers wanted the house, there was no downside in trying a higher price. Furthermore, the buyers had no idea what the other was since we made the same counteroffer to both buyers. The buyers signed off on the $390,000 price.

There are several important lessons from this. Over the least few years, it has become acceptable to “shop” offers by disclosing what the other offers have been on the property. If I had disclosed that we had an offer $320,000, how likely would it have been for the seller to have picked up an extra $15,000 in sales price? Or if I had disclosed that we had a $375,000 purchase price, the people who offered $320,000 would have probably chosen not to write an offer.

Face-to-face skills are more important than ever? Are yours as good as they should be?

Posted by Bernice Ross. Follow me on Twitter @bross

If you need to strengthen your face-to-face negotiation skills, there is an excellent chapter on how to improve your negotiation skills in my book Real Estate Dough(R) Your Recipe for Success. The matching card game, Real Estate Dough Negotiation actually allows you to practice negotiating in a fun and stimulating real estate simulation. As one player put it, "Real Estate Dough Negotiation is more fun than Monopoly(R)!"