Christopher Shearer

Christopher Shearer

Christopher Shearer here, the best way to increase your business is by mastering the art of networking. Nobody understands this concept better than Dr. Ivan Misner. Dr. Misner is the founder of BNI or Business Network Int'l., the world's largest networking and referral organization. BNI has over 5,291 chapters with 111,733 members in 42 countries worldwide. In 2008 alone, the organization generated over 5.6 million referrals, translating into over $2.3 billion in business.

When it comes to the art of networking as a means to build your business, Dr. Misner has identified five key strategies. Let's examine two of Dr. Misner's recommended tactics:

1 - Diversify Your Networks

It's no secret, you're not going to meet people by being a "cave-dweller" who sits behind a desk all day. In other words, a good business person puts themselves out into the community. Misner takes the concept one step further by recommending that professionals diversify the groups they associate with. He suggests that individuals select at least three different groups to pursue, since networking with just one group is the business equivalent of putting all of your eggs in one basket.

Good examples of organizations to network with include local chambers of commerce, Rotary and Lions Clubs, country clubs, churches, temples and schools. Misner says that even though some of these groups aren't known for business networking, trusted relationships are built a d referrals do take place. As long as you properly honor the event you're attending, there is no harm in networking.

Dr. Misner goes on to say that a good networker is someone who wants to help people. Referral opportunities arise every day, but in order to recognize them we must first learn the language of referrals. These opportunities begin with phrases such as, "I need", "I don't know", or "I can't". In order to be prepared for such events, it's a good idea to carry a business card file containing your favorite referral contacts and pass a card along in an appropriate situation. Another idea is to write the referral contact's name on the back your card and have the recipient email you for the contact information. Most importantly, teach your referral partners to do the same for you.

2 - Develop Your Contact Spheres

A "contact sphere" is a group of professionals who work in non-competitive businesses which could potentially lead to symbiotic relationships. As an example, a loan officer's sphere would include real estate agents, financial planners, CPAs, insurance agents, landscapers, handymen, etc. Citing his philosophy of "breadth versus depth", Dr. Misner emphasizes that sheer numbers are not nearly as important as the quality of relationships within one's sphere. He points out that strengthening these bonds is about more than simply referring business. It's about your ability to help someone however you can, which may be through the offering of advice or the sharing of ideas. Just remember the "Law of Reciprocity". What you contribute to others will eventually come back to you.

Dr. Misner has found that this step is the one that's overlooked most often when networking, and it may also be the one which does your business the most good. He is very careful to point out that he is not recommending a payoff in any way. Actually, his research has shown that one of the best things you can do when someone refers an individual your way is to send them a hand-written thank you note. It costs almost nothing, takes very little time, and is so personal and genuine that it helps to keep the referrals coming.

3 - Acknowledge Those Who Refer Others Your Way

Networking techniques and protocols differ from group to group. What may be appropriate at a local chamber meeting differs from what would be suitable when networking through an online organization. One humorous example Misner cites is that you would never randomly hand out business cards in the middle of a wedding. It's important to understand the boundaries specific to a group and most importantly, always honor events appropriately.

4 - Learn the Techniques that are Appropriate to Your Networking Groups

Another piece of advice Misner offers is that when you're participating in groups known for being strong contact networks, it's important to use what he calls the LCD, or lowest common denominator technique. In other words, talk about your business in terms of one specific idea or facet per meeting. He states that the more specific you are, the more likely it is that someone will remember the details of your conversation, giving you the best chance of obtaining a referral.

Cultivating relationships takes time and consistent nurturing. It used to be that professionals would attend networking events with the idea that whoever collected the most business cards by the end of the night "won". In order to succeed in business today, it's important to develop quality relationships where you're constantly bringing value to those around you. Not only will this create good will and repeat business, it will also encourage referral partners and clients alike to share their good experiences with others and refer them your way.

5 - Networking is about "Farming" not "Hunting"

I hope you enjoyed Dr. Ivan Misner's 5 strategies for increasing your business through networking. I hope that helps give you some new ideas. May God bless you and best of luck in all of your endevours.

Christopher Shearer

Christopher Shearer

Making Dreams a Reality

Shaping Your World by Thought

There's no end to the number of motivational speakers and self-help "gurus" who make a name for themselves by re-hashing old ideas. But there is truth to these ideas, and I especially wanted to share one of the ideas from the great-grandfather of self-help, James Allen.

Allen's treatise, As A Man Thinketh, was first published at the turn of the twentieth century. His central notion is that our thoughts are under our control, and that they in turn determine our emotions, our health, and even our circumstances.

"Circumstance does not make the man; it reveals him to himself. No such conditions can exist as descending into vice and its attendant sufferings apart from vicious inclinations, or ascending into virtue and its pure happiness without the continued cultivation of virtuous aspirations "And you, too, youthful reader, will realize the Vision (not the idle wish) of your heart, be it base or beautiful, or a mixture of both, for you will always gravitate toward that which you secretly most love. Into your hands will be placed the exact results of your own thoughts; you will receive that which you earn, no more, no less. Whatever your present environment may be, you will fall, remain, or rise with your thoughts, your Vision, your Ideal. You will become as small as your controlling desire; as great as your dominant aspiration."

This goes hand-in-hand with Henry Ford's wise saying, "Whether you think you can or whether you think you can't - you are right." And there is no end to the number of sources that make the same claim - that by dedicated thought and action, you can achieve anything.

Movies like "Rudy" and "Miracle" show us the true stories of sports legends who made their dreams come true. "Homeless to Harvard" details the true story of Liz Murray, who went from living on the streets to getting a scholarship to Harvard. "October Sky" follows Homer Hickam's ascent from poor boy in a West Virginia mining town to NASA engineer.

I'm grateful for inspirational films and books that remind me of the unlimited potential each of us shares. I hope you'll continue to mentally construct the world you want to live in, and the successes you want to see.

May God Guide and bless your day!

Christopher Shearer

Make Them an Offer They Can't Refuse

Setting Salaries and Bonuses for Your Assistants

A good assistant can make all the difference in business. It can be the difference between doing fine and doing great, between breaking even and being profitable. So what's the best way to get (and keep) someone good? Make sure they're well compensated. Here are a few tips to make sure that the good ones stick around and stay properly motivated:

Pay good money for good people.

According to Payscale.com, the median salary for an administrative assistant is in the mid $30,000s, and the median salary for an executive assistant is in the mid $40,000s to low $50,000s. That pay is for those who do a median job. Better performers could get paid five to ten thousand dollars more - even higher, depending on the cost of living in your area. Always err on the side of overpaying, assuming you can afford it.

Use a combination of salaries and bonuses.

If you set all compensation in terms of salary, when the economy takes a downturn, you'll either have to cut back on salaries (not fun news to break) or lay people off (even worse). Providing good salaries supplemented with bonuses that reflect profit gives you more flexibility.

Get everyone focused on the same goal: profit.

One way to do that is to calculate the profit left after all overhead and expenses are paid, then put a set percentage of that into a bonus pool. That way, when there's a good month for the office, it's a good month for the assistants, too.

It's called a bonus, so keep it a bonus.

How you structure your bonuses can make all the difference. If assistants get a fixed commission based on a certain achievement (i.e., $75 for each loan filed in a broker's office), that quickly becomes just like salary. Better to keep some latitude for subjective value.

From that bonus pool mentioned above, you, the boss, should get to decide who gets what amount. If someone was key in facilitating an important transaction, or someone went the extra mile during a crunch, they should get the reward. It doesn't have to wait till the end of the month, either. A surprise $100 dropped on someone's desk can really make someone's day. Wouldn't it make yours? With the right compensation, you'll keep your assistants motivated, content, and productive. And productive assistants make for profitable offices.

Christopher Shearer

It may be true that knowledge is power, but knowledge without action is not very powerful at all. In fact, it is very common to see talent wasted because no action is taken to produce results. The following are a few tips for taking action, which is perhaps the single biggest key to success, in business and in life.

Don't over-analyze tasks.

Sure you need to think things through, but you can over-think them too. If you worry too much about getting it perfect before implementation, you can lose momentum, lose your window of opportunity, or worst of all...never do it at all.

A good strategy is to be sure your idea is ethical and legal. Then, if you think your chances of success are at least 70%, implement your idea. Successful people tend to make decisions quickly and change them slowly, where many unsuccessful people make decisions slowly and change them quickly. Be a part of the first group and implement your ideas.

Break a large project in to bite-size pieces - your action steps.

If a project or plan that you know will improve your business just seems too large or overwhelming, break the plan down into manageable steps. Determine what action needs to be taken first, then go ahead and do it. After all, how do you eat an elephant? One bite at a time. And the same concept should apply for large projects.

Don't procrastinate.

Easier said than done, right? But the truth is, the longer you wait to do something, the less the chance you will ever do it. Rather than putting it on your endless list of "to-dos," do it right away - right now if possible.

You will impress your clients - they will love it! Don't you love it when you are the customer and you get service right away? You may even impress yourself and start getting into the habit of "doing it right now."

Believe in yourself and the power of taking action.

Did you ever think of a great idea at night, only to talk yourself out of it in the morning? Worse yet, have others talked you out of it, ultimately denying you your dream? Believe in yourself...take chances...go for it. Sometimes we spend so much time thinking about the task that it becomes daunting.

Don't think about it. Go ahead and get started. Just do it!

It doesn't matter how many great ideas you hear or see. It doesn't matter how many great plans you come up with for yourself, your business, or your life. What matters is how many of these ideas, plans and dreams you actually put into action and make a reality. Do you have something that's been on your to-do list for months? Do you have a great idea you've been kicking around? Do you know the next push you need to move forward in your career or your life? Grab it right now - don't wait another day. Take a step, make a decision, put your plans into motion and enjoy the rewarding feeling of having taken action!

Give me a call. Let's take action to increase our production and grow our businesses.

Christopher Shearer

OFHEO FAQs

What is OFHEO's mission?
OFHEO's mission is to promote housing and a strong national housing finance system by ensuring the safety and soundness of Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation).

How is oversight of Fannie Mae and Freddie Mac divided between OFHEO and HUD?
The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 created a regulatory oversight structure for the housing government-sponsored enterprises of Fannie Mae and Freddie Mac. The regulatory oversight was divided to address two functions - their financial safety and soundness and their affordable housing mission. The financial safety and soundness regulation is vested in the Office of Federal Housing Enterprise Oversight (OFHEO). OFHEO implements, monitors and enforces capital standards for Freddie Mac and Fannie Mae.

The U.S. Department of Housing and Urban Development (HUD) carries the oversight responsibilities for the housing mission of the GSEs. Effective January 1, 2005, HUD established new and increasing affordable housing goal levels for the GSEs for the years 2005 through 2008. These goals require that a certain percentage of the mortgages purchased by Fannie Mae and Freddie Mac support financing for housing low - and moderate - income families. (see HUD for more information at: http://www.hud.gov/offices/hsg/gse/gse.cfm and the HUD User site at: http://www.huduser.org/datasets/gse.html)

What is the current conforming loan limit?
Fannie Mae and Freddie Mac's loan limits adjust every year in accordance with the results -- as determined by Office of Federal Housing Enterprise Oversight (OFHEO) -- of a national survey of average home prices. The conforming loan limits adjustments are based on the October-to-October changes in the average price of a one-family home, as published by the Federal Housing Finance Board (FHFB). See OFHEO page on conforming loan limits for more information.

What is the OFHEO House Price Index (HPI)?
See the House Price Index page for information on the House Price Index.

How do I calculate the value of my home using OFHEO's House Price Index?
You can estimate the current value of your home using OFHEO's HPI calculator. You can also use the downloadable HPI index data to estimate appreciation rates to then calculate your home's estimated value.

Where can I get a copy of the Report of Special Examination of Fannie Mae or Freddie Mac?
Go to Special Examination Report page on OFHEO.gov.

Where can I get the latest data on Fannie Mae? Freddie Mac?
For data compiled by OFHEO see OFHEO page on Research and Analysis.
For information from Fannie Mae or Freddie Mac see their respective websites.

I have a problem with my lender. Can OFHEO help?
No. OFHEO is the safety and soundness regulator of Fannie Mae and Freddie Mac. Although your home loan may be sold to Fannie Mae or Freddie Mac OFHEO does not handle issues regarding your lender.

I am in foreclosure and need information on my loan. What can OFHEO do?
OFHEO does not provide information on individual loans. More information is available from the Department of Housing and Urban Development at http://www.hud.gov/foreclosure/.

I have a question regarding my closing costs on my house, who should I contact at OFHEO?
OFHEO does not provide information on closing costs. The Real Estate Settlement Procedures Act (RESPA) requires lenders to give you information on all closing costs and escrow account practices. Any business relationships between the lender and closing service providers or other parties to the transaction must also be disclosed. More information is available from the Federal Trade Commission, the Federal Reserve Board, and the Department of Housing and Urban Development.


How do I contact Fannie Mae and/or Freddie Mac?
Fannie Mae Resource Center at 1-800-732-6643 or via email at: http://www.fanniemae.com/contact/index.jhtml?p=Contact+Us

Freddie Mac 1-800-FREDDIE or via email at: http://www.freddiemac.com/corporate/about/contactus.htm

What are the Fannie Mae and Freddie Mac Mortgage Fraud Contact Numbers?
FANNIE MAE CONSUMER RESOURCE CENTER 1-800-7 FANNIE
FREDDIE MAC FRAUD HOTLINE 800-437-2838 or 800-4 FRAUD 8

Where can I report suspected mortgage fraud?
See the mortgage fraud page on OFHEO.gov for more information.

Who do I contact to complain about business practices of the GSEs?
See the Contact OFHEO page.