Communication Within a Team
by Dirk Zeller
RealtyTimes
A well-functioning team must have strong and constant communication. Communication comes in many forms including written, verbal, and both inter-office and intra-office e-mail. In order for the team to be highly efficient, communication among the members of the team needs to be tracked to keep the team members accountable for their assigned tasks. In the tracking process, both the receiver and the sender create a record of the task.
There are four keys that you and your office can use to help the flow of information throughout the office: regular staff meetings, request forms, listing out questions, and being aggressive.
You are a leader, not a manager – there is a difference.
1. Regular Staff Meetings
Daily and weekly meetings strengthen communication with your team. The focus of the daily meeting is to set priorities for staff for the day. This meeting is an opportunity for you to coach and direct the members of the team. By not having daily meetings, you are allowing your assistant and the other members to set their own priorities, which may be different from yours. To be able to set your daily priorities with your team, you need to schedule fifteen minutes daily for a meeting between you, your assistant, and the other members of the team.
One of the frustrations assistants feel is being overwhelmed with work. An assistant who does not understand what the agent’s priorities are will feel even more overwhelmed with all the tasks that need to be completed. As the lead agent, you need to help the assistant define and determine what tasks need to be completed today and for the week. If you take ten minutes a day to walk through the priorities for the day, your assistant will be able to complete items in the order in which you want them done and will accomplish the most important tasks for the day and for the week. Daily meetings can mean the difference between business success and failure.
Weekly meetings with your assistant should focus on the overall goals and functions of the office. Use this meeting to look at and evaluate all of the activities scheduled during the week. This time will also be used to review the activities of the last month and to set new priorities for the month ahead.
There should also be weekly team meetings scheduled, which all members of the team are required to attend. These weekly meetings will allow all members to debrief their activities for the week and determine priorities for next week. It is a vital component of a strong team. It allows evaluation of the completed week and an investment in the new week. It provides a time for brainstorming to determine solutions for ongoing problems. It will also enhance the team-building spirit. This meeting will give the team an opportunity to put an exclamation point at the end of a great week.
2. Request Forms
Written request forms are crucial to an effective flow of tasks in the office. The requests are passed from one person to the next person in the team. These forms will enable you and your staff to set deadlines for you and for other members of your team. This information helps to avoid the occurrence of a “cold sweat night” – a mental wake-up call at 2 a.m. which finds you sitting straight up in bed, wide awake, wondering whether a particular task was completed or not. Once this happens, it becomes very hard to get back to sleep, since you cannot get that worrisome question out of your head. Many agents are using e-mail to direct assistants. I think that is a mistake in the short run. If you have a new assistant, use paper request forms. The tangible, physical paper carries a greater impact. It also doesn’t get lost in all the other spam e-mail we get. It also gives you a chance to check and see the progress on a regular basis. You can switch to the more efficient e-mail in a few months, once you are confident of their execution.
3. Listing Out Questions
The assistant should have their questions well organized, so that they can ask the agent all of their questions at the same time. The questions should be saved up and asked once or twice per day. This allows the assistant to stay focused on the tasks that they are completing. It also helps the agent to stay focused on sales without constant interruption. One appropriate time for the assistant to ask questions is during the daily meeting.
While the assistant is compiling their questions, they should also determine one or two solutions for each of the questions. This step gives the agent an understanding that the assistant is attempting to solve problems on their own, but they want to be sure what the correct solution is. It also it gives the agent an idea of possible solutions. Even if the agent then has to reject both solutions, the process of working out possible solutions and receiving the agent’s response to them will help the assistant understand why a solution will or will not work and why the task should be done in a particular way. This procedure gives the assistant an opportunity to learn how to solve the problem, so if it arises in the future, they will be able to handle it. This technique also reduces the chance the agent will get involved or take ownership of the situation. A good assistant will not allow their Champion Agent to engage emotionally with a problem. It hampers performance, and sales will drop.
4. Be Assertive
Another part of communication is being assertive. The assistant should be up front and direct with the agent or other team members if they need something explained further or if they are missing paperwork for the file. The assistant needs to be able to say, “I need this” and not feel shy about it. Agents will sometimes be focused only on the sales aspect of the business and will not be aware of the work being done behind the scene. The assistant needs to be able to let the agent and other team members know what is needed
Published: July 31, 2009
Thomas Merical
http://www.findahomesellahomenow.com/
NORTHERN VIRGINIA—The Northern Virginia Electric Cooperative asks all of its customers to reduce their power consumption at work and home as much as practical between 2 p.m. and 6 p.m. this week. The reduction will help the Co-op avoid excessive peak-use charges and save customers money.
“The amount of power customers collectively use during the five highest peak-use hours during the year determines the ‘peak demand charge’ the Co-op pays the following year,” explains Ken Blaylock, manager, NOVEC Substation and Telecommunications department.
Blaylock says peak-use hours in summer usually occur in the afternoon when air conditioners work the hardest to cool, and in the early evening when families turn on lights, prepare dinner, wash dishes, and take showers and baths.
“If customers use less electricity on the hottest days, they will help reduce the demand charges for next year,” Blaylock states “By shaving just 10 percent of their electricity use when temperatures soar, customers could realize a collective savings of about $4.7 million,” Blaylock estimates. In 2008, the average annual cost per customer for the peak demand charge was $335.
NOVEC passes the savings onto customers through the Power Cost Adjustment Charge on their bills and through a program called CashBack.
Tips for Reducing Peak Electricity Use
For more peak-use reduction tips, visit www.novec.com/peak15.
Customers can make additional changes in their energy consumption habits to save more energy every day. These changes include:
Many more long-term energy-saving tips are available at www.novec.com/useitwisely15.
NOVEC is a not-for-profit corporation that distributes electricity and energy services to approximately 142,000 customers in Fairfax, Fauquier, Loudoun, Prince William, Stafford, and Clarke counties and the City of Manassas Park. It is one of the largest electric distribution cooperatives in the nation. For more information, visit www.novec.com or call 703-335-0500 or 1-888-335-0500.
Thomas Merical
http://www.findahomesellahomenow.com/
Market Conditions
by Realty Times Staff
The National Association of Home Builders is reporting that Nationwide housing starts and permits posted substantial gains in June as home builders responded to improved market conditions and the impending expiration of the first-time buyer tax credit. These stats comes from the U.S. Commerce Department.
"The upcoming expiration of the first-time home buyer tax credit on December 1st is encouraging some builders to get homes started now so that they can be completed in time for clients to take advantage of this attractive buying incentive," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. "However, there is still much concern about the difficulty of financing new-home production and continuing weakness in the job market."
Commerce reported a 3.6 percent gain in overall housing starts to a seasonally adjusted annual rate of 582,000 units and an 8.7 percent gain in permit issuance to 563,000 units.
"Today's report was in keeping with our forecasts for some glimmers of improvement on the single-family side in the second quarter, and also with the results of our latest builder surveys," said NAHB Chief Economist David Crowe. "Many remain very cautious, however, in the face of the severe tightening of credit for acquisition, development and construction financing and increased instances of low appraisals tied to improper use of distressed properties as comps, both of which threaten to derail a housing and economic recovery going forward."
Published: July 21, 2009
Thomas Merical
http://www.findahomesellahomenow.com/
VHDA 1ST Time Home Buyer – Tax Credit Plus Program
· This loan has a built-in second mortgage to help cover the down payment and closing costs, with zero interest and no payments for the first 12 months.
· The recent economic recovery legislation has created a tax credit incentive of up to $8,000 for first-time home-buyers. VHDA’s Homebuyer Tax Credit Plus loan lets borrowers take advantage of the federal First-time Homebuyer Tax Credit to finance the down payment and closings.
Choose the preferred payment plan:
· Pay off the second mortgage-Build equity in your home.
· Pay off the second mortgage over 29 years-Save the tax credit for a rainy day, home improvements or help pay existing debt.
· make payments on the principal of the second mortgage before the repayment period begins; this will reduce the required monthly payments for the remaining 29 years on the second mortgage.
Program Features:
· Affordable fixed-rate financing on both mortgages.
· Repayment of the second mortgage begins one year after the first mortgage payment.
· Interest rate of second mortgage: zero interest for the first year-beginning the 13th month, the same interest rate as the first mortgage.
· Maximum loan amount: First mortgage-maximum FHA Mortgage
Second mortgage-up to 5% of sales price (no cash back)
· Loan must close no later than November 30, 2009.
Guidelines and Details
· Time Limit: Loan must close no later than Nov. 30, 2009
· Eligibility Requirements: Borrowers must meet federal First-time Homebuyer Tax Credit requirements as well as VHDA’s requirements regarding first-time homebuyer status, income limits, and sales price limits.
· Maximum Income: The combined income of all household members may not exceed VHDA’s maximum income limits.
· Maximum Sales Price/ The combination of the first and second mortgage
· Total Loan Amount: may not exceed VHDA’s sales price/income limits.
Re: Regulation Z – Federal Truth-in-Lending (TIL)
This is to inform every one of upcoming changes the Federal Reserve has implemented regarding the timing of TIL disclosures in order to be consistent with the new Mortgage Disclosure Improvement Act of 2008 (MDIA). These changes apply to all loan applications received by the Lender on or after July 30, 2009.
These changes apply to all mortgage lenders and may affect the settlement dates of loans. The following is an overview of the new requirements:
· An initial TIL (Truth in Lending) must be delivered to the applicant within 3 business days (excludes holidays and Sundays) of application AND at least 7 business days prior to settlement.
· If the APR increases by more than 1/8th of 1% from the initial TIL, a corrected TIL must be delivered to the applicant at least 3 business days prior to settlement.
*** Settlement may not occur until both the 7 and 3 business day waiting periods have expired ***
It is therefore important to disclose to any potential applicants and the lender any fees that may be involved that could affect the APR (realtor, inspection, pest, etc.).
Caryn Grafton
Personalized Mortgage Lender
George Mason Mortgage
Office: 703-259-0746
Mobile: 703-786-5213
E-Fax: 703-738-7001
4100 Monument Corner Drive I Fairfax I VA I 22030
Thomas Merical
http://www.findahomesellahomenow.com/
Determining When Prospects Become Clients
by Dirk Zeller
Realty Times
How do you determine whether a prospect should become a client? What are the criteria of becoming a client? Have you created a series of questions to help you minimize the time invested, to determine if a prospect will meet your standard?
You need to create a systemized approach to determine if a prospect measures up to your specific criteria. This approach needs to be applied each and every time you come in contact with a prospect. I believe it doesn’t matter where the prospect comes from; he needs to be evaluated based on a standard. Even if the prospect is a referral from a "Raving Fan", he still needs to meet the standard. If the prospect does not meet the standard, I would encourage you to gracefully decline the potential business.
There are eight questions that I used during my career in real estate to determine if a client would meet my standards. I will go through each question and explain why this question was important in making the decision of who to have as a client and who to pass on.
1. When is this prospect going to buy or sell? When is the prospect ready to move? The further out the move date, the lower the motivation of the prospect. You will have to follow-up more with the prospect, and you will have to invest more time to achieve a sale, if the moving date is far in the future. It is difficult to make a decent income chasing prospects that may buy or sell in the distant future.
2. Does the prospect have the ability to buy? Does the prospect have the cash down payment and is he able to be approved for financing? There are many Agents who show property to prospects for a week or two, only to find out they cannot buy. My suggestion is to find out if they are able to buy a home, before you even put them in your car. Require them to meet with your lender, or provide proof of being pre-approved from another lender, before you invest your time, effort, and energy in the prospects.
3. Does the client have reasonable expectations? This question is two-fold. Is the "wish list" of what the client thinks he can afford, and what he can actually afford, the same? Often buyers are not in the real world in regards to what they can afford to purchase. If you are chasing a prospect that is not in reality, you are truly wasting your time. In this situation you are going to either be the bad guy by telling him what he can really afford, or the client dumps you because you do not believe in his crusade. Either way, it is a difficult road to success and eventually leads to no commission.
The second part of this question is directed to the clients who try to beat the market. I always tried to avoid the seller who wanted more than fair market value for his property, and the buyer who wanted to steal the property. They both can be wastes of time for Agents. The odds are heavily weighted against this buyer and seller. You often will invest a tremendous amount of additional time to earn the same income. Not to mention, that often these people have the desire for an "I win - you lose" type of transaction. In my experience, those are the least enjoyable transactions to enter into, when one of the parties is only concerned about himself winning.
4. Does this prospect respect my time and me? Our time is our most precious commodity. Once it is gone we do not get it back. A prospect that does not value your time, by not keeping appointments and by showing up late, is clearly telling you that he does not value your service, or your time.
Often buyers and sellers will try to tell Agents what to do and how to do their jobs. They need to understand they are paying for your knowledge, advice, and professionalism. When they do not take your guidance, you need to decide if you want to continue to work with them. In my career, I chose not to do business with people who disregarded my guidance. If you acquiesce during the listing agreement period, once the listing expires you will still wear the black hat. The seller will still talk disparagingly about you and your service. How many times has this happened to all of us? I truly believe, if you are a professional REALTOR, your clients should regard your guidance, as they do that of their doctor, attorney, or accountant. I would not question my attorney or accountant’s guidance. It is rather presumptuous for me to think I know more than they do in their area of expertise. My best advice to Agents is to run away from this type of prospect quickly!
5. Am I being asked to compromise morally, or ethically, from my beliefs to make a sale? If we have to deviate from our business philosophy, we need to reevaluate this business relationship. Being able to stand tall and live with your decisions is better than any sale you might make. If a prospect requests you do something that would fall into a gray area, you should carefully evaluate it. What if the deal blows up, or the gray turns pitch black? Remember most buyers and sellers will immediately point the finger towards the Agents involved.
6. Can I create a satisfied client? Is this prospect the type of person who will never be satisfied? Do you want to be the next Agent he is complaining about? These are people who will never be satisfied, no matter what you do, or what level of service you provide. Remember people tend to know, enjoy, and develop friendships with people who are similar to themselves. Do you want more referrals like the current prospect? I urge you to carefully evaluate this question when you are determining who you want your current clients and future prospects to be.
7. Is the client willing to tell me the truth so I can help him? Sometimes people view us as the enemy, or as a necessary evil. Prospects can sometimes play "hide the ball" with an Agent. I think that open and truthful communication between the Agent and the client leads to a successful relationship and transaction. In the end it will lead to successful referrals. If a prospect can’t be honest with you, you should probably pass on him.
8. Is the commission that you will earn worth the trouble? Some Agents may be offended by this question. But the truth is, we are in this business to provide a service and to turn a profit. This is a question that must be asked every time. Are the dollars earned adequate for the time and effort you will be expending to put this transaction together and close? Maybe you would be better to invest the time to find a higher quality prospect or client. It is your time, so you are entitled to select in whom you invest your time.
It is all right to decide to go ahead and work with someone, even though you know the amount that you will earn may not be as high as compared to other transactions. In my career I entered into a handful of deals annually to help people. The key was, I accepted the fact that I would not be compensated for my time at my usual hourly rate, before I entered into the client relationship. I think that it is easier to accept when you understand it going into the relationship, rather than invest all your time, and then find out. It is easier when the choice is yours.
Develop your own list of questions to evaluate your prospects and clients. Make sure that the clients with whom you are spending and investing your time on measure up to the standard you have set. You will find an increase in your production and income, waiting around the corner, once the standard is established and met with all your clients.
Published: July 10, 2009
Thomas Merical
http://www.findahomesellahomenow.com/
CEO Keller Williams Fairfax Gateway
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