Minnesota Mortgage 7-31-17

MINNESOTA MORTGAGE EDITION

Killing Clients with KINDESS AND VALUE

BODY LANGUAGE: How to Read Your Prospect Like a Book!

COVER STORY

NICK KELVIE

Tips on Being A GOOD TEAM LEADER 6 Things You Need to Do to BE A GREAT MENTOR

MINNESOTA MORTGAGE EDITION

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NICK KELVIE

CONTENTS 4) 6 THINGS YOU NEED TO DO TO BE A GREAT MENTOR 13) BODY LANGUAGE: HOW TO READ YOUR PROSPECT LIKE A BOOK!

18) KILLING CLIENTS WITH KINDESS AND VALUE 22) TIPS ON BEING A GOOD TEAM LEADER

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6 Things You Need to Do to Be a Great Mentor

Everyone reaches the point in their career where they feel they have gained enough experience and wisdom about business and what it takes to succeed, to actually help someone else achieve the same. Although you may have trained or given advice over the years, taking on the official status as a mentor to someone is a whole new ball game.

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Although mentorship is an unpaid endeavor, you’ll be surprised to find out how much you’ll gain from the experience. You’ll also grow as a business person through the process of teaching someone else. It’s also an endeavor that many will pay forward one day, creating a business atmosphere that is based more on mutual success than competition, which is better for everyone.

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If you were mentored, you may already have an idea of what it entails, and what you liked or didn’t like in your mentor/mentee relationship. Although it is a personal relationship that will need an individual approach, there are certain things that are key when it comes to being a great mentor: 1. Be a good listener

est about your own failures. It can be a huge relief to find out someone they look up to has gone through similar experiences and still managed to come out on top. As we all know, oftentimes the greatest lessons come from failures, which can be times when our character is truly tested. Building trust through mutual respect and honesty will make every aspect of your mentorship more effective.

You’re basically a sounding board who needs to hear your mentee’s ideas, plans and goals in order to advise them. Strong, constant and clear communication is key to any successful mentoring relationship.

Sometimes just letting them talk things out with you, will lead to them to discovering the solution they were looking for.

2. Set expectations and goals at the start When listening to your mentee in your first meeting about the potential relationship, it’s important to establish the parameters of what that relationship will be: What can you give them? What do they need or expect from you? Once the terms are agreed upon, you may want to set specific goals you’ll be working on together so that there’s a defined plan of action, timeline and result you can both expect.

3. Be honest This is important when it comes to offering them constructive criticism or tough love, but more importantly, you need to be honTop Agent Magazine

4. Get them to think, don’t make decisions for them Sometimes being a mentor is being a bit like a psychologist. By asking certain ques-

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tions you can lead your mentee to their own conclusions about their business dilemmas and strategies to reach their goals. Being a mentor is all about guidance. Build confidence by drawing out the best in your mentee rather than just presenting them with solutions.

5. Look at the situation objectively One of the key strengths you offer your mentee is a complete emotional detachment to their business. You have no sentimental attachment to doing things a certain way or working with an incompetent vendor because you ‘go way back’. Your only motive is what’s best for your mentee and their business. Although emotions cans still get in the way sometimes, having a detached perspective on hand to guide you is invaluable.

6. Don’t just offer constructive criticism, be supportive Yes, being a mentor is sometimes advising your mentee that he’s doing something ineffectively, but your main purpose is to alway approach everything like cheerleader.

You need to let them know that through it 6

all, you are a reliable support to them and have a complete belief in their abilities.

Make sure to always praise their accomplishments.

Remember: your job as a mentor is more about guidance than constant feedback.

Your goal is to help someone become the best they can be, not someone who just does everything the way you do it. You’re helping them build confidence in their own intuition, which will hopefully lead to a lifetime of success, and one day, they too might be a valuable resource to another mentee down the road.

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NICK KELVIE Top Agent Magazine

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NICK KELVIE Nick Kelvie is a system unto himself. Built on speed, efficiency and communication, the Senior Loan Officer for Edge Home Finance Corporation gets 80 percent of his business through repeat referral sources, with good reason. He never misses a closing date, communicates with everyone involved in the transaction (on both sides) and provides a level of customer service that leaves clients raving.

Edge Home Finance is an independent mortgage broker, and due to all the new government regulations, there are very few of 8 Copyright Top Agent Magazine

them left. “Mortgage brokers (unlike direct lenders and retail banks) cannot charge any lender fees on the front of the loan,” Nick says. “Our closing costs are lower, and we have over 30 national wholesale lenders that we work with—so lower closing costs and better rates for the consumer.”

In addition to those pluses, Nick has 16 years in the business. Half of his career he was in management, so he brings a wealth of experience to each transaction. His average closing time is 21 days; for others it’s 30-45 days. Unlike most lenders, he won’t issue a Top Agent Magazine

“Edge Home Finance’s closing costs are lower, and we have over 30 national wholesale lenders that we work with—so lower closing costs and better rates for the consumer.” full pre-approval until he has reviewed all income and asset documentation, including tax returns, so more time is spent up front. That saves time when one of his clients gets a house under contract, and there are no surprises.

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With the level of passion Nick brings to his career, one would think he was born for it, and perhaps he was. When he graduated from St. Cloud State University in 2001, he had a friend in the mortgage business.

While Nick looked for a teaching job, he Copyright Top Agent Magazine 9

thought he’d give mortgages a try. “It was supposed to be short term,” he says, “but I fell in love with it.”

He serves all of Minnesota, but primarily the seven-county Greater Minneapolis–St Paul metro area, focusing on purchase business. He and his processor, who’s been with him since 2011, maintain a high-volume, super-efficient business model in which the client always comes first. The two are “dialed in,” making sure each transaction is seamless.

Nick’s 80 percent referral rate comes from Copyright Top Agent Magazine 10Copyright

years of effort. Realtors return time and again, for many reasons. He always closes on time and communication is one of the pillars of his business. Every Wednesday morning by 10 a.m., he sends everyone involved in the transaction an update. He also develops close relationships with his Realtor partners, with the philosophy that “people do business with people they like and trust.” He’s picky about whom he works with, which is certainly a factor.

“At this point in my career, I need to make sure I am only working with true profesTop Agent Magazine

sionals who have a common interest that the client always comes first, and it’s our job to represent their best interests.” Clients refer Nick too. They love that he’s attentive to detail, quick to respond (minutes, not days) and sets clear expectations for them.

300 houses, they were able to donate 7,000 pounds of food to a local food shelf! The idea was so successful that Nick did it four times last year with different Realtor partners in different communities. He’s planned two drives for this year.

The best part of the job is seeing the look on people’s faces at the closing table. Because he’s been invested in the process with his clients, it’s particularly rewarding. In fact, it’s one of the reasons he got out of management.

Because Nick works 60-hour weeks, every free moment is spent with his family. Despite the long hours, he’s happy with his career and isn’t looking for huge growth, which would put him back to managing a small team.

He’s a solid lender, a no-pressure guy who gives real options and encourages clients to shop around. “It comes down to trusting who you work with,” he says. When clients choose Nick, they know they’ve made the right decision.

Nick is a natural giver. Last year, he and one of his Realtor partners started a food drive.

They printed grocery bags, took them door to door in the community and told people they’d come back to pick them up. From Top Agent Magazine

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For more information about

NICK KELVIE (NMLS # 289246) of Edge Home Finance Corporation, Edina, MN, visit ApplyWithNick.com, call (612) 296-7555 www.

http://www.justingrable.com or email Nick@EdgeHomeFinance.com 12Copyright Top Agent Magazine

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Body Language: How to Read Your Prospect Like a Book!

By John Boe Are you aware that your body language gestures reveal your deepest feelings and hidden thoughts to total strangers? The very first sale you must make with each new prospect is to “sell yourself”. If your prospect doesn’t like or trust you, he or she will never even remotely consider buying your product or service. Understanding body language gestures will help you build trust and rapport quickly with your prospects and customers... face-to-face or over the phone.

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Body language is a mixture of movement, posture, and tone of voice. Top sales reps and the most successful managers recognize the importance of nonverbal “buy signals” in the selling process and have learned to “listen with their eyes”. They understand the power of body language and know how to use their gestures and voice tone to establish trust and build rapport quickly. Body language research shows that nonverbal communication has a much greater impact and reliability than the spoken word. Therefore, if your prospect’s words are not congruent with his or her body language gestures, you would be wise to rely on the body language as a more accurate reflection of true feelings.

The good news about body language is that you were born knowing the information. This explains why people from different cultures can communicate effectively without having to speak a single word. In the animal kingdom, every cat, dog, bear, horse, etc. on the planet will use the same body language gestures to communicate with each other. For example, when an animal is angry, they will pin their ears back flat against their head.

Even though people understand body language instinctively, the meaning of “finger gestures” may change from one culture to another. Finger gestures, such as the V for victory sign or the okay gesture are “learned gestures” created by the culture and the meaning often varies from country to country. For example, on January 23, 1968, the USS Pueblo, a Navy intelligence ship, was engaged in a routine surveillance mission off the North Korean coast when it was intercepted by North Korean patrol boats. The 83-man crew were captured and imprisoned in Pyongyang, where they were interrogated and beaten. In an attempt to gain propaganda value from the crew, the North Koreans conducted a news conference. When photographed during the press conference, some of the ship’s crew expressed their disdain for their captors by sticking out their middle finger. While this finger gesture was noticed by the North Koreans they didn’t understand the disrespectful meaning that the gesture implied. After the photos were released worldwide and the meaning 14

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of the finger gesture was revealed, the North Koreans were politically embarrassed and severely beat the crew.

During your sales presentation, it’s critically important to get started on the right foot. Research shows that we decide in the first few moments whether we like someone or not. Yes, we also judge a book by its cover too. There’s absolutely no substitute for a positive first impression. Create a favorable first impression and build rapport quickly by using open body language. In addition to smiling and making good eye contact, you should show the palms of your hands, keep your arms unfolded, and your legs uncrossed.

Body language is

a mixture of movement, posture, and tone of voice.

You can build trust and rapport by deliberately, but subtly, “matching and mirroring” your prospect’s body language in the first few minutes of the appointment.

For example, if you notice that your prospect starts off the appointment by crossing his or her legs and sitting back in the chair, you should match them by crossing your legs and sitting back in your chair as well. After you believe you have developed trust and rapport, you can verify it by seeing if your prospect will begin matching your gestures. Try leading your prospect into a more open and receptive body language posture by uncrossing your legs and leaning towards the table. If you notice your prospect subconsciously begins matching your body language gestures, congratulations, this indicates that you have laid the foundation of trust and rapport. Conversely, if you notice that your prospect is mismatching your body language gestures, you know trust and rapport has not been established and you need to continue the “matching and mirroring” process.

Be mindful to evaluate the flow of “gesture clusters” rather than isolated gestures taken out of context. Listed below are some important body language gestures that you need to become familiar with. There are two basic categories of body postures; Open/Closed and Forward/Back. In an open and receptive body posture, arms are unfolded, legs uncrossed, and palms are exposed. In a closed body posture, arms are folded, legs are crossed and the entire body is usually turned away.

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Body Movement Gestures • Leaning back and closed = Lack of interest • Leaning back and open = Contemplation and cautious interest • Leaning forward and closed = Potential aggressive behavior • Leaning forward and open = Interest and agreement Head Movement Gestures • Head neutral = Neutral and open attitude • Tilted back = Superior attitude “looking down your nose” • Tilted down = Negative and judgmental attitude • Tilted to one side = Interest Facial Gestures • Eye rub = Deceit, “see no evil” • Looking over top of glasses = Scrutiny • Nose rub = Dislike of the subject • Hand or fingers blocking mouth = Deceit, “speak no evil” • Chin stroking = Making a decision • Thumb under chin with index finger pointing vertically along the cheek = Critical judgment Are you missing your prospect’s buy signals? As a professional salesperson you must continuously monitor your prospect’s body language and adjust your presentation accordingly. By understanding your prospect’s body language gestures you will minimize perceived sales pressure and know when it’s appropriate to close the sale!

“As the tongue speaketh to the ear, so the gesture speaketh to the eye.”

– King James the First (1605) Copyright ©, 2016 John Boe. All rights reserved.

John Boe presents a wide variety of motivational and sales-oriented keynotes and seminar programs for sales meetings and conventions. John is a nationally recognized sales trainer and business motivational speaker with an impeccable track record in the meeting industry. To have John speak at your next event, visit www.johnboe.com or call 937-299-9001. Free Newsletter available on website.

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Killing Clients with Kindness and Value

By Walter Sanford

Sometimes, we need to “kill” our clients with kindness and offer value. I know it goes against everything in our nature to turn the other cheek when they are being mean.

Recently, a coaching client had some challenges with a particular client, and I’m sure you have also worked with the kind of client who discourages you so much that you just want to hit the delete button!

How about offering a response that increases your fame and makes the client always wonder what they may be missing? They might not list with you, but they will never forget you.

Included in the balance of this article are the email from the client, the request for help from my coaching client, and then my suggested response.

Email from the Potential Client: Sorry, I have been really busy. Let me tell you where I’m at with everything. You may or may not be interested.

I am definitely putting the house on the market. The house has been rented for the last 5 years with the same family. They originally signed a rent to own lease. Three years ago, they decided they didn’t want to buy it.

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Anyway, I recently informed them that I’m going to put the house on the market. Now, they are reconsidering buying the house. I don’t think they will buy the house, but I guess you never know. If they do buy the house, it would be for sale by owner. I will not let them drag their feet.

We happen to know a lot of REALTORS® in (area). Some are pretty good friends and with that comes opportunities at rates way under the norm. One of them did sell our last house quickly but circumstances have changed. I know you are a very good REALTOR®, because I have heard other REALTORS® talk about you.

You may not be interested at this point anymore. If you are still interested, let me know what your best rate is. Let me know if you are okay with the current tenants on a “for sale by owner” agreement, if that happens.

I would want a short-term agreement. The current rent is higher than my mortgage payment so I’m okay if they don’t buy and I’m not forced to sell at a low price. However, I want to sell ASAP. I’m wanting to purchase another property so I’m not going to overprice the house and I will negotiate.

Email from Coaching Client to Me: Walter, this guy is a college basketball coach. I want to help him, but I need to have a chance to run a successful business, too! How do I answer this?

Email from Me to Coaching Client (to share with potential client): Thank you so much for the nice words. It is very exciting to hear that our hard work is creating some buzz. I think we can accommodate you and exceed your expectations: Top Agent Magazine

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1. We believe that we exceed client expectations more often than most agents, because we spend the time to understand what the client needs.

Then we develop a customized program to meet and exceed that goal.

We would love to help you in accomplishing your real estate needs.

2. We would be happy to exclude the current residents from the listing agreement for 30 days. This would help in motivating the current residents to buy in that they can see the price discounted by the commission, if they commit to buy within the 30 day period. We would like to offer you our closing service that handles everything for a flat fee of $4,000. This handles the contract phase, aligning the team of affiliates, and the closing. This, of course, is at your option.

3..Our commissions are normal for our market, but we save you money over any commission discounter. Our specialty is increasing your net proceeds. We do this by bringing you more buyers with more effective marketing, better negotiating, better systems for handling inspections, better pre-approval tools for your buyer, better contracts, and less post-seller litigation from better contracts. Commission discounts usually cost you money because of the agent’s lack of emphasis on your net proceeds check. It is like a basketball player who is playing with no heart, only for the scholarship.

4. Our rate is retail 6%. This may eliminate us, but that would be a shortsided conclusion. Here are 5 of the ways we can beat any commission discount: A. We beat the average List to sell ratio in (area) by a larger margin than any discount.

B. We beat the days on market, which affects your carrying costs and lost opportunity costs on your equity.

C. We have a low litigation rate as compared to national standards.

D. We can market your home a little over retail due to our marketing.

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D. We urge a pre-inspection plan to get rid of the little and big problems before a buyer is involved and wants everything built new.

5. Our agreements are 6 months, but that is not what sells properties.

Marketing and price sell property. If we are wrong about those two items, we will adjust every week based upon showings and consultations with you.

6. I would also like to advise you on a misconception. Rental costs average about 35% of market rent in our area. Add in lost opportunity costs on your equity that is not doing anything at this point. I can show you how your current position is losing you money every month.

I think our next step is a presentation of the tools we bring to achieve your goals. Listing with friends is loyal, but is it the best business decision?

Do they have the tools and will you hold their feet to the fire when the results are not what you need? (Client’s name), you know the difference superstars make on a team. Let’s go for the win.

It’s not so much whether my coaching client obtained the listing, but he needed to stand up for a profitable, long term business. Never sell yourself short to get business. You will never be happy.

In these situations, I cannot guarantee an outcome, but I can guarantee the client will never forget you. You are planting seeds of discontentment with the small amount of money saved in a commission compared to not achieving their goal. Whether he/she admits it or not, he/she will have respect for you.

Do more lead generation so you won’t have to work so hard on leads like these.

Copyright©, 2015 Walter Sanford. All rights reserved.

Walter Sanford has been designing and implementing real estate systems for 30 years.

One of the most successful REALTORS® and now wealthy from his systems, Sanford teaches his systems and strategies through his products, seminars, and personal coaching producing the best results in the industry. Do what works, do what is proven. Hire Walter Sanford. Call our office at 800.792.5837, email walter@waltersanford.com, or chat with us online at www.waltersanford.com.

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Tips on Being a Good Team Leader Your business is booming, so much in fact, that you’ve finally made the decision to start a team. You’ve made sure it’s financially feasible, and you’ve found the right people, but there is still one other component of a successful team. And that’s an effective leader. It’s your job to not only generate business, but to motivate your team, which in turn increase productivity. Here are a few simple tips on being a good team leader.

1. Evaluate each team member, making sure to utilize their strengths Hiring the right people is one of the first steps in creating a successful team, but once you have those people it’s really 22

important to figure out where they best fit into the operation. Having every team member be an ‘expert’ in their part of the process leads to seamless transactions and a business that runs like a well-oiled machine.

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Of course it’s also important to create a supportive atmosphere that allows team members to stretch beyond their comfort zones, under your guidance. It’s to the whole team’s advantage when people take initiatives to up their game by taking additional training or mastering a new and innovative technology that can improve productivity. The key is to constantly evaluate not only your systems but the people running them. It’s your job as a leader to encourage that personal growth while making sure to always protect against any major misfires. Which leads us to…

2. Always reevaluate what is and isn’t working It’s a good idea to have a weekly meeting where the whole team can convene and go over any snags they may have hit in the systems that you developed when starting your team. Your team is in the trenches with you and since everyone probably focuses on a different aspect of the transaction, it’s important to make sure things are working on every level. Make sure copious notes are taken during these meetings so you have a track record of what was suggested, as well as a history of things that may have been tried and the results.

Another good thing to focus on in these meetings is goal setting. Set weekly and monthly goals, and use the meetings to discuss what’s being done or needs to be done to meet them. When goals are met, it’s a great bonding experience for everyone. When they aren’t, it’s a moment to learn how you can do better in the future.

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Don’t forget to always take in what you can do to be a better team leader as well.

3. Stay connected and in communication These are your team members! There’s more to that than just a label. Be connected to them on a daily basis. Clear, open and honest communication is important on a busy team and that’s much easier if you actually like and trust your co-workers.

Sure you want to succeed for yourself, but knowing that other people you respect are counting on you, is an additional motivating factor, that is certain to lead to everyone going above and beyond creating a wildly successful business.

4. Be inspiring and supportive If you’re enthusiastic about what you’re doing, it really will be infectious. Encourage innovation and creativity. Yes, systems and consistency are great but don’t let your team get in a rut either.

Support their individual careers, always encourage them to go for more, let them rely on you for mentorship. If they sense that you want each member to succeed as much as you have, you won’t find more loyal employees. And perhaps most importantly focus on what’s being done right. Don’t be the boss that just points out things they don’t like. Let them know when they’ve done an amazing job and be specific about what it is. Make them feel valued and they will become a valuable asset to you and your business.

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