New Jersey Mortgage 2-26-17

NEW JERSEY MORTGAGE EDITION

THINGS YOU CAN DO TO ANTICIPATE YOUR CLIENT'S NEEDS HOW TO CREATE A BUSINESSWINNING PLAN IN ONE HOUR COVER STORY

MICHAEL SANTOS

ARE YOUR PRESENTATION SKILLS COSTING YOU MONEY? KILLING CLIENTS WITH KINDNESS AND VALUE

NEW JERSEY MORTGAGE EDITION

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MICHAEL SANTOS

CONTENTS 4) HOW TO CREATE A BUSINESS-WINNING PLAN IN ONE HOUR

18) KILLING CLIENTS WITH KINDNESS AND VALUE

14) ARE YOUR PRESENTATION SKILLS COSTING YOU MONEY?

22) THINGS YOU CAN DO TO ANTICIPATE YOUR CLIENT'S NEEDS

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How to Create a Business-Winning Plan in One Hour

by Bubba Mills

Baloney! That’s what I say to those who think building a business plan should take days, weeks, even months. And I say baloney again to those who think a plan has to have a bunch of pages with graphs and charts.

I know for a fact REALTORS® don’t have that kind of time. But I also know every serious REALTOR® needs a good plan. That means if you’re reading this, you’re in the right place. Stick with me and you’ll end up with a plan that can make your year much better.

A comprehensive business plan (two pages max) can help you: • Account for what you accomplish • Clarify your life • Keep track of each of your goals • Manage your time 4

• Determine if you’re heading in the right direction So let’s get right to it. Here are the steps to take to get your plan in place and your year (and rear) in gear: Create a mission statement. This gets right to the heart of your life and addresses why you’re in real estate. It answers why you’re here, what your purpose is and what your business is truly about. Use positive, present tense statements such as “I am,” “I provide,” “I strive” as you define who you are and what you provide your clients. Take 10 minutes now to brainstorm some possible mission statements.

Perform a SWOT analysis (strengths, weaknesses, opportunities and threats).

For strengths, maybe you’re tech savvy. For weaknesses perhaps you’re unorganized. With opportunities, it could be that a large firm is relocating to your city. And for threats, maybe Top Agent Magazine

Every serious REALTOR® needs a good plan. the mid-term, one year; and the long-term, five years. Also, in this same section, write your personal objectives. We can’t be balanced in life if all we focus on is business.

So consider what your ideal sitWrite your business objectives. In uation would look like with your this section I’d like you to consider family, your spiritual life and your what you want your business to look social life. Spend 10 minutes now like in the short-term, six months; in on these topics. interest rates are rising. Take 10 minutes now and fill in a few items for each category. If you get stuck, ask a co-worker or friend, who knows you well enough, for suggestions.

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Create a mission statement. This gets right to the heart of your life and addresses why you’re in real estate. It answers why you’re here, what your purpose is and what your business is truly about.

Create your sales goals. Here’s where I don’t want you to be afraid to think bigger. Take 15 minutes for this section. As part of this segment here at Corcoran Consulting and Coaching Inc., we include what’s called a goal achievement system that helps you stay on track with your goals. So for each goal, we include a why, excuses for failure, resolve and action items. I believe this is a vital step because it allows you to examine why you might hesitate in completing parts of your business plan. Email me at Article@CorcoranCoaching.com, and I’ll send you a free worksheet on this system.

Develop action items. To wrap up your plan, you need to get specific about how you’ll achieve your goals.

So for each goal you should have action items, due dates, who will 6

complete the items and a step-by-step daily and hourly plan with what has to be done. Take 15 minutes and do it.

Tell me what you’re thinking. Do you have a plan? If not, why not? What’s preventing you from creating one?

What successes or failures have you had with plans in the past?

Bubba Mills is co-owner and executive vice president of Corcoran Consulting and Coaching Inc. (www.corcorancoaching. com/programs, 800-957-8353), an international consulting and coaching company that specializes in performance coaching and the implementation of sound business systems into Real Estate Companies, Mortgage Companies and Small Businesses. Bubba Mills is a nationally recognized inspirational and education speaker, coach and mentor to the top real estate agents and mortgage companies. To find out more about Corcoran Consulting & Coaching, call 1800-957-8353 or visit us at www.Corcoran Coaching.com.

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MICHAEL SANTOS Top Agent Magazine

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“I never turn down a borrower; I put a blueprint together and give them plans of how to get on track to buy a home.” I’m all about the relationship.”

MICHAEL SANTOS Michael Santos will meet with any prospective borrower who approaches him, no matter how far away from a mortgage they may be.

“The magic and the good is in sitting down with people to plan,” says Michael, who meets at least weekly with borrowers who may be several months away from homeownership.

Over his 17 years in mortgages, Michael has treated each client relationship as a lifetime commitment. “I never turn down a borrower; I put a blueprint together and give them plans of how to get on track to buy a home,” he says. “I’m all about the relationship.” Money, he knows, comes and goes. “But relationships last forever.”

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When Michael joined MLB Residential Lending three years ago as the company’s fifth employee, he knew from the beginning that he wanted to be part of the company’s core team and growth. Through hard work, dedication and the help of the MLB Corporate team: Samuel Lamparello, Francis X. Lamparello, Jorge E. Parra and Tina Ayala, Michael became the top producing loan officer at MLB. In 2016, he received the Salesman of the Year award, opened his own office and is now Branch Manager Executive of the Union, NJ, branch, which has 10 employees and continues to grow.

Michael appreciates that MLB, a direct lender, is committed to devoting time and resources to loans that many banks don’t have the patience to touch. “My job is to give white-glove service and make sure everyone is well educated, even if they don’t qualify right then.” White-glove service, he explains, means every borrower receives his attention and knowledge so they understand what they can do to position themselves for homeownership.

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He also dedicates time and attentiveness to his referral partners. One of the many ways he gives back both to the community and to the real estate and mortgage industries is by coaching REALTORS® and other loan officers. “I am a licensed mortgage and real estate instructor,” says Michael, who also sits on the board of the National Association of Hispanic Real Estate Professionals (NAHREP). Michael’s REALTOR® partners benefit from his team of four professionals, each of whom is always ready to help, provide updates or answer questions on pending transactions. He conducts REALTOR® seminars about the mortgage process and collaborates with agents by providing lead generation and co-branding opportunities. “We do everyTop Agent Magazine

thing we can to be out in front of our agents with great service, education and incentives.”

Michael also holds monthly, first-time home buyer’s presentations for the public. An added benefit of all his outreach is that it feeds back into his business. REALTORS® and borrowers know that Michael and his team prepare them so well that they won’t experience “eleventh-hour explosions” on transactions with him. “We measure three times and cut once,” he says. “Some mortgage reps are so overwhelmed by the regulations that they take risks and have to face problems later on.” Michael’s team believe in pre-approval, not pre-qualification; they do the hard work up front. “Transactions go smoothly Copyright Top Agent Magazine 9

“I get to help people with the American Dream, but I educate first and sell second.” if you identify and take the time to address all the issues at the start.” Smooth transactions lead to borrowers and REALTORS® who refer business. “People want to do business with someone who streamlines what they know can be a complicated process.”

Not surprisingly, Michael most enjoys the person-to-person contact of the mortgage business.

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He brings passion, tenacity and excitement to MLB and the people on the Santos Team care.

“At closing, we give them every contact in our network for anything they might need after moving into their house; then we stay in touch over time.” Having grown up in Elizabeth, NJ, Michael gets face-to-face time with clients and REALTORS® through various community, school and civic events.

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Michael thanks his wife, Deedee, and two children, Charlie and Valentina. “They deal with the long hours and weekends I work. They support me to the fullest and it’s because of them I can take my business to the next level.

My wife embraces it all and motivates me everyday.” His “me time” includes working out a few days a week and indulging his interest in cars.

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“I get to help people with the American Dream,” Michael says of his life’s work. “But I educate first and sell second.” Backed by that attitude, he hopes to expand his branch. “I’d like to hire more people to help streamline our processes even further and offer even shorter turnaround times to my referral partners,” he says. “I don’t want a large office; I want elite agents – good people who deserve to be part of the system I’ve implemented.”

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To learn more about MICHAEL SANTOS, visit michaelmortgage.com, email msantos@mlbmortgage.com or call 908.296.6608 www.

http://www.justingrable.com

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Are Your Presentation Skills Costing You Money?

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ometimes we’re so focused on technology and education that we forget this is a “people business”. And, a great deal of the money you make comes from your ‘point of contact’ skills. What do I mean by that? Lead generating dialogues and presentation dialogues. Yet, how much do we work on those verbal skills?

Unfortunately, communication sales skills have gotten short shrift in the last decade. Why? I think it’s because many of us are so challenged by technological changes. But, slow down. Think about how you actually make money. It’s at point of contact.

Getting better at point of contact skills translates into more money in less time.

We’re All Presenters Everyone in the real estate business presents: Agents present, when they are doing listing or buyer presentations. Managers present when they are recruiting, or doing their office meetings. Mortgage and title 14

By Carla Cross

When you’re doing a listing presentation, what do you want to happen? You want them to sign the listing agreement when you’re done. reps present when they are in front of a group of agents in an office, talking about their services. So, doesn’t it make sense to become ‘killer’ at those presentations? You’ll double your money and halve your time.

Bug Off: I Do Okay Just Like I Am Yeah. I know. As a musician, I’ve worked with literally hundreds of people who thought they ‘played good enough.’

Some people just get to a certain performance level and leave it there. Have you ever thought that, often, our presentation strategies (or lack of) work in spite of us, not because of us?

As a musician, I know the thrill of performing at high levels. So, open your mind and consider

stepping up to a higher presentation level. Not only will you have personal satisfaction, you’ll make more money!

Now, let’s tackle one set of presentation skills: Organizing that presentation effectively.

Having heard listing presentations that wander all around the world, I know the importance of effective presentation organization.

Three Steps to Organize Your Presentation to Knock Their Socks Off Most of the time, we just get in front of people and say whatever we think of first. That leads to some big presentation mistakes, and costs us ‘sales.’ Instead of stumbling through a presentation, why not organize it to CopyrightTop Top Agent Agent Magazine Magazine

grab their attention, persuade them to your way of thinking, and motivate them to action?

You can. In my new resource, Knock Their Socks Off: Tips to Make Your Best Presentation Ever, I show a simple three-step format to create your persuasive presentation. No matter why you’re in front of people, we need to be persuasive Think about it. When you’re doing a listing presentation, what do you want to happen? You want them to sign the listing agreement when you’re done.

So, it’s extremely important that you organize your listing presentation using a persuasive format, not just an information-heavy dialogue flow.

Grab Their Attention in the Opening Have you thought about your opening? Or, are you nervously standing at the sellers’ door, worried about what you’re going to say? Are you hiding in your office because you dread doing that sales meeting? When we haven’t organized our presentation, we come up with some really boring, off-putting openings, like: I won’t take much of your time, but...

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We have a lot to cover today We won’t get through the outline I know you don’t want to listen, but...

I’m not really prepared

You just open your presentation book, point to the pretty pages, and say, “here’s a keybox” (I’m not kidding. I’ve seen it….)

Great openings, yes? Yet, we’ve heard them dozens of times. You don’t have to settle for whatever 15

If you’re doing a presentation to sellers, one of the major objectives of your presentation is to persuade them to your listing price point of view. comes ‘naturally.’ Instead, make your openings: Provocative Interesting Different Engaging I just attended a ‘Train the Trainer’ session (yes, I still learn great stuff every day!), where the trainer said it was important to engage the audience in a meaningful way in the first two minutes of your presentation. I think that’s a great rule to follow today, because people’s attention spans are the length of a gnat’s eyebrow. So, the next time you attend a presentation, see how much time elapses before the speaker/presenter/trainer gets the audience into meaningful action.

I don’t mean to ask a rhetorical question, either!

A Middle That Educates Your ‘Audience’ to Your Point of View In the middle of your pres16

entation, add those stories, statistics, and visuals that support your point of view. By the way, as you create that presentation, jot down your point of view. If you’re doing a presentation to sellers, one of the major objectives of your presentation is to persuade them to your listing price point of view.

Retention is Key

Why Use Visuals?

Three days later:

There are two reasons to use visuals in your presentation:

We retain 10% of the information when we hear it

We believe what we see

We retain 65% of the information when we hear and see it

We retain the information much longer As you organize your presentation, ask yourself:

Have you ever met with sellers or buyers, given them lots of information—and then had them question you about it a few days later—as if they never heard you—or heard you backwards? That’s because people don’t hear and retain very well.

Look at the statistics:

So, use visuals to prove your points, not to merely show pretty pictures of houses.

The Ending: What are the main, and fre- Back to the Beginning quently, unspoken objections my ‘audience’ will have? How do I educate them to show them the reasoning behind my point of view?

Have you thought about your wrap-up? Or, like many presenters, does your ending sound like this?

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Well, that’s all. What do you think?

pop tunes are constructed with this format:

We’re out of time. Thank you.

I hope you’ll list with me

theme—variation—theme

I don’t have time to close.

I couldn’t get to much of the material, but you can read it In fact, even the most professional presenters frequently have trouble with their endings.

One of the main reasons is that they run out of time. Another is that they haven’t thought the ending through.

How to Do a Stunning Ending Crafting an effecting ending is the second most important part of your presentation. (The first is the opening). To craft a great ending, Go back to your beginning opening theme Summarize the benefits of going ahead with you/take action Motivate your ‘audience’ to take action

A Great Presentation is Crafted Like a Pop Song As a musician, I know that all Top Agent Top Magazine Copyright Agent Magazine

This is known in the music business as the ABA format.

Think of your favorite pop tune: Hum the beginning.

Think of the end. They’re alike, right? It’s the middle— known as the ‘bridge’—that is the humdinger. It wanders all around. Your persuasive presentation should be crafted like that pop tune: A. A compelling start (think Billy Joel, Neil Diamond, etc.)

B. An interesting, developed middle, with stories, statistics A. Back to that theme, with a motivating ending Now, you’re all set to craft a great listing or buyer presentation, great recruiting meeting or sales meeting, or awesome product/service presentation to any audience.

Carla Cross, CRB, MA, President of Carla Cross & Co., is an international speaker, coach, and resource provider specializing in real estate management. A former master level CRB instructor, and National REALTOR® Educator winner, Carla was recently named one of the 50 most influential women in real estate. For a free document on standards to establish, email Carla at Carla@carlacross. com and ask for standards document.

Carla has written six internationally published books, and provides coaching programs for management, including her affordable inoffice coaching programs Up and Running in 30 Days and On Track to Success in 30 Days for Experienced Agents, which provide standards, focus, and accountability.

Reach Carla at 425-392-6914 or www.carla cross.com.

P. S. Practice!

Many more tips on presentations and presentation skills are in my new resource, Knock Their Socks Off: Tips to Make your Best Presentation Ever.

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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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Things You Can Do to Anticipate Your Cleint’s Needs First and foremost, the real estate industry is a customer service business. The key to any successful real estate business is one that can build a reputation by providing an unsurpassed level of care. That usually means a transaction that is seamless and stress-free as possible throughout the whole process. Your client’s experience is what keeps them not only coming back, but gets them to recommend you to their friend and family.

tise. By showing you can not only anticipate their needs, but have insight into any potential problems that might arise, they will have complete confidence in you. Achieving that level of trust is the key to a transaction that is as stress-free as possible.

The key to creating a great experience is anticipating your client’s needs. They are relying on your professionalism and exper-

From the moment, you meet a potential client, your goal should be to find out not only what they are looking for as far as their real estate

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GET TO KNOW YOUR CLIENTS ON A PERSONAL LEVEL

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goals, but who they are as a person. Listening and asking the right questions from the start is one of the most important aspects of the job.

You almost have to become an amateur psychologist, really honing in on the emotional reasons behind their real estate transaction.

Taking time upfront not only gives you valuable insight into your client, but it is the first impression your clients have that you truly care about them, and that this isn’t just another commission check for you. This goes miles in helping them feel comfortable enough to rely on your guidance.

Knowing who your client is on a deep level will help you navigate the transition ups and downs, allowing you to anticipate the best way to handle it.

SPOT POTENTIAL PROBLEMS AND PROVIDE SOLUTIONS Having insight into your client’s per-sonality type will come in handy when you anticipate an upcoming snag in the transaction. Most people find the process to be stressful even under the best of circumstances. One of the best rules of thumb is to always provide the solutions to anticipated problems when you present them to the client.

This should be the case even when the problem isn’t on you. Anything that can ruin a client’s overall experience can reflect poorly on you, whether you deserve it or not. This is a business philosophy called “zero risk”. You don’t want to take any chances with having an unsatisfied customer.

This is where your experience in the business pays off. You’ve probably seen most things and can easily anticipate problems that are Top Agent Magazine

likely to delay the process. Remember you are in charge. You are the expert. And, remember, part of avoiding potential problems is making sure your client knows what to expect upfront, always communicate openly and honestly.

Telling people what they want to hear and knowing you can’t deliver it, is destined to fail, and will always reflect poorly on you.

FIND WAYS TO EXCEED EXPECTATIONS Recognizing ways to exceed a cus-tomer’s needs is just as important as looking out for potential problems, when it comes to creating an exceptional experience. Have a vetted list of trusted service providers. Be hands on.

There are Realtors® who are out there helping clients pack, mowing lawns, and picking kids up from school. They are there for a client in ways that are unexpected. Having one thing taken off your plate during a stressful period in your life can feel like a lifesaver and is not soon forgotten. It is those “little” things that will turn a client into a lifelong advocate for your business.

TAKE IN FEEDBACK A good service provider is always trying to do better. Many Realtors® have clients fill out surveys after the transaction is over. This serves two purposes. It helps you become better at your job and it shows your clients that you care about them and their opinions. You can also use social media to get feedback via analytics and interactions. All of this information can then be used to create better customer experiences in the future. After all, this is a customer service industry. Treat it like one and you’re bound to succeed.

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