The It Factor: 5 Ways to Be More Likable (Reader’s Choice)
By Melissa Dittmann Tracey
QUICK SKIM
If you’re not one of those people who naturally oozes charisma, communications expert Mark Wiskup has good news: Being likeable is learnable. In his book, The It Factor: Be the One People Like, Listen to, and Remember (AMACOM, 2007) Wiskup doles out advice for perfecting your elevator pitch, mastering small talk, giving good compliments, and steering clear of annoying patronizing patter. The advice may not be groundbreaking, but this quick read’s practical scripts and sample scenarios are great refreshers before any client meeting, party, or networking event. Buy the Book
FROM THE BOOK: 5 WAYS TO BE MORE LIKABLE
In real estate, being a “people person” is core to your job. You must forge relationships quickly and earn the trust of those you meet. Say the wrong thing, and you can kiss that first impression goodbye. Wiskup offers these ideas for boosting your likeability factor in almost any situation:
1. Be specific with compliments. Vague, lackluster praise (“I’m really happy to meet with you today”) comes across as insincere, insensitive, and can even leave the other person feeling resentful. Make your compliments stick by being descriptive and showing that you did your homework. Instead of: “Great job on the marketing report. Keep up the good work,” try “Good job on the marketing report. The third-quarter demographic stuff really helped me focus on where the money is for us. I was really impressed with your analysis of the competition.” Read more
Author Chat: Tracey Rumsey
By Melissa Dittmann Tracey
Mortgage expert Tracey Rumsey, author of Saving the Deal (AMACOM, 2008), responds to your questions about how you can avoid potential transaction deal killers.
What’s the most common deal killer in a transaction that you’ve seen in the mortgage business?
RUMSEY: I’m seeing a lot of problems with home inspection issues, especially with the buyer’s market environment we’re in now. Buyer’s are much more demanding when inventory is high. Sellers who don’t want to comply are seeing buyer’s walk away without a backward glance to move on to the next house. Real estate practitioners who prepare their sellers for this attitude and help them be proactive by offering them a pre-listing checklist of maintenance/repair items will come out ahead.
The ideal solution is to convince your seller to have a professional home inspector go though the home immediately so that issues can be addressed now. What a boost to the buyer’s confidence in the property when they can view a report, and then be shown the repair items and how they were remedied. My favorite icing on the cake is when a practitioner offers, as part of the listing agreement, to pay for a home warranty for the buyer. The practitioner only pays when a sale is successful and the property becomes even more attractive in a competitive market.
Can incentives that sellers are offering to buyers — such as buying down points on a mortgage or even adding other temptations — affect an appraisal later on?
RUMSEY: Yes in some cases. Some costs, such as normal closing costs and prepaid items of the buyer, can be paid by the seller without affecting the appraisal (as long as they are within underwriting guidelines for that loan program). Contributions in excess of underwriting guidelines must be considered a sales concession and deducted from the value. Another good example of a sales concession problem is selling a home fully furnished. Contract language must be very specific to avoid problems. Read more
Saving the Deal: 5 Common Deal Killers
By Melissa Dittmann Tracey
QUICK SKIM
Your buyer found the perfect home. Your seller found the perfect buyer. Yet, as you near closing, all types of title, mortgage, appraisal, and home inspection problems can keep you from closing. Mortgage expert Tracey Rumsey has seen it happen all too often. In her new book, Saving the Deal (AMACOM, 2008), she offers tips on how to avoid these potential deal-killers that jeopardize or delay transactions. Home listing and homebuying checklists in the book offer you questions to ask your clients to make sure these problems don’t surface later on and cost you a sale.
FROM THE BOOK: 5 COMMON DEAL KILLERS
Any number of pitfalls can arise during a transaction that prevent the buyer or seller from signing on the dotted line. In her book, Rumsey offers common scenarios she’s seen and how to overcome them. Here are five:
1. Title complications. The title is legal evidence of the ownership of the property and is crucial when trying to help your client buy or sell. But problems can arise when such issues as death, divorce, guardianship, and bankruptcy enter the picture. Review the title carefully — this goes for buyer’s agents too. Troubleshoot any potential title issues early on. Direct sellers to a real estate attorney to resolve any problems. And don’t just take the seller’s word when it comes to the title — look it up yourself. Most title companies offer access to a limited amount of title information through their Web sites. Read more
Author Chat: John Maloof
By Melissa Dittmann Tracey
John Maloof, author of The Real Estate Agent’s Guide to FSBOs (AMACOM, 2008), responds to your questions about how to grow your business by attracting FSBOs to your services.
What’s the most common misperception that FSBOs have about the process of selling their own homes?
MALOOF: The most common misperception is that selling by-owner is easy. Once the seller realizes how much time, effort, and money are involved, they usually find themselves overwhelmed and ready for help.
In a slow market, sellers are looking to save money. How do you convince them that it’s still worth paying for real estate services, even if they’re not making as much money from selling their home?
MALOOF: Well, considering that, according to NAR, 51 percent of sellers go FSBO to save on the brokerage fee, this will be the most common hurdle you will face. The first thing you should do is educate the seller on the most recent NAR data. For example, in 2006, studies show that selling with a REALTOR® gives the seller 32 percent more at closing than going FSBO. This single fact seems to do a great job of convincing sellers that they stand to make more money with an agent. Click here to view more data on FSBOs.
30 Days to a More Powerful Memory: How to Get More From Your Memory
By Melissa Dittmann Tracey
QUICK SKIM
Ever struggle to remember a past client’s name or the precise details of your listings? For anyone who’s had a memory blip, there’s good news — you can train your brain to recall even the most miniscule details, says author Gini Graham Scott. In 30 Days to a More Powerful Memory (AMACOM, 2007), Scott reveals interesting new findings from brain researchers and psychologists. After all, knowing more about how your brain works helps you squeeze more information in (and out) of it. The best challenge: Trying to recall her many clever systems after reading the 266-page book. Buy the Book
FROM THE BOOK: 5 WAYS TO GET MORE FROM YOUR MEMORY
Before you wake up tomorrow, you’ll have forgotten about 70 percent of what you learned today, Scott says. Some of that information is trivial, no doubt, but other information could be important for your business or customer relationships. To retain more of what you learn, Scott suggests these tips:
1. Make it all about you. If the information seems important to you personally, you’re more likely to remember it — and to remember in greater detail. This method, called “self-referential,” encourages you to be selfish: Will this information increase your profits, or will this person help bring you more referrals? Is there any association, image, or past experience to which you can relate this information? Also, try to spin the information in a positive way; that increases the odds you’ll remember it. Read more
Author Chat: Sid Davis
Sid Davis
Sid Davis, author of Home Makeovers That Sell (AMACOM, 2007), responds to your staging questions.
What do you suggest [in terms of staging] for a house that is vacant?
DAVIS: If a vacant home is freshly painted, clean, and smells good it should sell. Buyers also won’t have a problem imagining where their stuff is going to go, and a quicker closing can be a plus. I don’t think it’s necessary to leave furniture or move some in to make a home look “lived in.” Many times I’ve had a home sell soon after the owners moved out and had the home professionally cleaned. Personally, I would rather have a vacant home listing than one with owners cluttering it up.
While I agree with all your suggestions, there are instances where the home owner cannot afford to make improvements or repairs. What is your suggestion for this instance?
DAVIS: Can a home owner afford not to do the repairs? If a home won’t appraise because of problems or the owner is uncooperative, I would rather walk away from the listing. If there’s equity, the owner should be able to find a short terms loan. Government agencies, church groups, and other sources often have programs to help people fix up their homes who can’t qualify for financing. You may have to do some digging, but they’re out there. Read more
Home Makeovers That Sell:5 Ways to Sell a Home Faster
By Melissa Dittmann Tracey
QUICK SKIM
Too many sellers let thousands of dollars slip through their fingers by failing to get their house in tip-top shape, author Sid Davis writes. In his latest book, he offers staging tips, cleaning worksheets, and fix-it checklists (but not many photos) to help sellers spruce up every room of their home — including the garage. Beyond the expected advice, Davis doles out helpful pointers on CMAs, replacing appliances, and tax benefits of moving up. Buy This Book
FROM THE BOOK: 5 WAYS TO SELL A HOME FASTER
In Home Makeovers That Sell (AMACOM, 2007), Davis offers these tips for beautifying a home before it hits the market:
1. Don’t sell “as is.” Selling a home without doing some prep work before is the easy way out, and you’ll likely only attract bargain hunters. Accept the fact that painting, cleaning, decluttering, and various fix-its will be needed before you sell.
2. Get a storage unit. Excess furniture, such as a king-size bed squeezed in a guest bedroom, will make rooms look smaller. Rooms can double in size simply by getting rid of the big pieces. Also prime for off-site storage: knickknacks, photos, trophies, and everything else that will distract buyers from seeing themselves in the home. Read more
