Twitter Power: 5 Ways to Use Twitter for Business
By Melissa Dittmann Tracey
QUICK SKIM
The micro blogging site Twitter has generated plenty of buzz lately and all from the simple question: “What are you doing now?” Those who use the site have 140 characters or less to respond to the question. Members “follow” other members, and vice-versa, to stay up-to-date on what everyone is doing. Many real estate pros have jumped on the Twitter bandwagon, using it as a way to connect with clients. In the book Twitter Power (Wiley, 2009), authors Joel Comm and Ken Burge show how individuals and organizations can use it as a marketing tool and how such short “tweets” can even land new business. BUY THE BOOK
FROM THE BOOK: 5 WAYS TO USE TWITTER FOR BUSINESS
When you use Twitter for business reasons, you want to “blend in” and make sure your messages don’t come across as blatant sales pitches, or you could face a backlash from followers, the authors write. Your goal for using Twitter should be to make your business stand out and turn your customers into a community.
“Your Twitter timeline is not a sales page,” Comm and Burge write. “Gripping headlines and hard call-to-actions on Twitter are more likely to drive people away than drive them to buy. Your Tweets need to be subtle. They have to build interest and trust. Only then will your followers feel that doing what you want them to do will be worth their while. ”
Here are five tips from the book on using Twitter for business.
1. Make yourself personable. You want your messages, or “tweets,” to be written in a laid-back tone that creates the impression that you’re chatting with others. “Businesses that tweet like a corporate executive addressing a board meeting will … scream that they have no idea what they’re doing—or who they’re talking to,” the authors write. Read more
Now What Do I Say? How to Handle Customer Objections
By Erica Christoffer
QUICK SKIM
Handling objections is all part of the job. Authors Donna Fleetwood, Christy Crouch and Scott Friedman wrote Now What Do I Say? Never Be At a Loss for Words Again (BookSurge Publishing, 2008) to help real estate pros handle any objection that comes their way. Using communication methods derived from neuro-linguistic programming, which considers the impact language has on people and their behavior, the authors offer more than 425 answers to more than 70 common real estate questions and objections. Written in dialogue style, the book can serve as a quick reference, recited aloud, or used in role playing. BUY THE BOOK
FROM THE BOOK: 5 WAYS TO HANDLE CUSTOMER OBJECTIONS
1. There’s more than one right way. Different personalities call for different approaches to an objection. A single answer may suit one client, while turning another off. That’s why the authors offer multiple approaches to every potential objection listed in “Now What Do I Say?”
For example, you might respond to a client who complains that they have not received an offer on their home with the following remark (if the client does well with direct answers): “Exactly! This means they think it’s so overpriced they won’t even waste their time with an offer. So, do you want buyers to make offers, or move on?”
Or, you could use an approach that is suggestive, but solicits more client input: “You’re right! Now, imagine you were at an auction house and the whole audience was silent. No one was bidding on the item for sale at all. The auctioneer would either have to lower the price on the item, or risk not selling it. Which do you want to do?”
2. Practice makes perfect. Take the time to practice objection handlers aloud. Read from the dialogue in the book to yourself or role-play with co-workers. Practice helps boost confidence and alleviates nerves. Since objections are a natural part of the job, practicing how to handle them only makes sense. Read more
Telephone Sales for Dummies: Improve Your Telephone Presence
Filed under: Building Relationships, Sales & Marketing
By Erica Christoffer
QUICK SKIM
The telephone continues to be an integral part of a sales professional’s business. It is often the first point of contact with clients—so you need to know how to make a good impression. Can you get your point across and grab a person’s attention in seven seconds? Author Dirk Zeller outlines a strategic system in his book Telephone Sales for Dummies (For Dummies, 2007) on how to enhance your sales phone skills. He covers everything from rehearsing dialogue and conducting pre-call research, to preparing for objections and overcoming sales call aversion. BUY THIS BOOK
FROM THE BOOK: 5 WAYS TO IMPROVE YOUR TELEPHONE PRESENCE
Here are just a few of Zeller’s tips on bettering your phone presence.
1. Start asking questions. Well though-out questions are one of the best ways to achieve a successful sale. Questions produce greater understanding between you and your client. Find out your clients needs, expectations and reservations. It will help you come to solutions and customize your sales presentation to each of your clients. Even if you don’t land the sale, you’ll learn where to make improvements by asking questions.
2. Practice, practice, practice. Know what you’re going to say before you make that phone call and rehearse it. Have an opening script prepared and in front of you. The window of opportunity to get your message across while prospecting is small. Don’t open with the traditional, “How are you today?” Be genuine, says Zeller. Get to the point of why you’re calling and give them a reason to stay on the phone with you. Read more
Confessions of a Subprime Lender: 5 Reasons the Subprime Market Crumbled
By Melissa Dittmann Tracey
QUICK SKIM
Slowing home sales, a tightening credit market, record-high foreclosures — how did we get to this point? Richard Bitner’s book Confessions of a Subprime Lender (Wiley, 2008) gives a close-up look at how the worst credit crisis in modern history came to be. Bitner, who founded a subprime mortgage company in 2000, left the business in 2006 after foreclosing on a subprime borrower that never should have been approved for a loan in the first place. While being careful not to blame any single source, Bitner gives an interesting view on what went wrong in the subprime mortgage market and how to fix it.
FROM THE BOOK: 5 REASONS THE SUBPRIME MARKET CRUMBLED
In 2000, as housing prices grew out of reach for buyers, more creative financing crept in and subprime lending became big business. Wall Street wanted its hands on more of these loans, and the hot housing market spawned a wave of new subprime companies. By 2004, 75 percent of borrowers were buying a home without using a down payment or proving income.
But by 2006 the subprime market started falling apart; Borrowers were defaulting on loans and subprime companies were going out of business. Bitner says these are some factors that caused the subprime market to crumble:
1. Greed. Mortgage brokers made more money if they sold loans with higher fees and interest rates. So borrowers would often be steered toward riskier products, even if a more traditional (and less risky) loan were available. “My income was directly proportional to the revenue I generated, and subprime was three to five times more profitable than any other type of loan we securitized,” Bitner says. “I saw no logical reason to sell something that made less money and carried no competitive advantage.”
Profit by Publicity: 5 Ways to Get More Publicity
By Melissa Dittmann Tracey
QUICK SKIM
These days, you may be more inclined to run from the media than aim to be on their speed dial. But by having your face on the nightly news or your name in an article, you could present yourself as an expert in the field, build your reputation, and make yourself a go-to person for listings. Before you start drawing attention to yourself, though, you’d be smart to read Edward Segal’s how-to book, Profit by Publicity (iUniverse, 2007). It has 226 pages of ideas on how to form a publicity plan, get publicity on a shoestring budget, draw from strategies of other real estate pros, and talk to the media to get the results you want.
FROM THE BOOK: 5 WAYS TO GET MORE PUBLICITY
So what do you want to publicize – yourself, your company, an aspect of your real estate expertise? Also, who’s your target audience? Knowing the answers to such questions will help you to pinpoint appropriate newspapers, magazines, or other media outlets to pitch stories or offer up your expertise. A list of such considerations appears in Segal’s book to help you start to form your publicity plan.
Once you have a well-mapped out plan of your goals, you’re ready to head on the publicity trail.
1. Have a news hook. When approaching the media with a story idea, make sure it’s newsworthy for more than just yourself. In his book, Segal identifies some of the most common story angles where real estate professionals are often successful in landing in news stories.
For example, stories where you can talk about real estate trends and developments, advocate for affordable housing, raise money for a good cause, market listings in a unique way, showcase unusual properties, or comment on a recent real estate transactions. Also, realize that you may face skepticism from the media so arm yourself with a solid real estate background, credentials, and facts to back up your key points when talking to the press. (Watch an online video of media tips to put you at ease when talking to reporters.)
Get Slightly Famous: 5 Ways to Increase Your Fame
Filed under: Book Reviews, Building Relationships, Sales & Marketing
By Melissa Dittmann Tracey
QUICK SKIM
Being a celebrity — if even in your local market — gives you a major edge over your competitors, says PR guru Steven Van Yoder in his new edition of Get Slightly Famous (Bay Tree Publishing, 2007). Be that one person that prospects think of when they hear the word “real estate.” But you’ll need a special marketing plan aimed at generating fame. In Van Yoder’s 304-page book, he shares strategies for boosting star power, from becoming the media’s go-to person to creating buzz from speaking engagements. Along the way you’ll also read informative mini-profiles on how small businesses found fame.
FROM THE BOOK: 5 WAYS TO GET SLIGHTLY FAMOUS
Your top objectives in becoming a local celebrity: boost your visibility and establish credibility. Here are ways to accomplish those goals, according to Van Yoder’s book:
1. Be a media favorite. Local news coverage offers instant credibility, enhanced status, and expanded consumer reach. But getting reporters to listen to you is a different story. When introducing yourself, let reports know your expertise and tell them you’ll be reachable on tight deadlines. During interviews, focus on being quotable: speak succinctly and conversationally, avoid professional jargon, keep your message simple, and be enthusiastic. Keep in mind that reporters are turned off by sources who merely promote their company and make statements with no inherent news value. Instead, view your business from the media’s perspective and provide reader-centered, timely information.
