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Tuesday Tactics Newsletter December 8, 2009
Scott's Thoughts: Anger is Expensive As a real estate pro, you're more familiar than most people are with the bizarre behaviors that come out of stressful situations. Buying or selling a home is an emotionally charged transaction, and how you react to your clients' stress is a vital component of whether or not you will receive future referrals as well as how well the overall transaction will go. With the holidays here, the stakes go up. While it may be a slower time of year, you're also more susceptible to higher levels of stress not only in your clients' lives, but in your own. Flu season sets in. Travel fatigue creeps up on us. Frustration boils over easier. Even small, rude behavior on someone's part may push you to say something you might regret later. The key is to be aware and be prepared. Be on the lookout for situations with heightened tension, and know how to diffuse them. Check out these "10 Tips to Help Get Your Anger Under Control" by the Mayo Clinic for some pointers: http://www.mayoclinic.com/health/anger-management/MH00102 Imagine what a difference anger management could make in your bottom line if it landed you one or two more deals a year. Is losing your cool really worth future commissions?
Q&A: Seller Holding Out for Market Recovery 
A: It's time to come clean with your client and be direct, even if it costs you the listing. Assuming your seller has no interest in becoming a landlord, they're going to be carrying a mortgage, property taxes, and insurance out of their own pocket while the listing ages. Not to mention keeping the house in good condition along the way. You should also express to the seller that a vacant property is more susceptible to vandalism, or damage which may go unnoticed for some time. Ever had a water line to a refrigerator break when no one is home to catch it? It isn't pretty. Plus, if the property is significantly damaged, it might be more difficult for buyers to secure financing. It's helpful to know if the seller's motivations are emotional or financial. If they're largely financial, you should take the time to lay out the dollar sense behind your thinking. If you can't help them see the light, it may be time to mutually move on.
One Habit for More Productive Meetings
A meeting is an expensive proposition-- it monopolizes time for everyone involved. They disrupt the flow of an otherwise productive day. Calls and email go unanswered. If you're going to have a meeting, you need to do so for a reason with a specific outcome in mind. To ensure that your meetings are worth the cost, you need to institute one simple habit... Never leave the meeting without asking: So what is the next action here? This simple question will help you prevent a meeting ending without a clear, actionable direction to pursue. Raise the issues at hand with the people who absolutely must be there, and conclude with your "next action" question. When you've answered the "next action" question, you'll know what to expect and who to expect it from. Not only is this useful for your office meetings, but it can be invaluable to making sure client meetings are effective, too. And yes, there are opportunities for less formal meetings... they're called lunch! (Credit due to David Allen's classic book on productivity, "Getting Things Done": http://bit.ly/72QTwk)
Project Management & Collaboration Made Easy: Basecamp
In some form or another, you probably have a method to manage the many phases of your real estate deals. Odds are, it probably could use some improvement, but you probably don't have the time to reinvent the wheel while you're working. But with a slower season upon us, you might consider looking for new, inexpensive tools to help you streamline your process. One such tool is Basecamp, a project management and collaboration tool used by millions of people across many major companies. With a 98% customer referral rating, Basecamp provides you a centralized, web-based location for managing a project. This includes: - Deadlines- To-do lists - File sharing - Message boards - Project (or deal!) milestones - Time tracking - ...and more Not only can you use Basecamp to keep your own side of the deal on track, but you can use it as a convenient central location to keep the lines of communication open with your clients. You can try Basecamp for 30 days for free:
Communication Upgrade: Two Phrases You Should Avoid
Phrase #1 to Avoid: Good: "I'm not sure that should be my priority right now." (Then follow-up with a conversation as to why.) Reason: If you're asked to do something, either by your boss or a client, telling them it's "not your job" is a surefire way to broadcast that you're simply unwilling to help them. If you don't know how to do the task requested, or it's truly beyond your ability, you need to have a conversation that helps them reach their desired goal without shutting them down.
Phrase #2 to Avoid: Good: "I have an idea I'd like your opinion on." Reason: Don't set the stage for a suggestion to fail before it's been considered. If the idea is worth sharing, it's worth sharing confidently. If you present your perspectives with confidence, you're more likely to have an honest conversation about your ideas. This, in turn, increases the value of your input to clients and co-workers. Miss last week's edition of Tuesday Tactics? No worries. We have two back issues available right now: Until next week!
Cheering you towards greater success,
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"
The test of good manners to to be patient with bad ones.
"
--Solomon ben Yehuda ibn Gabirol
If you walk out of a meeting without knowing what comes next and who's in charge of handling it, you've just wasted your time.
A real estate deal is a major project. So why do so few agents use project management software to stay on top of the deal?
