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By Melissa Dittmann Tracey
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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.
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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.
To help make your Twitter account more personable, use a photo or an icon that represents your business instead of your company's logo as your Twitter image. For example, Southwest Airlines uses an image of its planes' tail and the sky as its background; Comcast's Twitter.com/comcastcares uses a human face and tweets in an informal, friendly tone.
2. Give your tweet the "who cares?" test. If you just repainted your office or grabbed a donut on your way to the kitchen, should you really tweet about it? You'll read a lot of random thoughts from Twitterers, but if you're using it to land new business, think before you tweet.
"News announcements that affect the reader are always going to be the most interesting," the authors write. "The best way to handle news for branding, then, is to mix it in with other kinds of content and to add a personal comment so that it sounds like its coming from a real person, not from a company. "
If you're tweeting on behalf of a company, keep it human, but not too personal, the authors write. And if you're tweeting on behalf of a personal brand, you might include random thoughts
Continue reading "Book Review: Twitter Power" »
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.
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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.
You might want to rehearse how you would respond to a person who says they already have an agent in mind. The authors suggest: “You already have an agent in mind? That’s great, and I want you to set an appointment with me so I can give you a second opinion on everything to ensure that you are making the very best decision possible. A second opinion never hurts, does it? Great! I can stop by today or tomorrow at four. Which works best for you?”
3. Focus on your clients. Instead of spending all your time and energy coming up with responses on the fly, think about your clients beforehand—what they might say and questions they might ask—then review potential responses. For instance, if a potential client says, “If we don’t sell it, we’ll rent it.”
Come back with: “Stop and think about what it will mean to rent the house out. You might get
Continue reading "Review: Now What Do I Say? Never Be at a Loss for Words Again" »
By Melissa Dittmann Tracey
 Quick Skim
Do you have a female client who's exceptionally chatty? Or a male client who zones out sometimes? It might be their gender that's to blame. Men and women have different communication styles that often clash in the business world, according to Michael Gurian and Barbara Annis, authors of Leadership and the Sexes (Jossey-Bass, 2008). The authors set out to move beyond gender stereotypes and point to brain imaging studies that can offer you insight into how you can better communicate, lead, and negotiate with people of the opposite sex, so that gender communication blunders never cost you a deal.
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From the Book: 5 Ways Men and Women Communicate Differently
At times, men and women may seem like they really are communicating from two different planets. Why is that? Blood flows differently to varying parts of the brain in males and females, making each gender better at processing certain types of information. The book outlines several of these differences and offers tips to account for these differences and deter misunderstandings.
Here are five differences presented in the book.
1. Women's brains are always "on." Females might appreciate this: "There is more neural activity in the female brain at any given time than in the male brain, as evidenced by 15 to 20 percent more blood flow, with more brain centers 'lit up' in a scan of a female brain than in one of a male brain," according to the book. The female brain tends to be more constantly active, while the male brain is prone to “zoning out” or “blanking out” during conversations. To avoid a zone out, men might unconsciously start an activity, such as tapping their pencils, gazing out the window, or swiveling in a chair.
A woman, particularly during negotiations, might perceive this as he isn’t listening or doesn’t care about what you’re saying. But men’s brains are wired to listen differently than women; men often hold less eye contact and have sporadic “zone out” moments, which might require a little repetition to key points.
2. Men just want the facts. Men usually ask fewer questions to stimulate conversation in their work relationships and often end conversations more abruptly than women, the authors write. Men tend to be more data and fact driven and stay on topic, not getting as personal in conversations as women. That’s because men have six times gray matter in their brain that is related to cognition and intelligence than women. Realizing this, women in conversations with male bosses or clients might want to keep their interactions more targeted to the specific
Continue reading "Book Review: Leadership and the Sexes" »
By Melissa Dittmann Tracey
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It’s time for cities to get walking, not sprawling, writes Christopher B. Leinberger in his new book The Option of Urbanism: Investing in a New American Dream (Island Press, 2008). Not only are buyers demanding it, but cities need it to thrive. Walkable urbanism is when everyday needs—such as parks, shopping, work, and schools—all fall within walking distance (a quarter to a half mile) or are easily accessible by transit from your home. Properties in walkable communities tend to command the highest prices, anywhere from 40-200 percent more than drivable single-family housing. His book makes a solid case for why and how cities can make themselves more walkable.Buy the Book
From the Book: 5 Ways Cities Can Become More Walkable
Walkable cities tend to have easy public transport and lots of shops, making for a highly desirable place to live. However, demand for housing in these places often outweighs the supply. Here's what cities need to do to encourage more "walkable urbanism" developments.
1. Change zoning. True walkable urbanism requires high popular density, which often runs counter to zoning codes. Zoning laws also traditionally have set out to keep industrial and retail away from housing, which must coexist in a mixed-use development. Communities can adopt a new planning process that involves property owners, neighbors, retailers, developers, and planning and elected officials working together in bringing these often-complex developments to reality. Some cities are developing form-based codes that are not based on use (which is often the case with traditional zoning), but on the form of the building. These form-based codes are then implemented through an overlay district, which is placed on top of traditional zoning maps.
2. Invest in transit. The best way to encourage walkable urbanism is through transportation investment. "Transportation drives development,” Leinberger says. Often times, the transportation or rail station comes first, and then the development. Leinberger points to Washington, D.C., with its commuter Metro rail line, as a good example of how transit can foster the development of close-knit communities around it. Transit connections and bus and trolley circulator systems are ideal for walkable urban development.
3. Educate the financial community. Multi-use projects tend to be more costly due to multiple-story construction and top-notch finishes, Leinberger writes. Construction budgets
Continue reading "Review: The Option of Urbanism" »
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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.
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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."
2. Rampant fraud. Bitner estimates that more than 70 percent of all brokered loan applications submitted to his company were in some way deceptive, which meant everything had to be double-checked and verified. "The practice of massaging loans, making them appear different
Continue reading "Book Review: Confessions of a Subprime Lender" »
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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.
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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.)
2. Give speeches. Speaking in public offers golden opportunities to make people aware of your real estate expertise, accomplishments, and activities, Segal writes. Talk at a conference or seminar and, beforehand, make the most of your presentation by issuing news releases, e-mail and newsletter announcements, and conduct press interviews to highlight your talk ahead of time. (LISTEN: REALTOR® magazine's podcast on how to become a better speaker.)
3. Get publicity in cyberspace. You can increase your exposure using the Web, too. Comment on others’ blogs, create podcasts, and have a Web site that you promote everywhere — these all can be ways to showcase your expertise and ramp up your exposure. On your Web site homepage, set up a “press room” or “news” section. In that section, have news releases,
Continue reading "Book Review: Profit by Publicity" »
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Think that FSBOs dread hearing from you? Think again. Studies show that nine out of 10 FSBOs eventually end up hiring an agent to sell their home. Yet, only 5 percent of real estate practitioners say they work with FSBOs — which means there’s an untapped market for you to grow your business, says author John Maloof in The Real Estate Agent’s Guide to FSBOS (AMACOM, 2008). To help you get started, Maloof gives scripts for justifying your fees, advice on avoiding communication blunders, tips on building rapport, and techniques for showing FSBOs why it’s not in their best interest to fly solo.
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From the Book: 5 Ways to Prospect FSBOs
Selling a home with the help of a real estate practitioner will net home owners 32 percent more at closing than selling on their own, according to a 2006 NATIONAL ASSOCIATION OF REALTORS® study. Still, some home owners try to go it alone. That’s where you come in. Here are some ideas from Maloof’s book.
1. First, find the FSBOs. To create your FSBO prospecting list, scour newspaper classified ads and public ads posted at grocery stores and convenient stores. Record any drive-by sightings of FSBO yard signs. Also, you might subscribe to a FSBO lead provider service, such as www.fsbohotsheet.com or www.fsboleads.com. These companies compile FSBO listings for you on a weekly or daily basis. Another idea: Attend FSBO open houses and then follow up with a card thanking the sellers for allowing you to view their home. In the card, include a list of homes you recently sold in their neighborhood.
2. Be an information source. Create a FSBO package with helpful marketing information for FSBOs. Include your resume, business card, important forms, and tips on staging and holding open houses. Why offer so much valuable information? The S.O.S. package — which can include a sample offer contract, mortgage approval letter, inspection report, and local HUD disclosures — provides a glimpse into the overwhelming amount of work involved in a transaction. That may get FSBOs to realize they’re in over their heads.
3. Give ‘em a call. But first get a copy of the Federal Trade Commission’s Do Not Call Registry to make sure you can call them. If so, in your first phone call, introduce yourself
Continue reading "BOOK REVIEW: The Real Estate Agent's Guide to FSBOs" »
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Bargain shoppers are on the hunt for foreclosures, so get ready to help them find a hidden gem. But first, you might benefit from some pointers. After all, buying foreclosures can get tricky — whether you’re making the purchase at auction, through a bank, or from an emotional and financially-strapped home owner. In the new book Finding Foreclosures (Entrepreneur Press, 2007), real estate investor Danielle Babb and mortgage broker Bill Nazur take you through the complexities of buying foreclosed properties, from finding the best deals to avoiding common pitfalls.
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From the Book: 5 Ways to Get Good Foreclosure Deals
Foreclosure rates are spiking and brewing up a hot market for investors and buyers. To get the best deal possible, follow these tips from the authors:
1. Timing is everything. Borrowers often are given a chance to avoid foreclosure with a grace period, typically two to three months, to pay off the amount they owe. The borrower may opt to sell the property during this pre-foreclosure stage if they can’t make up their missed mortgage payments. This is typically the best time to strike a deal, as home owners are looking for ways to avoid foreclosure. Another prime time to buy: prior to an auction date.
2. Look in the right places. Follow the foreclosure trail. Title companies, banks, purchase money escrow offices, and credit unions can be good sources to find out about new foreclosures. Online services, such as RealtyTrac provide national information on foreclosures, broken down into such categories as bank-owned, auction, and pre-foreclosure. The Hudson & Marshall Web site has auction schedules and even lets you make bids online.
3. Know when to walk away. For properties that have been left vacant for any amount of time, it’s important to check for any plumbing or electrical issues, vandalism, foundation problems, and mold. Recommend that your clients spend money on a home inspection to ensure they’re not overlooking problems that would be expensive to fix. Even if the property’s price tag has
Continue reading "BOOK REVIEW: Finding Foreclosures" »
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In the face of an attack, 60 percent of victims will become paralyzed with fear, about 20 percent will fight back unsuccessfully, and slightly more than 10 percent will use self-defense moves to get away. “What would you do?” author Robert Siciliano asks in his second edition of The Safety Minute: 01 (Safety Zone Press, 2003). With NAR’s Safety Week under way, Sept. 9-15, Siciliano’s book provides a good refresher on ways you can stay safe on the job, full of safety tip lists and diagrams of self defense moves. If you do find yourself in a dangerous situation, you’ll know how to get out of it.
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From the Book: 5 Safety Tips
Pleading and crying have been shown to be ineffective defense strategies against an attacker. Instead, Siciliano suggests the following:
1. Embrace your fear. If you get a feeling that something isn’t right about a situation, trust your gut. Fear can be good for averting danger and it brings an adrenaline rush, providing you with an extra boost of strength. Fear also can sharpen your senses, allowing you to be more aware of your surroundings and acute to anything that seems out of place. Anticipate an assault so you’ll be ready to avoid or counter it. But don’t carry your fear on your sleeve — attackers look for vulnerability. Project confidence and strength. Be aware, alert, and ready.
2. Arm yourself with safety products. Whistles, personal alarms, self-defense sprays, and portable property alarms can offer you some defense. For example, personal property alarms are small and can be attached to a purse strap or belt. If you’re in trouble, you can use the device to emit noises as loud as 110 to 130 decibels, much louder than a whistle. Pepper spray is a more forceful deterrent, since the chemical when sprayed into an attacker’s eyes can temporarily debilitate him and give you a chance to get away.
3. Appear as if you’ve been defeated. If you are being overpowered by an attacker, suddenly stop struggling. This is the reversal technique. As you fall prey, observe every detail of your
Continue reading "The Safety Minute: 01" »
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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.
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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.
2. Pay attention — for real. It seems obvious, but a weak memory is often a sign you simply didn’t concentrate enough. For example, you meet a new prospect and immediately forget his name. Why? You were so concerned about making a strong first impression that you didn’t really listen to his introduction. Have a mental trigger (such as moving your toe or wiggling your fingers) to remind yourself to listen closely and stay alert. Practice your mental trigger so the association becomes automatic. Another way to get yourself to absorb the information: React and comment mentally or physically to what you’re hearing the other person say.
3. Chunk it with reason. Psychologist George Miller’s “Magic Number of Seven” principle
Continue reading "BOOK REVIEW: 30 Days to a More Powerful Memory" »
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Scrutinize national housing trends all you want, but influences in your local market are really what determine whether home values rise or fall, NAR Chief Economist David Lereah says in his latest book (Currency/Doubleday, 2007). He delves into an array of factors that can impact local markets — from success of sports teams to what Oprah says about the city — and provides lists and rankings of metro areas that can help you evaluate an area’s DNA.
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Tips from the Book: 5 Indicators of a Healthy Local Market
The key to finding a good real estate investment is to figure out what’s affecting supply and demand. But the factors aren’t always as obvious as you might think, Lereah says in his book.
1. Youth drive. A community that has a low average age for the population, such as a median age of 35, is a likely indicator of growth. After all, a younger population is more likely to have children, experience more demand for housing (trade-up buying), and an overall increase in the population, when compared to an older community.
2. Shopping choices. Plans for a new mall or supermarket can greatly increase the draw to certain neighborhoods. In turn, stores or businesses that are closing may be indicative of a sagging market. Gather information by ZIP code of new business start-ups at the U.S. Census Bureau’s Zip Code Business Patterns.
3. Investors stake. Too many investors flocking to a market can cause housing prices to dive if
Continue reading "BOOK REVIEW: All Real Estate Is Local" »
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Welcome to an online book club created especially for you, a busy real estate professional. Each blog entry is designed to give you a weekly dish on book news in five minutes or less. Read more >
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