No Industry For Old Thinking… By Kim Daugherty. Thought Realignment What you THINK… Influences what you FEEL… Which alters what you DO. SO,… If you want.

No Industry For Old Thinking…

By Kim Daugherty

Thought Realignment

What you THINK…Influences what you FEEL…Which alters what you DO.

SO,…

If you want to change what you DO…Modify what you FEEL…

By altering what you THINK.

3+ Great Books

#1: Borrowing Brilliance: The Six Steps To Business Innovation

By: David Kord Murray

Idea: Cherry-picking and combining the ideas of others…

3+ Great Books

#2: Swim With The Sharks…Without Being Eaten Alive

By: Harvey Mackay

Lesson #20…The two most important lessons any negotiator can

learn…-First, be prepared to say NO.-Second, the most powerful tool in any negotiation is information.

3+ Great Books

#3: Getting Things Done…The Art of Stress-Free Productivity

By: David Allen

Idea: 5 Stages of Mastering Workflow… the last stage (good news/bad news) is:

“Do it”.

3+ Great Books

+ Live and Learn and Pass It On

By. H. Jackson Brown Jr.

Facts-Figures & Forecasts

Forecasts

NAR: 4,910,000 5,161,000 5.1%Fannie Mae: 4,885,000 5,410,000 10.8%

Sales Price (median) Fannie Mae: $171,500 $159,200 <7.2%>

NAR: $174,100 $179,800 3.3%

NAR August 2009 Economic OutlookFannie Mae Housing Forecast: August 2009

2009 Estimate

2010 Projection

% Change

Home sales (existing)

5,3355,632

6,183

6,7797,076

6,478

5,652

4,9134,773

5,410

4,000

4,500

5,000

5,500

6,000

6,500

7,000

7,500

2001 2002 2003 2004 2005 2006 2007 2008 2009Proj.

2010Proj.

Historical & Projected Salesof Existing Homes

(Expressed in Thousands)

Source: Fannie Mae

Quote:

In today’s massively turbulent economy, the people with business skills and tools, who

know how to think, will be the winners. And the people who are relying on the market and

past successes to bail them out will get slaughtered.

Keith J. Cunningham

What’s Old Thinking…

• I’ve mastered this game……always looking to improve

• The FOREVER Gold Rush……changing of the “FEARS”

• Build it and they will come……effective and meaningful

prospecting and marketing

• All eggs in one basket……Multiple streams of business

• 80% of success is just showing up……Skills-Knowledge-Focus

• I just wing it……A specific “play book” and plan

• Casual Fridays……Professional package

• It’s fine…looks fine…priced fine… whatever……WOW wins!

• How much did you sell last year (success)?……Focus on bottom line (net)

From Business Week September 21, 2009

Under Management & Leadership

The Six Sigma Black Belts Are Back

Everyone from retailers to drugmakers is using the efficiency discipline to squeeze out more savings.

• Sure, I’ll meet you wherever & whenever you want…

…Buyer Consultation

• It’s ALL about ME (brag book)……It’s about what you will do for them

• Product Dump (also known as “throwing up on them”)…

…80/20 (the 80 is first)

• Tricks: Telephone Tricks-Open House Tricks-Closing Tricks-Clever Tricks of all kinds…

…Non-manipulative steps to goals

• First Open House……It happens on-line (P-P)

• Get them on paper, we’ll fix it later……Do it right up front

• Auto Pilot……Healthy paranoia (IC)

• The job interview (they interview you)……Two way street

• Flying Solo……Team

• Technology #1…it’s a fad……hello!

• Technology #2…it’s the “magic pill”……Tool to AID the sales process

Social Media Survey

• You Tube• Active Rain• Twitter• FaceBook• Linkedin• Real Estate Wiki• Broker Agent Social• Other

• Technology #3…hardware & soft… …Swimsuits-tape-other things that

work

• Financing…five years ago……today?

• Appraisals…five years ago?……today?

• Short Sales…five years ago?…Today?

Take Two…

The Wacky World of…• Appraisals• Short Sales

Challenge The Appraisal???6+ Key Ingredients

1. Do you have quality data that supports your findings?

-Facts-Good Comparables-Other supporting information…

…example: back-up offers etc.

2. Did your offer to share your information with the appraiser?

Challenge The Appraisal???

3. Did you meet the appraiser at the property?

4. What have other agents said about the property?-Price-Staging -Other Comments

Challenge The Appraisal???

5. Are the appraiser’s reported facts/data accurate?

6. Who is the “right person” to contact to appeal?

+ Other items/issues to consider…

Form 1004 MC3 T’s …plus*

• Transparency……of market conditions

• Typical… …what’s typical now???

Form 1004 MC3 T’s …plus*

• Trends …local & specific …no long shelf life

…support for conclusions

*Logical Analysis

Websites to Visit

1. www.efanniemae.com

2. www.realtor.org/hvcc

3. www.google.com (cost vs. value report 2008)

4. www.remodeling.hw.net/2008/costvsvalue/ national.aspx

Short Sales

Top 6 Reason Short Sales Do Not Close

6. You don’t call the bank periodically for updates, you rely on them calling you.

5. You don’t bother to lower the price periodically.

Short Sales4. You don’t submit an offer you feel is too low.

3. You don’t check this property’s status and the bank forecloses.

2. Poor communication with the buyers/buyers agent and they walk.

1. Your short sale package is incomplete.

Short Sales

Short Sale Checklist of Necessary Paperwork17+ items…

“A” Game… What’s One Look Like???

Starting October 1 Real Estate Checklists.com Rapid Fire 3-5…two minute drills

The CORE…Simple, But NOT Easy

• Relationships Rule……Stay close to people in ways that are

meaningful to THEM

• Rabbit Check……Is it really a rabbit???

The CORE…Simple, But NOT Easy

• Skills:–Prospecting & Marketing– Listening–Communication/Education–Negotiations–Prioritizing– Execution

The CORE…Simple, But NOT Easy

• Knowledge– Your Market–Current Realities• Financing• Appraisal• RESPA• Etc.

The CORE…Simple, But NOT Easy

• Positive Attitude

P.S. Keep the “main thing” the main thing!!!