Marie Forleo is one of the Business Guru's I follow regularly on Social Media. She's one of the leading Online Marketing experts who built her business from nothing into a multi-million dollar corporation with just her laptop and a desire to help women around the world live their dreams in building businesses without being chained to a desk. I love her off-the-wall energy, her style, her confidence and I've learned a lot of great things from her. I wanted to share her video today on Networking Basics. Our Business is obviously about who you know, and getting back to basics wouldn't hurt!
Wednesday, September 26, 2012
Sunday, September 16, 2012
10 Ways to Excel in Today's Economy
Last Thursday, the LA County Ticor Title team had a sales meeting over Italian food.We discussed the usual - what's going on in today's Real Estate Market, what's coming next in the Economy, effective tools we have, how to continually build our business and running the Sales numbers for all the Title Representatives. While we sat and enjoyed the Chardonnay, I began to reflect on my last 6 years in the Title Business. All the extreme highs & gruesome down's from 2008+, although I wouldn't take a second of that experience away because it has engrained some deep values I'll take to the end of my career.
My manager took some time recognizing our accomplishments, with me ranking in the top 3 among 30 sales reps and how I've continued to double my sales for the last 3 years. I realized at this point, it couldn't be simple luck and it got me really pondering about all the Clients and Friends I've encountered and what it has taken some to achieve astonishingly grand results in today's economy versus those that have not done so well (in all fields, not just in Real Estate). The Question is: What does it take to make it in today's economy?
I decided to compose a list of 10 Ways to Excel in Today's Economy from all the lesson's I've learned from successful people, the dozen of Motivational/Life/Sales seminars I've attended, the thousands of people I've come across in the past 6 years, the many books I've read and the Life lesson's I've accumulated thus far. I've got a humbling long ways still to go but I thought I could share what I do have. If I can even help 1 person, my efforts spent would be well worth it.
1. Attitude. How often have we heard that 10% is what happens and 90% is how you react to it? Keeping a positive attitude for yourself is not only good for your mental health, but your physical health will reflect upon that. And the harsh truth is that most people don't care to be around downers nor do they care about your excuses. People already know how bad the world & economy's perceived to be just by turning on the TV or Newspaper. Psychologists have shown that people default to negativity as a safety net. The fear to fail is so great that if they don't set high standards, they won't end up disappointing themselves. It is a daily struggle to fight beyond that negative urge but once you get there, it's a darn Great feeling to wake up every morning.
Being around dozens of people daily, I can easily spot the Professionals that are achieving greatness in business and in life, without knowing their numbers. It's the ones that choose to look at the brighter side, to continue hustling beyond traditional measures, those that see the glass half-full than the other way around. In 2008, while dozens were getting laid off by the masses and dropping out of the business, I had majority of people telling me that I should leave too, that the Real Estate market would crash and the title business would never be "the way it was". (And while that may be true, nothing in life is ever static.) A small percentage of people, however, enthusiastically shouted words of encouragement "Stick to it, work hard now and you'll come out on top when the economy turns around. I guarantee it!" For some odd reason, I chose to listen to those positive words, I wanted to believe what they were saying, despite having months where I was barely making enough to pay for gas. I thank all those that had hope, that kept going despite the negative surroundings because their forecast was right.
2. Set High Goals. Visualize. I always write a new years resolution list for all my goals. It's important to make 1 year, 5 year, 10 year goals. In my opinion, To-Do lists DO work. Having monthly goals, weekly goals, all the way down to daily goals. How many Prospects do you want to approach this week? How many Referrals will you ask for? When we have things we know we have to get done, we tend to revolve our schedules around achieving it. Imagine the times when you know you have to meet a friend for dinner at 7pm, you know you have to get everything done by then to do so. What if that was your sales goal you had to reach? If goal's aren't written down and with no deadline, then it can easily be put off (same as losing weight).
Visualize: So often, we set step-by-step goals for ourselves, but we forget to look at the bigger picture. Meditate once in awhile, and envision that clear picture of what you would look like, what you would be doing, where you would be if you have "MADE IT". Imagine what it would look like after the rain, after the hectic climb to the very top of the mountain, and you're sitting at the peak enjoying a beer looking out at the view.
Set an income goal yearly. Set a goal that's a bit of a far reach, but do-able, and a minimum income goal. If you set too high of a goal with no minimum goal, halfway through the year, if you're no where close to the goal you may just give up. Giving yourself a more practical minimum goal will at least keep you on track.
3. Believe in Yourself & Stop Making Excuses. We can list hundreds of reasons why we can't make money now. The economy's crap, the real estate market is still struggling, the banks won't lend, there's no inventory in the market. What's the Story you tell yourself? Stop playing the victim and put yourself in the driver seat of your own life! Think of those in your market that are making more money today than 7 years ago. What are they doing right?
When I first started, I'll admit that my fear told the story that I was too young to make it. A few told me that it may be hard to get business in a pre-dominantly non-Asian market. I thought it's a Man's World, it's tougher to be a female in this world, let alone in Corporate America. How many of you have had similar badgering stories of yourself? Somewhere, somehow, I warded off all those lame excuses. I took all those stories and turned it around to my advantage. My new story was that because I'm young, I learn faster, I'm innovative, I'm quicker with technology, people like young motivated energy. I realized being Asian and Diverse, I am able to connect to a wider-range of people. Being bilingual helps, and having the Asian culture engrained while being born American gets me an advantage to connect with people of different backgrounds. And lastly, being a female in America is a better place to be than anywhere else. It can work totally to your advantage if you know how to present yourself with confidence and respect. Act like a Lady & Think like a Boss.
4. Take care of Yourself First. In Sales or any other profession, the first impression is so vital, and it revolves around how you present yourself. Take care of your inner-self through eating healthier, exercising and meditating. Take an hour before work, during lunch hour or after work to unwind at the gym, go for a run, be outside for fresh air, or attend a Yoga class. When you're feeling good inside, you will shine on the outside and people around you feel it too.
5. Give Back to the Community. Statistics have shown that people who give more tend to have higher happiness levels. Think of a time you've lend a helping hand to a friend, bought a meal for a homeless individual, volunteered at a shelter, wrote a check to your Charity. When you're happier, you will perform better at work. You put away the self-pity and the negativity that surrounds. And when you broaden your perspective outside of your little bubble and realize that by the mere fact you're living in America, you're better off than 95% of the rest of the world, you'll wake up each morning appreciating life more.
6. Continually Network & Don't burn bridges. The word networking brings many people to think of the typical networking parties that happen around town. While those are great, there are ways to network constantly that may be less hectic. Constantly keep an ear out of what your friends are doing and what they need, keep that in your memory bank for any open opportunities to connect them (even if it doesn't benefit you or is outside of your field). That's part of giving back, Karma will come around when it's your turn to be given awesome opportunities. It's about who you know, not what you know.
While there are times some people can be real a-holes (yes you can imagine I have encountered a few), I try to keep my cool and to not burn bridges. There are times though when your dignity is on the line, and you should definitely speak out. But for the most part, people are doing what they know the best that they can. Stay cool, you never know what they're going through inside and when you may need them later.
7. Stay updated with Technology & the Latest News. You may not have jumped on the facebook/twitter/linkedin bandwagon as it may not be your cup of tea, but it wouldn't hurt to have some online presence, and know how to navigate around the web. Keeping up with the latest news and laws is vital as your clients rely on you (the expert) to deliver.
8. Put Yourself in the Seat of the Consumer. In the customer service business, your job is to make your clients job easier. It's relationship-driven, a two-way street. They chose to pay for your services over others for a reason. People prefer to have a go-to person for each of their needs whether it be Accountant, Dentist, Print shop, Car Dealership, etc. It makes their life easier to do business with someone they trust and don't have to think twice that you'll deliver the best.
9. Surround Yourself with People that Do Better than You. This can mean one of 2 things.
1) Find a mentor. Someone working in your same field (perhaps in the same company) that does significantly better than you and offer to take them to lunch to pick their brain. Ask them to be your mentor, most of the time, people do want to help (as long as you're not a threat to them!). Take classes, read books from those that have achieved what you wish to achieve.
2) Surround yourself around friends or groups that are at your success level or higher. This is not to say to drop your friends who are making less. Everyone has their own specialty. Make a mental note of what you want to learn from each person around so you are aware of where you wish to be influenced. Having people around that are more successful than you will raise your standards higher, naturally. (Survival of the fittest / adjusting to our surrounding) You will share ideas with one another and challenge each other.
10. Find your Brand & Niche. How many times have we heard of this? Especially in the last decade. While hard work will always be the underlying cause that leads to success, it's all about standing out today. Just getting your work done will be seen as 'mediocre' instead of 'greatness'. What is your Brand? How do you Stand out? What can YOU offer in the market you're working? What are a few key words people think of when they hear your name? Continue to stay in front of your prospects/clients, "out of sight, out of mind." Whether it's seeing them regularly, or making sure you have a consistent Marketing Campaign. Invest in yourself, and Invest in your Brand.
Niche: A specialty in which a person or business operates. In other words, your target market. While whatever we're selling, we wish to maximize our target market as volume equals more, it's still important to identify what your specialty market is. Who are the types of people that you get along with most? Who could utilize your service most? Have special marketing efforts towards that Niche and you will see an increased outcome!
I hope this helped and I welcome you to leave input on other ways to Excel in this market!
My manager took some time recognizing our accomplishments, with me ranking in the top 3 among 30 sales reps and how I've continued to double my sales for the last 3 years. I realized at this point, it couldn't be simple luck and it got me really pondering about all the Clients and Friends I've encountered and what it has taken some to achieve astonishingly grand results in today's economy versus those that have not done so well (in all fields, not just in Real Estate). The Question is: What does it take to make it in today's economy?
I decided to compose a list of 10 Ways to Excel in Today's Economy from all the lesson's I've learned from successful people, the dozen of Motivational/Life/Sales seminars I've attended, the thousands of people I've come across in the past 6 years, the many books I've read and the Life lesson's I've accumulated thus far. I've got a humbling long ways still to go but I thought I could share what I do have. If I can even help 1 person, my efforts spent would be well worth it.
1. Attitude. How often have we heard that 10% is what happens and 90% is how you react to it? Keeping a positive attitude for yourself is not only good for your mental health, but your physical health will reflect upon that. And the harsh truth is that most people don't care to be around downers nor do they care about your excuses. People already know how bad the world & economy's perceived to be just by turning on the TV or Newspaper. Psychologists have shown that people default to negativity as a safety net. The fear to fail is so great that if they don't set high standards, they won't end up disappointing themselves. It is a daily struggle to fight beyond that negative urge but once you get there, it's a darn Great feeling to wake up every morning.
Being around dozens of people daily, I can easily spot the Professionals that are achieving greatness in business and in life, without knowing their numbers. It's the ones that choose to look at the brighter side, to continue hustling beyond traditional measures, those that see the glass half-full than the other way around. In 2008, while dozens were getting laid off by the masses and dropping out of the business, I had majority of people telling me that I should leave too, that the Real Estate market would crash and the title business would never be "the way it was". (And while that may be true, nothing in life is ever static.) A small percentage of people, however, enthusiastically shouted words of encouragement "Stick to it, work hard now and you'll come out on top when the economy turns around. I guarantee it!" For some odd reason, I chose to listen to those positive words, I wanted to believe what they were saying, despite having months where I was barely making enough to pay for gas. I thank all those that had hope, that kept going despite the negative surroundings because their forecast was right.
“The longer I live, the more I realize the impact of attitude on life. Attitude, to me, is more important than facts. It is more important than the past, the education, the money, than circumstances, than failure, than successes, than what other people think or say or do. It is more important than appearance, giftedness or skill. It will make or break a company... a church... a home. The remarkable thing is we have a choice everyday regarding the attitude we will embrace for that day. We cannot change our past... we cannot change the fact that people will act in a certain way. We cannot change the inevitable. The only thing we can do is play on the one string we have, and that is our attitude. I am convinced that life is 10% what happens to me and 90% of how I react to it. And so it is with you... we are in charge of our Attitudes.” Charles Swindoll
2. Set High Goals. Visualize. I always write a new years resolution list for all my goals. It's important to make 1 year, 5 year, 10 year goals. In my opinion, To-Do lists DO work. Having monthly goals, weekly goals, all the way down to daily goals. How many Prospects do you want to approach this week? How many Referrals will you ask for? When we have things we know we have to get done, we tend to revolve our schedules around achieving it. Imagine the times when you know you have to meet a friend for dinner at 7pm, you know you have to get everything done by then to do so. What if that was your sales goal you had to reach? If goal's aren't written down and with no deadline, then it can easily be put off (same as losing weight).
Visualize: So often, we set step-by-step goals for ourselves, but we forget to look at the bigger picture. Meditate once in awhile, and envision that clear picture of what you would look like, what you would be doing, where you would be if you have "MADE IT". Imagine what it would look like after the rain, after the hectic climb to the very top of the mountain, and you're sitting at the peak enjoying a beer looking out at the view.
Set an income goal yearly. Set a goal that's a bit of a far reach, but do-able, and a minimum income goal. If you set too high of a goal with no minimum goal, halfway through the year, if you're no where close to the goal you may just give up. Giving yourself a more practical minimum goal will at least keep you on track.
3. Believe in Yourself & Stop Making Excuses. We can list hundreds of reasons why we can't make money now. The economy's crap, the real estate market is still struggling, the banks won't lend, there's no inventory in the market. What's the Story you tell yourself? Stop playing the victim and put yourself in the driver seat of your own life! Think of those in your market that are making more money today than 7 years ago. What are they doing right?
When I first started, I'll admit that my fear told the story that I was too young to make it. A few told me that it may be hard to get business in a pre-dominantly non-Asian market. I thought it's a Man's World, it's tougher to be a female in this world, let alone in Corporate America. How many of you have had similar badgering stories of yourself? Somewhere, somehow, I warded off all those lame excuses. I took all those stories and turned it around to my advantage. My new story was that because I'm young, I learn faster, I'm innovative, I'm quicker with technology, people like young motivated energy. I realized being Asian and Diverse, I am able to connect to a wider-range of people. Being bilingual helps, and having the Asian culture engrained while being born American gets me an advantage to connect with people of different backgrounds. And lastly, being a female in America is a better place to be than anywhere else. It can work totally to your advantage if you know how to present yourself with confidence and respect. Act like a Lady & Think like a Boss.
4. Take care of Yourself First. In Sales or any other profession, the first impression is so vital, and it revolves around how you present yourself. Take care of your inner-self through eating healthier, exercising and meditating. Take an hour before work, during lunch hour or after work to unwind at the gym, go for a run, be outside for fresh air, or attend a Yoga class. When you're feeling good inside, you will shine on the outside and people around you feel it too.
5. Give Back to the Community. Statistics have shown that people who give more tend to have higher happiness levels. Think of a time you've lend a helping hand to a friend, bought a meal for a homeless individual, volunteered at a shelter, wrote a check to your Charity. When you're happier, you will perform better at work. You put away the self-pity and the negativity that surrounds. And when you broaden your perspective outside of your little bubble and realize that by the mere fact you're living in America, you're better off than 95% of the rest of the world, you'll wake up each morning appreciating life more.
6. Continually Network & Don't burn bridges. The word networking brings many people to think of the typical networking parties that happen around town. While those are great, there are ways to network constantly that may be less hectic. Constantly keep an ear out of what your friends are doing and what they need, keep that in your memory bank for any open opportunities to connect them (even if it doesn't benefit you or is outside of your field). That's part of giving back, Karma will come around when it's your turn to be given awesome opportunities. It's about who you know, not what you know.
While there are times some people can be real a-holes (yes you can imagine I have encountered a few), I try to keep my cool and to not burn bridges. There are times though when your dignity is on the line, and you should definitely speak out. But for the most part, people are doing what they know the best that they can. Stay cool, you never know what they're going through inside and when you may need them later.
Books: Never Eat Alone, Keith Ferrazi. How to Win Friends & Influence People, Dale Carnegie.
7. Stay updated with Technology & the Latest News. You may not have jumped on the facebook/twitter/linkedin bandwagon as it may not be your cup of tea, but it wouldn't hurt to have some online presence, and know how to navigate around the web. Keeping up with the latest news and laws is vital as your clients rely on you (the expert) to deliver.
Books: Life by Design, Tom Ferry.
8. Put Yourself in the Seat of the Consumer. In the customer service business, your job is to make your clients job easier. It's relationship-driven, a two-way street. They chose to pay for your services over others for a reason. People prefer to have a go-to person for each of their needs whether it be Accountant, Dentist, Print shop, Car Dealership, etc. It makes their life easier to do business with someone they trust and don't have to think twice that you'll deliver the best.
9. Surround Yourself with People that Do Better than You. This can mean one of 2 things.
1) Find a mentor. Someone working in your same field (perhaps in the same company) that does significantly better than you and offer to take them to lunch to pick their brain. Ask them to be your mentor, most of the time, people do want to help (as long as you're not a threat to them!). Take classes, read books from those that have achieved what you wish to achieve.
2) Surround yourself around friends or groups that are at your success level or higher. This is not to say to drop your friends who are making less. Everyone has their own specialty. Make a mental note of what you want to learn from each person around so you are aware of where you wish to be influenced. Having people around that are more successful than you will raise your standards higher, naturally. (Survival of the fittest / adjusting to our surrounding) You will share ideas with one another and challenge each other.
10. Find your Brand & Niche. How many times have we heard of this? Especially in the last decade. While hard work will always be the underlying cause that leads to success, it's all about standing out today. Just getting your work done will be seen as 'mediocre' instead of 'greatness'. What is your Brand? How do you Stand out? What can YOU offer in the market you're working? What are a few key words people think of when they hear your name? Continue to stay in front of your prospects/clients, "out of sight, out of mind." Whether it's seeing them regularly, or making sure you have a consistent Marketing Campaign. Invest in yourself, and Invest in your Brand.
Niche: A specialty in which a person or business operates. In other words, your target market. While whatever we're selling, we wish to maximize our target market as volume equals more, it's still important to identify what your specialty market is. Who are the types of people that you get along with most? Who could utilize your service most? Have special marketing efforts towards that Niche and you will see an increased outcome!
I hope this helped and I welcome you to leave input on other ways to Excel in this market!
Tuesday, September 11, 2012
Mortgage Updates
· As part of the $25 billion mortgage settlement that was struck between the country's five largest banks and the state attorneys general and federal government, JPMorgan Chase pledged more than $4 billion in mortgage relief for thousands of borrowers by either reducing the principal owed or the interest rate or both on their loans.
· Chase now reworks the loan terms and lays out the new payment plan in a letter to its borrowers.
· The borrower sees the new rate, how much principal has been taken off their balance and what their new payments will be, and all they have to do is sign the letter approving the new terms and mail it back to the bank.
· In modifying mortgages it already owns, Chase does not need to verify the borrower's income, assets and work history.
Housing
· Although home prices gains were the highest in six years during the first half of the year, a full-on recovery is still not in sight.
· Higher prices can be attributed to low inventories, with the resale supply at an eight-year low and new-home inventories at a nearly five-decade low.
· The market currently is resting on investors and first-time buyers given that many homeowners cannot trade up because they are underwater or have lost too much equity.
Short-Sale Program
· Underwater homeowners who participate in the Fannie Mae and Freddie Mac short-sale program this year are unlikely to get a break on their credit scores.
· Short sales typically cause FICO scores to plummet, sometimes 150 points or more.
· Homeowners who qualify for the program must have solid mortgage payment histories.
· But the credit score companies do not plan to make any changes to their scoring systems for these borrowers, who will be fundamentally different from sellers who did not pay their mortgage for months on end.
Loan Mods
· America's highest-ranked residential servicers completed 66,000 proprietary loan workouts in July, 40% more than a month earlier.
· The alliance represents more than 30 servicers -- including the top five, which agreed to a $25 billion nationwide settlement to improve modification efforts and provide principal reductions when possible.
· The sudden spike in proprietary modifications may reflect the impact of that accord.
Mortgage Debt Relief
· A special exemption of up to $2 million per household in principal reduction and other breaks provided by the Mortgage Forgiveness Debt Relief Act of 2007 are set to expire in December.
· Homeowners receiving the aid as part of a national foreclosure settlement could face hefty tax bills as a result.
Goldman Sachs
· A federal appeals court in New York has ruled that NECA-IBEW Health & Welfare Fund can pursue a class-action case that accusesGoldman Sachs Group of deceiving investors about the risks associated with mortgage securities offerings.
· The decision could potentially expose banks to a wider array of claims by letting mortgage securities investors sue over securities in which they did not specifically invest themselves.
GSE Reform
· He blamed the companies for the financial crisis but did not offer specific details for an overhaul.
· Republicans remain deeply split on the issue, with conservatives leaning toward full privatization of the firms.
· Real estate search and marketing portal Trulia has launched a tool that offers preliminary rate and fee quotes from mortgage lenders when consumers key in information such as credit score, home price, down payment and property type.
· Trulia Mortgage Center directs them to a page with a lead form for the lender along with details of the loan, including estimated monthly costs.
CWCapital Sale
· Walker & Dunlop has completed its $234 million acquisition of CWCapital, making it one of the largest commercial real estate lenders in the U.S.
· The company’s Chairman and CEO said he expects CWCapital to add substantially to his firm's platform.
US Construction
· The decline followed three consecutive months of gains driven by increased home and apartment construction.
· Outlays on single-family homes bumped up 1.5% and spending on apartment construction rose 2.8% percent.
Fannie Mae Loan Mods
· July marked the third month in a row that the mortgage financier has completed more than 11,000 modifications.
· Since the first of the year, it has completed 93,413 loan modifications.
Wells Fargo
· Wells Fargo has reserved $9 million in down-payment assistance for potential home buyers in the Minneapolis-St. Paul, Minn., area.
· To qualify for the NeighborhoodLIFT initiative, a family of four would have to earn less than $100M a year; participants would be eligible for a $15M grant that may be forgiven if they stay in place for at least five years.
· Wells Fargo is offering the program in several cities that were hit hard by the foreclosure crisis.
Medical Debt Responsibility Act
· The Act -- which would require medical collections to be scrubbed from consumer credit reports within 45 days of payment -- could bolster the housing market if passed.
· Some consumers have been unable to obtain home loans because their credit scores have suffered due to problems with medical debts even after they have been paid.
CFPB Mortgage Reform
· The Consumer Financial Protection Bureau wants to aggregate title insurance and other closing costs in the annual percentage rate.
· The resulting increase could affect the number of loans subject to other legal requirements.
· The CFPB is looking into revising state and federal triggers that impose additional rules on high-cost loans.
Mortgage Employment
· However, hiring’s were greater at 5,580 -- marking the fourth consecutive quarter of mortgage job gains.
· Michigan's 711 hiring’s and zero layoffs gave it the biggest net gain followed by Florida, New Jersey and Pennsylvania.
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