Are you keeping a sales journal?

Are you keeping notes on your sales activities? Do you have a place to put ink to paper and track the what, when, who, why, and how of your daily interactions? Do you have notes on that customer or prospect? Do you track how many times you speak to them? Do you take notes on what works and what doesn’t when you make a call, or present a product, handle an objection, or make a pitch? Because if not, then you are missing more opportunities, and probably working many times harder, than you should be… Ever watch a baseball game where they show the manager and the pitching coach in the dugout? Usually, you see one or the other looking into a three ring binder- know what’s in there? Notes. Notes on every pitch that a batter has faced from every pitcher in their career, at every point in the game, and at every count in the at-bat. The notes are deep and meticulous? Why? So they know how to pitch the guy to get him out. Your notes on your prospects should be this in depth as well, so you know how to hit the home run. What did you say? How did you say it? What did you wear? What time of day or month was it? What worked and didn’t? You see, if you start keeping a sales journal, you’ll have a something to turn to when you can’t figure out a customer, or when you need a different technique to close- and it will help you see what works, and more importantly, what doesn’t. With a written journal of your sales, you’ll have a picture of your skills. Try it for 30 days… Guaranteed it will change your sales game…

Spread yourself out

It’s ironic really… Before the market crashed, before the economy took a nose dive, before the ATM known as your house got unplugged, before unemployment levels shot up like a hot air balloon- it seems everyone spread themselves out in a lot of areas in their life- work, family, friends, commitments. And in was different in business- not only did you take on more clients, but your business model included many different steams of revenue- if it was easy and you could increase your cash flow- you did it….But then came the crash… And what followed was a dramatic shift in the paradigm…
Now it seems that businesses have a new model… Focus on what can “potentially” bring in income, but nothing more. Everyone is worried about their bottom line, their next paycheck, and whether or not there is a pink slip waiting for you on Friday… I think this is a bad idea.
In order to grow the economy, a business’ bottom line, and your personal bank account, you have to spread yourself out- there is an old saying that we have all heard “don’t put your eggs in one basket”. It seems that’s all anyone is doing theses days… But we all know this is a bad idea… So why do we do it? So many sales agents, realtors, restaurants, and businesses seem to focus on that “one deal”‘ or that “one concept” or that “one sale”. So what happens when the deal falls part? Or no one shows up for that special sale? Or that new menu item is a flop? Your business fails. Your bank account fails. pink slips go out. It’s time we start looking at multiple wats to get new business and make money. It’s time to stop being complacent and start thinking outside the box. It’s time to stop being scared and start spreading our wings. It’s time to get out of the office, out from behind the computer, and out of the car. Meet more people, make more sales calls, try several new things at once- push-push-push… Pretty soon, your bank account will start going up, your personal value will increase, and you just might discover a new way to do business…

So that’s not a Foreclosure? I don’t understand…

Ask any good real estate agent, and that is something they hear quite often. What are they being asked? If that house down the street is a foreclosure- you know, the one with the grass that hasn’t been cut in 6 months. The one where no one is living there. The one where all the neighbors park their cars at night. everyone in the neighborhood just knows it as the foreclosure… But are they right?

Most real estate agents can’t even answer that question. Why? Becuase they are not involved enough in the market, or they haven’t sold enough distressed property. They can’t tell you the difference between a pre-foreclosure, and a foreclosure. They can’t tell you what a lis-pendins is. They can’t explain the ins and outs of short sale. And they can’t tell you how to properly present an offer for an REO, or bank owned home.

Since I get asked this question quite a lot, I thought this might be as good a place as any to give the quick answer. Think of the residential real estate market as three seperate rooms in your house. The first room consists of Sally and Joe seller down the street- they may own their house outright, or have a small mortgage- when they sell, they get to make ALL the decisions, because they will recieve more money from the sale, than they owe on their mortgage- this is what most real estate agents consider a “regular” listing- not complicated, just involves the seller and their agent.

The second room in your house consists of REO properties, or Real Estate Owned. These are the properties that are now owned by the mortgage holder, the bank as most people say, and has transfered title. These properties go by many names: Distressed, Toxic Asset, REO, Foreclosure, Bank Owned- whatever the term, they are now owned fully by the bank- and the bank is responsible for taxes, insurance, preservation (keep it secure and the grass cut!), and utilities. They need to maintain the property so it will hold it’s market value. These properties have now finished the foreclosure process, and are truly considered “foreclosures” in the market place.

The last room holds all those houses in between, the ones in no mans’ land. The ones that have been vacant for a year or two, where the grass doesn’t get cut, the HOA doesn’t get paid, and mailed doesn’t get delivered anymore. These are the ones where the neighbors call it “the foreclosure down the street”, but they are wrong. You see, even though they are vacant, and the previous owners have moved out, they are still not OWNED by the bank- the title has not transfered from a foreclosure sale, so the previous owners are still responsible for the care and upkeep of the property. Doesn’t mean they do it, just that they are responsible for it.. These are the “Pre-Foreclosure” properties. They are gotten rid of in several ways- a short sale, a deed-in-lieu-of title transfer, or the owner makes amends with the mortgage holder. Whatever way they are, these homes are the ones that most neighbors consider the “foreclosure”

So just remember, if you see a house that is vacant and the grass is 2 feet tall, the back yard is full of debris, and the lights aren’t on- it’s a PRE-FORECLOSURE. When the bank takes it over, they want to clean it up and give it as much market value as possible- it’s now a FORECLOSURE..

See, all you have to do is ask!