2010 September | Intero Mojo

Archive for September, 2010

Thoughts on Leadership: Learning from other leaders

By Gino Blefari | September 30th, 2010 0 Comments

Last week, I attended a three-day meeting in Chicago with a CEO think tank group called Trendsetters, a network of real estate company owners who share their best ideas and advice with each other, as well as financials and discussion of changes in the business.

The Trendsetters strategy group meets twice a year and provides a wonderful opportunity to share ideas, brainstorm, and discuss trends with the heads of other brokerage firms. Topics for discussion included new tactics for improving revenues, effective recruiting in this market, improving productivity and the changing role of management.

Michael Golden and Thaddeus Wong from @Properties hosted this past meeting. I left with further insight about what I need to do as a leader.

Members of the group include 10 leaders from brokerage firms all around the U.S. The group’s executive director is Steve Murray of REAL Trends in Denver. Each leader noted that the Trendsetters meeting is something that they can’t do with direct competitors in their respective markets.

What exactly are these meetings like? Imagine getting confidential input and advice from other business leaders when you face a difficult decision. Imagine an open forum to discuss professional and personal goals. Imagine a group of peers who will not only support you but also hold you accountable to the commitments you make.

This illuminating think tank does just that. Every head of each brokerage firm is given uninterrupted time to focus and shed light on strategic issues that are vital to their company’s future. This small group of business peers offers diverse perspectives to support you in achieving goals. Taking part in the peer review critique twice a year has made me realize that we all share similar issues, similar leadership items to work on.

After three days, I walk away with creative business solutions, a stimulating community of peers, comradery and friendships, business and life strategies.

Throughout my real estate career, I’ve realized that what I learn from other leaders – such as my friend, mentor and business partner, Bob Moles, Chairman of Intero Real Estate Services – is what has had the biggest impact. I’ve learned a great deal of leadership skills from Bob and value his advice. This realization is why I became a member of the Trendsetters group. Networking and sharing with other leaders provides the kind of learning I just can’t get anywhere else.

You can use this same concept in your own leadership pursuits. Stop and think about what you can improve in your business. Who are the peers that you can meet with to discuss your success and struggles? Remember, the advice and information you receive from others can help the development of your own personal business and career and help you to become a more successful leader.

Wednesday Wellness: No sweets challenge

By Tammy Parkinson | September 29th, 2010 0 Comments

In a couple of weeks, I start a “no sweets” challenge with several friends, family members and clients. This is something I did last year with about 10 others to help navigate through the pies, candy, cookies, and cakes (and that was just during Halloween). The challenge is to help us stay healthy and not become the “8 pounds of fat gained” statistic. It was miraculous and over the holidays last year, I think I felt better than I ever had during that time of year!

One of my colleagues is doing this with me and someone asked her “why”, you don’t need to lose weight! Her point was, it isn’t about weight loss, it is about what she could add in to her diet where the sugar treats take up!

I loved that! She’s right! What do we take out of our diet, life, love, and everything in between which is filled up with something that might be tasty or “good” in a moment, yet pushes out something vital and healthy that we don’t make room for because of it?

Now, I’m not suggesting you take sweets out of your diet with us, or am I…but think about what kind of sugar (or metaphor like sugar) you are filling up your days with and what could take its place and enhance something you have been missing!

Monday Morning MOJO: Walk Your Talk and Grow

By Tom Tognoli | September 27th, 2010 1 Comment

There are two types of people in the world. There are the “Givers”…those people who are always going out of their way to help others…lend a hand…give a positive comment…make you feel good…encourage you. Then there are the “Takers”…those people always trying to work the angles to benefit themselves…are in it for Numero Uno…have their hand out looking for someone to give them something…giving a sarcastic comment…tearing you down…sucking the energy from you. Which one are you?

Here is the interesting thing. Those who “give” get and those who “take” get taken away. It is a universal law of life that we all need to understand if we ever want to accomplish our goals personally or professionally. On the surface it is so hard to get our heads around and comprehend. It is like saying if you want to go faster, take your foot off the gas. However, everything in life works that way. If we want to accomplish our goals, we have to help others accomplish theirs, but don’t do it for selfish reasons…don’t do it because it is going to help us accomplish our goals. We have to be genuinely connected with them and their goal and helping them accomplish it. If you want to get fit and healthy, help others get fit and healthy…if you want to become closer to God, help others get closer to God…if you want to make more money, help other make more money…you want to improve your business, help others improve their business.

So, why is that? I think it subconsciously helps us have integrity and accountability with what we need to do to accomplish our goals. We can’t genuinely advise and help someone to do one thing, and then do something completely different. The best way to help someone is to show them how, not tell them…that’s called Leadership…it is called Servant Leadership. Someone once told me that if you want to know what your kids are going to be like when they grow up, it is not going to be what you say…look in the mirror and stare into the eyes of the person you see. That is what your kids are going to be like. You can’t ask someone whether it is your kids, your friends, your colleagues, etc. to get up early…workout…eat right…spend quality time with your family…invest…be focused, accountable and discipline at work. Then go about your day getting up late…never working out…eat like crap, never spending quality time with your family…spend every penny you make and be a lazy ass at work.

It is like writing Monday Morning MOJO. People are always telling me how much they love getting it every Monday morning. I have thousands of people signed up from coast to coast who receive it every Monday morning, and by the time it gets forwarded on to other peoples distribution lists, who knows it may be reaching ten of thousands of people every week. The interesting thing is that the person who gets the most out of MOJO is me…because I have to take the time and write it…it burns it into me. Then I have to have integrity with what I write. I can’t say go for it and have a great life, then sit on my ass and watch life pass me by.

Make it a week of MOJO!!!!!

The Consigliere Files: The San Bruno Disaster – and What it Means for Northern California Real Estate Salespersons

By Christopher Moles | September 26th, 2010 0 Comments

We all know what happened September 9, 2010 in San Bruno. The unexpected tragedy destroyed numerous homes and claimed multiple lives. The shock froze our nation. We take things like natural gas for granted. Most of us only concern ourselves with things like the cost, whether it is convenient to use, or whether it is good for our various political concerns. Not many of us, or buyers and sellers of real estate for that matter, spend much time fretting about the hazards involved with capturing, transporting and utilizing these resources. Although the disaster’s damage was limited to the San Bruno area, it awoke the entire nation to the inherent dangers of transporting natural gas. It has spawned investigations, safety audits, and a public relations effort by PG&E in order to mitigate the fall out. Needles to say, we have become newly concerned about the safety of our natural gas lines.

The question is; how does this change our job as real estate salespersons? Certainly, information about unities, including natural gas service and piping, is always included somewhere in the preliminary report. However, now there are investigations in our area. There are new “red flags” being posted by PG&E and the government about areas of pipe that need further attention. For PR purposes, these investigations are being made public and they are being reported by numerous media sources. As such, if we have listings that are being serviced by a pipeline that is publicly red flagged and under investigation, that might need to be disclosed up front.

What PG&E is Doing Publically

In an attempt to placate public backlash, PG&E has started to identify areas of natural gas pipeline that need to be examined and possibly repaired. They have publically announced that a few major segments that run along the San Andreas Fault have been flagged for further inspection – citing susceptibility to landslides, erosion, and earthquakes. The company is currently broadcasting the results of its internal inspection on its website. In turn, local and national media is now broadcasting which pipeline segments are in question.

The national security administration has started to investigate the issue more publically as well. They assume that major gas pipelines could be attractive terrorist targets and they want to assure the public that they are on top of the issue. As they do this, some politicians are arguing that disclosing the location of natural pipes is making us less safe. The point is that the whole world is becoming more aware and concerned with the pipelines around northern California, and this may create a disclosure issue.

The Rule – Constructive Notice

By rule, sellers are required to disclose material facts, of which they are aware, that affect the desirability of the property. Many agents take this to mean that they are covered so long as their seller doesn’t subjectively know about the fact. However, there is a legal concept called “constructive notice,” where certain people with a special interest in the subject are deemed to have knowledge of those things that concern the subject simply because they are publicized and know generally. For example, a landowner is on constructive notice of an easement across his land if he occupies the property and his neighborhood generally knows about the easement. In that case, it does not matter whether the landowner ever had actual notice of the easement, he is legally deemed to have constructive notice because he should have noticed the easement by exercising the standard prudence expected of a landowner.

There are many sellers that are listing homes that may be serviced by a segment of pipe under investigation. These sellers likely have no clue that these investigations are under way. However, if the seller knows that their house is presently serviced by a section of pipe that is being publically investigated, the seller and listing agent should disclose that upfront. If there is any question, I recommend that listing agents have buyers conduct their own investigation through the PG&E website and/or hotline.

In sum, the heightened media attention around natural gas piping in northern California has led to increased public awareness about the safety of some segments of pipe. It is not beyond a California court to consider current sellers “on notice” that their home may sit on a segment of pipe that has been red flagged by PG&E or the federal government. To be safe, listing agents should check to determine whether their listing is serviced by a pipe segment that is under public investigation. Regardless of their findings, a prudent listing agent in this atmosphere will probably want to point buyers to the PG&E webpage or pipe hotline to ensure that the buyer has had a chance to check for him or herself.

PG&E Hotline for Gas Transmission Pipeline Location Information:
1-888-743-7431.
PG&E homepage: http://www.pge.com

Cool Apps: Measure Your Online Klout

By John Thompson | September 24th, 2010 0 Comments

If you’re using Twitter for your real estate business you’re probably constantly wondering whether what you are doing is working. Slow it down even more – how do you even figure out whether your efforts are working?

The end goal of course is always to build business. Twitter is great at helping agents cultivate those relationships and reputation that help to do that. But measuring your success on this platform is more than just counting followers. It’s about social influence.

Enter Klout – a tool that helps you measure social influence on Twitter. And what does social influence have to do with selling real estate? It all comes back to that ever-so-delicate online reputation. You need to build it. You need to maintain it.

Klout gives you insight as to what your influence is within your Twitter network. You may only have 50 followers, but be considered an influencer or thought leader because of the way they interact with you and your content online.

Klout collects data about the content you create, how people interact with that content and the size and composition of their networks. This data helps you to see the impact of your updates, links and recommendations across your network.

Get retweeted a lot? Klout considers that and feeds back influence measurement using that statistic. Or maybe you’re always adding links to your blog posts on Twitter but no one is clicking on them. Klout would consider that as well.

The service creates a Klout Score for users that can range from 0 to 100 with higher scores representing a wider and stronger sphere of influence. Klout uses more than 25 variables to measure three areas it sees as important in calculating influence: True Reach, Amplification Probability and Network Score. True Reach tells you just that – it looks at your engaged followers versus spam bots and dead accounts. Amplification Probability is the likelihood that messages will generate retweets or spark a conversation. Network Score measures the influence of your followers.

You can get your basic Klout score just by entering your Twitter handle at Klout.com.

Once you get a Klout score, you can see what kind of network you have – engaged or not engaged and whether you need to make adjustments like remove some of the spam bot accounts that are following you, or change the way you share articles and other links.

There’s really no point in continuing to spend time on Twitter if you have no idea whether you’re heading in the right direction, building your reputation and increasing your sphere of influence. Give Klout a try and see where you stand.

Thoughts on Leadership: The Golden Rule for Leaders

By Gino Blefari | September 23rd, 2010 0 Comments

The Golden Rule, “Do unto others as you would have them do unto you,” is one of the first things we learn as children. It turns out that this recommended approach of consideration, dignity of purpose and concern for fellow people, when practiced consistently, pays off.

For leaders, the Golden Rule is more than a recommended practice. It’s a requirement.

In “Lead or Get Off the Pot! The Seven Secrets of a Self-made Leader,” Pat Croce explains: “The magnitude of the Golden Rule’s importance is complemented by its simplicity of execution. All you have to do, really, is think of how you would like to be treated in any given situation, and then act accordingly.”

It sounds simple, but experience will show that practicing the Golden Rule is quite difficult. To overcome this it’s important to try consistently. Make it a part of your everyday behavior.

Embrace the Golden Rule as your philosophy and practice the “Ten Commandments of Service.” Croce says “It will take hard work and discipline to make these commandments important in your own life but they will bring satisfying results once you do. Not only will you firmly establish your leadership position in the minds of your staff, family and friends, but you will be setting an example for those who share your vision.”

Here they are:

Hello…and good-bye: These two touch points are central to customer service. Your greeting and your send-off will have a definite impact on your customer’s decision to return.
First-name basis: Calling people by name is a guaranteed way to make them feel important.
Listen, listen, listen: Listening is the most accurate, quickest and most effective way to understand people.
Communicate clearly: Be clear and concise whether you’re giving orders or taking them. Allow no room for misunderstandings or miscommunication.
Be neat, clean and fit: Your appearance is the first impression you’re going to make in every new situation.
Be prompt and professional: How you treat time reveals more about you to others than any of the words you say when explaining why you were late.
Be positive: When you control your thoughts, you have a better chance of controlling your world.
Give compliments: Everyone wants to feel valued, appreciated and important.
Have fun: A sense of humor will make any difficult situation better.
Do it now: Always have a sense of urgency to serve others and the rewards will come back to you with equal speed.

What are you waiting for?

Right now is the best time to lead the charge and check off one more action steps toward the realization of your vision. No matter how you serve your staff members, family members, friends and customers, your reputation will develop based on your actions and your character. Apply this 10-point strategy to all your business activities and even to your everyday life. It will not fail you.

Wednesday Wellness: Runner’s high

By Tammy Parkinson | September 22nd, 2010 0 Comments

Have you ever heard of “runner’s high” or being “in the zone”? Have you ever felt those?

When a person starts to run (and I’m talking about my own experience), the feeling of running a mile can be daunting. It feels like you’ve stepped in concrete and blocks of cement have been molded to your tennis shoes. That first mile is brutal; but then after trudging along week after week, ever so committed, 1 mile becomes 3 and 3 becomes 5 (granted, this takes a while). Then something unexpected happens: around mile 4, your feet start to feel light, your gait starts to glide, almost fly and you get “runner’s high”…and it is awesome!

There’s also the experience of working on a project and the momentum to start is heavy. You’ll do just about anything to avoid beginning because it feels like it’s a mountain you just simply don’t think you can climb, but you plot along, building a foundation and after hours, days, weeks, maybe more, you are “in a zone” and you can’t be stopped!

What would happen if the runner stops running at mile 2, would they achieve the runner’s high?

How about the worker who starts the project but never finishes, would the job just fizzle?

There’s a time in every task, exercise, challenge we might say where it gets really hard. If we stop when it gets hard, we never feel the “juice” of the other side; we never experience the elation of pushing beyond our boundaries.

I know it’s hard, I know it’s uncomfortable; but I also know the “juice” is sweet and worth the effort to bust through the walls. Try to reach beyond the eye of the storm, search out the reward and believe in the glory you will feel if you just go a little further. I don’t mean “just the distance”, I mean to say what it takes to go further than the distance and feel the nectar of going to the other side! You will surprise yourself and it will be worth it!

Consigliere Files: Short Sales

By Christopher Moles | September 20th, 2010 0 Comments

Short sales and REO transactions are a sign of the times and, unfortunately, they are not going anywhere. In fact, current estimates suggest that these transactions will represent a substantial portion (33% or more) of our business over the next few years. However, even as short sales steadily increase, many of our competitors have decided to refuse short sale listings because of there complexity and potential liability. Many brokerages have simply decided that there is no right way to do a short sale.

Intero is not one of those brokerages. Truthfully, prudent and experienced agents can do hundreds of short sales over a career and never see the inside of a court or DRE office. There is a right way to conduct these transactions. It requires discipline, time, and attention to detail. In my time dealing with short sale lawsuits, both at my former law firm and now as brokerage counsel, I can honestly say that every short sale foul up involved an agent that simply refused to exercise one or more of these necessary characteristics.

Discipline in short sale transactions

Short sales ARE NOT normal listings. They are different. Thus, a real estate sales agent must treat short sale listings differently. This means there are important disclosures that MUST be made PRIOR to signing a listing agreement. The state of California requires agents to explain 1) that they are not attorneys and won’t give legal advice, 2) that they are not CPA’s and they can’t give financial advice, and 3) that commencing a short sale will not stall foreclosure proceedings. At the moment that an agent first discusses listing a short sale with a seller without making this disclosure, the agent has breached her fiduciary duty.

Intero has created a “Short Sale Advisory and Hold Harmless Agreement” to help agents meet their duty when procuring short sale listings. Disciplined agents simply have the Advisory signed as soon as they are approached by a short sale seller. Undisciplined agents will not have this Advisory signed. Consequently, these agents are sued and have no valid defense.

Time in Short Sales

Next, short sales require time. These complex transactions involve numerous parties – sellers, buyers, agents, lenders, secondary lenders, negotiators, and normally a professional advisor (i.e. attorney or CPA). Short sales simply cannot be done quickly. As such, there are some listings that an agent must learn to flatly refuse. If a seller comes to you on the day of their foreclosure auction and asks for help “avoiding” foreclosure, you should say “no.” There is not enough time. An agent should not take a short sale listing unless the agent has at least a month to begin the long process of negotiating with the bank and steering the fiduciary toward competent advisors.

Please note; in my time as a real estate attorney, both at my former firm and now at Intero, every short sale suit has involved an agent that commenced a short sale listing within two weeks of foreclosure – each and every single one. Frankly, if you do not give yourself enough time to conduct these sales the right way; you will conduct them the wrong way.

Attention to Detail

Finally, attention to detail is important. Bear in mind, short sales are “exceptions.” The bank is making a special exception for a person facing insurmountable hardship. Thus, there are many special details that must be covered and verified to truly protect the broker and agent. For example, is there real hardship? If not, the bank may resend its “waiver of deficiency” at a later date for fraud. Then, the seller is hit with debt that she thought was waived, and you are hit with a lawsuit. Is the seller hiding assets? You will waste time, energy and reputation trying to procure a short sale for a seller that makes $300,000 a year, has 7 luxury cars, but is underwater on one of his mortgages. Agents don’t want to be interviewed by the FBI or become star witnesses for the IRS. Has each spouse been vetted in this community property state? The list goes on and on.

In conclusion, short sales are complex transactions that will become more and more prevalent in our area. However, they are exceptions, not the rule. Be sure to show discipline and get your special disclosures signed up front. Do not act as an attorney or CPA. Give yourself time to complete the transaction the right way. If you are going to be pressed for time, avoid the listing altogether. And always show attention to detail. Short sales require a special level of professionalism and competence, but if Intero agents can perform these transactions the right way, we will lead the industry for years to come.

Monday Mojo: 23 more summers, then I will be 70

By Tom Tognoli | September 20th, 2010 0 Comments

One of the biggest things that holds us back from going for it – from making a change and really going after what we want, is tomorrow. That word, tomorrow, is a killer.

Imagine if you lived your life like you could not do it tomorrow. It was either do it now or forget about it. My guess is all of our lives would look a lot different – different for the better would be my guess. I was sharing this thought in a sales meeting last week when I was really trying to rally the troops and drive home the point that the clock of life is ticking and we don’t have forever to “do it”. I was challenging them to quit waiting and just go for it NOW!

Why do we procrastinate on doing what we know we need to do to get what we want? It’s because we live life like we have forever to do it…to make the change…to jump in. Well, we don’t.

Here is what I shared with my team last week to get them to realize we don’t have forever. I am 46 years old and I have a lot of life ahead of me to look forward to, right? I have every intention of living to be 100+, but I only have 23 summers left and I will be 70.

Holy Shmolly!

Now when I think of being 70 it seems so far away, but when you think of it in the form of summers left until 70, it’s not that much is it. I don’t have much time to accomplish everything I want to, so I better get to work! Heck, with my kids Nick (11) and Tommy (13), I only have 7 and 4 summers respectfully left until they graduate high school and are legally adults. I better not waste any time!

So, how many summers do you have left to accomplish your goals? How many summers do you have left until you are 70? Time flies by – don’t wait. We only have a blink of an eye on this planet to do it. Look at your life in the form of summers you have to accomplish your goals and it might help you realize you can’t wait to do it until tomorrow.

Think of this. In 125 years no one who is currently on the planet will still be here. The billions of people currently on this planet will be gone and it will be all new people. So what great deeds, memories, and legacy are we going to leave behind? Get to work on making it happen NOW!

Now or never.

Cool Apps: A Cure for Social Media Schizophrenia

By John Thompson | September 17th, 2010 0 Comments

If you’re out there on the social web communicating, connecting, branding, selling, you’re no doubt on at least a few – if not several – social networks like Twitter, Facebook, LinkedIn and Foursquare. Manage these networks for a day and you suddenly see the need for an application that can help you pull them altogether like HootSuite or Tweetdeck.

The market for these third-party apps just keeps getting bigger – which is great for agents who may be looking for a good solution to keep it all organized. After all, the goal still is to sell real estate, not to spend all of your time figuring out your online social circles, who’s saying what and who’s responding to your messages and links.

The latest to come out is from Seesmic, which last week released a new version of its Seesmic Desktop application. The new desktop app allows users to log in to more accounts from one dashboard and customize activity through plugins for various other applications.

At launch, the available plugins will enable you to connect with Google Reader, Ning, TwitPic, Salesforce and even Zappos, to name a few. Seesmic also has set up a plugin marketplace where presumably more will be created.

The Seesmic Desktop app is all about customization, which offers users like us a lot of flexibility in terms of what we want to see and do. This enables you to pull in everything you want and get rid of everything you don’t want – making it a sort of “Swiss Army Knife” for social applications. This is really what makes it different from say TweetDeck, which is a great app for pulling in multiple Twitter and Facebook accounts, but wouldn’t presently support something like Google Reader for your news feeds.

The key with social media is to try new things, test them and adjust accordingly. But as I mentioned, as real estate agents we really can’t spend the whole day logging into several different sites. The new Seesmic Desktop has a lot of promise to be the one social app you’d need to log into. Let everything else come to you there.

Archive for September, 2010

Wednesday Wellness: No sweets challenge

Monday Morning MOJO: Walk Your Talk and Grow

The Consigliere Files: The San Bruno Disaster – and What it Means for Northern California Real Estate Salespersons

Cool Apps: Measure Your Online Klout

Thoughts on Leadership: The Golden Rule for Leaders

Wednesday Wellness: Runner’s high

Consigliere Files: Short Sales

Monday Mojo: 23 more summers, then I will be 70

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