Mid-Day Market News & Commentary by Chris McLaughlin, December 11, 2008
http://www.shortsalesriches.com/welcome.html
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Are you ready to crack the law of the lid? Are you ready to get serious about your business and wealth heading into 2009? If so, you have to go now and watch Nathan’s youtube video! Leave some comments on it …this is AMAZING to watch, and all TRUE:
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Financial markets were a bit jittery in early morning trading as new unemployment claims jumped to 575,000, much larger than the 525,000 that was expected by Wall Street analysts. This is the largest level of jobless claims since 1982 and represents a 26 year high. The government attributed the unusual jump to administrative catch-up after the Thanksgiving holiday but the 26 year high is what it is … a sign of the financial times.
Mastercard’s SpendingPulse, a division that monitors consumer spending habits, reported that overall retail sale (excluding cars) dropped 5.5% to 295.3 billion in the month of November. Meanwhile, the Wall Street Journal reported America’s Research Group/UBS found in a study of 1,000 people that 40.1% of those surveyed said they would spend less this holiday season that last.
And there’s some good news for Realtors and investors. The CEO of Wells Fargo, John Stumpf, spoke at the Goldman Sachs U.S. Financial Services Conference and was optimistic about real estate sales. “We’re not at the end,” he said. “My suspicion is there is some more to go. But we’re starting to see some early signs that maybe we’ve reached the bottom in housing or close to it.” Stumpf noted multiple bidders have come out to make offers on foreclosed properties.
Now on to real estate investing information …
The Magic Money Formula
Don’t worry; we aren’t suddenly promoting some financial equivalent of snake oil that promises an overnight cure to all your financial woes. Instead, we are revisiting a formula first popularized by Dale Carnegie and recreating it for short sale investors.
One of the most difficult things many new to short sale and foreclosure investing encounter is the fear or inability to effectively communicate with potential sellers, banks and other stakeholders. Fortunately, it is easy to improve your communication skills with just a few simple steps.
Step One: Engage. It is important to engage your listener rather than informing them. While education is important, it also has a tendency to put people on the defensive if used too soon. Instead, tell your listener an interesting story that demonstrates the main point of your conversation. Be sure to use the word “because.” Research has shown people are twice as willing to do what is requested of them when the speaker simply provides a reason…in fact, even a bad reason will suffice although a good reason is even more effective.
Step Two: Direct. The next step is to outline what action needs to be taken. Use the K.I.S.S. approach (Keep it Simply Stupid) and be sure not to overwhelm your listener. Focus on the main objective or point of action needed and be as specific as possible without pushy. Most important of all, don’t assume your listener knows of understands your needs. Even other professionals may inadvertently forget or simply not put a priority on your plan of action if not specifically requested to do so.
Step Three: Benefit. The final step is to clarify how the listener will benefit as a result of your plan of action. Make sure you spell out all the benefits in detail beginning and ending with a big benefit. This part of the conversation should be all about “them” – not you. Don’t be afraid or apologetic about making a profit; after all, that is a reasonable expectation for a business transaction; instead, demonstrate that this is a win-win situation for all parties involved.
If your short sale investments are not as strong as they could be or if you find yourself hesitating before negotiations, try this formula for yourself. It’s deceptively simple yet effective.
See you at the top!
Chris McLaughlin
http://www.shortsalesriches.com/blog
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