Hi
Reg Gupton here.
This morning I was working with a coaching client who asked why buyers were not moving forward and what to do about it.
I made two suggestions. First read chapter/tactic 9 in Shift by Gary Keller. The material outlines what you can do with slow moving buyers.
Second, (and this is where you come in) I suggested that she get with her buyers face-to-face and ask them. Not sit around and attempt to guess why. Just go ask.
Promise them when the meeting takes place that no selling/persuasion will take place. Just a few questions. Then listen.
My challenge to you is to do the same thing. Then come back and post a comment here or send an email directly to me outlining what you learned. This would be valuable information for all agents in the marketplace today.
Willing to accept the challenge? I bet you are.
To your continued success,
Reg Gupton
gupton@growthseminars.com
www.growthseminars.com
Tuesday, March 10, 2009
Monday, March 09, 2009
Reg Gupton presents the best summary of Obama's New Housing Plan
Hi
Reg Gupton here,
I rec'd this summary of the New Housing Plan by a friend, Joan Rogliano. It is the best I have seen.
Reg Gupton here,
I rec'd this summary of the New Housing Plan by a friend, Joan Rogliano. It is the best I have seen.
Say hello and thank you to Joan. Her contact information is at the bottom.
Reg Gupton
We've Done It For You
An Easy to Read Summary of the New Housing Plan announced Yesterday!
Who Will Benefit from the Plan?
* Homeowners that are in distress and at risk of foreclosure.
* Homeowners that are current on their mortgages, have high interest rates, and little to no equity.
* Fannie and Freddie will receive a capital injection of $200 billion from the Treasury Department to increase the amount of available credit.
Who Will Not Benefit from the Plan?
* Those that are trying to either save a non-owner occupied home from foreclosure or want to benefit from newly introduced government backed refinancing guidelines
* If you are in an owner occupied home and you can't afford the home because you have a complete inability to pay, lenders will not be forced to help nor will the government come to your aid.
* Absolutely no aid for speculators or second home owners.
What are the Specific Details of the Plan?
The new program rolled out on March 4th, 2009, focuses on three critical needs:
1. Incentivize lenders to modify loans for distressed borrowers.
2. Provide refinance options for homeowners that are current, but have homes with little to negative equity.
3. Increase the amount of available credit.
Incentivizing lenders to provide loan modifications: Plan is voluntary for mortgage servicers except for Fannie Mae and Freddie Mac and banks that accept help from the government. These institutions must adopt loan modification plans.
* The loan modification plan is for primary residences only, and will benefit borrowers with higher rates, adjustable rates, and interest only loans.
* A Shared Effort to Reduce Monthly Payments: The servicer would reduce interest rates so that the monthly obligation is no more than 38% of a borrower's income, and then the government would contribute money to bring payments down to 31% of the homeowner's income. Servicers can also reduce the loan balance to achieve these affordability levels. The government will share in the cost, up to the amount the servicer would have received, if it had reduced the interest rates. Homeowners may be required to enter a debt counseling program as well.
* "Pay for Success" Incentives to Servicers: Servicers will receive an up-front fee of $1,000 for each eligible modification. They will also receive a monthly fee of up to $100 annually for 3 years, as long as the borrower stays current.
Incentives to Help Borrowers Stay Current
* Initiatives will provide a monthly balance reduction payment that goes straight toward reducing the principal balance of the mortgage loan. As long as a borrower stays current on his or her loan, he or she can get up to $1,000 each year for five years.
Reaching Borrowers Early
* An incentive payment of $500 will be paid to servicers, and $1,500 will be paid to mortgage holders, if they modify at-risk loans before the borrower falls behind.
Home Price Decline Reserve Payments:
* An insurance fund of $10 billion dollars will be created by the Treasury Department. It will be designed to encourage lenders not to foreclose on mortgages because they fear a further reduction in home prices. Holders of mortgages modified under the program, would be provided with an additional insurance payment on each modified loan that is linked to a decline in the home price index.
On the need to provide refinance options for responsible borrowers:
* Those who are current on their payments and whose loans are held or guaranteed by Fannie Mae and Freddie Mac are eligible.
* The plan would help borrowers who owe more than 80% of their home's value to refinance and reduce their monthly payments. However, the new mortgage, including refinancing costs, can't exceed 105% of the current market value of the property.
* Borrowers with a second mortgage are eligible, as long as their first mortgage isn't more than 105 percent of their home's value.
* The value of the property will be determined after application is made to refinance.
* The government backed refinance program allows borrowers to refinance into 15-year or 30-year fixed-rate mortgage at prevailing market rates.
Increasing the amount of available credit:
* More capital will be supplied to Fannie Mae and Freddie Mac in the amount of $200 billion.
* This capital will be used to add to the amount of available credit to individual borrowers.
* This new injection of capital will allow Fannie Mae and Freddie Mac to expand the size and scope of their mortgage portfolios, perhaps as a safety valve for banks on the brink of insolvency.
Homeowners may be asking "What's the benefit of giving my mortgage servicer my tax dollars to help me save my home?" Actually, it will do a lot of good. Now mortgage servicers can recoup fees and possibly make money by helping with a loan modification.
Before the plan, servicers would receive fees when one of the homes they serviced went in to foreclosure. Now, servicers have a monetary incentive to prevent a home from going into foreclosure. Without such payments, servicers might continue to foreclose on securitized mortgages, even when foreclosure is not in the interest of the borrower or the lender.
This will also be reflected in more stable home values for everyone due to a reduction in foreclosures.
These monetary incentives are the key to the Obama plan. Moreover, these incentives set this new plan apart from past attempts to stem the tide of foreclosures.
Joan Rogliano
Reg Gupton says: Never doubt staying in touch with your database works
Hi,
Reg Gupton here.
Rec'd the following from a client this afternoon and with her permission, here is what she had to say.
You can do the same.
Hi Reg,
I got a phone call today from a woman I've been mailing too for what seems like forever. She thanked me for the information, said she looks forward to receiving it. Though not ready to sell, she is renovating a bathroom and wanted my advice because when it's time to sell I am the only agent she will call. Also said if she knows anyone thinking about buying or selling she will refer them to me.
She must have repeated 3 times how much she looked forward to getting my mailings, how informative they are and how wonderful I am.
So I worked really hard to keep my voice from sounding like I had just won the lottery. With an enormous smile I thanked her for her kindness and for her phone call. I reassured her that any time she has questions like the one about her bathroom reno she should call me.
Thanks for encouraging me to do the mailings and to believe that I am the recipients real estate expert. And, thanks for being there for me to share this with.
Best regards,
Debra Berman
Accredited Buyer's Representative (ABR)
Seniors Real Estate Specialist (SRES)
Sales Representative
Royal LePage Partners
Office: 416-229-4454
Email:deb@debworksforyou.com
Visit:www.DebWorksForYou.com
Reg Gupton offers easy way to migrate from Top Producer 7i to 8i
Hi
Reg Gupton here.
On this Teleclass you will learn:
Reg Gupton here.
As you know, I have been asking for your help with making Top Producer 8i a program that we all can use. This month you have a chance to learn how to make the transition from 7i to 8i. Not the technical steps but the how to's of the transition. As you know I have been struggling with this and I bet you have too. Every time I go to 8i I get frustrated and go back to 7i.
A few weeks I ran into a certified Top Producer 8i trainer, Hope Hughes. She is experienced in all things TP 8i. She will help us all seamlessly make the switch from 7i to 8i. I am planning on doing what she says on this TeleClass. And you should too.
She will spell out the secrets of easily moving from 7i to 8i with the minimum disruption in your business. Don't miss it. Mark your calendar today.
Attend this free 60-minute Teleclass, 'Seven steps to easily move from Top Producer 7i to 8i'. This Teleclass will be held on 'March 18th. It will start promptly at 10:00 am, mountain time.
Just send an email to TeleClass@GrowthSeminars.com with the subject,'March 18th TeleClass' and I'll send you the call in instructions right away.
On this Teleclass you will learn:
What to do the next 15 minutes when you log in.
How to fake it until you make it.
The most important call you can make
Just one more small step
To take the big leap of faith
To go back to campus
How to decide
And much more.
This free 60-minute Teleclass. 'Seven steps to easily working with Top Producer 8'. will be held on 'March 18th'. Just send an email to TeleClass@GrowthSeminars.com with the subject, 'March 18th TeleClass' and I'll send you the call in instructions right away.
Join me on this TeleClass.
Join me on this TeleClass.
Friday, March 06, 2009
Reg Gupton encourages you to go out on a limb
Hi,
Reg Gupton here.
A while back, I found myself in Lincoln NE. During the visit my clients and I went out to dinner.
They suggested that I might enjoy Lazlo's Brewery and Grill. It is a well respected local brewpub. My experience is that the beer is usually good in non-chain brewpubs and there is also some interesting food. This turned out to be true here too.
I must admit that I was taken with their menu and read with interest Lazlo's Laws printed on the front of their menu. You can read them here.
I challenge each of you to state your goals for working with a client in print, out front in big letters. Tell them what you are going to do. Tell them how you run your business.
Managing their expectations manages yours as well.
When you go on record with your goals I bet your customers will feel more comfortable with you and your business. I know I did with Lazlo's.
Hope you will take action on this suggestion.
To your continued success,
Reg Gupton
www.growthseminars.com
Reg Gupton here.
A while back, I found myself in Lincoln NE. During the visit my clients and I went out to dinner.
They suggested that I might enjoy Lazlo's Brewery and Grill. It is a well respected local brewpub. My experience is that the beer is usually good in non-chain brewpubs and there is also some interesting food. This turned out to be true here too.
I must admit that I was taken with their menu and read with interest Lazlo's Laws printed on the front of their menu. You can read them here.
I challenge each of you to state your goals for working with a client in print, out front in big letters. Tell them what you are going to do. Tell them how you run your business.
Managing their expectations manages yours as well.
When you go on record with your goals I bet your customers will feel more comfortable with you and your business. I know I did with Lazlo's.
Hope you will take action on this suggestion.
To your continued success,
Reg Gupton
www.growthseminars.com
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