| Mortgage Minute Newsletter From Sam Thompson, your mortgage advisor. July 2007- Vol 1, Issue 7
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Quick Links
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| Dear Sam, |
 Our Mission
We
promise to treat customers like family while providing financing for
the American dream. The experience will be smooth, easy and at times
fun. We will do this with unequalled passion and expertise.
My Personal Mission
To
be your personal resource available 7 days a week whenever you need me
in helping you become the best you can be and do much more than is
expected.
Quote of the Week
"Things may come to those who wait, but only the things left behind by those who hustle" - Abraham Lincoln Sam Thompson
PHH Mortgage
Senior Mortgage Advisor 843-230-7929
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| Recognizing and working with "mismatchers" |
 You know the ones that when you say, "I heard it is
going to be nice this weekend!" and they'll say something like "Really,
I heard it is going to be hot!" Or when you are telling about your
weekend at the beach and they'll tell you about what they did the last
time they went to the beach which made your vacation seem boring...
According to his book "The Secrets of Question Based
Selling," Thomas Freese says there are actually 4 types of mismatchers
which are:
It is important to recognize these traits AND to make sure you are not mismatching too!
Just remember that mismatching is not a typical
objection and should not be handled like one. Usually, they are just
trying to add value to the conversation.
To minimize this from happening, minimize statements
and ask more questions. And once you establish more creditibility
with your clients through questions vs statements, they are less likely
to mismatch you.
Another way to reduce the negative impact of mismatching is to turn it around so that the responses are actually in your favor!
Here's an example when calling a mismatcher client, "John, did I catch you at a bad time?" This way, if John is a known mismatcher, he will actually mismatch in your favor! Like, "No, now's a good time, what can I help you with?"
Just try to recognize mismatching behavior both in
yourself that might be turning your prospects off and in your prospects
so you can minimize the negative effect. By so doing, you are going to
be a real realtor!
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| 10 Things you can do to advance in your career by Wendy Bailey |
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Don't be like Wilbur!
Know the "dos and don'ts' to advance in your career! 1. Don't be afraid to say "I don't know." If you don't know something, say so; don't try to fake it. 2. Take responsibility for your actions. If you're at fault, admit it and take the blame. If you're wrong, apologize. 3. Never gossip. Gossip can hurt the careers of two people: the person being talked about, and the person doing the talking. 4. Never say "That's not my job." Don't think you are above anything. Pitch in and set a good example, especially if the job is one that nobody else wants to do. Your willingness to do so will be noticed and appreciated! 5. Share the credit. People who share credit with others make a much better impression than those who take all the credit themselves. 6. Ask for help when you need it. Don't let a difficult task get out of hand. When you need help, ask for it -- before things get worse. 7. Keep your dislike to yourself. If you don't like someone, don't let it show. Never burn bridges or offend others as you move ahead in your career. 8. Don't hold grudges. Life isn't always fair. If you were passed over for promotion, didn't get the project you wanted, etc., let it go. Be gracious and diplomatic, focus on the future and move on. Harboring grudges won't advance your career. 9. Be humble. When you're right, don't gloat about it. Never say "I told you so!" 10. Make others feel important. Compliment others, emphasize their strengths and contributions, and help them whenever you can. They will enthusiasitcally help you in return. About the Author: Wendy Y. Bailey is a Personal and Business Coach with Brilliance In Action, a professional coaching business that helps women entrepreneurs and business professionals blend their business and personal lives successfully. Wendy says, "You're brilliant and I want to show you how to Set It Off!" Wendy Y. Bailey may be contacted at http://www.ebrilliance.net/ or by email at brilliance@wendyYbailey.biz. |
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Weekly Tip - Revisiting (and preventing) Expired Listings
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Do you need some listings? Why not check out the expired
listings? This is the quickest place to start farming for listings.
Chances are that the sellers are still interested in selling and now
that they have a better understanding of the process and how much their
house is really worth, now they are ripe and ready for picking!
But, by the same token, now they are going to be more savvy and
will know the questions better to ask you so you have got to do your
homework before making the call.
You need to know the market that they are in, inside and out, with
as much information as you can get on their home and the surrounding
comps. You will need to know how the home was marketed before and why
it failed to sell and have your information in a nice presentation
format, ready to show off. You know this stuff!
Here's an idea that you might not have thought of. After
establishing some rapport and finding out their interest level in
listing again, offer to take them out
to see comparable homes on the market AND show them homes that just
sold and tell them what they sold for. This will help you get to know
them and let them see first-hand what their house is probably worth.
Remember the saying, 'seeing is believing'! Just tell them that for a couple of hours, you want them to pretend to be your buyers so you can sell them a new home. Try this approach with all of your listing presentations and for YOUR listings that are not moving before THEY expire!!
For you listing agents with a stale listing, you can try
this tactic to show your frustrated sellers what they are competing
against that might help you in showing them that a price adjustment is
needed. Also,
don't forget offering our 'special financing' promotion to them that doubles their buyers savings! Call me to explain how this works.
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| Weekly Mortgage Market Commentary |
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| Don't let the financial markets squash your clients and your transactions! Stay informed by reading my new daily "Daily Rate Lock Commentary" or just call me to find out what is going on! If you want to be included in this distribution, just call or email me. Remember, knowledge is power and the more educated you are in your industry, the higher quality buyers you are going to attract and that means easier closings, bigger houses and more money in your "hip national bank!" And since rates are still climbing, call us to get your clients in our 90 day rate protection as soon as possible!  Rate Lock Advisory - Sunday Jul. 15th
This
week brings us the release of five important economic reports for the
bond market to digest. Several of these reports are considered to be of
high importance, meaning we will likely see volatility in the financial
markets and mortgage pricing over the next several days. There are also
plenty of corporate earnings releases scheduled for the stock markets
this week along with the minutes from the last FOMC meeting. Throw in a
couple of days of Fed testimony and we have the makings for a very
interesting week.
The first piece of data comes Tuesday morning with the release of June's Producer Price Index (PPI). The PPI is very important because it measures inflationary pressures at the producer level of the economy. It is expected to show a 0.1% increase in the overall reading and a 0.2% rise in the core data reading. The bond market should react quite favorably to weaker than expected readings, but a bigger than expected jump in the core reading could send mortgage rates higher. June's Industrial Production data will also be posted Tuesday morning. This data measures output and U.S. factories, mines and utilities, giving us an indication of manufacturing sector strength. It is expected to show a 0.3% rise in production, indicating that the manufacturing sector showed moderate growth during the month. A smaller than expected increase would be good news and could help push mortgage rates slightly lower Tuesday. Next on tap is Wednesday's release of June's Consumer Price Index (CPI). It is a mirror of Tuesday's PPI with the exception that the CPI measures inflation at the more important consumer level of the economy. Analysts have forecasted a 0.1% increase in the overall index and a 0.2% rise in the core data. The core data is considered to be the key reading of both the PPI and CPI because they exclude more volatile food and energy prices, giving us a more stable measure of inflation. Higher than expected readings could raise inflation fears and push mortgage rates higher both days. Also due to be posted Wednesday morning is June's Housing Starts report. This data gives us an indication of housing sector strength, but is not considered to be of high importance. Analysts are currently expecting to see a decline in new starts of housing projects. With the CPI being posted at the same time, I don't see this data having an impact on mortgage rates Wednesday. Fed Chairman Bernanke will speak before the House Financial Services Committee Wednesday morning and the Senate Banking Committee Thursday morning at 10:00am ET. His testimony will be broadcasted and will be watched very closely. Analysts and traders will be looking for the status of the economy and his expectations of future growth, particularly inflation concerns. This should create a great deal of volatility in the markets during the testimony and the question and answer session that follows. If he indicates that inflation is a threat to the economy, we will likely see the bond market tank and mortgage rates rise. The only other report of any relevance scheduled for this week is June's Leading Economic Indicators (LEI) at 10:00 AM Thursday. This Conference Board index attempts to measure economic activity over the next three to six months. While it is not a factual report, it still is considered to be of relative importance to the bond market. It is expected to show a 0.1% increase, meaning that we may see a slight increase in economic activity over the next few months. A decline in the index would be good news for the bond and mortgage markets. Also worth noting is Thursday's release of the minutes from the last FOMC meeting. There is a possibility of the markets reacting to them following their 2:00 PM ET release, especially if they show some divisiveness by its members during discussion and voting at the last meeting. Overall though, I think we will see the most movement in mortgage pricing this week on Tuesday or Wednesday due to the release of the inflation related indexes and Mr. Bernanke's testimony Wednesday. If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers. |
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Let
me know if I can take an application for you anytime! And, please let
me know if you like the format of this email service. I hope you are
reading these so you can stay up on your profession and so you can make
more money too!
*Also, I am available to do a "Hit the Ground Running"
seminar with any agents interested in learning tons of things they can
do to help them succeed in Real Estate. Call me to schedule this. I
need at least 5 agents, brand new or experienced, looking for some
motivation to put this on for you that will take 2-3 hours, depending
on the involvement!
If you don't get at least 10 great ideas that can really help your business, I'll take you to lunch and give you a few more!
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I hope you have a great week this week in real estate. Call me if I can help you with that!!
Sam Thompson 843-230-7929
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