Retaining top talent within an organization is essential. There are costs above and beyond financial costs when key individuals leave a company. Therefore, companies invested in success must include in their success formula a plan to continually “re-recruit” existing employees. While salary is often a factor when an employee decides to begin a new position - salary generally is NOT the reason that employees leave a job. A re-recruitment strategy includes looking at these reasons - and then, taking action on the findings. Create the kind of company where talented employees don’t want to leave -recruitment then becomes a non-issue. Salary isn’t everything!

For additional information and guidance on this topic we have posted an article on our website entitled “Ways to Retain & Empower Your Employees” for you to review.

Commitment for the Week:

Make A Commitment: I will create the kind of company that talented employees don’t want to leave. Recruitment then becomes a non-issue!
Deadline: _________

If you are ready to take control of your own success and learn more about this topic, be sure to pick up the phone and call your Coach…

Bob Corcoran

Yes, times are strange in real estate. But strange doesn’t have to mean bad. In fact, if you know what you’re doing in the real estate owned (REO) arena, times can be better than good. Dare I say, even excellent – and definitely profitable.Here is a story of an agent who sold an REO property in Oxnard, Calif. last year. The original listing price was $923,000. The original broker price opinion was $756,000. The agent ended up getting a $200,000 price reduction on the house, which was 60 percent rehabbed (the third floor was nothing much more than studs), sold for $723,000 in 32 days.

The asset manager was ecstatic. And the agent? Well, he was euphoric beyond description. Mainly because he knew what he was doing and the bank did not recognize his expertise. Agents need to realize that most of the Asset Management Companies (AMC) do not set the list price. Usually the list price is dictated by the investor and the AMCs are just following direction. Agents need to give as much feedback that they can back to the AMCs so they can approach the investors and negotiate a list price reduction. Performing an effective open house will allow you to give additional opinions back to the AMC from the consumers and buyers’ agents, so now it is not just your opinion.

And that’s my first point. Knowledge is power, especially these days and particularly in REO. So learn as much as you can. I recommend certifications. And one company that’s doing education right is Renovation Lending Institute. It’s primary training platform is for 203K renovation loans. Learn the tools that are available to the consumers and how they can turn a run-down REO property into a consumer custom built house (usually cheaper than buying a new build). Visit www.RLIuniversity.com to learn more.

Another key step: the agent met the neighbors and explained to them he was just as concerned about community stabilization as they were. That’s why he took the REO listing. He believes agents can rebuild neighborhoods one house at a time. He gave out flyers and invited neighbors within a three-block radius to attend an open house just for them. (The flyers were “tickets” of admission to the open house.)

That step lead to developing leads – a primary goal for the open house. He had all visitors fill-out a registration card with the option of receiving a list of additional listings in the area. He also made the open house interesting for the visitors by placing description cards throughout the house that explained all the home’s amenities, so he did not have to follow all of the attendees around the entire time. And finally, he had visitors complete comment cards about the property he could share with the asset manager. He ended up getting 75 people to attend the open house which led to 56 leads and 14 comments on the house. The comment cards were submitted to the asset manager, who in-turn submitted them to the investor to show that the list price was too high and that it needed a major list price reduction. Within 30 days, the investor (Wells Fargo) gave the agent a $190,000 price reduction and the house sold within seven days of the list price reduction. If it were not for the comment cards, monthly status report and additional comps, this house would have just sat on the market and it would of cost the investors thousands of dollars for holding costs.

Finally, he followed up on the leads and ended up selling three other properties and landed three other listings. His total take: $61,000. Not too shabby for REO work.

Granted the REO was a higher end property. But today, even lower-end, dilapidated properties can bring you income. Marketing them is a completely different animal. But this is where virtual staging open houses can spark a lot of interest, even in the worst of homes. One company, Obeo (www.obeo.com/bubba) specializes in virtual staging and tours. Obeo turns the property into an interactive staging tool for the consumer. With one click of a button, you can change the color of the walls, carpet (even turn it into hardwood floors), kitchen cabinet, trim and they can also choose from five different furniture designs which drop into the picture to show what the property looks like occupied. So instead of an empty room, viewers see “virtual” furniture, paintings, fireplaces, TVs and much more.

The bottom line: When you market an REO property effectively, you can have a 500 percent return on investment. But you have to know what you’re doing. Before the recession, there was enough business to go around. Now you have to set yourself apart from the competition through knowledge and innovation.

The fact is, the industry is primed for innovative thinking because there’s not a single economist or government agency that can tell us how to navigate the situation we’re in because we’ve never been in this situation before.

I want to end with another opportunity for you to learn more about how to run your business and build multiple pillars of your company to make it through these tough times. Corcoran Consulting and Coaching is hosting a CEO/REO Bootcamp on June 27-29 in Las Vegas, Nev. The CEO boot camp has always been for Corcoran clients only and never for the public. You’ll learn how to be the CEO of your company and discover tools for building a culture in your business. The REO boot camp features seven asset managers from some of the largest firms in the country and presentations from Bubba Mills and Bob Corcoran on how to generate, retain and sell REO properties for banks, asset managers and hedge funds. Your food is covered in the registration cost and the asset managers will be at all of the meals so you can get to know them on a one-on-one basis and you don’t have to pay for any additional networking fees. They’re attending to network with you. This boot camp is limited to the first 250 agents, so this will be a powerful three days of education and networking in an intimate setting. Register at www.corcorancoaching.com or send an e-mail to info@corcorancoaching.com for more information.

We look forward to hearing from you. Sign up TODAY for your complimentary business consultation. http://www.CorcoranCoaching.com/bpw.php

Every day all across the country, many real estate agents are dying a slow death. What’s worse, they’re sticking the stake through their own hearts one millimeter at a time. A long, slow, painful death. And what’s even more incredible: they don’t even realize they’re doing it.How is this happening? Every time agents manipulate instead of negotiate, they take one step closer to leaving this great profession.

I don’t want to sound overly dramatic here, but understanding the differences between manipulate and negotiate can mean the difference between the life and death of your real estate business.

The dictionary defines manipulate like this: “To control or influence something or someone deviously; to falsify a bill, accounts, etc. for one’s own advantage.”

The definition of negotiation is this: “The mutual discussion and arrangement of the terms of a transaction or agreement;a discussion set up or intended to produce a settlement or agreement.”

The reason agents who manipulate shoot themselves in the foot is this simple sentence: People know when they’re being manipulated. And in the long run, manipulating clients will leave you without business. It’s proven that dissatisfied customers tell more people about their experiences than happy ones.

So use these negotiation tips to give clients pleasant and memorable experiences:

1. Let both sides win – Arrange transactions so that both sides feel as if they’ve gotten most of what they want – in short that they feel they’ve won. True, your clients might not get exactly what they want in the transaction, but if you can help them get most of their goals and then let the other party get an outcome that satisfies them, then you’ve made everyone a winner. Win-win doesn’t mean everyone gets everything they want. So instead of starting negotiations from an adversarial winner-take-all perspective, stay focused on your top priorities and keep your emotions in check.
2. Respect the other side’s priorities. Effective negotiators learn as much as they can about what the priorities are of the other party, and then they keep them front and center in their mind with the utmost respect. Once you know what’s important to the other side you can avoid hitting on the sensitive issues.
3. Build a bridge, not a dam. How do you do this? You start with a fair price or fair offer. Pricing is key and overpricing a home turns off potential buyers. The same goes for making a low-ball offer – that’s practically guaranteed to alienate sellers. Asking and offering prices should be based on recent sales prices of comparable homes. When you price the property right from the beginning, you build bridges. Not only that, but you also move closer to reaching your 2012 goals. Speaking of reaching goals, e-mail me at Article@CorcoranCoaching.com and I’ll send you a free article, “Catapulting yourself into 2012,” that covers the details of goal setting, creating a business plan and several other key functions.
4. Think impression. It’s been said people may not remember you, but they will remember how you made them feel. As you’re negotiating, always think about the impression you’ll be leaving with both parties. The goal is to create smiles all around the closing table at the end of the transaction. If you achieve that, you can consider yourself a winner, too.

Let me hear from you about this article. Have you ever gotten honest feedback from someone about how you negotiate? Have you taken time to examine how you work with your clients to ensure that you’re truly negotiating and not manipulating? How can you make your negotiation skills stronger? Please send any comments or questions you have to Article@CorcoranCoaching.com or http://www.facebook.com/CorcoranCoaching.

We look forward to hearing from you. Sign up TODAY for your complimentary business consultation. http://www.

Corcoran Coaching & Consulting is presenting two exceptional events that will give real estate professionals the opportunity to build the knowledge needed to capitalize on emerging trends in the REO market segment and to power your real estate firm forward in the coming months and years ahead. Knowledge is the currency of real estate success!

The Annual CEO Summit is being held on June 27, 2012 followed by the REO BootCamp on June 28-29 at the Gold Coast Casino in Las Vegas. You owe it to yourself and to your colleagues to join real estate experts Bob Corcoran and Bubba Mills for this unique opportunity. You may choose to attend one event or both events.

In addition, you will have the opportunity to meet industry leaders from many of the nations leading asset management organizations who will be available for networking opportunities at both the CEO Summit and REO BootCamp.

Special guests from each of the firms listed below will be making presentations that will provide valuable and actionable information at the REO BootCamp.

Wells Fargo Home Mortgage/Premier Asset Services

Keystone Asset Management

LPS Asset Management Solutions
24 Asset Management
Phoenix Asset Management

Residential Mortgage Solutions

The Annual CEO Summit provides CEOs with the critical insights, tools and resources to become more effective in their jobs. The REO BootCamp provides a wealth of information, resources and skills to be successful in this challenging market segment.

Top Eight Reasons To Attend

1. Reception With Leading Asset Managers (CEO Summit)
2. CEO’s Can Advance Their Leadership Skills And Capabilities (CEO Summit)

3. CEO’s Can Learn How To Balance Work and Life (CEO Summit)

4. Opportunity To Meet Key Asset Managers (CEO Summit & REO BootCamp)
5. Learn The Ins & Outs Of The REO Business From Experts (REO BootCamp)

6. See The Key Steps To Be Successful In the REO Market (REO BootCamp)

7. Find Out What Asset Management Companies Expect (REO BootCamp)

8. Build The Knowledge To Be Successful (CEO Summit & REO BootCamp)

Great Hospitality, Food And Refreshments Are Provided Throughout Both Events Free of Charge As Part of Your Registration

Contact Us:
800-957-8353
Info@CorcoranCoaching.com

www.CorcoranCoaching.com

Corcoran Consulting & Coaching is offering the CEO Summit on June 27, and the REOBootCamp on June 28-29 at the Gold Coast Hotel & Casino in Las Vegas.

Corcoran Consulting & Coaching is offering the CEO Summit on June 27 and the REO BootCamp on June 28-29. Both events will take place at the Gold Coast Hotel & Casino in Las Vegas. Participants may attend either of the events or both.

The one-day CEO Summit will be taught by Bob Corcoran, founder of Corcoran Consulting and Coaching, whose clients include some of the Top 1000 real estate professionals in the country according to the Wall Street Journal and REAL Trends.

Corcoran will be teaching real estate leaders the critical insights, tools, and skills needed to take their real estate businesses to the next level. Some of the topics to be covered include:

• The Importance of Communication for Leaders
• The Keys to Developing A High Performance Culture
• Hiring and Retaining the Right People
• How to Break Through Barriers to Success

The two-day REO BootCamp is a training event for REO listing agents and buyer agents created by Bubba Mills, one of the nation’s leading REO experts and a vice president at Corcoran Consulting and Coaching.

“At my event, you will learn how to list and work REO properties. You will also have the chance to meet asset managers who oversee 30,000 REO properties,” says Mills.

Some of the topics to be covered include:

• Techniques to Market to Asset Management Companies and Banks
• Staffing for the REO Business
• Tips on Goals, Policies and Procedures

Early bird pricing, which ends on May 15, is $299 for the CEO Summit, $699 for the REO BootCamp; and $850 for both. Only 50 spots are available, so register today. To register, go to http://www.corcorancoaching.com/reo_bootcamp.php

Corcoran Consulting & CoachingSM (http://www.CorcoranCoaching.com) is an international consulting and coaching company that specializes in performance coaching and the implementation of sound business systems into the broker or agent’s existing practice. Corcoran Consulting & Coaching provides personalized coaching and implementation of business systems to help top-level REALTORS nationwide meet and exceed their goals. Corcoran Consulting is headed by Bob Corcoran; a nationally recognized leader, speaker and author in residential real estate.

To find out more about Corcoran Consulting & CoachingSM, call 1-800-957-8353 or visit us at http://www.CorcoranCoaching.com.

But, what is a leader, really? Here are five characteristics you need to develop before you can be a true leader:

1. A visionary. While managers handle the day-to-day chores of a business, leaders have 20/20 vision and a bird’s-eye view on industry indicators and market trends to see where their businesses are going in the next six months to one year.

2. A planner. Leaders are able to take what they see from that bird’s-eye view and translate it into a business plan that reflects market conditions and gets results. By December of this year, they have all of next year on paper and are ready to attack.

3. A collaborator. Leaders know they need help, and they cannot do everything alone. And really good leaders are able to identify, recruit and collaborate with people and other organizations that can add balance and effectiveness to their business.

4. An enabler. Great leaders enable their employees to reach and achieve more by getting them what they need to do their jobs. Leaders will stop at nothing to make sure their employees have everything they need to achieve personal as well as business success.

5. A motivator. Leaders instill a strong sense of ownership among employees. When your team members feel they own their job, they reach new heights of achievement and motivation. And leaders are able to get everyone to accept personal responsibility to get their jobs done, and done well.

For additional information and guidance on this topic we have posted an article on our website entitled “Shed the Manager Role and Become a Leader“for you to review.

Commitment for the Week:

Show us your commitment by commenting with your thoughts, plan and deadline below!

Make A Commitment: I will determine if I would be happier, wiser, and wealthier if I were a leader in real estate.
Deadline: _________

Bob Corcoran

Do you have the right people to get it done?

The thing that keeps CEO’s awake at night most often is figuring out how to cover the group’s responsibilities with the resources available. Some people are broadly skilled; some are more specialized. Some work really hard; some produce less. You have to figure how to fit all the pieces together to cover the total job.

To determine whether you have the right people on your team to get the job done, you have to determine the aptitudes, attitudes and skills of each individual and then evaluate the combined total.

Everyone is skilled at doing something. What skills do each of your people have that are related to the job? Who can manage the listings and buyers? Who knows how to write advertising copy that produces results? Who is great at using your contact manager?

How good is each individual at this task? Do they know it well enough to teach others? How much will it decrease your production if you have your best client care manager train someone else? Would it be better to have someone else who is less skilled do the training or would that reduce the quality of the output?

For additional information and guidance on this topic we have posted an article on our website entitled “Do I Have the Right Administrative Team?” for you to review.

Commitment for the Week:

Show us your commitment by commenting with your thoughts, plan and deadline below!

Make A Commitment: I will evaluate my workload.
Deadline: _________

Bob Corcoran

There’s no “I” in team but there is in communication. That means if you’re leading a team, you’re the one in charge of communicating. I’ve been asked many times what it takes to keep a team happy, motivated and working together. The answer is simply communication.

For additional information and guidance on this topic we have posted an article on our website entitled “An I in Communication” for you to review.

Commitment for the Week:

Show us your commitment by commenting with your thoughts, plan and deadline below!

Make A Commitment: I will schedule regular meetings with my team or my Broker to make sure that I am on target to hit my goals.
Deadline: _________

Bob Corcoran

Team Got You Befuddled? Form a Huddle

Managing Teams for Profit…and Winning in Real Estate

Football fan or not, you can learn a lot from something the boys do regularly on the gridiron - huddle. That’s where each player learns what his job is and because he knows it, he’s motivated to win.

Here is a key point about teams I want you to remember - the players, your team members, want a plan. They expect a plan and they want to help and contribute. The desire is there. When there is no plan to follow, goals don’t get met, players get frustrated and before you know it, the scoreboard shows a loss.

For additional information and guidance on this topic we have posted an article on our website entitled “Team Got You Befuddled” for you to review.

Commitment for the Week:

Show us your commitment by commenting with your thoughts, plan and deadline below!

Make A Commitment: I will make a list of the tasks that I should be delegating and give the tasks away to a trained administrative person or a VA.
Deadline: _________

Few people can spend the time and effort it takes to create effective behavioral interview questions.

Impress candidates with well organized and professional interviews. Don’t lose a good candidate due to poor interviews.

Re-use interview guides to save yourself time.

Trust your gut feeling, but only after asking the right questions and gathering the right information.

Get consistent interview results by giving consistent interviews.
Put your hiring managers out of their misery by providing them with a simple and effective hiring process.

For additional information and guidance on this topic we have posted an article on our website entitled “How to Conduct Effective Interviews” for you to review.

Commitment for the Week:

Show us your commitment by commenting with your thoughts, plan and deadline below!

Make A Commitment: I will review and revise my interview tactics based on the information I have just read.
Deadline: ________

Bob Corcoran