Real Estate Financing...

This is not an ultra-new story, yet I did want to bring it to the attention of ActiveRain Professionals as it could become something that stirs the real estate market here in Pennsylvania.  While I'm not sure of the ramifications of this being implemented, it certainly would bring an increased level of interest to the Pennsylvania Market.  I am providing a link to the story but here is the concept in a nutshell.  After the horrible happenings of 911, there was talk of 'backing up' the financial centers located in NYC as to yield any economic fall out that may spread if another terroistic attack were to befall us.  Essentially, this would help ensure that God forbid anything happen once again, we would have a level of insurance to relieve us of an across the board collapse of our economy.  I think it is a wise move indeed and wonder how this may stir up the real estate market here in Pennsylvania.  A market which has seen extraordinary growth in real estate appreciation here in Eastern Pennsylvania.  Here is the link:

http://www.phillyburbs.com/pb-dyn/news/103-10082006-724065.html

Let me know your thoughts......

 Sales, or the activity of selling, forms an integral part of commercial activity. It could be argued that it is the cornerstone of business as it is the meeting of buyers and sellers and all other areas of business has the goal of making that meeting successful. Mastering sales is considered by many as some sort of persuading "art".

 A lack of a genuine social life and a distinct interest in living vicariously at times through the silver screen makes me somewhat of a movie buff.  And since entering this industry, I've taken an even greater interest in films portraying the world of sales.  I've seen more than a handful of 'sales' movies that I would consider my personal favorites.  I would like anyone who may know of ones I didn't mention here to clue me in on what I'm missing out on.  Now, some of these pertain to the real estate industry in some fashion, some not so much, but here they go in no particular order:

 -Wallstreet-  Fantastic Film and one of my all-time favorite movies....period.  Watch this on a Sunday Night and you will be going into work Monday morning full of zest & vigor.  Just watch the ethics Bud Fox.

-The Firm-  Not sure if this is a 'sales' movie per se, but I lump it in because of the smooth talking, ultra hard working character portrayed by Tom Cruise.  From rags to riches to what the heck am I into.

-The Prime Gig-  Before 'Wedding Crashers' and Jennifer Aniston, Vince Vaughn portrays a character in the role of telemarketing.  After watching this, it makes 'cold calling' seem less tedious and mundane and perhaps a little competitive & pseudo interesting if you find the light.

-Glengarry Glen Ross-  Alec Baldwin's speech in this classic is second in sales speeches in the movies only to Michael Douglas's 'Greed is Good' speech in Wallstreet.  That is my own humble opinion at least.

-Boilerroom-  Ahhhh, this a personal favorite and recommendation.  Again, a common theme with these is one of ethical issues, however a great movie of some of the character traits of great salespeople.

My inherent issue with these movies, outside of entertainment purposes, is they are only shells of what I think good sales people really do and accomplish.  Granted, they are movies but selling, arguable like life, is a journey for both your client and yourself.  The really good ones that I've met, trained under, read about, seem to travel that path with both head & heart intertwined.  While goals & money are a focal point, the really good ones have more than that in mind it seems.  Their character seems more complex than quotas and making money hand over fist.  They think, they feel.....I mean really think, really feel.  Asking questions of perhaps a more psychological nature.  How do I reach this person?  What are they really looking for and how will I service what they are looking for to lead to a satisfying solution?  How do I do my job in an industry with honesty and integrity, especially when I'm competing against the very opposite at times?  Why, in my head & heart, would someone pick me over anyone else out there?  How do I make every interaction, whether with clients, peers, employers, etc, more fulfilling/rewarding/pleasant?  In the end, I believe in Karma.  The money takes care of itself. 

I'm a no B.S. guy....for the most part.  At spontaneous hours of the evening I often dribble words & ideas onto a piece of paper and sometimes these are of a business nature.  From my astute boredom and lack of REM sleep last evening, I was trying to think of a referral letter I could send to my customers that would both illicit a response and was also tailored to their personalities as well.  Any thoughts or constructive criticism would be heavily appreciated.

Parameters, Products, & Pricing in regards to rate changes and industry changes are ever prominent when dealing with mortgages.  Whether purchasing or refinancing a residential or commercial property, I only ask to be a viable option to earn your business.  I've closed a loan for you before when others couldn't, wouldn't, or perhaps might not be able to meet your expectations on a service and/or product level.  Am I the cheapest?  Probably not.  Do I offer the best rates?  Sometimes.  What can you expect?  Overdeliving while underpromising>>>>>a guy whose been at this business for Four and a Half years w/ the same firm that back me with over 25 years of experience in all types of mortgage financing.  I have one iniative, one goal, what can I do for you and does it meet or exceed your expectations?  If it does, I'll close your loan.  If it doesn't, I won't earn a dime.  I like earning dimes.  I've done the math and earning dimes allows me to pay bills.  Paying bills is good.  It is not enough to earn your business, it's about earning your trust.  I appreciated the opportunity to serve you and would be honored to be your personal Mortgage Consultant for years to come.  I've enclosed 3 business cards, one for you and two to hand out to whomever you think could use my services.  Outside of repeat business, referrals are one of the highest compliments someone in my line of work can receive.

Each year we are expected to put together a business to plan to gear up for the upcoming year.  This was mine before the start of 2006. 

What Did I Do To Accomplish What I Accomplished?

Quite simple, I worked hard and especially smart.  Morning, Noon, into the evening….shorter lunches and more efficient use of time.  Bear in mind that Jan/Feb/& March of 2005 were about as productive for me as Richard Simmons at a lesbian orgy, then as that Cajun Clown Emerald would say, I KICKED IT UP A NOTCH!  That took a few things…

1)    Me- After all, nobody else will make or break yours truly.  I vividly recall watching ESPN’s Biggest Sports Flops one night and thinking to myself that could be me in this biz.  Fast becoming a self-destructive flop.  I needed to change that. 

2)    The Now Infamous Letter- A letter from the senior partners wondering what in the world was holding me back from reaching my potential in this business.

3)    The re-emergence of an old friend and co-worker.  Funny how things worked out, him gone and all, but when he arrived in April we were men possessed.  I took this and have propelled this into a nice roll, big pipeline, closed loans and that oft little cache in corporate America…Money.

In return for these Accomplishments………

Intrinsically, have established nice rapport and feelings of gratitude from customers.  One customer,whose son eats crow we get the deal we thought we lost when son ‘got better offer from other company’.  He didn’t, $7,000 for the good guys.  Another customer's foreclosure bailout right before Christmas, closed on Dec 23rd.  I’ve included the email he sent me of thanks and at this point I think he’s going to let me sleep with his wife he’s so happy with us.  Helped customer move in their new home Friday.  And despite an almost nightmarish closing and ‘violation of customer’s Constitutional Right’ by a delayed closing for something as silly as, I don’t know, siding on their freaking house, they love me.  There we were at their house, their friend Mike (friend of the family), their pastor Larry and his son and myself helping them unload a 26 foot Penske Truck.  Family Friend, Pastor, and the Mortgage Company.  Eat my dust Ameriquest.

MONEY!!! I can afford stuff again, like lunch, bills, savings, investments and a frosty cold adult malt beverage!!!

Met a guy named Bill Engleman, the proverbial diamond in the rough.  Seeing his effort and persistence/perseverance is inspiring in itself.  Glad to have him on our team.  Give me somebody hungry, smart, & poor to help build a company all day long and you can take your Harvard graduates and flush them.   Going to continue with what has worked, Internet….Ears Bleeding Talking to People….& Referrals by now an even broader client based and my best bud in Clarion, Micoletti or Joe Pesci on Steroids.

Minimum of 40 loans closed/5 million in Volume which makes me about $80,000 a year on our pay structure.

Have calendar of all 2/28’s/calling all former borrowers and asking everybody for referrals.

Three P’s….Passion/Persistence/Perseverance.  Opening the door and writing a list of everyone and I do mean everyone I know and remind them of what I do and where I do it.  Along with attacking the phones, keep going to explore the Net, Dive deeper and more seriously into small commercial lending and trying to land at least 1 Bankruptcy/Divorce lawyer.  I want to become a Big Fish in a Big Pond.  Simply put, to become the very best at what I do.  Compete and Beat The Big Boys like:

-Eloans

-Countrywide Retail

-Wells Fargo Retail

-Ameriquest

-DiTech

Strive To Be Hopes Aspirations Passion Perseverance You

On The Broader Scope/ Building A Company

True Story-Met a girl who works as a Corporate Attorney for GE/exchanged intimacies/ideals/dreams and the like before she found out what I do for a living.  When I said, “I’m a mortgage broker” she responded with, “You guys are shysters” to which I retorted, “ Laura, you are a freaking lawyer!”  There was silence and I knew in my heart of hearts that phone sex was temporarily out of the picture.  Point is though, the perception of us people have.

I will try to make this as short, concise, parsimonious, to the point, and all that other stuff but since I can’t Happy “F’N” New Year!  Welcome to 2006.  Let’s make some freaking money.

My underlying goal is not only to build a company but changing a perception.  65% of all mortgages done by firms such as ours.

A Credit - We are your firm

B Credit - We are your firm

C Credit - We are your firm

D Credit – That’s Us Too!!!

E/F Credit – Try Hard Money or the Lottery Pal.

We are not your local bank -  We are better and specialize in Mortgages Alone.

We are not a Finance Company – We are better, cheaper, and offer financial solutions.

We are not your typical Mortgage Company – We are better, offering over the top customer service, most competitive pricing on the market, an entire TEAM working for our clients to get them the best loan for their particular situation and needs.  We attend closings, have helped clients move into their home, and are upfront from the get go on what we can do for our clients.  Yes, we can do the hard to do and sometimes seemingly impossible to do loans but let us not forget we can do the easy……….the FAST & EASY.  We treat our clients/our investors with respect, like friends, often times like family.

My peers, let’s change the perception a lot of people have of companies like ours, of the mortgage process in general.  Inform, educate, persist, persist, persist.  Ask for business…..Earn the business…..Make Money One Less Thing To Worry About. Bottom line is that we shouldn’t be “Business As Usual”…we should be Unusual and Extraordinary in how we do business.  Excited each and every day about what we do, how we do it, and the awards it can offer us.  Let 2006 be the breakout and banner year for First Choice Equity Group. Inc throughout the entire mortgage community.  We are Building a Company folks, We are Changing A Perception.

Jason M. Sardi

Well, that was it in a nutshell and I must say I've almost surpassed my 2006 objectives & goals and I have two months to go.  Now it's time for my 2007 gameplan.  As Al Bundy so astutely sounded off, "Let's Rock!"

I've heard analogies, loose and otherwise of salespeople.  Always liked the one about how a bad sales person is like a bad toupee; unnatural, easy to spot, and usually more of a blemish than a compliment.  Though, I don't know how many good toupees really exist anyways, so I will bald like I gray......naturally & inevitably.  As far as sales, I will try to evolve and learn as if I were to sell forever.

To me a good salesperson is like most of us, has two ears and one mouth, only what makes them good is they use them accordingly.  They not only listen to their clients, they are attentive and understanding and also in identifying their client's needs and matching them up with the best product and solution accordingly.  Through this process, it seems to me vital that the demeanor be sincere and the concern, genuine.  Hey, just remember, that client has a mouth and may use accordingly as well.  If they like you & your service...you may just get what is the core of a strong residual lead system.....referrals.

That initial contact is typically the dreaded "rate" question.  First off, a sense of trust and connection must be established and this rarely seems to be cemented down with a simple rate quote or pre-approval letter.  If you are quoting anything higher than let's say, 6%, you may feel like you just passed gas in church during prayer.  And you may be treated as such from that client.  Look though in the wallets of those same people and you see credit card rates of 18%, mortgage rates that shockingly aren't as low as they thought they were, and it makes you stop and wonder.  Why might that be?  It's about focusing on a consumer's needs.

By doing that, you overcome the rate issue.    Ask the probing questions; why do they want a loan, have they applied at the bank or other mortgage companies and if they had why didn't they take the loan or why were they turned down?  Those answers will give you a feel of the best lending options for that client.  As far as numbers, focus on payment instead of rate.  Afterall, payment and the stability of that payment years from now is the bottom line, rate is important but also overrated, you may be paying a 6% rate but what about the PMI they are paying.  Borrowers are amazed when you give them a higher rate but lower payment.  When they see an educated mortgage advisor on the other end, that is a relationship, and those turn into sales more times than not.  Give them options, but not too many to confuse the client.   Afterall, most people only go through the mortgage process a handful of times in their own lifetime and the parameters are ever changing as is.  If someone calls you and says, "What's your rate?"  As you are 'pulling up your rates' ask them ideally what they want this loan to do for them and say while we are on the subject of rates, how would you like to pay off your mortgage before your kids start college or maybe before you retire?  Then shut up, remember you have two of those ears.  Let them run their mouth.