Any Condo Can Be Approved - Condo Spot Approval Process

DYK that under the new condo approval process virtually any condo can be approved manually by a lender if all condo docs are submitted in an electronic attachment at once to the lender?

Under the new DELRAP Approval process the DE Underwriter inputs data using pertinent data from the following list:

1. Covenants, conditions & restrictions (C, C & R’s/Deed restrictions)
2. Fidelity Bond & Blanket policy
3. Completed condo questionnaire

4. P&L, budget & Financials

5. HOA/Condo cert showing amt of assessments, frequency of assessment pmts req’d & if they are current

6. % of FHA concentration

Once input it generally takes 2-5 business days for HUD to issue conditional approval; after the complex has been approved, all other units can be manually approved by the lender all electronically.

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Selling Myths to Dismiss

Since the early 1920s, many sales trainers have taught four specific strategies that are supposed to increase sales. The truth is that, more often than not, using these techniques will hinder your sales, if not prevent them entirely.

Selling Myth #1: Open-ended questions are more effective than close-ended questions.

Generally speaking, close-ended questions can be answered with a single yes or no and little explanation, whereas open-ended questions elicit more information from the client. The fact of the matter is, different sales situations require different types of questions, and to be effective you cannot resolve yourself to one form of questioning. Remember that your goal is to learn your prospects' needs and values, and sometimes this means you have to be very focused and specific by asking direct questions to ascertain specific answers. By focusing more on learning about the prospect instead of what type of question to ask, you will end up asking the questions that are most appropriate.

Selling Myth #2: You must first demonstrate strong product knowledge.

It's good to know all the ins and outs of your product or service, and there is a right time and place to offer that information. But the fact is, if buyers don't trust you or perceive that they stand to receive enough value from using you, product knowledge means little. It doesn't matter how much you tell a person about your product or service if you haven't first determined whether your product or service truly meets the person's needs and values. If you are just "blowing smoke," you will quickly turn your prospects off.

Selling Myth #3: Features close more sales.

Telling a prospect about the "wonderful" features of your product is not an alluring sales technique. The bottom line is that most buyers don't care about features until they know you care about them. This doesn't mean you should be ignorant about your products' capabilities and features, but you must dismiss the notion that people are thrilled to hear about all the "stuff" that your product has or can do. The stuff doesn't matter if it doesn't in some way touch the prospect's needs and values.

Selling Myth #4: Always be closing.

Most sales training teaches that you should constantly rotate a variety of closing techniques at different stages of the selling process. You must understand that this is not the way to be a highly effective and successful business person. First, these techniques take your attention away from listening to your prospects' needs and values. Second, the closing of a sale, if it's done correctly, should never have to be forced or feel like a role of the dice. Closing a sale should happen naturally because what is offered is highly captivating. The truth is that prospects actually close their own sales if you offer valuable solutions to their real needs and values.

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10 Rules for Powerful Presentations and Solutions

In order to present well, you have to think like your clients ahead of time. Put yourself in their shoes and determine what you would ask and desire in the same situation. When you understand your prospects' greatest need and values, you can design educated scripts in which you address them naturally, professionally and confidently. That way, when you conduct a presentation, you aren't fumbling with words or making offers that aren't valid.

Here are 10 Rules to make your presentations powerful and successful:

1. Be sold yourself. If you don't believe in your product or company, you will never be able to persuade a prospect to believe in it.

2. Be passionate about helping. If every presentation has one end goal in mind, that being to sincerely help the customer, you will create higher levels of trust and influence.

3. Be over-committed to adding value. Walk out of every presentation knowing you gave the prospect an unforgettable experience, an experience where you gave more than you took and added substantial value to the prospect's business and life.

4. Be focused on pacing. Your prospects talk either fast or slow, loud or soft, flat or with fluctuation. Go their speed at the start and your speed at the end. If you are naturally the same pace, don't change. Presenting at a pace that is not favorable to your clients reduces trust.

5. Be committed to asking. When you are presenting, asking questions like, "How do you feel about what I am proposing?" or "Do you like the sound of that?" or "Does this sound reasonable?" will tell you if you are on track. This coupled with your interview skills will take you to a whole new level.

6. Be dedicated to listening. You cannot listen yourself out of a sale.

7. Be concise when you are talking. Too many words make the call too long and the sale not happen. Be laser-focused, don't oversell, and if a prospect says yes before you were planning on being done, stop and move to engaging the relationship.

8. Be patient when seeking feedback. It is okay to hear how you have done and what else needs to be accomplished before the sale is complete. Do not get too excited near the end because the prospect will notice and you will negatively impact trust.

9. Be convicted when "closing." Go back to the first step. Never stop believing that what you have to offer is extremely valuable to the client.

10. Be defensive...NEVER. Being defensive will kill trust and the sale, particularly during any objection.

The Art of Conversation

Author Truman Capote once said, "A conversation is a dialogue, not a monologue." These are great words of advice to remember in any selling situation. Here are five conversation practices that will help you establish more trust with prospects, and subsequently, increase your business.


1. Forget about the sale. Not for good, but you at least need to put the sale on the back burner of your mind so you can focus on really learning the needs and the values of your prospects. That's because closed deals are the by-product of effective, genuine conversation. Remember that you can't be certain that your product or solution is worth a hill of beans to prospects unless you've taken the time to know what it is they're looking for.

2. Ask don't argue. Don't underestimate the importance of asking the right questions. If all you do is chat about the weather and world news you won't learn anything about your prospects' needs. When you enter into a prospecting or selling dialogue, do so with a disciplined set of questions that you've planned ahead of time. But remain flexible. Ask specific questions that will help ensure your offering is a good fit.

3. Listen with your fingers. Whether you're on the phone or face-to-face with prospects, taking notes is the most efficient way to ensure that the information you're gathering sinks in. Not only that, if a prospect is aware that you are taking notes they will often see it as a sign of your genuine interest in what they have to say – and that you intend to use the information to help them.

4. Seek to understand. Verify what your prospects tell you. Make certain that you understand your prospects' needs and values precisely. Confirm the expectations they've shared with you. When prospects tell you that they need something, ask them why they need it that way. If you have any agenda in a prospecting situation, make it be to understand your prospects' needs and values as well as your own.

5. Listen again. When appropriate and with your prospects' approval, record your meetings. Explain to your prospects up front that the purpose of recording the meeting is to give yourself an opportunity to constantly improve your efforts to meet their needs as well as the needs of your existing clients. Explain to them that it is your desire (and it should be) to never neglect or overlook what they tell you in a meeting – and although you will be taking notes and listening intently, the recording is so that you can review what has been discussed in the meeting to ensure that your efforts are perfectly customized to their expectations. Not only will this practice be a gesture of your best intentions, it will prove to be a great teaching tool for self-improvement.

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Sell Yourself to Prospects - Be a Great Listener

No matter what type of business you are in, your prospect has the option to select from a variety of competitors within the same marketplace. You must set yourself apart from your rivals, and it all starts by having the ability to listen attentively to each and every new prospect. You must hone in on what their needs are and what their idea of great customer service is.

Have you ever been interested in a product that seemed superior in every aspect, but you just didn't like the pushy salesperson? Learn from their bad example! Let your prospects do the talking, and pay attention to what they have to say. Give the prospect an opportunity to reveal their hot buttons, and provide insight regarding their likes and dislikes. Build common ground by asking them about their hobbies and special interests. Ask them about their favorite TV shows or sports teams.

Remember the adage coined by Mike McNight: "People don't really care how much you know until they know how much you care." Your expertise will fall into play only after the foundation for building a relationship has been established.

Look for details that can spark questions. If you meet in a client's home, details will become immediately apparent. If you meet at your office, look for class or wedding rings, even clothing, that might inspire them to disclose more information about themselves.

Once you've struck a chord, you can present your product or service with more confidence. Instead of saying things like, "If you choose to do business with me," try saying something along the lines of, "When you sign the papers..." This is positive, but not overly pushy. Reiterate their hot buttons, confirming that you listened carefully to what they had to say, and you know what their end goal is. Make it clear that you wish to help them achieve that goal.

Don't be afraid to assume the sale or the next point of contact. Consider the approach your dentist takes. He doesn't ask if you'd like a check-up in six months; he has you schedule it while you're in his office! Make sure you and your staff provide exemplary service every step of the way to prove your commitment to this new client.

Make it a Great Day!

Negotiating Like a Billionaire - Donald's Dos and Don'ts

In Donald Trump's 2004 book Trump: How to Get Rich, he dedicates an entire section to the secrets of negotiation. I think you'll be amazed to know how much the dealings of a multi-billionaire relate to business at any level.

Here are some of the tips he shares for successful negotiation:

Consider What the Other Side Wants.

If you remain too focused on what you want, you'll miss which concessions you can make that might satisfy the other side.

Be Reasonable and Flexible.

Unless you are never going to be negotiating again, it will hurt you in the long run if you show an unwillingness to bend. The word will eventually get out, and no one will want to work with you.

Trust Your Instincts.

If it sounds too good to be to true, it probably is. Don't let the same brain that struggles with long division be the only decision-maker. Trust your gut!

Know Exactly What You Want and Keep It to Yourself.

Chess masters know they've lost the game when their opponent can see their true attack coming. In other words, as soon as the other side knows what you want, they have you by the throat.

Let Your Guard Down, but Only on Purpose.

Let out some facts or opinions to “test the waters.” See if people are agreeable or disagreeable, in order to gauge what they're thinking and feeling.

Be Patient.

Stubbornness is not the same as patience. Don't let your impatience overrun the deal itself. Be willing to wait for the right conditions to be met.

Be True to Your Friends.

Be loyal, be kind, and believe that both sides can come out winners.

Make It A Great Day!

Don't Talk, Listen! - Give Prospects Your Undivided Attention

I have found that the best conversationalists are the best listeners. The same holds true with salespeople! Review the following tips to see where you might have room for improvement.

Maintain eye contact.

This does more than show the person you're interested; it helps you to concentrate on what they say.

Ask relevant questions.

Do you assume you understand, or do you make sure by asking questions that confirm statements?

Avoid distractions.

Rearrange your seating if the sun is in your eyes. If it's too noisy in a room, do what you can to cut down on distractions. This includes turning off your cell phone. Don't divide your attention.

Take notes.

You can't remember everything! Carry a pad and pen with you wherever you go. However, don't spend the entire conversation looking down at your notes. Learn to write and look them in the eye at the same time.

Don't try to multitask.

While you might think it's a time-saver to finish up one task while someone is talking, they will feel completely neglected. Maybe you won't miss a single word, but their confidence in you will be shot.

Really listen to what they are saying.

Use this as an opportunity to get to know your clients on a more personal level. Resist the temptation to talk about yourself, and turn the focus on them instead. Pick up on little clues they reveal about themselves, such as a family situation, favorite sports teams, financial investment strategy, etc.

Ask someone close to you to rate your listening skills. Listen carefully to the feedback you receive - you might be surprised by what you hear!

A good read on this topic is The Business of Listening: A Practical Guide to Effective Listening (Crisp Fifty-Minute Series)

Make it a Great Day!!

Finding Your Niche - What it Takes to Get Ahead of the Competition

Very few individuals have the luxury of being the only professional in their marketplace offering their particular service. Competition is constantly at our heels, hoping to catapult one step ahead of us. For this reason, we must continually strive to differentiate ourselves from any competition we may have.

Dan Sullivan, President of The Strategic Coach Inc. and co-author of The Great Crossover: Personal Confidence In The Age Of The Microchip, provides a solution. According to Sullivan, if you wish to remain in the upper echelon of your profession you must "...disregard your own commodity and focus on deepening the power and possibility of all your relationships."

This means that no matter how much better your business model may be, you cannot assume that the rest of the world will beat a path to your door. Your product or service needs to encompass more than that; it needs to be a positive and unforgettable experience.

Why do children love McDonald's®? Are their palates predisposed to the flavor of one fast-food restaurant over another? The answer is probably no. Instead, they crave the McDonald's experience, which includes the colorful decor, and a predictably familiar setting regardless of which worldwide location their parents take them to. They want the playground they've come to expect and the free toy they will expect to find in their Happy Meal®. This is all a part of the experience McDonald's has built into their marketing plan.

How can you make customers fall in love with your business? Do you have untapped opportunities to pamper or serve them? Envision what you could do to win the hearts of your clients, and focus on your real commodity.

I strive for 100% customer satisfaction and to remain informed of new technologies and ideas that will improve the way I do business. I hope to become your ally in this respect by providing excellent service to the clients you refer to me.

Beyond the Entrepreneur - Becoming a Business Owner

Two fantastic sources for entrepreneurs are The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It and Cashflow Quadrant: Rich Dad's Guide to Financial Freedom. Gerber's book is accurately sub-titled: Why Most Small Businesses Don't Work and What to Do About It. He examines the small business and the entrepreneur, and his results are intuitive but important.

As Gerber says, "The technical work of a business—and a business that does that technical work—are two totally different things!"

Take the general contractor as an example: Building a house requires a far different skillset than advertising a business and keeping the books. That's not to say the contractor shouldn't go into business for himself, but rather that he must put on his businessman's hat when he's working on his business. The same is true for any profession.

Kiyosaki goes further by dividing the enterpreneur from the business owner. He believes that while being one's own boss may seem preferable to being someone else's employee, still better is to have no boss, but rather to own the business and be able to go on vacation without the business suffering.

When the self-employed electrician gets sick, his business stops. When he wants a vacation, he doesn't get paid time off. He is the business, rather than the business owner.

The "Business Owner or Self-Employed" quiz that Kiyosaki offers is just one question: Can you walk away from your business for six months, and come back to have it running as well as, if not better than, before? If not, you're technically just an employee of your own business.

The freedom that comes from working for yourself is just the first step towards true financial freedom. If that's as much your dream as it is mine, I hope we can help each other along the way.

Countering Objections - Know Why People Say No

Not every objection can be overcome, but they can all be countered, so you should always have a rebuttal in store. If you don't have years of experience, or a trainer to guide you, you can find yourself blindsided by the most obvious objections and hesitations.

There are three basic reasons for most objections:

Lack of trust or rapport.

Have you ever decided against a sale because you didn't like the person selling to you? Most people have experienced this at least once. Those of us in sales need to know how to avoid this issue altogether:

• Don't try too hard. You're not a comedian. The occasional joke is fine, but nothing rubs people wrong more than repeated, failed attempts at humor.

• Don't talk so much. Get people talking about themselves, show interest, and ask questions; the more interest you show in them, the warmer they'll feel towards you.

Lack of immediate need.

If your prospect doesn't understand why they need you, and why they need you now, then they probably won't buy, no matter how much they like you. Retrace your steps, and make sure they agree with each point of your pitch. "Would you agree you need…" is a fantastic way to delve deeper into their objections.

Lack of money.

If this is the real reason, there's little you can do. The good news, however, is that it's usually not the real reason! It's simply the easiest one to throw out when the customer doesn't want to say, "I don't know you well enough yet."

Learn how to find the real objection. Ask additional questions, and don't be embarrassed to say, "I sense you're a little hesitant. Can I ask why?" Maybe they're worried about sounding dumb if they ask an obvious question; maybe they had a different picture in their mind. Whatever the case may be, find out if it's a giant objection, or a minor obstacle, and go after it accordingly.

By practicing how to handle objections, you'll exude confidence, which in turn brings trust.