It isn’t often that you’re introduced to a book that could quite literally change your perspective on this market or at the very least, change the way you conduct your business but I was recently given such a book. The title is simple enough “Shift” by Gary Keller who asserts that its not about the market….It’s about what you DO! Wow, that’s a different spin on a tough market, what could matter that much in today’s economy? I was about to find out. The information was so valuable, insightful and timely that I wanted to write my first book report since graduate school and tell you what I learned.
It wouldn’t be possible to tell you everything that is valuable in this book; you’ll need to read it for yourself to see what applies to you. However, I can pick out a few things in some select chapters that can increase your business and relieve some stress. Over the next couple of weeks, I will give you a brief overview of this wonderful book with a review of some specific chapters.
After a brief introduction that addresses how economic and real estate shifts happen and the kind of personal financial strategies that you need in order to survive, the book moves to the anatomy of a shift. While many people talk about the types of markets we face, Keller effectively labels them:
1. Buyers’ Market – More than 7 month’s inventory
2. Balanced Market – 5 to 7 months of inventory.
3. Sellers’ Market - Less than 5 months inventory.
This is valuable information that comes in handy when talking about prospecting vs. marketing (no they are NOT the same thing!), so keep them in mind. Keller wastes no time or extra words listing what he believes to be the core competencies of a business. I am going to assume that you know you are running a business, you are the CEO and the employee, and the primary objective of any business is to make a profit. Given those assumptions there are fundamental priorities for your business.
Six Core Competencies of a Business
1. Lead generation, capture and convert to appointments.
2. Present to buyers and sellers and get agreement.
3. Show buyers and market sellers for required results.
4. Write and negotiate contracts.
5. Coordinate the sale to closing.
6. Manage the money.
Keller also gives you twelve tactics to help you deal with tough times.
#1 Mindset and action
#2 Expense Management
#3 Leverage
#4 Lead Generation
#5 Lead Conversion
#6 Internet Lead Conversion
#7 Seller Pricing Strategies
#8 Seller Staging Strategies
#9 Overcoming Buyer Reluctance
#10 Creative Financing
#11 Short Sales, Foreclosures and REO
#12 Issues and Solutions
So that’s the game plan, obviously these articles aren’t going to replace reading the book but over the next few articles you WILL get the essence of how to change your business strategies to survive and thrive in these tough times.
DF
[...] < previous article in series [...]