Nov 07

The Surprising Truth About What Motivates Us

AutonomyMasteryPurpose Very well done video by RSA, http://www.thersa.org/  And who is the RSA?  From their site:  “In the light of new challenges and opportunities for the human race our purpose now is to develop and promote new ways of thinking about human fulfillment and social progress.” … and they’ve been at it for more than 250 years. 

What’s compelling about …What Motivates Us?, is that it’s backed up by data.  Watch, take note, and enjoy … and if by chance the video does not display below, you can view it on YouTube, Here.

The formula:

Autonomy + Mastery + Purpose
= Better Performance + Personal Satisfaction

Oct 13

Patronizing for the Sheer Experience

us-airways[1] So … this past Sunday night, I was flying back from Tampa, FL; having spent three days with my mastermind group learning about the Psychology of Execution. Great stuff!  I’ll share some of what we learned over the next couple of weeks.

Back to the flights … Twice in the span of two hours, I came across references to THE POWER of having your business be run so well that  Continue reading

Sep 22

Where I Think You Want To Be With Your Approach to Social Media; A Personal Update

Where I Think You Want To Be With Your Approach to Social Media:

For the last six months, I’ve spent a fair amount of time studying social media and learning how to use it both personally and in business.  I joined Facebook (after telling my family and friends that I’d never do so), launched a Fan Page, RE Marketing Exchange, and of course the blog you’re now in.  I still have a way to go with my own implementation, but, today, I want to start out by sharing with you what I believe you’ll want to work toward in implementing your social media business strategy.

icons
To begin, I think that you have to understand what
social media is and what it is not.  Thinking about it’s use in business: for me, I believe that it is a powerful tool for staying connected and “top of mind” with your clients, as well as a great way to meet and acquire new clients. Social media is NOT a substitution for direct contact with your clients and potential clients, nor does it enable one to provide, less than superior products and service.

First, I think that you’ve got to be on Facebook, as it’s likely where the majority of your customers are already hanging out.  If you’re not, you’re missing out on a great way to stay connected not only to your clients, but friends, family members, former colleagues, and heck, even your competition … and it’s a great place for people to get to know you.

knowliketrust
Second you must have a blog, for it’s your blog from which you’ll provide your customers with engaging content that they find of value, and which they’ll want to return to.  Third, you’ll want to understand how to create a call to action, whether it’s a free report, webinar, receiving automated email updates, new listings,or even a contest.  And key to your call to action is that you MUST capture leads!  After all, unless you’re running a philanthropy, why would you want to expend the time and effort, unless you had a way to understand who is reading your content?  “You’ll never be able to figure out how to help them, unless you know who they are and how to contact them!”  You must engage them.  If you don’t, someone else will!

Next, you’ve got to have a database in which you store relevant information about your clients, potential clients, and business partners.  It doesn’t have to be complex … heck, a simple Excel spreadsheet will do the trick until you can justify something more robust.

…And for now, I’ll end with this one … You’ve got to have an email marketing program or service.  Yes you can try to stay top of mind using only Facebook, Twitter, or your blog, but think about it for a moment.  Think about your own Facebook News Feed.  Right now, I only have 121 Friends on my Facebook profile.  It’s rare that I’m able to get through them all … I don’t have the time.

emailapps
Gail Goodman with Constant Contact said it best when in an interview for Duct Tape Marketing she said:
“Twitter is good for reaching a lot of new audience, but at 140 characters, engagement is light.  FB has nice reach and more engagement than Twitter, but nowhere near the engagement as that standalone moment in someone’s mailbox; where instead of being on a “News Feed” or short form Fan Page, you really get to create an html content email to tell your story in the way you want to tell it …. And in that briefest of standalone moments when someone is looking JUST at your email.  The shortcoming with social media sites is that people are often distracted.”

standaloneengagement

You know …. how often have you caught yourself going … “How did I ever end up here?”  It’s all those Bright Shiny Objects!

So how do you get started?  It’s actually pretty easy.  Just don’t attempt to do it all at once.  If you have even the slightest amount of tech skills or know someone that does, you can pull this off yourself or with their help.  Hey … and I’m here to help any way that I can.  And if you’re not inclined to take the home grown route, let me know.  I’ve met a couple of people that can help.  They’re good at what they do and very reasonable.

An added bonus:

Thinking about how to perhaps include a brief presentation on how this all fits together, here’s a Prezi presentation that Liz Landry from Keller Williams put together.  It’s well done.  BTW, for best viewing, click on the “More” at the bottom right, then Fullscreen, and then Autoplay.

Personal Update:

NESB

As some of you may or may not know, I recently joined North Easton Savings Bank (NESB) headquartered in South Easton, MA, after a lengthy process of searching for the right institution to work with.  For the Bank, my title is Mortgage Specialist, and my focus is residential, construction, commercial, and deposit business development for the Bank on Cape Cod and the adjacent coastal communities.  For my clients, customers, and the communities I’ll be serving, what I’m all about is:

  • Helping my real estate professional clients build their real estate business;
  • helping customers obtain a home loan they can afford and insuring that customers understand the benefits of viewing their mortgage as a financial tool, that when managed properly can improve their financial health; and
  • giving back to the communities where I live and work

You can learn more about me by clicking on my profile, in the side bar.

Technology is providing us all with alternative opportunities to meet and share.  If you get a chance, come and share with us on Facebook, too, @ RE Marketing Exchange … and if you haven’t already done so, subscribe via the Feed by clicking on Post, at the bottom of this page; or you can subscribe via email by clicking: Subscribe to RE Marketing Exchange by Email.

Sep 05

1992, an Apple or a Donut, and Irrationality

So if you’re anything like me, you started off your “connected” day checking your email and social media connections, like facebook and twitter. 

Well, on my News Feed this morning was a video from my friend Ed Conarchy that was not only cleverly constructed, but for me contained a message that struck home.  Ed’s not only a 20+ year mortgage professional, but he’s also a licensed financial advisor, which enables him use a holistic approach in helping his clients.  Ed not only insures that his customers get the right mortgage, but also helps them maximize wealth by addressing liquidity, diversification, rebalancing and long-term investing.

So back to Ed’s message.  Listen as he cleverly describes an economic scenario, eerily similar to the current environment …

More on what Ed had to say in a moment, but before I go there …

I recall a conversation I had with a good friend, Jim Campbell, back in San Diego during one of the more severe recessions that occurred earlier in my career.  Jim’s an incredibly talented cabinet maker and was noting how his business was off, because customers were concerned about the outlook for the economy.  It wasn’t that they didn’t need to remodel their kitchen, nor that they couldn’t afford to do so at the time.  It was just that they had lost confidence in the future, and were going to “wait it out.”

AppleOrDonut

Academia will refer to the study of consumer behavior as Behavioral Economics.  In her Summer 2009 article “An Apple or a Donut? How Behavioral Economics Can Improve Our Understanding of Consumer Choices”, Carolina K. Reid, PhD, Manager, Research Group, Community Development Department,  FRB San Francisco writes:

“ … Behavioral economists focus on research that explains why people often make choices against their best interests, even when they know better. This research is increasingly coming to the attention of policy-makers interested in influencing consumer choices in the financial marketplace, and many of the principles of behavioral economics are being used to inform everything from retirement savings programs to credit card and mortgage loan disclosures.

So what is behavioral economics, and how is it different from traditional economic theory? Simply stated, traditional economic theory generally assumes that individuals make rational decisions based on the information they have (e.g. knowledge about a financial product) and their situation and resources (e.g. income). This individual—homo economicus—makes rational, unbiased decisions that maximize his well-being, systematically evaluating risks and accurately assessing both short- and long-term costs and benefits. If consumers make a poor financial choice—for example, by taking out a loan they can’t afford—this approach would lead us to believe that they merely didn’t have enough information to make a good decision.


While financial knowledge is certainly important, it is also clear that it is not sufficient to ensure that consumers make good financial decisions. This is where behavioral economics steps in. Rather than assuming that people exhibit the perfect rationality of homo economicus, behavioral economists rely on insights from psychology to understand why people often make choices that do not align with a rational assessment of the decision’s consequences. This is not to say that people are “irrational,” but rather that there are systematic and predictable ways that people behave differently from what we might expect. In the area of financial decisions, insights into these behavior patterns can help to craft more effective and efficient policies to encourage savings or protect consumers from predatory loan products.”

… And from Duke University Fuqua School of Business comes this excellent video “What is Behavioral Economics?”  Regular or classical economics assumes that the consumer acts in a rational manner, where as behavioral economics recognizes that consumers can and do often react irrationally.  Emotions can sometimes cloud economic decisions … check out the reference to Homer Simpson.

Additionally, Ms. Reid also notes:

… Behavioral economists have also focused on how choices and information are framed—for example through advertising or disclosures—and are beginning to understand how even small changes may influence consumer decisions about financial products.”

And that is where I think that Ed made his message that much more powerful.  His framing … and I paraphrase … Today is not that different from earlier recessions.” … “It’s cyclical … “This stuff has happened before, and it will happen again.”  … made his message all that more compelling when framed by reading from the Times article from 1992, The Long Haul: the U.S. Economy.

Allowing yourself to be bombarded by a drone of constant negative news can suck the life out of you, and thinking that housing prices will drop forever, is irrational.  “We are a resilient nation and … great days are ahead.”  Thanks for sharing, Ed!

Aug 30

RE Bar Camp / Orlando (#REBCORL) and a Fire Hose

For the last few weeks, especially the last few days I feel like I’m “drinking from a fire hose”…

So we’re in the midst of getting ready to move back to Cape Cod from south Florida (Yeah, I know. What are you thinking?), and we’ve been deep into all the activities associated with the transition: getting the house ready for sale (“WOW! If I knew that it would only cost $x, then we should have done this a long time ago.” Or the one that I’ve enjoyed the most goes something like this … “WOW! Your home looks like a showcase. What a difference … it’s a complete 180. You probably don’t want to move, now.” No! Our home was not a dump … I like to think of it more like we are more willing to live with “things” than perhaps others might not be. ;D) ; interviewing and selecting a real estate professional; getting the kids resettled for school and soccer; finding a place in MA on or near the Cape to hang my “shingle”; and of course keeping the place and yard looking like a showcase home.

But a little more H20 started flowing through the hose last Wednesday, when I suddenly realized ……………….
 that I had the wrong date for Real Estate Bar Camp / Orlando that I had planned to attend… as in OMG!, it’s today. After giving it some thought (No, you cannot jump in the car and drive there … that’s a waste of time), I recalled attending my first on line RE Bar Camp and noting how many were using twitter to add to the presentations being made.

Now, I’ve been “on twitter” for > 1year, but haven’t taken the time to figure out how to incorporate it into my daily use. Sure enough though, I’m now getting the #REBCORL feed complete with commentary and even links to a few of the presenters’ presentations. Not only that, but with a few clicks, I’m learning about those tweeting and finding links to their twitter profiles, blogs, and web sites …. Fire Hose! This stuff is good, and could undoubtedly provide all the material one could want for posting to your blog and/or sharing with referral partners to help them with their social media strategy and business … so I’m bookmarking … reading … following links … and bookmarking some more. 51 bookmarks later, I’m done!

So I thought that in this post I would share some of those “items” I came across. Perhaps you’ll find a “nugget” or two to incorporate in your on line presence, social media strategy, or real estate business.

Presentations:

Top 20 Social Media To-Do List  by Lesley Lamb. Here’s a very short (really, just 4 pages) outline of 20 key steps to implementing a sound social media strategy. What I love about what Lesley did is she broke the steps down into five elements each for channel: Twitter, Facebook, Blogging, and Media. Kudos!

Geolocation, Geolocation, Geolocation  by Morriss Partee. Morriss has posted a useful presentation on geolocation , including history, the top three apps (Foursquare, Gowalla, and Facebook Places) and some great suggestions on how you might use geolocation in your real estate business. You might want to: Check in when showing a house; Create a spot for your listed house; Tools to help your client search like Trulia, Zillow, and Zip; or Create a tour of your area, reinforcing you as an expert!

People you might want to check out on Twitter, who attended #REBCORL:

Julia Stander; Ken Granger; Lesley Lambert; Mike Mueller; Morriss Partee; Real-TechGuy.com (updated 10/14/2015 … Jonathan is now The Podcast Factory; & Todd Carpenter  There were quite a few more “tweeting”, but these were the ones that seemed to catch my attention.  Figuring how to best utilize Twitter is on my list.  If you have any suggestions or recommendations, please feel free to share by posting in the Comments, below.

Links from the “Fire Hose”

QR Code technology
GoWalla - Geo Location
Instant Press Release - Automate press release creation
Publish in a format designed to make your documents look their best
Your Visual Resource for All Things WordPress (Help with your blog?)
Great resource for finding tools and techniques to use online in your real estate business
So that’s my “story” …. I’m sad that I missed the opportunity to attend #REBCORL, but perhaps most of all, to have missed the opportunity to meet those that attended.
Technology is providing us all with alternative opportunities to meet and share.  If you get a chance, come and share with us on Facebook, too, @ RE Marketing Exchange … and if you haven’t already done so, subscribe via the Feed by clicking on Post, at the bottom of this page; or you can subscribe via email by clicking: Subscribe to RE Marketing Exchange by Email.
Paul D.

Jul 05

How does your use of social media in your real estate business compare?

Last week, I came across the article below, but didn’t make the time to share it. It’s a very good article to use for benchmarking, if you will … both yours and your company’s use of social media.

One firm, for example, uses Facebook & Twitter to provide followers with a state of the housing market, “living tips” for their market, and best to use video to show a home’s features. They’re also tying in video of the community and information about the real estate professional and the brokerage … as in “what we’ll do for you!

There’s more … like:

  • using Meetups, LinkedIn, and Flickr
  • connecting with other RE professionals through ActiveRain and the Flipping Pad
  • providing FREE advice through Trulia and Zillow
  • maximizing their YouTube Channel with a separate Twitter Channel for listings

The post is sponsored by Gist … check it out!

How Real Estate Pros are using social Media for Real Results“.