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Short Sale Queen March Newsletter

Deb McMillan’s…

From the Throne of the
Short Sale Queen

March 2010



Luck o’ the Irish



“I’m a great believer in luck, and I find the harder I work the more I have
of it.”

Thomas Jefferson


http://www.shortsalequeen.com/ssqimages/mcmillan shamrock.jpg


Top o’ the mornin’ to ya!


You can’t have a last name like McMillan and not have proud, Irish blood
flowing through your veins! Needless to say, this is one of my FAVORITE
months of the year!


Not just because St. Patrick’s Day falls right in the middle of the
month.


Not just because Spring is finally here and the worst of winter is over.


There’s so much to learn from these two major events that it makes March a
GREAT month of the year!


Now before you dismiss me as being sappy and sentimental (seems like I’ve
said that before!) allow me to explain:

History.com
tells a brief story of the history of St. Patrick’s Day: “
St.
Patrick’s Day is celebrated on March 17, his religious feast day and the
anniversary of his death in the fifth century. The Irish have observed this
day as a religious holiday for over a thousand years. On St. Patrick’s Day,
which falls during the Christian season of Lent, Irish families would
traditionally attend church in the morning and celebrate in the afternoon.
Lenten prohibitions against the consumption of meat were waived and people
would dance, drink and feast—on the traditional meal of Irish bacon and
cabbage.”


Did you notice what it said there? They gave thanks first, THEN ate. They
showed gratitude for what they’d been given, or had received, THEN feasted.


This year, we’ve been talking more about how to change your habits and how
to break through to the successful entrepreneur that lies inside you.


Zig Ziglar has a great quote, “The more you’re thankful for the things you
have, the more things you’ll have to be thankful for.”


So this month while we’re talking about getting your short sales approved
faster and easier, while we’re talking about attracting buyers and sellers,
I also want to talk about how to MENTALLY attract the wealth that you
deserve as well.


But in the meantime, I leave you this month with a traditional Irish
blessing (which some attribute to St. Patrick himself!):


May the road rise to meet you,May the wind be always at your back,May the sun shine warm upon your face,

May the rains fall soft upon your fields,

And, until we meet again,

May God hold you in the hollow of His hand.


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Plan for the Best, Even During the Worst



The upturn is coming. Will you be ready with a plan to meet the challenge?


By:
Beth Zimmerman

Regardless of what the technocrats say, most individuals and small-business owners still
feel that we’re in a
recession. Demand for our products and services remains suppressed, we face continued downward pressure on prices, we’re about as lean and mean as we can get
and–speaking of “getting”–small-business loans are as hard to land as ever.

The blunt truth is that the economy remains very challenging for most business owners
and will continue to be so for a very long time.

We could go cry in our coffee, but that’s not what entrepreneurs do. We survey the landscape. We think, we tinker, we adjust–and sometimes we make bold moves. Most of all, we don’t stand still; we continue to invent and reinvent our business. As Benjamin Franklin once said, “Drive thy business or it will drive thee.”


Here are some practical, right-now steps you can take to shore up your business and
prepare for the inevitable upturn. Yes, the sun will come out tomorrow, even if we don’t know exactly when tomorrow will come. Make sure
your business is ready.



  1. Have a plan.

    At the risk of stating the obvious, make sure you have a plan to deal with
    various contingencies and scenarios. It doesn’t have to be complicated,
    but it should address the following issues:

    • Viability of your existing business strategy,
      including its objectives and milestones. Perhaps your overall approach
      is sound, but the nature and timing of major milestones needs
      adjustment. Your strategy isn’t a sacred cow; change it if you must.
    • Evaluation of alternative paths.
      If you’re like most
      small businesses, you put all your eggs into one basket. If there ever is a time to plot out what different strategies look like, this is that time. Start by
      changing one major assumption in your plan, and think through what might
      need to change in order for you still to achieve your business goals.
    • Planning for the inevitable “what ifs”–those
      foreseeable events that business owners tend to ignore, but that have
      huge impacts on their plan. What if your top producers get poached? What
      if a major client defects or postpones a major piece of work? What if a
      new product launch is more successful than expected, and orders double?
      Have an answer, even if in broad strokes, to a variety of situations
      that could dramatically affect your business success.
  2. Open the kimono.
    Not literally of course, but a certain degree of openness with your staff
    can pay huge
    dividends. Prepare a one-page financial statement; help the rank and file understand how the business both makes and loses money. Not only will this give them
    clearer insight into how their daily work influences the bottom line, but you can get some fabulous ideas from unexpected places in your organization. You just have to open up a bit, and do so on a regular basis.Doing so requires that you have appropriate “financial visibility” on metrics that are critical to your business success. Such metrics can
    include which products, services or clients are responsible for the greatest profit (or loss), average cost of sales or other important financial markers. If you don’t have the financial visibility to make and share sound financial decisions, consider hiring an interim chief financial officer to help get you there.
  3. Remake the sausage making.
    Front of house, we all have these simple, beautiful processes. Back of
    house it can be a different and messy story. Diagram your value chain: the
    unique sequence of events, milestones, people, processes and tasks for
    every product and service you deliver to market. You’ll be amazed at how
    much complexity has crept in over time, most of which can be stripped out
    altogether. There are a few things I like to keep in mind when helping
    clients rethink their value chain:

    • Think differently in order to do or to be different.
      “That’s how we’ve always done it” has no place in your business. Ever.
    • Be curious; always ask, “How can we do it better, faster, cheaper?”
      Sometimes improvement in even one area–bringing an existing offering to
      market more quickly, but at its previous cost and quality–is enough to
      give you a business advantage. Or you might eliminate a product
      ingredient to make it less expensive–but equally effective–for the
      customer. Don’t worry if you can’t tackle better, faster and
      cheaper; focus on improving at least one of these variables.
    • Simplify how you do what you do.
      Remove time, steps and resources without sacrificing quality, cost or
      time to market.
  4. Embrace co-opetition.
    You know what they say about keeping your friends close and your enemies
    closer? Well, sometimes your arch competitor can be your best
    collaborator. The decision calculus of what makes for mutual success
    changes in a recession, as nearly everyone needs something someone else
    has. Be smart about your chosen partner, and make sure to
    lawyer up and put any agreements in writing. Look for:

    • Compatible business philosophy, ethics and values
    • Different
      but relevant value proposition
    • Ability
      to strengthen your position in current markets or open doors to new ones

As business
owners, we can’t do anything to change the overall climate in which we
operate. But we’re not helpless; there are many things we can and should be
doing not only to strengthen our businesses now, but also to be dominant
when the economy turns a corner.


Beth Zimmerman
is founder and principal of


Cerebellas
LLC
,
a strategic advisory company that helps businesses find, develop and exploit
new revenue opportunities. She also founded the nonprofit


Pets for
Patriots
.


U.S. Now a Renters’ Market


Nick Timiraos



With apartment-vacancy rate at 30-year high, landlords cut prices 3% in
2009.


Apartment vacancies hit a 30-year high in the fourth quarter, and rents fell
as landlords scrambled to retain existing tenants and attract new ones.


The vacancy rate ended the year at 8%, the highest level since Reis Inc., a
New York research firm that tracks vacancies and rents in the top 79 U.S.
markets, began its tally in 1980.


Rents fell 3% last year, according to Reis, led by declines in San Jose,
Calif., Seattle, San Francisco and other cities that had brisk growth until
the recession.


Gains in home sales have been driven by government stimulus, leading some to
wonder if the nascent housing recovery needs federal assistance to sustain,
Nick Timiraos reports.


In New York City, the vacancy rate improved by 0.1 percentage point for the
second straight quarter, but around 60% of rental buildings dropped their
rents in the fourth quarter from the previous quarter. Effective rents –
which include concessions such as one month of free rent — fell 5.6% in New
York last year, the worst since Reis began tracking the data in 1990.


Landlords now must entice tenants to renew leases. “We’ll shampoo their
carpets. We’ll paint accent walls. We’ll add Starbucks cards,” said Richard
Campo, chief executive of Camden Property Trust, a Houston-based real-estate
investment trust that owns 63,000 units. He said the first half of 2010
should be “pretty ugly,” but was optimistic the sector would pick up later
in the year.


Few markets have been spared. During the fourth quarter, vacancies increased
in 52 markets, while they improved in 17 and stayed flat in 10. Vacancies
increased most sharply for the year in Tucson, Ariz.; Charlotte, N.C.; and
Lexington, Ky.


Vacancies are tied to unemployment, because many would-be renters move in
with family members or double up during a downturn. Apartments have been
squeezed because younger workers, who are more likely to rent, have
experienced the brunt of job losses during the downturn.


Landlords were also hit last year by competition from a wave of new supply
that hit the market. The 120,000 units that came onto the market last year,
including some busted condo projects that had to be converted to rentals,
represented the most new construction since 2003, according to Reis.


Many of those developments had secured financing before credit markets
seized up. The credit crunch has frozen most new development, which means
that new apartment completions should fall by half in 2011. That’s one
potential silver lining for apartment owners: The limited new supply should
give them the ability to boost rents quickly whenever job growth returns.


“If you are renting a place, now might be a good time to renegotiate that
lease,” said Victor Calanog, director of research for Reis, who added that
the sector could see a recovery in the second half of the year, buoyed by
either job growth or at least the perception that the economy was turning
around.


Such oversupplied markets as Florida, Phoenix and Las Vegas are hurting,
even though housing sales have picked up. “Landlords aren’t benefiting
because jobs aren’t recovering,” said Hessam Nadji, managing director at
Marcus & Millichap, a real-estate firm.


Marcus & Millichap is to release a separate report on Friday that forecasts
a further 2% to 3% drop in apartment rents over the next year, most of which
will be concentrated over the next six months. The report forecasts
Washington, D.C., will be the healthiest rental market in 2010 for the
second straight year.


Government efforts to prop up the housing market also threaten the apartment
sector by making it easier for some renters to buy homes. Some landlords
have reported a slight uptick in renters moving out to buy homes. Around 13%
of Camden Property’s move-outs last summer left to buy homes, up from 11% at
the beginning of the year. But that is still roughly half of the rate seen
during the housing boom, when mortgage standards were much looser. “During
the housing boom days, you had people who weren’t qualified to rent but
could buy a half-million-dollar home,” said Alexander Goldfarb, an analyst
at Sandler O’Neill & Partners LP.


Thanks to falling home prices and record low mortgage rates, it now costs
less to own than it has in the past decade on a mortgage-payment-to-rent
basis. But falling rents are expected to offset some of the recent
improvement in affordability, making renting more attractive than owning in
some markets.

The Weight Loss Guru: The Early
Years of Jenny Craig

“When I make a commitment to do
something, I will stick with it no matter what” – Jenny Craig


When Jenny Craig had her second child, she was thrilled. That excitement,
however, quickly turned to depression when the weight she had gained during
the pregnancy refused to go away. But Craig was not one to sit and while
away her time being depressed. Instead, she decided to do something. Not
only did she lose her own excess weight, but she created a business empire
in the process. Today, with over 650 centres around the world, Jenny Craig
Inc. has become one of the largest and most recognized companies in the
weight management industry.

Craig was born as Genevieve Guidroz in Berwick, Louisiana in 1932. She moved
with her family to New Orleans during the time of the Depression. In order
to pay the bills, Craig’s father took on three part-time jobs. One of these
was transporting staff and supplies to oil rigs in the Gulf of Mexico. It
was a difficult time for the family, but their father worked hard to make
sure they were never in want.

When Craig was older, she got married and started having a family of her
own. But that is when she discovered that everything was not as easy as it
looked. “When I grew up in New Orleans, my mother was a fabulous Creole
cook,” says Craig. “Everything we ate involved butter and fat, with lots of
starches. I just figured that was the way to eat.”

All of that changed after Craig had her second daughter. Craig discovered
that she could not lose the weight she had gained as easily as she had
before. She was 45 pounds overweight and knew she had to change something.
She just did not know what.

“My mother was always overweight after having six children,” says Craig. “I
was the youngest, and I never saw her thin. She died when she was only 49
from a stroke. Looking into that mirror, seeing her there in myself, made me
realize that if I wanted to live to raise my two daughters, I had to watch
my weight.” On top of that, of her mother’s nine siblings, eight died before
they were 50 years old, and all of them had been overweight.

“With regard to my own weight problem, I was figuring out what to do,” says
Craig. “I was always one to exercise, and I wasn’t losing weight. You’d talk
to a doctor, and he would just say to eat less. That was the standard reply.
Just eat less than you’re eating.”

Craig decided to take matters into her own hands. She joined a gym called
Silhouette/American Health, cut back on her food portion sizes, became more
selective about what she ate, and slowly got back into shape. “What really
started me off in this business was my own research into what kinds of foods
I should be eating,” she says. It was then that she realized that she was
not alone. “I was sure there were a lot of people just like me that want
someone to tell them what to do.” With that, Craig became determine to be
that someone.


“Whoever heard of cholesterol when I first started in this business in 1959?
People didn’t pay any attention to what they ate,” says Craig. “I noticed a
need before it was a whole industry and in that sense, I was
entrepreneurial.”

Craig had lost her excess weight by working out and watching what she ate.
She became so passionate about the process that in the 1960s, Craig began to
work for the Silhouette gym where she had previously been a member. Craig
started to not only learn the ropes, but also befriend other regular
members. She listened to their stories, some successful, some not. She also
shared her own story, making many friendships along the way. When the gym’s
managers realized how strong her presence was becoming, they immediately
promoted her.

Craig was now in charge of the entire gym. Soon thereafter, she was placed
in charge of four other gyms as well. She had become a key player in the
Silhouette family. All the while, however, Craig was itching to go out onto
her own. She wanted to try her hand at running her own business. And so,
Craig decided to mortgage her house. Using that money, Craig opened up her
own gym and called it Healthetic.

With Craig’s passion and experience, the club became an overnight success.
Craig had proven to both herself and others that she had what it took to
start a business. She soon sold Healthetic to her former bosses at
Silhouette, and went on a hunt for a new venture.

That is when she met Sid Craig. He was 38 years old, but he had a history of
running a successful business. While pursuing his business degree at Fresno
State University, he also worked as a dance teacher at night for Arthur
Murray. After graduating, he joined Arthur Murray full time and even went on
to own a few of its franchises and joining its board of directors. From
there, Craig went on to be a partner with Body Contour Inc., a chain of
women’s fitness salons.

Sid Craig went to New Orleans to open up a Body Contour salon and hired
Jenny as its first employee. “Sid ran an ad in the paper,” Craig recalls. “I
had just sold my business, and I was looking for a franchise. I thought it
sounded interesting so I went in to see what it was all about.” The New
Orleans franchise was performing so well that Craig was soon put in charge
of all of Body Contour’s franchises in the Southern states. “Sid called me
up one day and asked if I would open Chicago and I agreed to do that,” she
says. “I eventually became national director of operations.”

In 1979, after both finalizing their previous divorces, the two got married.
But as Body Contour became more successful, Craig thought it should be going
in another direction. “I kept saying to Sid’s partners that the world is
changing, and we really need to start offering more nutritional guidance,”
recalls Craig. “But the partners wanted to keep everything status quo. Their
attitude was that if something is working, don’t change it.”

Craig knew the importance of keeping up with the times. “So we gave them
three options,” says Craig. “Sell to us, buy us out, or you take half the
centers and we’ll take half.” The partners were unreceptive to all of the
offers, and so the Craig’s sold Body Contour, which was bringing in $35
million in sales by 1982.

The deal, however, carried a two-year non-compete clause in the U.S. So, the
Craig’s took their idea to Australia, a country they thought was similar to
America and presented no language barrier. “We were both fifty when we went
to Australia in 1983 and laid everything on the line,” says Craig. After
writing down twenty different names and presenting them to as many
Australians as they could, everyone picked Jenny Craig. “When we asked why,”
says Craig, “they said because we like dealing with a person rather than a
corporation.”

By 1985, Craig’s Australian chain was earning more than $50 million through
its 69 centres. The two year non-compete clause had also ended; it was time
to enter the U.S. They opened 13 centres in Los Angeles, followed by an
additional six in Chicago. In 1991, the company went public and generated
$73.5 million in capital. Five years later, after having expanded into the
U.S., New Zealand, Canada, Puerto Rico, and Guam, the Craig’s decided to
sell their company to Nestle for $600 million.

Together, Jenny and Sid Craig proved that it is never too late to get
started on your dreams.

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Short
Sale Queen
s

“Power
Lesson” Of The Month

Spring has sprung! Are you chomping at
the bit to get back in the Selling game – or have you gotten content to sit
on the couch and keep watching the Bearers of Bad News?

“Wait a minute, Deb!” you’re saying. “Whose
Side Are You On?”

I’ve told you repeatedly that you can never
get comfortable in your business.

You will ALWAYS need buyers.

You will ALWAYS need sellers.

You will ALWAYS need Deb. (Just checking to see if you’re paying attention!)

The point is that without these buyers or
sellers, you have no inventory. You have no property. You have no business!

But how many times have you experienced
“Feast or Famine” this year? What about in the life of your REI business?
Chances are, quite a bit.

The problem comes from us being human. We
get a huge windfall in the form of a big short sale getting approved, buying
a house with TONS of equity, or finding a pool of hungry buyers we can sell
a lot of property to in a short amount of time.

And then the bills aren’t as pressing of an
issue.

And then the call of going out to eat becomes greater.

And then you find more ways to spend the money on fun rather than coaching.

And then the money runs out.

And its Famine time again.

And you’re more motivated than ever to find
another windfall.

And the cycle starts again.

Here’s what I’m proposing:

Start off your next workweek with a plan to get ten new leads. With those 10
new leads, plan to get TWO properties from it.

From those two properties,  plan to get ONE
short sale approved.

Each week, do the same. 10 leads, 2
properties, 1 short sale. Regardless of your bank account, never let up on
that plan.

Remember, the goal here is financial
independence. NOT financial vacation! You want the rest of your life to be
this way – so you gotta push through the temptations you face NOW to get
there!

And keep in mind, you’ll always have me to
get your questions answered if you get stuck! I’m always listening and am
thrilled to hear of your successes!

*NOTE:
As a Member, you can read
my articles, participate in weekly Q&A live with the Short Sale Queen via
phone or on our Members Only website right now at:




www.shortsalequeen.com

Do you have Springtime
Goals? Email me at


deb@shortsalequeen.com

and tell me about them!


Hooch is such a great dog.  Unfortunately,
this month’s marketing lesson is more on what Hooch is not good at.  This
month’s marketing lesson is really where Hooch needs to improve.


Now, I love him as much as a human could
love their very best four legged friend.  But even our favorite friends, two
legged or four legged need discipline.  Discipline and love.  Love is
discipline, right?


Hooch is not so good at referrals.  He loves
me.  Oh, does he love me.  Sometimes if Marty and I raise our voices, Hooch
wants to protect me.  Referrals for his mom are not something he can easily
do.  He is pretty stingy when it comes to referrals of his mom.


When he plays with his buddy Max, Hooch gets
jealous when Max wants to jump in my lamp.  Hooch just doesn’t like to share
his mom.  He doesn’t like it much when I show attention to other dogs.


That’s not what I want from my students or
my sellers.  I want them to tell others that I solved their problems.  I had
the solutions to all the curve balls the bank through at the situation.
That me and my company came up with alternatives to get them out of the
trenches and get them to the finish line or the closing table.


I want them to tell their friends, whether
it be other homeowners who are in foreclosure or other students who are
looking for the answers to get their own short sales closed, that I’m their
best friend and I CAN solve their problems.


Hooch wants to keep me to himself.  And I
get that.  But you should do such a great job for your homeowners that they
tell others that are in a difficult situation with their house or houses
that you can solve their problem.


OK.  Don’t take this lesson from Hooch.
(Thank goodness Hooch can’t read or he’d be mad at me for saying that.)
take this less from me.  I am the Short Sale Queen you know.  You WANT
REFERRALS!..


Do your best job for all your homeowners,
keep them informed and get them to the closing table, getting the bank off
of their back and the homeowner owing nothing after the short sale.


Referrals ARE GREAT!


Until next month,


Happy marketing


Hooch and Deb

The Short Sale Queen®
and Coach with the Royal Puggle and Royal Zorro!

Short
Sale Queen

PO
Box 805

Hamilton,
OH 45012

Phone:
513‐868‐1275

Fax
513‐868‐8886

deb@shortsalequeen.com


www.members.shortsalequeen.com

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Yes, it’s been a while since you heard from me.  I always want to do better.  and now I’ve got something great to say!

If you’re on my private email list then you already heard this from me.  But here goes again.

Fannie Mae has changed their guidelines for investors purchasing property from already having four properties (mortgaged by any lender) up to  ten mortgages held by any lender. 

Maybe they are seeing we are the saviors of the economy.

Here’s the link www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0902.pdf

and here’s in essence what it says:

If you don’t yet hold 10 mortgages in your name or LLC, you may still qualify for a Fannie Mae loan.  Your credit score needs to be 720 or above and there is of course a down payment due.  But the interest rate will be closer to the current interest rates available to non investor owned properties.  This program starts March 1, 2009.

  • So get those credit score up.
  • Get prequalified and
  • Start looking for REO’s and working those short sales HARD!

Good Changes are coming and the prices are right!

for more information on Short Sales, check out

The Short Sale Queen’s Member Site

Deb McMillan

Short Sale Queen and Coach