How remembering names can equal real estate success

As real estate agents, much of our business revolves around people and property.  Pitching for new property listings to prospective clients, and selling property to potential buyers, to be precise.   The little things when it comes to interpersonal relations can therefore be powerful tools to secure you business and increase your sales. 

One such interpersonal tool is the art of remembering people’s names.  In the words of Dale Carnegie, author of the famous How to Win Friends and Influence People, "If you want to win friends, make it a point to remember them.  If you remember my name, you pay me a subtle compliment; you indicate that I have made an impression on you. Remember my name and you add to my feeling of importance."

These are wise words that all real estate agents should try to take note of.   The simple act of remembering a name and pronouncing it correctly, even when not in a professional capacity, could set you apart and even have a positive influence on your future business.

Remembering names can be difficult, especially as real estate agents are often in situations where we meet a tremendous amount of people in one go.   To make things a little bit easier, there are easy techniques you can use to commit names, and their pronunciation, to memory. 

Repetition is a good starting point.  After an introduction, try to use the other person’s name in the first sentence out of your mouth.  “Hi Edward, it’s a pleasure to meet you.”  To further cement the name, in some situations you could ask which version of the name is preferred. “Do you prefer Edward or Ed?”

If the name is not one you’ve seen before, or has an odd pronunciation, try to find another word that rhymes with it.  “Her name is Keir, as in beer”.  This will help you to remember the actual name, and could impress the other person who previously may have been forced to frequently correct people who haven’t bothered to make the effort that you just displayed. 

If you forget someone’s name, requesting a business card, or asking somebody else to introduce themselves can be good ways to avoid embarrassment. 

Try to avoid being too familiar with people you have only just been introduced to.  There can be nothing more frustrating than having your name shortened from ‘Edward’ to ‘Eddie’ if you dislike the nickname. 

Remember that a name is often the most important word to any single person.  You could be surprised by the power that the simple act of remembering the name of someone who hadn’t expected you to can have.  And you never know the real estate success that such power could translate to. 

Dealing with your mortgage to avoid stress

After six interest rate rises since October last year, the past couple of months have been somewhat of a relief for mortgage holders, with the Reserve Bank of Australia keeping interest rates on hold at 4.5 per cent.  But rates won’t stay on hold forever and the RBA has already said that it will lift rates in August if it is uncomfortable with inflation levels. 

For those of you dealing with a mortgage, such uncertain conditions can often be tricky and usually require some forward planning. 

It is generally best to start considering your mortgage when your situation is relatively comfortable and not under stress.  At this point, an honest assessment of your household spending is a great way to arm yourself against future pressures.  By way of example, a rise in interest rates to 4.75 per cent would add $48 per month to a $300,000 mortgage.  By understanding the breakdown of how much you are spending on luxuries compared with necessities, if times get tough you will already know what you can start to cut back on, easing difficulties quickly. 

No matter how comfortable you are with your mortgage repayments, it is generally always a good idea to contribute more to your mortgage when rates are lower.  You will appreciate these  extra contributions if interest rates go up and you find yourself not able to deal as well as you thought you would.  If on the other hand interest rates don’t affect you too much, then these extra payments will simply enable you to pay off your mortgage more quickly, saving yourself interest in the process. 

Many people often get themselves into a spot of bother with their mortgage.  Normal life situations, such as job loss, can arise which understandably make it difficult to meet mortgage obligations.  In these circumstances, the best course of action is usually to sit down and explain the situation to your mortgage lender.  Depending on your lender, and the specifics of the situation, there could be a variety of options available to make things easier for you.   

In any case your lender will appreciate the fact that you have come forward to explain the situation and should work to determine a solution that suits everybody.  After all, a happy mortgage customer is generally always in the best interests of a lender. 

Although interest rates can pose some uncertainty, there are ways to handle your mortgage in a manner that isn’t too stress-provoking.  I would encourage all mortgage-holders to stay on top of things and build equity wherever possible.  CENTURY 21 Home Loans may also be able assist with your home finance questions - for more information, just take a look at the website - http://www.century21homeloans.com.au

What's in a (street) name?

A very interesting study came across my desk the other day that I thought was worth sharing.  Apparently, in the UK, living on a ‘street’ isn’t all it’s cracked up to be. 

A study by the UK property website Zoopla looked at the average property values for each of the 858,000 residential locations in the UK.  It found that properties located on ‘Hills’ and ‘Lanes’ are worth more than the national average, while ‘Streets’ and ‘Terraces’ have the lowest average property values. 

Other value-topping names included ‘Lane’, ‘Mews’, ‘Park’ and ‘Green’, while  ‘Crescent’, ‘Court’ and ‘View’ didn’t fare so well. 

Why the price discrepancy? A simple conclusion to jump to would be that the less common street types represent the pricier places to buy.  But this is not so, according to the study.  The least common of the top 20 street names, ‘Square’, has an average value only slightly higher than the national average, while ‘Lane’ is one of the most common names but still possesses the highest average price tag.   

The study reminded me of some press in Australia that I read awhile ago which considered the effect of street names on house buyers.  Some real estate agents spoke of buyers being put off by certain street names, and gravitating towards others. 

Sound ridiculous? Apparently not to the residents of Bogan Place, Wahroonga in NSW.  So sick of their street sign being stolen, not to mention the negative connotations associated with the word, in 2008 the local council was petitioned and the street was renamed ‘Rainforest Close’. 

What then, is the meaning of such research for buyers in today’s market?  I don’t really think a street name or type should be seriously considered as a deciding factor in a property purchase. 

It is perfectly natural for certain names to resonate well with you, while others may not seem as desirable.  However, there are many other factors that come into play to determine the value of a property and its appropriateness for you. 

Distance from public transportation, schools, local amenities and the city will have much more of an impact on value than street name, and should all be taken into consideration before a decision is made.