Quantitative Risk Management’s (QRM) WOW!!!!
“To Your Success” April 25th from Joe New on Vimeo.
April 25th, 2011 by Joe New
Will Work for Food
Have you ever seen someone sitting along the side of the road at an intersection asking for money? Many are holding signs describing their plight such as “Homeless, Hungry, Please Give.” You may have also seen signs which read “Will Work for Food.”
A few years ago I learned a valuable lesson concerning that expression.
I had a friend — let’s call him Bob — who was thin. He seemed like one of those people who can eat whatever they want and never gain an ounce. One day, about three years after I met Bob, I was at his house and noticed a family picture of a guy who favored him but was very overweight.
When I asked about the person in the picture, Bob laughingly replied that it was his brother. Immediately, one of his children bluted out, “Dad! That’s YOU!”
Bob smiled. Surprised, I asked, “How did you do it Bob?”
He said it was really simple. With all the diet fads out there, the only think that really “counts” is calories. He said, “I just watch my calories. If I eat more than I need, I know I need to work it off.”
If he wanted more food…he would have to WORK FOR FOOD!
In many ways, life truly is that simple. If you want something, you are going to have to work for it. All the productivity “fads” in the world can’t compare with diligent, honest effort.
With appropriate action at the appropriate time, you can achieve your goals.
What will YOU work for?
Posted By: Irrefutable Success April 23rd
April 25th, 2011 by Joe New
5 Reasons To Hurry Up And Get Your FHA Mortgage
With the likely installation of QRM looming, it is clear that FHA mortgages will clearly become more popular merely because of the lesser down payment requirements. And as we have all learned, when the demand for something goes up, and the supply remains constant, prices go UP…that is, it becomes more expensive.
Talking Point One
The FHA is permitted each year to insure a specific dollar amount of loans by Congress. I find it unlikely that anyone has factored the increased demand for FHA that QRM will create. Further, getting Congress to allocate more money to HUD in these days of deficits is not a sure thing. I could see a fourth quarter of 2011 with little financing available (or much more expensive financing) to people with less than 20% down.
Talking Point Two
We hear, almost daily, that FHA is only semi-solvent…that they don’t have sufficient reserves. Foolishly, the MIP schedule was altered to give them less cash today (lowering the Up Front MIP) and increasing the longer term collection of monies (the Monthly MIP). To me, that almost insures another MIP change this year…one in which the UFMIP is hiked to get more money in the reserves now, making mortgages more expensive.
Talking Point Three
The FHA is floating rumors about tightening guidelines. Maybe it will be an increase in minimum down payment from 3.5% to 5%. Maybe a cut in seller paid closing costs from 6% to 3%. Maybe both. Regardless, it is going to get harder to qualify. Understand with increased demand and steady supply, lenders will be choosier.
Talking Point Four
Rates are creeping up anyway. With inflation making a strong comeback (fueled by high gas prices), the Fed will look to hike rates to control inflation.
Talking Point Five
The current loan limits are going to be slashed. Presently, FHA will insure loans up to $729,250 in high cost areas. That number is huge when compared to historic loan limits and was instituted when desperate times called for desperate measures. And while we still might be semi-desperate, look for those loan limits to be lowered by at least $100,000 come the end of the year (when Congress sets them for the next year).
For buyers, waiting can be expensive, or worse. You might not even get a loan. For sellers, more expensive loans and less buyers who qualify, will force you to lower your prices even further. ACT NOW!
Posted by: KCMBlog.com April 22nd
April 25th, 2011 by Joe New
3 Buckets to Deal with Challenges
As leaders, we often waste too much emotional energy worrying about things we cannot control. The sooner we come to understand what is in our control and what is not, the better decisions we can make and the better we can deal with challenges.
A while back I was reminded by a client of mine about the “3 Bucket” way of thinking. Raymond Gleason, my fellow coach here at Building Champions, first shared this with me years ago, and it can really help us when facing challenging situations.
So here it is. The three buckets are:
1. Control – my thinking and actions can directly change the outcome
2. Influence — my thinking and actions can impact others to affect the outcome
3. No Control — there is nothing I can do to immediately change the outcome
We are wise to spend our energy on the issues we can control and influence. We are even wiser to understand that how we go about both is often different. And of course, it just makes sense to let go of the situations we have no control over.
Posted by: Daniel Harkavy April 22nd
April 25th, 2011 by Joe New
LEAP AND THE NET WILL APPEAR
I know lots of people with big dreams. But they are afraid to pursue them. They are unwilling to take the plunge, waiting until they reach the point of absolute certainty. But it never comes. And it never will.
This is the problem with commitment. You must act on limited information. Whether it is marriage, starting a new career, or leaving a good job to pursue your dream. You do your best to gather the best information you can, but then you must act. If you don’t, you risk “dying with the music in you.”
A few years ago, I discovered a wonderful quote by W.H. Murray, a Scottish mountain climber and writer. He says,
Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of initiative and creativity there is one elementary truth, the ignorance of which kills countless ideas and splendid plans:
That the moment one definitely commits oneself, then providence moves too.
All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issues from the decision, raising in one’s favor all manner of unforeseen incidents, meetings and material assistance, which no man could have dreamt would have come his way. I have learned a deep respect for one of Goethe’s couplets:
‘Whatever you can do, or dream you can, begin it; boldness has genius, power, and magic in it.’”
Or to simplify it even further, American naturalist John Burroughs put it this way, “Leap and the net will appear.”
I don’t think this concept encourages recklessness. But it does make the important point that you must eventually act, believing that the resources you need will show up when you need them. This is simply faith in its purest form.
I have personally witnessed this numerous times. In fact, I am seeing it play out in my own life right now, just a week after stepping away from my role as CEO of Thomas Nelson.
Question: What commitment have you been waiting to make? You can leave a comment by clicking here.
April 25th, 2011 by Joe New
Stop Using Email!
Over the years I have spent a great deal of time working with leaders on communication challenges stemming from the improper use of email.
I don’t think it is ever a wise idea to work through conflicts and challenges via email. We can’t read tone and too often we take liberties behind the keyboard that we would not take if we were face-to-face or on the phone.
The next time you question the sender’s tone or sense they are upset as you read a message from them, don’t email your response. Instead, walk over to their office, pick up the phone, or if need be, reply stating you got their message and want to find a convenient time to talk.
I promise you less drama and wasted time if you follow this bit of advice.
To improved communication!
Posted by Daniel Harkavy April 15th
April 17th, 2011 by Joe New
Find Inspiration in Your Own Obituary
One of the great things Building Champions’ coaches do in helping people prepare their Life Planis to ask them to compose their own obituary. You write it the way you want to be remembered by your family, friends, colleagues and others important to you. For me, this was a powerful experience.
But how I wanted to be remembered was probably not how it would really be written if my life had ended right then. There were gaps that I needed to address.
I was reminded of this important life planning activity when I read a recent Newsweek article written by Roz Savage entitled “My Transoceanic Midlife Crisis.”
Roz was not happy with the decisions she had made in her life, so one day she sat down and wrote two versions of her obituary. One described her life the way she was living it, and the other described the life of someone who was a risk-taker filled with stories of spectacular successes and failures.
There was clearly a huge gap between how she wanted to be seen and how she believed her life actually was. She decided it was time to do something about it.
So Roz set out to rediscover herself and what she really wanted to be. Part of her rediscovery was to cross the Atlantic and Pacific oceans in a small boat, rowing all the way by herself. Now she is tackling the Indian Ocean, in an effort to become the first woman to row across all three oceans.
Her article concluded with the comment ‚“I look back to that pivotal moment when I wrote the two obituaries and thank my lucky stars.”
We don’t need to tackle the great oceans in a rowboat to find ourselves. Taking stock of how we are living our lives can be a power tool for positive change.
What Do You Want to Improve?
We focus a lot of time planning how we will excel in our careers, but it is important to think beyond our work. What about our relationships with our spouse, our children, our family, and our friends? How about health, faith and all things that are truly important to us? What do we specifically want to improve or enhance?
If these things are truly important, they are worth thinking clearly about. It can make a huge difference in our life.
What Are You Going to Do About It?
Of course, wanting to improve and actually doing something about it can be two different things. Shoulda, coulda, woulda, and didn’t. Change and improvement must be important to us.
In my view, it helps to think of change or improvement in the context of what it can mean to others. The most meaningful parts of our obituary will tell about how we have impacted others. Use that thought to drive behavioral changes.
Create a Plan
It is hard to reach a goal you do not have. Knowing what you want to do makes all the difference. Getting there is of course the real challenge – and sometimes the real fun – but you must know where you’re headed. For all the things we want to do in life, it helps to write those targets down.
Once the target is written down, you can begin to map out the specific steps needed to reach your goal. Keep the written plan in front of you so you’ll be able to make progress every day.
Take One Step at a Time
We can’t afford to sell ourselves short: our plans need to stretch us. Those big goals can seem a long way off, and at times unattainable, so start small. Take baby steps and you will start to build momentum toward the future. Just keep moving forward.
Then, every once in a while, step back and reassess the progress being made and how meaningful it will be to reach those goals.
Give Yourself a Break
Most good things don’t come easy, especially meaningful things that we have neglected for a long time. Celebrate your accomplishments and advancements, and then give yourself a break when you fall short. Pick yourself back up, reconnect with your reasons why, and keep making those small, meaningful steps forward.
One day you will realize those important goals you have set.
As you travel along the way, keep in mind how you want to been seen in the end by those who are important to you and those who know how important you are.
Enjoy the journey.
Posted in Leadership from the Trenches April 12th
April 17th, 2011 by Joe New
NEWSFLASH: There Is NO Inventory!!!
I was in a conversation with one of the most productive agents in our area recently and he told me that there were “no homes for him to sell”. I thought he had a brain cramp. Look at all the ‘For Sale’ signs, all the homes on MLS, all the short sales and foreclosures plus all the shadow inventory on its way. Had this respected agent lost his mind?
As he saw the puzzled expression on my face (which was his intent), he began to explain that every home that is priced correctly is being gobbled up by buyers right away. The only homes that remain on the market for more than 30 days are the ones where the price doesn’t COMPEL a buyer (even multiple buyers) to make an offer.
I pondered his assertion for a while and his premise began to make more and more sense because I am witnessing:
- Increased attendance at Open Houses. Buyers are coming out to look because they know now is the time to buy(great interest rates with higher rates around the bend, huge inventory available, etc.)
- Realistic sellers (in terms of asking price) are getting significantly more traffic. This results in an increase in interested buyers; more interested buyers push prices higher. By adjusting prices, many sellers are getting higher offers. By remaining overpriced (and hoping to negotiate down), other sellers are seeing no traffic and no offers.
Why are there record numbers of homes on the market when the properly priced homes are being gobbled up (some at even higher than the listing price)? Because there is a huge difference between a home ‘being on the market’ and a home that is seriously ‘for sale’. Sellers who are serious about selling are aggressive with pricing because that is how you gain the highest price. A little counter-intuitive maybe; but, it’s very true.
Pricing is the centerpiece of your real estate agents marketing plan (although not the only component). The marketing plan should be designed to drive as many qualified buyers to see your home because THAT is the single most important factor in getting the most money – the number of people bidding. My advice is to give yourself the best chance for highest bids by pricing the home at a compelling number.
Poated in KCMBlog.com April 14th
April 17th, 2011 by Joe New
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