Yes - the subprime lending issues hit Australia as well.  No suprise that those collateral debt obligations otherwise known as mortgaged backed securities were purchased by everyone.  National Australia Bank has now stated that they have lost over $798 million dollars American due to the subprime crisis.  The bank CEO has stated that the reason they were purchased as that the mortgaged backed securities because were given AAA ratings.   As well, National Australia Bank stock has fallen by at least 12.7 percent.

The Australian dollar has also dropped from $96.18 to $95.53.  Cost of living has also increased at increasing rate, the most in 17 years.

Whenever I have asked participants in any of the workshops whether they have a business plan 99% of individuals will say “No!” or they will not answer at all and look at the floor. I KNOW YOU DO NOT HAVE A BUSINESS PLAN! is what I what I want to say. Well actually if you have been to my workshops you will know that I actually do say it!

So I decided that I will actually spend time through these postings actually breaking down the business plan bit by bit. So before we get into the particulars of the business plan I know their are more then a few of you that are questioning whethe you need a business plan.

Why do you need a business plan?

1. How do you achieve a target without knowing if you have gotten there yet?

2. If you do not have a business plan you can never adjust appropriately to the market and so basically have NO STRATEGY.

3. Both fair housing and ethics presuppose that you have a business plan. In your business plan, you are supposed to state your business policies. If you do not have those written down then how do you prove that the actions that you took were part of your “Business practices”?

4. How do you prove to yourself that you have a business with no business plan? Come on people ? If you are making no money it is ok - AT LEAST HAVE A BUSINESS PLAN!

Seriously though - you need a business plan. Once I put mine together I knew exactly where I needed to go and what I needed to get there. In this market time and time again the agents that I have seen that are still doing business are the ones who had a business plan!
Are you ready and pumped to do whatever it takes? Look to Part II where I am going to speak about goal setting

I look forward to seeing you all in a workshop soon

Prabhjit Singh

psingh@rempower.com

I apologize for not writing for a while. It has been mainly due to me getting quite a few courses together for this changing market we are in. Keep an eye out because those courses will be coming out soon! But do not worry people - I will now begin to blog very regularly, so make sure to continue to keep checking the blog for updates!

So what I am going to speak to you about today is being flexible. One of the most frequently asked questions of me during the workshops is “How do I get clients - is the marketing going to start picking up?”

I have one answer for you - Be Flexible! What does that mean? It means a whole lot.

To be flexible you must do the following:

1) Have a Business plan (if you do not kow what a business plan is - keep an eye on this blog because over the next weeks and months I will be explaining it in detail)

2) Make sure that you are changing your strategic plan as per how the market is changing. For example, it is essential that every single real estate agent understand not only what short sales are but how to work a short sale. Look for all sources on getting educated on this changing market, and also have individuals like me —> Prabhjit Singh to call when you need help! But most importantly, be in a position to help any client that you find that is either trying to sell their house or trying to buy a short sale.

3) Be the information central for your clients - understand exactly what is going on with the real estate market so you can update your clients regularly. This means email them on what is going on with home sales, prices, interest rates and the real estate market in general. How do you do this? Sign up for the rempower newsletter, but as well read the Washington Post news section online regularly.

4) Go out there and start talking to people. Tell them that you are a real estate agent that can find deals, and the best to buy is right now! The following graphs will add you tremendously to explain to any client about what is occurring in the Washington D.C. metro area is temporary. They show the economic predictions for the next 5, 10 & 15 years; they show that prices of properties are going to go up and that their is going to be a shortage of housing in the Washington D.C. Metro area. Please download the graphs from the following link: Subprime Graphs

Please let me know if you need any help and/or support in any way. I will look forward to seeing you all in a future class!

Prabhjit Singh

psingh@rempower.com