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Archive for October, 2007


Postcards Are Not Only for Travelers

Saturday, October 6th, 2007

Issue #2166

  • WEALTHY: While everyone is celebrating, you can make a smart move (Rick Pendergraft)
  • HEALTHY: A nutty way to reduce your risk (Kelley Herring)
  • WISE: Eleanor Roosevelt on taking action

ALSO IN THIS ISSUE:

  • Starting a new business for $350 or less (Larry Fredericks)
  • Your business voice mail is more important than you think (Michael Masterson)
  • It’s Fun to Know… about the origin of the peace symbol
  • Add "animadversion" to your vocabulary

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An Apple a Day to Keep Alzheimer’s at Bay

Friday, October 5th, 2007

According to recent research, an apple a day doesn’t just keep the doctor away. It may help you preserve your memory, as well.

A new study published in the Journal on Nutrition, Health, and Aging found that foods high in quercetin – a powerful antioxidant found primarily in the skin of red apples – help protect neurons from the free-radical damage that contributes to Alzheimer’s disease.

So go ahead and indulge in crispy, fresh fall apples like Red Delicious, Rome, and McIntosh. And remember: When it comes to apples, the redder, the better.

[Ed. Note: Kelley Herring is the founder and CEO of Healing Gourmet (www.healinggourmet.com), a multimedia company that educates the public on how foods promote health and protect against disease, and is editor-in-chief of the Healing Gourmet book series, including Eat to Fight Cancer. You can learn more about how simple lifestyle choices can improve your health by reading ETR’s free natural health e-letter.]

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Do You Have an Investment Advantage?

Friday, October 5th, 2007

Issue #2165

  • WEALTHY: 5 wealth-building secrets you can copy (Michael Masterson)
  • HEALTHY: A memory booster that’s on your grocer’s produce shelves (Kelley Herring)
  • WISE: Jack Welch on having a competitive edge

ALSO IN THIS ISSUE:

  • The right – and wrong – way to use a handy e-mail tool (Will Newman)
  • A seasoned traveler’s techniques for making every flight better (David Cross)
  • It’s Good to Know… about free educational resources
  • Add "ukase" to your vocabulary

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What Words Sell Best?

Thursday, October 4th, 2007

Issue #2164

  • WEALTHY: The one thing that always trumps fear and greed (Andrew Gordon)
  • HEALTHY: ETR loses one Herring and gains another
  • WISE: Joseph Conrad on the power of words

ALSO IN THIS ISSUE:

  • How the power of words increased one company’s sales by 60% (Bob Bly)
  • The best recourse when you’re deeply in debt (Michael Masterson)
  • It’s Fun to Know… about the robot code of ethics
  • Add "discomfit" to your vocabulary

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9 Ways to Sell the Same Idea

Wednesday, October 3rd, 2007

Issue #2163

  • WEALTHY: You only need one idea to develop an entire product line (Alex Mandossian)
  • HEALTHY: Lose 3 percent of your body fat with a simple routine (Craig Ballantyne)
  • WISE: Napoleon Hill on developing ideas

ALSO IN THIS ISSUE:

  • Getting a billion-dollar company to notice your tiny start-up (Michael Masterson)
  • The best place to meet other entrepreneurs (Suzanne Richardson)
  • It’s Good to Know… about the world’s nastiest storms
  • Add "didactic" to your vocabulary

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How to Build Instant Rapport for Real Estate Success

Tuesday, October 2nd, 2007

Have you ever met someone you immediately didn’t like, even though you couldn’t say why? At the time, you may have thought he just "rubbed you the wrong way."

What you didn’t like probably wasn’t the person himself. After all, you didn’t know anything about him when you first met. It’s more likely that he had poor communication skills.

Whether you’re a doctor, a real estate investor, or work in a fast-food restaurant, the way you communicate has a strong influence on people’s first impressions – good or bad. People who know how to communicate in a way that cultivates rapport make others feel comfortable – and that’s an important skill to master in today’s real estate market, especially when it comes to foreclosures.

According to The Wall Street Journal, foreclosures in August were more than double the number of last year’s. So this is an area where you may find most of your investment opportunities. If you want to succeed in this emotionally charged market, you must know how to deal with people who are going through stress – whether it’s a banker or a property owner. And that means you have to know how to build rapport with a potential seller instantly.

Build Rapport From the First Knock on the Door

I like to knock on doors when I’m looking for motivated sellers, because I’ve found that it’s the fastest way to get deals. If I knock on 20 doors over a weekend, I’ll have several contracts by Sunday afternoon. I don’t know about you, but I’d rather spend a day or two getting multiple deals instead of waiting for my phone to ring hoping for just one.

Over the years, I’ve learned some dos and don’ts for meeting homeowners in person:

  • Don’t wear sunglasses or a baseball cap. If homeowners can’t see your eyes, they subconsciously become suspicious.
  • Carry a clipboard to make sure that both of your hands are visible. If you stand with your hands in your pocket or behind you, homeowners may think you pose a physical threat and won’t hear what you’re saying.
  • Never wear cologne or perfume. I know this one seems strange, but fragrances can evoke negative memories and associations as well as positive ones. There’s no reason to take that chance.
  • Be aware of the color of your clothing. Studies have shown that green, for example, promotes trust, while red suggests dominance. I recommend colors like green, blue, pink, or brown. Stay away from reds and blacks.
  • Dress casually, but professionally – no suits. You should also lose the jewelry when you’re going door to door. Homeowners who need to sell a home in a hurry don’t want to see you wearing a Rolex.
  • Watch what you’re driving. If you drive a BMW, consider getting a middle-of-the-road car for meeting homeowners. While it’s true that looking successful can build confidence, distressed homeowners shouldn’t feel that you have become a millionaire from buying properties like theirs. You don’t want them to wonder if the reason you have so much stuff is because you’ve taken advantage of others.
  • Be certain you are speaking to the right person. Instead of blurting out why you are there, first ask if this is Mrs. or Mr. So-and-So. When you are sure, continue with your conversation.
  • Never use the "f" word (foreclosure). Instead, mention that you’ve been doing some research and see that they have a "pending problem" with their property. This puts the blame on the property, not the homeowner, and leaves them more open to your offer to help.

Good Communication Skills Can Also Help You Build Rapport Over the Phone

Here are a few telephone techniques that have led me to many successful deals:

  • Speak as slowly – or as quickly – as the homeowner. People who speak fast think that people who speak slowly are stupid. Likewise, people who speak slowly think that fast talkers are slick and untrustworthy. Even if it isn’t true, it’s a subconscious assumption most people make without being aware of it. Matching the homeowner’s rate of speech can make you seem familiar. It encourages him to like you, even though he may not know why.
  • Ask the homeowner to tell you a little about his current situation. Listen with respect and empathy. Once you feel that they are done "venting," begin to ask for details. Homeowners want to tell you what happened, because they want to justify their situation. No one grows up with the goal of being in foreclosure. Something in their life changed… and they’ll want to be certain you know what it is.
  • Make an appointment to view the property, then call back later to confirm. During the second phone call, ask more questions. Be sure that everyone on the deed is going to be home and willing to put a deal together.
  • Listen for objections. When you’re on the phone with a homeowner, listen for the kind of objections you’re likely to get when you meet in person. For example, "We don’t have to sign a deed, do we?" If they ask such questions on the phone, be ready to handle them in person.

Establishing rapport is an easy skill to master. Take the time to be approachable, honest, and trustworthy, and business will follow. Better yet, just be that way naturally… and you’ll reap what you sow.

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How to Build Instant Rapport for Real Estate Success

Tuesday, October 2nd, 2007

Issue #2162

  • WEALTHY: 13 ways to get people to trust you (Bill Twyford)
  • HEALTHY: The surprising benefits of a weekend walk (Craig Ballantyne)
  • WISE: George Ross on business relationships

ALSO IN THIS ISSUE:

  • Two years to becoming a commercially successful artist (Michael Masterson)
  • 3 tips for powerful marketing copy (Heather Robson)
  • It’s Fun to Know… about the perils of satellite navigation
  • Add "parse" to your vocabulary

(more…)

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A Business Question You MUST Be Able to Answer

Monday, October 1st, 2007

Most would-be entrepreneurs are motivated by an idea – an idea for some great new product.

I get all sorts of questions from such people, but I almost never hear the most important one – the one you should always ask when you get an idea for a great new product: Is this the kind of product that I can actually sell? And if so, how should I do it?

Coming up with product ideas is not the hard part of entrepreneurship. Figuring out how to sell those products profitably – that’s where the genius comes in.

Take Mike Henry, for example, who wrote me recently with a question about a product he’d like to sell. Mike has an idea for a soup recipe. He calls it "Esther’s Health Soup" after his beloved late mother, who "concocted a delicious, chicken-based vegetable soup" just for Mike’s late father, who never ate vegetables.

"Both parents are gone now," wrote Mike, "and I have a strong desire to immortalize them with this soup."

Mike doesn’t know what to do next. He talked to someone at SCORE (an organization that offers free advice to entrepreneurs), and was told that his soup would take years (and lots of money) to gain FDA approval. So he has come up with some ideas about how to market his soup himself and wants to know whether they are good avenues to pursue.

"I’m a musician," says Mike. "I play at restaurants, catering halls, and country clubs. I am especially friendly with one caterer in my neighborhood. Would that be a good outlet? Should I approach a major company and sell my formula to them?" Mike also wonders whether he should try to contact the original owner of Whole Foods Market, a man who was a family friend.

What can I say? Mike seems like a nice man. He’s endowed with an active imagination. He makes his living as a member of a band and, when the music stops, dreams of selling recipes and inventing things.

He also loves his parents and wants to immortalize them by converting a vegetable soup his mother made into a product. After reading a few books, he is puzzled about what to do. So he takes the initiative to speak to someone at SCORE – presumably a retired executive – and he gets lectured on how difficult his idea will be to execute.

I love this anecdote about SCORE, because I have always had mixed feelings about that organization. I am sure many SCORE volunteers are formerly successful businesspeople (with a smattering of blowhards and ne’er-do-wells in the mix), but there is a fundamental problem with getting your advice from people who have been out of their industry for two or three years: They lose touch with the market. Add to that hardening arteries and aching joints, and you have a non-profit organization filled with grouchy old naysayers.

Mike deserves better than he got at SCORE, simply because it would be nice to imagine Esther’s Health Soup sitting on a supermarket shelf some day. But his ignorance of business is so profound, I can’t think of what to tell him. Right now, Mike doesn’t have any business goals. His goals are purely sentimental. And a sweet dream to honor his parents just isn’t the same as having a workable business idea.

Mike’s greatest resource is the connection with the original owner of Whole Foods Market, but this guy is likely to be long ago retired and working part-time as a counselor at SCORE, discouraging young people from doing what he did.

Mike’s best bet is to start selling the soup at a local flea market or giving it away on street corners. No doubt he would be violating various public health laws in doing so, but if he sells it while it’s fresh, he probably won’t get hauled off to prison. He could also look into getting a booth at a local weekend greenmarket that features produce but also has stands that sell all kinds of other stuff, including prepared food. Or he could approach a take-out place that features dozens of kinds of soup on their menu (they’re springing up all over lately, perhaps modeled after Seinfeld’s Soup Nazi) and see if they’ll take his "on spec."

The point is, before Mike makes an investment in marketing his product, he needs to find out for sure if it’s really as good as he thinks – and by "good," I mean sellable. He won’t find that out by serving it to his friends. What are they going to say? ("Mike, I never wanted to say this when she was living, but your mom was a lousy cook.")

There is only one way to find out if your product is good, and that is to start selling it. The sooner you start selling it, the faster you will know. Most products, it turns out, are not as good as the inventor (or her son) thinks they are.

If Esther’s Health Soup starts selling like hotcakes, Mike should write back to us… and then we’ll tell him what to do next.

[Ed. Note: Michael Masterson is one of the core contributors behind ETR’s new Internet business-building program. If you’re interested in profiting from all the benefits of starting an online business, click here to join our priority notification list.]

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A Business Question You MUST Be Able to Answer

Monday, October 1st, 2007

Issue #2161

  • WEALTHY: Is the market going to make a second dip? (Rick Pendergraft)
  • HEALTHY: An essential mineral you may not get enough of (Anthony Colpo)
  • WISE: Albert Lasker on advertising

ALSO IN THIS ISSUE:

  • The "hard part" of entrepreneurship may not be what you think (Michael Masterson)
  • How to make any presentation stick in your listeners’ minds (Virginia Avery)
  • It’s Good to Know… about online archives
  • Add "derring-do" to your vocabulary

(more…)

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