Possession Prior To Close – Never A Good Idea | Mastroianni Consulting

From a risk management point of view, permitting a buyer to have possession prior to close is NEVER a good idea. Why? There is too much potential for something to go wrong.

Here are 10 scenarios to consider:

1. What happens if the buyer is unable to close?
2. What if they decide they don’t want to close OR move out?
3. What if the buyer makes a large purchase prior to closing and no longer qualifies for the loan?
4. Someone is injured – who would be liable?
5. What if the buyer damages the property?
6. What happens if the home burns down, or is significantly damaged?
7. What if the buyer didn’t start their insurance early and a claim needs to be made?
8. What happens if the insurance won’t cover damage to the property?
9. What if the buyer does repairs and then can’t close? Could the buyer file a mechanic’s lien against the property for work completed?
10. What if permits for the work completed were not pulled?
And the list goes no….

As agent, protect your client by never permitting a buyer to have early possession. Even in the most dire circumstances, there are options: they can stay in a hotel, lease back their existing property, stay with family etc.

In the event that you have absolutely no choice in the issue and you must deal with having the buyer take possession prior to closing, follow these steps:

• To properly protect all parties, you will need a separate lease agreement. A lease allows the seller to quickly evict a tenant. Removing a “buyer in possession” under just the purchase agreement is a much more difficult and costly task.
• You must treat both transactions as being separate. In other words, the buyer/lessee must put down both their down payment for the purchase plus a separate security deposit and the first month’s rent for the lease.
• Take pictures of both the interior and exterior of the property to document the condition at the time that the buyer takes possession. Have both parties sign off on the condition of the property prior to giving the buyer/lessee the keys.
• Purchase a home warranty protection plan. If there are problems with the home’s systems or appliances, a home warranty policy minimizes the seller/lessor’s potential cost and exposure.

There are many horror stories out there that expose the risk of early possession. My strong recommendation is that you not add to the list of tales of woe. Make it your cardinal rule to never, ever let a buyer have possession prior to closing.

~

Mastroianni Consulting is a consultancy firm serving the needs of Realtors and their clients. Dedicated to Excellence, they provide support services that assist real estate agents to grow their businesses. For more information and to learn how we can help you become more successful, please contact one of our Client Care Specialists.

You can reach us at (636) 220-7481 or clientcare@mastroianniconsulting.com

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Lead Based Paint And The Perils For Real Estate Agents | Mastroianni Consulting

The Law

Approximately ¾ of the nation’s housing built prior to 1978 contains some lead-based paint. When properly maintained and managed, this paint poses little risk. However, more than 1.7 million children have blood-lead levels above safe limits, mostly due to lead-based paint hazards. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women.

To protect the public from exposure to lead from paint, dust, and soil, Congress passed the Residential Lead-Based Paint Hazard Reduction Act of 1992, also known as Title X. Section 1018 of this law directed HUD and EPA to require disclosure of information on lead-based paint and lead-based paint hazards before the sale or lease of housing built before 1978.

As real estate professionals, the EPA & HUD Real Estate Notification and Disclosure Rule states that we are responsible for ensuring sellers and landlords are made aware of their obligations to disclose all known lead-based paint and lead-based hazards in housing and that we are to provide any reports on lead in the housing.

This impacts us with the Lead-Based Paint Disclosure Form and the Lead-Based Paint Renovation, Repair and Painting Program (RRP). Both are enforced by the EPA.

Lead-Poisoning

LEAD-BASED PAINT DISCLOSURE

To be in compliance with the Disclosure Rule it is our responsibility, as agents, to ensure that the Lead-Based Paint Disclosure is completed correctly and that all parties have signed prior to, but not later than the contract offer date. This is why the sales contract date is at the top left of the form. When the EPA conducts an audit of your office’s Lead-Based Paint Disclosures they are checking to see (among other things) that all of the dates beside the signatures occur no later than the contract date at the top of the page. They are also looking for the form to be correctly completed and that it contains all of the necessary initials.

Federal Law stipulates a purchaser’s or lessee’s right to be informed of the existence of lead-based paint prior to signing a contract or lease. They are then given 10 days to conduct an inspection at their own cost if they choose to.

Errors, incorrect signature dates, missing information or initials on the LBP can result in fines of $11,000 per instance. Further, a seller, lessor, or agent who fails to give the proper disclosure information can be sued for triple the amount of damages. In addition, they may be subject to civil and criminal penalties.  Click here for more information.

How do we protect ourselves, clients and broker/office?

Listing Agents, it all begins with you. Make sure that you have all of the disclosures, including the Lead-Based Paint completed by the Seller and uploaded to the MLS prior to making your listing Active. This will ensure that the Seller and Listing Agent’s signatures are dated prior to any offer. It also permits the Buyer Agent to have the Lead-Based Paint Disclosure signed prior to submitting an offer.

What if you are a Buyer Agent and the Disclosures have not been uploaded?

Prior to submitting an offer, reach out the Listing Agent for a copy of the disclosures including the Lead-Based Paint. This way you will be in compliance with the law. According to the National Association of Realtors, the EPA has sued or threatened to sue buyers’ agents who failed to comply with the disclosure requirements of the act. One recent EPA claim filed under the act involved a single-family residence and included both the salesperson and the broker.

It should be noted that as the EPA levies penalties or fines, these are often not covered by errors and omissions insurance.

LEAD-BASED PAINT RENOVATION, REPAIR AND PAINTING PROGRAM (RRP)

RRP is a federal regulatory program affecting contractors, residential property owners/managers, and others who disturb painted surfaces. It applies to residential homes, apartments, and child-occupied facilities such as schools and day care centers built before 1978.

RRP is aimed at protecting against lead-based paint hazards associated with renovation, repair and painting activities. The rule requires workers to be trained to use lead-safe work practices and requires renovation firms to be EPA-certified. It also requires that the reduction measures taught are implemented at every job site.

Lead+Paint+Removal

As real estate professionals, we often represent investors and rehabbers or, in many cases, we are the rehabbers or flippers. RRP is something that we need to be cognizant about in our day to day interactions with buyers and sellers, and the contractors that they/we employ. Any activity that disturbs paint in pre-1978 housing and child-occupied facilities requires RRP certified contractors. These contractor activities include: remodeling, conducting repairs and/or maintenance, electrical work, plumbing, painting preparation, carpentry, and window replacement. Minor repair and maintenance activities that disturb less than 6 square feet of paint per room are excluded.

The EPA uses a variety of methods to determine whether individuals and businesses are complying, including inspecting work sites, reviewing records and reports, and responding to citizen tips and complaints. Non-compliance can result in fines of $37,500 per day. Click here to learn more.

Things to Consider

What if you have been working with a rehabber who isn’t RRP certified? What if several remodels have been completed and safe-lead practices were not employed? What if a young family moves in completely unaware that their children could be playing in a yard that could be lead contaminated?

Remember, ignorance is not an excuse. If you know of work that is being completed without the proper safeguards and you don’t correct, report or disclose it, then you too could be implicated in a legal case. The law is very clear.

Final Thoughts

As Agents, our responsibilities cannot be over-stated. The Real Estate Notification and Disclosure Rule specifically addresses our responsibilities by requiring us to ensure compliance with the provisions of the law. The penalties are harsh because compliance is critical.

Please spread the word.  Fines are a deterrent for those who disregard the law, but knowledge and lead exposure prevention has so much better an outcome for the children of our city.

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10 MOST COMMON VIOLATIONS CITED BY MREC | MASTROIANNI CONSULTING
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The Importance Of Professional Networking | Mastroianni Consulting

Professional networking is an important element to the success of any business person’s working life.  It can help you meet people, gain information, make useful contacts, find job opportunities, get referrals, and score new business leads.  Through the friendships that you make, it can also become a rewarding dimension to your work life that offers support and encouragement.

If you would like to start networking to increase your professional connections, here are eight tips to help you succeed:

  1. Spend time developing relationships.  A wide network with meaningful connections takes time and effort.  Be ready to invest both to cultivate your network.
  2. Be honest about your talents, abilities, and accomplishments so that others in your network will know the value you bring to the table.
  3. As recommended by Michael B. Fishbein in The Huffington Post, do listen and be willing to help others by connecting with people or by sharing your experience and knowledge.  A professional network should be beneficial for everyone involved, so always be ready to offer assistance and information.
  4. Don’t limit your network to people from just one field.  While you’ll definitely want to form relationships with others in your line of work, look for other networking opportunities such as community groups, charities, civic organizations, or local government.  Having a broad professional network expands your number of contacts and opportunities as well as your interests.
  5. Look for conferences, events, and classes to attend.  Socializing is an integral part of effective networking.  While large groups are often conducive to meeting a lot of people, also invite others to meet you for lunch and dinner occasionally to connect in smaller groups and quieter settings.
  6. Follow up with every new connection that you make.  After meeting them, send an email to them know it was a pleasure to meet them and let them know that they should reach out to you in the event that you can ever help them in any way.
  7. Don’t fall out of touch.  If you’ve been too busy to attend functions or to see people face-to-face, take time to stay in touch via email, social networking, texting, or with phone calls.  Communication is key to successful networking.
  8. Be the one to make the first move.  When there is someone in particular whom you’d like to meet, take the initiative to make it happen.  Reach out to the person with a phone call or email, or introduce yourself at a professional or social gathering.  If possible, ask a mutual acquaintance to arrange a meeting.

Establishing a strong professional network can benefit your business in several ways.  The right connections can open doors, expanding your opportunities.  Professional networking offers you the chance to share your challenges and your triumphs with others who have similar career interests and goals.  You can be useful sounding boards for each other as well as sources of encouragement.  Having people to turn to in times of trouble and to celebrate accomplishments with is invaluable.  And over time, you may find that people in your professional network move on to become your friends.

Mastroianni Consulting is a consultancy firm serving the needs of Realtors and their clients.  Dedicated to Excellence, they provide support services that assist real estate agents to grow their businesses.  For more information and to learn how we can help you become more successful, please contact one of our Client Care Specialists.

You can reach us at (636) 220-7481 or clientcare@mastroianniconsulting.com

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5 Ways To Improve Your Client Communication | MASTROIANNI CONSULTING

In business as in life, communication is king.  When it comes to serving clients with excellence, the importance of good, consistent communication practices cannot be underestimated. In real estate terms, contact with clients who are selling a home, buying a home, or both, good communication throughout the transaction process is essential. In addition to keeping your clients informed, communicating lets them know that they are priorities to you and that you are working hard to help them achieve their goals.

When clients feel that you’ve communicated frequently and effectively with them, they are more likely to be satisfied with your service and with their transaction. They will also be more eager to refer you and to use your services again for their future real estate needs. Conversely, if clients feel that you haven’t kept up communication with them, they may not feel as favorably about your service, your professionalism, or their transaction.

Here are five key things that you can do to enhance client communication:

1. Ask your clients for their preferred method of communication.
When you first meet with clients, find out what avenue works best for them. Would they rather be contacted by text, email, phone call, or in person? Is there a certain time of day when they can be reached more easily? If you are dealing with a couple, will one person be the primary contact or do they both want to be included in messages and conversations? Learning what their communication preferences are at the beginning of the relationship will help set you up for communication success.

2. Set expectations on the front end, then follow through.
After you’ve established how your clients like to communicate, let them know what to expect from you. Tell them how often they will likely hear from you, and under what circumstances. For example, if you have clients who are selling a home, let them know how soon you will be in contact after showings with feedback. Or, if you have clients who are looking for a house, let them know how often they can expect to receive new listings from you. It’s also important to give your clients an idea of how quickly you return your own text, voicemail, and email messages. If it’s your practice to turn off your devices when you’re with clients, be sure to tell them this so they won’t wonder why you aren’t answering your phone sometimes.

3. Set calendar reminders or alarms on your phone to prompt you to touch base with clients.
It’s easy to get busy and let communication slide, especially if you don’t have any new information to share. Setting a reminder to contact each client on a regular basis will help you remember to check in. And, even if there’s nothing new to report, you can recap what you are doing behind the scenes on their behalf. For example, if there haven’t been any showings that week, you can tell sellers how you are advertising their listing and what plans you have to generate some interest. If you have buyers but there haven’t been any fresh listings to show them, you can remind them that you are continuing to search for their dream home and will let them know right away if something interesting pops up on the market.

4. Designate a certain time (or times) each day for client communication.
Be proactive with your communication by planning ahead and having a period of time each day that is dedicated to staying in touch with your clients. Ideally, it should be a time of day when you usually aren’t distracted with other phone calls, meetings, or family obligations. Having a designated communication time is also good time management.  It allows you to work more effectively by returning calls and messages all at once rather than being continually interrupted.

5. Listen to your clients.
A critical communication skill, listening to your clients is key. If clients say things to you like “We haven’t heard from you in a while” or “I was just wondering what was happening with our listing/home search,” those are clues that they’d like to hear from you more often.

Mastroianni Consulting is a consultancy firm serving the needs of Realtors and their clients. Dedicated to Excellence, they provide support services that assist real estate agents to grow their businesses.  For more information and to learn how we can help you become more successful, please contact one of our Client Care Specialists.  You can reach us at (636) 220-7481 or clientcare@mastroianniconsulting.com

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10 MOST COMMON VIOLATIONS CITED BY MREC | MASTROIANNI CONSULTING

The Missouri Real Estate Commission is the governing body tasked with safeguarding the interests and welfare of the general public in matters pertaining to real estate transactions.  Under the Real Estate Act of 1941, it’s responsibilities include:  licensing of agents and brokers, investigating complaints from the public, auditing brokerages and escrow accounts, and approving pre-licensing and continuing education courses.

This article will discuss the 10 most commonly cited infractions discovered during audits conducted at random by the MREC.

  1. UNLICENSED ACTIVITY
    It is unlawful to practice real estate without a valid license.  Here are some incidents of non-licensed activity.

    License Not Renewed – Every two years real estate agents and brokers are required to take continuing education classes to renew their licenses.
    Not Tax Compliant – Licensees are suspended in Missouri for non payment of personal property taxes under HB-600.
    Property Management – If you are not the owner, you are required to have a real estate license to manage property in Missouri.
    Receiving A Commission – without a license.

  2. IMPROPER ADVERTISING & MARKETING
    Not Identifying The Brokerage – The MREC requires all advertising material to clearly identify the Company or Brokerage name that the agent works for, and the office telephone number (at a minimum).  With the rise of teams and agent personal branding, this violation occurs when the brokerage name and number are not prominently displayed.
  3. FAILURE TO RESPOND TO MREC
    Licensees are required to respond to the MREC within 30 days.
  4. FAILURE TO DISCLOSE
    Material Facts – Agents are required to disclose material facts and adverse material facts that they know about the property to a customer.
    Incorrect Agency or Agency Not Disclosed – Missouri law requires agents to discuss the different options consumers have when working with them.
    Licensee’s Interest – Agents are required to inform all parties to a transaction if they have personal interest in a property or if they are a relative of the owner.
  5. ESCROW ACCOUNTS
    Escrow accounts are where the public’s earnest money is held.  Violations include:

    Escrow Accounts Not Registered – Escrow accounts are required to be registered with the MREC.
    Failure To Close Escrow Account – This is required when a brokerage closes.
    Comingling of Funds – Mixing escrow funds with personal, real estate sales, or property management funds is strictly forbidden.
    Accounts Do Not Reconcile.

  6. FICTITIOUS NAMES
    Name Not Registered – ‘Doing Business As’ or Fictitious Names need to be registered with Secretary of State of Missouri.
    Registered Name Has Expired.
    Business Sign Does Not Match The Business License.
  7. PAYING COMMISSIONS
    To An Unlicensed Persona or Entity – LLC, team, group
  8. CONTRACTS
    Blanks – There are to be no blanks on standard forms.
    Failure To Fulfill The Terms And Conditions – pertaining to the contract.
    Improper Agency Relationship Selected On Contract – needs to match any written documentation (buyer agency or listing agreement).
    Changes To The Contract Not Initialed – the only lawful changes to a contract are those that are initialed by all parties.
  9. OFFICE POLICY
    No Office Policy – it is a violation for an office to not have an office policy or an incorrect office policy.
  10. ADDRESS CHANGE
    Not filed with the MREC – all licensees must update their home addresses with the MREC when a change occurs.  Brokerages are also required to keep their address current.

Mastroianni Consulting is a unique consultancy firm assisting Realtors to grow their real estate practice.  For more information and to learn how we can help you become more successful, please contact one of our Client Care Specialists.

You can reach us at (636) 220-7481 or clientcare@mastroianniconsulting.com.

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10 Keys To Having A Great Reputation | MASTROIANNI CONSULTING

REPUTATION IS EVERYTHING!

Our reputations define us.  They determine how we are viewed by our peers, customers, clients, socially, in business – our very success depends on a good reputation.  After all, who wants to be associated with someone who is thought of as a thief, or lacking in integrity?

Here are 10 habits to adopt to build a great reputation:

  1. Be honest in deeds, thoughts and actions.
    Honesty and integrity are paramount to a great reputation.  Being honest means choosing not to lie, cheat, steal, or deceive in any way.  If you do those things, that is what you will become know for.
  2. Be kind.
    Being kind is more than just being nice.  It has more to do with genuinely caring about other people.  It is rewarding!  It strengthens relationships and builds communities.  It is a deliberate action, just as deciding to be a jerk is a deliberate action.
  3. Stay humble.
    Humility is important because it prevents hubris.  Being humble means you are not boastful or arrogant.
  4. Never stop learning.
    We always have more to learn.  Never think you know it all, and never discount others and what you might be able to learn from them.
  5. Keep good company.
    Surround yourself with people you want to be like.  This is a conscious choice and a reflection of your own values.
  6. Be genuine.  Make genuine connections.
    Genuine means actual, real, honest and sincere.  Genuine people are true to themselves.  Be authentic.  Not who you think you are or who you think you should be.  Be your self.  Who else is better qualified?
  7. Be sincere.  Value the details.
    Sincerity is your personal commitment to everything that you do.  Always be good for your word, even if it wasn’t an explicit promise.  Pay attention to the little details; write thank you notes, keep appointments, remember names.
  8. Go above and beyond.
    Value excellence.  Give excellence.  Give more than expected.
  9. Own your mistakes.
    How you deal with failure and mistakes says a lot about you.  Don’t blame others.  Step up, own them, fix them.  Move on.
  10. Persevere.
    Reaching goals requires hard work and perseverance.  Particularly in the face of difficulties.  Take the hard meetings, make the hard phone calls and work through any crisis.  Push forward and believe you will succeed.

Building a great reputation takes commitment and hard work.  If it was easy, everyone would do it.

For more information and to learn how we can help you become more successful please contact one of our Client Care Specialists.  You can reach us at (636) 220-7481 or clientcare@mastroianniconsulting.com.

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Words To Earn Client Loyalty | MASTROIANNI CONSULTING

Words matter.  Words can hurt and they can heal.  They can convey respect and understanding and they can also convey disinterest and ignorance.  Being on top of your game with your word choice offers you the opportunity to bond with a person while eliciting a positive emotional response.

Here are some words and techniques that may help you to stand out from the competition and earn client loyalty.

I hear…” After listening closely, follow up with questions that repeat back what you heard the person say.  Begin your sentence with “I hear”.  Eva Doyle, a national speaker on leadership issues and author of ‘The Reluctant Leader’, offers this as an example: “I hear that you like Washington Park, but your budget may not be enough for that area. Would you consider a neighborhood a little more north? Or would you rather stretch your budget?” This demonstrates that you’re listening well and interested in what the person is saying to you.

Fear, anxiety, reluctance, love, hope, home…”  Use emotional words that tap into people’s most inner thoughts.  In a real estate situation, remember that people are buying a home; a place where they will witness their life events.  Their inner thoughts may include challenging words, such as ‘fear’, ‘anxiety’, and ‘reluctance’.  You can balance these words with opposite, positive keywords, such as ‘love’, ‘hope’, ‘home’, and ‘future’.  Being aware of emotional cues can help cement your client relationships.

P” and “T” sounds.  Words and sentences with several ‘p’ and ‘t’ sounds have a staccato effect, which inspires excitement and communicates energy, says Amanda Plecas, vice president and chief creative officer at Waterhouse Public Relations.  Plecas says the cadence, rhythm, and musicality of what you’re saying can affect a listener’s perception of your words.  For example, saying “I have a tried and tested marketing plan” sounds more upbeat than “I have developed an exclusive marketing plan,” Plecas says. Or, “I’ll be your personal real estate textbook” is more enthusiastic than “I am a resource to help you make a well-informed decision.”

“Personally invite…” A personal invitation to anything ramps up its importance and engenders good will.

“Your kids are well-behaved…” Genuinely engage with people by complimenting them on their children or anything else that may apply.  This helps build rapport.  Listen to their story, find our what’s interesting to them?  Find out what makes them who they are before you launch into your sales pitch.

“I specialize…”  Showcase your expertise.  This inspires trust.  There are many ways to be an expert.  Do your research so you feel confident making the statement.

“Honestly…”  Only use it when you are speaking honestly.  It allows you to convey an opinion that may not be what the person wants to hear.  Said earnestly, it can soften bad news.

This list is not exhaustive and is only intended to demonstrate how important words are to our conversations on a daily basis.  Being articulate is just another aspect of being professional.

Sourced in part from a Realtor.com article by Danielle Braff.

Mastroianni Consulting is a small consultancy firm serving the needs of Realtors and their clients.  Dedicated to Excellence, they provide support services that assist real estate agents to grow their businesses.

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Best Time To Post On Social Media (Infographic)| Mastroianni Consulting

 

Best Time To Post On Social Media (Infographic)| Mastroianni Consulting

Times can vary depending on your location and the social media platform that you are posting to.  See below for the best times to post on each social media platform……

emerge_when-is-the-best-time-to-post-on-social-media

Sources:  RETechnology, SproutSocial, Hootsuite, ShortStack, CoSchedule Blog, Firebelly

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The Importance of Mindset | MASTROIANNI CONSULTING

Every now and then many of us will have a self-limiting thought or belief.  That is why mindset is so important.

Mindset matters—perhaps more than anything else. The only glass ceiling you’re going to hit is the one you create for yourself. With every request made of you, your mind automatically moves to a “fixed” or “growth” mindset.

People with a fixed mindset believe qualities like intelligence, talent, or networking and social skills are fixed traits that can’t be improved upon.
“I stick to what I know”
“When I am frustrated, I give up”

On the other hand, people with a growth mindset believe their most basic abilities can be developed through dedication and hard work—that having a brain and talent are just the starting point.
“Failure is an opportunity to grow”
“I can learn to do anything I want”

The importance of having a growth mindset is critical to your success. How you feel about yourself on the inside spreads to how you look and perform on the outside. Set aside time every day to work on yourself: your mindset, self-image, looks, self-talk and your belief in yourself.

Work on your ‘potential’ so that you never hit your own self imposed ‘glass ceiling’.

If you would like a success-minded business partner, team up with us here at Mastroianni Consulting.  To reach us, please call (636) 220-7481 or email clientcare@mastroianniconsulting.com.

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Recovering From A Business Setback | MASTROIANNI CONSULTING

Business setbacks happen to all of us at some point.  While the disappointment can be very difficult to work through, it is important that you do.

Here are 5 ways to deal with a setback and move forward:

1. Acknowledge and accept it.
Going into denial or letting your pride get in the way of owning up to a business mistake or failure will only make matters worse.  Take a deep breath, and accept that sometimes things go wrong.  Realize that when humans are involved in anything, there’s the potential for human error.  It’s OK to feel frustrated, but avoid pointing blame at yourself or others.  Take responsibility, and then hold your head high as you take the steps needed to turn things around.

2. Put it into perspective.
Many people get into the habit of blowing problems out of proportion.  Before going into “the sky is falling” mode, take a step back to assess how significant the predicament is in the grand scheme of things.  Is it a financial loss that is going to affect your ability to pay your vendors?  Is it a product flaw that has created a brand image problem?  Is it a contractual issue that could cause legal troubles?  Instances like those demand urgent action, but not every setback you face will put you in dire straits.  Evaluate the impact before jumping into crisis mode.

3. Don’t dwell.
Direct your attention toward determining what went wrong and fixing it.  Feeling sorry for yourself won’t help the situation.  Put your emotions aside, and objectively evaluate the cause of the setback.  Was it due to unclear language in your agreement with your customer?  Was it because your customer service staff didn’t have proper training?  Was it because you failed to do enough market research?  Immediately start laying out what you will change to ensure it doesn’t happen again.  This may require enlisting the help of professionals who specialize in certain business disciplines, such as human resources, law, finances, taxes, public relations, etc.  Make sure you develop a clear plan for what needs to be done differently, and share it with your team so everyone is on the same page.

4. Embrace it.
Use it as a learning moment that will make your business stronger.  As Malcolm Forbes once said, “Failure is success if we learn from it.”  As devastating as business speedbumps might be, they can benefit you in the long run.  The key is to look beyond your dismay, and use the newfound wisdom gleaned from the experience to improve your company.  For example, losing a key client that results in you implementing a customer loyalty program will help you retain clients—and the revenue they bring to your bottom line.  And making a bad hiring choice that prompts you to expand the breadth of questions you ask when considering job applicants can help ensure you choose top-notch talent going forward.

5. Reach out.
Trusted advisors can provide insight and support.  You don’t have to go it alone when the going gets tough. Connect with a trusted advisor, a mentor, a business coach, another entrepreneur who experienced a similar setback, or someone else you respect and can depend on for insight and guidance.  Talking through your issues with someone who understands what it takes to overcome business challenges can help you figure out how to get past the difficulties you’re facing.  It can also provide you with the inspiration and motivation to power through the situation with confidence.

Source:  Bridget W. Pollock, U.S. Small Business Administration

Mastroianni Consulting can be your trusted advisor.  We are a unique consultancy firm assisting Realtors to build their businesses and become more successful.  We invite you to reach out to us at (636) 220-7481 or contact one of our Client Care Specialists at clientcare@mastroianniconsulting.com

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