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Randy Elgin
10999 IH10W; Ste 175
San Antonio, TX 78230
(210) 232-2310
How to Survive the Recession ... Stronger Than Before
As bad as it is out there, it's important to recognize that this is a time of tremendous opportunity.
Get my free report, "How to Survive the Recession ...Stronger than Before" by replying to this email or by calling the number above.
Quick Quiz
Each month I’ll give you a new question.
Just reply to this email for the answer.
A riddle for you this month: I am at the beginning of everything, and the end of time. What am I?
Worth Reading
Selections from the best articles seen online this month.
Women CEOs: Why So Few?
from Harvard Business Review
In spite of progress in the past decade, women still face tougher odds getting to - and staying in - the C-suite.
Read more
Talk with Jeanne Bliss, author of I Love You More Than My Dog
from Zane Zafrit's Blog
Ultimately the only way to compete is to...Provide Wildly Wonderful Customer Service.
Read more
100 Social Media & Content Marketing Predictions for 2010
from Junta 42
Over 100 predictions from more than 60 of the best and the brightest in marketing, content marketing, custom publishing and social media.
Read more
Best Books for Business Owners
from Inc Magazine
Another year, another blizzard of business books. Which ones should you read?
Read more
BOOK REVIEW
Flight Plan, by Brian Tracy
This space is normally reserved for business books, but as every business owner knows, the business of "what goes on inside your head" is important too.
Perhaps no personal development topic is more important than goal-setting and planning. And that's the topic that well-known self-improvement author Brian Tracy tackles in Flight Plan.
Tracy uses the analogy of an airplane route to guide readers through the process of making and following plans. He notes that while pilots have accurate start and endpoints, the flight itself is off course 99% of the time, requiring continual course corrections.
Same goes with life. A good plan has accurately defined start and endpoints, but it also requires constant adjustment to ensure that the outcome is the one you want.
This book is a short - and easy - step-by-step process to help you create plans. It's a good refresher.
Wisdom
Quotes by...Craig Newmark
"We're really run by the people who use the site. We just run the infrastructure and help out with problems."
"I feel that one of the best things a person can do for another is to create a job. So you do okay commercially, and then you try to make a difference of some sort."
"I need to make an okay living. The people who work for us need to. But after you make a comfortable living, how much more do you need?"
"We don't think of ourselves as do-gooders or altruists. It's just that somehow we're trying our best to be run with some sense of moral compass even in a business environment that is growing."
Craig Newmark founded Craigslist.
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REAL ESTATE
What to Do When a Seller Refuses to Close For a commercial investor, the worst scenario is to put time, money and energy into the purchase of a property and then find out the transaction cannot be closed because of some fault of the seller.
When a buyer enters into an agreement to purchase a property, there is always a risk the seller will refuse to close.
Commercial investors allocate substantial resources to property selection and investment, so being aware of the remedial actions that can be taken is an important part of any investment due diligence package.
Sales Contracts
Sales contracts are typically drafted by a lawyer or real estate professional.
Standard conditions are included so the buyer can gracefully walk away from the investment without penalty. Occasionally, though, one of the parties - whether it is the seller or buyer - defaults on the contract after the predetermined conditional period. The remedies for default on a sales contract are often spelled out for the buyer, with clear penalties in place that the seller can enforce. Typical contract language may include a clause whereby the seller can retain the buyer's deposit in order to offset any damages.
Seller Defaults
Seller default is not as common and the language is often not clearly representative in the agreement. In most states, if the seller defaults the buyer can go to court to seek an order of specific performance.
This order commands the seller to transfer the property to the buyer on payment of the purchase price or else be found in contempt of court. There is risk with any transaction that depends on the legal system, and consultation with a legal professional should be sought prior to proceeding with this course of action.
Buyer Rights
The buyer is also allowed to sue for monetary damages, in particular for the difference between the contract price and the fair market value of the property.
This, of course, assumes that the purchase price is greater than fair market value for the property. In addition to this compensation, the buyer is entitled to seek damages, such as mortgage application fees, appraisal fees and any assessment cost associated with selecting the specific property.
As an investor seeking to finalize a transaction through use of legal means, you must understand that there is no guarantee when pursuing a court decision in your favor.
The system is there to protect the rights of both the buyer and the seller.
Sound legal advice based on all the facts will be necessary to make a prudent decision about pursuing legal recourse.
It would be prudent to include a series of penalties against the seller in the event of a seller's default on an agreement. This course of action makes it part of the negotiation process rather than leaving it up to a decision of the courts.
It also provides the seller with an additional incentive to close the transaction in a timely manner.
It's best to seek the advice of both sound legal minds and real estate professionals to guide you through this complex process.
MARKETING
How to Be Your Customers' No. 1 Choice
 A unique selling proposition (USP) is a simple, concise statement of how you are different from your peers and how this benefits customers.
In today's competitive market, it's important that you have a USP that cuts through the clutter and positions you as the top choice.
There are many ways to stake out a USP. You can offer lower pricing, better service, higher quality, quicker turnaround or more convenience.
It might be that your product is fresher, purer, more exclusive or longer-lasting.
Customers may be drawn to your personality, reputation, location or longevity.
Extras such as free delivery, personalized service or discounts may distinguish you as well.
Once defined, your USP becomes the basis for your marketing, advertising, public relations and even your packaging and promotional design. Everything you do should reinforce your USP, and every customer touch is an opportunity to reaffirm the uniqueness of your selling proposition.
To identify and define your USP, look first at yourself. What is it that you do differently and better than your competitors? If you have a broad offering, focus on one or two niche areas. Home in on what is special, unusual or significant about you.
Next, analyze your customers. Look at their demographics, purchasing habits and what drives them to buy your product or service. What do they seek from your offering? What benefits do they gain?
Finally, assess the market potential of your USP position in terms of volume, profitability and repeat business. Your USP should address a genuine need in the market.
Picture credit.
TECHNOLOGY
The Pros and Cons of Switching to Windows 7
 When Windows 7 came out last October, developers of the operating system said it would perform better and be more user-centric than its predecessors in the Windows line. More important, they promised that users would not encounter the compatibility issues they experienced when migrating to Vista.
For the most part, Windows 7 delivers on that pledge. Windows 7 has many nifty new features, including:
• Advanced handwriting recognition
• Support for virtual hard disks
• Libraries that make it simpler to track files and put them where you want them
In addition, Windows 7 offers the following operating improvements over Vista or XP:
• Quicker start-up, shutdown and arousal from standby mode
• Better organization, as things are located where you expect them to be
• A vastly improved taskbar with larger icons and preview options
• Jump lists so you can see recently used files and pin files to the list
• Stronger security that is easier to control and less intrusive
• Extended battery life and power-saving options such as adaptive display brightness
• Centralized device control with printers, cameras, MP3 players, phones, keyboards and other plug-in devices all appearing in one place called the Device Stage
The knocks against Windows 7 are its high cost and poor driver support. Also, while Windows 7 is fully compatible with Vista, it is less easily upgraded from XP.
As a final consideration, the minimum hardware requirement for all Windows 7 features to function properly is a 20-GB hard drive for a 64-bit architecture and 1-GHz processor.
Picture credit.
REAL ESTATE
Surfing the Net Can Save Investors Time and Money
Using the vast resources available via the Internet can save commercial investors time, money and effort in their quest for the perfect property.
Technology has eased the demands of contract negotiations through improved communication. Documentation has been simplified through the rapid transmission of information using electronic formats. Traditional property searches involved a difficult maze of twists and turns that needed to be navigated in order to find a property to lease or buy. The Internet offers an effective alternative to past practices, which were time-consuming, costly and sometimes unfruitful.
Sites like Loopnet.com, Buildingsearch.com and Commercial.Realtor.com permit commercial property investors to search and narrow down potential properties without leaving the comfort of their offices. Each site allows you to set a specific area, property type and personal selection criteria such as price and square footage.
Investors can even view a virtual tour of a prospective property to get an idea of the general condition of the site. This allows you to get a limited view of the property without having to schedule a viewing appointment only to find that the property is not actually suitable for your needs. The tools provided by these sites tie together the needs of investors with the surplus assets of sellers.
The Internet has evolved into a vibrant commercial marketplace, and there continues to be room for growth in the real estate sector. Savvy investors will continue to realize the potential and apply it to their real estate investment needs.
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