Currently, the average price in Sterling Heights, MI, real estate in the home is $ 187,000. Now for Sterling Heights in Michigan real estate from $ 54,500 for their two-bedroom house with $ 499,900 for brick colonial on a premium price of the wooded lot with creek access.
If you are interested in buying Sterling Heights, MI real estate, but have past credit issues or little established credit, you may think you are not at home because the lender will not give you mortgage loan.
But you are wrong, because home ownership can still be achieved with a little knowledge.
If you already have a Sterling Heights, Michigan real estate, but they need to sell your house quickly, because transfer of labor to prevent the closure or for other reasons, you also have the options you may be familiar.
Here we have gathered about Sterling Heights, MI real estate information and describe strategies that troubled sellers or buyers expect you might want to consider.
Facts and Figures
Located in Macomb County, the figures collected in 2000 Census data shows that it is the fourth largest city in Michigan by population, which was 124,471 at the time. The city occupies 36.7 square kilometers in area, north of Warren, and less than 40 minutes northeast of downtown Detroit.
The town was incorporated in 1968. By the time he was known as the town of Sterling, the word “Heights” was added to avoid confusion with a small village named Sterling Arenac County. 2006 Money magazine listed him as one of the best small town living
There are currently more than 600 homes Sterling Heights, MI real estate listings, so if you want to live in one of the best small towns in the country, you should have no trouble finding something that appeals to you. If you need more reasons to look into Sterling Heights, Michigan real estate offices, see below.
Safety and economy
Among cities with populations greater than 100,000, Sterling Heights is 16. The safest city in the country and the safest in Michigan, according to Morgan Quitno Press. City safety is determined to work hard to do a good job the police department and an active community watch network.
American City Business Journals lists as one of the least economically stressed cities in the United States of America. According to the journal, only one major city in Michigan and six other countries are “less stressed”. Economic diversity and large industrial companies such as Daimler Chrysler, Visteon, and General Dynamics to lend to the economic well-being of the city and to attract potential buyers Sterling Heights, MI real estate market.
Sterling Heights was ranked by the Ladies Home Journal as the second best Michigan city and 16 women working in the best city in the country. The average income for women is quite a bit higher than in many other cities. In 2000, the average income per family was $ 70,000, which is much higher than most Michigan cities. The city was given the + and high-level one “family friendly” cities in suburban DC Population Connection, a nonprofit organization.
Shopping, food and other retail businesses in Sterling Heights, Michigan full of real estate picture. Lakeside Mall, with more than 180 stores is one of the largest malls in the Metro Detroit area. In total, 3,500 companies are located within the city limits.
Buying and selling
With everything, Sterling Heights, MI real estate market has to offer, you may find that selling is easy. However, there are currently almost 400 properties classified as an accredited MLS listings Sterling Heights, Michigan real estate market. MLS listings national database of available properties.
Foreclosures are properties that have reverted to the lender payment. In many cases, real estate companies to buy these properties at auction and try to sell them. City and county governments may also take over the properties of non-payment of taxes. Until now it was the other Michigan cities problem, since the property went back to the city, they could not “do” anything with them.
If you won the Sterling Heights real estate, but bruised credit and can not get a bank loan, then your main option is to find a vendor willing to work under such conditions. What are the conditions? Well the best is what is called a lease option (also known as “rent to own) or buy the land contract.
Own a bike is the most effective tool for as long as you have a job and brings in revenue and remain consistent to their financial limits are vendors who will work this time, and you buy your home. This will give you time to repair your credit, you can get a bank loan, and you are living at home and then cash the seller out of the house and buy it.
In short, the rental contract allows the purchase of own home with no bank qualifying / or funding the loan advance.
If you already have a Sterling Heights MI real estate, but they need to sell your house quickly, how to sell your home is to offer seller financing – but what do you do when you sell or rent its own land-based contract. You can actually open their homes to a much larger segment of the home buying market by offering seller financing, because there are many people who want to buy a home you can afford it, but can not get a bank mortgage loan in advance as a credit score.
FUTURE OF DERIVATIVES IN INDIA
Derivatives trading began in 1865when the Chicago Board of Trade (CBOT) listed the first “exchange traded” derivatives contract in the USA. These contracts were called “futures contracts“. In 1919, the Chicago Butter and Egg Board, a spin-off of CBOT, was reorganized to allow futures trading. Its name was changed to Chicago Mercantile Exchange (CME).The first stock index futures contract was traded at Kansas City Board of Trade. Currently the most popular stock index futures contract in the world is based on the Standard & Poor’s 500 Index traded on the CME. In April 1973, the Chicago Board of Options Exchangewas set up specifically for the purpose of trading in options. The market for options developed so rapidly that by early 80s the number of shares underlying the option contract sold each day exceeded the daily volume of shares traded on the New York Stock Exchange. And there has been no looking back ever since.
Derivatives in India
The word ‘derivative’ originates from mathematics and refers to a variable, which has been derived from another variable. Derivatives are so called because they have no value of their own. They derive their value from the value of some other asset, which is known as the underlying.
“Derivatives are specialized contracts which signify an agreement or an option to buy or sell the underlying asset of the derivate up to a certain time in the future at a prearranged price, the exercise price.”
The contract also has a fixed expiry period mostly in the range of 3 to 12 months from the date of commencement of the contract. The value of the contract depends on the expiry period and also on the price of the underlying asset. There are many types of financial instruments that are grouped under the term derivatives, but options/futures and swaps are among the most common. Options or futures are different kinds of contracts where one party agrees to pay a fee to another for the right to buy or sell something to the other.
Derivatives markets have been in existence in India in some form or other for a long time. In the area of commodities, the Bombay Cotton Trade Association started futures trading in 1875 and, by the early 1900s India had one of the world’s largest futures industries. In 1952 the government banned cash settlement and options trading and derivatives trading shifted to informal forwards markets. In recent years, government policy has changed, allowing for an increased role for market-based pricing and less suspicion of derivatives trading. The ban on futures trading of many commodities was lifted starting in the early 2000s, and national electronic commodity exchanges were created.
In the equity markets, a system of trading called “badla” involving some elements of forwards trading had been in existence for decades.6 However, the system led to a number of undesirable practices and it was prohibited off and on till the Securities and Exchange Board of India (SEBI) banned it for good in 2001. A series of reforms of the stock market between 1993 and 1996 paved the way for the development of exchange-traded equity derivatives markets in India. In 1993, the government created the NSE in collaboration with state-owned financial institutions. NSE improved the efficiency and transparency of the stock markets by offering a fully automated screen-based trading system and real-time price dissemination. In 1995, a prohibition on trading options was lifted. In 1996, the NSE sent a proposal to SEBI for listing exchange-traded derivatives.
The economic liberalization of the early nineties facilitated the introduction of derivatives based on interest rates and foreign exchange. A system of market-determined exchange rates was adopted by India in March 1993. In August 1994, the rupee was made fully convertible on current account. These reforms allowed increased integration between domestic and international markets, and created a need to manage currency risk. Figure 1 shows how the volatility of the exchange rate between the Indian Rupee and the U.S. dollar has increased since 1991. The easing of various restrictions on the free movement of interest rates resulted in the need to manage interest rate risk.
The Securities and Exchange Board of India (SEBI) allowed trading in equities-based derivatives on stock exchanges in June 2000. Accordingly the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) introduced trading in futures on June 9, 2000and June 12, 2000 respectively. Currently futures and optionsturnover on the NSE is Rs7,000-8,000 croreapproximately. In India stock index options were introduced from July 2, 2001.
INTRODUCTION OF FUTURES IN INDIA
- The first derivative product to be introduced in the Indian securities market is going to be “INDEX FUTURES”.
- In the world, first index futures were traded in U.S. on Kansas City Board of Trade (KCBT) on Value Line Arithmetic Index (VLAI) in 1982.
Derivatives in India: chronology
December 14, 1995
The NSE sought SEBI’s permission to trade index futures.
November 18, 1996
The LC Gupta Committee set up to draft a policy framework for index futures.
May 11, 1998
The LC Gupta Committee submitted a report on the policy framework for index futures.
July 7, 1999
Reserve Bank of India gave permission for OTC forward rate agreements and interest rate swaps.
May 24, 2000
SIMEX chose Nifty for trading futures and options on an Indian index.
May 25, 2000
SEBI allowed the NSE and the BSE to trade in index futures.
June 9, 2000
Trading of the BSE Sensex futures commenced on the BSE.
June 12, 2000
Trading of Nifty futures commenced on the NSE.
September 25, 2000
Nifty futures trading commenced on the SGX.
USES OF DERIVATIVES
- Leveraged positions
- Lower margins than the margin funding
- Index trading–market directional trading
- Hedging of portfolio
- Through index, covered calls, options buying
- Structured products for higher yields
- Allows taking position in any market condition–bullish, bearish, volatile or neutral.
TYPES OF DERIVATIVE INSTRUMENTS
Derivative instruments are classified as:
- Forward Contracts
- Futures Contracts
Derivatives can also be classified as either forward-based (e.g., futures, forward contracts, and swap contracts), option-based (e.g., call or put option), or combinations of the two. A forward-based contract obligates one party to buy and a counter party to sell an underlying asset, such as foreign currency or a commodity, with equal risk at a future date at an agreed-on price. Option-based contracts (e.g., call options, put options, caps and floors) provide the holder with a right, but not an obligation to buy or sell an underlying financial instrument, foreign currency, or commodity at an agreed-on price during a specified time period or at a specified date.
Forward Contracts Forward contracts are negotiated between two parties, with no formal regulation or exchange, to purchase (long position) and sell (short position) a specific quantity of a specific quantity of a commodity (i.e., corn and gold), foreign currency, or financial instrument (i.e., bonds and stock) at a specified price (delivery price), with delivery or settlement at a specified future date (maturity date). The price of the underlying asset for immediate delivery is known as the spot price.
Forward contracts may be entered into through an agreement without a cash payment, provided the forward rate is equal to the current market rate. Forward contracts are often used to hedge the entire price changed of a commodity, a foreign currency, or a financial instrument irrespective of a price increase or decrease.
Futures Contracts Futures are standardized contracts traded on a regulated exchange to make or take delivery of a specified quantity of a commodity, a foreign currency, or a financial instrument at a specified price, with delivery or settlement at a specified future date. Futures contracts involve Treasury bonds, agricultural commodities, stock indices, interest-earning assets, and foreign currency.
A futures contract is entered into through an organized exchange, using banks and brokers. These organized exchanges have clearinghouses, which may be financial institutions or part of the futures exchange. They interpose themselves between the buyer and the seller, guarantee obligations, and make futures liquid with low credit risk. Although no payment is made upon entering into a futures contract, since the underlying (i.e. interest rate, share price, or commodity price) is at-the-market, subsequent value changes require daily mark-to-marking by cash settlement (i.e. disbursed gains and daily collected losses). Similarly, margin requirements involve deposits from both parties to ensure any financial liabilities.
Futures contracts are used to hedge the entire price change of a commodity, a foreign currency, or a financial instrument since the contract value and underlying price change symmetrically.
Options are rights to buy or sell. For example, the purchaser of an option has the right, but not the obligation, to buy or sell a specified quantity of a particular commodity, a foreign currency, or a financial instrument, at a specified price, during a specified period of time (American option) or on a specified date (European option). An option may be settled by taking delivery of the underlying or by cash settlement, with risk limited to the premium.
The two main types of option contracts are call options and put options, while some others include stock (or equity) options, foreign currency options, options on futures, caps, floors, collars, and swaptions.
- American call options provide the holder with the right to acquire an underlying product (e.g., stock) at an exercise or strike price, throughout the option term. The holder pays a premium for the right to benefit from the appreciation in the underlying.
- American put options provide the holder with the right to sell the underlying product (e.g., stock) at a certain exercise or strike price, throughout the option term. The holder gains as the market price of the underlying (stock price) falls below the exercise price.
- An interest rate cap is an option that allows a cap purchaser to limit exposure to increasing interest rates on its variable-rate debt instruments.
- An interest rate floor is an option that allows a floor purchaser to limit exposure to decreasing interest rates on its variable-rate investments.
Generally, option contracts are used to hedge a one-directional movement in the underlying commodity, foreign currency, or financial instrument.
Swaps A swap is a flexible, private, forward-based contract or agreement, generally between two counter parties to exchange streams of cash flows based on an agreed-on (or notional) principal amount over a specified period of time in the future.
Swaps are usually entered into at-the-money (i.e. with minimal initial cash payments because fair value is zero), through brokers or dealers who take an up-front cash payment or who ad just the rate to bear default risk. The two most prevalent swaps are interest rate swaps and foreign currency swaps, while others include equity swaps, commodity swaps, and swaptions.
- Swaptions are options on swaps that provide the holder with the right to enter into a swap at a specified future date at specified terms (stand-alone option in a swap) or to extend or terminate the life of an existing swap (embedded option on a swap).
Swap contracts are used to hedge entire price changes (symmetrically) related to an identified hedged risk, such as interest rate or foreign currency risk, since both counter parties gain or lose equally.
- A forward contract is one to one bi-partite contract, to be performed in the future, at the terms decided today. (E.g. forward currency market in India).
- Forward contracts offer tremendous flexibility to the parties to design the contract in terms of the price, quantity, quality (in case of commodities), delivery time and place.
- Forward contracts suffer from poor liquidity and default risk.
- Future contracts are organised/ standardised contracts, which are traded on the exchanges.
- These contracts, being standardised and traded on the exchanges are very liquid in nature.
- In futures market, clearing corporation/ house provides the settlement guarantee.
Every futures contract is a forward contract. They:
- Are entered into through exchange, traded on exchange and clearing corporation/house provides the settlement guarantee for trades.
- Are of standard quantity; standard quality (in case of commodities).
- Have standard delivery time and place.
Not traded on exchange
Traded on exchange
Differs from trade to trade.
Contracts are standardised contracts.
Exists, but assumed by Clearing Corporation/ house.
Poor Liquidity as contracts are tailor maid contracts.
Very high Liquidity as contracts are standardised contracts.
Poor; as markets are fragmented.
Better; as fragmented markets are brought to the common platform.
A futures contract is a standardized, transferable, exchange-traded contract that requires delivery of a commodity, bond, currency, or stock index, at a specified price, on a specified future date. Generally, the delivery does not occur; instead, before the contract expires, the holder usually “squares their position” by paying or receiving the difference between the current market price of the underlying asset and the price stipulated in the contract.
Futures contracts are forward contracts, meaning they represent a pledge to make a certain transaction at a future date. The exchange of assets occurs on the date specified in the contract. Futures are distinguished from generic forward contracts in that they contain standardized terms, trade on a formal exchange, are regulated by overseeing agencies, and are guaranteed by clearinghouses. Also, in order to insure that payment will occur, futures have a margin requirement that must be settled daily. Finally, by making an offsetting trade, taking delivery of goods, or arranging for an exchange of goods, futures contracts can be closed.
Trading in futures is regulated by the Securities & Exchange Board of India (SEBI). SEBI exists to guard against traders controlling the market in an illegal or unethical manner, and to prevent fraud in the futures market.
- Leveraged positions–only margin required
- Trading in either direction–short/long
- Index trading
- Hedging/Arbitrage opportunity
ADVANTAGES OF FUTURES OVER CASH TRADING
- In futures the investor can short sell/buy without having the stock and carry the position for a long time, which is not possible in the cash segment.
- An investor can buy and sell index components instead of individual securities when he has a general idea of the direction in which the market may move in the next few months.
- The investor is required to pay a small fraction of the value of the total contract as margin. This means trading in stock index futures is a leveraged activity since the investor is able to control the total value of the contract with a relatively small amount of margin.
- In the case of individual stocks, the positions, which remain outstanding on the expiration date, will have to be settled by physical delivery, which is not the case in futures.
- Regulatory complexity is likely to be less in the case of stock index futures compared to the other kinds of equity derivatives, such as stock index options, individual stock options etc.
Options are contracts that give the buyers the right (but not the obligation) to buy or sell a specified quantity of certain underlying assets at a specified price on or before a specified date. On the other hand, the seller is under obligation to perform the contract (buy or sell). The underlying asset can be a share, index, interest rate, bond, rupee-dollar exchange rate, sugar, crude oil, soya bean, cotton, coffee etc.
THERE ARE TWO TYPES OF OPTIONS:
- Call options and
- Put options
- Limited risk, unlimited profit-call options
- Higher returns, higher risk-put options
- Positions in all market conditions/views
The option that gives the buyer the right to buy is called a call option.
The option that gives the buyer the right to sell is called a put option
DIFFERENCE BETWEEN FUTURES AND OPTIONS
Both the buyer and the seller are under obligation to fulfill the contract.
The buyer of the option has the right and not the obligation whereas the seller is under obligation to fulfill the contract.
The buyer and seller are subject to unlimited risk of losing.
The seller is subject to unlimited risk of losing whereas the buyer has a limited potential to lose.
The buyer and seller have unlimited potential to gain.
The seller has limited potential to gain while the buyer has unlimited potential to gain.
It is unidimensional as its price depends on the price of the underlying only.
It is bi-dimensional as its price depends upon both the price and the volatility of the underlying.
TYPES OF DERIVATIVES
OTC and exchange-traded
Broadly speaking there are two distinct groups of derivative contracts, which are distinguished by the way that they are traded in market:
- Over-the-counter (OTC) derivatives are contracts that are traded (and privately negotiated) directly between two parties, without going through an exchange or other intermediary. Products such as swaps, forward rate agreements, and exotic options are almost always traded in this way. The OTC derivatives market is huge.
- Exchange-traded derivatives are those derivatives products that are traded via Derivatives exchanges. A derivatives exchange acts as an intermediary to all transactions, and takes Initial margin from both sides of the trade to act as a guarantee. The world’s largest derivatives exchanges (by number of transactions) are the Korea Exchange (which lists KOSPI Index Futures & Options), Eurex (which lists a wide range of European products such as interest rate & index products), Chicago Mercantile Exchange and the Chicago Board of Trade. According to BIS, the combined turnover in the world’s derivatives exchanges totalled USD 344 trillion during Q4 2005.
The main types of risk characteristics associated with derivatives are:
- Basis Risk: This is the spot (cash) price of the underlying asset being hedged, less the price of the derivative contract used to hedge the asset.
- Credit Risk: Credit risk or default risk evolves from the possibility that one of the parties to a derivative contract will not satisfy its financial obligations under the derivative contract.
- Market Risk: This is the potential financial loss due to adverse changes in the fair value of a derivative. Market risk encompasses legal risk, control risk, and accounting risk.
RISK MANAGEMENT THROUGH FUTURES
- Basic objective of introduction of futures is to manage the price risk.
- Index futures are used to manage the systemic risk, vested in the investment in securities.
- Long hedge- When you hedge by going long in futures market.
- Short hedge – When you hedge by going short in futures market.
- Cross hedge – When a futures contract is not available on an asset, you hedge your position in cash market on this asset by going long or short on the futures for another asset whose prices are closely associated with that of your underlying.
- Hedge Contract Month- Maturity month of the contract through which hedge is accomplished.
- Hedge Ratio – Number of future contracts required to hedge the position.
Some specific uses of Index Futures
- Portfolio Restructuring – An act of increasing or decreasing the equity exposure of a portfolio, quickly, with the help of Index Futures.
- Index Funds – These are the funds which imitate/replicate index with an objective to generate the return equivalent to the Index. This is called Passive Investment Strategy.
Speculation in the Futures market
- Speculation is all about taking position in the futures market without having the underlying. Speculators operate in the market with motive to make money. They take:
- Naked positions – Position in any future contract.
- Spread positions – Opposite positions in two future contracts. This is a conservative speculative strategy.
Speculators bring liquidity to the system, provide insurance to the hedgers and facilitate the price discovery in the market.
Arbitrageurs in Futures market
Arbitrageurs facilitate the alignment of prices among different markets through operating in them simultaneously.
The term bond is commonly used to refer to any securities that are founded on debt. When you purchase a bond, you are lending out your money to a company or government. In return, they agree to give you interest on your money and eventually pay you back the amount you lent out.
The main attraction of bonds is their relative safety. If you are buying bonds from a stable government, your investment is virtually guaranteed, or risk-free. The safety and stability, however, come at a cost. Because there is little risk, there is little potential return. As a result, the rate of return on bonds is generally lower than other securities.
A mutual fund is a collection of stocks and bonds. When you buy a mutual fund, you are pooling your money with a number of other investors, which enables you (as part of a group) to pay a professional manager to select specific securities for you. Mutual funds are all set up with a specific strategy in mind, and their distinct focus can be nearly anything: large stocks, small stocks, bonds from governments, bonds from companies, stocks and bonds, stocks in certain industries, stocks in certain countries, etc.
The primary advantage of a mutual fund is that you can invest your money without the time or the experience that are often needed to choose a sound investment. Theoretically, you should get a better return by giving your money to a professional than you would if you were to choose investments yourself. In reality, there are some aspects about mutual funds that you should be aware of before choosing them, but we won’t discuss them here.
A mutual fund brings together money from many people and invests it in stocks, bonds, or other securities. (The combined holdings of stocks, bonds, or other securities and assets the fund owns are known as its portfolio.) Each investor owns shares, which represent a part of these holdings.
You still owe taxes on any distributions and dividends in the year you receive them (or reinvest them). You will also owe taxes on any capital gains you receive when you sell your shares. Keep your account statements in order to figure out your taxes at the end of the year.
If you invest in a tax-exempt fund (such as a municipal bond fund), some or all of your dividends will be exempt from federal (and sometimes state and local) income tax. You will, however, owe taxes on any capital gains.
BANKS AND MUTUAL FUNDS
Banks now sell mutual funds, some of which carry the bank’s name. But mutual funds sold in banks, including money market funds, are not bank deposits. A money market fund is different with a money market deposit account. Their names are similar, but they are completely different:
- A money market fund is a type of mutual fund. It is not guaranteed, and comes with a prospectus.
- A money market deposit account is a bank deposit. It is guaranteed, and comes with a Truth in Savings form.
- To reiterate, even if you buy a fund through a bank and the fund carries the bank name, there is no guarantee. You can lose your money.
Source: S.Shiny Nair
mi 6 price
Consumers are always looking to find a market for their foreclosed properties, it’s not an easy task anyway to find the best markets but there is optimism even with rising rates. With so many foreclosed homes in the market and at high bargain rates, there is a way you can take advantage of the situation. However here are the top foreclosure markets in the US:
Greeley Colorado foreclosure market
Greeley is one of the top markets in the US; it will provide you with all that you need, be it remains of real estates, CO foreclosure listings and up-to-the-minute Greeley. You will also get to know about foreclosure trends, foreclosure hot spots, Colorado foreclosure laws and basic and of course necessary advice to help you through the whole foreclosure process.
Weather you are deeply interested in Greeley estate market or foreclosed home sin Colorado, the Greeley CO will definitely provide you with all that you need; Greeley schools, apartments, new homes, resale homes among others. It is one foreclosure market that without doubt brings out the best for its clients.
If you’ve been involved with Detroit Michigan foreclosure market, then you will agree with me that research is key to having a great foreclosed home or apartment. Detroit MI offer up-to-date foreclosure listing making your work much easier. They provide information on Michigan foreclosure laws, together with hot spots in Michigan. Detroit MI have made sales of close to 2,667 lately with an average market value of $70,897,a reason enough to get yourself involved with them.
With Miami FL you will find great deals for investing in foreclosure properties, with up-to-date foreclosure listings in Miami, they also help you out in learning on various ways to help you out when buying Miami foreclosure homes at cheap prices. You will also learn to find Miami foreclosures for sale at prices below the market value giving you a chance to save on your next purchase for a foreclosure. It could be what you’ve been looking for, a place which offers their properties at fair prices.
Indianapolis, Indiana foreclosure market
Indianapolis in market has 4,647 homes for sale, with an average market value of $126,467 and $166,843 average list price. Indianapolis in offers special services for its clients which include foreclosure listings in Indiana, foreclosure trends hot foreclosure spots in Indiana and Indiana foreclosure laws among others. You will get enough information on whatever you need to know.
Denver CO favors its sellers and is not regulated by the legal sytems, which makes the whole simple and done within a couple of minutes. They also allow home buyers to bargain from banks, which makes it simpler for buyers. Denver CO also ensures that you get enough advice on the various Denver foreclosure properties, so that you make a choice on what you need to purchase.
With the rising rates of Colorado foreclosures, you should avoid getting yourself in rentals for long, you need change, make a great investment with foreclosed properties by getting help from the above top markets, you won’t loose anything, and in fact you gain a lot. Try it today and experience
Referral contests are one of the best ways to attract new patients. People love contests and competition for two reasons: (1) Competitiveness is a part of human nature. And, (2) people love to win stuff.
Just think, the most widely watched shows on TV are competitions. Sporting events and reality shows dominate the TV ratings because they are competitive contests. And, the thrill of getting something for nothing is basically second nature for Americans. If you don’t believe this, consider the billions of lottery tickets sold each week.
The contest format of referrals is successful due to the fact that it covers the two main factors of attracting referrals to any business. Those two factors are: Reward and Recognition.
As I said, people like winning stuff, and they love to be gratuitously singled out as doing something good. Referral contests are a great way to make this happen in your practice. They are not difficult to set up, and actually take very little effort to run. All you need to do is promote your contest correctly (a patient newsletter is a good way).
Here are two great examples of successful referral contests that worked wonders.
A dentist was looking for a way to promote and gather referrals in his practice, and the idea was brought up to give away $1000 to the person who referred the most patients.
Each person who referred would get a gift of some sort. I believe, in this case, it was a gift certificate to a local restaurant, and the person referring the most patients at the end of the contest would receive $1000 in cash.
If you run your contest without the small gift for each referral, you will scare some people away. Giving the small gift as a “thank you” to your patients is a good draw for even the shy person that does not care to try for the $1000. The small gift also draws attention to the fact that you get something even for referring one person.
Well, during the 3 weeks that this contest ran, the office generated 44 new patients.
If we do the math in this case, basically, for $1000 this office gathered 44 new patients (an average of just under $23 per patient).
The success is based on the prize. If the top prize was $100, there would have been less of a response. For $10,000, you can bet people would be flying their friends, family, and the family dog to the office.
For some dentists $1000 may seem like a big chunk of money. Think about this, in comparison: Instead, you could spend $1000 to send some direct mail pieces to your neighborhood to attract 10 or so new patients… OR, you can offer the same amount of money to have your patients refer their friends and family to your practice. Remember, your patients will have already sold their friends and family on the benefits of your practice and your dental care. Meaning, they like you from the get-go and are ready to be loyal patients from the moment they walk in your door.
In another, very similar, case there were two ladies at the top of the list who were neck and neck with each other. And, every time one of the ladies would refer a patient in, the front office staff would call the other lady to alert her. This went on for the duration of the contest.
Finally, near the end of the contest, one of the ladies actually drove a patient to the practice for the final referral that eventually won the contest for her.
Now, you don’t have to go that far, but you can see how a simple contest can create a huge buzz throughout your patient base that will literally have them driving patients to your office.
There is another, totally different way, to run a contest in your practice. This first method, mentioned above, is the “most-referrals-wins” contest, and really plays on people’s competitiveness.
If that sounds too crazy for you, there is also the example below. The “weighted drawing” contest is another simple and easy way to run a contest without eliminating any one referrer from having a chance to win the grand prize.
This dentist continually runs this type of contest and offers a new prize every quarter. His prizes have, so far, included computers with flat screen monitors, and a huge 47″ Plasma TV. He is currently giving away 2 round trip airplane tickets to anywhere in the United States.
The contest format is simple. For every referral that completes a new patient visit, the referrer receives one entry into the drawing. Refer one person, and you have one chance to win. Refer 10 people, and have 10 chances.
At the end of the quarter, all of the chances are gathered in a bowl and the winner is drawn. The winner then gets their picture taken with the doctor and the prize, and that picture gets placed in the monthly newsletter. The picture is then accompanied by the announcement of the next contest and the next prize.
Keeping the prizes fresh is exciting for the patients and keeps them involved in the process. If you continually give away the same prize, people will get bored with the contest (unless it is a big prize like $1,000,000).
The picture is a very important step! DO NOT MISS THIS! If you do not promote a winner, people will not get excited about the next contest.
Oh, the results… well, in speaking to the doctor a couple of weeks ago, he reported that the new patients he gains from referrals, on their first visit alone, easily brings in an extra $35,000 per year and pays for their patient newsletter to go out.
That’s only the income from their first visits! “The rest is gravy.” He said.
There is one key that both of these referral contests have in common. That key is promotion to your patients. Without the correct promotion, both of these contests fail. If you don’t tell people what they need to do to win a prize, they won’t do it.
Both of the above examples utilized a patient newsletter to promote the contest. Showing your patients that people are actually winning the contests, will help make them feel like they, too, can win and will want to at least try.
Also, in your newsletter, include referral cards that can be used as the “drawing” cards for your contest. They’re business cards that your patients can write their name on (to ensure they get proper credit) and hand out to their friends and family.
Referral contests are not a hard thing to set up. Just decide on how you want to set it up and make sure your patients know about it. Get them excited. And, remember, if you don’t make a big deal about it, neither will anyone else.
Source: James Erickson
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Ding, ding… Round One: With the Blackberry 8820 coming soon to a store near you, all over the country Business people are facing the eternal business question… Should I switch to the trendy new iPhone or take the plunge and upgrade to the sexy new “Crackberry”Well if these two juggernauts are really going to go at it in the business arena, then best place to start is definitely Business Email. Right, BlackBerry is set up with Microsoft Exchange Server and sports the new fangled intelligent push email – the iPhone does not. Take that! So what does this mean to you? Well when email is sent to a BlackBerry, then your new phone message is downloaded instantly – then and an LED on the phone flashes to notify you that you have a new message. It’s all instantaneous and you don’t have to do a thing.
Meanwhile, the iPhone, on the other hand, recognizes new messages at very best only every 15 minutes (what!!!) and you also have to check to see if anything has arrived. Obviously the Blackberry wins here especially as the act of having to actively check for email means wasted battery usage as you have to open the iPhone’s email program every single time you wish to check to see if you have a new email…Kapow! Round one to Blackberry.
Round Two: Goes to the Blackberry as well… why because the the iPhone fails to synchronize as well. If a BlackBerry user chooses to change something such as a calendar event on your desktop computer in Exchange, well then the change will instantly appear on the BlackBerry phone. Obviously this just makes it a breeze to keep track of basic business information. So no more worries about outdated data or manually updating one’s handheld anymore – not thatnks to the Blackberry Syncing. Round Three: It’a knowck out…. Here’s a list of reasons to prefer the BlackBerry over the iPhone:
The iPhone doesn’t have the good old cut and paste capabilities, something we find unbelievable.
The BlackBerry’s phone quality is simply much, much… better than the iPhone’s
The BlackBerry possesses a contacts application that simply makes contacting people by any given method (eg: such as SMS, Email or to Call) heaps more convenient
The BlackBerry has GPS which definitely makes Google Maps a hell of a lot more useful.
Despite Apple’s long standing reputation for friendly user interface, the new BlackBerry possesses fantastic keyboard shortcuts that make navigation around and between applications truly a breeze
The Blackberry battery simply last longer. You see, the battery runs out much faster on the iPhone. This definitely makes it less reliable.
We almost forgot the price differential. The iPhone is a much more expensive device. At the end of the day it will simply cost you a lot more money…. And in these times that the final blow
Source: Jeff Spires
Tablet PC is a new generation computer which is very popular among business persons as well as students, due to its convenience, portability, and well-functioning. Android tablet PC is a wireless personal computer larger than smart phone and smaller than notebook. There are various types of tablet computers available in the market e.g., conventional, rugged, hybrid, or slate tablet.
You can use the tablet PC to do all those functions for which you normally use your personal computer like, browsing internet, reading e-books, sending or receiving emails, watch movies, view pictures or play games. The built-in WiFi helps to browse internet fast. It has a compatibility to play MP3, WMA, WAV, or MPG songs. With all these advantages chinese wholesale tablet PCs are very hot for sales in recent holiday season.
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With an advanced 800MHz Samsung 6410 processor and 256MB of RAM, the TechPad Android Tablet PC will easily keep up with your every action and command. With everything so much faster and smoother than the competition, you can feel the difference in quality and know that you have a top-of-the-line device in your hands. Best of all, this affordable Android Tablet is the best bang for your buck today and brought to you at a factory-direct price that can’t be matched. How do we do this? By cutting out the middle man and selling to you factory-direct with no markup and no extra fees!
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With very fashionable style, the minibook is very popular with consumers. With exquisite appearance and smooth surface, this laptop supports 3G networks, High-speed SD card, G-sensor and automatic steering display screen, Full format playback, GPS / Google Maps, Multiple games an so on.
Everything will become much easier with this Google Android OS mini Tablet notebook. Browse the internet, see movies, read ebooks, send emails, chat on Facebook, play your favorite games – do whatever you want anywhere and anytime. Comes with the 800 x 480 resolution 10.1 inch touchscreen, you can see the HD pictures – a real feast for your eyes.Unimaginable Moderate price at All-promising.com, Only $ 176.5, It is worth having
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More than just egghead engineers, the Skyjacker design team all have field-proven expertise, so they know what does and doesn’t work. Plus, these Skyjacker designers only make parts that they’d feel proud about putting on their own rigs.
SkyJacker knows one thing: people always enjoy trekking out into the great outdoors to get away from the hustle and bustle of everyday living. Adventure is in our DNA, and Skyjacker crafts suspension accessories that fuel this natural urge to press ever farther along the unknown road ahead. To these intrepid explorers, Skyjacker is the name you can trust to get you out into the darkest corners and back again.
The history of Skyjacker shows a clear dedication to off-roading, and that’s why they use only innovative designs, advanced engineering, and the toughest materials for their parts. Ask any sunburned dune surfer, rock crawler or mud bogger, and they’ll raise up hosannas on behalf of SkyJacker Lift Kits. For all of your Skyjacker needs, online parts and accessories stores will likely have all that you are searching for. Not only do we have an extensive selection, but our everyday low prices and 1-year low price guarantee ensure that you get the best deals on Skyjacker accessories right here.
Here are some SkyJacker product and brand reviews that I found on the web:
“Good product. Greatly improved bump steer problems on 1995 Jeep Wrangler with 4″ lift and 12.5″ x 33″ tires”
“I am really pleased with the skyjacker steering stabilizer, It really has helped with keeping my jeep steady and between the lines.”
“This is the second pair of skyjacker leaf springs I have ordered, and have yet to be dissappointed. The springs were shipped exceptionally fast. I have used skyjackers in all of my trucks and have had no problems. I will be ordering a third set to finish out my 81 Toyota truck, and it’ll be ready for the trails!”
“I was really impressed in the timely manner in which the add-a-leafs where shipped and arrived to me. Installation was a bit tricky. On Chevy Silverados, the gas tank sits in the way of removing the front driver side spring eye bolt. Instead of taking the leafsprings out I had to drop the axel. Make sure you disconnect the brake line brackets so you have enough room to lift the frame up. I also found it easy to reinstall the springs by putting tape around the leafs before lifting them up to join them the spring with the eye bolts. C clamps are a must. Over all it is a pretty simple installation. The add-a-leaf is exactly what I was looking for to get rid of the sagging in the rear end.”
“I am very satisfied with both the appearance and performance of these springs. I added 1.5 inch lift to the rear and 2 inches to the front and it looks and drives “right on”.”
“The SkyJacker suspension is awesome! I ordered the skyjacker add a leafs for my 2001 dodge ram 1500 to raise the rear 2 inches. It did what I wanted and didnt stiffen up my springs that much. Im very happy with them and would use them on other vehicles too, Thanks.”
Source: Andrew Bernhardt
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The importance of technology cannot be underestimated; the technological industries are probably the fastest moving in the world following news stories is vital because technology can cover all manner of industries and hence news stories vary greatly in subject matter.
In today’s high tech world it is unsurprising that so many areas of commerce and life depend upon technology and subsequently, any news in these fields is of vital importance to even the lay reader. Technology news is so important that many news websites have created dedicated pages purely to report on technological developments.
Naturally industries such as computing and video gaming are heavily interested in the developments reported as part of technology news stories. In computing new processor chips as well as other developments are always followed closely to assess the power of future computers. The same can be said for the video games industry that constantly uses technology news stories to keep an eye on what competitors are doing.
Not only can news in this industry contain technological developments but sales figures and levels of worldwide sales of consoles or games. Another essential element of news in the gaming industry is to see which games are being banned and heavily policed by regulators as this can help developers gain a good idea of where the boundaries lay in game development.
There are industries that rely on the technology news pages that may surprise some people; the medical industry relies heavily on technical developments to advance forms of diagnosis and treatment. A recent story on students using consoles to increase their dexterity before surgery was a news article that provided a unique insight into the medical world.
Surprisingly sports are becoming increasingly reliant upon technology to increase their efficiency and skill levels; in cricket it is believed that some players where GPS systems that reveal the amount of running a specific player does during a match and hence alter his training scheme accordingly.
The importance of technology in communications is probably where news is most important. As one of the fastest developing industries in the world, communications has the potential to change our lives unimaginably. Already the mobile phone has revolutionised the way we live and communicate and hence many want to be well informed when a new technology arrives. Next generation phones with full mobile internet as well as GPS navigation systems are at the forefront of the mobile phone industry meaning enthusiasts as well as industry commentators are glued to news stories as they role off the presses.
Other developments reported in the technology news pages include information on the interfaces we use to interact with our various pieces of technology. Recent stories have included reports of headsets that allow users to control game characters through emotions and facial expressions as well as the ability to move items cognitively in a virtual world. Outside of the gaming sphere the rumours of a ‘3D internet’ are rife as increasing progress is made in the way we interact with technology.
Developments include ways in which technology may change our home lives. With news stories reporting of fridges that can automatically order food as it runs out, self cleaning ovens and vacuum cleaners that will clean the house without the lifting of the finger. If you believe all the news stories have to say, in the future we will be living in a world without manual labour.
Everyone should have a passing interest in technological developments as eventually they may change everyone’s lives for the better. Granted some of the technology news stories can be too detailed for the lay reader to enjoy but if the stories are written from a general interest perspective, all should be entertained and educated about technology that may one day change the world.
Source: Thomas Pretty
A quick look at the recently released Blackberry Torch set our hearts burning with desire. Especially for business executives, the design of the smartphone is sufficient to dazzle your eyes and trigger your curiosity.
The Blackberry Torch carries the distinctive trademark of Blackberry mobile phones through its dashing black color. However, a combination of the elegant curved edges and the white and dark orange colors results in a modern look that will easily capture the attention of the younger professionals and teenagers. The Torch is a similar size to the Blackberry Bold 9700. Although there is a thickness difference of 2.5mm, you’ll benefit from a full-sized touchscreen in addition to a slide out keyboard.
The Blackberry Torch features a full-sized 3.2 inch capacitive touchscreen with 16M colors. Although the resolution of 360 x 480 pixels is not as appealing as the other high-end smartphones, it works fine with the mainstream users who are non-movie fanatics. To be fair, the full-sized touchscreen and physical keyboard combination carries a huge advantage over majority of Blackberry smartphones. The full screen web browsing experience and “Pinch and zoom” capability will drive most Blackberry fans crazy.
RIM deserves praise for successfully introducing the visual experience without sacrificing any of their key advantages. As with the previous Blackberry smartphones, you’ll find the optical trackpad and their signature QWERTY keyboard. The familiar keyboard effectively improves your email and text messaging capabilities, just like the other Blackberry smartphones. Just before you draft your email, slide the display open to reveal the full QWERTY keyboard.
The Blackberry Torch comes along with GPS, 3G (HSDPA and HSUPA), Bluetooth, Wi-Fi and a 5 MP camera. It is a surprise that great emphasis was placed on the Torch’s camera. It allows video recording (640 x 480), continuous autofocus, LED flash, image stabilization and 11 camera modes. The only missing capability is HD video recording. The phone also includes 4GB of internal memory and supports up to 32GB of maximum capacity (256MB on the BB9700). As for the battery life, you’ll get 5 hours and 40 minutes of talktime and 30 hours of music.
Although the qualities of the new Torch sends Blackberry fans screaming for joy, RIM is definitely unsatisfied. Why else would they introduce the Blackberry 6 OS to the smartphone? The new OS6 features comprehensive changes that will place immense pressure on Blackberry’s competitors. Some of the changes come from feedback that “the Blackberry doesn’t render websites accurately” and “the menus look outdated”. As a result, there is new web browser that features tabbed browsing and an intuitive graphical menu that comes along with modern icons. There is also a social feed application that constantly displays new tweets and Facebook status updates in a timeline.
The Blackberry version 6 OS wouldn’t be complete without the ingenious universal search function. Simply by keying in your keywords, your Blackberry Torch will be able to search and bring your required app, email, file or message to you. Just imagine the amount of time you can save!
It is needless to mention how much difference the Blackberry 6 OS has made to the Torch. Although critics might comment that the Torch is still not a mean multimedia machine, it is by far the best Blackberry business phone with extended multimedia capabilities. What do you think?
Source: Mark Walters