8 Ways to Become Undisruptable in Real Estate

because if you don't someone else will someone else will take care of all of your clients all of your prospects and your farm that's how disruptive while most of us are right now so let's take a look at it you ready now I'd love to show this slide but it's really just a setup for the next one our industry specifically Inman news love's a boogeyman yes or no guys they love the drama I don't want to get into the drama I want to get into what do we need to do how do we solve this so I would argue and you might want to take a photo this slide that we have officially entered into the economy of Darwinism its economic Darwinism which is what business is my friends it's not going to be the nicest person that survives it's not going to be the hardest worker it's gonna be the person that is the most adaptive to change to be the most relevant with consumers today that's who's going to win it's going to be the person that stops saying I don't really like video no one gives a look okay raise your hands in this room if you had at least one week this year that you didn't shoot a video raise your hands oh look all of you do me a favor on your next listing appointment go on the presentation say to the seller 4 million - nope 3 million in the Hollywood Hills I know a lot of agents do videos of properties I'm not really into videos they make me feel uncomfortable I'm just not good on camera what would the seller say to you they would say goodbye right it's economic Darwinism now we're gonna get heavy into video and your video of you and the Porsche was ridiculous I need to show that by the way that was awesome but I want you to do me a favor and I want you to tell your buddy very quickly what does this mean to you when I say to you businesses economic Darwinism what does that mean to you tell your buddy like how does that resonate for you what does that make you think and feel all of my elite coaching members and team plus members raise your hands really high raise your hands really high I love you all I'm gonna remind you a conversation at my buddy Kyle whistles somewhere in the room Kyle Kyle and I have this conversation about hey man if you associate all this change with a positive way the shift is a gift this is the opportunity this is when everyone else freaks out this is when we take over this is what we get better right Lydia this is what we do in marketing so I want you to consider I share with my friends in February the only people that should be worried about the market or those that don't have a strategy a plan or inconsistent with their marketing not analyze their business intelligence aren't focused on conversions don't have citizen plays and lack accountability they should be fearful they should be fearful now I notice a lot of my clients are clapping and my core clients like yeah right we get it I want to stress to you this is a ninety billion dollar opportunity in Europe 140 billion dollar opportunity you don't think a bunch of smart people are gonna come after that and say we want our taste we want our peace that's what's going on right now guys now some people would argue that it looks like this right it's the night King winter is coming the good news is we got that cute little start girl she's gonna kill them all I think I just total spoiler alert for a whole bunch of you by the way if you haven't seen the show so consider the following you ready I'd like you to spend 30 seconds and write down the answer to that question for you just bend 30 seconds your gut how do you generate maximum results while strategically done preparing for what's to come how do i generate maximum results over the next 18 months like this is usually when I call my wife and I say the next 18 months I'm gonna be putting in more hours more time being more focused than I've ever been before because I'm going to stockpile a ton of cash so if the world goes on sale we're going to create wealth and I need to work a few more hours every day because if I'm not building the other side of my business when the market shifts I'm in trouble so I've got to do both and i pinkie promise with my wife and we go all-in make sense so what are the two to three most important things you need to do what's the conversation you've been having with your coach about this so last year at the summit hello-hello-hello last year at the summit and I'm gonna do this very quickly I walked everybody through knowing what was going to come you guys got again I'm not saying in firm is clients that were going into 2007 eight nine ten I'm saying we're going into October November December January February of last year you with me that if it just slows down a little bit you get caught with your pants down we do not want to be in that situation I knew it was coming even last August because the sign was already there when you're looking at the data that I'm looking at the number of clients that were serving you you just look at the math and say shits get a little wonky our clients that haven't been marketing prospecting talking to their clients doing their follow-up they're gonna get disrupted and the ones that didn't save their money Gary are suddenly gonna be a little state of panic you with me so high level right down would be very quickly the eight things I said you guys last year just high-level the first thing I said you was your mother had you and two other little pigs and said go into real estate which house did you build three of you say brick house but what we know is just last October just last November just December we saw some people that said that they had built their real estate practice out of bricks and it suddenly looked like hey because the market shifted the winds change and their business fell apart and they were calling us none of my listings are selling like did you not listen to the script from January if the homes not selling the price isn't compelling oh that's right I might want to say that to a few clients your home today my friends I would argue this this was a fun visual example it was a fun way to say to you hey this is your business build it out of bricks do it the right way and I walk you through the eight which I'm gonna do in a second but what I really want to say to you now with the I would argue threat coming after your commission dollars you need to build this my visualization is that Steve behind those walls by the way in the moat there's alligators so you think you're a swimmer jump on in Charlie's hungry that right now my friends thank you let me back up for a second I'm your coach right yes are you gonna be selling homes in the next five years is there anybody in this section that's retiring in the next seven anybody okay because if you're retiring in the next seven don't worry about it smoke weed everyday' hang out sell a couple houses listen to Iron Butterfly that's pretty hot anybody in a gotta davido oh you definitely smoked weed alright but coming back to this and I really want to be serious the thing that careful dude the thing that I'm super mindful of as we have built our business is we were building a castle we were building something brick by brick over day by day week by week by month year by year that regardless of what goes on in the economy we do well my family is protected do you have a family do you have people that rely on you how many of you are single you can find a prospect here I'm telling you by the way where's um where's Gary and Eric Kari and Eric where are you Kari and Eric where are they I'm gonna punch those two in the face if they're not here I just married them they're busy yes they're trying to get a baby no get this hit this I've heard people say yeah well I know I was there five years ago Kari white rock star agent the agency comes to the tom ferry summit she had just left the team that she was on Jack Petone my personal client she walks up sees this really handsome guy Eric Eric what do you guys do tonight oh we're all going to the House of Blues she's like oh he's like you should be my date at the House of Blues they just met each other that's a good clothes by the way you should be my date she's like yeah I'd like to go she goes over to my team how do I go to the house the Blues you have to sign up for coaching she signed up for coaching just to go on the date that's pretty badass and two weeks ago in Santa Monica California Reverend Tom ferry officiated their wedding that's pretty bad yeah yes so I would argue that Eric and Kerry have a different viewpoint now of their Castle than they did when they were single when I think about my children and 192 employees of the Tom fair organization and 170 coaches and our 7,000 clients around the world all of you are in my castle that's my viewpoint and I would argue that if you're sitting inside this room every single person in your database is inside your castle and it is your responsibility not just you protect them but to thrive with them you with me on this I'm not going all like Biblica on you but I am kind of feeling it it's a biblical thing it is your morale [Music] I'll take it I'll take it okay okay okay okay I believe it's your responsibility because if you don't someone else will someone else will take care of all of your clients all of your prospects and your farm that's how disruptive while most of us are right now so let's take a look at it you ready high level real fast here's the eight things I asked you to do last year number one I said to you you have got to take responsibility and say this is my business it is not a hobby I am NOT faking this this is my obligation this is my money this is my life this is my excuse my French business and it matters to me and it takes care of my family and the people that I love by serving others you with me on this do me a favor look at your buddy and say this is my business oh yeah you know what I'm saying though guys how many of you know what I'm saying say I like let me ask you this what's your plan B where else are you going to go work the schedule that you work and have the income opportunity that you have show me that job you with me this is your business number two you ready I said you got a stockpile cash I specifically said to you stop spending your money on dumb you don't need a cup from Starbucks that says Anaheim on it don't buy the little Disney Mouseketeer bottle of water that's in your room of the Hilton I literally took my team I'm like that is like a 7,000 percent mark out like that's just stupid you with me Tom very bobblehead is stupid but they made 200 of them I said you just made 200 things that someone's gonna kick in the head on Instagram and it's gonna go viral but check this out what I was really saying to you is cash is oxygen that if you get stuck without cash yesterday on Instagram on my Instagram same a follow me on Instagram have any of you asked me a question or seen the answers that I do on Instagram with all the Q A's somebody asked me a couple days ago hey you said last year stockpile cache my average sales price is $200 what do you recommend I said it doesn't matter what your average sales price is I want you to have a minimum of six months cache reserved your business your life after taxes six months I'd love for you to have nine months I'd love for you to have three years but then he said the second part of it was but how much money should I have ready to go for investing and my response is two to three times whatever you were gonna save initially should be your investment account like right now my friends if I made you do an assignment on how much money you've earned in your career and how much money you have saved and invested right now most of you would want to throw up in your mouth you with me now I know like me we had some great memories and you went on some great vacations and you have some cars and all that I'm telling you right now you need cash you with me because the one the world has a little hiccup and all of a sudden opportunities are everywhere when are all the fortunes made my friend when are all the fortunes made right now some would say cuz you bought low and then the market turns and the delta is huge but that first buying low part is the key do me a favor turn to your buddy and say stop buying dumb [Music] all right let's keep going you ready okay read number three out loud read it out loud real fast say it out loud I can't hear you I can't hear you so Shh this afternoon I'm gonna reveal for the first time what we've learned from 238,000 recorded sessions inside of a loom six hundred and fifty eight million words between coaching client and coach hundreds of millions of data points and now two years of your MLS data all inputted into a loom and she's only 18 months old you know that little software you used we caught the hub we changed the name cuz the help is a made-up name because we couldn't figure one out and we had to launch that's it your story cuz you know what my mentor Brian Tracy said to me if you get the idea and you don't have it perfect throw the fly pull-up and see what happens right I think it worked out but I'm getting ahead of myself what if I told you that right now our top 30% of our clients as of July 1 we're at 40 for transactions closed and just shy of five hundred thousand dollars in commissions paid by July 1 is that good hello is that good now here's what's interesting what if we also told you that that group was 19 conversations to a sale they talked to 19 people and closed the deal 19 people and closed the deal what if I told you that the bottom third of our clients they're sitting right now I'd like 86 conversations to a sale now 86 is not bad if my average commission is $20,000 but 86 is bad if I only talk to 86 a month does that make sense I'd be asking myself a how do I get to sixteen nineteen twenty-two and secondarily how do I make 86 every single day the business is math now but Tom my people skills are off the chart my clients love me me too and I am an artist just like you and I express my art through data you with me i express my art through data cuz I don't want to wait and have to die B before I become valuable you with me on this I want to make the money now so if I know I got to talk to nine people a day to make a sale what am I thinking I'm thinking how do I talk to 38 people a day you with me how do I have more conversations go on more meetings do the things that I know and not buy into the story I don't like making phone calls you who cares I'm sorry but not really you with me you chose a contact sport business and guess what hold on oh I appreciate it but listen to me my wife right now is dying sorry honey but here's the deal like serious this is how I talk to my personal clients you to make your calls screw you so you decided to have a deficit in income in 90 days cuz it's so analytical now did you guys what I'm saying you know you make a bunch of calls you book a bunch of appointments some works son don't and it you just if you keep making the calls and you keep doing the work the business just goes like this but otherwise you go like this rich poor rich poor rich poor who's ever been there before say I okay look at your buddy and say that was all you alright come back to me now the fourth thing I said you is the consumers expect to push a button and have magic happen the consumer and I'm going to talk to you guys about it tomorrow and positioning and certainly this afternoon the consumer trusts uber drivers more than real estate agents that's not a good sign my friends and like some agents that don't sell houses are also over drivers so maybe there's a crossover there's definitely a connection my point to you is in the world we live in today and we're actually to talk about today and tomorrow we're going through the industrialization of a real estate transaction that what Henry Ford did for automobiles what Amazon did for e-commerce is happening in our space so if your expertise was nurturing a single transaction in a file from contract to close you're going to become obsolete that work is going to be done by a machine by a robot outsourced to somebody else and far better than any one of us inside this room and then the question becomes if that's your thing what are you gonna do now think about it board pax Indy or your New York City or in LA you're with element you're a Newport okay if you're in New York City board packs need to be disrupted all my New York City people in the house say I everybody in New York City knows what I'm saying and that's going to be done just like about two billion dollars that have been invested in our industry that are only focused on one thing the transaction management piece how do we make that so turnkey so easy that the agent hits a button and magic happens and the buyers and sellers are taken care of now will we have to negotiate crazy people off the fence will we have to deal with the other agents what do you guys think of course but the transaction and the paperwork done what are you gonna do when that happens let's look at number 5 I said you got to build the marketing Parthenon that you've got to have multiple pillars of lead generation this was last year's conversation I'm just reminding you let's look at number seven we got to position ourselves as the agent of trust I'm gonna show you guys some data tomorrow that's going to excite you consumers level of trust for real estate agents right now is arguably at an all-time low is that an opportunity for us yes or yeah that's an opportunity for us we shouldn't be upset by it we should do something about it and we're going to talk to about all the strategies that you can implement to make that happen Steve Kim what you're doing on Instagram I'm going to show people today and let's look at the next one we got to up our game on experience Disneyland's across the street do we have any locals that have been the Disneyland like 20 years ago 30 years ago raise your hands if you were at Disneyland 20 or 30 years ago do you guys remember the e-ticket ride the e-ticket ride was the right those are the best rides the best experiences you paid a little more money yet to get the special ticket to get it I would argue that today the consumers want a better experience they want to be surprised and delighted they want the opposite of what the data tells us which is most consumers would rather get a root canal than talk to an agent I'm not kidding this is consumer data they also said most consumers the Assumption Michael about buying a house is it's going to be friction conflict upset and anger most of the time they go into the process thinking that with us can we disrupt that yes or yes yes and the last one I said you number eight that a team will always out produce an individual that a team will always out produce an individual raise your hands if you have a team or you're on a team in this room raise your hands really high really really high look around the room guys look around the room you have a team or you're on a team now I'm not knocking you put your hands down if you're a solo entrepreneur I am arguing in the game of tug of war with the consumers and marketing and transaction management and quality control these five will beat that individual what do you guys think what do you guys think the challenge that most of you have in this room how many of you're on a team say I listen to me your team's too small your team's too small you have 15 I want you to have a hundred oh my god Lydia a hundred okay you 200 because you think bigger Dave what you're building right now should be 10,000 agents across the country you with me are you still doing the same thing we discussed a while ago what we're seeing right now in the industry of my friends is teams as I said in 2014 are going to absolutely take over the industry and they have all you have to do is look at the Wall Street Journal top 1,000 the 500 that are on teams the barrier of entry on transactions and volume is ginormous when we started that 14 years ago you could do a hundred million dollars a year and you'd be on the list you're doing a hundred million dollars now you don't even show up on the map you're not even in consideration to be one of the top 500 now it's 500 million eight hundred million seven hundred million that's all team so I want to know from you how did you do this is the coaching side tell your buddy how did you do on those eight or more importantly where do you need to recommit share with your buddy very quickly of those eight where do you need to recommit [Music] [Applause] [Music] [Applause] [Music] [Applause]

Channel: Tom Ferry

Views: 41,099

Keywords: tom ferry, real estate, real estate coaching, real estate training, real estate school, real estate marketing, business entrepreneur, how to be undisruptable, real estate market, state of the market, market conditions, Q4

Id: B4Xt508BaC4

Length: 26min 44sec (1604 seconds)

Published: Wed Oct 02 2019