How to Be a Successful Real Estate Agent in 2021

[Applause] hey so welcome back to the tom ferry podcast experience episode 100 brenda tristan patrick yes thank you for my friends out there listening or watching by the way it would mean the world to me if you would subscribe subscribe i don't think i've asked anybody to subscribe yet and yet we're at like 105 106 on the top 100 whatever list of podcasts for business so thank you thank you thank you thank you thank you thank you do me a favor subscribe let me know um in honor of episode 100 i've got my brother patrick here patrick uh first of all thank you for driving up from san diego i'm in orange county which is kind of fun for me um today we want to talk about agents who underperform their potential what do they need to do about it and new agents based upon all the questions that i get you know call it 30 40 of all the questions really fall under that category and you and i have been bantering about it i know you have a lot to share here so why don't you start introduce yourself for the people that haven't met you don't know you who's patrick ferry why should they care so yes and thank you and thanks for being on episode 100 baby and subscribe and then hit the notification and yeah by the way i now lo obsessed with youtube podcast so i'm watching all my podcasts on youtube and i'm loving it and speeding it up right because thank you exactly faster but if you're listening to this on slow motion like speed it up you can get through it much faster get all the content your brain works faster than you think yeah no i love it so so yes so patrick ferry and you know i've been in the industry i think 17 years kind of as a the youngest fairy of all these fairies right and uh you know and i've been with tom ferry coaching and as a coach and as a speaker and just participant and as a as a client my wife is a client i think for now eight years okay and then i married carly my beautiful wife in san diego and she was a real estate agent she was a client which i was not supposed to do that of course right breaking the rules once again yes yes and then i got my real estate license so five years ago i actually was an active real estate agent but i was really part-time so i was on kai and carly's team selling some homes and so you know in that time i've learned a lot and so i've created a lot of compassion around what the new agent's experience is right and i've learned a lot on how do we help those new agents in 2020 and in 2021 and that's really what i'd like to help out that's what we want to talk about today and i want to stress though there are a lot of people that listen to me and i love you all some of them just underperform their potential and if i go back to like you know i've got this i give out my cell phone number and i got these people texting me and and the questions basically are either tom i'm doing 30 60 90 100 300 i had a guy say to me i'm at like three million dollars in gci how do i go to eight yeah right i get that question or i get i'm brand new what do i do first i'm brand new should i be on a team or should i go solo i'm brand new how do i talk to my sphere and create a story so i want to get into all those questions because i think those questions are just as relevant to the person that's underperforming their potential because they don't have a story right they don't know how to call their sphere and and deliver value and be of service they're they're like trying to sell them a house or trying to figure out a referral and that's kind of the wrong approach we want to address all of that so if you're one of my rock star agents you can either turn this off or you can listen and enjoy because pat's wildly entertaining and i think i do a pretty good job and there'll be a bunch of nuggets but if you are newer to the industry or you've underperformed your potential buckle up and listen because i've got i don't know we've got eight or nine subjects we want to cover 100 so let's go right to the first one starting a business is hard and most people don't understand that most people get into real estate it's a second third fourth you know career move you know you you were mature at 40 going into the business that's that's a pretty typical experience for people they hallucinate what the business is there's seven million options of things they think they need to know where should they work how how does one sort through all that and actually start selling houses big question huge question and so you know you said some some very important things you know over in the last couple of years in your podcast in your training and that is identify a problem that you see in the marketplace right and then figure out how to provide the solution to that problem yes and figure out how to do that in real estate and i think i think if that's the one thing this is where i think you know historically say it again though because i don't think people like like every business is basically formed with this hypothesis yes i sense a problem i think i can do it better it's only a hypothesis now can i take that out to market and test it and get a response and then start to scale it and then turn into something that is repeatable and scalable if i truly want to have a great business yes but but most people don't do that they go into real estate because they like houses and people yeah or they lost a career and housing looks easy and i can make a bunch of money look at those commissions look at those a million dollar listing yeah no i know yeah this is it's this is this is not an easy business i wish more brokers would say hey buckle up this is going to be the hardest year of your life right you're going to have to spend more time studying and researching and learning new stuff you're going to get more rejection you've ever gotten before but if you do figure out how to solve problems if you do figure out how to uh teach people how real estate is one of the most amazing assets in the world and you help them to make great decisions with buying and selling and moving their family along if you figure out how to do that this is going to be one of the most amazing businesses financially for you yeah and can create extraordinary lifestyle but buckle up because it's going to be really hard right right you know all the studies show that the first 90 days of any new job so i'm looking at like you know brenda and tristan who've been with me for a long time but like remember the first nine days you you you're here you're like different right because today now we're all displaced and you know working from home but like when you're at the office you're like who is the person i'm sitting next to what is this all about i kind of know what my job is they've given me all these new racks i got to learn all this stuff imagine that but there is nobody telling you what to do there's no one telling you what to do welcome to real estate here's your desk here's your phone good luck kid you're on your own that that's real estate yeah let's go specifically yeah to the reason why most people fail they don't attract clients 100 like that's it if you track clients like you're going to be fine why in your opinion to most agents that are new or underperforming not attract the right number of clients and then what should they do to simplify it and really hone in to get good yeah that's a great question and i think it boils down to the choice of the lead generation source that they're going to go after okay and that's a hard choice right so you know we've got so many different options today you know we we don't have open houses in most states but but it was probably one of the best option for a new get face-to-face with the buyer but if you tried that out and you screwed up it wouldn't really work you had to really be all in on it now that's the buy side equation there are some people who are really good on the buy side equation so you've got open house you've got internet leads you've got zillow you've got realtor.com you've got quite a few referral sources right now right right but and you got your sphere where it should be a little bit easier if you have a good story right so you got lots of options on the buy side but i think you know the reality is is to be really good with the buy side it's not just set people up on a saved search have a quick conversation and then you know then hope that they'll call you to show you uh to show a property and then hope it's all going to work out and so to go back to your main point which is the what is the what is the value of the service that we can offer the buyer yeah how could we make it a better experience for them how could we help them navigate the decisions in today's market how can we help them to understand what financing is and how it works how can we help them understand what their options are today and i think where the new agent really struggles is is they're trying to learn so much stuff that they actually kind of get lost in the minutia versus hey what is the most impactful things that i could share today with today's buyer the people that i'm going to meet at the open house the people i'm going to talk to today on you know from the internet lead and how can i make it a better experience for them from from what i'm learning and the resources and tools that i have within my organization and i think if you slow down for a second and you just focused on how do i make it a better experience for them the buyer and use the tools and resources i have to level up the perceived value and make them have a great experience and get a win then you will win and that's hard to do hold on easy to say right really okay so if you're listening right now if you're listening as you're listening right now sitting down with a friend of mine recently and i'm not going to say his name you would all you would all know i'm wildly successful but in a very different industry and a lot of controversy surrounds this guy so i'll just leave it at that he said to me what's your like secret sauce what's your magic formula and i said you know i'm a good synthesizer yeah and he's like yeah i agree so for my for my friend watching right now or listening patrick's saying all this stuff and what's going through my mind is the the agent doesn't even know like they haven't bought like a new agent hasn't bought enough houses to know how horrible the experience is to know the uncertainty that a consumer has right i presented an offer why has no one responded what is this request for this and what is this and what do you mean and then my mortgage person is now delayed and everything right and it's so stressful but they don't know that because they haven't done it enough or they haven't done it a long time or maybe their model of it is 10 years ago the last time they bought a house they don't know today's realities the thing that i would tell you my secret sauce has always been asking a lot of people for their opinion so what if you went on your facebook page just randomly and said you all know that i'm selling houses i'm curious can you share with me the biggest horror story you ever had in buying a house and then get all of your friends to tell you their horror stories then come back later and say what did you dislike most about shopping for a home negotiating for a home writing an offer buying a house moving in closing it finding out 18 months later that you made a mistake with your request for repairs and should have gotten this this this that like and you literally have them tell you all of the horror stories and then now what do you have now like if you had all that information from your sphere what do you have now you've got all the problems and you've got a great opportunity to help people and provide significant value right now i will just one point to this and i think the for the newer agents out there or even the maybe some of the struggling underperforming agent this is i think the value of a team so one thing i would say about the value of a team i joined a team right i joined my wife and my father-in-law and what that gave me was an opportunity to be involved in a lot of transactions to see it firsthand yes where i got to experience it right so i went on a lot of showings i i heard a lot of stories about negotiations about what was going on i went on a lot of listing appointments and sat there and watched what was going on and saw as what they were saying was that working was that not working so i think after a while after i'd been in enough scenarios i'd been in enough houses i've sat in enough open houses my confidence rose but i saw i was like this is stupid that's stupid that's stupid that's stupid that's stupid we can make this way better and we can make it better for them yeah and i think they really need you know the value of a team where i think a lot of newer agents are undervaluing that opportunity yeah that there's amazing teams and those amazing mentors that they can literally just go shadow and be with for the next year learn everything that you need to learn for the next year and then earn some good money in the process and then go kick butt for the rest of your career okay so we're going to definitely talk about what we refer to as the decision in the notes but i'm going to drive back to the very beginning of this when we said the number one reason why people fail is either they try too many lead sources and they never go deep or they never really work towards mastering one yes and so i want to i want to share just a little insight and then i want to get your opinion on it so i get asked this question all the time on instagram or text or how do i get my first listing like that's like i get that 100 times a month how do i get my first listing and and i say look you basically got to make a choice because it's not your first listing it's how do i get you 100 listings over the next like two or three years is what you're really asking right it's like give me a path of certainty to get more listings because that solves a major problem and makes everybody successful etc so i say you're going to basically make a choice you're either going to learn why people that don't like you don't like you or why people that have listed in the past and had a bad experience are upset by everybody now calling and saying i can do it better aka survey for sale by owners and survey expired listings and when i say survey i don't mean call them and say i'd like to come list your house to brand new agent i mean you take the time to call them for 60 to 90 days as a separate project for only one reason what you said earlier the advantage you had being on a team is you were surrounded by people that were doing deals that were going on showings that were going on listing appointments but a brand new agent doesn't have that no if they're on their own they don't have that so how do you get that you get experience by calling it saying mr fair i saw that you're trying to sell your home on your own i'm just curious as a agent in town i have no intention of asking you for your listing i would just like to ask you a few questions so i understand kind of where you're at what you're thinking about tell me like what was the number one reason why you didn't list with a real estate agent yeah save the commission do it myself whatever it is yeah awesome and i'm assuming you've sold homes in the past so like that would be it like and that's a totally lame example i'd ask like 10 better questions but like yeah but the point is like you're calling them to like the better one is expireds hi ring ring ring hi mr ferrari this is thunder i'm doing a survey of people that tried to sell and it didn't work out and i'm curious would you answer just three questions for me number one what was the number one expectation you had of the agent and where did they potentially fail you yeah right and then you take all that data and i think of like the number of new agents that i've given this project to and they've gone out and executed and they only needed to do it with like eight or ten people before they realized sellers that had an expectation that was unmet were dissatisfied in these three categories and then people that tried to sell for sale by owner did it because they're just straight up a diy you know there's just that percentage or they had a really bad experience with an agent in the past and said themselves i can i can do this with today's modern technology blah blah blah even though members are very small that actually do but once they have that they have a story yes right now when you're on the soccer field and your friends like hey how's it going in real estate like you know i just surveyed like 55 people that tried to sell and they didn't sell can you believe that in this market they didn't sell and the interesting thing was i discovered there was basically three reasons why they were dissatisfied and it didn't work out and then you just look away and what's your friend gonna do yeah what are the three things so i tell people like if you take that path you can learn those experiences and you can create a story versus the other path which is you just call your sphere right and it is a slower road to china you with me this makes you very mature very quickly this puts you basically up against zillow open door every experienced agent in town you're not the only person they know with a real estate license this gives you some depth this is very slow thoughts or opinions yeah no i love the example of the fsbo and expired it's a that's a 100 accurate because the for sale by owner thinks that they can do it on their own so when you really look at what they do how they're doing it how they're approaching it how they're pricing it and you do follow the listing over the course of the next 90 days and and continue to talk to them you'll hear everything that they're experiencing and you'll realize that they actually don't know what they're doing right and you'll hear some horror stories along the way of course i just literally got another email from a fsbo i went on two years ago yeah and he still has not sold and he's been trying non-stop the hottest market in san diego it's the slam dunk and he still can't figure out how to sell his condo by himself he tried rex he just tried flat fees like but and that's the thing though is when i watch that and observe that i realize all of the mistakes that he's making in the process and i realize and it validates all of the things that i've learned about what works and why it works and that's really important yeah same thing with the expireds is you really get a sense of okay what were the mistakes and that gives you a ton of confidence right yep so you know i'm going to do it different direction if you haven't read nar's recent report on home buyers home sellers that report and then zillow's report on experiences home buyers and sellers are having and yes both of them clearly are trying to paint a narrative right like zillow's trying to say you should go i buyer because you know blah blah blah blah and ar is obviously saying agents should be better and the experience matters but at the end of the day as a brand new agent by learning that insight that data those data points you really get a sense of like this is what buyers think this is what sellers think these are the problems how can i solve them in in any way let alone a unique way and if you do that you have a competitive edge because here's the thing like there's like 10 million agents around the world and they'll be like i don't know 40 or 50 000 that'll listen to this that's pretty small percentage you with me and there's a lot of other good ideas out there that figured this out but i would argue that the vast majority of agents don't come from the standpoint of the consumer has a problem they're having a horrible experience how do i make it better so by you doing this you're leapfrogging the competition into a level of better success more reliable success more consistent success let me give one very specific example of this which is very recent one of my new coaching clients 24 years old in austin texas graduated from ut yeah and he was really obsessed with um with real estate investing uh shout out to andreas bustamante yes okay and he's super into real estate investing but when i got him he was calling the fizz was inspired so he was in the hustle and i said look man trying to find listings yep and he was telling me the story about how he wants to help these college students create kind of get their first home kind of house hacking yes maybe talk to the parents to get them to start thinking real estate investing yeah so he he had this vision of this a problem that he wanted to solve and he and i was like look you got to do it you got to buy one and let's you need to do your house hacking strategy he did it so he buy buys the house rents out the other rooms he's living for free and i said listen you need to post this on instagram and you need to write out the numbers this is exactly how this worked boom boom boom boom boom hashtag share with your parents so right within one week four appointments couple buddies said hey man we want to buy a four plex we want to do what you did we want to buy it over here puts the four plex under contract then i said do the post exactly again tell the number of the story and just write it out in the post boom fast forward six months he has 13 in escrow right now yes and it's because he found that there's the solution he found a problem and solved it exactly he found a problem and he solved it am i 100 that's exactly why i bring that out right and it's a an amazing solution so that to me is a great example so let's stop for a second really fast first of all it's a killer example um this is what happens when your older brother little brother you just like rudely just cut him off and just you know he knows i love him he's mean to me all the time just just saying no i'm playing um stop right now and make up a list and ask yourself what are all the problems that a buyer faces yes right uh is it easy to find a house no is it easy to find a great agent that can negotiate on your behalf is it easy to write an offer that gets accepted no is it easy to get financing maybe yeah okay okay is it easy to get the best rates and points and financing vehicles i mean if you just go to one person and get you know like so so the point is if you started making up that list is it easy to only look at homes online is it easy to buy a home during a pandemic is it easy to buy in a lightning hot market is it easy to buy if you're in a super luxury market there's lots of inventory the point is if you start listing out all the problems and then you say to yourself okay what's the obvious way that i can solve this that is good for the client right that does good that is good and could be like replicated time and time again before you even say what's a unique way to do it like like the case and point of like right now we have an inventory crisis in almost every major marketplace that we're talking to people like literally every single one of them and yet inventory is an issue and how many agents that are new know to write a magic buyer letter know how to use their buyer as a way to generate listings you with me on this so what are your thoughts on that making up a list of all the problems and attacking it should they attack all of them should they attack one of them should they narrow in like your client and just do one thing and nail it how do you know if it's the right thing uh just no that list was was perfect that's exactly what they need to do i've asked two coaching clients this week i said hey how do you you know if i was your perfect buyer client what do you do for me and both of them were kind of the same response well i'd have a phone conversation with you and i'd set you up on a search and then you'd call me when you want to see a property and i'm like that's it like that's all we're gonna do experience right like and so that you know but like not that they were bad no but then i was like okay one of them is working on some new construction i'm like so how many new construction are there in your area oh well there's like 10. yeah okay so could you offer a consultation said hey why don't i why don't you come in i'm going to sit you down i'm going to i'm going to put put up on my computer screen all 10 of the websites of each one of those con things i'm going to put google maps up and then i'm going to put my mls up come in and let's just review all 10 of those projects let's talk about the pros and cons of each one let's talk areas taking the time to show that yes but see and then as soon as i said that to her she was like oh my god that would be awesome right and i was like exactly that's where you become the advisor you become the consultant you're adding value because normally that's just well we'll just go drive let's go look at them well that's two three four five hours of wasted time where really you could have spent 30 minutes and solved you would have eliminated five of the projects you would have narrowed down the top two and then you could have contrasted those new construction versus the resale at the price point and they would have been like thank you so much yes yes and i would have taken 45 minutes to an hour it would have saved all of us you know tons of hours in the car and you would have closed the deal you would have had a loyal client it solves the problem but i think when you wrote that list like that's exactly what it takes and then you know that let's just let's be honest the off market opportunity in 2021 is going to be one of the best opportunities that exist in the marketplace and i watch everyone knows that there are regulations around this and companies have stayed compliant by creating their own in-house versions of it like just for those of you out there that are watching that are like but wait a minute i thought you know like we all understand the rules be compliant with the rules let's let's create two simple things i wrote an offer on a property in a neighborhood and my offer doesn't get accepted so therefore as an agent i could just go sit back on the couch and drink another glass of wine or i could do two things number one i could call any of my friends family anyone that i know that lives in that zip code in that area and say hey i've got this amazing family i should introduce you let's have let's have a beer come over and meet them because they're going to move into your area i was trying i showed that property wrote an offer in your neighborhood do you know any of your friends neighbors that have any consideration of selling because i'm going the extra mile for my client yeah and it's a sad story that they wrote an offer it didn't get accepted yep so where is that i agree then number two is well we can go back to all the expired cancel withdrawn over the last five years you could call the agent who listed and say hey by the way right you could look up any of the four rents in in the mls for rents on zillow there's for rents you can write a letter to the owner you can call the owner and you could say hey my buyer wrote the thing are you guys thinking about selling markets on fire what do you think okay then hand address hand stamped magic buyer letter the letter i think in 2021 the letter of i wrote my client wrote an offer on your neighbor's house is going to get the best response yeah and i think it's going to be most amazing response hand-addressed hand-stamped non-branded can't have can't speak real estate can't look real estate because then it's just a marketing solicitation but if it actually says i'm representing the smiths they wrote an offer on 124 banana street i'm sure you heard there were six offers on that property tragically they didn't get it they desperately want to be in your neighborhood it works right but you got to do it at scale you got to send it to like a hundred well we did you know carly did the exact same the letter was very clear picture of the buyers they love you know those channel lions they loved it we did 80 homes four phone calls yeah so when it's real yes it works it doesn't it doesn't need to be at 300 are you implying that agents might be sending non-real photo yes yeah yeah and you have permission to send that so if any of you guys have gone on enough listing appointments you all know that the seller's like well there's been many people that said that they had a buyer yeah so that narrative is already in the mind of the sellers right now so we need to level up that story and kind of take it to the next level now i will tell you another thing yeah and now the other thing too is i think the kind of the just listed just sold talking to the neighbors about the listing through the through the journey of hey there's five offers there's three other buyers right now i think that's going to be a huge opportunity in 2021. we got to pull up the old letter from my client in dallas and i'm so sorry cody lombard god i got a memory for this stuff cody's letter was uh it happened again right like something like that the headline and it literally said uh one two three four banana street sold in 48 hours had 16 offers had 7 000 views had 127 people through the property and guess what you have a new neighbor they're really excited but 128 people are crying in their soup because they desperately want to live in irvine terrace or whatever the neighborhood was and then he's like i'm sitting on 127 people that are ready to go right now if you've had any thought like like that was the letter and he killed it we killed like that's in the tom ferry archive some place because that because that's an early 2010 yikes letter right out there you know what i'm talking about remember so go deeper with the data and also go talk to the neighbors right i think the just listed just sold you know phone calls are going to kill it and it may be that you do it at the beginning there might be three different touches right i've been telling on my coaching hands look you have 60 days to communicate with the neighborhood between we got the listing signed to on the market to under contract to the escrow process to close you got 60 days you can't tell me that you can't go find another listing within 60 days within that community you're going to be in and out of that neighborhood five ten times over the 60 days right come on yeah right okay so i'm going to circle this back around because i feel like we might be a little advanced so and and i'm not saying advanced like a bad thing like hopefully we're giving you a future that you can live into i want to go back to i'm a brand new agent and you know what all this sounds great but i don't know what the problems are and and i just i'm in my head and i think all i need is just like a boost of confidence yes a reason to call you with me like a reason to call my sphere um what advice do you have around just framing a story of why i got into real estate you with me on this let's just go there because this is just like every every veteran agent needs this every agent when they switch companies this is what they need yes 100 and you and you nailed it it's the story so why did you get into real estate so when you're when you got when you get into real estate and you you're out socially you're talking about you know you're talking to your friends you're talking your family and you you're on zoom hangouts having a glass of wine you know whatever yeah i think you have to tell a story but the story has to have it's basically pr right you've got to actually have some really important insights in there that say this is why i'm doing this and it's got to be better than like oh i really like houses and i want to give it a shot i want to help my friends yeah you know no it's got to be something interesting so i and i've done i did like an interview just the other day and one of the young guys very successful and very he said look i bought a house with my cousin and he's exactly that he said i bought a house with my cousin and i was like man she made all that money and she barely did anything i know i could have done a better job that was what he just said to me now he didn't curate that story but like i know for me i had to curate myself but i would argue that that story is probably not enough to have a consumer go oh so now you're going to not do a lot and make a lot of money but but i know what you're saying like it's okay it's the start of it okay think about this like if you wrote down all everyone listening right now you just wrote down like why did i really get into this business and you focus on the problem that you identified right now whether that was the actual reason or not sink your teeth into saying to friends well you know i lost my job so i thought i'd go sell some houses because the commissions are big versus you know i was talking with like five of my friends and i was sorting through like what would be the optimal thing for me to do and you know me i'm a problem solver that's what i've done my entire life and i asked them all what was the experience like buying a house and the horror stories that they posted on my facebook page and you know what i did patrick it's cemented for me that there is a place for a problem solver who is really client-centric who cares passionately about people but is ruthless at solving the problem and taking care of my people so real estate became a no-brainer for me i'm just pulling that out of my ass but you're with me but like something because otherwise like when they leave and they go why is patrick selling houses well you know he got fired he wants to make money yeah versus you know pat was always a problem solver yeah and now he's now he's solving probably like you know it's something right and i think that's where the you know i think a majority of the newer agents have a struggle talking to their sphere is because they actually have not connected with why they're doing this you know how they want to help people you know and i can now it's a benefit to the client not to you yes and i would say you know really if real estate as an asset class is amazing this is one of the most incredible asset classes right and i will venture to say and i'd love your correction on this this whole concept of find your dream home is a bunch of bs it's not about a dream i'm on my fourth home still not my dream home yeah but it is about really improving the quality of my lifestyle and helping me to achieve kind of what my family goals are what my life goals are it's really about those kind of personal goals and lifestyle qualities that people want so if you're when you're having a conversation with your friend when we're talking about real estate we're talking about schools we're talking about proximity to the beach we're talking about you know two-story we're talking about the lifestyle second second home office whatever it may be yes it's all these lifestyle qualities and so it's really about helping people to find that next property that improves the quality of their life that's interesting to me and i love to have that conversation with people so what i love about that is on one hand you could say here's the problem on the other side it's the opportunity yes now you and i both know most more people are influenced by the pain than they are by the pleasure but having both so maybe today you need to write down everybody what's the problem you solve and then what's the opportunity that you provide like and what do you do like i'm just shocked by how many people like patrick do you know anybody that's like living in the same house they've lived in for like 15 years yeah i mean think about if you you know do you know that if you bought a home 15 years ago anywhere in the world the value went from x to 3x and and what they're doing is they're sitting on all this equity christine remember christina martinez remember my client a million years ago so christina big shout out to you if you're listening or anybody on your team like she's got to be like i've been doctor in a while like she's got to be retired she was she was done a long time ago christina said to me one day i figured it out coach i said what's that she says i'm not looking for motivated people i was like tell me more she goes yes everyone else is searching for people that are motivated to buy and sell right now there just isn't enough of them i'm just looking for people with equity in their house that would like to retire one day i go yeah tell me more about that and here's what she did her whole motto was you have your home you've been in it for 15 years you've got this much inequity you're sitting on money that isn't being activated if we go buy you a new construction house it's going to get greater appreciation with a piece of that equity and let's go buy you a duplex yeah and and that led to sort of the coup de grace of our coaching relationship which she was doing seminars for 200 300 400 people at a time teaching this to people that are sitting on equity that then raced back to the back of the room to schedule an appointment to figure out how they could buy a new construction house so they would get more appreciation by duplex triplex four plants etc and create a fortune all day long right so that ambition side asset class right and lifestyle yeah but do you think do you think it all comes down to what resonates for the individual listening yes you resonate with all that yeah but let's but let's touch that thing for one more second which is the second thing that i notice is real estate is an investment and it can build long-term wealth so if if we're not talking about that if that's not part of our conversation of hey tom is this a short-term you know purchase or what's your long-term real estate goals you know do you or any of your family members are are they investing in real estate do you have any aspirations of investing in real estate why aren't we asking all of our friends this is this is this your first house or is this your last house yeah or or you know you're talking to the parents you know you know what percentage of your retirement is in real estate and have you ever had any aspirations to have real estate a part of your retirement and tell me a little bit about what your experience is with that what you know what you don't yeah and i would love to be able to go out and see if i can find you a couple opportunities because everybody's interested in that okay can a brand new agent ask those questions they can't 100 but they but they got to do you know like and let's just go one of the main points that we talked about is you know my new agents if you're not spending two hours a day studying researching learning how to understand real estate real estate asset class sales marketing you know training you're not even really finance mortgages yes two hours a day minimum standard i was asking one of my clients today i was like how much how much time are you spending in learning new content oh well maybe about 15 minutes and he was wondering why he's in a slump yeah he's wondering why he's stale exactly come on give me a break how much time do you think you uh you can't i'm at least i'm at least probably like two and a half hours at 1.75 times the speed yeah yeah yeah i'm at like 90 minutes and that doesn't include reading that's just like listening to you know listening to podcasts watching youtube videos trying to get informed ted talks here and there other podcasts like just trying to suck in enough information right and then reading you gotta you gotta put reading on top of that because you gotta read all the email news you gotta read housing wire you gotta know what's going on with kcm you gotta be like you gotta read the wall street journal you have to understand what's going on in the world or you can't talk to people no exactly kate confidence builder by the way big time confidence builder big time and i think uh you know uh shoot what was one of the points that you you had on there um i think it's yeah i'll just i'll leave it at that it's a confidence bill yeah okay so let's let's go to how does a new or underperforming rock star to be who really wants to kill it how do they leverage their company's resources and all the players yeah big mistake that i made which was i didn't create a good relationship with the broker right the real the legal counsel yeah broker of record amazing and it was only until i got in trouble did i realize how amazing he was and i and then i also did are you going to tell us the story of how you got in trouble absolutely not and and i also didn't take advantage of somebody needs to google if patrick ferry was ever arrested for anything really in san diego i'm kidding it was a mistake on on a on a for sale by owner listing that i took i made a mistake in the mls i thought i solved it and i didn't do it the right way yeah i mean and the reason if i would have had a better relationship a with the transaction coordinator in the office she would have helped me if i would had a better if i would have called my broker and said hey here's what happened i want to make sure that i did this right and and went all the way if i would have that better relationship i wouldn't it wouldn't have happened and so that is if i would have gone and actually instead of avoiding the loan officers in in the company when interviewed all of them and figured everything they had to share go talk to the title rep and learn about title and understand title go talk to the escrow company take them to lunch and figure out really what the escrow process is what are the mistakes what are all the things go interview all of the players inside of the organization and make them a part of your team so that you can have the confidence to go out and put transactions together but patrick they won't talk to me they're all too busy no that's not it's no yeah that's not how this girl's they want to talk to you yes and they would love to give you attention they want to share what their wisdom is they want to share their insights right they want you to win because no one needs another knucklehead no exactly exactly so i think that you know really is a huge lesson that i i made that mistake so get to know very costly yeah get to know the players ask a lot of questions how do they how do they happen like what was the number one question we had for like 10 straight years what crm should i use and my answer was the one your broker provides you for free like that's the one you should use because crm is asking me that is like what car should you drive right i don't know what car do you like there's eight million of them same thing with crms but if all fails go with the free one go with the one that's already in your tech fee so are you talking about that are you talking about something else when you say resources um let's talk crm for two seconds but yes resources but like really this i would say the leaders who are experts in each of the the disciplines of real estate between escrow title mortgage the broker the whoever runs the contracts whoever really the make friends with everybody even if you're not making friends with someone everybody in the organization that's a major mistake i am now buddies with all of them yeah and i call them all and they answer my phone call because i have asked them a lot of great questions i praise them and appreciate what they do and how they do it okay that's the one number two but on the resources thing let's just talk crm for two seconds new agents if you have not gone through your entire phone and you haven't said do they own a home are they renting and you haven't made it and put a tag or a label own a home or renting in san diego i was like do they live in san diego do they know me are they my sphere of influence sphere of influence right you just need to go through your phone and just make a decision now if i go talk to the lender and the lender says oh my gosh right ruby was telling me she got 2.5 interest rate on a property right the first thing in my mind was like that is unbelievable i should go call text email do a social post with and try and reach everybody that is interested in buying and go 2.5 is available right now this is the best i've ever seen if you have if you don't understand what that means let's talk if you know what it means and you want to get in the game let's right and so i feel like there's a you know you just look at your phone right and so so i love the key distinction go through your entire phone yeah and i think it's just like it just says patrick fairy oh owner yeah tom ferry our renter right as an example so every time you're talking to any one of your friends or texting with anybody inside your sphere you're like he's a renter she's a renter how am i going to help that person 100 right so i love that's a great simple distinction so easy yeah right okay let's go to the framework yeah framework this is okay this is key so for my friends that are listening i know we keep we're he and i get excited we start talking about like 57 000 things and then we have to like tone it back down and just go okay listen we understand where you're at we want to help you you're listening we love you now you're ready most people fail because they don't understand marketing and lead generation and and you are about to get i would argue one of the best frameworks i've heard for the tactics behind being successful before you actually say open houses are a good idea or zillow is a good idea or any lead source a good idea because there's a framework for what you need to understand to be effective for that client class if you will that segment of the market so describe the framework give them the story and let's educate them yeah so the back story very simple is i was working with a ton of agents brand new to the best in the world and they were making calls and i saw all the right i saw a bunch of different mindsets i saw the good the bad mindset you're talking about you ran a prospecting camp yes where people would pay and show up for two days and make phone calls and patrick would just walk around and split in and listen to both sides of the conversation and then give them coaching 100 and the typical person would set how many appointments in a one or two day experience well in the beginning i was it was not good only the good ones set up one minute but once i learned how to get this done everybody set on average four appointments whether or not they're brand new yeah and then the good ones would be at like 10 appointments within two days yeah because of the framework so for context setting four to six appointments in two days as a brand new agent is game changer life-changing it's like because you realize omg i can do this for the rest of my life now because i've got the framework so we built it up they understand it they get the context and how many of those schools did you run just like probably i don't know about like three a month and i probably had like 5 000 agents over those years so decent case study and yeah and i basically you know i think between me and them we probably set ten thousand appointments yeah easy easy so so let's take uh let's take justice just sold as a case study as an example right so here's what i learned number one is agents you gotta look at when i say hey you should talk to the neighbors of the listing one thing happened right is i'd see the agent would have these kind of negative thoughts hesitation and resistance so i was like wait a minute what's going on in your head about this and they would inevitably say well i don't think that the neighbors would want to talk to me no one really cares they're gonna think i'm a salesperson so there's all this this is preconceived negative going on in your head that doesn't you gotta we gotta clear that out so then i'd say all right well let's talk about what the actual value of the service that you're offering how could you help them and let's so right now in 2021 if you're talking to the neighbor we're sharing the best news that's ever happened congratulations your home just went up by way up and so actually the neighbors are really very interested in what that property was listed for versus what it sold for so that's actually the real truth and so we had to get them away from the negativity and get them into the psychology of the homeowner and what the real value was now there's a second part to that which is the right person is actually going to appreciate this conversation the motivated interested seller wants to know this so the motivated interested research phase seller yes they want to know this so you got to understand i've seen a lot of this big mistake where we optimize our script for the wrong client not the ideal client so say that again we optimize our script for the jerk yeah well they don't want to talk to me and so we like get to the point with them or we're really short and we're like oh that's the information hang up yeah no no no optimize your script for the ideal client the ideal client absolutely wants to know what it was listed for yeah they absolutely want to know what it sold for they absolutely want to know how many offers it got and what happened so when you deliver that there's actually great value in that and as the local expert and this is what i would do to the agent i'd say look no one knows this neighborhood this market better than you at this moment in time yeah you understand the buyer demand you understand the value you've just spent the last couple of months studying the comps so no one knows this better than you right now so you are the absolute perfect person you're the alpha to have a conversation with the neighbors and isn't it really your obligation to be available to have a conversation with the neighbors about values and prices and what's going on with the market so what what did i do to their mindset yeah well you they were they were going a you said how about b you change their mindset and give them a different perspective you it's the arc of perspective so you said a lot there and i was writing down so it's what's the value of the service that you're really providing what's the psychology the prospect what do they want to know what how are they feeling forget how you're feeling yes do people want to know if they just made money without doing anything i would argue the answer is yes right and then motivated research phase sellers want to know this information and they will stay on the phone with you longer 100 so so the first part of the framework is getting your mindset to get aligned with the best possible prospect in that community that you're calling marketing emailing yeah you got it that's what's the second part of the framework second part of the framework is and you you nailed it with the research understand the customer's journey yeah where are they going to be at and based upon where they're at what do they want what would be valuable to them so if i'm a neighbor and i'm considering putting my home on the market in 90 days you saying hey here's what's going on with the market do you have any questions about prices in the neighborhood or what's going on the market most likely they're going to ask you more questions about value so what can you now offer them hey would you like me to share do a little light comp for you would you like me to keep you up to date on what happened with the sale if you if it hasn't closed yet which is great great right most of the time they're a yes yeah hey you know we got four offers and we're over a list price would you like me to follow up with you to let you know what it sells for they're like well yeah absolutely yes because the motivated side wants that so then now if they're 90 days out what do they want to know they want to know things like hey what what are two or three things that i can do now and between now and on the market that i can either improve the you know prove the value of my home right right is there anything that i need to fix change or improve you know so you want to you want to offer some of those things or at least meet them where they're at okay so let's let's keep moving from there and let's jump into skills okay fair so your mindset their mindset and the value of your service now skills so in the skills conversation this is where okay if i'm talking to neighbors of my listing should you be patrick ferry from keller williams realty no i'm i'm the local agent of the property that you know just right down the street you know banana street right around the corner if you can demonstrate that you're the local agent there's something about the resistance goes down yeah so i realized that you actually say that or is it just like hey patrick ferry local agent just sold the house down the street over on yeah overall but also your tone was very different yeah so was that like you flared up was that intentionally to show that please don't be like hello there i'm calling today yes i think so so the subtle skill for this is demonstrating that you are the local the local realtor and everybody is okay with the local realtor they just don't want the att you know phone call from you know the philippines yeah but when you're the local real that's an important skill set okay the second skill set in the intro of this call is to actually tell them what happened and to let them know clearly don't rush and be proud of what happened and i found that if you have kind of pride in what you're saying to them and you are you feel good about what you're sharing they'll listen but if you're like nervous and you're like hurrying and you're you know so that's a skill that's not so that needs to be developed yeah that's so there's a skill for this uh source that needs to be just like you said with the expired yeah you can't build rapport with the the expired you ain't going to get it past client sphere it's like dating yeah yeah right anybody out there that's dated before knows what i'm talking about right it's been a long time for me i'm married 27 years 29 years with my wife okay demonstrating the local realtors one thing the second thing though you mentioned though you got to get to the point fast and i think what people struggle with is they don't know how to get to the point in a way that is enticing or interesting that causes somebody to go huh tell me that like it's the it's the the number one the first question you asked has to be very well crafted right it has to be very conversational and your ideal customer would want to discuss that yeah and you have to set yourself up with that question confidently so in this case it is hey do you have any questions about values in the neighborhood or with what's going on with the market that question will open up the conversation okay let's go next skill would be once you open up the conversation there's maybe two or three follow-up questions that you need to you know develop right these are the basic follow-up questions the same questions on every one of the scripts next is really the close so when we talk about the customer's journey if they're 90 days out and you close hey would you like me to come over and show you what i could do to sell your home and i'd get you top dollar fast would you like me to come over tonight yeah the close is not appropriate for where the customer's at yeah so the close actually needs to be very aligned with hey you know i'm going to be back in the i'm going to be in the neighborhood maybe later on this week why don't we just get together let's talk a little bit about your property what your guys plans are and let's just maybe talk about what we can do to help you increase the value of your home whenever it's appropriate i'm going to be in the neighborhood anyways are you guys going to be around this after you know on friday afternoon or thursday afternoon so the close needs to be appropriate for this lead source i had a guy who was like closing so hard he was getting the lead but he was closing so hard with so much friday at four or tuesdays you know i'm closing for the appointment would you like me to come over no close appropriately so i found that with each lead source there was a an intro that was important there was an opening question that was really important there is basic questions we all need to learn and there's a close that's critically that's aligned with where the customer's at and when you align the value of the service to the close you get incredibly good results so i i'm just writing down your psychology understanding their psychology skills calm and confident is i was listening to uh chris foss this morning like actually like prep preparing for a a little negotiation that i was involved in so i was going back to my interview with chris boss to like be reminded put on your fmdj voice and all that good stuff common confident i would argue is applicable to almost anything except for different personality types right like if you have that like high eye they may want a little more not not you know wondered who's it four but like they're gonna want sure a little more pizazz a little more flare because because that's what fits into their dna yeah 100 so 100 that i would say that's a little bit more advanced for now we're just we're brushing skills and and i will tell you is it maybe just like ask for the order like you don't need it i'm trying to give them the right mindset for it because well because again let's go the framework the skill has to be appropriate to the lead source if you get the expired to this point you better close your butt off and you better get over there that night because they're gonna list with somebody yes yep with the that's understanding that the buyer journey or the or the client psychology where they're at so it's really you've got to learn the right appropriate clothes for the lead source if you have a zillow client on the phone you better close for showing that appointment right away if you have a pay-per-click lead on the phone you should be talking to them probably about you know taking the time to show you let's talk about areas and price points and locations and that close should be a little bit more like hey you're around let's get together let's talk about these things because they're way early in the journey so it's very appropriate to be based upon the lead source your clothes has to be dedicated to that okay and they got to learn it that's the problem is i'm almost imagining like this framework with a top of funnel middle the funnel bottom of the funnel like this is like clothes yeah this is like has anyone taken the time yeah and this is how can i help you have some questions like how can i help you what's going on like where has anybody been okay you guys are clearly starting to look for a house has anybody taken the time to show you this property or that community or this meeting and the difference between and non-negotiables and all that stuff right you should all listen to that other podcast you and i did versus that bot i think that'd be an interesting way to look at it yes okay 100 okay let's so skills is let's move past that and let's get to the numbers yeah this is where i think you know for everybody gets confused and a lot of mistakes are made because they don't understand the numbers of the lead source yes so simple things like how many calls would you have to make before you talk to an actual owner how many owners would you have to talk to before you got a lead versus got an opportunity for an appointment how many of those appointments would you have to go on before you get a contract signed and so on and so forth and are you saying that i know the answer but are you saying to someone that is maybe newer to the business that each one of those has a different set of numbers completely different so let's just use the simplest contrast right now which is an expired phone call versus a for sale by owner phone call you could literally call for an hour with an expired and you can have a single line dial or you can be calling like a madman two phones whatever you're doing you might talk to about four to five actual owners and call a hundred phone numbers yep with the for sale by owner i can call probably if you call the first day now again right on the second day it's going to the call ratio is going to drop because they've gotten a phone they've got entered in but on day one morning one i can make one phone call and most likely they're going to pick up the phone yeah and because they advertised a their phone number and b they're excited to pick up the phone so there's a very different react very different experience okay now let's move this forward so if i get an expired appointment i most likely probably 80 to 75 of the time i'm gonna probably convert that expired if you can get the appointment now with the fsbo you're probably going to close maybe 15 to 25 if you're good yep so now that if but if you didn't understand that going in it's a completely different it's an expectation yes yeah okay then let's talk about you share you taught me tam yeah total addressable market okay so now let's look at okay with the total addressable market i remember when i did some research on for sale by owners in san diego there was 684 sale by owners that posted on zillow that year that i did the research out of va do it go back in through my crm then i had him do the research right and i had okay go into go into zillow and look did they list with an agent and what percentage did and then did they sell on their own what percentage did and then what happened with the rest so i actually knew what the actual numbers were and so i knew what my total addressable market was so understanding the numbers now i can kind of go okay this is what it is right and now i can confidently move forward with that lead source and so i think a lot feel the rejection of one person said no who cares because you know what of the 680 75 of them sold 100 of them listed and the balance are still for sale by owner or they just flared out yeah and let's just let's as an example let's and you and let's let's talk about the the underperforming agent underperforming agent so one of my clients he was like hey we got him going on realtor.com leads yeah and he was kind of like oh i don't these leads are terrible i'm getting this i'm getting that i'm getting this i'm getting that don't want to buy a winnebago on are you off wheels trailer parking leads stop tell me the numbers well no no tell me the numbers how many did you get okay well let me look i got this how many of you closed i closed one how much money did you make great how much money did you spend great now how many do you have in your pipeline this so we're right here how many did they promise you for the contract this so you're right on track for converting five percent which is pretty good you're going to get probably a 9x return on your investment you're right on track but the expectation is every lead that they send me should be glenn gary glenn ross golden lead everything should convert instead of realizing what i've told people forever you get 100 leads you sell three people a house 97 people you get to nurture and everything in this business is about nurture yeah right creating trust building value with people in the research phase of buying and selling one year two years five years ten years who cares exactly yes exactly hey chet homes the ultimate sales machine three percent of anyone is in the audience right now for any product and service yeah six percent of any audience is in the market within the next six months yep so there's nine percent that's available within the next but that means 90 of the leads aren't are not aren't and funny going back through uh chris voss this morning uh one of the questions i asked him at the sort of q a portion of it where i'm like hey a bunch of people wanted me to ask you questions chris and one of the questions was how do we deal with like time wasters and he said here's the rule 20 of people just want your information so they can go do it with somebody else exactly he said so the faster you can realize that the faster you can ask the right question to not spend any time with them and move on and and now we're talking about like actual leads that they're actually engaged with because i would argue you know of the 100 leads from any source you end up converting three or five you had meaningful conversations with probably 15 to 20 and you resulted in closing three of them in whatever time period right in the balance they bought from somebody else they decided not to do it something changed they ghosted you and they listed with their friends like that so happens so how do how does one get their head around this because even even though your framework we talked very tactically through four four things i now have to think about this for my sphere for virtual open houses for online leads that i'm buying and if they just did that right for the underperforming agent by the way we're not saying that like in any way shape or form that you're doing bad it's just that you realize your potential is so much greater and it's just an easy way to describe it like your potential is so much greater are you saying they've got to go through and articulate each one of those as soon as they as soon as possible and they need to get and we and they need to give the information to their coach don't explain your opinion about the lead source get the numbers and show them to your coach and let us see it so that we can understand that and help you to interpret it and i think that is one of the most valuable things that we do is in coaching i agree give me the numbers wow you're actually doing amazing and you did really good let's do this this this and let's scale that up next year this is going to be super exciting and so this is this this number is with one of my clients who's up 68 year over year and she's like i just but you know what like i just seem like i never have enough money i'm like let me just make it very simple how many of your hours of power did you complete this year she's like oh like maybe 70. i'm like okay so 70 out of 220 days you didn't call your past clients you didn't call your sphere you didn't really you just listed enough houses and got in the way enough and she had a monster year but we figured out that she left about 1.3 million dollars in gross commission income on the table and now she's doing it every single day and you know who you are because you're listening to this right now she's got to text me every single day for 90 straight days through the holidays yes i'm like through the holidays i don't care right and already she's getting it so so one thing for everybody listening your psychology understanding yours about the lead source if you listen to what everybody else says about the lead source you're going to be negatively impacted two agents get zillow leads one kills it one person doesn't the psychology was the difference the belief about the lead source is the difference some people say these are now not everyone buys but when they buy they buy this is awesome and that person's like oh these people are hard to get a hold of it right it's a story then it's understanding the buyer journey and i think that is grossly how do i say it best it's just not discussed enough no right it's not discussed enough you and i have done a lot our code is done a lot talking research phase top of funnel versus middle of the funnel versus bottom of the funnel but we have a tendency everyone has a tendency just to speak to bottom of the funnel close by now and noticing missing the fact that 95 of the the people you're going to talk to are a research phase and if you play your cards right meaning you're good to people and you follow up with people and you nurture people and you provide value content whatever it may be you have an unlimited number of prospects in the future look at all of our clients with boomtown that are literally doing 40 50 transactions a year right now off leads that they paid for six years ago yep like we're seeing that every day then it's about skills and and i think we could talk for days just about this one but again i like the common confident meeting the client where they are based on the buyer journey some you need to be aggressive but most you don't right just understanding the the prospect and then the last one is the numbers which is really having a realistic expectation that i'm not going to call one and sell one right i'm not going to knock out a door and get a listing i might have to knock and i will use that just an example make phone calls whatever it may be email email send out 100 emails only 30 if you're lucky even open it and if you get a one percent click through from your 30 you're a rock star in email i just had a big conversation with one of my coaching clients about the email marketing yeah just this week yeah right claire okay okay so let's go ahead your clients are getting some shout outs she did awesome that's what it was it was amazing actually and so it was really exciting for that um let's go let's go the next one so understanding the numbers no there's uh really there's there's kind of two more okay number one is next is schedule what is the schedule yeah that would allow you to spend enough time in this lead source to get it all done you've got preparation you've got research you've got skill development you've got hours of power time you've got follow-up you've got appointments there's a lot more to mastery of each lead source than just kind of making your calls and that's what happens is they go oh i got to go make my calls they go in and they realize oh i didn't prepare my numbers and i didn't i didn't actually get into the right mindset i didn't do a little bit of research so they got there they underestimate the amount of time it takes to actually really do well so i would say you got to kind of map out the ideal schedule for this lead source and so you know also with like a just list you just sold like well when are the best two days a for you mm-hmm and then for them when can you get the highest call to content what time yeah what time of the day and first i would say start with you yeah right meaning don't try and cram yourself it don't put it in your schedule in the worst possible spot that you're never going to do just because that's what everybody tells you what to do find the spot that you'll actually do it because no matter what there's no perfect time there's just a different ratio of call to contact that's it so anyways the ideal schedule is critical and and they really need to give enough time next last piece to this puzzle actually no there's one more okay there's two more tools software service providers tools software service providers okay the number one mistake that i've made every agent's made is we buy the tool with the software company we don't do the training we don't make create a good relationship with the person that sold it to us we don't create a good relationship with our trade uh the the lead trainer at the company we don't find the top agent in tom ferry and go shadow them for a day with that tool we we literally buy these tools and we completely just like oh i didn't really like it it didn't work it didn't work yeah right and and so there's this relationship with the tool the software the company that you really need to establish and you need to become a part of the community and really dig in because they will be the ones that will show you all the things you need to learn to be able to perform at a high level and it's those that just buy and just kind of go i didn't really do the train i didn't really like it it just didn't really work for me tom yeah like no sorry yeah so it's different it's exactly the same thing with get to know all the players in your office get to know all the resources same thing 100 you have to become one with the community the software the solution the the community the ecosystem everything totally yep last thing is the are you sure this is the last thing is the financial goal okay how much money are you going to make from this one lead source yeah i almost think they should start with that one i know i know you always do and that's why i but i just no i i honored i thought we were there now that they understand the total addressable market they understand this game set the goal yeah right yes so they should start with that because that is where it all begins is i can make this much money from this lead source now it's time for me to go all in now i can do this for the next 12 months and if you master it in the first year what's going to be possible is it scalable in the second year and what can you do long term yeah and the sense and everybody wants i want consistency tom how do i be consistent i get that question all the time master a lead source you'll have consistent yeah yeah well how do i have long-term financial success in security master one lead source and you'll have long-term security see that is where the game begins get and so create a financial goal create a little you know in the tom ferry business plan for your one lead source yeah put the number up there put your plan up there and then write the number at the top with a big marker and stick it up you know in your source 80 000. this source 40 000. this source 10 000. this source 2 million exactly exactly and that's where to me this is where agents really need to kind of up their game yeah you know what's great about this is is everything you said first of all i i'm reflecting back on uh you said to me and i don't know if it's on a podcast but you're talking about your like epic failures with open houses until you realize and i think i think some of the framework like all the great lessons come from epic failure and he was like my psychology was off at open houses then i wasn't connecting with their psychology at open houses and i'm like you're on to something keep going so now you got this framework so we got to be mindful of time because you and i could talk for days and we have other things we got to do today and and my hope for my friends that are listening you got a lot of value out of this conversation shout out to patrick for the other podcast we did on buyer consultation you should listen to it and i don't know if we ever published the yvonne arnold virtual live buyer consultation but we should it was from pivot it was early in in the pandemic let's close out with this you're sitting down the brand new agent and they're like look all this stuff's a little too high level just tell me what to do you're you got you got three i got three what are the three most important things got to keep it simple and direct like you know maslow's hierarchy of needs they're at the bottom xy theory of management they're like i'm in the military tell me what i have to do i don't want to die so what do they have to do what are three things and then i'll do three things and we'll wrap it up number one is they need they need to go through their phone and their social media and they need to actually identify do they own a home do i feel comfortable having a conversation with them about what their next step in their life is and see if there's an opportunity there then you need to go through the phone and see on your social media go are they renting and should i have a conversation with them about buying a house and booking a virtual coffee and or you know inviting them to a beer or inviting them over for dinner and have a conversation with them they just they have to do that as number one and now for those of you that have you know moved into a new marketplace if you don't have you know if you don't have the lead generation system in play go interview 10 of the top teams and find the best leader that you really respect and then they have a lead generation system that's super clear that you can go all in on and create a ton of income in the next 12 months and let them fund your ride yep right which is critical 100 okay and then of course number three is you probably stated is learn the market learn the market you took all three of mine you're you're you're you're just very challenging your this week in housing show has been unbelievable and that's going to be incredible right then kind of learning the the the number you know learning the product if yeah if you were to get a job today as a pharmaceutical sales rep or you were to get a job in the medical industry and they're going to pay you 125 000 base you would spend 30 days learning everything about the product all of the competition then you'd have to go learn all of the different hospitals all of the players all of the doctors what they are all the rules you'd have to learn so much like being a professional football player they say here's the playbook study and memorize it and you might just be able to go play with us it's the same thing yes but not in real estate in real estate it's like hey here's some scripts and go go make some phone calls people and so that's why there's a lot of lack of confidence with good people yeah good people are failing because they're not they're not going and learning the product better than anyone else and so those would be the my three okay so so number three for me i would just i would i would say to you as you're listening this don't be that agent who just scans the daily hot sheets be the agent that studies it inside and out twice backwards and i mean like literally that means you open it up you look inside the mls and you're like okay here's the new listings okay these are all in this area here's all the sales these are all over here now why is that these are coming out over here but they're not coming out over here like and asking like what and like grabbing like a top agent in your office and going what do you see here what what what are the correlations that you're seeing why why are condos sitting like i i have my hallucination but you've been in the industry for 15 years why are they sitting why are sfrs like single family residents just blowing up and getting like bonkers offers like help me understand then going back in time in the mls trying to have some statistical data points so you can speak intelligent about the market i cannot underestimate it most people just scan the mls let me just translate that into very simple either in in carlsbad california southern california people want to buy condos there now that i've been in all the condo complexes i've studied all the comps because i've looked for quite a few buyers i know exactly what you're going to get for 500 000 so if you if i get an internet lead in there like i'm looking at condos for 500 000 i can be like here's what you're going to get here's what you're not going to get and here's the type of condition you're going to experience at 500. here's what you get at 450 here's what you get at 550. so i could speak right away confident to the condo buyer in carlsbad and they have to get that yeah so as you said it's not scan it it's actually understand it from the consumer's perspective 100 so i would only add one thing on top and it's actually uh in honor of one of my clients who i've worked with now for 18 years andy c who by the way uh you know 18 years ago when he was a brand new agent he and i sat down and i'm like look buddy you know you want to be successful in real estate i'm going to give it to you super straight three two one and he talks about it all the time now it's hysterical cause like we've known each other for so long and just for context in in the year 2020 he and a small team did 300 transactions and generated 12 million dollars in gross commission income so from humble beginnings he said if i didn't do what you told me 18 years ago there's no way i would be the player that i am today i had to go through the the battle tested mature me quickly approach that i gave him which was three two one three hours a day of any form of marketing any form of prospecting individual videos you know sending out emails sending out letters making phone calls he says anything just three hours every day of trying to shake the tree so somewhere in apple falls and you've got an opportunity like that's it two is get two appointments every day two lousy appointments is better than no appointments two appointments that say no to you reject you and hate you is better than like just sitting at your house doing nothing but that's not always gonna happen you're going to get research phase buyers like oh your fica score is 12. let me see if i can help you let's figure out how to navigate that he goes if every day you put your intention on the one thing that moves the needle in this business that is getting appointments getting knead and knee belly belly face to face zoom to zoom whatever it is with someone that might be remotely interested in buying selling renting investing like that is the goal and then he said number one was just trying to sign contract he goes you know how often i got a signed contract in my first year i don't know like 11 times you know what i mean but but every day the goal was three two one right and what it really was was i'm gonna mature this kid very quickly because anybody that spends three hours and i want to be clear i'm not saying cold call because i get some people that are like oh you know your dad not my dad right uh you know the last name fairy cold call yada yada yada like shut up you could go do three hours of dms on instagram and just go thinking about you brandon we haven't talked in a while what's shaking i'm helping some people buy and sell real estate just had this interesting situation helped a client do this blah blah blah how you doing what's going on you could do that for three hours and you're nurturing your database and you're creating trust and you're building relationships and you're going deeper like you could do that for three hours a day so don't don't think cold call think your sphere first all those people on facebook and instagram and linkedin that you are friends with that you're not friends with actually building a relationship and seeing what's going on you do that you're gonna kill it so that's that's all i got i love it yeah all right so as we wrap this up i know how long have we been going about an hour and a half yeah all right i don't know it's in this one yes yeah well maybe maybe we'll see i don't know so uh so hey episode 100 in the bag thank you thank you so much uh brenda thank you so much tristan thank you so much tristan by the way uh bought a house has now refined how many times three times three times this wife big shout out to steph steph works for loan depot and i'm like dude race just dropped again he's like i know i'm re-fighting that's amazing right he's gonna be he's gonna become the official refi king yeah right so so listen for all my friends out there uh the whole intent behind this and i know we bounce all over the place is we want you to win we want you to be successful and you know what what's beautiful about real estate and entrepreneurialism is it accepts everyone like everybody's got a shot and there are fundamental things that are just going to cause you to succeed faster be more consistent make more money than everybody else because the failure rate is real and it's enormous not just an entrepreneurial ship but in real estate as well real estate mortgage insurance you name it becoming a whatever whatever you decide to do so so you got a lot of insight here i recommend you go back through you listen to it at one and a half times the speed yes you take lots of notes pat dropped a lot of nuggets and then you go to work so i'm wrapping it up thank you thank you and i'll see you guys on the next podcast take care [Applause] [Music] [Applause] you

Channel: Tom Ferry

Views: 128,323

Rating: 4.8963232 out of 5

Keywords: tom ferry, real estate, real estate coaching, real estate training, real estate school, real estate marketing, business entrepreneur, how to be a successful real estate agent in 2021, real estate agent in 2021, real estate 2021, succeeding in real estate, succeeding in real estate in 2021, how to be a successful agent, how to be a successful agent in 2021, Tom Ferry Podcast, Tom Ferry Podcast Experience, Tom Ferry Patrick Ferry, Tom Ferry 100th Podcast, patrick ferry

Id: tya_1hCTE80

Length: 79min 18sec (4758 seconds)

Published: Wed Dec 16 2020