Mastering Mega Open Houses and Geo-Farming with Andy Tse

you get paid exactly the value bring the marketplace yeah and if it's really hard be thankful it's hard yes because that's job security hey welcome back to the podcast super excited to have the world-famous Andy C in the house so so you know people that read The Wall Street Journal top 1,000 right as the most successful real estate agents in the u.s. absolutely gonna recognize your name because you're on that list over and over and over again no I want it I want to have people listen to quickly where you are today and then I'm going to go back to 2002 mm-hmm and I really want people to get the journey that you have been on and how you now do what you do okay because you know I I believe you're special thank you because you've done it year in and year out and you pivot and you've adjusted right and you've like as a husband as a father right like as a business pertly he's done so much but you do the plan that's what I want people to get so let's let's give them that let's give them the end result first yes of 2019 we're 253 sides just under 450 million yeah just under nine and a half million GCI yeah and now just for the record Saratoga County California Silicon Valley yeah so so how many transactions 253 but that's not just in Saratoga Saratoga 58 listings 22 by side then you know we kill it in Los Gatos Cupertino Los Altos West San Jose San Jose yeah so lots of deals everywhere else yeah and and there is a method to this madness which we're gonna get to and I'm actually gonna ask him this to be a kind of a strange podcast almost more like a training slash pod sure happy to do because you know he's been so generous to share with so many of our clients from the stage and this is how I do it right and I watch people just literally write just notes for days now and they come back and you go hey get that Andy got a podcast I don't like we want to hear that over and over again so let's go back to 2002 how old were you how long in the real estate business how did it begin and then I'm literally just gonna take him all day 2002 evolutions 26 years old you know probably just had my second baby yeah I was looking for something to do where I could make lots of money but still take my kids to school and coach soccer and I knew if I was working you know at a big you know tech company or software sales I probably wouldn't let me roll in it like ten o'clock as a sales guy and then leave at 2:00 even if I came back you know at five o'clock but real estate was something that I knew we could control my own hours wasn't afraid of working hard but could still do the things I wanted to do with my family field trips and that kind of stuff but still have unlimited income potential yeah so that's why I decided you real estate is that how it worked out in 2002 not in 2002 you know but I mean it was up and down you know I think the low point was 2009 going six months without a paycheck yeah and that's hard cuz at that time I've got four kids you know seven years in the business and literally no savings good lifestyle you were known to though well before that you know it but I wasn't like million dollar producer Eddie see yeah yeah but you were doing good so how was it good you know five six hundred thousand we're gonna gets 2009 but go back to 2002 2002 what was the original plan original business plan are you generating this so Tom you were my first coach and you told me three two one three hours of prospecting every single day set two appointments go on one every single day and back then what you told me was I'm not even good at talking to people let alone talking to them about real estate let alone talking about real estate and trying to close something so you said go out everyday talk to people even if you throw up on yourself just talk to people and sooner or later come together and it did so the first six months I still there's this this all cold calling none of it's open house none of us anything your swear wasn't buying houses right you weren't so gonna get a ton of referrals exactly exactly this is all cold calling first maybe six months I did like two or three first sale by owners you know probably made like $120,000 and you know kind of the rest is history kind of thing but you know after two years of doing that this gal in my office came to me with a new home construction project and she said you know you got to do like 20 open houses a month but in return she's gonna give me one fit the listing side of all these deals and that was basically like give me a three million dollar listing but we got to do all these open houses so then I kind of switched gears I started doing open houses like crazy and that's really where the evolution of where I am today you took 100% so I go open house open house for a really long time 2009 crash is probably on 2010-11 is when you and I start forming we go after the Golden Triangle that's the first three thousand home yeah farm we go after and then we do spot farms condo townhome complex up in Palo Alto another one and like in Santa Clara and then after that all of Saratoga then all surviving and all of los gatos and then basically the west side of Santa Clara County yeah right that's where we are today how many total homes do you male 2 I'm in a month at any given time we probably put out somewhere between a minimum 50 up to a hundred thousand dollars a hundred thousand yeah in mailing could and I say up to because you know we'll do a lot of just listed just sold so depending on the volume of a given monster we'll pop those out Sheriff so it's interesting as we've got you Josh Reuben J and Jem over in the DC Maryland area that these get these guys are just literally become these powerhouses through direct mail but it's not direct mail it's direct mail it's open houses it's farming it's open houses and it's doing the works right so let's let's go into right now like you are legendary to open houses I know you want to talk farming we're gonna talk we're in ideaa farm after you've got a lot of geo farmers they're like okay okay but I want them to get the one-two punch okay so I'm literally asking to put you know don't put an DC rock star aids on let's B and EC sales trainer trying to educate be obsolete to become amazing into absolutely what do they do so five things out the gate you know we talked about this number one 2025 signs you got to put lots of signs out if this is gonna be your way of doing real estate you're gonna have open house be the cornerstone of how you're gonna build your business you got to have what I call a giant fishing net out there the more you know the bigger the fishing net the more fish the more fish coming the more you eat so the more signs you put out the more people are gonna come the open house the more likelihood you're getting uh something likes the house more likely they're gonna write off or more likely you're gonna write an offer that to be accepted so I'm a huge believer in open houses and is there any strategy being where you put the signs cuz I'm gonna address the person's like ham in New York City I'm identifying okay you can't do it yeah okay I'm not gonna dress pretty since I live in the high-end they only let us put one sign okay we're talking to everybody else which is I always say to highway exits three major intersections two signs on every turn to the house say it again so - highway exits three major intersections and two signs on every turn to the house because if a teenager thinks it's funny to ride his bike by and kick your sign over you're out of business for three hours you don't know why yeah right yeah and so you know you got to put the signs out that's number one number two is right you got to focus on one person at a time right just one person at a time and you don't break eye contact you don't break eye contact with them unless you know they're an appointment or not yeah an appointment we're trying to set is somebody wants to buy or sell a house so you're meeting with them after the open house to discuss how you can help them with that or go through disclosures with them or you're going over their house to tell them how much the house is worth how quickly you can get it sold yeah okay so number one twenty twenty-five signs number two you talk to one person at a time number three is you cannot hold on yeah but what do you do when you're talking to I'm talking I'm talking to Brandon here right and we're fully engaged we're in this great conversation and the like this real buyer walks in and they've got like two kids they're dragging through the house and does no one in their right mind does that unless they're buying a house maybe I mean yeah I mean you're right like no I'm but I mean to the girl well I mean in real life I mean you got to read it really fast in a real life situation you know if I think this person is real or not then I might just say like the standard line is look take a look at the house you have any other questions let me know yeah and I'll never talk to you again yeah and then I can go to that next person okay but you need to just read it really well I mean once you do as many open houses I've done there's so many subconscious body language things that you can read on a person that you'll know if it's worth your time or not yeah and you gotta just do tons and tons of open houses be able to get that knowledge to be able to know who's coming in and what they're looking for yeah okay so one is the signs - I use one at a time three is the goal that we're trying to achieve in every open house is one rock-solid appointment yeah that's what we're going for and I think too many agents are worried about all the people coming in and out of the house all the deals that they're losing and they forget to just make a really good connection with a single person and make one solid appointment and so you know I always say - is gravy yeah because if you actually are diligent and you actually find a really qualified buyer and even find a second one you can actually have to look at all those houses you got to settle he's gotta show them the houses and were to actually service them you couldn't service more than two a week realistically without this a big team yeah and so like you know now when we do open houses I got you know two or three agents with me so that we can help all of them you know at the open house right so number one lots of signs number two one percent of time number 3 set one appointment number four okay you got to be an expert at the open house at the neighborhood yeah the local mark you need to know the comps you should know how many houses sell a year how many houses are in the market what's the median price is the trend going up is it trend going down the houses that are currently under contract have you called the listing agents have you found out how many offers I got are they above and asking are they below you got to know the inventory that's coming so that you can bring massive value to the table okay you just rattled off so many things and I think and you and I both know most agents just kind of show up to their open house and there's no one there cuz they don't put any signs that right where it's a tasty listing yeah and they think it doesn't matter it's just gonna say I fourteen seconds and they don't have I just get the deal done so what what do I prepare for now when do you do your and ECM you know your market cold you know right market scoring but when when does the person who they have to come and you see what did it do that I mean honestly it's the slight edge you know yeah you're gonna get better every single week by doing this every single day if you're a brand new agent you're not gonna be me on Sunday no you know but at the very least you can look at the MLS you can go visit every single house it's currently active or pending you know you can call your lender and ask him what the current interest rates are for the 30-year fixed and the seven one adjustable conforming a non-conforming jumbo super jumbo you know you can figure out you know you know Wells Fargo's you know it's got a cool yeah plan for them yeah you know like that'll drop their rates and all kinds of stuff there there's there's there's so much you can do with interest rates and like which way the stock market's heading and you know you can give them an idea of value of like why you should you buy this right you know XYZ company just moved into town or they just signed this giant leasing space they're gonna bring ten thousand you have you know employees here it's gonna increase the market quickly we saw that in downtown San Jose absolutely Google shows up they're gonna spend billions of dollars yeah and you know they're going 20,000 people and rose-garden one crazy yeah you know exactly so you need to know that kind of stuff and I think you can't learn it overnight but you can bring a lot of value in in five days yes and and what about like just knowing the community yeah so like I always say you gotta know the where the dry-cleaning is all the private schools all the public schools what the school scores are you know small Chinese restaurant a good kung pao chicken right you got to know everything yeah because that's how you show you're an expert yeah like you know I grew up in Saratoga right now with the school in Saratoga right I know all we're to ride my bike behind the places so you know on the busy streets yes I played tennis at courtside you know yeah so I can say would you guys like to do that you wanna play golf at La Rinconada so I can sell the story of living in Saratoga yes and just you know that's why sellers want to hire me also because I can sell that bingo right but the buyers love it because they know they buyers want to know if they're getting a good deal or not yeah they know which put part of Saratoga is good or not Sarasota is about five basically six high schools yeah don't make a mistake yeah unless you know what you're getting into Yeah right and so you got to know that kind of stuff you got to know you know you know traffic routes you know how to get to places and stuff like that so just the more you know the more value you bring and that's what people are buying and these are the questions that the real buyer is asking you yeah we're in a research phase we're trying to figure this out should we be at this high school or that high school that how do I get on the concealer yeah right how does that translate to like return over the last 20 years Yeah right depending on which area of Saratoga invested in which one was better over that time period single family home or townhome right which one was better Yeah right and so the more you can educate them and help them make a good decision the better off you can be dude you're like a machine you got to be a machine yeah yeah you got to know it all you know and I always telling brand-new agencies to imagine you were an agent making ten million dollars a year doing two hundred and fifty deals a year what information would you expect that person to know to work with them yeah and just start writing and just learning that stuff yes that's how you become that right yes oh you make it yeah it is yeah yeah good till you make it stuff so number five on the open house list if this is your sole method of prospecting I used to say forty hours a month now I say 80 hours a month cinema and I want to be clear we're coaching it or he's like I'm not making any more phone calls I'm like great open house so working for you but he's like I'm going all-in like you just like I'm gonna do open houses like nine days a week yeah so like talk about that so obviously when you're doing Monday through Friday people aren't expecting you to open houses you got to put sign writers up to say open today Monday from 11:00 a.m. to 5:00 p.m. and you know you're not gonna get you know 10 people an hour get three people the whole time it's three people that you weren't gonna get but hopefully you're reading books you're making phone calls from the open house I mean specially today you got a computer on your phone yeah it's an running you're running your business and your laptop you can you can make an cold call expires for sale by owners everything whatever they want to do everything us from the open house yeah they can call the friends like I'm in an open house come check it out they can do anything like that and so that's what they should be doing with their time but you know it's billboards all over town with your name on it you know people know you're working that day and I think there's no better way to build your business and you know the analogy that I always give is who is the seller that has more to lose than anybody if something's not sold and people will say foreclosure people or a short sale I'm like no you know who it is new construction project yeah they've got what do they do open house and Monday food water brokers now they keep it all in-house and so that's one when a seller tells me open house don't work I don't want to do it like what this is the most these are the people that have to sell the most this is how they do it yes right it's like going to a doctor and saying you know I've got cancer but you know I don't want to do chemo you got something else no you're gonna die yeah no I want you to do it my way yeah the way that works that's the thing that people have to ask to understand on open houses is at the end of the day you're here there to sell the house yeah you need to ask every single person walking in the door would you like to write an offer on this house yeah because that will create other conversations that you can go to you know and help them pay your soda I mean I think I've known you for a long time you're very direct and obviously we're in a quasi training podcast I mean like yeah that's that smile like that's the and II see that I know it never like you've got to get up bread so yeah play so it's like this it's a nice Moony at an open house yeah yeah so what do you think would you like the disclosures and then slide up layman will sit down we'll go through everything so I can tell you everything that you need to know yeah yeah yeah so so so like the person that's watching yeah you're like whoa okay no you know what I say is like here's how you greet people at the open house your mindset has to be if you were seeing somebody from high school that you haven't seen for a long time or really good that yeah emotion that facial expression that body language it takes people's defenses down they feel good yeah oh you know yeah and when you attract people you're attractive yes and now they want to work with you yes there's a high energy sales an energy transfer they want to go absolutely and that that's what we do and so you do that and that breaks down some barriers but that's really just trying to get to the truth of what they're looking for you're looking for the real buyers is this exactly what they're looking for if it is great let's put the deal together if not let's find us something that works yeah so let's let's switch gears and I think there's you know you've done that in yeah I've watched you do it in 30 minutes five minutes like that was like awesome and I think what's great now is we've got it in this format yeah we're someone could really just listen to it over and over and over yeah this would be that thing that they would like have like on their phone like okay I'm going in an open house I'm gonna listen this like three more times just and that's that's how we got good right exactly how we take these scripts we'd hear people we would have like audio cassette record and II say that again a bit yeah listen do it like forty three times exactly right I mean I can still do your coke call script right now and I haven't ever 16 years I can do it right now when do you plan on moving it is an e with no real estate just doing a little marking in the area she's gonna find out when you plan on moving never how long you been in this dress 40 years you got the record today where'd you from Texas wow there's the move again my name is Annie what's your name John hey John if you were to move forward you go next yeah we might that be I mean a cold six sixty years later buddy we're calling you hi Andy could be work with you okay so let's let's tread that was that was actually really right that's the Instagram moment right there I wanna put on there but no we're actually not we're talking about open houses NGO farming here so um so let's take him back to the the Geo farming and then let's go deep because like hey you know like we got we got these legendary farmers you're one of them right it's so funny when I say that cuz like you talked to me in New York City like prior to something like a Josh River they're like farm farming farming and I'm like I'm like how about like get lots of come with me calls and then we do up in houses you make that you connect the dots and then they're like oh my god but I'm giving I'm giving away your secret sauce Oh tell very rarely is it a come list mean on straight farming very rarely so and I think that's the thing that people have to recognize and realize upfront if you do farming the way the best farmers do it all you're getting in is invitation to sit at the kitchen table you could do a listing presentation bingo and you're on the considerations to knock it out of the park yeah if you're bad at listening presentations don't do it yeah spend your money on your sphere take them to dinner and smooth them cuz I'm not gonna get that listing cuz you're their best friend yeah but if you're gonna go geo farm you got to know that that listing presentation has to be on point and you have to be able to put a plan together and hope you have a really good track record to prove everything that you're about to say in that presentation and that's how you get the deals yeah right yes yeah so you know frequency is a very important thing the messaging is very important but then they they want to know you sell lots of houses you do it you know for lots of money you get it done quickly and then we could throw in different guarantees and stuff like that you know customer quotes and testimonials yeah proof pieces all that kind of stuff this is everything that we talked about in every geographic farming like ever shine right yeah and then do it every two weeks yeah and and I think where people get discouraged is when they get to the listing appointment and they're not ready or they're they do what they're up against so I'm gonna I'm gonna play a sinner I'm gonna make you you're the coach okay and so we're talking to somebody right now who has done seven transactions in the front total of total okay they know six people in the farm - or in - they know six people bet I'm done a deal with them they've done two transactions in the farm right they've identified this as a good turnover farm with only one dominant agent but they're only doing like 22% of the transactions I know I know but everything else is 1 1 1 1 22% and then everything is just 1 1 1 1 1 1 1 1 1 1 1 1 1 including their to tell there's one agent doing 22% that's a lot I know they know so and then to roll into that farm you know the first thing I tell what I would really tell that person yeah is you probably need to start by door knocking and dropping flyers because you need to build a relationship with all those people like that's how less full taught me yeah you should go straight door knocking glass right and then you built you market update market ape so the script is you have a market update and you go ding dong yeah nobody's home you put it on the doormat ding dong oh he's home put it on the doormat ding dong someone's home the real estate update you walk away anything that's that listen I worked with less here's my client that was actually I got that from another guy Eric Fischl Rick but um but what les does which is brilliant I dare until you do the list so he know this is what he does he's okay so his farm is Hayward yeah whole city Northern California no she's gonna spend 22 dollars a year on each house yeah his goal is to kick out as many as he can so after he's like kick out doesn't mean sell figure out who's not ever going to list with him then take him off the list you know I've been enjoying the market up days so um Tom if you were to sell do you already have a real estate agent that you trust or is there an opportunity for me to earn your future business say it again hey Tom if you were to sell you already have a real estate agent that you trust or is there an opportunity for me to earn your future business that's a there's an opportunity great but I mean we're not thinking about doing the right away so understand here's my name here's my number what's yours write it down right give a card and then you look down write down and now is it okay if I just call every three to six months or so just give you an update and let you know what's going on sure perfect so then yeah that was that is just rate lesson that was money that was money that's money yeah yeah that line is so good yeah you're saying we trust I'm gonna earn it I'm not asking for the business yep and I know you're not gonna do it right away and if they say well you maybe just call me every six months so no problem so that's how you build the database just everyone is in the farm yeah so we gave them two options dingdong here or hey hi Tom fairy banana real estate I would dingdong in the farm first for at least a month or two I think it's scary too yeah I just had to him yeah for a month or two yeah and then and then month three you can do the other thing now you're building relationship with people and then hopefully you've done a dealer too so now you can save up money so I would say you gotta have I say you gotta have at least two years money saved for two times a month mailings yeah otherwise don't do it cuz you're gonna blow your money well cuz if you do three or four months and then you stop yeah you just took that cash and you lit it on fire and you threw you know threw in the trash first-class stamp mail thank you thank you very much that was a very expensive mistake it was cheap yes how much money did save you well I would say that it generated me tens of millions of dollars making that mistake right exactly I had the same mistake I spent like quarter million dollars and messing my friend of Mongolia yeah what I learned don't ever invest in I really I made a ton of money told me not to do it I I uh I was on film we got done I told you not to do any invested things you're an expert in yes now I only invest in real estate in the area yes I think that seems to be working out great so I'm a new agent yeah I've done two deals I know six yeah ding dong ding dong ding dong ding dong here's a market update here's a market update here's a market update now if you have a listing here's here's a listing you come to my open house yeah so it's not just ding dong here's market update yeah I mean I love how simple we're making this do it otherwise yeah it's scary so but we're done flyers an hour a day I just say two hours a day but it's a lot of work yeah it's a lot you gotta get tennis shoes you know and that's for the agent that doesn't have a lot of money and they have more sweat equity yeah you go out you do that and you build relationships in the in the marketplaces and then you know over time it's a slight edge right yeah maybe one deal this year maybe to the next year but then it's four and then it's eight and there's 20 yeah then it's 45 right yeah and that's how the flight ID works yeah I had a camellia from Colorado Springs in a session here on Sunday and we're talking about her business she says me all my business comes from my past clients fear like hunter 5560 transactions I mean it kills it okay and I said what about your farms oh well I do do 65% of all the deals there you go how is that 40 I said but what I loved what I love because I hear this all the time yeah but see I've taken on my farm they are my sphere right right so talk about that right because it's like I get what she's saying and all my business comes my way referral I'm like yeah but you do to direct mail pieces a month to you know two thousand two hundred homes with great turnover in Colorado Springs it's just a ton of business there she calls it referrals because that's how she treats it yeah we I mean I get some business from past clients sphere of influence but you know we're in a market I don't know these are these are straight-up like these are I'm going against another agent who's also marketing who's their friend but right the geo farming expert yeah but her mindset is the farm is my sphere okay with me I got no that's not your mindset it's it's a different I like it that's good but yeah I mean what are your thoughts I mean I could try I'll try to incorporate it just change your mindset a little bit but yeah for the most part we're going in pretty cold on most of them yeah and they've just they're seeing proof piece after proof piece after proof piece you know and to find out to find a proof piece of the person doesn't know we're talking about so it's just you know I just sold you know I think it was twenty two hundred or twenty two thousand Argonaut four million dollars yeah right when everybody thought it was only gonna sell for three six yeah and I blew Bret away with how we marketed Howie negotiated all cash closing seven days you got sixty days free rent back yeah knocked it out of it is that does the card actually say that yes is all that see that's right it's not a just sold card yes how I did it what I did what the result was yeah a little quote from the client absolutely coconut client and then and that was a great one to where we meld the kitchen but very inexpensively yeah right we just painted a cabinets white we redid the backsplash and we kept the countertops and the appliances yeah but it made it look like a $40,000 remodel bingo you know bingo that's how we do it let's talk about listing presentations okay so so that agent is like capable I have been farming mm-hmm and I got that first listing but then I went on three straight and I heard this from a lot of people I went on three straight and the assumption is because that they called you on the card they walk in like I got this yeah and they forget that this is where like you've got to be a sales person you gotta follow fie you got to figure out like because you're definitely competing right you're on their consideration set they call yeah so so what do you do today in a listing appointment when like they know you but you know they know three other agents because my goodness Saratoga Sunnyvale all the place we're talking about it's like 8 million agents yeah I think every presentation is different and that's I think you have to understand you gotta go into an understanding it like the one I just got that we're just talking about for you know five million dollars I know why so I pre call on the phone and I said you know how many people are you interviewing he said three and said so um you know I just asked you know who am i interviewing he said you know ABC and I knew all of them I also already know their production because I am the expert in the my eyes I actually knew the first guy had never sold a house there because he works in a different part of town I knew the other guy just sold one house that was subdivided he sold both Lots and under sold both of them oh yeah and I knew that yeah and and and the reason why I also knew that his actually knew the family yeah that sold them cuz I work with him eight years ago but they both passed away and their kids didn't know me oh yeah no I just I was deep on that yeah yeah and the third was personal yeah they didn't less third one they they listed that he had been talking with him like five years ago and it's a good team there's nothing bad about them but you know last year probably did like four deals in Saratoga and the year before that they maybe didn't like five or six deals right I did 58 listings last year probably like 30 for the year before so like my list is like 7080 listings so I mean I brought it yeah and and and I don't assume they're gonna list with me at that point right I go through some more questions and one fun thing I did on that particular one of those I said how much you want for your house is like well that's why I brought you I was okay I'm gonna write down a number you tell me I wrote down he said five min I open it up fine I like yeah exactly good run the same page yeah I'm wrong it's like you literally nailed it I nailed it have you ever not nailed it um so you just know every sellers inflated price I saw that I haven't not nailed it I only probably do that when I've got a pretty good idea of what they're trying to accomplish yeah like I try not to like wing it yeah this is not a magic trick yeah that wasn't a magic shake yeah I I had a actually in the back of my head I knew he either wanted four million or five million for that house that's a big range yeah but I also knew what you could do with the property and the potential it's a really special piece yeah and so I was very confident you don't get that without being the market expert Yeah right and so that's why I was able to do that and he was they looked like a magic show yeah Wow you know and then you know I I'm gonna get it sold and and I expressed that in the open in analyst presentations so so let's talk to the agent that is 15 years in the business they've sold two three four houses in that farm over the last five years and and you know like they know the market but they sometimes have a problem articulating it expressing it being that dominant agent you know I say that what do you say to that person link help it helps help him or her get better that we talked about you know I think you have to have that talk with yourself in the car before you go in psyching yourself up yep you know be Michael Phelps imagine yourself swimming you know getting a gold medal you have to picture in your brain how a perfect listening presentation is gonna go yes how much excitement and energy you're gonna bring to the table at the listing presentation you're excited about the house the house is amazing without lying to them right it's a house it's got potential then you explain its potential but you kind of excited it's got to be good and you have to like have that game plan and role play it right mm-hm this isn't you know again you don't wing it no role playing this with your coach yes role play partners and and then you go into it you know with that mindset all psyched up ready go and then you go any just you can't you can't wing it you got a role play it yeah right and the good thing is if if you're making the calls and you're doing the appointments you're just gonna get better yes it's a slight edge yes you just get incrementally better and you make mistakes and you figure out you try something different and literally every listing presentation I go on is different yeah if there are something you say that you say that but there are yeah there are funny little things that you like you've got Felix the you know the faithless satanic the magical bag of tricks yeah and you pull out based on their criteria right here's the track record you know here's the number yeah here's the marketing exact you guys want negotiations there's basic you know where they want to move yeah you know how are they how are we gonna get there you know like a big big problem that people always have is I don't know where I want to go or how can I buy the next house if the market so high and sell my house first I don't wanna do that I wanna be homeless so how can you solve those problems like our business is problem solving yes we solve the more money you make right that's what it is that's it that is it make it all business it is all business and it's how much value you bringing and like I always tell my team right the the bigger the problem we have the more money you make we want to be 1% better at everything yeah everything yeah marketing has to be 1% better our communication has to be 1% better customer service has to be 1% better and all that turns into 5% or 10% more for the client bingo right bingo and I'm just telling you the harder it is the more opportunity there is for us yeah and that's what I believe so you're in a marketplace that is super tight on inventory yeah super tight so so when you talk about open houses and you know being on appointments it's like a privilege or an open house there could be 30 40 50 people walk through 200 this weekend on Miller like 200 people through because the market is that that tight and you just woke up and agents are like Dori and I'm not asking you to like punch him in the face right now in the podcast but do you have any like friendly warm advice to help them get more inventory outside of the stuff we're talking about yes tell him I mean the thing about real estate is there's no like secret black hole wormholes will or it pretend houses exist that are gonna sell it's not like that exactly every house in Saratoga you can drive on the street and see the house and the owner lives in the house yes or you can you know go online and see where they actually live cuz they're renting it out yep so here's what you can call them you can send them a letter or you can knock on their door yeah that's it it's not rocket science but it's hard work to do it every single month bingo on top like bingo right it's hard work yes and so that's the thing like we know we're gonna outwork everybody we're you know and we talked about that exactly we're just gonna work harder okay you got to tell the story then I'm gonna tell you little story you got to tell the story of your with with the kids in Hawaii and you fly home for the open house so like I mean this is pretty consistent for like the last few years so I got four kids and they'll you know go to Hawaii and we'll book a house for two or three weeks and they'll usually leave like on a Friday and so I'll stay behind I'll do an open house Saturday Sunday I'll fly out on Monday morning and I'll go and then come back on Friday back Saturday Sunday and back out on on on on Monday and I'll do that two or three times well they're there for three weeks yeah because it's that important because I make a commitment to my sellers that I will be at every single open house the first weekend yeah that's what they're paying for it that's whether hire me because I do an amazing job there and yes each one ends up being one two three four five hundred thousand dollars a weekend yes how am I gonna walk away from that no way exactly that's why we got to go to Hawaii yeah it's why I'm gonna Superbowl yeah right nice half a commission let's go are we going I'm going so so Maxine gallons ready yeah forever all right so I've they're my idols like they're in my tales legends I would every year I was like oh my god how are they doing million dollars here you'd always say you know they made two million dollars this year they can't live on it yeah oh my god oh you're like I could try and live on it if I give it you made ours give me a shot exact I mean now obviously they you know your business you have elevated yes such it you know there's there's a there's a few people in the country now that are doing these kind of numbers yeah so get this we're sitting downstairs right would you finish the little morning session and she walks there she goes god I'm talking about because I missed our coaching session right so cuz we were here and last week so she goes she was give me an update I said tell me she goes you know there's no inventory right they're going back to that know everything I said yeah there's actually imagery shows dope but here's the thing I get a phone call from a very successful person can't say the person's name and he says hi Maxine I was looking online and I noticed you saw a lot of house in the area this guy's a this guy's a but like a billionaire right my right and he's like I noticed you she's yes I do and he says well you know I'm a part of this and she she builds a rapport well I understand this and that's it done there did have a little friendly chat yeah she says how can I help well I want to buy a house on this street and she goes oh see us yeah I've sold this one that one this one that one this one this one this one yeah but right now there's nothing on the market except that one that I'm trying to suffer for years but you know why I can't sell it and the guys like yeah I heard about that and then he says but I actually wrote an offer with another agent on this one she goes oh yeah I was the listing agent I remember your offer was horrible that's why we didn't accept it well why didn't you counter she says I couldn't counter because the offer was stupid she said you know we know who you are yeah like if you're gonna write an offer by the house yeah right she's having a conversation with Scott the guy says okay I wanna hire you sis for what he said find me a house on that street she goes there's only 23 properties what are you gonna do she goes I pull out my Tom fairy magic buyer letter yeah and she goes and I write a letter every one of the sellers deliver it she said and the phone rings yeah she was the phone because oh my god Maxine I got your letter now of course let's be really clear the letters are not mailed to the houses these are all second third fourth eighth homes sitting inside trusts under corporations so she doesn't send it right she said we took the time and the letters went to the right people at the right location at corporation X to you know chairman and EC and boom one phone call for listing yeah right eight figures yeah she goes and I got the deal together yeah she goes why doesn't everybody do this thing right now you you're artists right now you got a buyer right there is no inventory your average sales price is 225 you're in Oklahoma right and you're complaining there's no inventory do the work do the work right I mean I mean whether it's the open house or the letter or making the phone calls or ding dong right the consistent thing with you is work work I mean I've done more open houses than probably anybody in the country has over 15 years I'm pretty positive of that yeah you don't save that with a lot of positive energy just right but I mean yeah I mean every weekend whether I'm sick my kids are sick doesn't matter you gotta do them you know and it's just that slight edge has built up because now my open houses are different because the people that come in to mine houses now it will say you know I came into one your open house eight years ago you were kind enough to show us some houses yeah we're ready then but we're ready now we want this house let's write an offer that happens a lot bingo yeah bingo but isn't that is that the combination of obviously the moment the humanity do you bring to the transaction you're an excellent negotiator you do so many those right things but you're also mailing them every week there in the Marci yeah right yeah absolutely big difference they see the name okay you said slight edge five times if I didn't say I know what it is right so but if so let's just for the book don't know yeah hook by Jeff Wilson you know you can find it on audio and it's get the unabridged audio version when Jeff Olson doing the first twenty two minutes right and I listened to that constantly over and over far let's do it five hundred times literally and it's just the idea of just doing a little bit every single day because you're getting a little bit better a little bit worse every single day but if you do a little bit every single day you get this compound effect where just like in farming you do one deal then two deals then four then eight and twenty it's not one two three four five six that's not linear no it's it's exponential yeah as long as you're continuing on the positive path and doing stuff on the negative path will exponentially wreck you as well exactly so you can choose which path you want to be I love what he says he said you know Jim Rohn easy to do easy not to do right and then he says I know look it's it's easy to you know eat a salad every day he said but you know it's also easy to eat a hamburger and if you'd a hamburger every day he said meet one day it's not gonna kill you maybe a hamburger every day I mean all yeah just like watch these like you know videos on Netflix these people that eat like 36 days in a row and a hammer and you're like how did he put on 217 pounds and he looks he's about that he's yellow and about to die yeah that's the slight edge do the thing have the power exactly I love it I love it so closing thoughts okay you sure you shared a lot of inside scripts and ideas tactics what do you wanna say the real estate world out there I would say you know you just like your quote what on on the on the screen today right you get paid exactly the value bring the marketplace yeah and if it's really hard be thankful it's hard yes because that's job security the harder is the more secure my job because I'm the only guy that can do it when it's hard that's when we get paid the most and that's what we bring the most value if it's too easy it could be commoditized yes people do it for $10 an hour right you know and I would just say just show it but your best at all times and you know I mean and the rest will work itself out I love it man I love you buddy okay super proud a man so you definitely want to share with your friends that are new you definitely want to listen this a hundred times and even take like little segments of just that open house stuff right all the scripting even the old old old cold call script is also legend or a hundred percent man alright guys thank you so much for listening thanks so much for watching share this with somebody and stay in action stay in action stay in action stay in action because that's the message [Music] [Applause] [Music] [Applause] [Music] [Applause]

Channel: Tom Ferry

Views: 17,537

Rating: 4.9221239 out of 5

Keywords: tom ferry, real estate, real estate coaching, real estate training, real estate school, real estate marketing, business entrepreneur, open house, open houses, real estate scripts, lead generation, mega open house, geographic farm, open house strategy, open house scripts, geo farming, open house tips, real estate business, Andy Tse, andy tse open house

Id: E5O8YVzQSsQ

Length: 40min 41sec (2441 seconds)

Published: Wed Feb 26 2020