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Looking Back, Looking Ahead and Looking Inward… It’s Episode 200! – #TomFerryShow

For this special episode, I could use this space to reflect on all the topics we’ve discussed through 200 episodes of the #TomFerryShow.

I could bring to mind a bunch of highlights and funny moments that have happened while filming.

I could write about all the amazing guests I’ve interviewed.

But I don’t want to do that.

 

Thank You

Really, I just want to keep this short and sweet and say a profound “Thank You” to YOU…

…The viewer,

…The reader,

…The entrepreneurs out there doing the work and inspiring me on a daily, weekly and monthly basis.

Thank you for your feedback, your comments, your questions and the challenges you share…

All of it does one thing: It drives me to keep innovating, to keep delivering value, to keep creating shows and providing insights – all in the name of creating a better real estate experience for everyone.

I opened episode one with a white board that said:

“I believe the consumer deserves a better quality agent/experience.”

While we’ve definitely made strides toward that objective, we still have more people to touch, more agents to convince, more brokers to join the movement – and more consumers to impress.

Thank you for being part of this journey.

Enjoy the video above, and I’m so excited for what the next 200 episodes will bring!

 

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The Definitive Listing Presentation Primer for 2019

It’s time to shake things up.

2019 isn’t going to be “more of the same.”

A changing market means this year is likely to challenge you more.

It’s going to require a new, stronger approach to the things you do.

And there are few elements of your business more important than your listing presentation.

Think about it…

All your prospecting or marketing has led you to a place where you’ve got a great shot at getting the listing. Isn’t it worth doing everything in your power to not only get that listing, but get it priced correctly with reasonable, market-adjusted expectations for the seller?

That’s what I want to help you accomplish today. We’ve pulled together a variety of our best tips, scripts and resources to freshen up your listing presentation and optimize it for today’s market conditions. Let’s go!

 

Change Your Dialogue to Frame the Market Correctly

Getting homeowners to understand that we’re no longer in a robust seller’s market needs to become one of your most important objectives in ALL communications.

The best way to do this is to create a clear distinction between today’s market conditions and those of a year or two ago.

My advice is to adopt this specific language: Start referring to previous conditions as the “Old Market” and today’s conditions as the “New Market.”

In some instances, you might need to dig in and educate the homeowner about the evolution of market conditions over the last few years to show how we got where we are today. Be patient, be willing to put in that effort, and always reiterate “Old Market” vs. “New Market.”

 

Pricing Analogies Are Your Friend

As homeowners witnessed properties in their neighborhood selling over the last few years, they’ve likely ingrained a certain value they believe their home is worth in their head. And inevitably, they’re going to say something like:

“I understand the market has changed but I want X price.”

My advice for this situation is to use an analogy that illustrates that today’s market will determine the price of their home – not the price they think they can get because a neighbor did 18 months ago.

Start by asking if they own stocks or are familiar with the stock market.

When they say yes, then pose this question:

If Netflix is trading at $270 a share, can you call your stock broker and say, “I want to sell all my Netflix stock at $500 a share today.”

No, you can’t. Because that’s not what it’s worth in today’s market.

Homes that are similar to yours are selling at X price.

 

Use This Great Pricing Objection Handler

Another statement you’re bound to hear from homeowners is this:

“Another agent said they can get me much more…”

When you do, use this script:

I could line up a thousand agents outside your door, but we’re all looking at same data and we’ll all come in within one or two percent of each other. So if someone is promising you much more, you’ve gotta ask yourself what they’re up to. Are they just wanting to take your listing to generate a bunch of buyer clients? What’s their motive?

This approach plants the seeds of doubt in the seller’s mind and gets them to understand what seems too good to be true probably is too good to be true.

 

Don’t Be Afraid to Be Direct

I think there’s sometimes a tendency among agents – not all, but some – to want to almost apologize when market conditions aren’t as favorable as they were in the past.

You and I both know it’s not something you control. So don’t be afraid to be direct with homeowners who can’t seem to grasp the difference between the “Old” and “New” markets.

Here’s a great script to use:

In the Old Market, I could put a ton of cushion in the pricing. There was nothing for sale and demand was so strong, people would still make offers and we’d get deals done. But now, in this New Market, we’ve got to be pinpoint accurate. If we want to sell in today’s market, it needs to be priced at X.

And here’s another good “scare tactic” script to get homes priced correctly:

Do you want to get lost in a sea of inventory? Or do you want to price it so well that it sells in the next 30, 60 or 90 days? My recommendation is to price it slightly below other comparable properties on the market. What would you like to do?

 

Earn Their Trust Prior to Your Presentation

Question: What do you do in between the time you scheduled a listing presentation appointment and the time you show up for that appointment?

I really hope your answer isn’t “Nothing.”

We’ve talked in the past about how 86% percent of consumers say trustworthiness is “extremely” or “very” important when choosing an agent, according to the latest Zillow Consumer Housing Trends Report.

So… that gap from after you hang up from booking the appointment until you show up? This is prime “trust-building” time.

Here’s my pre-appointment strategy to set yourself apart and begin earning people’s trust way before you ever meet face-to-face.

  1. Shortly after setting the appointment, email a personalized video following this script:

Hey [Homeowner’s Name] it’s [Your Name] with [Your Company]. Thank you so much for the opportunity to come out and speak to you about the sale of your home. I know you had a lot of choices in real estate professionals locally, and I’m honored and thrilled to talk to you about how I can sell your home for top dollar in the shortest amount of time. Below you’re going to see a number of things that can help you make an informed decision about selecting the right agent for the job of selling your home. [Then give them a quick rundown of the following assets you will send along with the video.]

  1. In that email, include links to:
  • Your step-by-step marketing plan – Be sure to “stack the cool.” The average agent has 11 things on their list. The more you have, the more you’ll stand out. For bonus points, write the property address on a whiteboard and include a photo of you and your team strategizing on marketing possibilities in front of it.
  • A map of properties you’ve sold – Don’t just do a list… a map is more engaging.
  • Your reviews – The more specific to convey your skills, the better.
  • Stats, graphs and charts – To illustrate your degree of separation… Comparing you vs. MLS averages, etc.
  • Your team of experts – To establish expectations and demonstrate it takes more than one person to manage the process of selling your home in 2019.

This might sound like a big effort, but it’s worth it! You’re priming the client to win the listing, and in some cases, you might flush out those who aren’t really motivated before wasting additional time on a fruitless presentation.

 

Send Another Video on the Morning of Your Appointment

To further prime the homeowner for your presentation, send another video on the morning of the day of the appointment. Here’s the script:

Hi [Homeowner’s Name] it’s [Your Name], just wanted to make sure we were set today for [Time]. I’m really excited. The team and I are super fired up, we’ve been working really hard on reverse engineering how we’re going to find the ideal buyer for your home. And because we’ve sold so many homes in [Neighborhood], we already know exactly how to find the buyer. I just wanted to make sure you watched my previous video and you took the time to review some of the information I sent you in those links. Would you please do that before we meet today?

 

“Reverse” Your Presentation for Maximum Impact

Now it’s the moment of truth. Make sure you show up for the appointment early just to be sure you can knock on the door punctually at your set time.

When it comes to your actual listing presentation, rather than take the traditional angle of “I’m going to show you everything I can do for you” for the homeowner, I suggest you follow Gary Gold’s approach and do a “reverse” listing presentation.

What’s that mean?

It’s simple, actually. Rather than make a promise to the homeowner about what you can do for them, show them a case study of what you’ve done for others and walk them through the process in reverse order.

Rather than starting from what you do right after you take a listing, show the homeowner everything you did to achieve the result. For instance:

We recently sold a property very much like yours for 3% over asking price and for 22% faster than the average home is selling in our marketplace. The sellers were thrilled and they wrote a five-star review on Zillow about what we were able to do for them.

Now, what got us to that point? Well, we ended up getting eight different offers. We went through those eight offers with the sellers and they chose which worked best for their needs. Before we got those eight offers, we had 87 people who came to our Mega Open House, which is the same thing I’m going to do for your home. Now I want to explain how we got 87 people to view the home. Look here… We had 4,200 impressions on Zillow, 1,893 on Trulia and 2,000 on Realtor.com, 3,100 on Facebook, 74 on Instagram, 177 on Twitter and 355 people watched the entire home tour video on YouTube.

Continue that approach throughout your entire presentation. Be sure to include your broker preview, photography and videography, staging and trace the process all the way back to you earning that listing and starting the ball rolling.

When you do this “reverse” presentation, you’re letting your track record work for you. You’re demonstrating your ability to achieve the results they desire. It’s basically all the same information, but presented in a more powerful way.

Coaching client Karen Stone from New York City not only uses this “reverse” approach in her listing presentations, but also to demonstrate her abilities in her marketing. Check out this postcard she uses:

Also, make sure to include high-quality printouts/fliers of all the information you linked to in your pre-appointment video email – your marketing plan, your “Sold” map, your reviews, your degree of separation, your team photo and descriptions of each person’s role. Leave those materials behind with the homeowner, even if you’ve presented them digitally as part of your presentation.

Below is an example of several of these “differentiators” from my brother Patrick, who sells in San Diego. If you’d like to see all six pages up close and personal, download the PDF here.

I sincerely hope this information helps you adjust your dialogues and step up your game to dominate every listing presentation in 2019. Let me know your thoughts in the comments below, and don’t hesitate to share your own tips as well!

 

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Face Your Fears to Become Your Best Self – #TomFerryShow

I love stories about people triumphing over adversity.

That’s why I was so happy to welcome David Goggins into my office for this episode of the #TomFerryShow.

David took what could have been a tragic tale and turned it into something beautiful… and inspiring… and truly extraordinary.

You may have seen him at our 2017 Success Summit, where he wowed the crowd with his story of being an out-of-shape cockroach exterminator who went on to become a legendary Navy SEAL and world-class endurance athlete.

In the time since, he’s written a phenomenal book, Can’t Hurt Me, which currently sits second only to Michelle Obama’s book on the Amazon charts.

In this episode, I had one primary goal in mind: Getting him to translate his incredible mental toughness into a relatable situation for you as a real estate professional. If you’ve ever doubted yourself or let fear dictate your actions, his message is one you simply must hear.

 

You Determine Your Own Potential

Like me, David is a big believer in the power of one’s mindset.

He says your mindset determines what’s possible for you.

If you’re fearful or hesitant, your possibilities are extremely limited.

But when you overcome those fears, everything opens up to you.

You see, David always wanted to become a Navy SEAL, but he was afraid of water. Overcoming that fear was the first step toward all the incredible successes he’s achieved since.

 

 

Don’t Let Your Fears Own You

If your fears or aversions are limiting your possibilities, it’s time to face them head-on, David says.

Start by making a list of the things you don’t like to do. Then, start at the top of that list and conquer those fears. (We’ve created a worksheet for you to make this easy. Download it here.)

If you don’t like making calls, David says to force yourself to start making a ton of calls.

And guess what happens? You’ll get over that fear.

When you solely play to your strengths, you’re limiting what you’re capable of achieving.

David’s approach is to triple down on your weaknesses to expand the opportunities available to you.

Change the story in your head from “I’m afraid to make phone calls” to “I’m the best provider of real estate services and I’m going to make my calls to ensure people receive the service they deserve.”

 

“There’s No One Better Than Me”

Another common mistake David says people make is mentally elevating their competition and/or discounting their own worth.

He did it himself while training to become a Navy SEAL, thinking others were better than him. Then he started focusing on his own strengths, and everything changed.

Put no one above you, he advises.

Never forget all the hard work you’ve put in to get you where you are in life. Even if someone else has a stronger track record than you, you need to believe that you can out-work, out-hustle, and out-perform the competition.

If that’s not your mentality, you’re putting yourself at a disadvantage BEFORE the competition has even begun. Don’t do that!

 

Where Do You Want to Be?

One of the most powerful techniques David shared in this interview was the power of visualization.

There’s great power in being able to imagine where you want to be and what kind of story you will have created when you get there.

David’s advice is to continually ask yourself, “How am I going to feel when I pull this off?”

Use that “future self” feeling to drive you and keep you motivated and in action every day until you get there.

It all starts with facing your fears so you can open up a world of possibilities for yourself. Download this worksheet to put David’s advice into action.

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Messaging to Millennials: How Home Ownership Solves Their Top Priority

Steve Harney shared some interesting insights about millennials and their priorities during the last #TomFerryShow of 2018. (Make sure to watch his entire market update and projections if you missed the show!)

In this blog, I want to share that information so you can use it as targeted messages to attract more business from millennials.

 

Millennials’ 3 Top Priorities

Steve said millennials have basically reversed the traditional order of life’s milestones from previous generations…

Rather than follow the sequence of getting married, buying a home and starting to save money, they’ve flipped the script.

Millennials’ first priority is saving money to live their desired lifestyle – not necessarily to retire.

Millennials’ second priority is to buy a home.

Their third priority is getting married.

Let’s not worry about that third one for this blog, but focus on the first two instead. (Unless you want to play matchmaker, too.)

 

“The Escalator to Wealth”

So when you stop and think about those top two priorities, this next thought becomes obvious to you and me, right?

Helping millennials accomplish their second priority (buying a home) will solve their first priority (saving money).

Noted author, former financial advisor and self-made millionaire David Bach has been quoted as saying “Buying a home is the escalator to wealth in America.”

The key is to deliver that message in a way that positions you as a partner in their future, not a sales “vulture” (millennials are notoriously averse to “salesy” presentations) trying to convince them to buy a house.

 

48 Times More Net Worth!

In addition to all the traditional “buying vs. renting” arguments you can make, here’s a powerful and extremely relevant piece of information for millennials to know:

By age 65, the disparity in net worth between homeowners and renters is astronomical.

Keeping Current Matters summed it up nicely in an article that shows people 65 and older who own a home have an average net worth of $319,200.

On the other hand, renters over the age of 65 have an average net worth of $6,710.

That’s a difference of $312,490! Homeowners’ net worth is nearly 48X that of renters!

If millennials are looking long term and saving money is their first priority, buying a home should be right at the top of their “to-do” list!

 

Delivering Your Message

The real key is getting your message out there.

Here are some ideas on how to achieve that goal:

  • Share strategies to show millennials how they can pay off their home quicker than the 30-year norm. (10% more per payment toward the principal, payments every two weeks instead of monthly, etc.)
  • Create an offer to “Gift” them a book that supports home ownership as a wealth-building mechanism.
  • Put on a “Wealth Building for Millennials” workshop or webinar. (Possibly in partnership with a financial advisor.)
  • Create a case study of a past client home buyer whose mortgage payment is much lower than continually rising rents.
  • Organize a meetup to gather video testimonials on how you were able to help millennials understand what’s needed to buy a home, and then use those videos to target their friends in the area. Run those videos as ads to friends of those who like your page.
  • Run ads in a geographic area on Facebook to the target age demographic to subscribe to a webinar or lead capture page.
  • Headline/Webinar title idea: The Better Alternative to Both Renting AND the Traditional 30-Year-Mortgage Commitment
  • Headline/Webinar title idea: One Decision That Can Make a $312,490 Difference in Your Net Worth
  • Headline/Webinar title idea: One Decision That Can Increase Your Future Net Worth 48X!
  • Headline/Webinar title idea: Why 25-Year-Olds Are Buying Homes While You’re Still Renting

All of these can be announced or achieved through email, direct mail, social media, online advertising and more. Make full use of Snapchat “swipe ups” and geo filter campaigns, too. Take advantage of millennial based humor and relevant content in the news/movies/music, etc. and tie people’s personal interests into the initial video/swipe strategies.

And to close, keep this in mind: If you treat a millennial right and demonstrate that you’re serving in his or her best interests at all times, you’re building a relationship that can last for 20, 30, 40 or more years! That can be extremely lucrative in terms of repeat business and referrals.

 

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Jay Abraham on How to Gain Trust, Relevancy and Respect – #TomFerryShow

Let me ask you a few questions…

Are you content operating one transaction at a time, moving on and starting all over?

Are you okay with being one fish in a sea of agents and always praying to the real estate gods that people choose you?

Are you content hoping past clients remember you the next time they decide to buy or sell? Or when they have a friend to refer?

If you’re sick and tired of any of these things and you know there’s more available to you, I have the perfect guest for you on today’s #TomFerryShow – marketing guru extraordinaire Jay Abraham.

Jay is the perfect guest because he’s spent decades teaching businesspeople how to build stronger relationships with their clients – and grow their businesses exponentially in the process.

Today’s show is all about sharing insights from his “Strategy of Preeminence” to gain trust, relevancy and respect – and help you become viewed as “the only choice” in your marketplace.

 

Let’s Start with Your Moral Obligation…

Think about how you view your role for a second. Are you there to serve your client’s every wish? Some might say yes. Not Jay.

“Everything you do is out of a moral obligation to help your client see what they should be doing,” he says.

YOU are the expert. They’re looking to you for that expertise.

That means it’s your role to take a stand and always ensure your clients’ actions are in their best interests.

Allowing a client to do it “their way” is allowing them to underachieve the optimal outcome, Jay says.

“If you can’t be strong enough and committed enough to be the leader, then you’ve already lost.”

 

 

Business is Transactional. People Are Not.

Agents sometimes have a tendency to slip into a “transactional” mindset. They’ve done this a million times, they know what happens when, so they walk people through the process, close the deal and move on.

Don’t get me wrong. I’m not saying they’re cold about it. It’s just that they’re maybe not as warm as they should be.

Do you know anyone guilty of this behavior?

Here’s why this is a major mistake. Jay’s Strategy of Preeminence is all about serving from a place of empathy. That means you need to start each transaction from your client’s perspective, not your personal perspective.

How do you do that? By asking great questions. By learning to be a better listener. By taking a genuine interest in people. By demonstrating a willingness to see how the other side sees life.

Do these things and suddenly you’ll elevate your standing in people’s minds. They’ll know you care and they’ll consider you a friend and never again ask their spouse, “Who was that Realtor we used last time, honey?”

 

Tap Into the Emotion

So let’s say you’ve taken Jay’s advice and you start putting yourself in the client’s shoes, asking the right questions and acting as their trusted advisor.

How can you use that insight to attract new business?

Jay says what will truly separate you from the competition is being able to express to the client what they really want but have never heard from anyone else.

What’s that mean? It means instead of helping people “buy a house” you’re “advising people to help them discover the mecca for their family’s growth.” Instead of “selling 50 homes” you’re “entrusted with $30 million worth of the most significant investments 50 families will make in their lifetimes.”

Go deep. Inject emotion. Make it meaningful.

 

Here’s Why…

Jay says interacting with people in this way will create the “most liberating and exciting way to live your life.”

He’s right, of course. The more connected you become with your clients, the more mindshare you’ll occupy, and the more business they’ll send your way in the form of repeat business and referrals.

Never forget why Jay always advises to use the word “client” rather than “customer.”

The word “customer” means someone who buys a commodity or service.

A “client” is someone under the care, protection and well-being of another.

Treat everyone by that definition of “client” and you will become their most trusted advisor for LIFE, not one transaction.

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7 Hot Tips to Capitalize on Expireds Now!

We’re on Day 3 of the new year and I sincerely hope you’ve booked some appointments already.

The best agents aren’t “easing” their way into the New Year. They jumped in bright and early on January 1… And for good reason!

Early January for real estate professionals is sort of like the opening of hunting or fishing season…

There’s a ton of opportunity, namely because of one market segment.

Do you know who I’m talking about?

Yes, Expireds!

Last week I asked Jeff Mays to create a video for our coaching members in preparation for all the new Expireds about to come on the market January 1.

Today I’m sharing 7 tips from his message with you. And here’s the best part:

Whether you’ve been aggressively pursuing Expireds since New Year’s Day or you’ve never made Expireds part of your lead-gen strategy before, these tips are evergreen and will definitely help you win more business. If – and only if – you put them into action.

 

Expireds Tip #1: Make the Calls

When a listing expires, you have a variety of options: You can do nothing and let another agent take the listing. You can add them to your mailing list and mail them a marketing piece. You can show up at their front door to demonstrate your eagerness to sell their property. Or you can simply pick up the phone and make the call.

Far too many agents fear that phone call. But it’s the best approach. You can do the others if you want to, but if you’re going to make any effort at all, MAKE THE CALL TOO!

 

Expireds Tip #2: Go Deep, Not Wide

Put yourself in the shoes of a homeowner whose home just failed to sell. What do you want at that point? What traits do you want in your next agent?

You want someone who is persistent, aggressive and assertive.

That’s why, when pursuing Expireds, persistence pays. It isn’t about calling 100 Expireds one time each. You’re much better off calling 10 Expireds 10 times each. It’s all about the follow-up. Demonstrate your tenacity to win the opportunity.

 

Expireds Tip #3: Perception is Reality

Many agents refuse to call Expireds because they say, “I don’t want to bother them,” or “They’re going to have so many agents calling, I don’t want to be another pest.”

Others make the calls because they believe deep in their soul that they’re the agent who can provide the most value and get that home sold.

Here’s the thing: Whatever you think is the truth.

If you feel like you’re bothering them, you probably are. If you feel like you’re the best agent to help them solve the challenge of selling their home, that will come through as well.

Expireds are a game of confidence. The more confidently you pursue them, the more success you’ll achieve.

 

Expireds Tip #4: Don’t Be a Stalker

One of agents’ most-asked questions is “If they don’t answer, should I leave a message?”

The answer is a resounding YES!

Don’t be a stalker who hangs up every time. Nobody likes that.

Also, don’t leave a rambling “just checking in” message that doesn’t promise any solutions.

Instead, leave a confident, to-the-point message with your name, company and phone number along the lines of:

“I know exactly why your home didn’t sell. I noticed some marketing gaps. Call me back as soon as you can if you’d like to get this property sold in the next 30 days.”

 

Expireds Tip #5: Learn How to Dance

So, two things here: One, you need a script. Never try to just “wing it” with Expireds. And two, you need to know that script so well that you can “dance” if the conversation doesn’t go exactly according to plan.

That means practicing it over and over and over until you’ve internalized it and know exactly which question to ask next.

If you don’t have an Expireds script and don’t know where to find a good one, get yourself to a Sales Edge event in 2019 or invest in our What You Say Matters agent script book.

Whatever script you use, never go into “presentation mode” on the phone. Instead, when questions arise from the homeowner, use those questions as an opportunity to reply:

“That’s exactly why we need to get together. Do you have five or 10 minutes we can meet?”

 

Expireds Tip #6: Use “The Ultimate Close”

Below are four lines you can use to nudge homeowners toward agreeing to a meeting:

“You can spare 5 or 10 minutes, can’t you?”

“There’s really no harm in just talking, right?”

“It’s good to have options, isn’t it?”

“I promise I won’t ask you to sign anything.”

 

Expireds Tip #7: Adopt the Right Mindset

We touched on this earlier, but it’s so essential to winning the Expireds game, I’m going to reiterate it here.

When you start calling, you can’t just hope you’re going to talk to these people and leave it at that.

And if you don’t catch them, you can’t count on them to call you back.

Your mindset needs to be “I’m going to talk to them because they need my services.”

Which means one thing: Follow up! And then follow up some more! Keep going until they list with you or another agent. Tom Toole’s approach to Expireds calls for nine touches in two months – on every new Expired that comes on the market!

Believe in yourself and believe you need to help this person sell his or her home. Then, keep doing the work to ensure you get that opportunity.

 

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Rookie to Rockstar: How Brenda Griffin Discovered Her Partner in Success

Brenda Griffin found herself a single mother of three…

…brand-new in real estate…

…and in a brand-new locale – where she knew no one!

She wasn’t looking for pity.

She was looking for solutions.

Fortunately, Brenda had two things working in her favor:

A highly supportive manager who motivated her and drove her to constantly improve herself.

And a role model… In her office was a highly successful team who Brenda looked up to. From her perspective, they were setting the standard and always implementing innovative ideas to grow their business.

“I wanted that, but I didn’t know how to go about getting that,” Brenda says.

 

Something Had to Change…

Brenda did know one key to success about that team she admired. She knew they worked with a coach.

Inspired by their example, Brenda signed up for a coaching consultation with a Tom Ferry advisor, who took stock of her situation and showed her how coaching would provide the knowledge, guidance and tools she sought to make an immediate impact in her Dayton, Ohio market.

She didn’t hesitate. Brenda knew deep down this was exactly what she needed. She viewed coaching as an investment in herself and her business. She signed up for coaching.

“Getting into this new business, I needed someone to teach me what I didn’t know so there’s less stumbling and getting back up again,” she says.

 

“I Literally Knew Nobody!”

In Brenda’s market, the average sales price is in the low- to mid- $100,000s. So as a single mother of three, she knew she had to excel and sell quite a few properties to support her family.

That was Brenda’s mindset entering her first session with her Tom Ferry coach. Also at play was the fact she was brand new to Ohio, so she had no sphere to reach out to.

“I literally knew nobody!” she says.

After careful assessment, Brenda and her coach came to the conclusion to focus on Open Houses as her primary source of lead generation. It made sense because she’d done a few already, enjoyed them and wanted to improve her skills.

She began studying her Open House scripts from Sales Edge and role playing as much as possible.

Now it was time to take it up a notch.

 

Doing the Work

Like many success stories, Brenda didn’t find any “magic pill” that suddenly vaulted her to new heights.

Instead, with the support of her office manager and encouragement, advice and accountability of her coach, she started doing the work. And she kept doing the work consistently.

For every Open House she held, she’d door knock the surrounding neighborhood and boost marketing posts locally on Facebook. Even when the weather turned ugly, she soldiered on and didn’t let it derail her door knocking efforts.

Soon, when homeowners opened their doors, Brenda started hearing things like, “Oh, people in the neighborhood are talking about you all the time!”

She was making a strong impression on her market!

It wasn’t just pre-Open House work she was putting in, though. Brenda developed a tenacious plan to keep in touch with people who’d toured her Open Houses.

She made those follow-up calls…

…And the results started pouring in!

 

The Fruits of Her Labor

Fast-forward to the present day, and Brenda has doubled her initial goal of 12 transactions in her first year. She’s at 24 closed with three more pending that will close by year’s end. Her 2018 GCI put her over a threshold to earn 10% more next year – while the typical agent in her company takes three years to accomplish that split.

She’s earned the respect of company management and even been asked to train new agents on how to do Open Houses effectively. She’s also in the running for Rookie of the Year.

But perhaps more than anything, it’s the self-confidence and reflection she sees on her children that have been the most profound benefits from her journey.

“It’s really cool to see the choices you make turn into something positive for your family… those sacrifices that turn into something better,” she says. “The kids are seeing it. My daughters say, ‘Mom you’re so busy, Mom you’re working so hard.’ They get excited about my accomplishments. I love teaching my daughters they can do it… That the things worth having aren’t easy.”

 

Support = Success

Looking forward, Brenda is excited for her future and together with her coach, has established some lofty goals for 2019. She plans to expand her lead gen efforts to incorporate Expireds and FSBOs and to tap into her ever-growing sphere to generate more referrals. Numbers-wise, she’s aiming for 40 transactions in 2019 totaling $8 million in volume. She’s also striving to break into the top 50 in her company of 450 agents.

While her goals are motivating, Brenda is also energized by the constant support of her coach.

“I’ll ask questions and she always has answers and solutions,” Brenda says. “I have a lot of confidence in my coach. I trust her a lot. I know the advice she’s giving me is really good advice.”

Brenda appreciates that between coaching sessions, her coach sends texts to check up on both her personal and professional goals.

She also loves how her coach has a knack for tailoring each coaching session to Brenda’s specific needs at that time.

“Each one is different,” she says. “Sometimes I need advice and guidance, and other times I need a kick in the butt.”

If, like Brenda, you know you need something else to ramp up your business and reach your full potential, we welcome you to connect with a business growth expert who can help you assess your business and find solutions to the challenges you’re facing. Just click here and you can even self-book your appointment at a time that’s convenient for you.

 

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Holiday Project: Create Your “Vision Board 2.0” to Crush 2019

Chances are you might have some “down time” over the next week or so before ramping back up for the new year.

I’m going to suggest a fun exercise to make good use of that time – and it can even involve your family members! Consider it part crafting and part goal setting. Because it’s never too early to introduce your kids to the power of goal setting and visualization. (Not to mention the extra accountability you’ll receive by involving your family in your 2019 goals.)

This exercise has the power to help make your goals more attainable in 2019.

Let’s call it: Vision Board 2.0.

 

This Ain’t Your Father’s Vision Board

Admittedly, the idea of a vision board is nothing new.

But in case you’re unfamiliar, it’s a great way to create a strong emotional connection with your goals.

We’re visual people… when we see something, it makes it possible.

So the idea of a vision board is to use images and words that represent our ideal future – our dreams, our goals, our ideas.

Here at TFHQ, we typically conduct a vision board exercise for our employees once a year. Everyone brings in magazines to share and spends and hour or two finding images that represent their personal and professional aspirations. Then they cut out and glue those photos, words and ideas to a poster board to keep “up and visual” at their desks or offices throughout the year.

It’s a great exercise that doesn’t require much time and definitely makes a lasting impact.

But that’s not all… to bring the concept of creating a vision board into the present day, I’ve added some new elements that make it much more effective. Keep reading…

 

Show Yourself How You’ll Get There

We’ve talked a lot lately about the power of visualization. David Goggins mentioned it when we spent some time together on Facebook Live recently… how he repeatedly visualized himself completing his 4,021st pull up to break the Guinness World Record, and then he went on to achieve that record.

The twist I’ve incorporated into my most recent vision boards is not just visually representing what I want to achieve or the material goods I want, but to show me actually doing the work to get there.

When you create that image of yourself doing the work, it makes the work itself that much easier.

So make sure to include the actual work required to achieve your goals as part of the creation of your vision board.

 

Create a Road Map to Your Destination

Here’s another tip to make your Vision Board more meaningful:

Before I wrote my second book, I created a vision board that mapped out the entire process. When I started, the only real idea I had at that point was “Write another book,” so this approach really helped me think through everything that needed to happen to achieve my goal and visualize myself in the process – all way before any of it actually happened!

It included images of me meeting with publishers in New York City as well as the check I’d receive from people who wanted to buy my book. And you know what? It all came true!

So use your vision board to not only identify the material goods you want and the vacations you’ll take, but to create the journey of where you want to go and the steps you’ll take to get there!

Even if you don’t get around to creating your vision board over the holidays, it’s not too late to do it in January. It’s a fun exercise and definitely worth the hour or two it will take to create it!

I’d love to hear your thoughts on this article, especially once you’ve used it to create your vision board for 2019!

 

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5 Key “How’s the Market?” Takeaways from the Oracle of Real Estate – #TomFerryShow

You absolutely need to watch the video above to get every “How’s the Market?” insight from the Oracle, Steve Harney, founder of Keeping Current Matters.

In it, he…

  • Breaks down the current state of the market
  • Predicts the year to come: Home values, transaction numbers, interest rates and more
  • Talks “recession” news – and how you should refer to it instead
  • Weighs in on the impending “bubble”
  • Shares tips on your crucial task of controlling the narrative
  • Identifies two things winners do in a changing market
  • Explains why you’re a flag-bearer of the American Dream
  • And much, much more!

Here in the blog, I’m going to recap five of my biggest takeaways… So let’s get to it!

 

What’s Happening with Home Prices Now

With all the talk of a real estate slowdown – and memories of 2008 as the most recent example in people’s minds – there’s a perception that the home prices are trending downward.

Steve says that’s not true.

What’s really happening is that price appreciation is slowing… but prices are not depreciating.

This is a very important distinction to make when speaking with homeowners and prospective buyers.

What this means for you: If you’ve been promising homeowners that you can get them the fastest sale at the highest price, you might want to adjust your spiel.

 

 

Okay… But Where Are Home Prices Headed in 2019?

KCM researched the 2019 pricing projections of 100 leading housing economists.

Are you nervous? Don’t be…

Ninety-four of those predict home prices will continue to appreciate in 2019.

Two of them predict no change in home prices in the coming year.

Four of them predict a slight depreciation in home prices between now and 2020.

I urge you to cite these statistics when speaking with consumers. This is NOT 2007 all over again. As I’ve been saying all along, we’re simply in a “normal market” now.

 

Solid Advice for High-End & Luxury Agents

Steve made a special point to single out agents who specialize in the upper end of the market. His advice is solid regardless of market conditions, but it’s especially important to take to heart now:

Price your listings correctly from the start!

High-end properties that are overpriced are languishing on the market.

He added this creates an opportunity to get Expireds and price them to sell!

 

Control the Narrative

One of your most important roles right now – in a changing market – is to control the narrative.

Whoever has the right data and believability to present it is who controls the narrative, Steve says.

What concerns him the most are the conversations people are having before they ever get to you… the myths and rumors swirling in the media and among consumers that perceive market conditions to be much worse than they actually are. Remember what you’re up against: Media outlets area trying to elicit clicks by writing juicy headlines. But beyond those juicy headlines, the articles are often all fluff. The sky is not falling. The market is not crashing. It’s simply slowing a little bit.

Steve’s advice is to put the actual market stats on your phone in a handy graph so you can dispel those rumors quickly and follow up with the script, “I’d love to show you more. Why don’t I come over at 2:00 tomorrow to talk about it in greater detail?”

He also added, “It’s not what you know that’s important, it’s what you can communicate that matters most.”

When informing consumers about current market conditions, Steve advises to take off your “salesperson” hat and operate with the heart of a teacher instead.

Insights, not information, is what people want from you most in uncertain times. Help them connect the dots and frame your conversations in terms of what it means for a homeowner trying to sell his or her house.

 

Adopt This Mantra

Here’s Steve’s seven-word mantra for success in today’s market:

Calm down. Sit down. Think. Plan. Act.

 

Bonus Tip: Start an #AMA (Ask Me Anything) show to keep people up-to-date on market conditions and provide a “safe space” for them to ask any real estate-related questions they might have.

 

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Master Your Market Knowledge… And Make Good Things Happen!

When coaching member Lynn Hurley recently found herself with a listing that just wouldn’t sell, she turned to her coach for advice.

“You’ve gotta know your market,” he advised her.

Like many agents, Lynn considered herself knowledgeable about her market. But she soon realized how much deeper her knowledge could go… and how meaningful that intimate market familiarity would be to her bottom line.

Lynn took her coach’s advice to heart and began truly studying her Naples, FL market to fully understand exactly what was going on. She then called a meeting with the sellers, showed them where the market is, got the price reduction needed and had a buyer within two days!

Suddenly, Lynn was fully convinced there’s huge value in truly knowing your market.

And that was just the beginning of where this journey would take her…

 

How Deep is Your Market Knowledge?

Part of your job is to know the market.

You know this. But how committed to it are you?

Especially in a changing market, there’s a lot of uncertainty out there amongst homeowners who might be reading negative headlines but don’t know the real story.

It’s your role to provide that insight. And using Lynn’s story, I want to show you how upping your commitment to knowing your market is easy to do and can achieve a lot of great objectives:

  • Build trust with people faster (Remember: 86% of consumers say trustworthiness is “extremely” or “very” important when choosing an agent)
  • Stand out from the competition in your listing presentations
  • Get listings priced correctly
  • Win more Expireds
  • Improve your confidence and increase your enjoyment of your business

 

“It’s Not Anything Special. I Just Do It Every Day.”

Here’s the really good news…

Knowing your market inside and out doesn’t take any advanced degree or specialized expertise.

It just requires time, commitment and discipline. And maybe a little attention to detail.

Lynn says it best: “It’s not anything special. I just do it every day.”

At 10:00 a.m. daily, Lynn sits down to review her MLS. She specifically monitors new listings and active or pending properties comparable to her own listings. In a spreadsheet, she tracks their price, price per square foot, whether or not the property is furnished, the price paid for the lot and days on market. (Lynn works primarily with builders, so adjust these categories accordingly for your own needs.) She also calls the listing agents associated with any changes in the market, and makes it a point to physically view each relevant property in person.

She admits at first, it took some discipline to make this “market review” a daily habit. But she started seeing the impact it had so quickly, it actually became fun for her.

Now it’s obvious that she’s passionate about tracking her market and takes pride in building that strength every day.

“It’s just given me so much confidence,” Lynn says. She goes on to say she’s now able to better inform consumers when their perception is influenced by negative headlines all saying the market is slowing down.

 

How Lynn Got a $550K Increase on a Counter-Offer

Lynn’s market knowledge has paid off in more ways than the price reduction mentioned earlier.

She recently listed a brand-new property at $3,695,000 and soon received a lowball offer of $3 million flat. At first, she wasn’t even sure if she should justify this offer with a counter, but then she decided to counter in good faith.

Using her in-depth market knowledge, she was able to demonstrate the actual market value of the property to the same people who offered the lowball offer, and she received a counter – and sold it – for $3,555,000.

 

What Can You Learn from Lynn’s Example?

Not to take anything away from Lynn, but like she said, what she does isn’t exactly anything groundbreaking. What is impressive about it is her commitment to it.

So here are some questions for you to help up your game when it comes to knowing your market:

  • Do you have any time scheduled in your calendar devoted solely to reviewing your market?
  • Even if you said yes, are you giving yourself sufficient time to do it thoroughly? (Remember: Lynn devotes one full hour every day, no exceptions!)
  • Do you preview all the properties in your market and/or relevant to your listings?
  • Are you making the necessary calls to other listing agents to track changes in the MLS?
  • Do you have a spreadsheet or an efficient way to make sense of market trends, etc.? (Lynn says her builder clients have become so familiar with her practices, she’s able to simply share her spreadsheet with them rather than sending them all the comps.)
  • When things get busy, how will you hold yourself accountable to ensure you don’t stray from this daily routine?

Start doing all of these things, and you’re sure to see great results.

Remember: The more the market shifts, the more consumers will become fearful, and the more they need your information, insights, advice and hand-holding. It all starts with you knowing your stuff.

Are you up to that challenge?

In the comments below, let me know what changes you’ll make to increase your market knowledge as we move into 2019.