Dear Tom: Q&A on Mentors, Marriages, Marketing & More! – #TomFerryShow

August 14, 2018

What an impressive array of questions I got to answer on this Q&A episode of the #TomFerryShow!
From marriages to mentors, old-school marketing methods and more, it’s a good one.
Watch the full episode for all the details, while here in the blog I’m breaking down a few of the most critical questions.

What Should I Look for in a Real Estate Mentor?

At different times you might’ve heard me refer to certain individuals as “my mentor.”
But that doesn’t mean I only have one.
It’s always a good idea to seek mentors in many different areas of your life: health, relationships, business, finance… whatever! Some can be tactical. Others can be purely mindset-related.
Here’s what to really look for: Someone who possesses one specific superpower that you’re attracted to.
When I look back on some of my mentors – Bill Mitchell, Mike Vance, Jay Abraham, Brian Tracy – they all had individual skills and/or philosophies I wanted to add to my toolbox.
Find people who appeal to you like that, lean in and soak up their wisdom.
Don’t forget: In today’s information-rich world, your mentor doesn’t even have to be alive. With all the technology available to us, you can learn from virtually anyone of significance throughout the course of history.

What’s Your Advice for Couples Working Together?

The biggest dangers for couples who are also business partners is spending too much time together and not having a clear delineation between work time and personal time.
The best way to overcome those dangers is to ensure you each have your own clear roles and responsibilities. DON’T be “business buddies” who are joined at the hip and doing the same things together all day every day.
When you each have a clear role, then you’ll each have your own things happening throughout the day. And therefore, you’ll each have things to discuss when you get together later.
It’s unrealistic to expect you to cease all business talk after a certain time of day, but I also believe it’s a good practice to try to create a clear line and avoid “business talk” when you’re spending quality, personal time together. Always remember you’re partners in life before you’re partners in business.

What Are Your Thoughts on Billboards and Radio Advertising?

If you’ve paid attention to me for any length of time, you probably know my belief: There’s no “wrong” way to generate a lead.
That said, some ways are smarter than others.
Both billboards and radio can undoubtedly be labeled “old school” marketing methods.
Despite that common bond, I’m going to pass on one and advise you to tread lightly on the other.
My gut says pass on the billboards. I don’t see a big return on your investment going that route. (Cue someone telling me how successful they are with billboards in the comments below. If that’s the case, fantastic! Again… there’s no wrong way to generate a lead.)
On the radio front, my advice is to try a low-cost, short-term test using a direct response offer. For the best chance at success, make sure your direct response offer is compelling – better than just a free CMA or ordinary real estate offer. Create a special report tailored to a certain market segment or type of client you tend to work with frequently.
Then, after giving that test period a sufficient chance at success, decide if you want to continue.
Because of the relatively low cost and ability to reach a large audience, I suspect there’s a possibility for strong ROI in radio. And like any “old school” method that has been largely abandoned, there’s opportunity for you to stand out because you’re the only real estate professional using it!

What would YOU like to ask me? Let me know your questions and comments below!