- The bottom line is we've got way too many people
around the world that are just walking around
like a bunch of dumbasses.
(upbeat music)
Hey, welcome to the Tom Ferry Show.
Today, I'm answering nine questions
that people have been asking me on my Instagram Stories.
We're gonna go from mega successful agents trying to get
to the next level to brand new agents, how do they maximize
their first listing that they've ever sold.
Let's just go at it and I can't wait to get your feedback,
and if you're not asking me questions
on my Instagram Stories, starting back on January 12th,
I've now received, I don't know, hundreds,
maybe close to 1,000 different questions
and I'm doing everything in my power to keep you informed,
involved and most importantly in massive action.
So, here's the first question.
Hey, Tom, 45 deals last year, $250,000 all by myself,
how do I double that in 2019?
I said, you're at the adding stage, so you either need
to add an assistant, you need to add more lead sources,
you need to get someone else helping you
to generate more appointments or you need a buyer's agent,
so you can focus your time on listings.
It's not complicated, identify the highest and best use
of your time and do that.
When you're at 45 transactions, you're making
a quarter million dollars, you need to acknowledge yourself,
pat yourself on the back, know that you are wherever you are
in the world one of the best agents on the planet.
And at that stage, it's about adding more of what's worked
to build those bricks like we talked about at the summit
a couple years ago, super important.
The next question was, hey Tom, I'm 25 years old
and new to real estate, did one deal last year,
wanna do 26 in 2019.
What are the top three things or four things I should do?
My answer was you need to take on a primary focal point
for the year.
Think of it as a theme, think of it as a direction,
think of it as the macro focus for your business
and my recommendation was your only focus should be
on the number of appointments you go on for the year.
The number of appointments you go on
and it probably should be 175 to 200 minimum.
I wrote down 26 sides as a new agent, probably a minimum
of 175 appointments with buyers as the first meeting,
showings don't count, first meeting, showings don't count
and then with sellers.
Then my little emoji check mark, get on the phone
and get to work.
Very important for a new agent.
You follow that plan, you're gonna win.
You get distracted by the noise of real estate,
all the tools, all the things you might need.
Don't focus on that stuff, go Forrest Gump style, baby.
Get on the phone.
Question number three, ask me anything.
Hey, Tom, I wanna triple my business this year
from 150 to $450,000 in GCI.
What are the top three things I must do?
And I gave him four.
I said, number one, you wanna focus on the number
of appointments you can book daily and weekly.
It always goes back to that, get on the phone, focus
on the most important leading indicator
of any sales person's business.
It's when you open up your calendar or you look
on your calendar and if you see no appointments,
you're out of business.
If you see lots of appointments and time to do some
lead generation and follow up, you are a gamer.
That's number one.
Number two, though, you wanna go deep on what already works
in terms of your lead generation and simultaneously add
one source that's a no-brainer for growth.
It's ephemeralization.
How to get a lot out of a little or more for less
from what already works without spending another dime,
efficiency.
You with me?
And then the second part is what's that one source
that I can add that can bring me 10, 15, 20 transactions
in a year.
You know your local marketplace, look around,
take off your I don't like hat, your fixed mindset crap
and think I wanna triple my business,
so it doesn't matter what I think.
Look at the landscape of the marketplace, what are the areas
you can have impact on and go.
Number three, I said, you gotta track and measure
your results and you gotta add accountability
to stay the course as you increase the number
of appointments and the number of clients you're managing.
It's about structure and accountability.
And I said, number four, if you don't have an assistant,
hire one now.
If you have one and they're not strong enough, get them
some professional training, so they can make you better.
Alright, the next question was, if you only had one tool
and you had to use it to grow your business in 2019,
i.e. Facebook, COI, video, what would you use to stand out?
Now, the hook there is, to stand out.
So, I said, look, I'm never a fan of a one tool approach,
but I spell checked it and I did it wrong.
It says one took.
I'm never a fan of trying to find the one thing.
I'm a big believer in you've gotta go multi channel.
You gotta find customers where they are.
Some are on Twitter, some are on Facebook, some are
on LinkedIn, some are on Instagram, some are on SnapChat,
some are on YouTube.
♪ You gotta give the people ♪
Second time I've sung on the Tom Ferry Show.
You gotta give them what they want
in their model of the world.
So, get out of this one only, but then I did say,
look, if you're only gonna do one, Facebook Live.
If you're really only gonna do one and you truly wanna
stand out, Facebook Live, three, four times a week,
ask me anything, market updates, check out this new listing,
what do you think of this property,
have you been to this restaurant.
Just being in the face and every time one
gets some traction, it's a unicorn.
Boost it, spend money and make sure everybody
in your marketplace sees it.
Again, I'm not a fan of betting on one horse.
I wanna bet on multiple horses and make more money.
I don't know if that makes sense, but you're with me.
Alright, the next question was, hey Tom, how do I get past
the plateau of $30 million a year in sales?
Been there for three years in a row.
Well, first of all, again,
let me say to you congratulations.
$30 million makes you, again,
one of the best agents in the country.
I appreciate the question and I hope my thoughtful answer
is gonna get you to the next level.
The thing I wrote down was, first,
do what you've already done better, more consistently.
Are you picking up on that theme, by the way?
Pretty important for all of us in 2019,
but doing it more consistently.
Then it's about adding two force multipliers,
adding and solving.
These are two different strategies to grow your business.
I said, for example, you need to add more lead generation,
add a full-time appointment setter.
Yes, someone that's just booking appointments for you.
Kind of like caddy for the famous golfer.
The famous golfer doesn't carry the bag,
they don't put the tee down.
All that stuff's done for them.
They get handed the club and boom,
that's you on an appointment.
That's your job.
You can add a better assistant.
You can add a marketing director to maintain repeatable
and scalable growth on all things branding
and direct response and of course you can add
better software for more efficiency.
You can add a coach for strategic thinking
and a whole myriad of other things.
The bottom line is you gotta think about your business
almost like building a house.
The metaphor I used at the summit many years ago
was there's three kinds of agents.
I used the three little pigs and I said some built it out
of straw, some built it out of sticks
and some built it out of bricks.
You are clearly a bricklayer, so we wanna add more bricks
to make your business unstoppable, repeatable and scalable.
The second thing is solving
and this is where it gets a little more complex.
I'd ask you the question,
what are the consistent pain points or time traps,
what are the pain points of your business or the time traps?
The pain points, what are the things that go wrong
over and over and over and over?
Probably need a better checklist, a better system
or someone else managing that for you or leveling up
your existing assistant to make sure that he or she
is more qualified, better at communication.
The things that cause you pain in your business
don't have to be there forever.
A system will produce what a system will produce,
nothing more, nothing less.
So, your current system creates pain for you
and for your clients and for your assistant.
Create a better system, a better checklist,
get a better result.
The other thing I wrote down is time traps.
What's eating up all of your time?
When you're doing $30 million in business,
assuming your average sales price isn't $10 million
and you sold three houses, the odds are you're out
on showings, you're busy, you got a family, you got a life,
you gotta prospect, you gotta stay educated,
you got all these things you gotta do.
If you're not eliminating the things that are not
the highest and best use of your time and delegating them
to someone else, then look, you're doing searches
at midnight trying to find that buyer a home
and that's just no bueno at your level.
Alright, the next question was, hey, Tom, new agent here.
About to close my first deal, yeah baby,
how do I leverage this?
Five things, real quick.
Number one, mailing campaign to 500 homes
around that property as your just sold.
Number two, door-knock around the property letting them know
that you helped the buyer or the seller.
Number three, always ask the question,
hey, have you had any thoughts of selling in 2019?
And then number four, stand in front of the home, shoot
a Facebook Live and let the world know what you did,
what you learned, how it worked, what were the dragons
that he had to slay, what did you have to overcome
and how did you solve it in a beautiful scalable way
and then boost it to a 10 mile radius
and let everybody in that area know what you did.
And then number five, I just wrote down, you know what?
Call every one of your past clients and sphere,
let them know or as a new agent, call your sphere
and let them know about the transaction and then of course
at the end, hey, do you know anybody
who's thinking about buying or selling in 2019.
So, those are my five.
Alright, we're moving quick here.
The last few are kind of simple.
This person said, are mentors necessary?
I'm not really sure if they were being cynical,
but I actually took a thoughtful approach to it.
I said, I think they should be mandatory.
Think about junior high, high school kids
and even college kids that lack both the ambition,
the direction and what's the problem?
They've got no mentor.
They've got no one that they're looking up to and saying
how did you do this, what can I do
or what advice do you have for me?
Knowing me, what do you recommend?
The bottom line is we've got way too many people
around the world that are just walking around like a bunch
of dumbasses because nobody's saying, hey, check it out,
you're better than that.
Here's what's possible, here's a road map, here's a book,
do what you gotta do.
And by the way, that's how you mentor.
And then I wrote down, I don't know a successful individual
who hasn't had several mentors
over the course of their life.
I believe it should be mandatory and for people like you
and I, we look at our life in three phases,
learning, earning and transferring.
Learning, earning and transferring.
When you're in that transferring stage, don't be selfish,
help everyone you can.
Alright, last two questions.
At what point do you hire an assistant?
And I said, the day you decide to actually be committed
to the business.
That's the answer.
And the last one, I just thought it was comical.
Hey, Tom, how do I become a real estate coach?
And I said, unfortunately, the barrier of entry
is non existent, unless you work with myself or Buffini
or MFO, and there's a few other great companies out there
and even then, if you don't learn the art and science
of coaching in a wide spectrum, a wide spectrum,
a wide strategic spectrum of thoughtful strategies,
ways to build a business in any market
and marketing strategies that are relevant
to buyers and sellers in today's day and age,
if you don't learn that, guess what you do?
You teach people from your point of view and that's the only
way you do it and that my friend is a disaster at best.
So, I had a few opinions on that one.
I hope you got some value out of today's show.
Thank you so much.
Follow me on Instagram, keep asking me questions
and I'm gonna keep answering them to keep you moving forward
and making 2019 your best year ever.
Look forward to seeing your comments.
See you soon.
Hey, I'm Tom Ferry and I wanna say welcome to real estate.
Now, there's a pretty good chance no one's told you
there's an 87% failure rate every five years
in this business and there's only two factors.
Agents don't have the tools
and they don't take the right action.
I'm gonna invite you to click the link below and get access
to the tools, so you can win in this business.
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