OK, everybody, welcome to Mike Ferry TV. It is the week of June 29th and of course, hard to believe the year is now half over. That’s good news because the first six months certainly were not … I don’t think what anybody expected, anticipated or thought would take place. But the really good news is that means we still have six months to achieve the goals we’ve set.
And I’ve said this to all of you before Mike Ferry TV … Years ago we did some research and we really look carefully at the production of people that are considered to be top, top, top producers in the real estate industry. What we discovered was that about 70 percent of the business they do takes place in a six month period of time and 30 percent takes place in a six month period of time, which means that if you are behind and it’s not uncommon to be behind it in the goals you have set … You still have plenty of time to achieve them. Every indication says the market is going to be great for the second half 2020. So, the question is, do you want your market to be great also … And if the answer is yes, I think the next couple of weeks that we’re working together can help you a lot because we know that it’s just a matter of getting back into the swing of things. And a lot of realtors, a lot of agents are not yet back to work at the level they should be. What I did last week, on Monday, I asked one 175 Top Producers to tell me 5 – 10 things they are committing to complete this year as strongly as possible. What are the action steps, the activities, et cetera?
What are they doing to make sure that this year ends up being the kind of year they’ve always wanted? So, what I did was I picked out of gosh, they’ve sent me probably two to three hundred ideas of their of their activities. They’re going to be involved in and I took 10 of them …
I went through most of them this morning for several hours. I picked 10 of them that I think any of us could do if we choose to. So, the question then, of course, is what is the level of commitment that you have to the balance of this year? What is the level of which you have to the goals you’ve set, the plans you have, how you want to live, how you want your family to live, what kind of income you’re going to have, et cetera? So, let’s begin. OK. So, here’s no order of importance on these. These are just 10 that I selected out of probably 300.
Number 1, I have to reach my daily contact goal of 30 new contacts. And I want to remember every day these are not lead follow-up … these are new contacts. I get the question asked at least every week sent to me by e-mail from somebody that is new to The Mike Ferry Sales System, and that is can I count my lead follow-up calls as contacts towards my prospecting?
And of course, you can, I guess, stop you from doing that. But it certainly is not creating the type of discipline in the business that you and I think needs to be created and/or expected if we want to achieve the goals we set. A new contact, by definition, is talking to an adult every day about the real estate business. That’s what a contact is … talking to an adult. Lead follow-up of course, is taking those leads you already have and working to get the appointments that you’re trying to accomplish and get.
They didn’t all say I have to make 30 contacts, but I would say that 30 percent of the 175 have to make between 25 and 30 contacts a day to achieve the goals they set. How many contacts do you have to make? I mean, really think about that if you want to achieve your goal. How many contacts do you think you have to make? A lot of agents will say to me how many contacts do I have to make to achieve the goal? So it’s very simple … what is the goal? Let’s say the goal is to make 30 transactions for the year. And then I’ll say, how many of those come from your database? Past Clients, Center of Influence. And they’ll say, well, let’s say five. And I said, if I subtract five from thirty or five from twenty-five, I have 20 left. So therefore, that tells me how many contacts I have to make per day.
Number 2, remember, the morning schedule must be planned the night before … and then I’ve got to commit to following that morning schedule. You know, it’s interesting. I don’t think if you read any books on sales, leadership, management, top producing people in any field of endeavor, they’re always planning what they’re doing. The evening before, because that means they’re going to rest a little better knowing that they have a plan in effect, and they get up in the morning with a lot more energy and excitement and enthusiasm in what they have to do. I’ve got to remember, the morning schedule must be planned the night before and then follow that schedule as closely as possible. If you have a schedule, and I’m assuming you do, and if you follow it 80 percent of the time, you’re going to win. And that’s what we’re all talking about.
Number 3, I have to call my role play partners. I have to call my accountability partners. I have to spend a few minutes reading, getting my mindset in gear, learning during that first hour of each day that I’m working. So let’s say that your schedule has you started your prospecting say at 9:00. From 8:00 – 9:00 role-play, accountability, read, learn, prepare your mind for the day. If you’re starting, your prospect at 7:30 you’re off to an early start at 6:30 in the morning. But you have to understand that talking to people, role-play partners, practicing your scripts, talking to your accountability partners, which boost the morale and get you in the right mindset … Spending 15 minutes reading or listening to some great ideas that are available to all of us, knowing and learning … that really does set the tone for how the day is going to be. So number 3 is really critically important one.
Number 4 be better prepared. And I like the way they stated this. Be better prepared for each appointment. What do they need to know to make the decision to list with me? So I’m going into the appointment. I’ve got a four o’clock in the afternoon listing appointment. I’ve done my pre-qualifying. I’ve put together the pretty listing package. I’ve done all the steps. But what does that Seller, based on what I heard them say to me in the pre-qualifying … what do they need to know to make the decision to list with me when I see them today? If you don’t know the answer, it’s because maybe you didn’t listen carefully enough to what they said. If you don’t know the answer, maybe you didn’t pre-qualify at all. If you don’t know the answer, maybe you’re not in tune to learning to listen to how people speak and what they’re saying to you. I thought number 4 was pretty important as something we could all pay attention to.
Number 5, this was fun … Go on a minimum of two Listing Presentations per week and take six listings per month. So. July, August, September, October, November, December. Six months, six listings per month, 36 listings taken. You’ve got a 70 percent or better listing-sold ratio you’re going to have a great finish in the second half of the year. But it starts with a Listing Presentation. So what I want you to think about is this what are the steps you have to take to make sure that you get two Listing Presentations per week? Is it a possibility? Do you know the steps you have to take? Do you have to spend a bit more time doing good, lead follow-up … obviously vitally important.
Number 6 on the list, delegate more to my assistant, assuming you have one or to the transaction coordinator in the company … if the company has one and or to the affiliates that you work with … Or in essence delegate more. And as we’ve said time and time again, for years on, Mike Ferry TV delegation is the act of giving away, giving up responsibility, giving somebody authority, giving somebody the right to make the decisions, giving somebody the right to make the mistakes that are going to be made. Delegation is what gives you the time that you say you want to live your life and to produce at a higher level. Delegation to give away. If you’re hoarding everything and trying to do everything yourself … very hard to do a lot of transactions.
Number 7. We’ve already talked about this mildly. They all said be much more aggressive. And I wrote the number 50 percent more aggressive in your lead follow-up. How many leads do you really have right now? I mean, be honest. You have three, five, ten, fifteen leads. When’s the last time you talked to each one of them? And did you ask each one of them for an appointment?
Number 8 came up probably five or six times in the first, say, 20 of these that I reviewed … meaning these lists. If you’re going to be a Top Producer, you have to learn to say no, because you truly cannot help everybody. If you’re going to be a Top Producer, you have to learn to say, no, you truly can’t help everybody … Because you can’t help everybody.
The property’s worth four ninety-five. They want seven hundred thousand. OK, they want to buy a home they want to spend a million dollars, but they only earned sixty-eight thousand dollars a year and they don’t have a big cash down payment. There are certain circumstances you find out in the pre-qualifying from the knowledge of the person there’s time when you just simply cannot be of service. Learned to say, no, you can’t help everybody. Disadvantage, you’re talking all day is some days I lose my voice.
Number 9 on this list, work on strengthening the mindset every day. And of course, during the first six months of this year, we learned how important the mindset really was and how easily we can be so distracted and taken away from the plans because of not having a media free life. You probably saw about 10 times that these Top Producers said the last six months of the year they’re going to be media free, and many of them said, I’m going to be social media free it so I can focus on the job at hand. By being media free you strengthen your mindset … by taking two or three mindset breaks a day, strengthen your mindset.
Number 10, which is probably the most important. Do not deviate even one percent from the five step Mike Ferry listing process that we all have available to us. Now, I’m not saying the Mike Ferry listing process because my name is Mike Ferry and I’m trying to sound like a big shot. I’m saying the Mike Ferry listing process … Because we’ve defined a five-step process that you can follow … Step by step where you can therefore get 60 to 70 to 80 percent of the presentation you go on. You get them to sign a contract, but it starts with step number 1, which we’ve already discussed, which is the pre-qualifying process.
So if you don’t know what to Mike Ferry listing process is, go to our website, mikeferry.com, look at the listing process, download that information and start using it. For the next couple of weeks, I’m going to go through more of these lists that the top producers are going to use from now til the end of the year. I think they’re valuable, I think they’re important. Best yet, we can learn from them and they can help us accelerate our six months. So let’s commit to a great six months. Let’s commit to getting the job done. And I’m glad that you’re watching Mike Ferry TV and that we can be of service to you. Don’t forget, this year instead of July, our Superstar Retreat is going to be in September. It’s going to be a virtual three-day retreat. Go online. Get registered. Become part of that Retreat. And the good news is, if you choose to come to the retreat in September, virtually, you don’t have to pay for an upfront seat … You get an upfront seat. So you’re going to have the best seat in the house because you’re going to be sitting right in front of me on your computer device that you choose to use. We will look forward to seeing you next week. Thanks for today. Bye bye.
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Mike Ferry is the global leader in real estate coaching and training. Watch Mike each week as he discusses a variety of topics to help real estate agents and brokers. Grow your real estate business by improving your mindset, developing your skills and creating a plan of action to increase your production!