Welcome to Mike Ferry TV. It is Mike Ferry … the week of February 10th, 2020.
I asked Ron Cronin and Cydney Fullen a couple of days ago … I said, “What do you think is the most important thing that I can share on Mike Ferry TV to help our clients … our prospects … all of you that are involved in watching … to keep their business moving forward as quickly as possible?”
I’m working under the assumption that everybody that watches Mike Ferry TV has a goal … objective … a plan … something they want to accomplish in this calendar year 2020. I’m assuming that you’re willing to pay that price … whatever that price is … to make that happen. I’m working under the assumption that you are interested in learning how to do it maybe a little quicker … a little faster … be more efficient … and to dedicate yourself during certain hours of each week to the production income that you’re working towards and deserve.
It’s an interesting business from a lot of perspectives … and of course, the biggest challenge we face is each of us are independent contractors. Therefore, I mean, you can have the most dynamic, inspiring, motivational Broker of all time … a great Manager working in your office … you can be a very inspired person, but if you choose not to do anything … that’s a choice you can make and … guess what? We can’t do much about it.
You and I both know … and probably many of you have had a real job of some type where you worked for a company … you worked for an organization … worked for an individual that had a company … and there were certain standards, certain things you had to do to maintain the job and to earn the paycheck that you were going to receive.
Well, Real Estate is … as most of you know … very different from that. It takes a lot of dedication … a lot of self-discipline … and it takes the commitment to doing the job every day. Yes, there’s a hundred distractions. Here we are … February 10 … the week of February 10th … we’ve only had basically 4 weeks … 4 and a half at the most … go by in this new calendar year … and there’s certain distractions that you have as habits … and those habits, of course, are very destructive to productivity. Some of those habits are very productive to productivity if you understand that we are a summation of the habits we have and how we work within those habits and how we let those habits run our business and our lives.
So, we’ve got 4 weeks … 4 and a half weeks down … for the year so far. Are the distractions … are the challenges … are the problems … are the lack of disciplines that we have in our business carried over from last year to this year … and are they getting in the way of your productivity?
As an independent contractor, we can’t sit down with you and say, “stop that.” Now, we can say it … but you have a choice of deciding if you want to continue on that path of nonproductivity … or do something about it instantaneously.
It’s hard to change habits. You’ve heard me say for the last couple years that the average age of a Real Estate Agent in the U.S. being in the mid to high 50’s and the fact that as we get older and more mature … changing our habits is a lot more difficult.
So, therefore, we’re sitting here today saying we now are starting month number two of what is going to be … should be … hopefully is going to happen … be the best year of your life. If you’re trying to figure out how to get things revved up, we’ve put together an event and a program years ago … and it was called Jumpstarting Your Production. All it was was a workplan for a Real Estate Agent like yourself to escalate … to get into gear … to get moving … and to create listings and sales.
Here’s what I want you to think about … what is stopping you from doing more transactions this year than you’ve ever done before? I saw an email from one of our Coaches regarding one of you that may be watching … and it was an interesting email because the client … our Coaching client said, “When I start to think about all the problems that could take place in a transaction, I become frozen and I can’t move forward … therefore I can’t create any transactions because I’m focusing on the problems instead of the opportunities.”
Well, that’s called human nature. I’m not a psychiatrist … I’m not a psychologist … and if you’ve worked with me for a long time … I don’t go down those paths at all. There’s a lot of qualified people that can do that to help a person. But what I can do is I can say to you there’s certain steps you can take every day.
Now, are there a lot of transactions being done in your area … in your market … in your community … on a weekly and monthly basis? You’re going to answer, “Well it depends on the population.” Okay … based on the population of your area, are there transactions being done? And depending on the area, are there a lot of transactions being done? And how many agents are participating in the market you’re involved in?
All right … in your marketplace there’s X number of agents … there’s Y number of transactions. Have you noticed that a handful of people seem to do most of them? We want you to move from the group of okay productivity to high productivity … if you choose to … and one of the ways to make that happen is to what we refer to as a “90-day cycle.”
If you’re a brand new licensee starting in Real Estate today … there’s a pretty good chance … well, first of all, you could do a transaction in your first 30 days … certainly do 1 or 2 in your first 60 … and in your first 90 days, you would hope that you would create a contract representing either a Seller or a Buyer.
So, the 90-day cycle revolves around helping you understand the time it takes to move the needle from where you are to where you want to be. If you’re looking for listings … you’re going to go out and prospect … whether it be your database or For Sale By Owner or a Past Client … and either they have an immediate need to do something or they have the need to do something in the very near future … and in looking at our business, which I’ve done for 55 years, it takes about 90 days to convert that lead often to the contract you want signed, which means … the more leads you have in the system … the more leads you have in the pot … the better chance you have of one of them doing something within that first 90 days.
If you only have 1 lead and they want to move in 2 months, you’re probably going to spend most of the next 2 months cultivating that lead. If we can get you to think about the fact that in your first 90 days … or in this 90-day cycle … you could have 2 to 3 leads a week.
Or, if you’re looking at Buyers … you’re holding an open house on Saturday and Sunday two to three times a month and you’re going to have a certain number flowing in … and you’re going to prequalify those people and pick up some leads from that perspective. But we look at the fact that most people … it takes some place around 90 days to generate … to get a contract signed and transaction closed.
So, what I want you to think about is you have (4) 90-day cycles in the course of 2020. How many transactions do you want to do in each of these cycles? How much energy and effort do you have to put into each of these four cycles? What kind of response are you waiting to get? In that cycle, are you working on your skills? Are you practicing what you’re supposed to be accomplishing and doing? Are you remaining positive versus negative? Are you going through the leads and prequalifying them all to make sure they have the desire to do something in this timeframe you’re trying to accomplish?
If you look at the business as (4) 90-day cycles … first of all … every 90 days you can get excited about a new cycle, but in the meantime, here’s the catch … the highly productive agents … now listen carefully … start a new 90-day cycle every day. Think about that … it’s Monday, February 1st, for example … a good portion of our clients start their 90-day cycle that day. Then on the 2nd, Tuesday, they start the new 90-day cycle … so they’re looking … searching … each day for people to participate with to get contracts signed to achieve their goal.
Why do I ask you to look at the number of transactions in the market? Why do I ask you to look at the number of salespeople? Because whatever that number of transactions is … there’s certain number of people handling those transactions and your participation in doing the things that we ask of you is what causes you to get those contracts signed.
When I said to Cydney and Ron, “Give me a topic for February 10th,” they both said, “Well, they’re going to be in the middle of a 90-day cycle,” thus we have this conversation today. Watch this particular message every day this week. Burn these thoughts into your head and let’s help you get to where you want to go.
It’s an exciting time in Real Estate … it’s an exciting time to be a participant in the Mike Ferry Organization. Participate … take action … get your job done … and get this cycle working in your favor. Talk to you next week.
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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!