Welcome back to Mike Ferry TV. Tony Smith here with you again and excited as always to spend time with you anytime we can. Last week we started in on a series of thoughts, the 20 points of how to become a better businessperson. And hopefully you took some notes on those thoughts from last week and I want to continue. We got through point 10, so I want to start right away on point 11. First and foremost, before I start, are you fully engaged in the idea of becoming a better businessperson? At the Mike Ferry sales organization, we are constantly looking at how to improve your business techniques as a real estate agent, how to take more listings and make more sales, and increase your income. That’s most of it. But there’s a businessperson overcoming it. You’ve heard Mike Ferry say at some point you’re going to develop a lot of business maturity. And as you develop business maturity, not only does it help in your sales business, but it also helps in your profit and your production in the big picture. So, these thoughts are a little more dedicated towards the businessperson side of it.
11) You must produce over a long period of time
Let’s look at point 11 to become a superstar. I have to produce over a long period of time. So, I don’t know if you’ve seen Mike. This is our, you know, 50 years doing this work. And he will often say that. He said, “Yeah, I’m a 50-year overnight sensation.” Right. The reality is, if you study anybody that’s a superstar in business, they’ve probably been doing it a long, long, long time. Yes, there’s some flash in the pan. Some people that hit overnight sensation literally overnight. But the reality is you have to accept that this is a long journey, right? Have you ever got caught in having a really strong production year and then fall backwards, or fall down, or maybe even digress, right. The reality is, is your commitment for a long journey? Are you planning on doing this for the long haul? I certainly hope so.
12) Recognize that energy and enthusiasm are part of the job requirement
Okay, look at point 12. Skills are critical, but skills with energy and enthusiasm can’t be beat. All right, we teach sales skills. We teach you what to say in every selling situation. We’ve got scripts and dialogs, objection handlers and clauses that are designed for you to win. However, the enthusiasm part is up to you. So as a businessperson, we think, okay, I know what to say, but if I can learn to apply energy and enthusiasm to what I say each and every day, it’s a no brainer. In fact, Mike has said, if I had to pick and I could only pick one… strong sales dialogs or energy and enthusiasm… and I could only pick one, he would pick energy and enthusiasm because it wins hands down. How do you do naturally with energy enthusiasm in your business every day? It’s something that can be developed. It can be worked on, it can be grown, you can make it better. If you’re not a naturally enthusiastic person, the job requires it so if you want to become a great businessperson, recognize that energy and enthusiasm is part of the job requirement.
13) Narrow the gap between presentations
Look at 13. To become a strong businessperson, you have to narrow the gap between presentations. All right, one thing we know, if you’re only presenting to the public or to a seller or buyer every once in a while, it’s almost impossible to get as good as you could be. You’ve got to narrow the gap. Well, how do you narrow the gap? Of course we’ve talked about it. You can increase the number of clients you have. You can increase the referrals you get from the clients you have, or you can increase the volume you get from the clients you have. But you’ve got to present more often. My advice has always been the same, that you either practice a presentation with a lot of intensity and enthusiasm, or you have a live one, but you should do it every single day if you want to narrow the gap. Here’s an example based on your business plan moving forward or through the fourth quarter of this year. What’s the maximum number of days that you should have between formal listing presentations? Do you know that number? Try to narrow the gap if you should be presenting at least once a week. Then you focus on have I presented this week? If you should be presenting twice a week or three times a week. Narrow the gap between presentations. It starts by you deciding to do it.
14) Doing well in bad times can make you a phenomenal businessperson
Okay, look at 14. Doing well in good times does not necessarily make us a good businessperson. Doing well in bad times can make you a phenomenal businessperson. All right. Now we all know we’re coming out of a window of time in the real estate industry that sales have been up. And, you know, commissions are easier to get. And everything I touch sells. Yeah. That’s good. And we’re going to take that money every time it comes to us. Now, the way the business is performing now, now is when you become great, right? Like your true mettle is tested when things aren’t as grand slam home run easy. We’re entering one of those times now in big parts of the country. So, if you’ll accept the fact that this is your time to truly become great when not everything is rosy, then you’re going to recognize that that will carry you through even better on the next good time.
15) Recognize motivated people, set strong standards
Okay, look at 15. If I only commit to working with people that will sign a contract within 7 to 10 days, then that’s what I’m going to find. But if I will work with anybody, anytime, anywhere, no matter how long they need to sign a contract, that’s also what I’m going to find. So, if you want to become a great businessperson, you have to set some strong standards on how long you’re willing to chase someone around that is not going to sign a contract. Okay,Mike’s been bugging us and beating on us and pushing on us for 50 years. He’s been trying to get us to understand that chasing unmotivated people around is not the answer. Great businesspeople recognize motivated people. How good are you at this? Interesting, right?
16) Strengthen the link between the daily grind and the goals you’ve set
Strengthening the link between the daily grind of prospecting and the goals I have. Great businesspeople are always looking at the connection between making those calls, knocking on those doors, the daily grind, and the goals they have set for themselves. How strong is your link between those two? I remember in the day where it used to be, I would make my first 10 contacts and they were designed to pay for my personal life, the house and the electric bill and the food. The second ten contacts I made every day was designed to pay for the business growth, my business expenses, my coaching, the sign costs right. And the last 10 contacts was designed to pay for the dream board. And if you can strengthen that link, is it more likely that you’ll make those last ten contacts every day? If you believe that, that’s how you get the vacation home and the boat and the cars and the money in the bank and debt free and all that, strengthen the link between the grind and the goals you’ve set.
17) Keep your emotions between the lines
How about this one fun number 17… emotion and drama never work in building a business. You’ve heard it from Mike a gazillion times. We’ve got to learn to keep our emotions between the lines. If we’re going to be a great businessperson, we’re supposed to be the calming force in the transaction. That’s our job. That’s what the seller wants from us. That’s what the buyer wants from us. I was taught that when you come into the business, your personal life stops at the door like you’re not allowed to bring your personal life into your business. In real estate, it seems like it’s almost acceptable for you to do that. If you want to become great, you have to recognize that you keep the emotion and drama out of it. To what level has emotion and drama crept into your business this year? Have you kept it out? I hope so.
18) Understand profit and loss, be disciplined in your spending habits
How about number 18… agents who learn a lot of money for a year or two, but spend 20% more than they earn are set up for disaster. So great businesspeople understand profit and loss. They understand not over spending their earnings. Remember when you get a check, when you get a commission check, that check is not all yours. Part of it is for the government taxes. Part of it’s for your retirement account. Part of it’s for your business expenses. That is not all your money to spend how you want. Great businesspeople understand that you can’t spend more than you’re earning. Are you doing a good job? Are you being disciplined in your spending habits? Hope so.
19) Tell the truth
Okay 19 no matter how uncomfortable it is, great businesspeople always learn to tell the truth. Okay, when it comes to pricing property, are you willing to look the seller in the eye and tell him the absolute truth about price? If the condition is not right, are you willing to tell him the truth? Are you willing to be honest with them? Are you willing to be honest with yourself about your sales skills, about your work habits, about some of the inefficiencies in the way you run your day. If you can live on a platform of hard, honest truth, the best businesspeople in the world do. So, we’d like you to do it.
20) Remain mentally and physically strong
And then the last point in this series, remaining mentally and physically strong is absolutely essential to the process. Mentally and physically strong. Are you doing all the right things for your mind? Are you reading great books, watching great audio and video, staying in tune with these messages with Mike? Are you also then looking at the physical side of it? Are you eating right? Are you getting enough sleep? Are you are you getting the right exercise for yourself? This is a mental and it’s a physical game. Great businesspeople recognize that you have to protect your mind and protect your physicality if you’re going to do it long term.
Okay, so 20 points, no particular order of importance. I hope they mean something to you. They came straight from Mr. Mike Ferry. Pay attention to those. We look forward to seeing you soon.
