And good afternoon this is Mike Ferry welcome to Mike Ferry TV. It is the week of July the 8th and it’s of course the week of our Superstar Retreat starts tomorrow so I hope you’re there and if you are come and say hello. If you’re not there let’s make sure that the next couple of weeks while we’re doing the retreat is good for you watching Mike Ferry TV. Last week we started talking about the fact that I want to share with you over the next several weeks what we’ve been doing on the Superstar Retreat tour, April May and June. And last week I said we’re going to look at 15 separate points over the course of the next five six weeks. Last week we said you have to make the decision to become a strong listing agent and accept the responsibilities that go with that decision. Then we said we have to commit to at least 18 months to learn to change our sales behaviors if we want to develop the skill set to become a great listing agent. And then I said number three set up a listing oriented schedule versus of course a schedule working with buyers. None of those are easy all those are difficult … but you’re capable of doing each one of those three things. So now we’ll cover points four five and six and four five and six or a little bit more intense. The fourth point of the 15 on the tour I’m doing and I want to read it to you this way. Converting your schedule to 80 percent production based listing activities.
Converting your schedule to 80 percent production base listing activity. So here’s the example I use all the time during the tour. I’ll say see this blank sheet of paper that is the schedule of an agent that generally works with buyers. Turn it this way. Monday Tuesday Wednesday Thursday Friday hoping we get a showing on Saturday. That however is the schedule of a strong listing agent because the listing agent has to have a lot of things to do every day to generate a listing to get a listing appointment get a contract signed. So the basic behaviors or the basic attitudes or the basic skills or the basic schedule of the two people is totally different. Not one is right one is wrong or one is better. One is more productive because as we’ve stated last week it’s pretty rare to find a top top top top producer doing 30 50 75 100 deals a year that’s working with buyers only. Those are always going to come as listing oriented agents. So convert your schedule to 80 percent production base. Now the question then is what goes in that schedule? There’s probably 20 or 30 good solid production based activities let’s look at the five that I think are most important. So if you’re taking notes on Mike Ferry TV after you written down 80 percent production base rate down letter A lead generation slash prospecting slash talking to people whatever you want to call that activity … that has to be part of your schedule and you’re going to spend a good solid two to three hours per day five days a week involved in that activity. Letter B of course is the hard part. And that is the good solid strong lead follow up that you have to do. You’re going to get leads. You’re going to have sheets of paper three by five cards a computer. Leads are going to pop up. The question then becomes how strong are you and your follow up. Because it doesn’t make any difference how much time you spend in lead generation if you don’t follow up on the leads that you get. So that’s activity number two, you’re going to spend 30-40 minutes a day on lead follow up activity number three is pre-qualifying.
You’ve got to cement into your mind as good as a lot of you are … going on listing presentations without pre-qualifying a seller is like walking into a room in the dark that you’ve never been in before. You don’t know what you’re going to hit you don’t know what you’re going to find. You don’t want to be in that situation. How do you solve that problem? You pre-qualify.
And it’s a commitment to pre-qualifying which is going to make you even a better agent than you already are. And that is going to be 30 to 40 minutes a day. Of course obviously a letter D then is what I call appointment preparation. Preparing your pre-listing package preparing your CMA, preparing your disclosure statements, your net sheets, your contracts having a copy of your sales plan whatever marketing pieces you want to put in as an example to your seller. The preparation, which is going to be a good solid 60 to 70 minutes a day preparing for appointments and then a letter five or number five or letter E of your schedule would be the actual listing presentation. Here’s what I want you to think about. If you take a schedule and you say Monday Wednesday Friday as an example and you put down three times on that schedule a time slot for making a listing presentation and then you spend all your energy all your time trying to fill a name into that time slot. Could you do it? And the answer is yes. So what you have to do is you have to create a schedule that’s designed around the end result and the end result is a listing appointment. That’s what we’re here for a listing appointment.
So this whole idea of converting to 80 percent now 90 percent of all the agents spend 95 percent of their time avoiding everything I just said.
They’re dependent upon you that has the listings because the person has the listings controls the inventory which controls the community controls the town controls the business. So the more I can spend my time my day involved in these types of activities the better off I’m going to be in virtually every case. So I’m excited for you to convert your schedule to a listing based schedule so let’s go to major point number five of the 15. And again this is going to take several weeks to cover these. But I didn’t see 98 percent of you on the tour even though I saw several thousand people. I want to make sure that you get the same information they had. So point number five learn and understand the listing process.
Ford Motor Company is going to build you a car. At your specifications you pick the color you pick the interior etc. They have an exact process they follow. I mean it’s right down to the moment. You’re going in because you’ve had a bad accident and you’ve broken your leg. The doctor has a very specific exact process they follow. This week I’m doing the Superstar Retreat.
I’ve got an exact process I’m going to follow from tomorrow morning Tuesday at 9 o’clock right through Friday when I finish, step by step it’s a process. Your accountant is going to do your tax forms and tax records. They have a very exact process they follow. The pilot’s going to fly the commercial plane from Los Angeles to Anchorage Alaska. They have a process before they take off while they’re taking off while they’re flying how they land the plane. It’s exact. A great listing agent has a listing process. So let’s look at this, there are three questions every seller wants answered at some point during your time with them. Question number one of course you know how much is my house worth. That is a battleground that you have to learn to take a stance on and fight. They want this price. You want this price. That’s called normal. Have you really ever met a seller that has walked with you through the house and said, “Now listen I don’t care what you say tonight you tell me what the CMA value is and I’ll list at that price.” If you find that seller, hug him give him a high five because it may be the only one you see in your life or career. Every seller wants more. So that question of what price are you going to put on my home becomes an opportunity for you to display good skills through the documentation you’ve put together you’re practicing and roleplaying the script and presenting in a strong fashion. Second question they want answered how long going to take the sell?
How long will it take? You and I know the longer it takes to sell the more stress is created for them and for you. Every two weeks to a month a property has a sold stress goes up and that stress becomes huge. Being able to look them in the eye and say based upon your price it’s going to take based on the categories we have to fall into on pricing and the CMA, it could take three to four months to sell your home. Now if we go up my price we can have it sold in two to three months max maybe in less. Would you prefer to have your home sold in two months or four months? Pricing. And then of course the third question of course is what are you going to do to get my home sold? And it’s our ability and skill to present the values that we offer to that seller in a manner that they can understand, they can nod their head, and they can accept. So this is called the process. Every business every time has a process that they follow. When I do the Mike Ferry TV with Pedro who is our wonderful videographer, he comes in sets up the screen sets up the lights sets up the studio. We do a step-by-step process everything in life that works at a high level follows a process. I want you to learn understand and execute the listing process virtually every time. It’s a process that takes we said this last week … a good solid 18 months to learn. And then step number six. This is a fun one. I want you to develop a listing support group for yourself. Everybody needs support.
I don’t care what your business. I don’t care what your occupation. We need support. We need the assistance to help the guidance of others. There’s nobody that is so good they can do it all on their own. As you’ve heard I had three unbelievable mentors. Most of my life all three unfortunately have passed away. So now my mentors are all the great books that I’ve read from all the great people who are so much smarter than I am. They offer support. So for you A B and C role-play partners are a great support. Are you practicing and role-playing every day for at least 30 40 minutes? I hope so. If you’re not what are you doing. Because you’re going to be in situations on listings that you’re never going to experience showing property where you need know how to respond like that. And that’s why you role play and practice so I get two or three role-play partners. We do it on phone or in person. We practice we build our confidence we feel good about ourselves.
It’s a support. And then of course I wrote second … accountability partners. Having two or three people that are going to hold you accountable because we all commit to doing certain things. Now we have to commit to each other. We are going to do those things. So I’m going to work with Mary and Bob and we’re going to all agree that on Monday Wednesday and Friday we’re going to prospect for two hours make 20 contacts. We talk to each other at eight o’clock. We talk again at ten after the two hours are up. We find out what we did, what we did right what we did wrong what kind of leads we generated or if we didn’t do our job hey what’s going on? What pulled you off the track? What was your distraction? Support. And then I wrote down third of course is a good strong mastermind group for yourself.
There’s no question Napoleon Hill’s book, Think and Grow Rich, the chapter on mastermind was one of the most important things all of us can take advantage of. Get four or five six people together on phone in person once a week you share ideas you motivate each other you’re creative together you bring support to each other you make all of our lives better by sharing and participating. So watch last week we looked at making the decision. Then we looked at 18 months to change your behavior. Then we looked at a listing oriented schedule. Today we looked at what are those parts of that schedule that we’re going to spend 80 percent of our time on? We looked at this process. We’re going to follow a process to make this work. And then of course we looked at a support group for ourselves. This is retreat week. I’m excited we’ve got 4000 people here in Las Vegas. If you’re coming to the event and watching this early Monday morning. Can’t wait to see you.
Can’t wait to say hello if it is Monday morning and you’re close enough to fly or drive and get here before tomorrow morning, come on down to the retreat. We’ll make room for you. That’s for sure. Thanks for today. Talk to you next week.
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!
Join The MFO Newsletter: