Welcome to Mike Ferry TV it’s the week of July first six months of the year are complete. Have you done so far? Are you on track or are you getting close? Most of the agents most the companies most the country had a very slow start in the first quarter of this year we’ve talked about that in the past. We don’t have to talk about it again. But most people made up in April May and June. A lot of what they got behind on January remarks so we’re hoping you’re getting back on schedule back on track. So during the months of May and June and actually the last half of April also, I do a tour and I go to our 60 best Real Estate clients around the country most of which are in the West Coast because my tour primarily is West Coast and I talk about listing property. Basically I do a free three hour seminar for our good brokers. We’ve done about 60 this year that we did and they were a lot of fun. Thank you to the brokers, thank you for the agents for attending. It was an exciting couple of months, exhausting, I must admit, it’s tiring but it was well worthwhile because what we talked about during the course of our tour this year was 15 critically important points for an agent to follow, use, understand to become a better listing agent.
You’ve heard me talk about this time and time again and that is the fact that the money in real estate is always going to go to the listing agent. Listing agents out-produce showing agents by tens and they earn money by tens of thousands or more. And what we wanted to do during our tour this year is go through these 15 points and try to help each agent become a little bit more adept become a little bit more efficient become more effective become more knowledgeable on the listing process. I don’t know why so many people in real estate today, it probably represents 80 to 90 percent of all realtors, virtually work with buyers. Now yes you and I have talked in the past, we know that work with buyers is a little bit easier approach. Well it’s a lot to use your approach and why do what I say that? I think most of you understand that really a buyer that is in the car with you that’s been pre-qualified has the motivation has the financial skills to buy is probably going to buy a house if you show them the right house. So my theory has always been that buyers buy the house because of the house whereas the seller list their home for sale because of the conversation communication with the agent.
So the processes for showing and selling and listing are totally different processes which is why you’ve heard me say time and again that we’ve got to at some point decide which path to take. Do you want to work with buyers? Fine. We can help you a lot. You want to work with sellers? Better yet we can help you way much more. So I gave 15 points each day in the three hours. The M.O. on Mike Ferry as you know is he talks about prospecting all the time and I do talk about prospecting all the time, but I started the talk each day by saying that about four years ago I said alright I’ve had enough talking about prospecting; you don’t like it, you hate it, you object to it you cant handle rejection, 100 stories of why you don’t want a prospect. But let me ask you a question, what are the odds of showing property to a prospect that doesn’t exist? What are the odds of going on a listing presentation if there’s nobody at the house? Well you have to have a prospect. So I committed four years ago to stop talking about prospecting and I said from now on we’re going to talk about lead generation. It just has a nicer tone to it lead generation. About a year ago one of the agents in a seminar said, “Hey I caught on to what you’re doing. You’ve covered up prospecting with lead generation.” so I changed it again. So the last year and a half or so I say to people like you every day let’s just be in conversations with people.
Doesn’t that sound delightful? Just be in conversations. How are you? Ever thought about selling your home or buying a home? Just a conversation. Why do I say that? Because the majority of everybody in North America talks about real estate a lot. It is the primary source of all wealth among people that are wealthy in the world today, owning real estate. So I committed this to you during my 15 point talk, I’m only going to mention prospecting once and that’ll be point eight.
And the audiences like that. So I said the other 14 points are gonna help you become a great listing agent if you choose to become a great listing agent. What I’m going to do today is cover the first three points over the course of the next three or four weeks I’ll cover all 15 points. If you’re at the retreat in a couple of weeks Yahoo. OK I hope some of you are gonna be there. It’s a powerful four day event. And if you’ve never been to a Superstar Retreat with The Mike Ferry Organization, it’s not too late to sign up but call the office and attend. The actual dates are July 9 through 12. We’re at the Venetian Palazzo Hotel in Las Vegas Nevada. Show up you’re going to learn a lot. But in the meantime let’s give you 15 great points through Mike Ferry TV on becoming a great listing agent. Here’s point number one. You’ve got to make a valid individual decision that you want to become a great listing agent. It’s a decision as important as what you eat. It’s a decision as important as taking care of your health. It’s a decision as important as being positive versus being negative. It’s a decision as important as getting married, having children. It’s a major major major decision in your current life. Now some of to say I can’t believe that you think it’s as important as some of those things you said. Folks you have to make a decision because the process of listing property is totally different than the process of working with a buyer. And if we don’t make a decision we’re going to waddle back and forth between buyers and sellers and we’re never gonna do a lot of business. Think about this, in your office in your community, who makes the most money? Agents who work with buyers or listing agents.
We know the answer. Who does the biggest volume of business, agents work or buyers or listing agents? We know the answer. Who has the most transactions, people work and buyers are listing agents? We have the answer. So it’s sitting down with yourself and hopefully today after you turn off this particular show and making a valid decision that you’re going to become and take the time to learn how to become a great listing agent. But here’s the other half on this first point, you’ve got to accept the responsibilities that go with the decision.
Alright so you’ve got a great buyer. They want to buy a three hundred, six hundred, nine hundred thousand dollar home. You’ve had them pre-qualified by your lender. They’re motivated they’re qualified. You take them out. You show on property. You open the door. They walk in. They look at you and say we love the house we want to buy it. You of course take out a contract. You get their signature on the contract. The contract is then called over, e-mailed, faxed whatever to the listing agent to be presented. As soon as you make that call to the listing agent, basically your responsibility is the buyer’s agent is probably 80 percent complete. The majority of the work that is going to be done from this point on is going to be the responsibility of the listing agent. Why do agents work with buyers?
They don’t want the responsibility, because you’re signing on a listing in most cases three, six, nine month contract. If that home does not sell in that first 30 days you still have a responsibility to that seller. And if it hasn’t sold in 60 days you have a responsibility. If it’s overpriced you have a responsibility. If there’s problems with the appraisal you have responsibility. If there’s a home inspection problem and there’s some things that have to be fixed you have a responsibility. The majority of the responsibility of a transaction, once the contract is completed, falls and shifts to the listing agent. So when I make the decision that I’m going to become a strong listing agent I have to accept the responsibilities that go with that decision.
You’re man or woman enough to accept the responsibilities and you’re certainly strong enough and mentally capable to make a valid decision. If you make a valid decision then point number two becomes vitally important. So point number two in my tour this year … commit to an 18-month period of learning how to become a great listing agent. If you go to high school you go in most cases for four years to get a degree. Go to college, you’re going to spend four years learning a major that you major in to get a degree. If you want to get your master’s degree you commit to two more years. If you want a PHD you commit to two to three more years, if you want to become a commercial pilot you’re going to commit to four to five thousand hours. If you want to become an attorney are you going to commit to a couple years of law school. Everything we do if you want to be a doctor you’re going to commit to watch 16 18 20 years of education to be a doctor. So what I’m asking of you is this you’re going to make the decision today to become a great listing agent and then I’m going to ask you to commit for the next 18 months. It’s July 1st so I’m asking you to commit through December 24th of 2020. That’s 18 months from now. The balance of this year next year, work every day learning the skills of a great listing agent. Why do I say 18 months? Because it takes time to change some of the behaviors you have, it takes time to develop some new habits.
If the average age of a realtor is in the mid to high 50s, which it is nationwide, and as we get a little older or should I say more mature in how we believe to act and think some of those habits are deeply ingrained. Some of you are in your late 20s early 30s and you already have some habits which are deeply ingrained. Maybe not the best, maybe not the most positive. Maybe not the most productive. It takes time to break some of the habits that you have and what I’m saying to you is if you work one day two hours a day for the next 18 months on becoming a great listing agent, developing the skills, the mindset, the activities, the action I am telling you three years from now your production will be up here. It’s hard work. Why do people not like Mike Ferry seminars? It’s hard work. So much easier to post something on Facebook, to be a social media king or queen than it is to actually learn what it takes to be a strong listing agent because there is a lot to learn. And we’re going to talk about it over the next several weeks on Mike Ferry TV. So number one make the decision and accept the responsibilities. Number two, commit to 18 months minimum studying at least one hour to two hours a day.
Practicing scripts, learning the dialogues, learning the techniques. Alright then I say number three, we’re going to have to set a schedule that is listing oriented. A listing oriented schedule and we’re going to discuss this in-depth again next week but let me give you a little bit of the tip of the iceberg. It’s Saturday morning eleven o’clock, you have a great buyer coming in, fully qualified, fully motivated, lenders approved. You can’t wait to show on property you’ve selected four homes one two three and four. You’re going to show one at 11:00 12:00 1:00 2:00 o’clock. You’re very professional. You’ve previewed the properties you understand the sellers motivation you show the homes and they don’t buy one. Isn’t that a little discouraging? They are exactly what the buyer said they wanted but the buyers have a variety of excuses and objections like a seller does. And they say to you, “Gosh Mike, it’s 3 o’clock on Saturday. We would really like to come back tomorrow and look at more homes. Can you find three or four more to show us?” No of course you can.
It’s a battle you can do it. But here’s the problem you planned on taking Sunday off with your family but they are dangling in front of you a large commission check. And you know they’re gonna buy a house so Sunday at 12:00, instead of being with your family now you’re showing property at 1:00 2:00 3:00 4:00 and they don’t buy. Now the stress starts to rise and a little bit of tension takes place. I don’t know what else I can do. I’m showing you exactly what you want and they don’t buy but we want to come back on Tuesday Mike and we can be here at 10 o’clock on Tuesday morning. Really try to find a house that fits a little bit more into what we’re looking for, you go OK and Tuesday at 10:00 11:00 12:00 your show on property and they buy a house and it’s an exciting moment because they signed a contract and it’s full price and you’re going to send it over to the listing agent. It’s going to be accepted and it’s a 45-day closing. But here’s the question that I want you to think about. You just spent three days with a buyer. Three days of your life with that buyer. When’s the last time you made a listing presentation to a seller that lasted three days? And the answer is never. Never. It never happens in almost every case you’re in and out of the house in 30 60 90 minutes at the most with the decision to get a contract signed or a decision they’re gonna list with somebody else. A listing oriented schedule is a schedule that is full of things to do every day that lead to the end result which is a contract signed. A buyer oriented schedule is blank because you’re waiting for a buyer. Because remember buyers are looking for an agent. Sellers are looking for an agent that can produce results. So agents have to find a seller where a buyer finds an agent. So the schedule that the agent has that list property 100% different than the schedule of the agent that does not list property. Next week we’re going to look at that in depth. We’re going to look at what’s in the schedule of a strong listing agent. So thank you for being with us today on Mike Ferry TV, A. B, and most importantly, remember tomorrow we gotta get back to work. It’s the first of July. We have six months to do a lot to complete the year that we’d set out to have to get the goals we’ve set. If you pay attention to Mike Ferry TV we can help you and assist you in that process. It is not too late if you want to go to the retreat call us at the office A.S.A.P. get signed up. And if you do decide to go come up and say hello. We’re gonna have a great crowd of 4000 attendees at the retreat and you’ll get a kick out of this. And one of the tour stops a couple of weeks ago one of the people a lady put up her hand. They asked questions. I said Yes ma’am. She said, “I need to know exactly how many speakers you’re going to have at this retreat in Las Vegas.” She said, “And why are you raise your hand?” I said there’s one speaker. And then she actually said, with a straight face, “Who?” Well me. Who did you think it was going to be there? It’s going to be me for four days and then she said something, which always amazes me. She was so proud to say, “Well Mr. Ferry, please don’t be offended but I don’t care for you.” I said, “Well we’re even.” She goes, “You don’t like me?” I said, “Not particularly.” She goes, “Why don’t you like me?” It’s because you don’t like me. But ma’am this program is not about likes. It’s not Facebook. Mike Ferry TV and our retreat and our events are about listings not likes. Join us and take listings, avoid us and work with buyers. See 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!
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