How to use The Mike Ferry Sales System
Welcome Superstars to Mike Ferry TV. This is the week of March 20th and Mike Ferry asked me today to talk about how I take advantage of the Mike Ferry Sales System. So in Mike Ferry fashion, I’ve got my notes and I wrote down a handful of thoughts that I’d like for all of you to consider.
Change your mindset
I want you to consider that in today’s market, I want you to start thinking with a different mindset. So out there, there are many other systems, there are many different trainers, many different coaches with their own ideas on how to list and sell Real Estate in today’s market. Now, over the previous market, we could use a lot of those ideas and see a lot of success. Well, today, since the market has changed, we cannot go into the new market with the old market mindset. I want you to think for a minute. So before when you could just go out there and list a home with no effort, could you really do that today? With transactions counting down with the number of listings going on the market, can you really approach today’s market with that mindset? This is the reason why Mike Ferry asked me to talk about how you take advantage of the Mike Ferry Sales System in today’s market. It has been proven for almost 50 years now that this system works in any market. So I want to write down or excuse me, I want to express a couple of thoughts for you guys today.
1) Sales are a numbers game
The first thought that I wrote down was that sales are a numbers game. Oftentimes we speak with agents who don’t understand that sales is a numbers game and the Mike Ferry Sales System has to do a lot with numbers. You’re going to have to talk to a large number of people in order to find one person who would like to do a transaction with you. Now, that is true. No matter what the market is doing. The difference is during an uprising market where everything is listing and everything is selling, those numbers shrink quite a bit. We don’t have to do quite as many conversations in order to get a listing contract signed or in order to get a transaction closed. Instead, in today’s market, you have to talk to a little bit larger amount of people than normal. That is okay. If you understand that this is a numbers game, that sales are a numbers game, that won’t bother you whatsoever. Part of the Mike Ferry system is knowing and understanding the numbers so that when you do get hit with a market like this, all you do is track the numbers and therefore your mindset does not get affected. One key thing about tracking the numbers is to make sure that you’re actually tracking accurately. A challenge that we have with a lot of our customers is that they will track and they may fluff their numbers a little bit or maybe exaggerate here and there. Track your numbers as accurately as possible. You cannot build a productive business on numbers that are not true.
2) Use the whole system not just pieces.
The second thought I wrote down for us all is that this is a system that will cause you to list and sell at a high level. I’m going to do a very brief breakdown of the system. Before I do, I want you to think about this like a business person. This is a very simple, no-nonsense approach to the Real Estate business. This is the Mike Ferry system, broken down into plain English. The first thing is you have to find somebody who wants to buy or sell a home. I know that’s rocket science in this business. That’s one of the things that a lot of people struggle with. So we first have to find someone. How do we do that? Well, there’s a variety of different ways to do it. What we recommend you do is go out and talk to people who have the highest likelihood of listing and selling a home. Once you’ve talked to a large number of people, you will find people who are interested. We call those leads. Now, what you’ll do afterward is follow up on those leads. You’ll follow up with them just by simply asking a couple of questions. For example, do you still need to list your home? Can we meet this week? It’s not that hard. All you’ll do is talk to a lot of people, find some that are interested, and follow upwv on the ones that are interested. Once you have followed up with them, you will set an appointment with the ones who are ready to do something.
3) Pre-Qualify everyone
The next step, of course, is to prequalify that person in terms of their motivation and their ability to move forward. This is probably one of the most neglected steps in the previous market. You didn’t really have to qualify that much for motivation before because the market was good enough to overcompensate for that. In today’s market, however, the motivation of a customer must be significantly higher than it was before. Why? Because with the rise of interest rates, and the fear that the media has put out there about the Real Estate industry, the excitement about listing and selling somebody’s home has kind of died down a little bit, so people are holding back. So now you must qualify the customer for motivation. Once you have qualified and found out what is the reason that they are moving? What is causing them to want to list and sell their home? Then you move on to the next step, which of course is to do a great Listing Presentation.
4) Deliver a great Listing Presentation
Mike Ferry system is always talked about how important it is to deliver a great Listing Presentation. There are a few questions that every Seller wants to be answered. How much is my home going to sell for? How long is it going to take? What are you going to do to get the home sold? If you communicate that effectively in your Listing Presentation, you have a strong chance of getting a listing. Once you have done the presentation, you will, of course, close and ask them to sign a contract.
5) Price the home correctly
Once you have asked them to sign a contract, they may give you some objections. You will then handle their objections and close for a contract again. You may have to repeat those steps a few times. That is normal. Once you have gotten a contract signed and you put the home on the MLS, you will then begin to negotiate contracts. Of course, that means that you will have to have priced the home correctly. Part of the Mike Ferry system pricing the home correctly. Now, if I have said anything here that you strongly disagree with, you may want to reconsider what your thoughts are. Why? Because these are the steps you’re going to have to take anyway. No matter how you choose to do the business. No matter what system you subscribe to, you are going to have to take these steps in order to list and sell a lot of Real Estate.
The question you got to ask yourself is, Do I want to try all these other methods out there which basically all have to come back to this system anyway, or do you want to just move forward with the system that’s already been proven to work? These were my thoughts as to how you could use the Mike Ferry Sales System. I hope these thoughts help you a lot. If you guys have any questions, please call us at our office. Thank you. And we’ll see you next week.
