Speaker1: Welcome and good morning to Mike Ferry TV, you’re looking at the screen and seeing Mr. Tim Rowan, a long, long time customer friend and coach of The Mike Ferry Organization, and our computers are not working 100 percent correctly. So, we get to see handsome Tim and we’re not going to look at Mike Ferry today, which is sometimes a blessing in disguise. Welcome, Tim nice to have you with us. Thanks, Mike. Tim, how long have you been associated now with the Mike Ferry organization? It’s been a long time.
Speaker2: It has been a long time. I went to a couple of events in the early 90s, but I signed up for coaching in Baltimore in 1995. And I’ve been there ever since. 26 years.
26 years. And how long have you been in Real Estate?
28 years.
Speaker1: Twenty-eight years. So, we got you when you were still a new agent to get involved in our company and our training.
Speaker2: Indeed.
Speaker1: Good for you. So, you sell Real Estate full time, part time and coach full time part time. You do both at the same time?
Speaker2: Absolutely. Yeah.
Speaker1: So obviously that is a monumental time management and scheduling problem. As you know, most of our clients can’t figure out that they have to prospect on the same day they do lead follow up. And you’re doing all at the same time, aren’t you?
Speaker2: Most days, yes.
Speaker1: Good. So how many days a week. Do you work generally?
Speaker2: I work five to six, depending on what I get done during the week, if I work the sixth, OK?
Speaker1: And you’re still, I think if I remember correctly, a single father raising your kids also.
Speaker2: Yeah, my youngest is a senior in college, so I’m around in the clubhouse turn on that.
Speaker1: There you go. Good for you. So how many agents do you coach for The Mike Ferry Organization?
Speaker2: Currently, I have the privilege of coaching 32 great agents.
Speaker1: Good for you, and I love that attitude. Thirty-two great agents. We like to think you and I because we, Tim and I get to spend a lot of time together, both personally and professionally on the golf course. Most of the time, which is fun. What I always enjoy Tim about being with you is the attitude you’re keeping. You just displayed it again. Thank you. So, can you share two or three of the quality’s characteristics of some of these successful agents? We’re not always talking about Big Producer, we’re talking about regular people that are learning to become better. What are some of the qualities of the people that are really doing their job?
Speaker2: Ok, so I wrote down a couple of points here. Number one is they’re willing to pay the price.
Speaker1: Explain that.
Speaker2: Sure. I mean, you always tell us, Mike, it’s a two-part question what do you want and what price are you willing to pay to get it? So, when they come to us, they tell us what they want. We put together a business plan that will get them that result, and that business plan is actually the price that they have to pay. So, they understand that and they’re willing to pay that price to get what they say they want.
Speaker1: So, I would imagine, even with the quality of the work you do as a real estate professional and the coaching, you’ve got some clients that are not willing to pay the price once they figure out what it is.
Speaker2: That is correct.
Speaker1: Ok, it’s called human nature if I’m correct. It is. What’s the second or third quality characteristic that you’ve discovered with these people?
Speaker2: The second thing I wrote down is they listen with the intent to understand.
Speaker1: Explain that because that’s such a valid point that you and I would discuss to explain that to you know we have thousands of people watching Mike Ferry TV, so help them understand that thought.
Speaker2: Sure. Most agents, at least initially, they’re always listening with the intent to respond, meaning they’re committed to using the scripts that work so well. And so they ask question three, and then they’re allowing the other person to answer while they’re looking at question four getting ready to ask that. They’re not really hearing what the client is saying. And when we’re listening with the intent to understand, they will tell us all we need to know to be able to help them solve their problem and close the deal, so we get paid.
Speaker1: What you’re saying is an agent often will go on a listing and just talk and they just talk incessantly because they’re nervous, which is understandable. And then we’re helping them learn to ask questions, which I talk about almost every week on Mike Ferry TV, as you know, and you’re trying to take it to another level that which is not only ask the question, but then listen to the answer. Mm hmm.
Speaker2: Yeah, there’s a lot of people that ask questions, but don’t get anywhere.
Speaker1: Because they won’t actually hear the answer. Correct. So, is that a lack of knowledge of the scripts? Is it a lack of practice or is it a lack of both?
Speaker2: Well, I don’t know. Maybe a little bit of lack of both, but I think, you know, I try and tell them when they divulge their motivation, when we get to motivation, just hit pause for a second. All right, don’t rush to the next question on a script. Just hit pause. Ask them a few additional questions about why they’re trying to get to Arizona. What’s important about, you know, whatever they just told us and get them talking about it. So, we become crystal clear on what they’re trying to accomplish and then we move on.
Speaker1: In the market, you and I have talked about this together several times the marketplace today because the market has been so incredibly strong from a seller’s perspective, and sometimes the motivation is just greed. Versus having to move up, move down, move out of town, et cetera. How do you help them understand to find out if it’s greed or the actual need to move? It’s a tough one.
Speaker2: Well, yeah, no, it is, and sometimes it is out of greed and in the market, we’ve been in that’s enough. Right. So, you know, when someone says, I just worked on this with a client today, well, I’ll sell my house if the price is right. Ok, fantastic, will they get all excited and run to the computer and start pulling comps to figure out what the right price is? Right? Well, we don’t know. So, if you knew the right price, what would it be? We ask questions about that. And if we were able to get you the right price, how soon would you like to have that in your pocket? And if you had that in your pocket, where would you go? So, that’s what I mean by kind of digging in, even when they’re selling out of greed. We can still find out if they’re A… Realistic if we’re calling a neighborhood, that’s three hundred thousand and they say, well, if the price is right and then we could do a bunch of research and we call them back and they say, well, no, I was talking about a million dollars then we don’t have anything. But if we just take it at face value and don’t dig deeper, we could be wasting a lot of time. Or we could get the information that we need to find out that they are serious and we can help them.
Speaker1: So really, what you said a few minutes ago is vital. If they ask the question, pause and really listen, they can decide what direction to go next. Absolutely. Because I’ve discovered so often that if they’re not listening, then they just stumble into the next question, which is part of the script, but it may not have any meaning to the person they’re talking to. Yes, I tell you, I’m really hoping that everybody was watching Mike Ferry TV this week goes back and replays this and listen to a couple of times because I think what you just said is so very important to this wonderful, crazy market we’ve been experiencing for, what, 12-18 months now. Is there a third quality or characteristic that you’ve identified that is common?
Speaker2: Yeah, I just put down they are coachable. They exercise blind faith and don’t quit. And when I say by quit, that doesn’t mean that they quit coaching, but they take a week off, or they’ll take two or three days off and then pick it back up. They’re inconsistent. They don’t stay committed to doing what they need to do on a daily basis, just exercising that blind faith. That’s the main difference. The only difference between 95 percent of our clients and the one we see on stage every event is they are consistent, they do it every day and we prove that again in Las Vegas with the blueprints that we had the pleasure of listening to.
Speaker1: Well, it’s interesting you should say it that way, because, you know, you and I have always said if they just do the same ritual day in and day out, it’s boring. Not always fun, but the end result is so good. No doubt. So, I know you’ve talked about that time and again. What’s the most common challenge that you find your clients are facing today? Because there’s a lot of challenges that every market, no matter what city or county or province are in.
Speaker2: Yeah, no, I get it. And one of the things I wrote down is a lot of clients confuse intensity with energy and enthusiasm.
Speaker1: Say that again, please.
Speaker2: They confuse intensity with energy and enthusiasm. And it’s two completely separate things.
Speaker1: So how does that make the whole transaction not function properly?
Speaker2: Well, normally when you’re coming from intensity, right, you’re back to what we talked about earlier, it’s about you and not about them, right? So you can be, you know, loud and you know what most people would consider energetic, but you’re intense on trying to close the deal. You’re focusing on yourself instead of being enthusiastic about what they’re trying to accomplish.
Speaker1: Ok.
Speaker2: Does that make sense?
Speaker1: Yeah, it makes sense to you and I. I’m just trying to make sure that they understand it. And that’s why I say I always tell them at the end of each of our Mike Ferry TV to watch it two or three more times. So that intensity could be the sound of their voice, their gestures, their, you know, staring them right in the eye, which of course, we always say, look, the person in the eye, you know, always have a smile on your face. You’re not talking about the enthusiasm for getting the job done. You’re talking about the right time really after this transaction and this listing
Speaker2: Bingo. When they hear Uh Oh, I got a live one. They, you know, you can hear their voice go up. The volume goes up, but instead, when you discover their motivation, maybe throttle down a little bit more and then you can have enthusiasm about what they’re trying to accomplish, not what you’re trying to accomplish.
Speaker1: Well, you and I have said played a lot of golf together, and we know that swinging harder and faster isn’t the answer. So that would be an example of the intensity that you’re referring to.
Speaker2: That’s a great analogy.
Speaker1: Oh, that’s great. So, you know, you did a great talk for us, and I don’t know how many of our viewers were at the Superstar Retreat. But on Monday we had breakout sessions, which we do every year, and Tim was kind enough to donate his time and did four or five. I can’t remember how many great talks you gave that day. You got a lot of applause. And everybody really thought what you did was great. What is one or two pieces of advice you could give to our viewers today that if they used it throughout the course of this year, they might have some more meaningful transactions?
Speaker2: Well, the talk I gave was about the database, right? So, as we wind down the year, make sure everybody in your database knows that the market’s changing. If it is. Right, first of all, you should know if your market is shifting. If it is, it’s our responsibility to let everybody know. And then I would say that and I’m working with a lot of people right now on committing to a 90-day cycle. Good idea. We talk about that often and for us now, we’ve got about 90 days left in the year or 90 days to Thanksgiving. And you’ve always taught us that almost every market in North America will do 70 percent of the transactions in two quarters. Yes. And for most of North America, those two quarters are the second and the third quarter. Yes. And so that means we’re getting ready to enter into the fourth quarter. So, we’re going to what got us here may not get us there. Does that make sense?
Speaker1: Yeah, very much so.
Speaker2: We’re going to need to crank it up a little bit as we wind down the year if we want to finish the year strong. I’m recommending to most people in the 90-day cycle.
Speaker1: You know, it’s interesting Tim, is a couple of years ago, I was chatting with one of our clients and coaches. We had the three of us on a call together and the fellows said to me something that I found very interesting. He said his marketplace, which is just a normal Real Estate market in North America. He said the fourth quarter only has a 10 to 12 percent drop off in actual numbers of transactions. And of course, I think most of us always think the fourth quarter takes a swan dive, which apparently it really doesn’t if you track it. But then he made the good comment, which you and I understand if there’s a 10 percent drop in transactions, there’s about 80 percent drop-in activities. Absolutely, which makes the agents still active, having a much better fourth quarter than most of the world. So, do you target rich environment? So that part is an agreement with what you would say to a client.
Speaker2: Absolutely.
Speaker1: That’s great. Any other advice you want to give because we usually try to keep our Mike Ferry TVs to about 10 to 15 minutes. And so far you’ve had my interest at a high level and I thank you for that.
Speaker2: I appreciate that. The last thing that I wrote down in terms of finish the year strong is get clear on what they want. Meaning? Meaning, you know, there’s no magic, why, right? But you tell us with goal setting and motivation. What does it cost me a month to live? How much do I want to earn and what am I going to do with the rest? It’s what am I going to do with the rest is what is critical, right? Talk about it with your family, talk about it with your significant other and set a goal together. And be crystal clear on what doing this job, doing this incredible career that we have. What will that provide for you? Real Estate is just a vehicle to get there. What describe there for you. If they’re clear on that, then they’re willing to do the work.
Speaker1: That is a great thought, and of course, you know, everybody has a different view on the word motivation, and you and I both know, you know, technically if you don’t have the motivation to accomplish something, you’re not going to do much. And of course, in the marketplace today, with the average sales price escalating for the last 12 to 18 months and commission checks getting bigger, sometimes the desire to perform is actually a little bit less because they’re making more money than they ever dreamed possible. So, I think that piece of advice for all our listeners is really focused on what you’re trying to accomplish during the last parts of 2021. It’s great advice, Tim. Thank you for that. And of course, I know that as we sit here and talk today, you have a busy schedule to keep up and keep active with. We want to thank you on behalf of all our viewers for your time today. We know that this week will be a better week because of what they’ve listened to from you. Thank you and we’ll sign off and keep up the great work. We appreciate you a lot.
Speaker2: All right. Thanks, Mike. I appreciate the time.
Speaker1: Look forward to seeing all of you. Bye bye. Tim.
