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Mastering the Mindset: 16 Key Words for Real Estate Success – Part 2

Welcome and good morning … to Mike Ferry TV. It is the week of May 6th.

Welcome and good morning … to Mike Ferry TV. It is the week of May 6th. Four months are complete and of course, the question you’ve seen me ask time and again is how have you done in the first quarter plus one month in terms of the commitment to achieve the goals you have set?

And as I probably mentioned to you last week, don’t be surprised if you’re a little behind. The one thing about Real Estate is it’s consistently inconsistent. Expect the fact that it’s kind of like the waves coming into the beach. The strength of the waves depends upon the depth and the shallowness of the water. Expect the fact that if you’re behind, we have a great May, June, July, August, September, October, November, December to get caught up.

We started the last week by going through 16 words that I had talked about in our Production Retreat in January, and those 16 words revolved around how do we make sure that we accomplish and set out to get and finish strong with the business plan we have in place? Assuming you’ve got a business plan in place, and you may not have looked at it recently, take it out of the desk drawer and dust it off. And let’s look at some of the words that we can use to make that business plan a little bit more effective. We’ll start with word number nine. Last week if you did watch it was points one through eight. Today will be on points nine through 16.

Navigating Risk in Real Estate

Number nine is the word risk. The word risk … the change or loss based on the choices that we make. Being in Real Estate is a high risk business because it seems that the majority of people either make no money whatsoever, or that small percentage make a tremendous amount, and the division between the two groups is growing virtually every six months to a year, and has been since post-Covid. The risk in taking on a strong schedule is there. When you’re used to not having a schedule, the risk of putting a buyer in your car that hasn’t been pre-qualified is a risky proposition when it comes to managing your time. Going on a listing presentation and not being prepared is very risky because somebody else might be prepared and they would therefore probably get that contract signed. Let’s understand that we have to be risk tolerant to do our job at the highest level.

The Power of Dedication

Word number ten is the word dedication, a feeling of very strong support for someone or something. Watch. Dedication I have been doing seminars for real estate salespeople for 49 years now. I know that’s hard for you, some of you to believe because you think I’m only 30, but trust me, I’m not 30 years old, 49 years and people ask me all the time, how do you do it? I say, it’s my job. I don’t have any question mark on my mind about the fact that I am dedicated 100% to improving the productivity of brokers, managers and agents and improving the quality of their life because of their productivity. My seminars are all about productivity, I am dedicated, I have a very strong support for anybody that wants to accomplish something. Dedication.

Mastering Patience

Number 11 is patience, which of course somebody said to me one day, I don’t think you probably have a lot of patience, do you? Well, I will disregard that statement because I will say to you, how do you last 49 years without having a lot of patience? But the word patience, the capacity of habit, of being patient, able to remain calm or not become annoyed when dealing with problems and or people. Probably one of the hardest parts of real estate is if we’re not doing our job on a professional level every day, meaning we’re prospecting, doing lead, follow up, pre-qualifying, buyers and sellers, making presentations. If we’re not doing our job, we probably will become very annoyed with somebody that we see in the office that is doing their job. So instead of being upset with them, why not be a little more patient and sit down and say, well, if they can do it, I certainly can do it also.

Harnessing the Power of Positivity

Number 12 is the word positive. And of course, when you see the word positive, we think of two things everything we’re doing, everything we’re saying, everything we’re thinking, all the actions we’re taking are either positive or and you know the word negative. Positive … Thinking about the good qualities of someone or something you do. How positive are you about? Following your schedule. How positive are you about being strong when you’re working with a buyer and or working with the seller? How positive are you that you are as good as anybody at getting a contract signed? Because I believe that you can get contracts signed. The question is, do you have that same belief? And that belief then formulates itself in the positive words and actions that you take on a regular basis?

Embracing Lifelong Learning

Word number 13 is the word learning. Learning the activity of gaining knowledge or skills by studying, practicing, or being taught something. Most of us went to grade school. We went to high school. Some of us probably attended some type of university or junior college or college. We were in a learning period of our life. Well, that period has accelerated dramatically because, as you know, there is so much to learn about the sales process of selling real estate. You know, I always use this example. Somebody wants to buy, somebody wants to sell. Our job is to get in the middle of that conversation and help them buy and or sell. We’re always learning how to get in the middle on what to say and what to do. The knowledge that we gain through learning is never going to go away. It’s going to be in our head forever, but we have to activate and use the knowledge that we have. Learning the activity of gaining knowledge or skills by studying, practicing or being taught something. I use this example all the time. Did you by chance ever play any grade school, high school, or college sports of any type? And there’s always going to be a good portion of the audience that nods her head.

Yes, and I’ll ask them a question. Did you have to practice that if you were on, for example, the high school swim team or you’re on the high school volleyball team, did you have to practice? And they go, of course, practiced all the time. Did you practice every day? Every school day? We practiced after school for 2 or 3 hours. And what did you get paid for that practice? And the answer is nothing. Can you imagine if you practiced your listing presentation script for two hours every day, how strong you would become and how excited you would be to have an opportunity to make a presentation to a potential seller. Remember, we’re either learning and or we’re not. And those of us that are watching Mike Ferry TV involved in Mike Ferry seminars, involved in our coaching are always learning.

Cultivating Skills for Success in Real Estate

Number 14 is the word skills, the ability to do something that comes from training or experience. The hardest part of what we have to accomplish is improving the quality and the strength of our skills on a regular basis. And I talked to so many people in real estate that are brand new, three, six, nine months or less have not done a transaction yet. And I talked to a large group that have been in the business ten, 20, 30, 40 years. And they will say, Mike, it’s hard to learn new skills when you’ve been doing this as long as I have. Well, I understand that it’s hard, but who said life was going to be easy? And are you fighting complacency? And that’s what’s keeping you from learning the skills that need to be learned.

Word number 15 is mindset. And mindset is the particular way of thinking or attitude about something or somebody. The stronger and more positive the mindset, the better response we get. The better and stronger the mindset, the more we can take action each day. With the schedule that we have and the goals we’ve set. And the last word, word 16 from our January Production Retreat was the word coaching. People … I tell them this all the time. Whether you like coaching or don’t like coaching, I am the guy that invented coaching for real estate.

Empowering Mindset and Revolutionary Coaching

In October of 1988, I had a group of agents in San Francisco, California. There were 400 people in the room. It was a four-day event, and at the end of day two, this audience was not committed to doing anything in terms of learning the skills I was teaching. I mean, it was a very sophisticated audience, and they thought they had it all figured out. I made a comment about five minutes to four. I said, I got a great idea. I think each one of you should write me a check for $5,000. And then what I’ll do is I’ll call you once a week and we’ll talk for 10 or 15 minutes, and we’ll give you ideas and thoughts and actions and activities and points of interest to strengthen your mindset to keep your business growing. If you’re strong in Real Estate and you want to get stronger, let me coach you.

When I walked off the stage, I had no idea what coaching was. I mean, I had known what coaching was for sports, but I didn’t know what coaching was for business. And the next morning I walk in at 8:30 at 8:45, and there’s a stack of business cards on the stage. I said to one of the attendees, where are all these cards from? And this man said, well, that’s all the people in the room that want to be involved in the calls with you every week. That’s how the coaching began. Well, I don’t think there is anybody in the industry that has coached more Real Estate salespeople in The Mike Ferry Organization, coaching a private teacher who gives you some lessons on a particular subject. Watch a private teacher, you and a coach who gives you some lessons, something to learn on a particular subject. The skills it takes to accomplish the goals you have set.

I hope last week and this week were a value to you. Let’s make sure that the month of May is a strong month. As I said, it’s the week of May 6th. We got four months behind us. We have eight months to go. Let’s not let a day go by that we’re not focused on achieving the goals we’ve set. Talk to you next week.

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