Thoughts About Today’s Real Estate Market –  Part 3

Welcome to Mike Ferry TV. It is Monday, August 14th. And if you’re a regular viewer of Mike Ferry TV, which of course we hope you are, you’ll notice I’m dressed the same way as I was last week and the week before, and that’s because we are recording four weeks of Mike Ferry TV well in advance. And I’m dressed casually because probably all of us have been feeling the world has been a little warmer in the last 30 days than normal. The desert where we live in Las Vegas has been more than a little warmer. So excuse my casual appearance, but it’s a little too warm to have a suit and tie and be in a studio of this type.

So as we’ve been doing the last two weeks, and if you have watched the last two weeks, I’ve been sharing something that I did every Tuesday, Wednesday, Thursday, and Friday morning during our Superstar Retreat which was just about a month ago from now for those that attended. And if you did attend, we hope that you’re reviewing your notes. More importantly, we hope that you’re taking individual thoughts and putting them into effect in your business on a regular basis. For some reason (Don’t ask me why?) I got up on the first day of the Retreat Tuesday morning, very early. It was 4:30 in the morning and I had a scratch pad and I wrote down some random thoughts and I ended up writing down 8 or 10 or 12 of them. And then I did the same thing on Wednesday morning, and then I did the same thing on Thursday. And what I want to present to you today was Day Three, Thursday. My random thoughts that I gave to the audience each day to start the Retreat itself. And it’s interesting. I probably got as much positive feedback from the random thoughts that were not part of what I was presenting at the Retreat or in the workbook. As I got from any of the material that I taught.

Number 1: Control your weight, environment, emotions, and money.

So the first random thought for today, August 14th, and the first random thought for Thursday during the Retreat, I said to my children, probably more than they wanted to hear on a repetitive basis, the following … to be successful in life, we have to learn to control our weight, our environment, our emotions and our money. And they would often say to me, “What do you mean by that?” Well, controlling your weight. And of course, if you’re overweight, I’m not criticizing you, but I tell my kids it’s hard to have the energy to live your life the way I know each of you, the five of you want to live your life. If you’re probably a little overweight, it simply slows you down. That’s my opinion. I’m sticking to it. You don’t have to write me a nasty letter to critique that particular thought. But the environment was the cleanliness of the living space that you live in. Your emotions are not being too high, not being too low. And of course, your money, you’re going to earn a lot of money in the course of your life. Put some aside, save some, invest some. So at some point in life you can enjoy your life at a little higher level. So that was the four lessons that I taught my kids. For Matt and Tom, it was probably between age 16 and 18 for Michelle, and Pat was a little later, 18 to 19, and Reagan came probably ten years later. So she was probably in her early 20s when I started these conversations.

Number 2: Stop failing by doing it “your way”

Random thought Number two, I hear this thought way too often, and I heard it way too often during the Superstar Retreat “Yes, Mike, I am failing in Real Estate, but I’m doing it my way.” Now, what an interesting thought to carry around inside your head. You know, based on your listings taken, sales made, you know about based on your production, you know based upon your income. If you’re doing your job at the level you would like to do your job. But this business of independent contractors, you know, we’re so focused on “I’m going to do it my way!” that we don’t take the advice of your broker, your manager, the trainers in your company, the coaches that work in your firm, outside influences like ourselves, we don’t take advantage. And I’m glad you’re watching Mike Ferry TV to take advantage.

Number 3: We are in the business of talking to people 

Number three, random thought. No matter what anybody says to you, from today forward, we are in the business of talking to people. We’ve got to get that thought fixated in our mind. We are in the business of talking to people and the more people we talk to, as you have heard me say in the past, the better chance you have.

Number 4: Versatility, versatility, versatility

Number four, we refer to what is called the Mike Ferry Sales System, which is just really nothing more than the things we teach Real Estate people to say and do to succeed. And there they evolved as a system with point number one, being the ability to manage your time to point number 23, understanding the personality styles and the versatility to work with all those and all the steps required in between to learn. Knowing that it’s going to take several years to learn all those steps, or in essence, we want you to get a degree in selling. If you go to a community college, it takes, in most cases, two years to get a degree. If you go to a university or four-year college, it takes four years to get a degree. If you’re working on your master’s, you’re going to spend another two years. And if you’re working on a PhD, you’re going to spend probably 8 to 10 years working and learning. Nobody signs up for college and expects to get a degree the next day unless they make up their own, which doesn’t work. So what I want to suggest to you, no matter what you learn from Mike Ferry, learn and understand, you have to talk to people for a long period of time. And if you use the Mike Ferry Sales System, it makes the process a little bit easier.

I wrote the following, “This system works in every city, every state, every province, every country in the world. The question is, do you work the system?” And that’s really what it comes down to. Do you work the system?

Number 5: Prevent your seller from being their own “highest bidder”

So number five, I wrote down a random thought because we had a lot of questions asked of me during the Retreat about the whole pricing problem in Real Estate today. You know, most sellers think that it’s January to June of 2022, when in essence, here we are in August of 2023. Prices have changed both in a positive and negative manner. So if you have a listing that’s overpriced, I very randomly said to the group on Thursday morning, “Mr. Seller, right now with your price, you’re the highest bidder on your home. Are you okay with that?” What do you mean? I’m the highest bidder? “Well, have we got any offers above what you’re asking?” Well, no. “Have we got any offers? Even for 5% less than what you’re asking?” No. “Then that makes you the highest bidder on your home, doesn’t it? And is that what you want to accomplish?” The strength of the words is going to take people back to the very interesting place called reality.

Number 6: Control the attitude, control the results

Number six, in our random thoughts, we have to control our attitude as it is what controls our results. As I told the audience at the Retreat one month ago, each morning before I was introduced, I said, and you’ve heard me say it before, if you’ve been to my seminars, “This is the best audience I’ve ever had. This is the best audience I’ve ever had.” Watching this Mike Ferry TV today is the best audience I’ve ever had. If you believe in the importance of a positive attitude, you’re going to get better results.

Number 7: The market conditions have NO effect on your production or income

Number seven. Remind yourself daily that market conditions have no effect, no effect on your production or income. And then I wrote comma, unless you choose to let it affect your production and income. “But Mike, interest rates are higher than they’ve been in the past. No, no, no. They’ve been three times higher in the past.” It’s just in this market the rates are going up and down almost by the minute. And if you’re letting that control what you do, you’re not going to have much control of what you do.

Number 8: We will never give you tools that HARM your production

Number eight, and I said this to the audience and I said, you’ve got to listen to this thought. There’s no benefit to Mike Ferry. There’s no benefit to Sabina Ferry. There’s no benefit to all of our great coaches and speakers and trainers, our wonderful staff here at The Mike Ferry Organization. There is no benefit for us to ask you to do something that’s going to hurt your production. Get over the fact that I don’t like the one thing Mike said. Everything we talk about is designed to help you become better at what you do.

Number 9: Never take rejection personally

Number nine, never take rejection personally from people that you don’t know. You knock on a door of a For Sale By Owner They open the door, you smile, you start to say what you want to say, and they slam the door. How do you respond? Do you stop with the next For Sale By Owner? Do you still continue on knocking on doors in that neighborhood? Do you go back to your office, pick up the phone and continue your prospect? Or do you let one word with two letters stop you for the day? Don’t let that happen. You’re better than that.

Number 10: Selling is legal

And then I wrote down number ten, which is something my son Matthew said many, many years ago. “Remember, selling is legal.” You’re not breaking the law by being out doing your job on a regular basis. Selling is legal and selling is involved in all aspects of our life be more involved in the sales process to get better results.

We will talk to you about Day Number Four, the random thoughts next Monday. Have a good day. Have a good week. Talk to you soon.