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Strategies for a Productive Second Quarter – Part 1

Welcome back. Good morning to Mike Ferry TV. It is the week of April the 8th. The first quarter of the year is gone. Done, finished. It’s past. We might as well now look forward to a great April, May and June. What I’m going to do for the next couple of weeks is just share a series of sales thoughts that are designed to keep this, the mindset, a little stronger, keep you a little bit more positive because we’re still in some unusual times. I wish I could say the unusual times are going to end on a certain date, but the truth is, we don’t know the answer to that. So we just have to work each day at keeping ourselves positive and strong, keeping the activities that bring transactions to us in motion at all times. And it’s going to be a great second quarter.

The Power of Knowing What to Say

So a series of thoughts. Number one, I’ve said time and time again for the last 25 to 30 years that if we know what to say, and you’ve heard me say this week after week, I’m Mike Ferry TV, the chance of doing something productive improves dramatically. Learn what to say so you can do what you’re supposed to do. What are the activities that a professional Real Estate salesperson is involved in on a daily basis? Obviously, managing their time, having a production-based schedule, talking to their database, doing other types of prospecting, spending time doing lead follow-up, prequalifying potential buyers and sellers, and making presentations. If we know what to say, we have the confidence to go out on the street, to make the phone ring, to talk to people, and make this business a much more delightful business.

Understand, of course, that the majority of all Real Estate people in North America are not doing any transactions at all. So for all of us that are involved with Mike Ferry Organization, if we’re just doing something, it’s going to pay off for all of us in a big way.

Navigating Seller Expectations

Here’s the second thought. Here’s an interesting thought. The seller often thinks we can sell their home before we show up and start to talk, but the minute we show up and start talking, everything changes because we get a little nervous. We get a little off-center. You know, something about the house is not what we thought it was supposed to be. We’ve talked to the wife and the prequalifying or the husband. We didn’t talk to both parties, which is understandable. One of them is not as excited as you thought they should be. One is very excited. There’s some conflict. There are so many things that can take place. But if we have the confidence of what we’re going to say and we have good solid scripts and good solid objection handlers for what they are saying to us, we’re going to win a good portion of the time. We’re not going to win every time. We can’t get every contract signed. But as long as we’re improving, as long as we’re moving closer to a better percentage of contract signed versus presentations, we’re going to have a great 2024. In spite of all the ups and downs the year seems to be offering and seems to continue to offer.

Insights from Surveys Past: Real Estate Professionalism and Preparation

Point number three, about 20, probably could be 25 years ago. I hired a survey-based company that did public surveys for different corporations on different topics. I paid him $150,000, which 25 years ago was a pretty substantial investment. They talked on the weekends in shopping centers to over 1000 people, and what they asked was two questions. What do you like best about Real Estate people, and what do you like least about Real Estate people? Well, what they liked best was the fact that they knew that only a small percentage of the people seemed to sell most the homes. They saw the signs of the companies and the individuals, the neighborhoods. But then they said something which I thought was interesting, what they like least the majority, and of course, a majority could have been 25 out of a thousand. I don’t recall the numbers any longer, but the majority said the challenge they face with Real Estate people is they’re always in a hurry, they’re always rushing, and they’re generally always late for the appointments they have, or in essence, they’re not prepared.

So I would suggest the following. You have a listing appointment tomorrow at say, 4:00 PM. Show up 15 minutes early. Now, I don’t mean go to the house and knock on the door, but show up 15 minutes early. For the ladies, check your hair, check your makeup for the men, check the smile on your face, check your tie. Is your tie up tight? Are you dressed professionally? Can you review the materials you’ve sent out in the pre-listing package in a few minutes? Of course you can. You have scripts you’re going to follow. Read through them with a smile on your face, and then a five minutes to get out of the car like a professional. Walk up confidently. Walk up with purpose and mind of taking a listing and get your job done.

Elevating Your Income: The Crucial Link Between Service Quality and Real Estate Success

Number four on my list. The fastest and best way to increase your income as a Real Estate pro is to increase the quality of the service that you give your prospects. I’ve said this for probably 45-plus years. As the quality of service increases, the income follows, the production goes up with it. If the quality of service is very low, they’re going to challenge you as to commission and in most cases probably list with somebody else completely. So my belief has always been the same. If we spend a little time thinking about the quality of service we offer, everything from writing up the initial contract, getting the pre-listing package out, showing up on time, having a good solid script, being able to answer their questions and objections, showing them that you have the confidence to do the job for them. Recording some of your presentations and having some of your peers listen to it and say to your peers, critique this for me. Ask your broker/manager if you have a Coach, ask your Coach to review it. But as we know, the quality of service increases, the quality of production also increases.

The Timeless Wisdom of Michael Vance: Four Essential Principles for Sales Success

Number five years ago, a noted speaker. His name is Michael Vance. I have a painting of him right here in the studio at the office, and I think many of you know that Michael Vance was one of the mentors that I had the good fortune of working under for quite a long period of time. He was doing a little talk for a group of us that were speakers that I invited him to come and speak to. We had a little mastermind group, and he started the talk by saying, There are four thoughts that I believe everybody in selling should follow.

First, show up. And when I said, well, what do you mean by show up? Show up physically, mentally, emotionally? Show up. Be present when you’re making a presentation.

Second, pay attention. What’s going on? If you’re on a listing inside that house, are you being distracted by the children, the dogs, the cats, or the couple that you’re talking to? Is one of them wandering back and forth answering their phone? Pay attention to the circumstances, and of course, then try to take control of those circumstances.

Third, he said, tell them the truth. They don’t want to hear it. They don’t like it all the time. But if you tell them the truth, you’re going to be farther ahead.

And then last, don’t be attached to the outcome. Which means if they accept you, you’re excited. If they reject you, you’ve had an opportunity to show what you do, accept it and move on. Show up. Pay attention, tell the truth. Don’t be attached to the outcome.

Embracing the Numbers Game: Strategies for Real Estate Success

And the last thought I have for today, and this is probably one of the tougher ones. Very few agents want to admit that selling Real Estate is simply a numbers game. That’s all it is now. Obviously, the quality of the people you talk to is important. The quality of what you say is very important. But if you’re talking to one person a day about potentially selling their home, is that going to get you the number of listings you want to take during the last three quarters of this year? Unlikely. So I’ve talked to top producers every day. I coach a handful of top producers at this time, and they all understand. There’s one basic thought. If I keep my numbers and I track my numbers and I’m aware of my numbers, the odds of me succeeding go up dramatically.

I’ve shared with you over the years. Pat McVay, my broker. We lost him a couple of years ago, unfortunately. But Pat McVay had a very simple policy. First day on the job. I said to him what do I do to succeed? Pat looked at me with a smile and said, “I want you to go out and talk to 100 people a day. If it takes you all day, it’s okay. 100 people a day. Ask them to buy or sell Real Estate.” And then of course, I said, “Patrick, does everybody do that?” He said, “Yes.” I don’t think he told me the truth because I was the only one in the office that was prospecting at that time, six, seven hours a day to start. Figure out a plan to talk to more people. And you’re figuring out a plan to succeed at a higher level. Welcome to the month of April. It’s going to be a great second quarter. I will talk to you again next. Thank you.

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