“Closing the Gap” in Real Estate

Welcome and good morning, thanks for watching Mike Ferry TV the week of December 7th. Well, time is running out for the month of December very quickly because the holidays so therefore our chances for succeeding based on the number of days we could work are diminishing. But your chances for succeeding are accelerating because most of your competitors are not working at all. So I’m excited for those of you that are still participating in the real estate business. I did a little research. We’ve been doing Mike Ferry TV now for probably a little over 15 years, and I don’t have some of the early results from that first five or seven years. But I know according to my technology people, we’ve had virtually a couple of million plus people view Mike Ferry TV over these years. And the one thing that is constant is the message that I keep delivering. And I started thinking about some of the things that I talk about and some of the things that you’ve watched me talk about over the course of this time. And one of the things I wrote down in my notes was this one of the probably most important things that a Real Estate person can do is track their numbers. And I talk about this all the time and most agents are a little numbers challenged, don’t like to track their numbers, et cetera. But see, by tracking your numbers, you can do something else that I’ve discussed time and again. You can start closing the gap. And by closing the gap, I’m talking about the number of showings and or Listing Presentations. You go on versus the number of contracts you get signed.

I saw a report several years ago that says that for every 10 presentations for listings, you’re going to get two listings, contracts signed, and those two listings will sell and you’ll get paid. And, you know, if you’re if you’re going on 10 Listing Presentations a month, which very few people do, and you get two listings a month and they both sell, you’re going to make considerable money. However, what I keep saying is if you learn to pre-qualify your sellers in depth looking for the motivation, their ability to sign a contract, even to be open minded to what you’re going to present, if you look to make a stronger presentation, you understand that the presentation that you make to a seller is the difference between a contract signed and you’re walking out the door without a contract signed; and then handling the objections they give because the objections are virtually always the same. Well, if you think about doing those three things, you’re going to close the gap. And instead of getting two contracts signed out of 10, you can get six or seven contracts signed out of 10. And remember, 10 presentations over 30, 60, 90 days takes X amount of time. So to get six or seven contracts signed, you’re not taking more time. You’re being more efficient with your time. So one of the things I’ve talked about for 15 years on Mike Ferry TV, closing the gap, but then I’ve also mentioned over the last probably 60 days to you, if you watch these programs is the gap is widening as we speak between those that are listing and selling real estate and the masses that are not.

And this is a crazy year we’ve had with this pandemic, which has been a terrible thing for so many people that have had to suffer because of this virus. But at the same time, we have to understand that a lot of people in Real Estate have never, ever reactivated since the closed down on March 15 or 16. So the gap is widening between those that can and those that can’t. Those that do, those that don’t, those that will and those that won’t. You’ve got to be on the left side of the ledger on this one. And I talk about that all the time. You know, one of the things that I’ve always said is if you’re talking to people every day, you’re going to win the game. I will tell brokers and managers in my management events, recruiting solves every problem that a real estate company could ever experience or have. But for you and I, talking to people, lead generation, prospecting a little bit or a lot every day solves every production problem you can have. No, if you know what to say when you’re prospecting and you have confidence in yourself and your role play in practice and you develop some skills in how you use the words we ask you to use, you’re going to get better results than if you don’t know how to do it. If you’re calling 20, 30 people a day and you have that attitude in your mind that nobody is going to list their home for sale.

And that attitude reflects and how you present how you probably don’t want to sell. Do you know? I understand. Thank you. And yet, at the same time, if you talk to enough people, somebody can interrupt you and say, as a matter of fact, I do want to sell; talking to people. This is a business about talking to people and all these crazy stories you hear all the time about how you don’t have to talk to people are crazy stories. I had a conversation with an agent several weeks ago and the agent called and said, I don’t really buy into your system. I said, you’re calling me to tell me that I don’t even know you. I know, but I just wanted you to know, OK? And I said, why don’t you like my system? I don’t like calling people. I said, you called me to complain. And I don’t really care that you don’t like my system because that’s not an issue to you or I. What system do you like? I buy my leads off the internet. Good for you. I said, well, let me ask you a question. How much are you spending? He said, I spend several thousand dollars a month. And are you doing three or four transactions a month? No, I do probably one on average. I said, OK, that’s that’s good. One deal a month is twelve a year. I said, but let me ask you this question. When you get these leads off the Internet, do these people call you. He said, of course not. Do they email or text you, he said no.

Do they try to reach you? He said no, they don’t do that at all. I said, Well then what’s the point of buying the leads if they’re not contacting you and you’re not willing to contact them? He hung up. That was the end of that conversation, so I’ve talked about this for many, many years to you guys. If I know what to say, I can do what I’m supposed to do. If I don’t know what to say, I’m hesitant and probably will not do what I’m supposed to do. That’s something that I believe very strongly in. And once you understand that the confidence you’ll have in yourself to do your job, to pick up the phone, to talk to people will increase. I’ve talked about two words for many, many years during our Mike Ferry TV.

The two words are common sense, common sense.

Does it make any sense at all to you that if you do not talk to people, does it make any sense that you think you can still get listings? I mean, do you actually think by having a bus bench in your community that people are going to suddenly start calling you left and right? You’ve heard me say this before, folks. People that ride the bus generally can’t afford a car. And if they can’t afford a car, they probably can’t afford a house. So you’re marketing to a large group of non-qualified people to talk to? Well, Mike, I got a call on my bus bench and that one call I got a listing. I said, good. How many have you taken this year from your bus bench? One. Well, I mean, can you live on one transaction a year? I mean, if your average commission is seven thousand dollars, I think food stamps are in the future of that kind of an agent. And I’m sorry to say that, but I think that’s a fact. Common sense, walking in on a listing, totally unprepared, not knowing if the seller really has the desire to sell is common sense. The seller says, I want you to cut the commission and you respond with how much?

It’s a lack of common sense.

I’ve talked for years about versatility, the ability to adapt to what’s going on around you, to adapt quickly, to have options for yourself, as my mentor Gnther Klaus used to say all the time, if you have Plan A, which is always important, your business plan, in effect, if it doesn’t work, plan A, try plan B, because there’s still twenty five letters in the alphabet we haven’t tried yet. Or in essence, don’t quit. Keep going. Common sense versatility. It keeps you moving forward. And then I wrote down the word complacency, which I talk about all the time, and that is when we are totally satisfied with what we have. And I understand that you would be satisfied with what you have. You know, commissions over the last three years have risen dramatically because home prices in most of North America have gone up dramatically. So therefore, it’s easy to get complacent. You know, you did 10 deals four years ago with an average commission check of six thousand and you made sixty thousand. And this year you did ten deals with an average commission check of eleven thousand. You made one hundred and ten thousand. Did you really get that much better? Are you really that much stronger or did the average sales price pull you into a better income source? So the Mike Ferry TV messages for 2021 are going to remain strong. In fact, I want to share something, if I may, with you. I’m sending this out to all of our prospects and clients probably in the next twenty four hours.

I wrote the following. We’re stepping up our game as a company and each of you is the recipient of the improvements we’re going to make for 2021. If you follow Mike Ferry teachings even a little, you know that we talk a lot about versatility, common sense and complacency, versatility being the ability to adapt to a wide variety of situations, circumstances and people in a wide variety of ways. With the pandemic still, unfortunately, a big part of our lives and large training events virtually being reduced to tiny, tiny groups; And the hope that all of us have, that the vaccines that are being discussed are effective, which could bring all of us a sense of safety and comfort and knowing the 2021 should be a very strong Real Estate year. Now, hear what I just said, 2021, there is no reason to believe it should not be a very strong Real Estate year The Mike Ferry Organization my company is scheduling the strongest production based training schedule possible to meet every one of your needs and demands. We have scheduled we now have on the books, scheduled starting the second week of January 74….Seventy four 1/2 day to day and three day training events for the calendar year, 2021, they’re all designed around assisting each of our clients and building a strong sales foundation which will result in a stronger production for the individuals and increased income for each of you. In addition, in 2021, we will be doing 40 private events, which we are already scheduled, and between two hundred and fifty and three hundred webinars will do for our elite broker clients. Question is your broker one of our elite broker clients? Maybe you ought to ask. We’re committed one hundred percent to you, to your production and your goals, and we’re going to post this entire schedule of what we’re doing in the next probably twenty four to forty eight hours. Go to our website, Mike Ferry.com, I’m looking forward to seeing you very soon, assisting you in achieving the production goals you’ve set. We have so many services to offer, take advantage of them. Thanks for today. Have a great week. We don’t have a lot of time left in December. Get to work.