I will start with the book suggestions from the panelists that most intrigued me.
- “List more, Sell more”
- "Rocket Fuel"
- "Fanatical Prospecting"
Biggest Aha's to Implement
- Continue Expansion Efforts - this is where real estate is going.
- KPA Everyone. Seriously everyone. Clients, cooperating agents, vendors, everyone.
- Think of the power that could come from a database filled with KPAs.
- As Promised stamp... for branding purposes
- Tell people what you intend...
- "We intend to take great care of you…We intend to keep you informed and educated…We intend to empower you to make great decisions...and finally, we intend to make buying or selling with our team enjoyable..."
- Update and simplify our listing presentation for our team.
- Simplify Everything
- MAPS Coaching (we finally took the leap, we feel like we have been hitting the ceiling on our E to P progress).
Quantum Leap - Gary Keller
Ben Kinney Interview-
Success in real estate comes from three simple things:
- Say the right things
- Say it enough, and
- Have enough people to say it to.
Genius Disease (thinking you're a genius)- Leads you away from the things that made you successful.
Biggest mistake when building a team: After succeeding at one level. I went out and hired everyone I could, thinking it would lead to more transactions following my models. I grabbed everyone I could, I now call them the "cream of the crap.""I had a problem in the past. There were a few years where I was trying to prove to everyone that I did it. Now we are trying to prove to everyone that they can do it." Generosity is not about giving to your friends and family, it's about giving to your worst enemy even when they don't deserve it.
Think as big as you can in your life - you do not have to leave your backyard.
- Time blocking: Success for personal growth starts with planning free time first.
- The goal of making money, just making money, without a goal for WHY is a bottomless pit and a never ending job.
- Money discipline - Master Valuing Things That Appreciate In Value.
You will never get where you want if you apply all the leverage in your personal life.
- When determining your 5 wealth determiners, start with yourself. After that it really doesn’t matter where you start if you’re going to eat the whole elephant. Just start eating where you are.
Mastering Listings: Sound recording (may not be great): Mastering LIstings.wav
People/Agents often think what they need is more money, when TIME is what is actually needed NOT money.
"Making the complicated simple is an invaluable skill you should be working on developing constantly."
Simple way to build a real estate business
- Go to the sale
- Cancelled/expired/door knocking/cold calls/direct mail
- Sale comes to you
- Marketing (digital)
"A 10+ listings a month business requires being marketing and asset based and with prospecting and referral enhancement."
Relationships + Validity + Value
- Relationships: Know you number at least 150 in the SOI database for 24 transactions a year.
- We need to become really good at finding those that want to do something and then getting them to do it with us.
- Elevator script to start a real estate conversation - "You’d be really good in my business. You must start the conversations in the first place."
- Warmest first - expired and cancelled -
- FSBO - "list more, sell more” Give first, don’t worry about what you are going to get.
- Validity: Show Validity with Stories
- Story Telling: Stop selling and telling people. Use the stories to help other self discover
- Confidence: This comes from the next step, knowledge. But, you must believe and trust your work.
- Knowledge: you must learn and do the work.
- Knowing what people are thinking about at night is how you decide what is valuable to them.
- Hold Course to teach people how to invest in real estate.
- Use the tools we have at our disposal - teach the "One Thing" book to others.
- Activity Breads Activity.
- Understand that some relationships are worth more.
- The most important thing is Presenting
- If you don’t have a good presentation you won’t prospect, you can’t negotiate, and you won’t have anything to sell!
- Master your Listing Presentation by teaching it
- Listing presentation is the most important thing an agent can have as a tool
- Creates confidence
- First and Most Important Question...
- On a scale of 1-10, with 10 being this is a great meeting tonight, and 1 I wasted your time. What has to happen to night for you to feel this meeting was great?
- Wait for them to answer. (They will tell you everything you need to discuss)
- The problem with prepared presentations is we don’t often find out enough about the client.
- Scarry Question - Why should I choose you?
- 3 things could happen tonight, 1 understand my value and then choose us, 2 not understand our value and that isn’t good, 3 we can’t deliver upon the expectations you have and we will back away.
- Don’t make the assumption that everyone is most concerned with the money.
- Get to CORE Values Quickly - Family - Comfort - Time
- Uncover needs can also be called handling objections
- Remember - You can’t lose something you never had.
- Objections do not change - they will be the same ones.
Vision Speech - Market and the future
Download Vision speech slides:FR17_Vision.pdf
Disruption or just a new package for an old system:
- Open door charges a premium - 8%-10% more for the convenience.
- OpenDoor is operating at about a $13,000,000 loss. And they are 1.4% of the market in the areas they are working.
- This isn't a sustainable model over time.
- This is an old wholesale real estate model. IF the market changes, this model becomes very dangerous.
ROI for different team Lead Generation Models:
- Highest ROI comes from open house model for lead gen in teams. Cost is 5.6% Online Lead Gen is 36% and Reerral is on average 11.1%
Expansion is the game. Get ahead of this or you will be left behind by it.
- Teams expand Lead Gen and Admin Systems.
- Referral based teams 75% or higher may have a hard time expanding that type of business.
Huge investment in Tech Funding for Real Estate: Real estate tech funding has doubled in the past year and quadrupled in the past 3 years.
What will come from the RE Tech investment?
- AI chat bots etc. Can't wait for Ojo and Kelle
- Blockchain - this is a way of transacting value digitally. This is a public ledger of debt. Could be how the title industry gets online.
- Computer Visioning - this means extracting data from images to provide greater search insights. Show me houses with kitchen islands (this is one that I am extremely excited about because of an Idea we are developing at PressPlay).
- VR/AR - This doesn’t effect value or sales at this point, its kind of a shiny object.
Crazy Graph on RE ad spending ROI:
Kind of Shocking... with all of the tech investments and spending on tools and tech that were designed to take the home search online and the number of homes that buyers physically view has only gone down from 12 to10 houses on average. The number of days searching has stayed the same.
Goals To Reality
- Imagine the possibility
- Believe the possibilities are literally possible for you
- Go to work and make it happen
- Embrace the accountability needed for your goals
Four conversations in CGI
- Listings taken
Appointments is the first conversation because nothing else can happen without the appointments:
- Focusing on those conversations helps you see the gaps. Without the numbers you can’t analyze your business.
- Conversations without results are a waste of time.
- Appointments without conversions are a waste of time.
- The only thing you need to track is listings. Its always about listings and that means listing appointments.
The Team With the Most Talent Wins - Heyl Group
- Building a team is about Success through others.
- It's about WHO, no longer about YOU. Get out of the way.
- Success through others always takes more time.
You have to get away from the Super Man Complex where you are the only one that solves all the problems.
Many team leaders are Trapped in "hustle mode" they don't run a businesses they just have jobs.
Good businesses start with a what, Great businesses start with a who.
So Who is the Right Who? -- Talent criteria - simple criteria
- Hungry - insatiable desire to achieve, self accountable and tenacious.
- Humble- lacks excessive ego. Humble people emphasize the team over themselves.
- Smart - This is about emotional intelligence not a diploma (though the diploma doesn't hurt).
What makes a leader? There are 5 key traits:
- Which is the most important trait? Self Awareness is most important followed by Empathy.
- Talent will solve problems but if you never let them, they won't. Don't make yourself
- Actively searching to know what they want.
- Talent is proactive with a high sense of urgency.
- Talent will push you to be better and will actually make you feel a bit uncomfortable.
You can't fake leadership Be genuine - get in there and do the job.
How big is my vision and what does it look like?
- Where do I draw the line in the sand that you will ask someone to leave your organization.
What does Talent Actually Want? Don't make the mistake of thinking its just money...
It is amazing how many Millenials expect 6 figure incomes however the truth is only 2% of millennial are actually making 6 figures. It's extremely competitive at that range.
- Your Mission has to support their Mission.
- Progress equals happiness.
- Money is only the tip of the iceberg for talent
- Just accept the fact that you don't have "A" players.
- Talent wants to be surrounded by talent.
- A players will attract A players.
Find Amazing Intrapreneurs - entrepreneurs within an organization.
Your role as Team Leader and Rain Maker is Talent Scout
- Create a Big Vision, Set the Standards, Get the Right Who and Provide Opportunity.
- Pitch the Path (i.e. there are more opportunities in this organization than outside).
- Be careful when doing this not to hire to the next position. Hire to the current with the potential for the next.
Standards Automatically Trigger Responses - Suggestions Don't.
👇👇Team Opportunity Funnel 👇👇
7 Steps to Abundant Listings - Cody Gibson
Actions will always beget results -->
- Poor Actions = Poor Results
First Thing - it doesn't matter how long this takes. If this were the 7 steps to becoming a great dad would you care if it took a year? Would you care if it took two years, three, or four if at the end you were a great Dad?
Expectations V. Reality and the Work
- This is about managing your own Expectations. We are generally impatient as humans. As soon as we think something we generally see the world as if the thing had already happened in our mind and when reality does not show up that way it leads to discouragement.
And now, the Steps...
Step 1 - Make one listing appointment a day.
- This is a No Matter What kind of thing -- 21 or 22 apts a month.
Step 2 - Visit one FSBO or Expired Door each day.
Step 3 - Follow up Wednesdays.
- Here is your script for all follow-ups - "Just want to call and follow up because it's Wednesday. If you need help with anything real estate related, please give me a call."
- Please start taking your own advice.
- "Here's my advice I'm not using it anyway."
Step 4 - Post one "I have a buyer message a week in Facebook"
- This is so much better than, "Hey everyone, look at my new listing," or "contact me if you want to buyer or sell real estate..."
- You need to start story telling.
Step 5 - Every Seller Every Week.
- 2x1 and rule of 3
2 contacts per week will (1 electronic 1 voice)
Every 3rd week they need to meet you in person. If we haven't sold your home, every third week I want you to come into my office.
- The Call each week should cover the following - Justification of your activities- Statistics and market info - Motivation of the client - What more do I need to do for you?
Step 6 - do FSBO deals if you must
- This is about habit. We take 10 listings a month, period.
Step 7 - practice the presentation weekly.
- Amateurs practice till they can do it right. Professionals practice till they can't get it wrong.
- Practice each week for 35-50 min.
- This will help you avoid practicing with a client where you stand to lose thousands of dollars.
- Know your scripts - Amazing Customer service comes from Lead Gen and your Listing Presentation.
Remember -- No one has it figured out. If they think they do, they're lying or they're deceived.
Wrapping It Up - Who We Are and Connecting
Well, that's it! If you're still reading, you're a trooper.
Let me know what you think by emailing me at firstname.lastname@example.org.
I'd be happy to discuss things with you and mastermind any of the concepts further. Heaven knows our team can always benefit from the ideas of others.
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