In this Episode We’ll Cover: Why You Should Hope It’s Very Difficult!
a. Stuff Gets Real In Real Estate
b. My Buyer & The Math & Fear
c. My Seller & The Pain
d. Who You Must Become To Be Successful
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STUFF GETS REAL IN REAL ESTATE
I'm not aware of any small business, including real estate, that is "easy." The path to success is difficult. Michael Gerber taught me this important lesson one time when I met him, which was, "We don't know what we don't know." This is pretty foundational for this podcast episode: Learning is about work ethic.
Let's get to it: "Stuff" gets real in real estate. Things can go haywire quickly. The most intelligent, emotionally mature person can go crazy when we're dealing with real estate. It's one of the largest emotional transactions they'll ever make in their lifetimes. Therefore, it's crucial for you to be a good learner as a real estate agent and to work hard to LEARN. You're supposed to be guiding these people as they're going crazy! A real estate sale is a chaotic event and you need to be a rock in that storm. Here are two important anecdotes from my past week.
MY BUYER & THE MATH & FEAR
This first client had her whole life ripped out from under her in a divorce. As realtors, we understand this happens a lot. Because she's in my past client pipeline, she decided to make a move and contacted me. She was highly motivated and wanted to get out her condo and into a single-family home, plus some real estate investing. The selling side went great. But on the buying side, I failed to recognize the fear that was bubbling up inside her. This is a lengthy story but listen to this section for the solution and outcome -- and how I was able to help her through patience and learning on my part.
MY SELLER & THE PAIN
A lot of people are in pain when they're going through the real estate process (think divorce and death). This second client, a seller, was a maintenance guy. Everything at the house was immaculate -- if something had needed done, he did it. I learned during the process that his wife had recently died. At one point during my talk with him, he went off... on me. It was the most emotional explosion against me that I've seen in 20 years. The previous client was dealing with fear and this one was dealing with unimaginable pain -- which was an avalanche on ME. Listen to learn how I engaged with and helped this seller.
WHO YOU MUST BECOME TO BE SUCCESSFUL!
This is really about who you must become to be successful in this business. I can teach you tactics until the cows come home, but those tactics will only get you so far. You must become an emotionally secure person who can walk into these situations -- often charged with fear and pain -- and HELP people. That's the business we're in. That's how you're going to be successful.
In this Episode We’ll Cover: Why You Should Sweat the Details
a. The Small Stuff Makes Up The Big Stuff
b. Chunk Up The Big Rocks First
c. Let The Pathway Pave Itself
d. Memorialize The Steps & Constantly Beat On Them
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THE SMALL STUFF MAKES UP THE BIG STUFF
I believe that a lot of small businesses, including real estate businesses, fail because they do not sweat the details. The small stuff makes up the big stuff, which is why it's so important to pay attention to the details. If you've been to FreeAgentGift.com and seen my infographic, that is the process by which I make Michael Gerber's concept of Entrepreneur-Manager-Sales/Technician simpler through a process I call "chunking it up." Know from the outset that there is a ton of "small stuff" in this business -- and we'll get there.
CHUNK UP THE BIG ROCKS FIRST
We'll get to the detail, such as "How do I hold an open house?" But first, we have to chunk up the big stuff. Put on your Manager hat and stay with me. Imagine being up in an elevated glass room and looking down to where you can see your business in sections. Looking down at the business this way (as The Manager), you can begin to plan on how to manufacture relationships that lead to these sales. Marketing is a really big "rock," for example. Withing that big rock, there are smaller "rocks" such as defining the market, clarifying your marketing message to make it concise and deciding on the medium to deliver the message. You're already getting into details when you chunk the big Marketing Rock up. Next rock: Conversion. Within your conversion rock, you have leads that you want to turn into prospects and clients -- those are the smaller rocks. Then you have the Closing rock and the Past Clients rock. Sweat the details to break those big rocks into smaller rocks.
LET THE PATHWAY PAVE ITSELF
Within those bigger chunks, we see the pathway start to reveal itself. Relying on what you've done with the big chunks will make it simpler to figure out the best way to address the smaller rocks. For example, when you listen to leads and let them tell you what they want -- guidance -- give them guidance. People raved about this when we started doing what they wanted. We allowed that pathway to sort of pave itself and the results were profound.
MEMORIALIZE THE STEPS & CONSTANTLY BEAT ON THEM
When you've done the detail work and the pathways paves itself, CAPTURE IT. Memorialize it. When the consumer tells us what they want, we should squeeze that and own it, instead of telling ourselves nonsense about what we think they want. Move them onto that path and refine it, so we can serve them even better. Give them what they really want. Beat on those details until you really know what the consumer REALLY wants and continue to give it to them!
In this Episode We’ll Cover: What Is Magnetic Marketing?
DAN KENNEDY: MESSAGE TO MARKET MATCH
"Magnetic marketing" is a term that I first heard Dan Kennedy use at an event. He was talking about the concept of message-to-market match. That resonated with me, because marketing is the great puzzle of small business. If you run a small business, you have to think about marketing. And isn't it sexy to think, "How do you magnetically attract business?" What Kennedy is really saying if you can get the right message to the right person at the right time, you can magnetically attract them in to you. Sounds great, right? Keep in mind that this isn't the Easy Button that you just press and business magically comes to you.
ISN'T THE IDEAL CLIENT A FARCE?
It starts with the idea of the "ideal client." Let me ask you this with some controversy: Is the ideal client a farce? Not from a marketing standpoint! From a cash-flow standpoint, then yes, maybe the ideal client is a farce; you'll do business with anybody if you're hungry enough. But if you fall into that trap, you can end up spending your career marketing to the wrong type of client and wondering where it all went wrong. When you take the time to figure out your ideal client, you can then spend time honing a message to attract that type of client. Where does that person live and is that an isolated geographic area where I would want to work?
ISN'T TRYING TO "ATTRACT" CUSTOMERS A COP-OUT?
Not at all - that's not the point. This dovetails with the concept of giving away your best stuff for free. If you can grasp giving away your best stuff for free, you will understand that this is at the heart of a magnetic offer. You must give away free content in this day and age. Look at all the free content that's educating you and drawing you in. If it happens to you all the time, why would it not work with your ideal clients? Give away your guidance on a regular basis. Giving away your guidance attracts people to want more.
PROACTIVE DELIVERY IS THE BEST IN REAL ESTATE!
Proactive delivery of this magnetic message is really important in real estate. It's crazy how real magnetic marketing is when done correctly. Direct marketing worked to a certain extent for me. But when we took a proactive approach and added telemarketing to the mix -- calling people, telling them about our free guidance and offering to send it to them -- everything started to change. I do this every day and it works.
In this Episode We’ll Cover: Top Producer Mistakes!
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TOP PRODUCERS ARE TOO COMFORTABLE
Let's just get something right out in the open. All of the "top producer mistakes" that I talk about in this podcast are mistakes that I, myself, have made. One of the big mistakes that top producers make is they get too comfortable. Many top producers are just really hard-working salespeople. They are Top Producers because nobody out-hustles them. Hustle is important, but there comes a point where things really start to work for you and you start to close down and get comfortable. It seems to be working, so you just rinse and repeat. I'll explain why that's a problem in a moment.
THEY SPEND TOO MUCH MONEY CHASING IDEAS
When things are going well and the business is a ball of energy, top producers tend to chase any and every idea that comes along: This conference, that person's plan, the new fad and so on. You become an idea junkie. "This other top producer is killing it with this idea" -- so you have to run out and try it. That's a mistake we all make. Instead of chasing an idea, how about asking if there is a way to deploy it in your strategic approach. Once you become too comfortable in your business, if you combine that with chasing ideas, here is the problem: You're buying them. Some of you are paying extraordinarily exorbitant amounts for these ideas. Most small business owners -- and especially top producers -- are delusional when it comes to understanding what it really costs to run their business and turn a profit.
THEY TRY TO CONTROL TOO MUCH
Stop trying to control everything that you do as a top producer. Know when to cede control of certain tasks within your business and then do it. Turn on your management brain and stop trying to control all of the micro tasks in your business. There's only so far that you can stretch your two arms and two legs before something breaks! What's a task that is draining your time that doesn't require YOU to do it? Outsource that task and you can then leverage your time better. You don't think I'm typing up these show notes for the podcast, do you?
HOW TO FIX IT: SLOW DOWN & BUILD STRATEGIC PLANS!
Stop getting so comfortable. Stop pushing away help. Stop spending so much money chasing ideas that may or may not work with yourbusiness. Stop trying to control too much. Here's how to fix it: Slow down and spend a little bit of time building strategic plans. It worked for me and it will work for you.
In this Episode We’ll Cover: That Look In The Seller’s Eye!
a. How Do You Get The Opportunity To Meet Sellers!
b. What Value Are You Truly Going To GIVE!
c. How Organized & Patient Is Your Explanation!
d. What’s The Look You’re After?
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HOW DO YOU GET THE OPPORTUNITY TO MEET SELLERS?
Top producers are obsessed with getting more listings and new agents are wondering where to find listings in the first place. Here's the same advice I've been urging you to do for weeks now: You're going to look for conversations about real estate inside your target market. When you introduce yourself as a realtor, everyone's first question is always, "How's the market?" And then you're in that conversation! Not every conversation leads to a listing, obviously, but if you're not putting yourself out there, why would anyone even consider you? If you want to meet sellers, you must have those conversations about real estate.
WHAT VALUE ARE YOU TRULY GOING TO GIVE?
What value are you going to GIVE? A lot of realtors look at an area and think there's some bigshot realtor who controls that market. Not true! I've rarely seen a market where a realtor controls more than about 1 percent of the listings. Even if you go to an extremely rural area, that "power realtor" will control maybe 10 percent of the market -- leaving the other 90 percent available for others. What you're really doing is making excuses. Pause and think of the value you are going to GIVE to the seller. When someone is listing their property, what is the process they go through and in what order do they go through it? The number one thing you can give is your guidance through the process.
HOW ORGANIZED & PATIENT IS YOUR EXPLANATION?
The goal is to give deeply, with detachment from the outcome. How do you do that? Be organized and patient in your explanation. Get organized first. Be able to explain the real estate process to a seller in as simple a manner as possible. I use a pinwheel with seven steps for buyers (or a one-sheet infographic with six steps for buyers). My steps are simple but thorough. The other part is patience, which many of us lack. Sticking to the process -- the steps -- allows you to be patient with them as you explain it to them. If you start to get lost in the woods or get impatient, that simplified process lets you get back on trick.
WHAT'S THE LOOK YOU'RE AFTER?
So, what's that look I'm talking about? If you're having real estate conversations, and you GIVE the best value that you possibly can, and you are organized and patient in explaining the process to them, you will get the look that I'm talking about here. If you want to know what that look is, well... listen to the podcast for the answer!