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How to Explode Your Referrals

Starting with ONE client

You start the year in January with one client.  You make a deep and lasting impression on that client, and as a result, they happily refer you to two of their friends. 

Now it’s February, and you’ve got two clients.  Again, you do an amazing job, and each of your two clients is thoroughly impressed.  They each refer you to two of their friends.

Now it’s March, and you’ve got four clients.  If you keep this pace up, how many clients have you accumulated by the end of the year?

Answer: 4,095

You don’t believe me?  Here’s the math: 1+2+4+8+16+32+64+128+256+512+1,024+2,048=4,095

Impossible?  Yes!  But only because once you have an overwhelming number of clients (around June), it becomes unfeasible to perform at an extraordinary level, and therefore you don’t get as many referrals.

Until you reach that point, it’s NOT impossible, and it’s NOT unreasonable to expect to...

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Becoming a Trusted Advisor

NOBODY likes a Salesy Slickster!

But is it possible that your prospects are falsely perceiving you as one? 

This answer is YES.  No matter how much of a genuine person you are, your innocent attempts at helpfulness may be inadvertently sending the wrong message to potential clients, and costing you tens of thousands in missed opportunities.

On the other hand, if you don’t even TRY to strike up conversations about Real Estate, you should find a different occupation.

Becoming a Trusted and Authentic Advisor is a BIG and important subject that interweaves throughout every module in the Real Estate Master’s Program.  For now, and in the interest of brevity, let’s look at a single example of how to improve your interactions.

Converting Open House Prospects to Clients

First, understand the apprehension of your prospects BEFORE they walk in the house.  They’ve already been “attacked” by a few Salesy Slicksters at other Open Houses,...

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Marketing the Images

“I use a professional photographer on every listing!”

Big deal!  So does every other competent and half-competent REALTOR® in your market.  Also, most of the incompetent ones.

So, what can you do to separate yourself from the crowd?  First, let’s take a step back and ask a key question:

How important is photography, anyway? 

Last week, we discussed Marketing on the MLS and how—from your sellers’ perspective—the MLS Presentation is BY FAR the most important part of all your marketing efforts.  After all, it’s the source of information for 99% of your potential buyers!

So, what’s the most important component in your MLS Presentation?

It’s the images! 

Think about it from the perspective of potential buyers looking at your listing.  They’re scanning through hundreds of available properties.  What’s the first thing they focus on?  The images!

If they don’t like the...

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Marketing on the MLS

“Anyone can post your listing on the MLS!”

Also, anyone can cut their own hair.  The point is obvious.  There’s a massive difference between an amateur and a professional MLS Presentation.

Let’s take a step back and ask a fundamental question:

How important is the MLS presentation?

Answer: It’s the source of information for 99% of your potential buyers, and therefore—from your sellers’ perspective—it is BY FAR the most important piece in ALL your marketing efforts.  Nothing else even comes close!

What’s your main job as a listing agent?  It’s to generate as many quality showings as possible.  The more showings, the more likely you’ll find the right buyer.

The most important way to generate showings is to have a powerful and compelling presentation on the MLS System.

But very few REALTORS® even mention this vital information during their Listing Presentation!

Why?  Because they...

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Do you want to LIST? Or do you want to SELL?®

The title of this blog post is a registered trademark owned by me, which means you CANNOT legally use it (or any similar phrase) in your advertising. ‍

I registered this trademark many years ago because it perfectly describes a fundamental difference in values from one agent to the next.

Do you care more about yourself, and how many commission checks you can accumulate?

Or do you care more about delivering the best possible result for each client?

If you care more about yourself, it’s better if your listings don’t sell too quickly, right?  After all, “inventory” is useful!  Sometimes a single listing can be used to generate multiple commission checks as a “lead-generator.”  We know this.  The public does not.

This is why it can be tempting to accept over-priced listings.  The chances are high that you’ll generate at least one other commission check as a result of the listing, even if it doesn’t...

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*Numerous Ridiculous Conditions Apply

Our industry is ubiquitous with misinformation around marketing.

The absolute worst form of misleading advertising—in my opinion—are some of the “Guaranteed Sale” programs , offered by various brokerages across North America. 

In every “Guaranteed Sale” contract I’ve ever seen, only the most easily saleable homes “qualify” in the first place. 

Even if your home does qualify and you agree to the “numerous ridiculous conditions,” the bottom-line guaranteed price (after all deductions) will be so stupidly low , that hardly anyone in their right mind would ever agree to the terms.

Almost everyone reading this already knows that these programs are essentially “bait and switch” schemes.  The main purpose is to get in front of potential sellers, and then convince them that they don’t need the program, anyway.

“Oh, sorry, your home doesn’t qualify due to the lengthy list of...

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The Self-Imposed Deadline

Are you the type of REALTOR® who thrives on deadlines?  You’ve procrastinated on that CMA all week, and now you’ve got 45 minutes to get it done.  No problem!  When you’ve got a deadline, you always come through.

There are two ways you can look at this:

  1. When you’ve got a deadline, you’re able to get a lot of work done quickly and efficiently;
  2. You leave everything to the last minute, and therefore the work is often not to the standard that you’d like.

Chances are there’s some truth to both statements.  Sure, you got the CMA done, and it’s good, but half-way through the Listing Appointment, you realize that you’re missing some critical information.  You msessed up.

If you lose the listing, what’s the potential cost?  Ten grand?  Maybe more?  All because you left the CMA to the last minute?

What if you had completed that CMA 24 hours before and then allowed yourself additional...

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The Follow-Up

Note from Ted: This is a savagely pared-down portion of ‘The Follow-Up’ module from the upcoming Knowledge First Real Estate Master’s Program.  It’s REALLY hard for me to take something I’ve worked so hard at perfecting and then shrink it to 10% of the size, kind of like seeing only 10% of a painting!  Not that I think I’m an artist or anything, but I’m pretty darn proud of this thing.  Anyway, hopefully, you get a few tidbits out of this portion.

Over the last three Memos, we talked about Building Relationships, The FORD Method, and How to Talk Gooder.  Assuming you’ve now got a nice pile of hot and warm prospects, what’s next?

It’s ‘The Follow-Up’!

First, purge the negative self-talk that is preventing you from following through.

“I don’t want to bother people!”

“I don’t want to come across as too salesy!”

Stop it!   If you use the method I’m...

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The FORD Method

As a professional REALTOR®, you should always be ready to discuss Real Estate.  But, don’t be a boor.

“Hi there!  I’m Jack Smith with ABC Realty!  Are you folks in the market to buy or sell within the next 30-90 days?”

Ugh.  Get away from me, Jack.

Guess what?  The world is sick and tired of salesy slicksters. 

Instead, you should be working on establishing a reputation as a Trusted Real Estate Expert, and conducting yourself like a professional.

Have you ever met a family physician at a party, and all of a sudden, they’re handing over their card and inviting you to come in for a check-up?  You’re trying to get away from them, and now they’re following you around.  “You know, I really think I ought to take a look at that mole on your neck!” ‍

No?  This hasn’t happened to you?  Ya, that’s because physicians are professionals.

You should conduct yourself like...

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The Team Option for New Agents

You’ve got your shiny new Real Estate license, and you’re all signed up at a brokerage!

Now what?

The choices you make now will have a direct impact on your entire career, and there are a thousand choices that are equally compelling and confusing!

For example, should you join a team?

The word “team” has a positive connotation, doesn’t it?  It implies all kinds of good things – mentorship, structure, support, training, camaraderie, and everyone working towards the same common goal.

This sounds wonderful!

And it could be!  If you’re lucky enough to be joining a small team with a high-integrity leader—one who genuinely wants to mentor you—this could be a great way to launch your career.

However, before you make this critical decision, be very cautious about the Big-Box Team with the celebrity “mega agent” and their slick recruiting message.

The bigger the team, the slicker the message, and the further it is...

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