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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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The Intelligent Price Reduction Strategy

If you’re a typical Real Estate agent, you’ve probably got about $100,000 worth of uncashed commission checks in your desk drawer, or as some people refer to them—your collection of over-priced listings. 

It’s kind of like that stamp collection you had when you were a kid.  You still have the stamps; you just never look at them anymore.

The only difference is your stamp collection is probably NOT worth $100,000.

Here is the standard list of excuses used for NOT fixing your problem, and NOT being $100,000 richer. Pick your favorite!

  1. You’re too busy (chasing after new business, rather than taking care of the business you already have)
  2. Your clients are stubborn and won’t listen to you
  3. You’re bad with confrontation
  4. You’ve got a showing booked for Friday, and you’re hoping for a miracle!
  5. The market is awful, so there’s nothing you can do
  6. You feel dumb for recommending the price in the first place
  7. (Insert your...
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The "Pocket Listing" Myth

The MLS System is BY FAR the most important tool we have in Real Estate.  Can you even imagine imagine how we would function today without it?

The old codgers around the office have some stories, I tell ya!  I guess when you got a new listing, you’d be on the phone all day with all your REALTOR® buddies:

"Hey Vern, I got a beauty coming on in Old Town.  She’s got everything!  Orange wall-to-wall, pink plumbin’ fixtures, electric oven, the works!  Puttin’ ’er on for $24,900!  Hop in the Studebaker and come have a look-see!"

Not to make fun of the old codgers in the office, but holy cow!  What a grind!

Folks, we’ve got it made compared to the old days.  Don’t forget it.

Here’s my question:

With an incredibly powerful tool like the MLS at our disposal, why would anyone ever try to sell a property and NOT use it?

This is like trying to sell your car by standing on a street corner with a...

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Calling for Calling's Sake

general real estate Jun 06, 2019

The other day, I ran across this post on a REALTOR® Facebook group (paraphrasing):

“I’ve got a large list of leads that another agent gave me, but they’re really old, and most haven’t been contacted in over a year.  Any advice on a script to use when I call them?”

There was a whole bunch of “helpful” suggestions from other agents, on what to say and how to approach the situation.

I was dumbstruck.  But here’s what I should have said:

Throw them in the garbage!

SURELY you have something better to do with your time, than chasing after stone cold “leads” (?).

Another similar situation came up with a coaching client.  This guy is good.  He works hard, and he’s disciplined.  But he’s following a program he learned from someone else, and he takes it a bit too literally.

The program states that you must contact a certain number of people in your COI daily.  Well, he doesn’t...

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You Were Right

If you’re a professional REALTOR®, you probably started your career full of enthusiasm, with high ideals that you were “going to make a difference” by providing outstanding service to your clients.  They were going to you and your business would flourish, as a result.

Then “reality” set in.  Some other REALTOR® broke the news to you, “That’s not how it works!  Here’s what you gotta do:

Call crappy Internet leads and FSBOs and Expireds all day, using scripts that were developed 50 years ago, “If they say THIS, you say THAT.

"Here’s your scripts; learn ‘em.  Here’s your prospect list; call ‘em.”

Doesn’t that sound dumb when you read it out loud?

If that’s not bad enough, now it’s all the rage to PAY for leads.

Hahahahaha!   PAY for leads?

Guess what?  Those leads are garbage, too.  You wanna PAY for garbage?

News Flash!  You...

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Good is the Enemy of Great

Jim Collins opened his book Good to Great with the statement, “Good is the enemy of great.”

He explains that this is one of the key reasons why we have so little that becomes great. We don't have great schools, principally because we have good schools. We don't have great government, principally because we have good government. Few people attain great lives, in large part because it is just so easy to settle for a good life.

One of the conclusions of Good to Great is this:

“Greatness is not a function of circumstance. Greatness, it turns out, is largely a matter of conscious choice, and discipline.”

If you want to be a great REALTOR®, you’ve got to stop settling for “good enough”. 

You’ve all encountered great REALTORS®, and I’m not talking about the “celebrity” agents; the ones who spend hundreds of thousands of dollars marketing themselves.

I’m talking about the quiet ones, who...

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The Truth About Real Estate Training

general real estate May 09, 2019

When it comes to choosing a REALTOR®, one of my core beliefs is that the public is best served by having direct communication with a knowledgeable, skilled, customer-service-focused individual agent (or partnership).

I was a top-performing individual agent for my entire career, earning between $590,000 and $865,000 from my second year–on.

When I first started in Real Estate, I realized right away that I was severely lacking in the level of knowledge and skills that I expected of myself, in order to feel like a true professional.

Let’s face it; it doesn’t take long to figure out that the stuff they teach you in “REALTOR® School” is woefully inadequate in the real world.

Compared to my previous business career – where I was regarded as an industry leader as the founder and president of a $50M company – when I first started in Real Estate, I felt like a fraud.

I mean, why should anyone trust ME – with such a minimal level of...

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