Hey so welcome back to the tom ferry podcast experience episode 100, brenda tristan, patrick. Yes, thank you for my friends out there listening or watching by the way it would mean the world to me if you would subscribe subscribe. I don't think i've asked anybody to subscribe. Yet, and yet we're at like 105 106 on the top 100, whatever list of podcasts for business.

So thank you. Thank you. Thank you. Thank you.

Thank you. Thank you. Do me a favor subscribe. Let me know um in honor of episode 100.

I've got my brother, patrick here, patrick uh. First of all, thank you for driving up from san diego i'm in orange county, which is kind of fun for me um today we want to talk about agents who underperform their potential. What do they need to do about it and new agents based upon all the questions that i get, you know call it 30 40 of all. The questions really fall under that category and you and i have been bantering about it.

I know you have a lot to share here, so why don't you start introduce yourself for the people that haven't met, you don't know you who's patrick ferry. Why should they care so yes and thank you and thanks for being on episode, 100 baby and subscribe and then hit the notification and yeah by the way i now lo obsessed with youtube podcast. So i'm watching all my podcasts on youtube and i'm loving it and speeding it up right because thank you exactly faster, but if you're listening to this on slow motion like speed it up, you can get through it much faster, get all the content. Your brain works faster than you think, yeah.

No, i love it so so, yes, so patrick ferry - and you know i've been in the industry, i think 17 years kind of as a the youngest fairy of all these fairies right and uh. You know, and i've been with tom ferry coaching and as a coach and as a speaker and just participant and as a as a client. My wife is a client i think for now, eight years. Okay and then i married carly, my beautiful wife in san diego and she was a real estate agent.

She was a client which i was not supposed to do that of course right breaking the rules once again. Yes, yes, and then i got my real estate license. So five years ago i actually was an active real estate agent, but i was really part-time, so i was on kai and carly's team selling some homes, and so you know in that time i've learned a lot and so i've created a lot of compassion around what The new agent's experience is right, and i've learned a lot on how do we help those new agents in 2020 and in 2021, and that's really what i'd like to help out? That's what we want to talk about today and i want to stress, though there are a lot of people that listen to me and i love you all, some of them just underperform their potential and if i go back to like you know, i've got this. I give out my cell phone number and i got these people texting me and and the questions basically are either tom, i'm doing 30.

60. 90. 100. 300.

I had a guy say to me i'm at like three million dollars in gci. How do i go to eight yeah right? I get that question or i get i'm brand new. What do i do? First, i'm brand new. Should i be on a team, or should i go solo, i'm brand new? How do i talk to my sphere and create a story? So i want to get into all those questions, because i think those questions are just as relevant to the person.

That's underperforming their potential because they don't have a story right. They don't know how to call their sphere and and deliver value and be of service they're they're like trying to sell them a house or trying to figure out a referral and that's kind of the wrong approach. We want to address all of that. So if you're one of my rock star agents, you can either turn this off or you can listen and enjoy because pat's wildly entertaining - and i think i do a pretty good job and there'll be a bunch of nuggets.

But if you are newer to the industry or you've underperformed your potential buckle up and listen because i've got, i don't know, we've got eight or nine subjects. We want to cover 100. So, let's go right to the first one: starting a business is hard and most people don't understand that most people get into real estate. It's a second third! Fourth, you know career move.

You know you, you were mature at 40, going into the business. That's that's a pretty typical experience for people they hallucinate. What the business is, there's seven million options of things they think they need to know. Where should they work, how how does one sort through all that and actually start selling houses? Big question huge question, and so you know you said some some very important things you know over in the last couple of years in your podcast in your training, and that is identify a problem that you see in the marketplace right and then figure out how to Provide the solution to that problem, yes and figure out how to do that in real estate, and i think i think, if that's the one thing this is where i think you know historically say it again, though, because i don't think people like like every business is Basically formed with this hypothesis.

Yes, i sense a problem. I think i can do it better. It's only a hypothesis now. Can i take that out to market and test it and get a response and then start to scale it and then turn into something that is repeatable and scalable? If i truly want to have a great business, yes, but but most people don't do that they go into real estate because they like houses and people yeah or they lost a career and housing, looks easy and i can make a bunch of money.

Look at those commissions look at those a million dollar listing yeah. No, i know yeah. This is it's. This is.

This is not an easy business. I wish more brokers would say: hey buckle up. This is going to be the hardest year of your life right, you're, going to have to spend more time, studying and researching and learning new stuff you're going to get more rejection you've ever gotten before. But if you do figure out how to solve problems, if you do figure out how to uh teach people, how real estate is one of the most amazing assets in the world and you help them to make great decisions with buying and selling and moving their family Along if you figure out how to do that, this is going to be one of the most amazing businesses financially for you yeah, and can create extraordinary lifestyle but buckle up because it's going to be really hard right right.

You know all the studies show that the first 90 days of any new job, so i'm looking at like you know, brenda and tristan who've, been with me for a long time. But like remember the first nine days you you you're here you're like different right, because today now we're all displaced - and you know working from home but like when you're at the office you're like who is the person i'm sitting next to what is this all about? I kind of know what my job is they've. Given me all these new racks, i got to learn all this stuff. Imagine that, but there is nobody telling you what to do, there's no one telling you what to do! Welcome to real estate.

Here's your desk! Here's! Your phone good luck, kid you're on your own that that's real estate yeah. Let's go specifically yeah to the reason why most people fail, they don't attract clients 100, like that's it. If you track clients like you're, going to be fine, why, in your opinion, to most agents that are new or underperforming, not attract the right number of clients and then what should they do to simplify it and really hone in to get good yeah? That's a great question and i think it boils down to the choice of the lead generation source that they're going to go after okay and that's a hard choice right. So you know, we've got so many different options today you know we we don't have open houses in most states, but but it was probably one of the best option for a new get face-to-face with the buyer.

But if you tried that out and you screwed up it wouldn't really work, you had to really be all in on it. Now, that's the buy side equation. There are some people who are really good on the buy side equation, so you've got open house. You've got internet leads, you've got zillow, you've got realtor.com, you've got quite a few referral sources right now right right, but and you got your sphere where it should be a little bit easier.

If you have a good story right, so you got lots of options on the buy side, but i think you know the reality is is to be really good. With the buy side. It's not just set people up on a saved search, have a quick conversation and then you know then hope that they'll call you to show you uh to show a property and then hope it's all going to work out and so to go back to your main Point which is the what is the? What is the value of the service that we can offer the buyer yeah? How could we make it a better experience for them? How could we help them navigate the decisions in today's market? How can we help them to understand what financing is and how it works? How can we help them understand what their options are today and i think where the new agent really struggles is, is they're trying to learn so much stuff that they actually kind of get lost in the minutia versus hey? What is the most impactful things that i could share today with today's buyer? The people that i'm going to meet at the open house, the people i'm going to talk to today on you know from the internet lead, and how can i make it a better experience for them from from what i'm learning and the resources and tools that i Have within my organization - and i think, if you slow down for a second and you just focused on how do i make it a better experience for them - the buyer and use the tools and resources, i have to level up the perceived value and make them have A great experience and get a win, then you will win and that's hard to do hold on easy to say right, really: okay! So, if you're listening right now, if you're listening as you're listening right now, sitting down with a friend of mine recently and i'm not going to say his name, you would all you would all know. I'm wildly successful, but in a very different industry, and a lot of controversy surrounds this guy, so i'll just leave it at that.

He said to me: what's your like secret sauce, what's your magic formula, and i said you know i'm a good synthesizer, yeah and he's like yeah. I agree so for my for my friend watching right now or listening patrick's saying all this stuff and what's going through my mind, is the the agent doesn't even know like they haven't bought like a new agent hasn't bought enough houses to know how horrible the experience Is to know the uncertainty that a consumer has right. I presented an offer. Why has no one responded? What is this request for this? And what is this? And what do you mean and then my mortgage person is now delayed and everything right and it's so stressful, but they don't know that because they haven't done it enough or they haven't done it a long time or maybe their model of it is 10 years ago.

The last time they bought a house, they don't know today's realities. The thing that i would tell you, my secret sauce has always been asking a lot of people for their opinion. So what if you went on your facebook page just randomly and said you all know that i'm selling houses i'm curious. Can you share with me the biggest horror story you ever had in buying a house and then get all of your friends to tell you their horror stories then come back later and say: what did you dislike most about shopping for a home negotiating for a home? Writing an offer buying a house moving in closing it finding out 18 months later that you made a mistake with your request for repairs and should have gotten this this this that like, and you literally have them, tell you all of the horror stories and then now What do you have now like, if you had all that information from your sphere? What do you have now you've got all the problems and you've got a great opportunity to help people and provide significant value right now.

I will just one point to this and i think the for the newer agents out there, or even the maybe some of the struggling underperforming agent. This is, i think, the value of a team. So one thing i would say about the value of a team. I joined a team right.

I joined my wife and my father-in-law and what that gave me was an opportunity to be involved in a lot of transactions to see it firsthand. Yes, where i got to experience it right, so i went on a lot of showings. I i heard a lot of stories about negotiations about what was going on. I went on a lot of listing appointments and sat there and watched what was going on and saw as what they were saying was that working was that not working? So i think after a while, after i'd been in enough scenarios, i'd been in enough houses.

I've sat in enough open houses, my confidence rose, but i saw i was like this is stupid. That's stupid! That's stupid, that's stupid, that's stupid! We can make this way better and we can make it better for them yeah and i think they really need. You know the value of a team where i think a lot of newer agents are undervaluing that opportunity. Yeah that there's amazing teams and those amazing mentors that they can literally just go shadow and be with for the next year, learn everything that you need to learn for the next year and then earn some good money in the process and then go kick butt for The rest of your career, okay, so we're going to definitely talk about what we refer to as the decision in the notes.

But i'm going to drive back to the very beginning of this when we said the number. One reason why people fail is either they try too many lead sources and they never go deep or they never really work towards mastering one, yes, and so i want to. I want to share just a little insight and then i want to get your opinion on it. So i get asked this question all the time on instagram or text, or how do i get my first listing like that's like i get that 100 times a month? How do i get my first listing and - and i say, look you basically got to make a choice because it's not your first listing it's.

How do i get you 100 listings over the next like two or three years? Is what you're really asking right? It's like give me a path of certainty to get more listings, because that solves a major problem and makes everybody successful, etc. So i say you're going to basically make a choice: you're either going to learn. Why people that don't like you, don't like you or why people that have listed in the past and had a bad experience are upset by everybody. Now calling and saying i can do it better.

Aka survey for sale by owners and survey expired listings and when i say survey i don't mean call them and say i'd like to come list your house to brand new agent. I mean you take the time to call them for 60 to 90 days as a separate project, for only one reason what you said earlier, the advantage you had being on a team is, you were surrounded by people that were doing deals that were going on showings, That were going on listing appointments, but a brand new agent doesn't have that. No, if they're on their own, they don't have that. So how do you get that you get experience by calling it saying, mr fair? I saw that you're trying to sell your home on your own, i'm just curious as a agent in town.

I have no intention of asking you for your listing. I would just like to ask you a few questions, so i understand kind of where you're at what you're thinking about tell me like what was the number one reason why you didn't list with a real estate agent, yeah save the commission: do it myself, whatever it Is yeah awesome and i'm assuming you've sold homes in the past so like that would be it like and that's a totally lame example. I'd ask like 10, better questions, but like yeah, but the point is like you're calling them to like the better one is expireds hi ring ring ring hi, mr ferrari. This is thunder, i'm doing a survey of people that tried to sell and it didn't work out and i'm curious.

Would you answer just three questions for me number one: what was the number one expectation you had of the agent and where did they potentially fail? You yeah right and then you take all that data and i think of like the number of new agents that i've given this project to and they've gone out and executed, and they only needed to do it with like eight or ten people before they realized sellers. That had an expectation that was unmet were dissatisfied in these three categories and then people that tried to sell for sale by owner did it because they're just straight up a diy. You know there's just that percentage or they had a really bad experience with an agent. In the past and said themselves, i can i can do this with today's modern technology, blah blah blah, even though members are very small that actually do, but once they have that they have a story.

Yes, right now, when you're on the soccer field and your friends like hey, how's it going in real estate, like you know, i just surveyed like 55 people that tried to sell and they didn't sell. Can you believe that in this market they didn't sell and the interesting thing was i discovered there was basically three reasons why they were dissatisfied and it didn't work out and then you just look away and what's your friend gon na do yeah? What are the three things? So i tell people like if you take that path, you can learn those experiences and you can create a story versus the other path, which is you just call your sphere right, and it is a slower road to china. You with me this makes you very mature very quickly. This puts you basically up against zillow open door.

Every experienced agent in town you're, not the only person they know with a real estate license. This gives you some depth. This is very slow thoughts or opinions. Yeah! No, i love the example of the fsbo and expired.

It's a that's a 100 accurate because the for sale by owner thinks that they can do it on their own. So when you really look at what they do, how they're doing it, how they're approaching it? How they're pricing it and you do follow the listing over the course of the next 90 days and and continue to talk to them. You'll hear everything that they're experiencing and you'll realize that they actually don't know what they're doing right and you'll hear some horror stories along the way. Of course, i just literally got another email from a fsbo.

I went on two years ago yeah and he still has not sold and he's been trying non-stop the hottest market in san diego, it's the slam dunk, and he still can't figure out how to sell his condo by himself. He tried rex. He just tried flat fees like, but and that's the thing, though, is when i watch that and observe that i realize all of the mistakes that he's making in the process - and i realize - and it validates all of the things that i've learned about what works and Why it works, and that's really important, yeah same thing with the expireds? Is you really get a sense of okay? What were the mistakes, and that gives you a ton of confidence right yep, so you know i'm going to do it different direction. If you haven't read nar's recent report on home buyers, home sellers, that report and then zillow's report on experiences home buyers and sellers are having and yes, both of them clearly are trying to paint a narrative right like zillow's trying to say you should go.

I buyer, because you know blah blah blah blah and ar is obviously saying agents should be better and the experience matters, but at the end of the day, as a brand new agent by learning that insight that data those data points, you really get a sense of Like this is what buyers think this is what sellers think these are the problems? How can i solve them in in any way, let alone a unique way? And if you do that, you have a competitive edge because here's the thing like there's like 10 million agents around the world and they'll, be like i don't know 40 or 50 000 that'll. Listen to this, that's pretty small percentage, you with me and there's a lot of other good ideas out there that figured this out, but i would argue that the vast majority of agents don't come from the standpoint of the consumer. Has a problem they're having a horrible experience? How do i make it better so by you doing this you're leapfrogging the competition into a level of better success, more reliable success, more consistent success. Let me give one very specific example of this, which is very recent.

One of my new coaching clients, 24 years old in austin, texas, graduated from ut yeah, and he was really obsessed with um, with real estate, investing uh shout out to andreas bustamante. Yes, okay and he's super into real estate investing. But when i got him he was calling the fizz was inspired, so he was in the hustle and i said, look man trying to find listings yep and he was telling me the story about how he wants to help these college students create kind of get their First, home kind of house hacking: yes, maybe talk to the parents to get them to start thinking real estate, investing yeah, so he he had this vision of this, a problem that he wanted to solve and he - and i was like look - you got to do it. You got to buy one and, let's you need to do your house hacking strategy, he did it so he buy, buys the house rents out the other rooms he's living for free and, i said: listen you need to post this on instagram and you need to write Out the numbers, this is exactly how this worked: boom boom boom boom boom hashtag share with your parents.

So right within one week, four appointments couple buddies said: hey man, we want to buy a four plex. We want to do what you did. We want to buy it over. Here, puts the four plex under contract.

Then i said: do the post exactly again tell the number of the story and just write it out in the post boom fast forward six months he has 13 in escrow right now. Yes and it's because he found that there's the solution, he found a problem and solved it exactly. He found a problem and he solved it. Am i 100, that's exactly why i bring that out right and it's a an amazing solution, so that to me is a great example.

So let's stop for a second really fast. First of all, it's a killer. Example um. This is what happens when your older brother little brother, you just like rudely, just cut him off and just you know he knows i love him.

He's mean to me all the time. Just just saying: no, i'm playing um stop right now and make up a list and ask yourself what are all the problems that a buyer faces? Yes right, uh. Is it easy to find a house? No. Is it easy to find a great agent that can negotiate on your behalf? Is it easy to write an offer that gets accepted? No.

Is it easy to get financing, maybe yeah? Okay. Okay? Is it easy to get the best rates and points and financing vehicles? I mean if you just go to one person and get you know like so so the point is: if you started making up that list, is it easy to only look at homes online? Is it easy to buy a home during a pandemic? Is it easy to buy in a lightning hot market? Is it easy to buy if you're in a super luxury market, there's lots of inventory? The point is, if you start listing out all the problems, and then you say to yourself: okay, what's the obvious way that i can solve this? That is good for the client right. That does good. That is good and could be like replicated time and time again before you even say, what's a unique way to do it like, like the case and point of like right now, we have an inventory crisis in almost every major marketplace that we're talking to people, like Literally, every single one of them, and yet inventory is an issue and how many agents that are new know to write a magic buyer letter know how to use their buyer as a way to generate listings.

You with me on this. So what are your thoughts on that making up a list of all the problems and attacking it? Should they attack all of them? Should they attack one of them? Should they narrow in, like your client and just do one thing and nail it? How do you know if it's the right thing uh, just no, that list was was perfect. That's exactly what they need to do. I've asked two coaching clients this week.

I said: hey, how do you you know if i was your perfect buyer client? What do you do for me and both of them were kind of the same response? Well, i'd have a phone conversation with you and i'd set you up on a search and then you'd call me when you want to see a property and i'm like that's it. Like that's all we're gon na do experience right like and so that you know but like not that they were bad no, but then i was like okay. One of them is working on some new construction, i'm like so how many new construction are there in your area? Oh well, there's like 10. yeah.

Okay, so could you offer a consultation said hey? Why don't i? Why don't you come in i'm going to sit you down, i'm going to i'm going to put put up on my computer screen all 10 of the websites of each one of those con things, i'm going to put google maps up and then i'm going to put My mls up come in and let's just review all 10 of those projects. Let's talk about the pros and cons of each one. Let's talk areas taking the time to show that yes, but see and then, as soon as i said, that to her she was like. Oh, my god that would be awesome right and i was like exactly that's.

Where you become the advisor, you become the consultant you're, adding value, because normally that's just well we'll just go drive. Let's go look at them. Well, that's two! Three! Four! Five hours of wasted time, where really you could have spent 30 minutes and solved, you would have eliminated five of the projects. You would have narrowed down the top two, and then you could have contrasted those new construction versus the resale at the price point and they would have been like.

Thank you so much. Yes, yes, and i would have taken 45 minutes to an hour. It would have saved all of us, you know tons of hours in the car and you would have closed the deal. You would have had a loyal client.

It solves the problem, but i think when you wrote that list like that's exactly what it takes and then you know that, let's just let's be honest, the off market opportunity in 2021 is going to be one of the best opportunities that exist in the marketplace, and I watch everyone knows that there are regulations around this, and companies have stayed compliant by creating their own in-house versions of it like just for those of you out there that are watching that are like, but wait a minute. I thought you know like. We all understand the rules be compliant with the rules. Let's, let's create two simple things: i wrote an offer on a property in a neighborhood and my offer doesn't get accepted.

So therefore, as an agent, i could just go sit back on the couch and drink. Another glass of wine - or i could do two things number one i could call any of my friends family. Anyone that i know that lives in that zip code in that area and say: hey i've got this amazing family. I should introduce you.

Let's have. Let's have a beer come over and meet them because they're going to move into your area, i was trying. I showed that property wrote an offer in your neighborhood. Do you know any of your friends neighbors that have any consideration of selling, because i'm going the extra mile for my client yeah and it's a sad story that they wrote an offer? It didn't get accepted yep.

So, where is that i agree, then number two is well. We can go back to all the expired cancel withdrawn over the last five years. You could call the agent who listed and say hey by the way right. You could look up any of the four rents in in the mls for rents on zillow there's for rents.

You can write a letter to the owner, you can call the owner and you could say, hey my buyer wrote the thing. Are you guys thinking about selling markets on fire? What do you think okay, then hand address hand stamped magic, buyer letter the letter i think in 2021 the letter of i wrote my client wrote an offer on your neighbor's house is going to get the best response. Yeah and i think it's going to be most amazing response - hand-addressed hand-stamped non-branded can't have can't speak real estate, can't look real estate because then it's just a marketing solicitation. But if it actually says i'm representing the smiths, they wrote an offer on 124 banana street.

I'm sure you heard there were six offers on that property. Tragically, they didn't get it, they desperately want to be in your neighborhood. It works right, but you got to do it at scale. You got to send it to like a hundred.

Well, we did. You know. Carly did the exact same. The letter was very clear picture of the buyers.

They love. You know those channel lions they loved it. We did 80 homes. Four phone calls yeah.

So when it's real, yes, it works it. Doesn't it doesn't need to be at 300? Are you implying that agents might be sending non-real photo? Yes, yeah yeah, and you have permission to send that so, if any of you guys have gone on enough listing appointments, you all know that the seller's like well there's been many people that said that they had a buyer yeah. So that narrative is already in the mind of the sellers right now, so we need to level up that story and kind of take it to the next level. Now i will tell you another thing: yeah and now the other thing too is, i think, the kind of the just listed just sold talking to the neighbors about the listing through the through the journey of hey, there's five offers there's three other buyers right now.

I think that's going to be a huge opportunity. In 2021. we got to pull up the old letter from my client in dallas and i'm so sorry cody, lombard, god. I got a memory for this stuff.

Cody's letter was uh. It happened again right like something like that. The headline - and it literally said uh one. Two three four banana street sold in 48 hours had 16 offers had 7 000 views, had 127 people through the property and guess what you have a new neighbor they're really excited, but 128 people are crying in their soup because they desperately want to live in irvine.

Terrace or whatever the neighborhood was and then he's like i'm sitting on 127 people that are ready to go right now, if you've had any thought like like that was the letter and he killed it. We killed like that's in the tom ferry archive some place because that, because that's an early 2010 yikes letter right out there, you know what i'm talking about remember so go deeper with the data and also go talk to the neighbors right. I think the just listed just sold, you know, phone calls are going to kill it and it may be that you do it at the beginning. There might be three different touches right.

I've been telling on my coaching hands. Look, you have 60 days to communicate with the neighborhood between we got the listing signed to on the market to under contract to the escrow process. To close you got 60 days. You can't tell me that you can't go find another listing within 60 days within that community you're going to be in and out of that neighborhood five ten times over the 60 days right come on yeah right, okay! So i'm going to circle this back around because i feel like we might be a little advanced so and and i'm not saying advanced like a bad thing like, hopefully we're giving you a future that you can live into.

I want to go back to i'm a brand new agent and you know what all this sounds great, but i don't know what the problems are and - and i just i'm in my head - and i think all i need is just like a boost of confidence. Yes, a reason to call you with me like a reason to call my sphere um, what advice do you have around just framing a story of why i got into real estate you with me on this: let's just go there, because this is just like every every Veteran agent needs this every agent when they switch companies. This is what they need. Yes, 100 and you and you nailed it it's the story.

So why did you get into real estate? So when you're, when you got when you get into real estate and you you're out socially you're talking about you, know you're talking to your friends, you're talking your family and you you're on zoom hangouts having a glass of wine, you know whatever yeah. I think you have to tell a story, but the story has to have it's basically pr right. You've got to actually have some really important insights in there. That say this is why i'm doing this - and it's got to be better than like.

Oh, i really like houses and i want to give it a shot. I want to help my friends yeah, you know. No, it's got to be something interesting, so i and i've done. I did like an interview just the other day and one of the young guys very successful and very he said, look i bought a house with my cousin and he's exactly that.

He said i bought a house with my cousin and i was like man. She made all that money and she barely did anything. I know i could have done a better job. That was what he just said to me.

Now he didn't curate that story, but, like i know for me, i had to curate myself, but i would argue that that story is probably not enough to have a consumer. Go. Oh so now you're going to not do a lot and make a lot of money, but but i know what you're saying like it's: okay, it's the start of it. Okay! Think about this, like, if you wrote down all everyone listening right now, you just wrote down like.

Why did i really get into this business and you focus on the problem that you identified right now, whether that was the actual reason or not sink your teeth into saying to friends? Well, you know i lost my job, so i thought i'd go, sell some houses because the commissions are big versus you know. I was talking with like five of my friends and i was sorting through like what would be the optimal thing for me to do, and you know me i'm a problem solver, that's what i've done my entire life and i asked them all. What was the experience like buying a house and the horror stories that they posted on my facebook page, and you know what i did patrick it's cemented for me - that there is a place for a problem solver who is really client-centric? Who cares passionately about people but is ruthless at solving the problem and taking care of my people? So real estate became a no-brainer for me. I'm just pulling that out of my ass but you're with me, but like something because otherwise like when they leave and they go.

Why is patrick selling houses? Well, you know he got fired. He wants to make money. Yeah versus you know. Pat was always a problem.

Solver yeah and now he's now he's solving. Probably like you know it's something right and i think that's where the you know, i think a majority of the newer agents have a struggle talking to their sphere is because they actually have not connected with. Why they're doing this? You know how they want to help people, you know, and i can now it's a benefit to the client. Not to you.

Yes, and i would say you know really if real estate as an asset class is amazing. This is one of the most incredible asset classes right and i will venture to say and i'd love your correction on this. This whole concept of find your dream home is a bunch of bs. It's not about a dream.

I'm on my fourth home still not my dream home yeah, but it is about really improving the quality of my lifestyle and helping me to achieve kind of what my family goals are. What my life goals are: it's really about those kind of personal goals and lifestyle qualities that people want. So if you're, when you're, having a conversation with your friend when we're talking about real estate, we're talking about schools, we're talking about proximity to the beach we're talking about, you know two-story we're talking about the lifestyle. Second, second home office, whatever it may be.

Yes, it's all these lifestyle qualities, and so it's really about helping people to find that next property that improves the quality of their life. That's interesting to me and i love to have that conversation with people. So what i love about that is on one hand you could say: here's the problem on the other side, it's the opportunity. Yes, now you and i both know most more people are influenced by the pain than they are by the pleasure, but having both.

So maybe today you need to write down everybody. What's the problem you solve and then what's the opportunity that you provide like, and what do you do like? I'm just shocked by how many people like patrick, do you know anybody? That's like living in the same house, they've lived in for like 15 years yeah, i mean think about. If you you know, do you know that if you bought a home 15 years ago anywhere in the world, the value went from x to 3x and and what they're doing is they're sitting on all this equity? Christine remember, christina martinez. Remember my client.

A million years ago, so christina big shout out to you if you're listening or anybody on your team, like she's, got to be like i've been doctor in a while, like she's got to be retired, she was. She was done a long time ago. Christina said to me one day i figured it out coach, i said, what's that she says i'm not looking for motivated people. I was like tell me more.

She goes yes, everyone else is searching for people that are motivated to buy and sell right now. There just isn't enough of them, i'm just looking for people with equity in their house that would like to retire. One day i go yeah tell me more about that and here's what she did. Her whole motto was: you: have your home you've been in it for 15 years? You've got this much inequity, you're sitting on money that isn't being activated.

If we go buy you a new construction house, it's going to get greater appreciation with a piece of that equity and let's go buy you a duplex, yeah and and that led to sort of the coup de grace of our coaching relationship, which she was doing. Seminars for 200 300 400 people at a time teaching this to people that are sitting on equity that then raced back to the back of the room, to schedule an appointment to figure out how they could buy a new construction house. So they would get more appreciation by duplex, triplex, four plants etc and create a fortune all day long right, so that ambition, side, asset class right and lifestyle yeah, but do you think, do you think it all comes down to what resonates for the individual listening? Yes, you resonate with all that yeah, but let's, but let's touch that thing for one more second, which is the second thing that i notice is real estate is an investment and it can build long-term wealth. So if, if we're not talking about that, if that's not part of our conversation of hey tom, is this a short-term you know purchase or what's your long-term real estate goals, you know, do you or any of your family members are? Are they investing in real estate? Do you have any aspirations of investing in real estate? Why aren't we asking all of our friends this is this? Is this your first house, or is this your last house yeah or or you know, you're talking to the parents? You know you know what percentage of your retirement is in real estate and have you ever had any aspirations to have real estate, a part of your retirement and tell me a little bit about what your experience is with that? What you know, what you don't yeah and i would love to be able to go out and see if i can find you a couple opportunities, because everybody's interested in that okay can a brand new agent.

Ask those questions. They can't 100, but they, but they got to do you know like and let's just go. One of the main points that we talked about is you know my new agents, if you're not spending two hours a day, studying researching learning how to understand real estate, real estate asset class sales marketing, you know training you're, not even really, finance mortgages. Yes, two hours a day minimum standard, i was asking one of my clients today i was like how much how much time are you spending in learning new content? Oh well, maybe about 15 minutes, and he was wondering why he's in a slump yeah he's wondering why he's stale exactly come on.

Give me a break. How much time do you think you uh you can't i'm at least i'm at least probably like two and a half hours at 1.75 times the speed yeah yeah yeah, i'm at like 90 minutes and that doesn't include reading. That's just like listening to you know. Listening to podcasts watching youtube videos trying to get informed ted talks here and there other podcasts like just trying to suck in enough information right and then reading you got ta.

You got ta put reading. On top of that, because you got ta, read all the email news you got, ta read housing wire, you got ta know. What's going on with kcm, you got ta be like you got ta read the wall street journal. You have to understand.

What's going on in the world, or you can't talk to people, no exactly kate confidence builder by the way, big time, confidence builder, big time and i think uh, you know, uh shoot what was one of the points that you you had on there um. I think it's yeah i'll just i'll leave it at that. It's a confidence bill, yeah, okay! So, let's, let's go to how does a new or underperforming rock star to be? Who really wants to kill it? How do they leverage their company's resources and all the players? Yeah big mistake that i made, which was, i didn't, create a good relationship with the broker right, the real, the legal counsel, yeah broker of record amazing, and it was only until i got in trouble. Did i realize how amazing he was and i and then i also did? Are you going to tell us the story of how you got in trouble? Absolutely not, and - and i also didn't take advantage of somebody needs to google if patrick ferry was ever arrested for anything really in san diego i'm kidding.

It was a mistake on on a on a for sale by owner listing that i took, i made a mistake in the mls. I thought i solved it and i didn't do it the right way. Yeah i mean and the reason if i would have had a better relationship a with the transaction coordinator in the office. She would have helped me if i would had a better if i would have called my broker and said: hey here's.

What happened. I want to make sure that i did this right and and went all the way. If i would have that better relationship, i wouldn't it wouldn't have happened, and so that is if i would have gone and actually instead of avoiding the loan officers in in the company when interviewed all of them and figured everything they had to share. Go talk to the title, rep and learn about title and understand: title go talk to the escrow company, take them to lunch and figure out really what the escrow process is.

What are the mistakes? What are all the things go interview all of the players inside of the organization and make them a part of your team so that you can have the confidence to go out and put transactions together, but patrick they won't talk to me they're all too busy. No, that's not it's no yeah, that's not how this girl's! They want to talk to you, yes, and they would love to give you attention. They want to share what their wisdom is. They want to share their insights right.

They want you to win because no one needs another knucklehead. No exactly exactly so. I think that you know really is a huge lesson that i i made that mistake so get to know very costly yeah get to know the players. Ask a lot of questions.

How do they? How do they happen like what was the number one question we had for like 10 straight years? What crm should i use, and my answer was the one your broker provides you for free, like that's the one you should use, because crm is asking me that is like what car should you drive right? I don't know what car do you like? There's? Eight million of them same thing with crms, but if all fails go with the free one go with the one, that's already in your tech fee. So are you talking about that? Are you talking about something else when you say resources um? Let's talk crm for two seconds, but yes, resources. But like really this, i would say the leaders who are experts in each of the the disciplines of real estate between escrow title mortgage, the broker, the whoever runs the contracts, whoever really the make friends with everybody. Even if you're, not making friends with someone everybody in the organization, that's a major mistake.

I am now buddies with all of them yeah and i call them all and they answer my phone call, because i have asked them a lot of great questions. I praise them and appreciate what they do and how they do it. Okay, that's the one number two, but on the resources thing, let's just talk crm for two seconds: new agents. If you have not gone through your entire phone and you haven't said, do they own a home? Are they renting and you haven't, made it and put a tag or a label own a home or renting in san diego? I was like.

Do they live in san diego? Do they know me? Are they my sphere of influence sphere of influence right? You just need to go through your phone and just make a decision. Now. If i go talk to the lender and the lender says: oh my gosh right, ruby was telling me she got 2.5 interest rate on a property right. The first thing, in my mind, was like that is unbelievable.

I should go call text email, do a social post with and try and reach everybody that is interested in buying and go 2.5 is available right now. This is the best i've ever seen. If you have, if you don't understand what that means, let's talk if you know what it means and you want to get in the game, let's right, and so i feel like there's a you know, you just look at your phone right, and so so i love The key distinction go through your entire phone yeah and i think it's just like it just says: patrick fairy, oh owner yeah, tom ferry, our renter right as an example. So, every time you're talking to any one of your friends or texting with anybody inside your sphere, you're, like he's a renter she's, a renter.

How am i going to help that person 100 right? So i love that's a great simple distinction. So easy yeah right? Okay: let's go to the framework yeah framework. This is okay. This is key so for my friends that are listening, i know we keep we're.

He and i get excited. We start talking about like 57 000 things, and then we have to like tone it back down and just go. Okay. Listen! We understand where you're at we want to help you you're listening.

We love you now you're ready. Most people fail because they don't understand marketing and lead generation and - and you are about to get - i would argue one of the best frameworks. I've heard for the tactics behind being successful before you actually say: open houses are a good idea or zillow is a good idea or any lead source, a good idea, because there's a framework for what you need to understand to be effective for that client class. If you will that segment of the market so describe the framework, give them the story and let's educate them yeah.

So the back story. Very simple is i was working with a ton of agents brand new to the best in the world and they were making calls, and i saw all the right. I saw a bunch of different mindsets. I saw the good the bad mindset you're talking about.

You ran a prospecting camp, yes, where people would pay and show up for two days and make phone calls and patrick would just walk around and split in and listen to both sides of the conversation and then give them coaching 100 and the typical person would set How many appointments in a one or two day, experience well in the beginning? I was. It was not good. Only the good ones set up one minute, but once i learned how to get this done, everybody set on average four appointments, whether or not they're brand new yeah, and then the good ones would be at like 10 appointments within two days, yeah because of the framework. So for context, setting four to six appointments in two days as a brand new agent is game.

Changer life-changing it's like because you realize omg. I can do this for the rest of my life now, because i've got the framework, so we built it up. They understand it, they get the context and how many of those schools did you run just like? Probably i don't know about like three a month and i probably had like 5 000 agents over those years, so decent case study and yeah, and i basically you know, i think between me and them we probably set ten thousand appointments. Yeah easy easy.

So so, let's take uh, let's take justice, just sold as a case study as an example right. So here's what i learned number one is agents you got ta look at when i say hey, you should talk to the neighbors of the listing. One thing happened. Right is i'd see the agent would have these kind of negative thoughts, hesitation and resistance.

So i was like wait a minute what's going on in your head about this and they would inevitably say well. I don't think that the neighbors would want to talk to me. No one really cares they're gon na think, i'm a salesperson. So there's all this.

This is preconceived negative, going on in your head that doesn't you got ta? We got ta clear that out so then i'd say all right. Well, let's talk about what the actual value of the service that you're offering? How could you help them? And, let's so right now in 2021, if you're talking to the neighbor we're sharing the best news, that's ever happened. Congratulations, your home just went up by way up, and so actually the neighbors are really very interested in what that property was listed for versus what it sold for. So that's actually the real truth, and so we had to get them away from the negativity and get them into the psychology of the homeowner and what the real value was now there's a second part to that, which is the right person, is actually going to appreciate This conversation, the motivated interested seller, wants to know this, so the motivated interested research phase seller.

Yes, they want to know this, so you got to understand i've seen a lot of this big mistake where we optimize our script for the wrong client, not the ideal client. So say that again we optimize our script for the jerk yeah. Well, they don't want to talk to me, and so we like get to the point with them or we're really short and we're like. Oh that's.

The information hang up, yeah. No, no, no optimize! Your script for the ideal client, the ideal client absolutely wants to know what it was listed for yeah. They absolutely want to know what it sold for. They absolutely want to know how many offers it got and what happened.

So when you deliver that there's actually great value in that and as the local expert - and this is what i would do to the agent i'd say, look no one knows this neighborhood this market better than you at this moment in time. Yeah. You understand the buyer demand, you understand. The value you've just spent the last couple of months studying the comps.

So no one knows this better than you right now. So you are the absolute perfect person you're the alpha to have a conversation with the neighbors and isn't it really your obligation to be available to have a conversation with the neighbors about values and prices and what's going on with the market? So what what did? I do to their mindset yeah. Well, you they were, they were going a you said how about b, you change their mindset and give them a different perspective. You it's the arc of perspective, so you said a lot there and i was writing down.

So it's what's the value of the service that you're really providing. What's the psychology the prospect, what do they want to know what? How are they feeling forget how you're feeling? Yes do people want to know if they just made money without doing anything? I would argue the answer is yes right and then motivated research phase sellers want to know this information and they will stay on the phone with you longer 100.