What You Need To Do To Make The Cash Register Ring

TL;DR

To make the cash register ring, identify the neglected action that you know will improve your business, then execute it immediately. Tom Ferry suggests three ideas for real estate agents: run a price-reduction campaign, call past clients and your sphere before October 1, and promote one strong MLS deal every month, including calls to your best 25 to 30 customers. Read on for the specific steps and scripts behind each strategy.

Transcript

it's coach Tom fery Welcome To Life by design your place online for ideas inspiration and how to stay fired up in in action so check it out um Monday Tuesday doing a bunch of my coaching calls having a lot of dialogues with CEOs to you know to Rockstar real estate agents lenders and entrepreneurs and everybody in between and you know here we are in... Read More

Key Insights

• Tom Ferry emphasizes the importance of identifying and executing tasks that directly impact business performance, urging real estate professionals to evaluate what actions they have been neglecting.
• A significant strategy discussed is implementing a massive price reduction campaign to adjust to current market conditions and stimulate sales in a slow-moving market.
• Ferry highlights the necessity of contacting past clients and sphere of influence before the holiday season, leveraging current market trends and interest rates to encourage buying, selling, or investing.
• He notes the increased prevalence of all-cash deals, with one in four homes being purchased this way, often by investors, due to cheap money and market conditions.
• The 'deal of the month' campaign is recommended, where agents select a hot property deal from the MLS and promote it aggressively through various channels to ensure a sale.
• Ferry stresses the importance of real estate agents taking proactive steps to design their business strategies intentionally, rather than reacting passively to market changes.
• He advises agents to use a combination of face-to-face and phone interactions to negotiate price reductions, backed by concrete market data and feedback.
• Ferry encourages real estate professionals to take immediate action, focusing on strategy and passion as key drivers for business success.

Questions & Answers

Q: What do you need to do to make the cash register ring?

Identify what you have not been doing that you know will make an impact, and then take action. Tom Ferry says this should be work that makes money, improves the business, and keeps you fulfilled.

Q: What three actions does Tom Ferry suggest for real estate agents?

He suggests running a massive price-reduction campaign, calling past clients and the sphere of influence, and launching a deal-of-the-month campaign. He presents these as ideas, not mandatory commitments, because each agent may have a different list of neglected actions.

Q: Why does Tom Ferry recommend a massive price-reduction campaign?

He says that if a property has not sold, it is overpriced. He describes July as not that great and August as picking up, while noting that little besides low interest rates was bolstering the real estate economy.

Q: How should agents ask sellers for a price reduction?

Agents should present figures from the last 30 days, including new listings, sales, expired listings, notices of default, and showings. They should also use broker, agent, market, and buyer feedback, then ask what the seller would like to do and remain silent.

Q: Should a price-reduction conversation happen face to face or by phone?

Tom Ferry says it can happen either face to face or over the phone. In both cases, the agent must earn the reduction by supporting the request with relevant numbers and feedback.

Q: When should agents call past clients and their sphere?

He recommends making the call once between the time of the talk and October 1. His reason is to avoid calling during the holidays to ask who wants to buy or sell.

Q: What should agents ask past clients and their sphere?

Agents should ask whom they know who wants to buy, sell, invest, or rent, as well as who may need to short sell. Tom Ferry supports the outreach by citing the statistic that one out of every four homes being purchased was an all-cash deal, with many described as investor deals.

Q: How does Tom Ferry's deal-of-the-month campaign work?

Choose one smoking-hot deal from the MLS and promote it heavily every month. Suggested steps include posting it on Facebook, making a video, emailing your base, and calling your best 25 to 30 customers; Ferry says this can sell one property, your listing or someone else's, each month.

Summary & Key Takeaways

• Tom Ferry, a real estate coach, discusses strategies for real estate agents to improve their business by focusing on actions that impact their sales and operations. He emphasizes the need for price reduction campaigns and contacting past clients before the holiday season.

• Ferry highlights the importance of identifying hot deals each month and promoting them through various channels to ensure consistent sales. He stresses the need for proactive business design and strategic planning in the real estate industry.

• The video encourages real estate agents to take immediate action by evaluating what they have been neglecting in their business practices. Ferry advises combining strategy with passion to drive success and make a significant impact on their business.