80 Minutes of Killer Hands-On Real Estate Expertise from Tom Toole

TL;DR

Tom Toole shares strategies for real estate success.

Transcript

hey welcome to the podcast so excited having a long time friend mr philly in the house tom toole check this out 20 years in the business he's only 28 years old i'm not sure how he pulled that off but here's the deal we're going to talk about how to get listings at scale today like that is the focus so tom for the people that don't know you that hav... Read More

Key Insights

• Tom Toole emphasizes the importance of daily discipline in prospecting and setting appointments to achieve success in real estate.
• He transitioned from 35 deals a year to 355 by focusing on listings and leveraging a consistent prospecting schedule.
• Tom highlights the significance of using video follow-up as a tool to engage potential clients and differentiate from competitors.
• He stresses the necessity of a structured pre-listing process, including sending personalized videos and thorough pre-qualification.
• Tom advocates for leveraging technology and systems like Boomtown and BombBomb to streamline operations and enhance client interactions.
• He underscores the role of mindset, stating that discipline should carry agents when motivation wanes.
• Tom shares strategies for handling common objections related to commission and agent availability during listing presentations.
• He advises on the importance of nurturing relationships with past clients and sphere of influence to generate consistent business.

Questions & Answers

Q: What was Tom Toole's breakthrough strategy for scaling his real estate business?

Tom Toole's breakthrough strategy involved committing to daily prospecting and focusing on acquiring listings. By dedicating time every day from 9 to 11 for making calls and setting appointments, he was able to transition from being stuck at 35 deals a year to achieving 355 transactions. This discipline in prospecting allowed him to consistently grow his business and overcome the plateau he faced earlier in his career.

Q: How does Tom Toole utilize video follow-ups in his real estate practice?

Tom Toole uses video follow-ups as a powerful tool to engage potential clients and differentiate himself from competitors. After initial contact, he sends personalized videos that include his resume, reviews, and a high-level marketing plan. This approach helps build trust and keeps him top-of-mind with prospects, ensuring that they remember him when they are ready to make a decision. Video follow-ups also allow him to provide a more personalized touch, which is often lacking in traditional communication methods.

Q: What is Tom Toole's approach to handling commission objections during listing presentations?

Tom Toole handles commission objections by emphasizing the value he brings to the table. He explains that his documented pre-launch plan and marketing strategies are designed to create competition among buyers, ultimately leading to higher offers and netting more for the seller. He also uses analogies, comparing his negotiation skills to those of a skilled surgeon, to highlight the importance of hiring an experienced professional. If pressed, he may negotiate on commission, but only after demonstrating the potential for a higher net gain for the seller.

Q: How does Tom Toole prepare for listing appointments to ensure a high success rate?

Tom Toole prepares for listing appointments by following a structured process. He sends a pre-listing video that includes his marketing plan, resume, and reviews. He then conducts a thorough pre-qualification call to understand the seller's needs and expectations. During the appointment, he focuses on the seller's priorities, such as communication and pricing strategy, and presents a well-defined marketing plan. His approach is to make the presentation about the seller's needs rather than his own accomplishments, which helps build rapport and trust.

Q: What role does mindset play in Tom Toole's real estate success?

Mindset plays a crucial role in Tom Toole's success. He believes that discipline should carry an agent when motivation is lacking. By committing to daily prospecting and maintaining a disciplined approach to his business, he ensures consistent growth and success. Tom emphasizes that real estate agents must adopt a mindset of helping people and providing value, which in turn leads to more listings and satisfied clients. This mindset, coupled with a focus on discipline, has been instrumental in his ability to scale his business.

Q: How does Tom Toole leverage technology in his real estate operations?

Tom Toole leverages technology by integrating various tools to streamline operations and enhance client interactions. He uses Boomtown as his CRM, which integrates with BombBomb for video emails and Dotloop for transaction management. These tools help him manage client relationships, track interactions, and ensure a seamless transaction process. By using technology effectively, he can focus more on building relationships and less on administrative tasks, ultimately improving his efficiency and client service.

Q: What strategies does Tom Toole use to nurture relationships with past clients and his sphere of influence?

Tom Toole nurtures relationships with past clients and his sphere of influence by maintaining consistent communication and providing value. He makes regular phone calls to check in, using the Ford script (Family, Occupation, Recreation, Dreams) to engage in meaningful conversations. He also sends personalized video messages and market updates to keep his clients informed. By focusing on building deeper connections and offering assistance, such as recommending local services, he ensures that he remains top-of-mind when his clients are ready to make a move.

Q: How does Tom Toole train his team to handle competitive listing situations?

Tom Toole trains his team to handle competitive listing situations by emphasizing the importance of preparation and confidence. He provides them with a structured listing presentation process, including sending pre-listing videos and conducting thorough pre-qualification calls. He also teaches them to focus on the seller's priorities and to present a well-defined marketing plan. By role-playing common objections and refining their scripts, his team members gain the confidence needed to succeed in competitive situations and secure more listings.

Summary & Key Takeaways

• Tom Toole discusses his journey from being stuck at 35 deals a year to achieving 355 transactions by focusing on listings and daily prospecting.

• He highlights the use of video follow-ups and a structured pre-listing process as key strategies in winning more listings and standing out in the competitive market.

• Tom emphasizes the importance of mindset, discipline, and leveraging technology to streamline real estate operations and enhance client relationships.