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6 fatel questions realtors
1. 6 Fatal Mistakes Realtors Make That Are Costing Them a Fortune!! Are You Making These Mistakes Too?? Sponsored by: CURT HALL Monarch Mortgage [email_address]
37. With The Right Tools Even A Monkey Puts Food On The Table
38.
Editor's Notes
Hi, my name is (Your Name. I’m the president of (Your Company) and I specialize in getting my referring realtors back to the closing table. I just finished doing a study and I came up with a list of the top 6 mistakes that I see agents make that are costing you guys a fortune. Don’t feel bad, I found that I have also been guilty of these same things, but once I corrected them, I saw a staggering increase in my business. I felt these secrets were too important and too critical not to share them, so that’s what I’m doing today. Now put your credit cards away, because nothing is being sold; there are no tricks, this is not a teaser for you to buy something. It’s just a content packed 60 minutes. I’m giving this presentation because I can relate to making all of these same mistakes in the past, and I implemented the solutions, and have since seen a huge jump in my business. If this is the first time you are tuning in to one of my training webinars, you want to make sure to email me at (Your Email Address), because you do not want to miss out on some of the upcoming ones I’ll be having. Just put in the subject line: Realtor Webinars
Now, who is going to benefit from this call? You are. You see, all of us are guilty of at least 2 of these mistakes, some of you will be able to identify with virtually all of them. The top agents all have an inside secret; they identify the problems and then act on the solutions. So as we go through this today, just be open and look to see which of these may apply to you.
Is today’s presentation being recorded? Absolutely!!! Today’s on line webinar is being recorded and will be available to you at no cost, again, just email me at (Your Email Address) and put in the subject line, “copy of webinar.”
If you are watching this webinar live and would like to ask questions, just put your question in the box that is on the right hand side of your screen. Time permitting, I’ll answer them live as we go along. Even if you don’t have a question, watch that box and you can see what others are asking. As we can, my assistant and I will just type in the answers as we are going along.
Ok, let’s jump into it. Costly mistake #1: Poor closing skills. One of the biggest mistakes I see is that many agents simply don’t ask for the business. I have a perfect example for you. I have a friend of mine, let’s call him Mike. (choose a scenario) #1. Now Mike is certainly a nice guy, but well, he looks a bit like me. What I mean by that is he looks like he has had a couple extra cheeseburgers when maybe a salad was what he needed. In addition to that, Mike lost most of his hair when he was in his late 20’s, to early 30’s, thanks to the genetics passed on to him by his parents. Nothing against the hair challenged, I’m not looking to offend anybody, but here, let me show you. OR #2. Now Mike is certainly a nice guy, but let’s say he is a little facially challenged. He’s one of the people that you say, “well….he’s got a great personality.” Well here, let me show you. Laugh
Laugh. Now obviously this is not an actual picture of Mike, but you get the idea. Mike, by his own admission, is no Brad Pitt. But here’s the point. Mike never got married until he was around 35. And if you saw his wife, you would wonder, at first glance, what in the world is SHE doing with HIM.
She looks like she stepped out of a Vogue magazine or off the cover of Glamour magazine. And not only is she beautiful, she has a great job and a wonderful personality. One day I asked Mike how he landed such a wonderful life partner. He looked me square in the eyes and said, “Well besides my great looks, I was the first person to ask her.” How easy was that? He simply asked her. The point here is, you have to ask for what you want. If you want the listing, or if you want to represent somebody as the buyers agent, you have to ask for it. Don’t beat around the bush, just come out point blank and ask for what you want. It sounds too simple, but I see many people making that mistake. They say “Well call me if you’re interested” or “Let me know what you decide.” Stop that. Ask for the business.
There is a great book that I strongly recommend called, “The Art of Closing Any Deal.” You can find it on Amazon for about $15, and I highly recommend it to anybody that is in sales. Write down that title and the author, James Pickens. It’s a very, very good book that I consider a must read.
So mistake number one, is simply not asking for the business. And the solution is grabbing a copy of the great book that I just showed you, “The Art of Closing Any Deal” by James Pickens.
Ok, so costly mistake #2 that is costing many of you a fortune is that you have too Many Projects Going On At The Same Time. There is a saying that I love that goes Ready – Fire – Aim ! I just love that!!! What that means is, don’t wait for something to be perfect before you implement it. Here’s the secret: work on one project, get it done, and then go on to the next. Here’s a great guideline to follow. #1 Start it. This means once you have the idea, just do something and get started. Once you’ve begun, start getting some feedback from others then; #2 Make it better. Work on making it better, make it a good project, but remember, it doesn’t have to be perfect. Making something perfect is a very expensive mistake. It will absolutely paralyze your business. Step 3 is and I don’t want you getting the wrong idea here but realize that “Good” is good enough. Once you have it so it’s good, not mediocre, but good, real good, then go to the next step which is; #4 Automate it. Find a way to automate what you are doing. This is the secret of all the top agents. Just think about this…One of the largest, most profitable businesses in the world is run by a bunch of 17 years olds. Who is this company you ask? (Next slide)
McDonalds. How is McDonalds able to operate a very profitable business when it is run by a bunch of kids? By automating everything. They have systems in place and everything is done the same every time. If you haven’t automated your business, then you are making a huge mistake that is costing you a fortune. This will save you so much time. Now once you have your business automated, we move on to Step 5.
You delegate it. If you think you are the only one that can do something, you are making another huge mistake. One of my mentors early in my career told me that if the person that you delegate the task to can do it at least 80% as well as you can, then that is good enough. Sometimes our brains tell us that nobody can do it as good as we can, and maybe that’s true, but if they can do it at least 80% as good as us, then that is good enough. Because then we can go work on other projects that are going to get us to the closing table more often. Otherwise your success will be tremendously squashed. So find someone you can trust and DELEGATE!!! Finally, Go on to the next project. That’s where the money is, it’s in having multiple lines in the water. You can have several successful strategies going by using this method.
Think about really great fishermen. You don’t see them at the beach with just one pole in the water, they have multiple lines, and each line uses different bait. They use different bait so they have a better chance of catching whatever is biting that day. Learn from the fishermen. Have as many automatic fishing poles in the water as you possibly can. So get out there and get those projects finished and running smoothly.
Costly Mistake #3 is a huge one. It is having a poor attitude. Look, we all know that today’s market can be challenging. It’s critical that you remain a ray of sunshine in your prospects lives. You may be the only ray that they have. Happy people, nice people naturally attract business. Another great book I love is the classic called “How To Win Friends and Influence People,” by Dale Carnegie. It is absolutely a must read for everybody. And keep in mind that while a lot of your clients have a lot of problems, these should all be seen as opportunities for you to provide solutions. Problems need solutions and solutions = commission checks. Always look for ways to help people solve their problems.
Speaking of reading books, there is a great website that I highly recommend, it’s called www.Audible.com I think it’s like $10 a month to download one book a month. This site has thousands and thousands of audio books that you can download onto your computer, onto your IPOD, or burn on a CD. Instead of going to the bookstore and buying the audio books for $50 to $70, you can get them for 10 bucks here, and not have to go anywhere. Then when you’re going for your evening walk, you can listen and learn. By the way, that’s another great strategy I just love too. Turn the radio off in you car and listen to motivational and instructional tapes and CDs. You can learn so much stuff in the time it takes to drive to the office or the grocery store. So instead of listening to the news, which should be changed to the name “Bad News”, because that’s all they give is bad news,
Listen to uplifting and helpful stuff. This takes us back to our costly mistake of having a “bad attitude or angry attitude”. Remember, it’s challenging to be up beat if you’re listening to all that negative stuff.
Here, let me give you a quick example of what I’m talking about. A few weeks ago I was listening to the radio and they were saying that they had terrible news. The terrible news was that 60% of all American families were not going to be buying or selling a house in the next two years. Ok, well I look at that a little differently. What I hear is that 40% of people are going to buy or sell a home. So if you have 100 people in your database, 40 of them are going to buy and or sell a house in the next 2 years. That would be 20 deals a year over the course of those two years. Ok, that may not be great or what you are used to, but it’s a good start. So what if you build your database to 300 people? Well now you have about 60 deals a year. So you see, it’s all about how you look at it, 60% aren’t, but 40% are. It’s kind of the half full, half empty thing. So remember, attitude is everything. Keep positive!!!
Costly Mistake #4 is what I call “Let Me Think About It” – itis. And the perfect solution for this is to Just Do It!! So many people suffer from what I call “Analysis Paralysis.” You hear a great idea and you hesitate. You spend all your time analyzing things and not taking action, or you let opportunities slip by you because you are analyzing every “what if”. Well a very wealthy friend of mine tells me that the secret to wealth is to eliminate the time between “The Idea”, and “the action.” Just do it. You immediately know if it’s a great idea or not. And if it’s a great idea, just do it, stop analyzing and put it into action. Don’t throw away commission checks due to Analysis Paralysis. It’s a very costly mistake. Since I was a chemistry major (or whatever you can think of), it’s my natural instinct to want to do research everything. But it wasn’t until I learned to just take action when I hear a good idea that I started making a consistently mid to high 6 figure income. So learn from my mistake, JUST DO IT.
Costly Mistake #5 is Working On Deals that aren’t going to close. This is a really big one but I have a huge word of caution here. If you are told that a prospect can’t be pre-approved, or a deal is falling out because of credit problems , or they don’t have enough down payment money, make sure that you have run that deal past me or one of my certified credits specialist, which each of my loan officers are. You see, one of the benefits you get from me, is helping your clients get items deleted off of their credit report.
On a daily bases the legal team I use gets collections, late payments, judgments, repossessions, short sale information, tax liens, bankruptcies, foreclosures, all deleted from my client’s credit reports. And get this, in many cases I can even help pay for the credit repair. Yes, credit repair works and listen to this very closely; there is no category of item that we do not routinely see deleted from our clients credit reports on a daily basis. We recently read a report that said that 60% of the American population will not be able to qualify for their next home loan without credit repair. Guys, that’s huge. That means that 60% of the people calling your panel signs, 60% of the people coming to your open houses, 60% of the people calling you when you are doing floor time, 60% of your friends, a full 60% can’t qualify with today’s guidelines. Now, I know that many of you are thinking, that can’t be, I don’t see 60%. You see, you have this problem, and don’t even know it. All those people that “kick your tires and don’t buy”, well perhaps they’re too embarrassed to tell you they have a problem. You need to train yourself to ask them if they have credit issues. You will be amazed at the number that answer yes to that problem. They key word here is to say credit issues, not bad credit. The word “Bad” sounds like they are a bad person, and we all know that everybody has issues. Our average client sees a 127 point increase in their credit score within six months. That is like going from a 550 to a 677, or a 600 to a 727. Do you think that would save you a couple of deals? Perhaps you have a client going through a short sale right now. Did you know we can actually get that item deleted from their credit report so you can turn that client back into a buyer in a period of months instead of the 3 or 5 years of renting and then they forget that you are their realtor? Guys, that strategy alone is absolutely huge. (put a poll in here, do you want loan officer to contact you about this great strategy). I know many of you are saying “how can this be?” You see, there is no law that says an item has to be on the credit report for 7 years. The law gives a maximum, not a minimum. The law says UP TO 7 years, not for 7 years. So it doesn’t have to be on the report for 7 years, 7 months, 7 days, or even 7 seconds. When our attorney disputes the account, well, it’s nothing more than pleading not guilty. We all have the right to plead not guilty, I don’t care if you walk into the court room with a smoking gun. We all have that right. Well, when the attorney disputes an item, the credit bureaus have to prove you are guilty, right, you don’t have to prove your innocence, they have to prove your guilt. Well, get this, here’s a dirty secret that the credit bureaus don’t want you to know. The credit bureaus outsource the verification processes to countries like India and Jamaica. They get over 10,000 disputes every month. Because of the huge number, the credit bureaus only give the verifiers on average around 21 seconds per item to verify. 21 seconds. So when the Jamaican clerk calls to verify a late payment, or the short sale information, if they just a busy signal, or if the person who answers the phone has to go get the info, the 21 seconds is up and they have to go on the next item, deleting the item they didn’t verify. You see the credit bureaus aren’t willing to step up to the plate and hirer the staff that is necessary to verify these items. So if the item can’t be verified, it comes off the report and now your client can go buy their next home. Huge huge huge strategy here. If any of you have any short sale sellers, we can turn those sellers back into buyers in just a period of months instead of years. Can you see how you will be the hero here? Guys, this is a no brainer. Ok, let me get off of my soap box here for a minute. I just see so many agents throwing away leads and those are thousand dollar bills that you are throwing away. We can help you with that, and get you to the closing table twice as often, I promise you.
Finally, this is the biggest, mostly costly mistake we have seen. It is Costly Mistake #6 and it is having No Follow Up System In Place. Here’s a shocking fact for you… 80% of your clients said that they would use the same realtor again, yet when it came time to use a realtor only a little over 7% actually did. Did you hear that one?
Here’s a chart that shows just how severe of a problem that it is. The far left shows the 80 percent of the people who said they would use you again. See the little bar there in the middle, that’s the ones that actually used you when it came time for the next deal. See the big bar on the far right here, those are the one’s that you didn’t get. 90% of the people who said they would use you again, didn’t. You only got a 10th of the people that said they would use you. Why? They just simply forgot about you. Now it’s not their fault that they forgot, it’s your fault. I hear this story all the time, where a real estate agent or a loan officer runs into a past client, only to find they just moved, that’s right, sold and then bought a house without you…. And they liked you. And then you get all mad at them,
Look, it’s not their fault, it’s your fault. You are the one that didn’t stay in touch with them. I saw a stat the other day and it said for every 30 days that you don’t contact your database, you loose 10% of your influence over them. Now for those few of you that actually do stay in contact, I am here to tell you, you can never contact them too much. Ok (Your first Name), Mr(s). “I have All The Answers”, I hear you saying this is my fault. So what is the solution for that, how can I stay in contact with them when funds are kind of tight these days?
Well, it’s no wonder they are tight. You lost 10 times more than you kept, you only worked with a 10th of those people who said they would use you again. Let me show you a solution that I came up with that will not cost you a dime, in fact, I’m going to give it to you. Look at this.
Here is a program that I have developed especially for my preferred realtor partners. See this letter here? This is a free follow up system that I give to you, including the creation of the letter, the labor of sending it out, and the postage. There is nothing for you to buy, not now, not ever… it’s all free. You see, we send out letters to your clients, letters every week before they buy a house, and every 30 days for a full 5 years after they buy a house with you, with your picture, your phone number, and your company name. We mail out a letter to your client, and then we fax you over a copy so that you know it went out. This particular letter is one that goes out during the shopping process, you know, while they are out looking with you for properties. Let’s say they take a short break in the looking process You would want something going to them every week for awhile, so that they don’t forget that you are the agent.
And get this…If we get a call from another buyers agent on behalf of your client, say to get a pre-approval letter, we contact you to let you know that somebody is sneaking into your refrigerator. How many deals have slipped by you because they were out on a Saturday looking at properties without you and walked in to an open house. Many times they don’t understand that you work for commission, you assume they know, but many of them don’t. If you get alerted that they are out getting ready to put an offer on another property, it will definitely save you many deals. This simple strategy has brought many of our realtors back to the title company.
And don’t listen to the ol’ “I’ve already been approved with another lender” line. This could be very costly to you. You don’t know who that is. And that is very dangerous, and very costly because you don’t have a watch dog in your corner keeping an eye on your clients for you, like I would…
Making sure there is not a burglar stealing your deals.
Now here’s an example of the letters that go out to your clients after closing. Along with my info is your name, your company, your picture, and your phone number. These letters go out every 30 days for 5 years, of course they get a different one each month. We pay for the letter, the computer program that does all of this automatically, the stuffing of the envelopes, and the postage, for a full 5 years at no cost to you. Plus, we fax you a copy each month so that you know that your automatic follow up program is in place, intact, working while you sleep. You see, there is a goldmine under your nose that most don’t tap into as much as they should to maximize their profits, and it is your database. Many of us are in the mid to high 6 figures because we take this action of staying in contact with them. The good news for you is, we are already sending out these letters to our clients, so what does it cost us to put your picture on the letter too, well, nothing, ok, maybe a fraction of a penny to pay for the ink.
So why wouldn’t you take action by having me start following up on your clients for you? Essentially, you will have a free assistant taking care of this for you, with an automated proven system.
Remember this slide? The good news is, I already Started it, keeping you in front of your database, done I already Made it better, the letters are already written I didn’t just make it Good, I made it great, it’s got your picture on it I already Automated it for you, I’ll send the letters You just have to Delegate it to me and then you Are ready to move on to your next project!!!
It doesn’t take Einstein to see this is a no brainer. “What’s the catch?” you ask. There is no catch. You just simply delegate the follow-up for the clients that you are currently working with, and we do the rest.
You clients will receive weekly letters while they are shopping for their home, and remember, you get a copy of the letter sent to you by fax or email, which helps remind you that you are due to call your client if it’s been a couple of weeks. And what does this system cost you? Nothing. This is my gift to you.
Then, after they buy and close on their home, they receive letters from you every 30 days for the next 5 years. All automatically, all delegated by you, all done for you, and all free, for the next 5 years!!! Can you see how this is going to help you grab the 90% that didn’t use you last time? Now you may think you don’t have this problem, but see you don’t even know because you don’t know how many of them bought and didn’t call you, that’s the whole point. Can you afford to ignore the National Association of Realtors Report that says you only get a little over 7% of the repeat business when you don’t stay in touch? Remember, those aren’t my numbers, those are the NAR numbers. Everybody thinks it doesn’t apply to them, but trust me it does. The numbers don’t lie, they are just so ugly that you don’t want to look at them.
Remember this slide, there is nothing to analyze here guys. Hesitation is very expensive!! Implement this great strategy by contacting me right away. I can take a lot of your deals from your trashcan and put them in your cashcan. Those deals that the other guys say they can’t close, the ones that don’t quite measure up with today’s new guidelines, remember, we can get you to the title company with those deals too, just simply contact me and let’s get started today. See how all this ties in together? A simple phone call, and you have delegated the problem.
90% of your repeat business. Do you see how huge this is? This system is all done for you, automatically and free, so you can go on to the next project that is going to put money in your pocket. Do you think Ray Crocker, the man behind McDonalds, would have become a billionaire if he tried to do everything himself? No, he delegated it to a system. You can copy his business model guys or you can simply continue to do what you have been doing and just be happy with somebody else getting your deals swiped from right under your nose. The market is not going to make you rich or make you struggle. It’s your actions during this market that decides your fate. (insert poll in here: about are you going to do this, or no I’m happy where I am at)
Guys, never forget that automation and delegation is where your money is. With the right tools, even a monkey puts food on the table every day. I just had to put this picture in. This is actually a real picture of a monkey using a spear to fish. He knows to use the right tools, and he’s a monkey…
Again, for those of you that are tired of being kicked around and losing that 80% that said they would use you again, if you want to see how to turn the credit repair strategies including the short sale “Get’m Back To The Closing Table” strategy, call or email me right now. I want to thank you for coming today, take action, and I guarantee you won’t be caught hanging around the water cooler complaining. I am making things happen, and making them happen for you. It’s been a pleasure being your host today, I hope you got a lot out of it, and I look forward to hearing from those of you that understand that the market isn’t responsible for our success or our failure, our actions are what is responsible, or the lack of our actions. Fill out the info on the exit survey, and take control of your success.
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