2 Gus: So Stacy, for your benefit I'm going to do it one more time. Stacy: Yeah, you're going to have to do it again. Gus: When you call people, when you engage them always have something to give them, whether it's news, information, or a product, as we touched on something new that affects real estate values. Could it be a new retailer in the village, could it be an event that you're holding? But you always want to make sure that you're asking these three questions in every followup call... Who do you know that's thinking about making a move? When was the last time you thought about it? Is it in your plans for 2018? And finally... When was the last time you thought about adding real estate investment property to your retirement plan? Stacy: Yeah. Would you mind repeating, if you could, what you said about what you would say in the note? Gus: Well, in the note I would say something to this effect... Thank you for participating in our food drive. It was a smashing success, just like the real estate business has been this year. And all signs point to that happening again in By the way, may I ask who do you know that's thinking about making a move? And then just repeat the other two questions, okay? Just do that. Now, I've got a question for you. Do you have addresses for these folks? Stacy: I do not. This is a neighborhood that I have sold one house in in the past, and I know that it's a market that's getting ready to turn, and getting ready to probably have listings. I know one just came about. It's not with my company, but... So I'm just trying to keep myself in front of these folks. It is a small little neighborhood that kind of bleeds in to two other big neighborhoods that I've worked in for 14 years. So it's just five years old, it's this little plot of land they went and put 150 houses in. I'm trying to capture it. Gus: Okay. So then let me ask you a question. When you go out to your farm, do you door-knock? Stacy: What I did a few days ago as I door-knocked, and I tried to meet as many people as possible on Saturday and leave them the bag and the flyer and introduce myself and tell them who I was with and that I was doing a food drive and I'd be back on a different day to pick it up. And it's all described there in the note, and who it's being donated to the local pantry and a list of everything that they are requesting. Gus: Okay. In the body of everything you said, and again, this is what the Ask the Coach is all about if I may respond you didn't say anything about real estate. Stacy: Well, I introduced myself. Gus: You need to incorporate your message in when you stop by... Stopping by to give you the bags. By the way, my business is really starting to pick up. Can I ask for your support?
3 Who do you know that's been talking about making a move? When was the last time you thought about it? And again, that third question... Provoke interest. Stacy: Okay. Does real estate investment property have a place in your retirement plan? Gus: Why don't you just do that? Stacy: When I go to pick up, hopefully there's going to be other people that are calling me and messaging me saying there's going to be a pick up at 123 Maple Street, that I'm going to go there on that day, I'm going to be visiting all these houses, hopefully I'm going to be seeing them and I will work on that script with those three questions and I will be armed to have that conversation when I see them. A lot of people weren't home that day, so I left the bags. Some people were home; I had a brief conversation, but I didn't want it to be like, Look at me, look at me. I made it more that I'm doing something for the community, but I'm Stacy Martin with Keller Williams Realty. I did say that, and then when they said... Who do I call? What do I do? I pointed to where it has all my information and my picture. So they saw that, but I didn't hone in on bragging about that. It was more about the community needs help. So, I will talk more about my business the next visit. Gus: But you've got to be very cognizant, because you're there for a reason. You're there to serve your community don't get me wrong but this is also business. Now, if someone is not home, leave a notepad. On the cover page of the notepad just say... Thank you for your participation. Please call me if you're thinking of selling. As simple as that is. Now, here's the reason why: A friend of mine in South Orange County, California, who manages an office, who's in his 27 th year, he's built a lot of successful agents his office is predominantly a farming office. I would say 8 out of 10 agents in his office are full-time farmers. And he's told me many times the number one product that they use the number one marketing tool to get listings in their farm is the notepad with the statement... Please call me if you're thinking of selling. Works better than post cards, flyers, anything. So that would be my backup plan for you. Stacy: Okay. Who would you recommend for the notepads? Anybody particular? Gus: I would say somebody local. I don't have access to your vendors, but talk to your manager or your marketing department they could certainly help you. Stacy: Alright, cool. Thank you.
4 Gus: Alright, sounds like we got other people joining the call. Who's joined us, please? Mike: Mike Barbers. Gus: Mike, nice to have you with us. And who else do we have? Victoria: Victoria. Gus: Hi Victoria, nice to have you with us. Folks, welcome to the call. Victoria: Thank you. Gus: Do either of you have a question, objection or something you would like to find out about? It's your time. Mike, we'll go to you first. Mike: Sure, yes. I do have a farm, I've been farming for 5 years. But there's an agent who's been here for 15. And I was wondering, what would you suggest as far as marketing to do in order to overcome or be able to attract more listings than she does? Gus: Okay. So you want to take her out. Mike: Yes. Gus: Okay, good. Victoria, how about you? We're going to get to your answer, Mike, in a second. I just want to make sure I get to Victoria as well. Victoria: That's a really good question. I just started my geographic farm in August and I'm about to do my second round. But the main objection that I get is... We're not interested, we're not selling. Or the other one is... We're just tenants. Those are my main objections. Gus: Alright, so let's get into that. First of all, Mike with regards to making a dent into your farm, what you need to do, guys, is this and this actually goes to both of you. When you think about your farm, first question I have for you is: Who's getting face time with the homeowners? And what I mean by that is door-knocking. Victoria: I am. I've been talking to homeowners. I would say every time I go out, I talk to about 10 homeowners. Gus: Okay. Mike? Mike: I live on my farm. For some reason I decided to farm here. I've lived here for 27 years and I know a lot of people. But I do go once a quarter and walk, but I don't think that's enough. I have a monthly flyer I send, sometimes maybe every 4-5 months I put a notepad. But I do stop and talk to people on Saturdays or Sundays when I see they're outside, but I'm not
5 doing enough door-knocking. Gus: Okay. So to answer both of your concerns, and everybody else on the call, here's what we need to address: If you want to get some momentum built into your farm, you have got to commit three months in a row, three contacts per month, to get people to start connecting with you. You need to door-knock, you need to drop, and you need to get some kind of marketing piece into that farm. Now, we were just talking about this earlier with Stacy; let me just over-arch this point. If you ever want to get the attention of anyone about anything it doesn't really matter whether it's real estate related or not this is absolutely true: You must challenge what they believe, and you must create a sense of loss by not taking action. So let me give you an example. Mike, in your farm, is there a new listing, whether it's yours or someone else's? Is there a new listing in the farm? Mike: Yes. Gus: Okay. This is what I would say. You're the homeowner, I'm Mike... Hi, it's Mike with ABC Real Estate stopping by to let you know about the new listing over here Everybody's excited about it. What can I tell you about it? on Main Street. Mike: Well, tell me what's the condition? Have you seen the house? Gus: You see right there, Mike? If you start to ask me questions, to a degree you have interest. Now my job is to scope that interest with more questions. So the point being, we've got to get to the door, deliver something they can use, and then start a conversation. Mike: Okay. Gus: Now Victoria, the same thing goes with your farm. Same thing we've got to get out there and we've got to meet the people. But every time you go to the door, guys, you've got to make sure you're offering something that they can use. Offer information something to bridge that conversation, the reason for being there. Then you can segway or pivot to this... Folks, may I ask who do you know that's been thinking about making a move? When was the last time you gave it some thought? As you look to the future, have you ever wondered how investment property can support your retirement? Each one of those questions is an open-ended question, and they will get dialog. So remember, write this down if they start to engage you in conversation questions, all those kinds of things they're thinking about moving. Victoria: I didn't get the second one. The first one was, May I ask who do you know who's making a move? The last one was, As you look to the future, have you ever thought how an investment property could help you in your retirement? And I didn't get the second one. Gus: The second one is, When was the last time you thought about moving, or do your plans in 2018 include making a move? Victoria: Okay. Even if they greet you with... We've been here 13 years. We love it, we're not moving.
6 Gus: That's great. Let me ask who do you know that's been thinking about making a move? Victoria: Okay. Gus: Just pivot away from that question; you've got three to choose from. Victoria: Okay. Gus: But you've got to do it at every door that's the key. Victoria: Right. Gus: Mike, you had a comment? Or J.P.? Mike: I have 550, close to 600 doors. So you're saying every month three times actually you're saying that I should go and try to connect with them? Gus: Yes. Hit the door once a month, drop once a month, and send out a mailing piece once a month. J.P., you had a comment? J.P.: I do, Gus. I have a comment on Mike's question. Mike, if I understand your question correctly, was how to overcome a dominant agent in your marketplace on in your farm. Is that correct? Gus: Yes, that's correct. J.P.: Yeah. My comment on that, Mike, is simply this: As Gus stated, obviously name recognition is going to be huge. Gus gave you several methods to build that name recognition, and you've got to do it consistently, as he said. And then once you're actually in the door, Mike, there are a couple of really important things to focus on. Number one is changing that mindset, because they're probably interviewing you as well as that dominant agent, and I think that you can overcome their perception of how strong that dominant agent is, or how needy they might be of that dominant agent, by letting them know not how many homes that agent has sold believe me, they'll tell them that but make sure you show them all the homes they have not sold. In other words, I doubt they have more than 10% of the market, which means 9 out of every 10 homes that sold, sold from a different agent. And I think the other thing you might want to keep in mind, Mike, is, in the year 2017 you don't necessarily need to be the hyper local expert. The buyer will likely come from an outside community, and maybe that dominant agent is so tied into that community, whereas the buyer may come from an outside community. So again, in 2017, unlike 1997 or '87, it's not necessarily necessary, if that makes sense, to be that hyper local agent. So, just a couple of thoughts I had. Mike: Thank you. Gus: Beautiful. Stacy: Can I add one thing? This is Stacy. Gus: Please, go ahead.
7 Stacy: Mike, I heard you say there's 500 or 600 houses, and I could hear it in your voice that that was overwhelming. And when Gus is saying once a month, that doesn't mean that you do something once a month. That means that we as agents have to say... Okay, there are 600 houses. Well, I'm dividing them up into 100 at a time. And that might mean you're out every weekend. You know what I mean? So you can't look at it like you're just going once a month; you have to say... I'm going to these three streets this Saturday and those three streets next Saturday. And keep them on a rotating schedule, so that might be that you're out almost every weekend. Does that makes sense? Gus: Yeah, that's a good idea. Take it in small bites at a time. Stacy: Yeah, because it's overwhelming. Who wants to go to 600 houses in a day? You can't. There's just no way you can physically knock and wait and talk to people. So, I would say divide them up into smaller groups, and then that will be an easier, achievable goal and you'll feel like you accomplished something at the end of the day, as opposed to feeling overwhelmed. Mike: Super. Thank you. Gus: Makes a lot of sense. Excellent. Thanks for that input, very much. Victoria: For us newbies who are actually transitioning out of other professions because I'm a lawyer and I'm going into real estate I haven't had a listing yet. So when you haven't actually gone through the whole experience, it's a little bit intimidating not knowing exactly what the process is and what steps you're going to take. So, would the best strategy be to... Let's say you door-knock and you get someone who is thinking about selling. Would you set an appointment for that day, and then go back there with like a 20-minute presentation? Gus: Okay. Those are very good insights and observations. So here's the response. First of all, as a newbie, one of the things you really want to build is your ability to close for appointments. And I want everybody to remember that, okay? I don't want you to be intimidated about what happens after the appointment. The first thing we've got to get really good at is setting appointments. So that's number one. Number 2: When the appointment is set and you go, My goodness, now what do I do? Well, two things come into play. A you already have a listing proposal locked and loaded to present. However, if you do not, which it sounds, Victoria, in your case that's the situation then I would take a colleague with me who is very versed in theirs, and I would be willing to split the first deal with them, just so I could learn. But point three, and then I'll turn it over to somebody else and that is, you need to work on creating a bulletproof listing proposal, which by the way if you folks have access to EliteAgentsOnline.com, we have a webinar on there called Listing Language 2.0, which absolutely, hands down, anyone could pull from and get a listing. So, somebody had a comment. Does that help, Victoria? Victoria: Yeah, that does help. I actually did have somebody that said he would go out with me if I had a listing appointment set up, but I was going to try for Expireds, 'cause they come up around the first of the month and that's the lowhanging fruit. And Expireds I've dealt with them with cold calls before they're actually tougher for me than door-
8 knocking. So, when I reached out to him to just tell him about my strategy for the new month coming up, I didn't get a response, so I figure he's just busy. And that's something that I do want to do in my firm, in my brokerage, is find somebody to go on the first few listing appointments. And obviously I told him I would split the fee with him. But I am going to go to EliteAgentsOnline.com to look for that bulletproof presentation, because not knowing what it actually looks like to actually go in and do one it's hard to be on the other side of that. If you don't know what the whole picture looks like, it's hard to set it. Gus: Exactly. But I'm going to use an analogy here, Victoria, and I hope you appreciate it, and for the benefit of all of us. I can say that, quite clearly my own personal anecdote. When I was much younger and I started to engage in the dating concept going out on dates when I was in high school you know what the toughest part of that was? Victoria: What? Gus: Working up the courage to ask a girl out. It was just tough, because I didn't know... Oh my gosh, if she says Yes, where am I going to take her? What's going to happen? What do I do? All that stuff was jumbling around in my head. But I started to think, and one of my friends would say... Just ask her out, man, even if it's just for an ice cream cone or something. So I really started to think about, and I got good at asking girls out on dates. Now, did I blow some of them? Yeah. But the more I went out, the better it got, and then all of a sudden I created the finesse on how to handle a date. So I would say to you and everybody else on this call learn how to ask people out on a date first. Get really good at that, and then the content of your appointment will come. It will come with repetitiveness and drawing on the of others. Victoria: It's actually a really good analogy, and I'll pass, but you'd be amazed at how many men don't ask me out. They'll call me and they'll text me, but they'll never actually ask me on a date. I'm waiting for them to ask me, and they don't, so I just move on. Gus: Touche. Part of that is, Victoria, and I'm sure some of the other ladies on the line would probably agree sometimes by your very nature, albeit it's not what your intention is, but you are a little bit intimidating to them. And it's not your fault; it's just the way they perceive you. So the same thing could apply here, when we're thinking about these homeowners, these Expireds. Maybe we're perceptively intimidated, but they could say to you... Gosh, if you just come on over and talk to me, I'll talk to you. So I think it can go both ways. So guys, we've gotten to the end of our time today. I hope we gave you some good ideas. We have this recording, so you can certainly find the chronicle of this at the Elite Agents Online website. And with that, I want to thank everybody for attending, and thank you for participating. We'll talk to you soon!
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