- Hey, we're wrapping up our number four segment
of 16 of the best listing attractions strategies
from the Success Summit, check it out.
(upbeat music)
Hey, welcome to the Tom Ferry show,
circling back around on the last of the
16 listing attractions strategies
of the 33 that we shared at this year's Success Summit.
My hope, of course,
is as I'm inundating you with methodologies,
with proven marketing strategies, with tactics that
you could implement instantaneously into your business,
that you get the point, you gotta list to last.
That all these techniques aren't worth anything
unless you go out and execute on them,
and when you do, you're gonna become
one of the more dominate listing agents in your marketplace,
and that, my friends, is gonna make me feel fantastic.
So, if you're not gonna do it for you,
do it for me, would you, please, come on.
All right, here we go, the next of the 16.
I wrote down agent to agent referrals.
You know, we launched at the Summit
this remarkable product called The Hub.
It's this platform that our coaching members
use to manage and grow their business.
One of the phenomenons
that we discovered in December of last year,
in some early surveys of our top clients
making over 500 thousand dollars a year, check it out,
the number four listing attraction strategy they had
was agent to agent referrals.
Yes, they're getting listings,
it's the number four source from agent to agent referrals.
Now, you might be sitting there saying,
Tom, maybe I'm not one of your coaching members,
maybe I'm somewhere around the world
and I haven't figured this one out yet.
That's exactly what I want to share with you today.
I wrote down a whole bunch of things for you,
the first thing is if you're in the U.S.
you can go to Census.gov, and you can actually
Google around inside there and check it out.
They'll actually let you know in your city
where are people moving to and from, visually on a map,
and also giving you some data points around it.
So what if, for an example, you discovered
like my client Patrick McLaughlin
from Douglas Elliman out in the Hamptons,
he found out that, of course, the vast majority of people
that were moving to and from the Hamptons,
guess what, they were coming Greenwich, Connecticut,
and New York City, and all kinds
of little suburbs outside of Manhattan.
Well, naturally, this led him to say first and foremost,
"Who do I already know as agents in those areas?"
Right, that's the first step for you.
After I figure out where people are coming to and from,
who do I already have inside my database?
What if you created a list inside and it's actually called
agent to agent referral opportunities,
and you start to fill that bucket with agents that you need,
you guys ready through the Tom Ferry ecosystem,
through your company and your companies affiliate partners,
your relationships, as an example,
if you're a part of a big conglomerate
all those other companies you're connected to.
Obviously, when you're going to events,
you're now getting cards, you're meeting with agents,
you're being a little more intentional,
not just like, hey what's going on?
And let's have a drink at the bar
and brainstorm a little bit,
but instead like, hey where you from?
I'm looking for people that are from Minnesota,
that are actually from St. Paul,
because they seem to migrating the most to my area,
as an example and you're adding
those people into your database.
Plus, I wrote down, if you really want to do it right
people like Melissa Maynard, big shout out to Melissa,
who did a TomX talk for us in 2017,
on the power of agent-agent relationships,
which you can go to my YouTube page and you could
watch verbatim what she does.
She said, "Once I knew where people were moving
to and moving from in my area, I would then go
to conferences and events in those cities,
in those towns, I would be very strategic to go
network with great agents there to build up that list."
No different from your database, your past clients,
your sphere, old expires, a geographic farm,
having an agent to agent base that you're marketing
and connecting with for those referral opportunities
is a smart move today.
So I wrote down a couple things for you really quick,
if you do this list,
my advice is not just to build the list
and then send them all
your generic stuff that hey I took another
listing and handed them another sale, but instead
what could I deliver that would be valuable to that agent?
Right, what could I deliver that would help these people
keep me top of mind and actually help their business?
So, Chris Heller, big shout out to Chris former
CEO of Keller Williams, long time friend of mine
and now CEO of Mello Homes,
Chris and I were chatting about this idea and
he said, "Tom, what I did is every time I went
to one of your conferences, I'd list my top ten takeaways
and then I'd send that out to the list
with like the script, the marketing strategy,
the data points, the cool degrees of separation
that we could do to make our businesses better."
He's like, "I would do that for every conference
I went to and I'd send it them,
then I'd send them information on
what's going on with the home prices in my area,
so they could talk intelligently with their
potential buyers and sellers in their marketplace
about what was going on in San Diego as an example."
So sharing trends, sharing what's going on to
help them improve their business.
Marketing tactics, scripts, ideas, et cetera,
for agents from you as an agent with some love,
but then I also wrote down,
what if once a month or once a quarter
dependent upon how aggressive you get with this
that you actually published an email to all those
people saying that I want to give a big shout
out to Manily, Ginger, and to you know all the
people in your world that sent you a referral,
right, you do that little shout out
and it goes out to them.
That's a great idea 'cause
recognition, top of mind and once again you
become the agent in that marketplace
that people should refer to.
You know who I just got that from?
Ryan Sorront, right, he just did that recently
and I sent him a little note and said, Ryan that
was a great idea, 'cause he got a ton of referrals
from agents and it was recognizing him for it and
I think it was for all of 2017.
So, that's the very first point, bigger idea,
right, gonna have you do some research, Census.gov
whose already inside your database kinda figure
out who are those players in the market.
It's not about having you know 500 agents,
it's about having the right 15 or 20 or 30
that you could really create a connection with,
that you can deliver each other value
and do referrals back and forth
that my friends is an excellent
next pillar to your business.
All right, let's go to the next one.
I love this one, this got a lot of buzz at the
Summit and I think it was because so many of us
today are recognizing not only the addressable
market that I am about to discuss, but also the
need for the right agent you to really go in and
take the time and deliver and serve at the
highest level to help these people
make a good decision, here's the strategy, ready?
Working with seniors specifically the point that
I shared at the Summit was you should be doing
events, you should be doing small seminars for
seniors, maybe you call it Big to Small House,
Downsizing Strategies.
Big to Small House Downsizing Strategies
and remember back at TomFerry.com
you're gonna see sample ads, and
things that I would recommend on Facebook, yes,
'cause there all there and you can target them
very easily and at low cost on Facebook.
So, here's some stats that you
want to consider you ready?
From the age 61 to 70, 61 to 70, that represents
today 21% of all sellers in the US, people that
are 61 years old to 70 years old,
it's 21% of all sellers in the US,
32 million of the 126 million homes
in the US are owned today by baby boomers,
I don't know it's 24 ish percent,
it's a significant number of properties.
Now you might ask, why do I bring that up?
NAR published something recently where they said,
55% of sellers use the same agent to buy
and sell, but as age increases
the percentage drops dramatically.
Now that probably means the agents out of the
business or they may have moved on or rest in
peace, who knows, but what it does tell you is
there is a tremendous opportunity if you have the
empathy, if you have the patients to sit down
with somebody I think of like my in-laws whose
in their 90s, right, if they are thinking about
selling their house, you're probably not gonna walk and go,
"Hey, let me talk about getting your home sold.".
Right, like first of all the both
have hearing aids and they're gonna be like "Huh?".
Right, you're gonna have to lean in, slow down,
and treat them like you would treat your own
grandparents or your parents.
Now that either really resinates for you in
your heart or it doesn't, I'm fine with it either
way, I just know that this is a huge opportunity
for you to really go and make a difference and
an impact and do it in a way that isn't maybe
the most traditional method of prospecting
marketing generation, so
here's what I recommend, you ready?
You get a list of all the seniors in your marketplace,
the company Remine, they may not be in your
area yet, but check it out Remine.com
this actually over, it's kind of the LMS 2.0 is
how would describe it maybe even 3.0
'cause it's that slick.
You could actually go in and say give me every
person that's owns a home for more than 20 years
that has no mortgage, 30 years, 40 years that has
no mortgage and in whatever geography you want to
look at, boop, it shows you all the houses,
all the addresses and then you can print
and mail to them, it's really cool,
otherwise you're gotta sit down
and go to your tax records or
go to your title rep and say I need a list of
people with no mortgage, I need a list of people
who have owned their home for 30 or 40 years and
you wanna then get that list put it inside and
actually market to them by sending them an
invitation to come do a 40 minute seminar where
you're gonna serve wine and cheese or whatever
you choose, right, make it enticing, make it you
know worthwhile for them and if you get 5, 6, or
8, or 10, or 15 of them, when they show up what
do you do, you educate them on what are the things
that they have to do, what are the four mistakes
that people make when they've been living in their
home for 20 years and now it's time to sell, right?
These things will just roll off your tongue,
these are the things that if your mom or your
aunt called you and said, "I am thinking about
selling my house, what do I need to do?"
You'd be like look, the first thing is you gotta kind
of get all the personal stuff out, you gotta
organize your house make it look like a brand
new home, all those same things you would give as
an expert in your opinion and your advice, you
would deliver in a 30 or 40 minute seminar.
Maybe you bring in a CPA, maybe you bring in a
tax strategist, maybe you bring in someone that
talks about wills and trusts to educate and inform
them, this isn't an call an expired and get an
appointment and bang get a listing, this is
nurture, educate, take the time, answer their
questions, follow up with personal phone calls
and a hand written note and you're
gonna get a bunch of listings.
I think you get the gist, go back to TomFerry.com
'cause all of the details, the Facebook ads, and
everything else I recommending it's all there,
the bottom line is this is just another way for
you to become a piece of the fabric of your
community, helping a segment of the market that
continues to grow and in my opinion is
dramatically underserved.
Let's go to the next one, number three.
Online seller leads a.k.a sellers in disguise.
So when I talked about this at the Summit and you
know like I am huge advocate of arbitrage, online
leads generation, Zillow, Trulia, right on down
the line, Boom Town, Commissions Ink, Conversion,
all of it, Google Paperclip, Facebook, I love it
all because it just covers the gamut of top of
the funnel, the middle of the funnel
and right now ready to go.
The thing that shocks me though is that so many
agents miss the opportunity so let me give you
the stats, let me give you the stats, you buy
10 Zillow leads as an example,
here's what we know,
33% of them today are first time home buyers,
they have nothing to sell, right?
Their credit is 11, they're trying
to figure it out, what do I need to do, right?
2% of them are gonna be
investors on average based on the data and 65%
of them have a home to sell potentially before
they buy the next one, so what is the most
important question as an online lead is coming
in, once I engage them, "Hey you guys are interested
in 1234 Banana Street, love to show it to you,
"Why don't we schedule an appointment?"
"By the way, do you guys have to sell a home
before you buy the next one?"
"Do you guys have to sell a home
before you buy the next one?"
"Do you have a plan B in case it doesn't work out
like help me understand."
That number, 65% of the online leads you're buying
need to sale a house in order to buy the first one.
Now, you might say, Tom wait a minute my average
sale price is on the super low end, well if you're
only focusing on the super low end price range
you're probably only focusing on or attracting
first time buyers and investors.
I am talking about national numbers, right,
across the world.
65% need to sale a house before they buy the
next one, are you paying attention to that?
Now speaking of, I got some more stats I want
to share with you, my friends are angelology
have been giving me these reports where they
basically expose us to the 100 of thousands of
inbound and outbound lee generation their handling
for agents, like that's what they do, they become
a virtual ISA network of people calling and confirming
and booking appointments on your behalf.
Listen to these numbers, right, 37% of all the
online leads come in overnight between 8 O'Clock
p.m. and 8 a.m., 37%.
I think about Gary Gold, whose a
long time client, big shout out to
Gary if he's watching, hard enough this guys amazing
Gary works at Hilton Highland, very successful
broker, you know 30 years in the business early
adopter on a lot of technology, huge advocate for
Zillow, he says to me one time, "Tom I am laying
there in bed, and all of sudden my phone goes ding,
and you know it's 12 O'clock in the morning, you
know my wife's asleep, what is it, I just happen
to be awake 'cause realtors don't sleep and he
looks over and it's a Zillow lead." And what does
he do he calls, and guess who answered the phone?
Russell Peters, you know Russell Peters the comedian?
One of the funniest guys on the planet, Russell's
in London, right, and he's looking at houses on
Zillow and bing wants to see the property.
"Hey, this is Gary how can I help you?"
"You were just looking at property
at Banana Street in Beverly Hills?"
Right, he ends up selling that guy a
multi-million dollar property, now Zillow, myself,
Realtor.com, everybody else says the same thing,
we don't want you talking to leads at midnight,
right, but it's also acknowledging and recognizing
that's one of the things that are happening.
Let me give you a for more stats, you ready?
Your all thinking now I need to answer the phone
at midnight, they are not all like Russell Peters.
All right, 51% of all leads came in after 5 p.m.
51% of all leads came in after 5 p.m. before 8 a.m.
26% of all leads came in between midnight and 8 a.m.
Right, highest lead flow hours
were between 7 a.m. and 11 a.m.
The highest lead flow hours were between 7 a.m. and 11 a.m.
Of course, we all know all the studies
say when do you want to do your optimal hours of
power 9 to 11, 4 to 6, but the most interesting part
was Thursdays and Sundays were the busiest online
lead days now as you think about this I am giving
this not just because I want you to get more
listings but I want you to make sure you're
aligning your schedule and your behaviors and your
assets to make sure that if you're in the online
leads generation game, you're paying attention
to leads flow optimization, hope those stats helped.
We should link up the reports guides that I am
talking about here from Angelology, lets just
make that something on TomFerry.com.
All right, the last one, kind of you know, old
school, older mature school, with senior events,
and now of course talking about online leads,
let me run one that I think is totally underserved
and the agents that are doing it will tell you
the test is absolutely worthwhile, you ready for this?
Running radio ads, now some of you are gonna
be like Woo Ferry you're talking instant strategy,
poling, talking direct mail, now you're talking
radio, hey I am the guy that says there's no
wrong way to attract a client.
Know yourself, know your market, look where
everybody else isn't going, go there, do the
opposite, right, it just makes sense.
Radio, here's what I wrote down, depending upon
your market could be $200 to $1000 a week again
depending upon your city, if you're in New York
City probably more like a $1000, if you're in
Omaha, Nebraska maybe it's $200, right, so my
advice is you credit 15 to 30 second commercial
for maybe a handsome guy like this, get over
here man, this is Triston, go ahead
and play his radio commercial, go.
(upbeat music)
- [Triston] Selling your home in 2018?
Looking for the highest sales price
and fast and efficient service?
Contact Tom Ferry from Banana Real Estate
at 949-212-5000.
That's Tom Ferry at 949-212-5000
with over 60 5-star reviews, sale your home with
Tom Ferry at 949-212-5000.
(upbeat music)
- [Tom] Now if you don't have the smooth jazz
chops that this guy has my advice is maybe you
find someone, maybe it's in your voice, maybe you
hire someone professional to do it, but the
bottom line is radio is an opportunity and if
nobody else is doing it and you're already a
rockstar and you're doing all
these that we're discussing,
then stepping up your game and doing
something nobody else doing is another way for
you to attract even more listings.
All right so Triston, thank you so much,
By the way, one of our kickass videographers, so that's it.
That wraps up our 16 of 33 of many of our best
listing attraction strategies for you.
You can see that my energy is a little bit
different from the last couple of shows, I'm
super focused right now, I'm making sure that
you implement, so what I want to see here in the
comments on TomFerry.com and on my YouTube is
what is the action you're going to take?
What are the one or two things you're going to do
between now and the end of the year to make sure
that you're getting the right number of listings
to have your business be by design.
Thanks so much for watching,
can't wait to see your comments.
See you next week.
Hey, I'm Tom Ferry and I wanna say welcome to real estate.
Now there's a pretty good chance no one's
told you that there's an 87% failure rate every
five years in this business and there's only two factors,
agents don't have the tools
and they don't take the right action.
I'm gonna invite you to click the link below
and get access to the tools
so you can win in this business.