- Hey, today we're talking about getting out of your head,
IGTV, and the ideal size of your team.
(energetic music)
Hey, welcome to the Tom Ferry Show.
Today, I'm answering your questions about Instagram stories,
can I build my business online only, and a few more.
So, I was asked a bunch of questions recently on an
Instagram post where we were saying just ask me anything,
and I love, love, love, love the questions.
One of 'em particular so, Kennan Mauer and @VanSterling,
both asked kinda different questions, social media related.
The first one was, Hey Tom, can somebody really
build their business, purely alone on social?
And @KennanMauer my answer is no.
No. Not yet.
I believe in the future, the next five, six, seven years,
I think that becomes a reality.
Today I still believe, it's 50/50 right?
You're gonna be doing some traditional tried and true,
and you're gonna be pushing the envelope with your social.
I used to say it was two-thirds tried and true,
and one-third social, I'm now saying it's about 50/50.
And remember at the end of the day, knocking on a door,
talking to somebody on the phone, sending them a text,
and heaven forbid shaking their hand,
and meeting them face to face. That still works as well.
So that's my answer, but Van Sterling asked
about Instagram Stories, which a lot of people
are buzzing about. So, lets take a look at what it is today.
This is an opportunity for you to do something like this.
To prerecord a show, polish it up,
and put it on Instagram Television.
That is a really good idea.
Whether I'm doing a just sold video.
Hey I recently sold this house and here's how we did it,
here's the case study, a review from the client.
That's beautiful, nice thing to post up there,
maybe a coming soon listing,
or maybe your how's the market show.
All of that is an excellent use today of IGTV.
Now, if you're not on it, you've gotta pay attention,
because guess what my friends, because if you look at what
Facebook and Instagram are doing, they are making a,
well, YouTube, we're making this claim that,
hey we're coming after traditional ABC, NBC, CBS,
and we're gonna control the eyeballs here,
and pick up our own advertising dollars, so you know it,
and I know it, we gotta be there.
So, the next questions, Dan.Sandberg,
and Buying and Selling Fresno, ask questions about teams.
So we're switching gears from social to teams.
Buying and Selling Fresno asks, What's the ideal team size?
Well, it's really interesting, I was looking at the
Wall Street Journal top 1000, and you're now seeing teams
in real estate with 30, 50, 80, 100, 200
people on their team, who would have thought?
Who would have thought that entrepreneur agents,
and their brokerages could really get their head around
how to effectively manage a team?
A 40, 50, 80, 100, well that's what's happening today,
but if you ask me what's the ideal size?
I would still say to you that NAVY Seal team
that I talked about last year at the summit.
Where there's five, six, seven of us.
Lots of camaraderie, everybody's cross-trained.
So everybody can list a house, everybody can sell a house,
everybody can work on a file, everybody can solve a
complex problem in the middle of negotiation.
That really becomes today, the super team.
I like it, don't get me wrong, I got clients with
50, 20, 30, 80 on their team, but if you ask me my ideal,
it's that.
Time, efficiency, leverage, lots of profitability,
and just that intensity and fun of that small group.
Now, Dan dot Sandberg asks, who makes more money?
Solo agents, or teams.
I'll tell you my opinion, well not my opinion,
the data shows it's gonna be the team leader
who does it right, and the answer is just simple,
it's leverage right?
It's leverage.
So if I'm generating whether it's referrals,
or online leads, or from open houses, or from, my goodness,
my geographic farm, there's any which way we can
generate that lead. If I can take that lead and I can
hand it over to somebody else while I'm on vacation,
and they can close that transaction, take the listing,
help that buyer secure the transaction,
that's the ultimate leverage.
That person's always gonna make more money,
but here's the thing, there are some teams out there,
that in my opinion, they're overpaying their teams.
They're making the mistake of thinking,
I have this great gross income, or this huge
number of transactions, but a tiny net,
because they're overpaying on commissions.
Essentially they become a real estate brokerage,
which is a thinner margin business.
So, a lot to think about there, especially if you're
considering starting a team.
Next question that I was asked, Laurie Baker.
Laurie Baker said, Tom, when you wake up and you realize
that over the years you've just been in survival mode,
and it's been throwing you off in terms of
who you really are. I love this question.
What are three things you would suggest to get you
back on track?
So Laurie that was a deep question and maybe my tone
didn't really, when I read it, I was like I really
want to ask this question.
I think we've all been there before, right?
You've seen me do the metaphor where I'm like,
this is your goal, but these are your behaviors.
Well, I think what's happening for you right now Laurie,
and maybe a lot of people watching is, the goal is unclear,
the commitment is unclear.
What we know is, until one is committed,
there is only hesitancy.
A chance to draw back and do nothing.
What happens is, it's like a slow death.
Yeah you're in the business, and yeah you might be
selling some houses, but you can kind of feel your
entire life experience deteriorating, because you're not
working towards something.
So the first thing I would tell you, if I were sitting with
you one on one.
I would look you right in the eyes and say,
you just need to get pissed off.
You need to get upset at yourself.
You need to kind of like look in the mirror and go hey,
what have you been doing?
You've got this insane opportunity called life,
you know what's the old number, this is gonna sound crazy,
but you've heard this before,
like a hundred and forty nine million little sperms,
and you are the winner.
So in life you already, I know it's like a totally
awkward example and if you haven't heard that before,
like it's old school.
You're a winner, do you get this?
Now here's the deal, if you are slightly religious,
I would remind you that when you are born,
God in her infinite wisdom didn't say,
hey go be an average realtor and suffer.
You with me?
Look, I think you're on this planet to be extraordinary,
whatever that means to you.
So I think you need to get upset at yourself,
you need to get pissed off, not like angry at yourself,
upset enough to do something about it, to make a change,
and then what's the second thing you gotta do?
Commit to something. Commit to something, and it could be
something simple like, I'm gonna commit to lose 10 pounds.
It could be I'm gonna commit to make
a hundred thousand dollars.
It could be, I'm gonna commit to shake up my environment,
and not allow the circumstances around me to impact me.
The most ordinary people that become extraordinary,
are the ones that finally say it doesn't matter
what my past is, it doesn't matter what I did yesterday,
the only thing that matters is what am I committed to
right now today.
And then the third thing is Laurie,
you've gotta commit to discipline.
Discipline, discipline is the answer.
Look, you brush your teeth everyday, I hope,
you brush your teeth everyday.
If you're brushing your teeth everyday, guess what?
You can also do five sit ups, you can also go for a walk,
you can do 10 pushups, you can make five phone calls,
discipline is the answer.
Discipline is the only way I was able to work through
down markets, challenging times, upsetting situations,
it's the discipline that keeps me driving forward
every single day.
I would challenge you Laurie, to look in the mirror,
get a little pissed, and do something about it.
Look, remember in life, you're either moving forward,
you're moving laterally, or heaven forbid you're
moving backwards, and at least you're acknowledging
you've been slowly moving backwards, and that feeling
of discomfort, now it's real for you.
Heads up, if you think it's hard now, wait until 2020,
or 2021, when a recession, or something in the economy
really challenges you.
You think it's hard now, try it with no money, my friend.
Some of you are watching going,
Whoa, Tom, relax on Laurie a little bit here.
Laurie, you asked the question, I'm just
giving you the answer.
So, short show today, but a lot for you to think about.
IGTV, you better get all over it.
Your chance to do prerecorded shows, and put it out there.
Obviously, influencers can do up to an hour,
you can start with 10 minutes, and 10 minutes is
a lot of quality content for you to talk about just solds,
just listed, coming on the market, you at an open house,
you interviewing a local person in your marketplace
that adds to your credibility.
Is social media enough, Kennan?
I don't think so buddy, but it's 50/50 today,
you gotta pay attention to it.
Teams, look, teams are taking over the world,
all you gotta do is look at the lists from
The Wall Street Journal.
If you haven't downloaded that, you should download
it today and take a look.
Teams are completely dominating the real estate space.
What's the ideal size?
In my opinion it's that NAVY Seal, five to seven.
Everybody's cross trained,
everybody's ready to rock and roll, and Laurie,
I don't think you were the only one asking the question.
I hope we brought a lot of people value today.
Thanks so much, can't wait to see the comments,
see you soon.
Hey I'm Tom Ferry, and I wanna say welcome to real estate.
Now there's pretty good chance no one's told you,
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.
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