New Agent Tips, Competing in Real Estate, AI, and Social Media Budget | #TomFerryShow Q&A

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New Agent Tips, Competing in Real Estate, AI, and Social Media Budget | #TomFerryShow Q&A


– Welcome to the Tom Ferry Show. Today I’m answering about
seven questions that we’ve been getting on Facebook and
Insta and on Youtube, to help you not reinvent the wheel. But instead, quickly
take the right action, so let’s jump right in. (energetic music) – The first question was,
“Hey Tom, what’s the best “way to know my local market as a newer “or a veteran agent who’s coming back?” Well, it’s the same thing my friends, it’s always three things. One, it’s look at the
daily hot sheets to know what’s selling, what
just closed, you know, what new escrows are
opening, what pendings, and of course, expireds,
cancels, withdrawns. To really study it and
to look at it and say, okay, what’s going on, what’s
moving, what’s not moving. That’s number one. Number two, preview property, right? I’m blown away by the number of agents that don’t go out and preview. And then great agents, Andy Stavros, I was just watching his Instagram story. He’s driving around, “Hey
I’m about to go look at this great little house on Linda
Isle, here’s the scoop.” And he’s doing it on his Instagram story, killing two birds with one stone, right? Putting out some great content
that people are interested in new listings that are
coming on the market, but he’s also previewing,
which is critical to know the inventory, to know the prices. And then of course, the last
one is to always snuggle up to the best agents in the
marketplace and just say, “How’s the market, what’s
going on, what are you seeing, “what do you like, what do you not like?” Those three things makes you
more of the local market expert so when people ask you questions,
you’ve got some real data and some stories and case
studies to share with them. So that’s important. The second question I got was,
“Hey Tom, what Facebook page “would you suggest in use of content, “like personal page or business page?” And, you know, this question’s
been around for a long time. Really, since the origin
of what were like fan pages that became business pages,
and the answer’s quite simple. Always on your business page,
always on your business page, always on your business page. Why, because there we can
boost, we can advertise, you can create lists of people
that you want and segment to do your marketing, so
always on your business page. I think this is the number still, you gotta have about 50
followers on that page in order to do all that
stuff, but that’s easy cheesy. All right, I liked this question. “Hey Tom, what Realtors in
your opinion are crushing it “with real estate video marketing?” There are so many that are
doing it now, it is remarkable. A couple that I would pay attention to, I just met with them all
recently, so they’re top of mind. Chris Kwon from Douglas
Elliman right here in Irvine, absolutely killing it, killing
it on the creative side. Each one of these are
doing it differently, but Chris does a remarkable
job on the creative that causes him to differentiate himself
from his competition, to stand out, to be more likable, right? I mean, you kinda fall in love
with the guy just watching his videos, so Chris Kwon,
K-W-O-N, just wanna make sure I spell it right, maybe do a little link. Christophe Choo, over in Beverly Hills. these three are all southern
California, but I just met with them recently
so they’re on my mind. Christophe is doing something
right now that is absolutely crushing it, we’re gonna
talk about it at the summit. Check it out, he gets
in his car, and he does neighborhood tours, and then
he immediately, from his phone, right, so on his phone
like this, he’s like, “Hey everybody, it’s Christophe. “Today we’re looking at
Beverly Hills flats.” And it’s on him, then he flips
it around, then he drives through the neighborhood,
and he describes the houses, who lives there, the builders,
the new construction, what’s recently sold, giving
people this sort of like in-depth view of what’s
happening in that community. Now I don’t know how many
he’s done, but he’s done a lot of them, Beverly Hills, West
side, Santa Monica, et cetera. If you go to his YouTube
channel, you’ll see it. It’s very simple, I’m
not saying it’s ghetto, but it’s just from his
iPhone, and you know what? It kills it, especially
because he takes it, puts it inside YouTube, he
does all the appropriate tags, he does all the appropriate like, to know, hey if I’m looking for houses
in Beverly Hills flats, you’re gonna see his video
on YouTube, it’s that good. He’s getting “come list me” calls. And then Timmy Smith. Actually you know, Kyle Whissel. Kyle Whissel won recently
BombBomb’s, I think he was the number one most influential
video agent in the country, and if you look at what
he is doing, really smart. Everything from community
videos, to interviewing local business owners, to just
showcasing listings, to just showing what he’s doing in his
business to help his clients, he really covers the
full spectrum of video. And I think, between those three, you’re gonna get a ton of great ideas. But those would be the first
three that just come to mind. Next question, I love this one. So Margie Hare, asked me this on Facebook. “How do I become more coachable?” So, you know this is obviously
personal for me, not because I’m a coach, I think about
it more so because of my son. So my son is 17 years old,
playing tennis, was injured nine months ago, so
when you have a surgery and you’re coming back from
being a competitive anything, real estate agent, tennis
player, you name it, there’s this mindset that
sometimes takes over. And what I saw in him
recently was his resistance to listen to his coach,
his lack of coachability. And whether it was because,
“Ugh, my wrist still kinda hurts “and I’m not sure if I can do it.” But that doubt that had seeped
in kills his performance. Now I will tell you, I sat down
with him and with his coach and we just had a really
honest conversation, like dude, I love you, so Margie, ready? I love you. If you don’t do anything, no one cares. If you never sell a house
again, no one cares, right? It’s not gonna say on your
tombstone, born this day and this day, and oh by the
way, in the summer of 2018 she stopped selling houses. No one cares. You have to ask yourself this question. Ready? Three parts. Number one, if I’m crazy
coachable, like militant coachable, like I do everything
my coach asks me to do, what’s the worst-case scenario? List it out, what’s the
worst-case scenario? I have to work a few more hours,
at times I don’t look good. Remember the whole fixed mindset? That’s usually what stops you. I won’t look good, it’ll be
uncomfortable, I’m gonna be outside of my comfort zone,
it’s all it is, right? But what the worst case? I’ll be embarrassed, maybe
someone in my office will be like “What are you doing,” or “Hey
bro we’re all going away, “it’s summertime, let’s go play, whee” and you’re like, “No,
I’m actually doing what I “committed to with my coach,” right? And it feels awkward and it feels weird, like that’s the worst-case scenario. No one’s gonna like, hurt
you, do you know what I mean? There’s no death and
dying in this scenario of calling an expired as
a metaphorical example. But then, you gotta look at
the next question, which is, what’s the most likely scenario? So if that’s the worst-case
scenario, I feel embarrassed, I feel uncomfortable, I’m
outside of my comfort zone, I’ve never done this before,
it was awkward, somebody rejected me, somebody hung up
on me, that’s the worst-case. What’s the most likely case? You get some leads, you
get some appointments, you win some business, you
get some projects done, you get a little more,
remember the circles? You get more completion,
a little more integrity in your business, is that
the most likely scenario? Then you ask yourself, what’s
the best case scenario? So I’m super coachable, I’m
really militant, my coach says jump, I say how high and I jump. What’s the best case scenario? And I have found for me in life,
when making tough decisions what’s the worst case,
what’s the most likely, what’s the best case, right? Coachable is not a big issue,
but maybe it is for you Margie so ask yourself those three questions, and then take the right action. Next question I got, I love
this one, because it’s been coming up more and more,
especially because of the Peter Diamandis video recently. “AI technology concerns me. “How many jobs is it going to take away?” Without a shadow of a
doubt, I am not the expert on the subject, because I’m
a part of that Abundance 360 group, I did sit in a forum
where, it was very clear amongst these 360 members
that, in the future, whether that is three years,
five years, ten years, fifteen years, if you’re a
cab driver, if you’re a truck driver, if you’re in that kind
of transportation business, (claps) that world’s gonna be disrupted. So whether that’s five
or ten million people, they will be displaced,
there’s no doubt about it. Is it going to impact
the real estate world? The answer is, I hope so. I hope so, I hope that
eventually I can get to, “I need a three bedroom, two
bath home at the corner of “West 17th and Manhattan and
I wanna spend no more than “$7,000 a month on rent, and
I need it to be dog friendly.” And bam, it shows up. I hope that that becomes available. I hope that I hit a button,
and the whole thing pops up, and I can view it, maybe through Oculus or some kind of glass device. I want all that stuff. Will it be change, will it
be hard for some people, will some jobs be disrupted? One thousand percent, and just as equally, millions of new jobs then show up. That’s the way the world works. It’s like my buddy Steve Harney says. “Tom, the problem is it’s change.” It’s change, right, change
creates fear, fear creates doubt, doubt puts most people in a
state of paralysis, right? Where you do nothing, and when there is no action, you’re dead. So the deal is, guess
what, it’s all coming. But is it five years, ten
years, twenty years, who knows. My advice to you is, dig in
deep with your relationships. Dig in deep on your skills,
dig in deep on your marketing, and do the things that give
you power that you can control, and pay attention to
what’s happening with tech. Don’t go blind to it, pay
attention to it, but focus on the foundation of your business
and your success and your relationships first, and
then you’re always gonna win. All right, I love this question, I actually thought this was great. Sleepless in OC asks on YouTube, “Hey Tom, how do I sell a home really
quick for the best possible price without having
to hold an open house?” Well, Sleepless in OC, maybe
you should change your name to Wake Up in OC or Let’s
Do Open Houses in OC, because the reality is
my friends, open houses are not just a place where we market the property and try and find a buyer. All the stats show that maybe
one percent, one percent of the open houses actually
sell from somebody that just previewed the house in an open house. What it does give you though,
is the opportunity to go knock on twenty doors across the street. “Hi, I’m Tom, I just listed
the home, here’s the flyer, “here’s the information, here’s the price. “Love for you to come by.” Twenty to the right, twenty
to the left, twenty across. I think that’s like Tommy
Hopkins, from like a thousand… You remember Tommy Hopkins, like from a — Oh, I have such a Tommy
Hopkins story, I can’t tell it. My dad pushed him in our pool in Huntington Beach, California,
like I’m old school. I’ve been around for a
while, but classic moment. I remember it, I was like this big. So here’s the deal. I would challenge you
to say, you are doing a disservice not to just the client, but to yourself by not doing open houses. They’re just too wonderful
an opportunity for you to meet the neighbors, get
connected, have agents come through, get some feedback on
pricing, that kind of stuff. It’s a no-brainer, get rid of that stinkin’ thinkin’, and
do more open houses. All right, “Tom, what three
major pitfalls would you tell “new agents to avoid,” from
Harris Tran on Facebook. Harris, great question, I’ve
done a ton of videos on this. I’ll give you maybe three
things that maybe I haven’t said to you in the past or
something a little bit different. The first thing is, you
gotta have a mentor, right? An agent in your office
that you can turn to. “Tristan, help me with this.” “Richard, how do I structure
this deal, what do I say? “I’m crafting this email,
will you take a look at it? “I’m making a decision on my
CRM, can I get some feedback?” Having a mentor, someone
inside your office that you can turn to, could
be your manager, could be your broker, could just be a
senior agent inside the office, someone that’s been around the block. Cannot, cannot stress to
you how important that is. Number two, ready, if you think
you’re gonna make any money only working your sphere,
quit the business now. Quit the business now. You have got to be multi-faceted,
you cannot be myopic, come into this real estate
business, start calling your friends and saying,
“Hey I’m in the business, and “who do you know who
wants to buy and sell?” You’re gonna die with that strategy. There’s a reason why the
turnover’s so tremendous, right? A good broker today, a good
mentor today, is going to say to you, “Look kid,” and by the
way, you could be 60 and still a kid, “Look kid, you gotta
do some of this, you gotta do “some of this, you gotta do some of this, “you gotta do some of this,” right? You definitely want to work
your sphere, no doubt about it, but you wanna do some open
houses, you probably want to call expireds, you probably wanna
call For Sale By Owners. “Tom, I don’t like those.” It’s cool, ’cause they
don’t like you either, so don’t worry about it,
but here’s the dealio. They’ve already raised
their hand and said, “Hey, I’m thinking about selling,
and this is what I know.” When you can call a Zillow Make me Move, when you can call a For Sale by Owner, when you can call an
expired, and navigate through their unmet expectations,
let me say that to you again, when you can navigate through
their unmet expectations, “I tried to sell it, it didn’t work out.” “I was told the market’s
unbelievable, I wanna save on “the commission, I’m
selling it on my own.” “I actually took the time to
put all these photos on Zillow “and said, I’m thinking about
selling, Zillow make me move.” If you can navigate those things, you are more valuable to the
people in your sphere. You know what works,
you know what doesn’t. You know the mistakes to avoid. You become more of an
expert and a professional to help the people that you
know make those good decisions. Does that make sense? So that would be my
second piece of advice. The third thing is,
we’re in a skills market. Inventory, right, is it going up, is it going down, always a factor. Number two, demand, how
many people are coming into the marketplace that
wanna buy in all those price points, it’s all very different. And then the third part
is the cost of money. Well guess what, those three
factors, for my 30 years, have always been the sort
of overarching issues of why the real estate
market is moving or it’s not. Inventory, demand, and the cost of money. Cost of money’s going up. In many cases, the demand
is just steamrolling, it’s unbelievable in the
mid to low price points, how many people wanna buy right now. And then of course on the
higher end, maybe not so much. Maybe not so much, for all my friends that are paying attention. And then of course, the
third one is inventory. What’s available? You gotta know those three things. All three of those things
create, my friend, be very clear, a different set of marketing and skills. A different set of marketing and skills. To market a home in
this market versus say, 2013, when you just hit enter in the MLS and it was gone, you with me? Versus today, dependent
upon the price you’re in, you hit enter and you sit
and wait, and suddenly we’ve got time on market, and
suddenly we’re having price reduction or price
amendment conversations, which we should do a whole
show on that, by the way. It’s a different market,
requiring different skills, requiring different
abilities to market yourself. Especially right now, because
of the number of discount brokers, the number of
internet-based, tech-enabled service companies that are in our space, differentiation is a
major issue right now. And if you’re a brand new agent, it’s an even bigger issue for you. Why should I work with you
versus the umpteen-gazillion other agents in your marketplace? So I would be focusing on
those three things right now. I’d be on YouTube
searching for videos on it, I’d be having conversations
with my mentor, I’d be meeting with senior
agents inside the office, and talking about all these factors, getting on a plan, and getting to work. And then the last question, ready? Nick Hotmer, Hutmer, I’m
totally butchering that. Sorry Nick, on Facebook, he said, “It’s on what percentage of
your GCI, your gross commission “income, would you reinvest in
Facebook marketing, and would “you hire someone to do it
with a virtual assistant?” So I’m gonna talk about
the last part first. In a discussion with a few of my coaches, they have been analyzing
outsourced Facebook versus you doing it from your own IP, right? And guess what, from your own
IP, you get better response, more interaction, you show
up in the news feeds faster than some of these houses
that are doing it for you. Do your own research and check it out. Our research says it’s
always infinitely better from your own IP, from your
phone, from your laptop that’s associated with
that Facebook account, that Instagram account, et cetera. Do your research. In terms of investment, be really clear. Most of our clients are
between ten to fifteen percent of their projected gross revenues, right, their projected gross revenues
on all things marketing. Now that’s, swag, a business
card, a flyer, a brochure, their website, their Facebook
ads, their email marketing association, like it’s everything. I say for Facebook right now,
it’s really about two things. Brand awareness, and lead generation. So brand awareness, if I’m
putting out content, which you should be doing on Facebook
and Insta and Twitter and everything else, and I do
something, la la la la la, and it gets a really good response early, I’m gonna spend a few bones to boost it. We used to talk about
unicorns versus donkeys. Not all of your content’s gonna be great. So if it’s a donkey, don’t
spend any money there. But if it gets traction and
interaction and engagement, spend some money and boost
it to more people like that, that’s a good idea, I think
it’s about one percent. One of your ten to fifteen
towards all things Facebook for boosting, for promoting that content, as well as for advertising
for future sellers. Most of my clients will tell
you today, Facebook doing this advertising is the
ultimate degree of separation, it’s what makes them stand
out, it’s a big part of the differentiating factor for them. They’re working all these
different lead sources, but guess what, when people
are spending eight hours a day, 12, 15, 16 hours a day on
this device, and you’re consistently in the news
feed, bringing them value, not just promoting a listing, (snaps) That is a game-changer. So one percent, that would be my number. All right, ask yourself this question. I just went through all
this Q and A, what other questions do you have, whether
it’s on Facebook or Twitter, on my YouTube channel, let
us know because we wanna keep bringing you the value
that is really important to you. The questions or the
strategies that you need to grow your business, to
shave off the learning curve, and ultimately build it by design. So let me know, let me know, let me know. And if you share this
with a couple buddies, I’d always appreciate it. Thanks so much, I’ll look forward to seeing you in the comments. Remember always, your
strategy matters, and now more than ever, your ability to
execute, that’s what rules. See ya soon. Hey, it’s coach Tom Ferry. Have you been considering hiring a coach? If so, click the link below
and check out what we do.


25 Comments

Luis Navarro Realtor · June 26, 2018 at 12:42 pm

can you make a video on how to target investors and developers? how to find them, what are they looking for in a listing agent, what to say to them to convince them to hire you as their listing agent.

One Percent Realty · June 26, 2018 at 2:24 pm

Tom, in your opinion, with all the marketing, videos, social media posts, etc that we realtors do daily, is cold calling (just listed/sold) now ineffective? Is our time best spent on doing all the marketing and focusing our daily prospecting on fsbo's, expired's and PC/COI?

Shed Keeper · June 26, 2018 at 3:18 pm

Hey Tom. Looking for your favorite creative agents to follow on FB and Instagram. Would love some links or name spellings to search for. Thanks.

Brian Eliel · June 26, 2018 at 4:21 pm

Hot Sheets, Expireds Cancels, Previewing Property and documenting it! It's always these three!! Always post on your business page!

DoorDash Mike · June 26, 2018 at 8:17 pm

The second question about posting on your business page… I agree but nothing stopping you from sharing that post from your business page to your personal page.

Mariah Kristine Realtor · June 26, 2018 at 8:50 pm

I like the bobble head lol

K G · June 26, 2018 at 9:24 pm

Hi Tom, LOVE your content. I am a new agent and I have an opportunity to join the top agent at my brokerages team for a new residential construction. This is phase 3 of the project and we have 25 lots to sell. As a new agent where do I begin? I will host open houses and I am starting on my social accounts, but I need the Tom Ferry how to! Thank you in advance!

Kit Schroeder · June 26, 2018 at 9:44 pm

Christophe Cho is my fave!

Adam Brunelle · June 26, 2018 at 10:31 pm

How do I get a tom ferry bobble head ?

Nick Sakalis · June 27, 2018 at 1:30 am

Great outlook on how AI will affect the business, I can't agree more

Derek Jones of eXp Realty · June 28, 2018 at 2:40 am

What do you see as the brokerage model of the future; is everyone going virtual like eXp Realty or going the discount model like Purplebricks, Redfin, etc?

Kelli Cuccia · June 28, 2018 at 9:13 am

Tom, as a new agent, would you recommend creating a new Business Facebook/insta/twitter account versus using my current personal accounts for marketing?

The Brandow Group · July 3, 2018 at 5:23 pm

Hey Tom. Question for those in the Canadian market. We are not allowed to call expired listings or 95% of FSBO’s since they are listed as mere postings with brokerages. Any suggestions? Thanks!