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Lab Coat Agents Podcast

May 12, 2020

During this episode of the Lab Coat Agents Podcast, Tristan Ahumada, Nick Baldwin, and Eric Sachs of The Breakthrough Broker interview renowned real estate coach, Mike Ferry. Mike shares great advice on how to manage challenging times, gives insight on what to expect moving forward, and delivers actionable ideas on how to position yourself to win.

Episode Highlights: 

  • Should we expect a substantial decline in the amount of business being done if this continues for a longer period of time?
  • Mike doesn't think it will continue for a very long time. Worst case, we're going to do four million transactions this year in the U.S. That's eight million commission checks.
  • If you're not prepared and don't have great skills, you will have a problem.
  • Mike is concerned for agents who started after 2012 who haven’t been through something like this.
  • Today, agents need to expand their empathy.
  • 98% of the agents have stopped working. This is a huge advantage for agents that are working.
  • What type of schedule should someone be following while they're home right now to continue to stay productive?
  • Take an hour and fifteen minutes three times per day.
  • There's a minimum you should be working every single day.
  • Does Mike anticipate that prices will drop as this crisis continues and gets resolved?
  • The lack of inventory is what stabilizes prices and we have a lack of inventory in most of the nation today. This is the advantage to now vs. 2008.
  • The focus should be on listing property more than ever before.
  • What would you say to a realtor when they're dealing with a client who has said they want to wait it out right now?
  • The public has a built-in series of excuses.
  • People will go to the agent they've been communicating with.
  • Nick suggests letting people know what the market is doing while not focusing on the virus.
  • What do you think virtual appointments mean for the long run?
  • Mike believes 50% of all transactions will become virtual because it speeds up the process.
  • Technology offers efficiency to buyers and sellers.
  • Practice your scripts and dialogues virtually with other agents.
  • How do you build rapport when you're meeting people virtually?
  • 50% of sellers want rapport. 50% want the job done quickly. The pre-qualifying process will tell you which direction to go in.
  • Who should we be prospecting to and talking to during social distancing?
  • Call anybody today because people are sitting in their homes by themselves.
  • If you can't make cold calls due to tight restrictions, make care calls.
  • Rule #1 for any realtor is always to follow the law, period.
  • What should we do now about our 2020 goals?
  • For May, June, and July make a one-month business plan for each month. Focus on the thirty day period that you have control of.
  • Raise your standards for yourself.
  • How does the world economy compare to what he has seen in the past?
  • In Mike's opinion, the worst moment in American history was 9/11. From 2007-2012 we made it through the worst real estate recession in history. Americans are resilient and we’re going to make it through this.
  • What do you do to keep your mindset so strong and cut out the negativity and fear?
  • Earl Nightingale beat into his head the importance of being positive.
  • Mike speaks on how he limits his media consumption. 
  • He recommends taking a fifteen-minute mindset break twice daily.
  • What is Mike reading right now and what should agents consume now?
  • Mike has read 10,000 books in the last fifty years.

3 Key Points:

  1. Many agents have stopped working. Those who are still working on their business will have a huge advantage going forward. 
  2. Take advantage of this opportunity to learn how to use technology. It will offer you greater convenience and efficiency. 
  3. Get on the phone. Your clients want somebody to talk to right now and people will do business with the agent they’ve been communicating with. 

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