We had several special guests join us for this year’s Redwood Rally, but an extra-special treat was a coaching session from none other than top real estate coach Tom Ferry, who joined us as part of C21 Redwood's exclusive partnership with the Tom Ferry Organization.
Regaling our CENTURY 21 Redwood Realty agents with real-life examples of exceptional clients he works with who put the principles he preaches into practice every day (with extraordinary results, no less), Tom challenged our agents and left us with some tips and tasks to immediately start implementing in our real estate businesses.
Three Questions for Your Business
Tom started by saying there are three questions you should approach your business with, especially when considering new technology and marketing:
- What should I do now?
- Is there something new I should lean into?
- What should I be thinking about next?
These will help you determine the current and future direction of your business while always moving yourself forward.
Do you want to sell 13 homes or 1,000?
Next, Tom identified the biggest difference between agents who sell 13 homes a year or 1000 homes a year. Do you know what it is?
The answer: Ambition.
His next question is something that had CENTURY 21 Redwood agents immediately thinking out loud:
Are you ambitious about anything right now?
As Tom notes, “The only thing stopping you right now is your ambition.”
Here’s a thought. Tom points out that $78-86 billion in commission is being paid every year. Now, here’s what Tom asked our agents, and what you need to ask yourself:
What percentage of that are you making right now?
Let’s look forward to 2020.
What does your ideal business look like in 2020? Are you working 7 days a week or 6? Three years from now, how much are you earning?
Having those goals set in your head gives you something to aim for as well as something measurable, so you know whether what you’re doing is actually working.
Tom quoted the essence from every single one of Jeff Bezos’ (head of Amazon) letters to his shareholders: “Make it as easy and beautiful as possible for people to do the transactions, and eliminate the pain points.” Does your business do that right now? Does the company you currently work for help?
Because, Tom points out, “What if Amazon got into real estate tomorrow? What if Tesla got into real estate tomorrow?” Would you be ready to compete?
Addressing Industry Changes
Some of the ways to address these changes and transitions happening within the real estate industry and with client expectations include changing the way you think about those changes. Tom asked, “What in your psychology needs to change to be ready for it [these changes]?” He continued on to say that the one of the biggest questions you should ask yourself is, “How much time am I allocating to test and discover?” (Some of the websites Tom recommends exploring on a regular basis include Techmeme and TechCrunch.)
Using Video Effectively
Tom then covered one of the biggest marketing tools you can use right now: video.
He said there are usually three things that stop us from putting ourselves out there in our marketing, including video:
- The addiction to the opinions of others.
- The addiction to the past, i.e. keeping things the same.
- The addiction to worry.
For the first instance, you shouldn’t be competing against anyone else. You should only try to be the best you that you can be, and the only person you should be competing against is yourself.
As for the second, it ultimately doesn’t matter what you think or want. It matters what the client wants. So, if you’re trying to push your old ways of thinking on your clients and customers, it simply won’t work.
Finally, as to worry, you have to ask yourself three questions, but make sure you don’t get stuck on the first one: What is the worst case scenario? What is the most likely scenario? What is the best case scenario?
Tom then touched on team models and which team model to focus on having. Although he pointed out that, ideally, a family model is the best because everyone is invested and it ensures the longevity of the business, whatever team model you choose, you should always have an operator and start small. When deciding if you want to be in a team scenario, ask yourself which makes you happier: selling 10 homes a year, or selling 10 homes a day. Finally, look at choosing a team structure as creating an infrastructure around you that supports the client experience you want for your customers and gives you your life back.
How do people choose their real estate agents?
Toward the end, Tom shared some statistics from his contacts at Google.
- 49% of people choose their real estate agent based on TRUST.
- 15% based on experience.
- 11.8% based on referrals.
(Source, all: Google)
Are you investing your current marketing dollar and focusing your marketing with those percentages in mind? Is your top priority at the moment building trust with others and sharing that others already trust you?
Tom wrapped up his keynote by talking about social media platforms and features that agents should be using. Video, especially Facebook Live. Facebook, especially Facebook Ads. Instagram, especially Instagram Stories. YouTube. LinkedIn. Twitter. Google. Email.
His final gem? Know that the only point of marketing is forever and always creating appointments. Say to yourself, “Everything we do will either generate an appointment, or we won’t do it.”
Tom also shared some specific tips for our CENTURY 21 Redwood agents to stand out from the competition and spent time mingling and answering agent questions after his speech. It was a truly exciting and unique experience. Doesn't it make you wish you at this year’s Redwood Rally? Tom Ferry’s appearance was a fantastic way to kick off the year of coaching and training we’ll have from him for our managers and our agents. It’s not too late to join in on the fun!
Find out how here: