Here are out notes, hope you find them helpful. What was the main point you got out of the event? Email me and let me know, or comment below.
Day 1 Part 1
Customer Service / Past Client System Overview
Until you understand the value of your past clients you wont list in high volume
Why not more in the Mike Ferry system? Because you have to work hard
most important asset is past client database
if you will be in business 5 yrs, grind . 5-6 days 10hrs., or work half the time using his program
This program is designed for coaching clients, Mike Ferry EMG (Executive Management Group) companies, past clients, and those sent here by their manager.
Mike Ferry Beliefs:
1. Service first service second service third
how do i define good service
It is impossible to offer great service without great skills, understanding behavior, communications.
to have longevity you have to provide the highest level of service
2. We become what we think however thinking without action accomplishes nothing.
3. We need both quality and quantity to be successful
4. More is always better, more customers, income, knowledge.
not better: negative thinking, upset customers
perfect service results in positive feedback and improved mental attitude
5. We are in the people and image business
you have to always act and be seen as a success. Its now how you see yourself, its how the day world sees you
6. Upgrade everything, clothes, handshake,
Benefits of developing customers for life:
1 less time doing prospecting in the future
2 more calls coming to you rather than calling clients
3. less energy being spent every day, more time to get contracts signed
4. A better quality of life for yourself, because less stress
5. Easier presentations, easier closing for signature, less objections
6, more control of your day to day business
there is no neutral on attitude, either you like or you do not these beliefs
Day 1 Part 2 (AM)
Blinding flash of the obvious:
Generally speaking, everyone knows 150 people. Most have 150-750 people, the starting point to building your business.
Total current database: at least 150
Learn, understand, and execute the 10% rule
10% will give you business annually, minimum
A. Organize the list
B. Delete some
C. Create a plan to contact them
D. Contact 8 times a year
E. If they don’t respond, delete them
Look carefully at who is in the database
Should every past client stay in your database?
How often do competitors get paid for my mistakes
Who goes in?
Friends, family, neighbors vendors, past clients
Remove those you know you wont call
Why will we not go back and look at those names?
3 types of agents in the room:
A. Agents who not prospect, follow schedule, or follow mf or broke, 5-10 deals a year, will be out of the business unless they change
B. Prospect nonstop, rarely call Past Clients/Center of Influence (PC/COI), working way too hard. Don’t believe in themselves or their service,
C. 60-70 from their database, but now growth because they don’t move outside their comfort zone.
The ideals gets 35% from their database, should be adding to their database every year by prospecting.
If i am going to build a business of 50 deals a year, and 15 from pc/coi,
A. Empathy, an intimate connection with feeling for the customer, I will work every day to understand their needs better than the competition. You just cannot let your connection to the paycheck get in the way.
B. Focus, in order to a great job, we have to eliminate distractions. Clean all the crap off your desk.
C. Image, people judge a book by its cover, the signals we send, our communication.
Consider re-potting yourself.
Deciding what not to do may be as important as what to do
1 playing on computer,
2 Giving up on deal,
3 Quitting on seller to get price reduced.
Each of us will decide to use some or more of these ideas, it is our choice. The key to developing customers for life is determining your personal motivation in relationship to your business, how much business you want to do, how you want to live your life financially, how much you want to earn, and how big you want your business to be.
Since motivation is key to building a personal relationship, spending time understanding my clients and building my skills will improve my service and improve the relationship with my clients.
PM Part 1
1. On a scale of 1-10, how would my customers rate my service?
2. How would I rate it?
3. If Mike Ferry watched me, how would he rate me?
Why does most of my database NOT give me business?
$5,000 avg comm
$1,000,000 gross commission annually
Write down number in pc/coi
Write number of deals from that group
If I really went after this group, how many more could I get from this group?
Quality of service
Options to provide service
1. Work hard,
2. Outwit the competition, or
3. Provide a higher level of service.
To create great value in the eyes of the customer, have to have great service, and have to present well.
Create 2 documents for yourself:
1. 12-15 point sales plan for every listing you take,
2. Sales process and plan for a buyer, this is the proces, what to expect
Either you are commit ed or you are not. Easy to be committed here in the seminar, hard back in the office. We have to define the level and quality of our service
Key words in commitment:
Skills, without, difficult to define your service
Doing what it takes to satisfy their needs (within legal, moral, and ethical limits)
Service can be defined in 100 ways:
A seller defines service as getting the home sold.
Step one is pre-qualifying the seller
The stronger we are as salespeople, the better service we offer.
The strongest response from my client comes when I am stronger.
Do the math chart, put all over the place, office, car, home
300 in database
30 closed deals as a result
5,000 avg check
150,000 gross commission
The key to great customer service is being consistent with the service.
The customer sees you as a professional from the beginning through the closing.
Are you consistent with the level of service you offer at every level of service?
MMFI; Make Me Feel Important
From Earl Nightingale
Look at every prospect, client, with four letters stamped on their forehead.
One of the hardest parts in developing relationships. No matter how hard you work, if they don’t feel important it does not matter.
How do you make people feel important?
Ask lots of questions about them.
PM Part 2
Mike Ferry Organization has nonstop communication with clients, what if we did that? Think about how good a communicator I am, think about how I can improve. Impossible to have great service without great communication. Don’t limit the possibilities. Am i willing to do what it takes.
Steps to be taken in all conversations:
Bring some value in the conversation, can me market info, can be personal info;
Always have 3 or 4 questions to ask before you make your first call.
Create 15-20 questions you can ask when you call past clients and centers of influence.
Mike Ferry Coaching Programs Overview:
1. Intro coaching
Weekly call with coach
50% off all products, Action Workshop, Sales Talks, Superstar Retreat, Productivity School,
2. One on One Coaching, 650 a month, 6 months
Weekly 30 min call
1 on1 sales kit
Weekly skill building email
Weekly motivational voice mail
50% off Prospecting School
1 free retreat
Access to MFO referral network
50% off all products
3. Premier One on One Coaching
current program called One on One
Mike Ferry One on One Day 2 part 1
The days of doing nothing proactive and making a living in real estate are over. Example is Kodak, who declared bankruptcy because they could not adapt to change.
You can do deal today wrong, but you wont get the future business. Therefore, we have to look at how we present ourselves. Those who present themselves the paid get paid the most. Becoming an expert in how you present yourself is how to get paid the most money.
Video of George Carlin, shows power of presentation,
Are you willing to pay the price to be that person?
The money is in direct proportion to the service we give other people, which means if you are in financial stress it means either:
A. You need to control your spending, or
B. Your service is not of sufficient value.
The reason most won’t do what Mike says: EGO
Developing more business from Past Clients and Centers of Influence:
1. We must speak to all sellers we have listed once a week minimum; number one complaint from public is lack of communication. This alone solves a multitude of problems, and is never good when they call us. When we call, we control the conversation. Shows them we know how to communicate.
2. Start asking the moment you take a listing or start working with a buyer. You are grooming them to become a past client.
3. Since you’re always going to be calling them with good news, always ask for referrals when there is good news.
4. Always adopt the buyer on your listings that sell.
5. Price your listing to sell when you list it, this reduces the need for price reductions.
6. Future pace them on everything, let them know what to expect. This is how they to appreciate working with you. What you will do after it closes. People can deal with reality, but they don’t like surprises.
7. Focus on the word integrity. Always be honest and ethical, never do anything to cast dohbt on you.
8. Focus on having a winning attitude. Don’t be the center of negative information for your clients.
9. Focus on exceeding the clients expectations to develop the long-term relationships.
10. Focus on your listening skills. I want to get the highest return on my effort. Focus on what they are saying, not on what you will say next.
11. Under-promise and Over-deliver
12. Focus on the word loyalty, be as loyal to them as you want them to be loyal to you. Do what you say you will do when you say you will do it.
Mike Ferry One on One Day 2 part 2
Are you oozing “commission breath”?
Our objective is to become the family realtor for 200 families. We have to get out of the one nigt stand philosophy. Do I want the commission now or the client for life. When I don’t prospect, I am afraid. When on a listing presentation am I there for my mortgage payment or to help them.
Empathy, comes from:
1. Practice being interested, we are typically interested in only some, we have to broaden our possibilities.
2. Be in agreement with people. Acceptance is the most valued human experience. The most they feel you get them the closer you will be.
What if my presence became a gift to other people?
Reciprocity; you don’t give a gift, you become a gift. The greatest gift is to see people, apprciate them, accept them, put aside your judgement
When in Rome, do as Romans do, acceptance is a powerful force. Common behaviors create familiar expectations, which turns into comfort, leads to trust, and ultimately respect. Human beings are a pattern recognition being. Consider how hard it is to change you, then see how hard it is for others to work with you. Everyone secretly believes that they are right.
Most practical form of acceptance is mirroring and matching. You create advocates by honoring them.
1. Talk the way they talk. The easiest way to agitate people is to be myself.
2. Use the words they use.
3. Move the way they move. Use a delay in your movement. Only gesture when you are speaking.
Honor, appreciate, understand, and accept
True communication occurs when you give yourself up.
There are no jerks in the world until you show up.
Adopt people’s emotions. Positivity is an important interpersonal skill, and terrible for communication. Most people think positive people are stupid. What you resist will persist, what you accept will transform.
Let them be motivated by their motivation, towards pleasure or away from pain.
What’s important about moving? They will point either towards or away. Just asking about proceeds is lazy, find their true motivation.
Do they look to themselves or other to make a decision?
Magic key to a know it all, “I don’t have to tell you…” or “you already know this….”
Internal people take commands as suggestions.
External takes suggestion as a command.
“We cannot change anything until we accept it. We cannot change anything until we accept it. Condemnation does not liberate, it oppresses.”
Mike Ferry One on One
Day 2 afternoon
System for Customer Service from a Top Producer, over 100 deals
A. Once you set the appointment, talk to them at least twice before the appointment
B. Talk to them once a week during the listing,
C. Talk once a week during escrow, and ask for referrals,
D. Call on the day the closing, call 3 days later, call 3 weeks later, and call once month for A clients or once a quarter for B clients
People don’t care enough about you until you care about them.
Multiply the suspension of your database
Four thoughts on what to say:
1. Always call with one item of value, Market stats
2. Once a quarter, provide all clients with market stats
3. Once closing has taken place, get 10-20 friends you can mail just moved card for them.
4. Consider explaining the market stats in positive way.
The business we are in does explain how long it takes to be successful.
Once we stop looking for the magic pill,we can accept…
1. Be patient, its going to take time for them to change their perception of you,
2. Stop being so egotistical
3. When talking to your database, try talking about real estate. Be an expert on the market, stats, rates……
4. Our success in real estate is in direct proportion to the people we know, so we need to increase the value of communication.
5. When we discover someone we know listed with someone else, DON’T GET MAD IT’S YOUR FAULT, because we did not do our job. Talking to them, not Facebook, text, Twitter, etc. Have we earned the right to their business?
Asked 15 agents closing over 100 deals and 40 from pc/coi :
1. Divide the client list into A or B, and decide the 12 topics you will discuss at the beginning of the year.
2. Be sure to let all of y our,clients know of all of your services: buys, sellers, lenders, attorney,
3. Knock on their door once a year to see them face to face, while door knocking
4. As you talk to them about the market, always tell the truth
5. It’s easier to find new material for your existing clients than it is to find new clients.
6. Your “A” clients, get to know their real estate plan in real estate.
7. I simply work on improving the quality of my service every day.
8. The crazier the economy becomes, the stronger our communication has to be.
Day 2 afternoon part 2
1. Mindset, key is the strength of it
2. Track of your numbers, if you track what you do every day, you will see what you are doing. Average client is 50pct listing appt to listing, after 12 months is at 70pct.
3. Customer Service
4. Past clients and Centers of Influence; goal should be 25% per year with 35% PC/COI
5. Administration of the deal
6. Administration and staffing
7. Business Planning
9. Goal setting and motivation
10. Asking questions and listening
Top Producer Panel
Donna, Calgary, Alberta
Did the math, needs to improve past client
Phil, 26 deals, 28 years in the business
Valerie Cara, Flagstaff, AZ
Needs to do what Mike says
Wendy, Melbourne FL,
Blind faith in MFO system, creates confidence
Has to get consistent with prospecting
Mike Ferry One on One Day 3 part 1
Hardest part of what we do is changing behaviors.
You can make enough money to be by, not enough to live well.
Key words, continued
11. The use of technology. It is either overused or underused.
12. Time management. Maximize the use of your time.
13. Prospecting. Blah blah blah.
14. Lead followup, more business lost here than elsewhere in the business.
16. Showing property, a defined skill.
17. Listing presentation. Hardest part is taking the time to learn the r outine.
18. Pricing property.
19. Handling objections, they never change.
20. Closing, the easiest part because it is a natural ending to a great presentation.
21. Negotiating, simply bringing the two parties together.
22. Personality styles.
23. Versatility, the ability to adapt. You have to quit being right all the time.
24. Using common sense.
25. Accepting change.
26. Managing your emotions.
27. Health and fitness.
28. Professional image. Upgrade.
29. Sense of humor, fastest way to relieve stress, emotions
30. Coach-ability, on a scale of one to ten how coach-able are you?
70% action, 30% listening. Are you listening and taking action?
6 years, 2 years in coaching
Recommend 20% increase
Are you willing to re-pot yourself
AM Part 2
Create satellite databases, for clients that move out of the area.
Good agents should be in a database for you
Success: the PROGRESSIVE realization of a WORTHWHILE goal or objective.
Year 1 is learning
Year 2 is earning.
Key to definition is we have to have a worthwhile goal in front of us at all times.
move to action. Money alone is not enough.
Real estate is basically a simple business, just not easy.
Most people don’t have a specific goal and thus are unable to do what they are supposed.
What is my level of motivation.
People who are highly motivated pick up on the motivation of others
the disease of the human spirit.
The average agent has leaned to live on nothing and be OK with it’s we’ve gone backwards.
Income producing activities
75-25 time split
75% of day on income producing activities
25% of day on non-income producing activities
We get too caught up in the rejection. My primary job’is’to’get rejected.
My job is to find the small percentage of people who want to do something.
5% of people will set goals and achieve, others won’t and will be angry.
Every agents has to become best friends with SAM:
(1) Read more books, anything, it exercises the mind. Should 3-4 books at all times. 90% of American public never reads a book after high school.
(2) Go to more seminars, you’ll be around positive people
(3) Do people reading, ask them questions
(4) Mike Ferry TV
Mike Ferry One on One Day 3 part 3 conclusion
Concluding thoughts on Past Client Marketing
1. 3 Choices on how to approach
A. Wait for them to call me with referrals, or
B. Buy, we can buy them with gimmicks, or
C. I can earn it with great service and follow-up forever.
2. I apologize
Start call with after being out’of’touch
3. Weed it out quickly
4. 3rd party endorsements
Sends out a list of sales with a one sentence endorsement
5. Without drama
Most important thing I try to accomplish is to show I am a professional and don’t get caught in the drama.
6. Customer appreciation event
7. Set expectations
Set from the first appointment that I want all the future business, I will call every 90 days for referrals
8. My top 50 clients have access all the time
They know it and don’t abuse’it
9. Starts in the first moment
Review the process in the first meeting
10. Since most clients have lost 30 pct or more, we send them comps to expedite re-assessment
11. Divides list as follows:
A. Top 100 VIP list, count on each year for a referral, they get called once a month
B. Double A clients, call every 60 days
C. Single A clients, call every 90 days
D. B clients, every 6 months
All get monthly report and video blog
1. Clean up database, 25% purge
2. Plan next 6 months
3. Plan what you are going to bring of value
4. Whatever you do with your database, don’t stop prospecting