Real Estate Coaching

Real Estate Agent Coaching Session

Today I’m speaking directly to agents that are less than 5 years in the business, who have the desire to become exceptional. So, if you’re reading this right now and your desire is to take your business from two or five or seven transactions, and get to 87 transactions, 66 transactions, did I say that right? This is what this article is all about. So, let’s just start by just some introductions. Tell them who you are, where you’re from, how many homes you sell, and how long in the business. Nicole Smith, Smith Team from San Diego, California North County and Last year we sold 63. This year, we’re on target for 100. Congratulations. Six years in the business? Yes. Unbelievable. Ralph Long lives in Atlanta, Georgia. I have a team in Atlanta, and I have an expansion team in Jacksonville, Florida. We are completing our fourth year, and we’re on track to do 120 transactions this year, and are smiling and having fun.

Alright, so now, as you’re reading this I don’t want you to get overwhelmed. I asked these two, specifically, to be a part of this article to talk about the tactics. So, whether you’re reading, you could be 20 years in the business and looking for a little reset. Or, you’re just coming into the real estate industry you’re four or five years in. How do we really do it right? So I want to just start with if you were starting over today knowing what you know now, what would you have done differently. Either one of you. I think for me I hired a coach very quickly when we got into the process which I believe was probably one of the greatest decisions that I made. I didn’t even know the magnitude of the decision at that point. But looking back, I would have stayed very consistent.  Consistent with what? My coach and I, we really came up with, basically, pillars and business plans of where our leads were gonna come from. But when and I think a new agent can probably relate to this, when you don’t see results in 90 days you run this way, and then you try to run this way. I tried this and I tried that, Absolutely. And I tried this. So, to answer that question, looking back, I would have stayed extremely consistent for a minimum of nine months, maybe a year. On levers that we said, whether you’re buying leads, whether it’s for sale by owners, whether it’s expires. Whatever you’re getting your business from in the plan, your past clients, open houses. Stay consistent.

Knocking on doors. Yeah, I don’t care if you’re freaking out. Stay consistent, because it’ll work.  This article could stop right there if everyone just did that. Think about it, in the number of people I talked to, I tried this and it didn’t work. I knocked on doors once. I tried an open house no one showed up. Oh no, you’ve gotta do it 30, 40, 50, 60, 80 times. Instant gratification society. And then you start to get some data. So Nicole what would you say? Looking back six years ago which was like yesterday. Well, I did the same I joined coaching really quickly which had a profound impact mostly financially. ‘Cause we didn’t have any money. We had no money then. Okay, speak to that. Well, it’s really a super expensive business and if you have no money you have to be very creative. So at my first summit when I was there and you still do this and it still matters. You were like here’s your first commission check. This amount goes here, this amount goes here, this amount goes there. And when you have savings and you manage your money correctly you can make different business decisions. You don’t have commission breath, you’re not panicked it like drives so many things when you have money in the bank. You can make better decisions than huh! I have to close this deal, so that and also organizing your database I would have gotten an accountant a lot sooner. I would have had a bank account a lot sooner, I would have had a credit card a lot sooner all for the business. Like business accounts. Yes. Yes. That would have separated it. I didn’t separate it from all my business stuff for about 18 months and that was a mistake. Let me intervene on both of you really fast. I think the vast majority of people that get into real estate business think they’re getting into selling houses. Yes. As if it was like I sell cell phones and I sell houses, right? People that sell cell phones aren’t running a business. They’re a salesperson, you walk in and you say I want that phone. Punch in punch out.

Talk about starting a business. Like, share with them what does it mean to business. What should they be focusing on if they’re reading this if they’re not incorporated as an example? What should they do? Well, you have to have a business plan which I was lucky enough to have both you and my sales manager asked me to do and when you’re an entrepreneur you look at the world differently. You wake up and you know you’re unemployed every day and you have to go find business. That is very different than I’m gonna go sell. So I don’t know if that helps but. Yes so starting with the business plan which you got hit kinda two different ways. And you’re an entrepreneur, if you don’t kill you don’t eat. So running a business, starting from the beginning. I think one of the biggest things that happen to me is I was introduced to the network of people and one of my favorite sayings says if you sit with winners the conversation different. And so from the very beginning, I very intentionally sought out the help of people that had been in the business 15 years, had reinvented themselves. Fallen, gone down or whatever and I just gleaned knowledge and said how do you do this. How do you do that and how do you do this. And in this space, I mean real estate agents we all like to share, we like to talk. We like to go back and forth and the value of that allowed me to basically wrap my head around that my business is not a hobby. This is not a hobby, I mean yeah I can go sell houses. You can go sell three or four houses and five houses, that can be a hobby, that’s a cool hobby. But if you actually want a business, you actually want something you can transfer to your family or change your family tree or have something you feel passionate about. It’s gonna have to be business, so what is a business, it takes time, it takes a plan. But I believe mentors are huge and it changed my world.  Having the exposure right. And anyone, any new agent could literally plug into any ecosystem, yours mainly. And just say hey, you’ve sold 372 houses can I just come to buy you coffee for two hours and I’ll wash your car. Tell me how you did it. But what if they say no? Then go pick the next one. Thank you very much. ‘Cause we all share.  Right ’cause so many of us we get stuck in the no and I’m like well that’s what’s gonna kill you in every area of your business. If you get the no and you stop. Why wait five years to make a mistake. Exactly, exactly. Learn from the beginning.

Mindset, accountability, all that stuff is just gigantic being a business owner. And you have to talk with other business owners and study success and fill your mind, right. With all of how to handle no. So let’s talk about a daily schedule. Let’s get really granule, so it’s year one in real estate. And how many homes did you sell year one? 61. Okay so 61 and we kinda talk about it, I know it drives you nuts, I know. Now you gotta remember It was crazy. He also came from running a business and he was used to a certain lifestyle which we can talk about in a minute. That’s correct. So Nicole how many homes did you sell year one? Five. Five, this is perfect, right perfect. It is. How did do in year two? 15. 15 I think that would be called three x. What did you do the next year? 36. Hello, that’s called exponential growth. There it is that’s the growth.

So let’s talk about maybe at 15 transactions and 36 transactions what did your schedule look like and what did your schedule look like year one? Let’s go ladies first, can you process that real quick? Year one, I don’t think year one is anything we would want to replicate. No, so let’s talk about it. Yeah, let’s talk about what we did in 15 transactions and 36? Yeah well I mean you have a schedule, you’re running a business, you show up, you get up. I am an athlete so I get up, I exercise. I fill my mind with something positive, even if it’s just reading for five minutes. Write everything I’m grateful for, send it to my real estate coach. And just that act alone, honestly like I can track on the dates on my gratitude journal when I’m not doing it and what happens with my business. So that’s a huge thing for me and then showing up, prospecting for an hour, doing all of the things that drive business to you first. Okay, you just talked about, morning routine and prospecting. She did it all. Yeah I mean if everyone reading just shut it off and just said I’m gonna do that for the rest of my life. They would retire from real estate, they would be just fine. So break it down for me, who were you prospecting? My sphere initially because that’s all I had. ‘Cause I didn’t have past clients or they had just bought their house. All five of them. Yeah all five of them, so database also Facebook groups. I was running a smaller business but I was really influential inside Facebook groups and that really helped me, so social media was huge. Just being of service, servants heart. So talk to us about what you said to people in year two and year three, I mean in your sphere. Right and you call me, we have contacts, kids, life, whatever, you’re an athlete, I’m an athlete. Ring, ring, ring, hello? Hey Tom, how are you doing? Is this Nicole? This is Nicole Smith. Oh my god Nicole, how are you? I’m great, how are you? I’m doing outstanding, what’s going on? Well, I don’t know if you’ve been seeing online. I know we’re friends on Facebook and I’ve made a big change for my family and I started a real estate company. And we’re selling real estate now, I just wanted to be sure you were aware of that. Congratulations! Thank you very much. Okay so I gotta be honest, is everyone in San Diego now in real estate? Well, it wasn’t then but maybe. But you know me, we’ve had a good history together. You know that everything I go after, I go after 1000% and I just want to be your trusted advisor in real estate. I’ve invested a lot of time, energy, and money and coached by one of the top coaching company in the world for real estate. Such a powerful note there. And I’m exposed to all kinds of information that could be of great use to you whether you want to refinance your home, or you’re looking into a renovation loan. I meet and see clients every single day and if you’re thinking about doing a kitchen remodel you call and talk to a real estate agent before you do that. I gotta stop, if you’re reading this right now. If that was in year two and she’s coming out of the gate. You can hear her passion, you can hear her confidence. And obviously you’ve been doing this now for an illustrious six years but when you say those kinds of things it fires up the person on the other end. What were some of the objections you got early? Okay thanks. Yeah, ’cause they don’t know you, right because they don’t have a need at this time. They’re not rejecting you they just don’t need your service at this time. How did that “rejection” make you feel? Well then I felt very rejected and I felt it was personal and my coach would say to me, “What are you hallucinating now Nicole?

And now I know, I have a lot to offer. I am going inside homes every single day. I like that passion! Yeah, yeah, yeah. I help people make decisions every single day. You can make a really big, wrong expensive turn. Yes. In a lot of different things. Whether you’re buying a new home construction without the consults of a real estate agent. Doing upgrades, whatever you’re doing, getting a loan. And it would be really unwise not to speak with someone that’s in that industry every day. If I wanted to go learn how to rock climb, I wouldn’t try to go do it on my own. Yeah, you’re not gonna cut your own hair. No. So I think again if you’re reading this right now, both Ralph and I are sitting here and we’re going yeah, right. That’s good energy absolutely. See when you’re new to the business, if you come across like a new agent, it’s okay. You just won’t be an agent for long. Right, you have to have a swagger, a bravado, a confidence. You know how to say it. 61 transactions what did your schedule look like? The schedule definitely has a morning routine. That’s probably very cliche sounding. It is but it’s okay, so for the ones that don’t understand it, what does it mean? I believe if you win the morning you win the day. And I didn’t know that at the beginning but I absolutely mathematically saw that play out. That if I won the morning, if I had a morning routine. I mean I don’t think a morning routine has to be specific to anybody. No. I mean some people like to read, some people like to jump up and down, some people like to swim but your intentionally saying I’m gonna win the morning. And you’re intentionally saying I’m not gonna do morning appointments and I’m not gonna be a desperate real estate agent. I’m gonna control my life and I’m gonna control my schedule. But one thing my coach said in the beginning which is really interesting and I probably thought about this more than any. We sat down and he said, “Design the business based upon what you’re best at.”

And so yeah new agents reading this there’s a plethora of different kinds of people that are going to enter this space. And so yeah we sold 61 houses our first year but that was a very calculated plan. Like we really knew how to get there. You knew who you were going after, what you had to say, what you had to send. And then golden thing and I think anyone reading this, when you design your business plan and you say this is what I’m gonna do, this is how long it’s gonna take to get there. What changed my business is I knew my daily number. It completely changed my business. So what’s a daily number, I knew that a certain conversation would lead to a contract, I know a certain contract would lead to a certain closing. And mathematically would repeat to my goal. And that’s really simple totally mathematical. Totally basic, that’s a business plan. Yeah so you drill back to your daily number and I don’t care if you’re one day in the business or a hundred years in the business. I think that principle remains of knowing that number because then it’s just math. We have clients today that, I was just with Tom Poole. Every 17 conversations I have a closing and you go to the person next to him every 63 conversation I get a closing. You made very calculated decisions in terms of who you were going to go after. Absolutely. Nicole was calling her sphere and working those relationships what did you do? When we set up the business plan, in order to do the amount I wanted to do we knew we had to at least have four pillars. We’d have four income sources. So we picked expires, we picked for sale by owner, open houses and I didn’t have a sphere which was really weird because I was in a brand new market. So I was going cold turkey which arguably I think taught me a really interesting skill of being able to have some really ugly rejections. Yes. But knowing. Yeah, think about no sphere. Yeah no sphere but knowing that we needed at least four pillars and so take that understanding and then compare it to someone that gets in the business and just wets the finger and say I’m gonna sell a house. Take that scenario which is that, that’s two worlds. 100% And that’s like two trajectories.

Okay so let’s talk, so you had very specific. I mean you demonstrated your skills. It’s clear if you’re gonna go expires and for sale by owners and open houses as an example. Those are very specific skills, how do the two of you develop the skill and then I would talk specifically about the listing presentation as well but skill. How did you develop these skills? Role-playing. Practice and role-playing. But no one likes to do that. I got into real estate because I want freedom. That’s a recorded people. You have to role-play. Yeah. You have too. I don’t have to role play, to talk to them. What happens is you practice on your customers. Bingo. That’s what happens is you role play on the people that you so desperately need a transaction from. You role-play on them so back off that. That’s expensive. It’s the worst that you can do. Roleplay with people that are willing to say, hey that was terrible, you said that terrible. ‘Cause what does pipe say 96% or 94% is how you say it. The way you move your body What’s your energy? And your tonality. Versus the word seven percent. Correct, so drilling that back down that’s a business plan and that’s a key piece of it. So how much starting at the beginning, how much did, they can download scripts from my site from a myriad of just go to Google and type real estate scripts something will show up, I don’t care. How much time did you spend practicing? How much time did you spend practicing in the beginning and maybe today? I didn’t spend as much time as I should have in the beginning and I still don’t. If I’m gonna be 100% honest and just listening to him and I wasn’t as strategic, I had little kids, I didn’t have any money, I mean there was a lot of other barriers but I could have sold a lot more. And I still could sell a lot more if I spent more time on that and it is totally my cross to bear. I’ll be just a hundred percent honest, but I do listen when I hear people. Where I’m like ugh, it’s like a verbal ninja moves, then I record it and I listen to it. I’m just somebody if I had an outline, you have to have your objections and then your train of thought basically that’s gonna split off of that. So if it’s this objection, this objection, this objection or this objection. How am I gonna handle it based on the personality in front of me? Bingo. That sounds pretty calculated. Well, it is but I’m like 10% honestly. I’m upping my game this year. So role-playing and listen we live in a world today where the vast majority of people are going to relate to what you just said. And they’re gonna look at Ralph and go ah, ah, ah, right. But here’s the thing right, so they both got there, one got there in year one. One got there in year five, right. Yeah. And skills matter, right. What you say matters, confidence matters. You have so much natural bravado and charisma and likability, right, he and I just lack that. So you’re gonna win in that game, right we have to work on this.

She sold six houses in San Diego now, right, I think it’s working.  Yeah, I think that they would both like to switch average sales, well maybe you don’t want to switch to his sales price. Talk about the listening presentation ’cause the vast majority of agents they’re told this myth. Let buyers finance your listing learning curve. And they think they can go out with buyers and not with these skills and most of them think taking a listing is kinda scary. What would be some hacks or tricks or tips that you would recommend to our listeners for them to up their listing presentation? Whether it’s what shows up before they get there? What they do while they’re there? What they leave behind? What have you found, ’cause let’s assume they all have one. But what are some things that you’ve done that have made it special and unique so you win more? Well, it’s hard when you first starting, but once you have listings, if you’re doing your job right some personality types really like data. So I pull my list to sell ratio, I pull my cancellations and expires compared to other people and that’s really all that’s gonna speak to one personality type. So one of the coaches I had would say you have your magic bag of things that you pull out for whatever you need. Felix the cat, remember Felix the cat. Some of you have to Google that. We like Felix. Right, yeah the bag of tricks. The bag of tricks. So for the high analytical, you’re bringing data. Yeah, it’s all about knowing the person sitting in front of you and what kinds of questions they’re asking and what they’re personality type is in trying to present in a manner that is reflective of those eyeballs. Which is really hard when you first start. So I think it’s mostly about asking the right questions. That’s how I got off to a good start I think ’cause I asked a lot of questions and then I would repeat their answers. So Mr. Seller, Mr. Perry you’ve mentioned that you want to be gone and. She goes right into the role play. You mentioned that you want to sell your home for the most amount of money in the shortest amount of time without any hassles and I want to give you all three of those but if you have to prioritize them how might you do that? I deal with some hassles if I got the most amount of money. Okay and that tells you right away like how you’re gonna prioritize what you’re gonna give back to them. Yes and also maybe pricing, pricing options, right. Are we gonna create a bidding war or are we gonna put it at the highest possible price and hope and pray? So I like that personality types are super big. Is there anything else that you show or deliver at an appointment that you’re just like oh that’s what’s getting them right now. I don’t mean getting them in a bad,I mean that’s what gets people excited, right. Ralph, you go and them come back, what about yourself? Can we talk about the failure ratio in real estate? Sure, please. So as a new agent, what they say 87% fail in the first five years and for me I believe the reason for that but what I saw was real estate agents think they’re gonna show houses in their nice cars but they forget that they’re salespeople. Yes. And if you’re not a salesperson and don’t hone your skills and actually have a sales selling a process, not a product, I don’t wanna talk about cars. But you can’t be cheese but you are a salesperson. You have to sell a product, whether you’re selling you, you’re selling your past sales. You’re selling your family, what you’ve done in the community, you’re selling. And so I knew that going in the business and so how I did it is I found a listening presentation that I liked from an agent in Texas I believe. And I had my coach call the agent and say how much money you’re going to have to pay you to give me the Adobe PDF version and he said just email to me. And I clicked and changed my logo and put my pictures in and three days later I had a listening presentation.

We call that R and D, Rip-off, and Duplicate. But it didn’t cost me a dime but the cool thing was is I actually had a now 24-page document and I looked pretty swag. And we had not sold a house, I had not sold a single house but we were going in and saying hey myself, my team and my brokerage and my city ’cause I had no past sales. I had to add my brokerage in the mix. Yup of course. We sold 77 homes. Key distinction for a brand new agent. Yeah I mean if you have no past sales, you have to tell the truth but you can bring your brokerage in and say hey, we have the highest producing team brokerage. We had 77 closings in March, Mr. and Mrs. Seller how does that make you feel? We’re really doing great things in your community, by the way, this is how we get those results. And when you list your home with me I’m gonna put the power of this team to work for you. Absolutely but if you don’t have a listing presentation if you haven’t practiced, if you haven’t roleplayed and you have a little swagger, you’re selling yourself. And if you don’t learn how to sell yourself 87% catch you. Oh yeah. That’s a huge statistic. That’s a big number, it’s a 90% failure rate in all small businesses after 10 years. So 87% in real estate is not a shocker especially concerning most people go in saying well I just like people in houses. Versus wait a minute this is the person’s most expensive asset, I have a fiduciary responsibility to be really good. The way you were saying, there’s a million mistakes you can make along the way and I want to protect you. You’re a friend I wanna take care of you. So any other hacks on listening presentation. I don’t know that it’s like a great catchy hack but I think what you said, really matters in terms of you saw something you liked and you knew you could sell that and so you went to get that. So it doesn’t really matter I don’t think, it’s just having the confidence behind it. My sales manager and my coach said you’re an information broker, you need to know your market better than anyone else, and when you have that you’re not as worried. Well, the first couple of times you are until you’re like wait I really know this, and I know it better than half the agents I’m talking to. Yes. Confidence just goes through the roof. So then you have a passion like you can really mess up here as you need me and you don’t feel that until you feel it and so the only way to get that is to go and see a ton of property and have a lot of conversations. And pick whatever you’re gonna like. It doesn’t really matter what it is just as long as you got the passion behind it right.

Right, I’ve seen that a thousand times with agents, they’re like you know what it is right now staging. Oh my God I’ve got this and you see them light up and I’m like staging’s been around for 20 years. But they just found a stager. And they sold it. I have this video app that absolutely makes your home. And people disconnect to it. Exactly, so you gotta find something you’re passionate about selling. And if your presentation doesn’t get you fired up it’s not gonna get the clients fired up, right. That should be a tweet. Exactly, we need to tweet that. Looking at the social media queen. All right, so any closing thoughts. You know my hope is that a hundred thousand new agents watch this in the next 35, 40 days. It’s an awesome industry. There are so many people reading this so what’s the one sort of closing thought about what they can do, some motivation, mindset, whatever you want to share, wish them well. If he can do it I can do it. I just didn’t decide to do it the right way but I’m still here and I have an opportunity to go for next year and if they can do it you can do it. That really is all it is, you have to have a big why. I had a huge why you know. Speak to that. Well, when you don’t have any money and you have to go be your own miracle for your family you just do period and you need something. You need a reason why you’re doing this and why you’re gonna go hustle ’cause it is relentless and it does break you down unbelievably. You have to be tough and resilient and bounce back up really fast and you have to have people around you, like you that will help you. And that you’re pouring into your mind every single day and I would also say fight for your culture. That was a big thing my coach was really,it took me a while to see that until I let some people off of the team that didn’t belong. And then I really saw like this can really oh wow this can really happen, it’s not just special for them. It’s not just special for them, they just fought for their culture. And that’s kinda further down the line but fight for your own culture first and then the people you bring into your universe.  And fight for your family right? Yes exactly. Closing thoughts? I think the parting thought I would have is what a terrible thing it would be in my opinion to have a listening presentation. To put all this energy into it,create a business plan and then miss I think the most the most important step and that’s to be extremely genuine. Yeah. You have to be so genuine with people, if you don’t care about people and don’t have commission breadth if you’re a new agent. Just put it aside, if you can be genuine all of the other stuff that you have comes alive. Your listening presentation comes alive, who you are, what you’re doing. If you care about them truly from the heart you’ll win. Can’t say it any better than that, you guys were amazing. Thank you so much for reading, remember always your strategy matters and now more than ever your passion rules. And if you know someone that is less than five years in the business forward this to them immediately. And they will know that you love them.