"Things I've Learned From a Ferry"

Mike Ferry -

http://www.mikeferry.com/ An amazing real estate trainer with a consistent message. "Regardless of market conditions, or the latest technology trend" says Mike, "you've simply got to run your business on purpose." He knows that most agents "let the business happen to them." His mantra for years has been: 1. Run it like a business. 2. Set aggressive goals and write a plan to achieve them. 3. Work your plan and seek accountability to keep you on track. "After all," he asks, "if you don't know where you're going... How will you know when you get there?"

It was 1991... and most of the country was deep into a "real estate market correction," similar to the fun we are now experiencing... Sagging prices, soaring inventory, angry sellers, predatory buyers... and befuddled real estate agents. After twenty years in the Army, I had been enjoying a successful and prosperous "second career" as a real estate sales agent, since 1986. I was an agent with a RE/MAX office in Fairfax, VA, after mourning the bankruptcy of the company I had cut my teeth on (Mount Vernon Realty). Going back to sales, after two years as an office sales manager, was a freefall experience. What had happened to the market? Why wasn't I selling "lots of houses" like I had before the dip? It seemed that my "smile and magnetic personality" were no longer enough to get signatures on dotted lines. That's when my friend, Gary, suggested that we go to Atlanta to see a West Coast real estate trainer, named Mike Ferry (www.MikeFerry.com). "What the heck", I thought, "Atlanta has some great restaurants..."

So we get there - and on Day One - I get my mind expanded. Now I thought I was pretty good. I had sold fifty-two houses the year before... that's "one a week," for goodness sake. My income was quadruple what I had earned as an Army Major at the Pentagon. I thought I'd done OK. Then this fellow, Mike Ferry, in his irreverently humorous style... starts to unpeel the onion. There were about 150 of us there and most were "devotees" of Mike's training methods. A good percentage of the folks there had accomplished more sales than me. Way more. It was humbling... and energizing.

I've tried a lot of real estate ideas through the past 22 years. Gone to see a lot of trainers, too. Many of them are worth listening to and all have at least one "nugget" worth hanging on to. BUT, when things get tough and the market has me in a headlock, I always go back to Mike. Admittedly, he says nearly none of his ideas are original. His forte - his genious, really - is researching, reading, interviewing, testing, compiling, and sorting - the ideas of other successful people. His delivery is unique. Sort of a combination of Billy Graham and Don Rickles. Irreverent and unapologetic... yet truthful and uplifting. If you have thin skin, you'll not do well at one of his Superstar Retreats or Productivity Workshops. If, however, you can "stand the heat," you'll find yourself "in the right kitchen" ... with an Emeril-esque chef.

Here are some of the "things I've learned from a Ferry." 1. When market downturns happen, be glad. We can’t control the market, but we can control how we react to it. It’s a really skillful agent’s time to shine. Take advantage of the market chaos, by: · Sharpening your skills> These tough times require tough agents, who really know what they are doing. Polish your presentation and negotiation abilities. Take classes. Read… a lot! · Stick to a plan> “A sign, a lockbox, and an ad” simply won’t work. Be specific with customers and tell them how you work. Take them on a backstage tour of your business plan. · Help clients remain level-headed> (My motto from the start has been: “Be the calm… in the midst of the chaos.”)… Mike said this—and I have used it often—”Sellers and buyers… even the tough ones… really want a strong, experienced agent to take them by the hand and lead them through the minefield of the transaction.” · Adapt quickly> Stay ahead of the curve. Devour your market statistics and observe trends. Help customers make decisions before they get caught in an untenable situation. · Be flexible> Make sure to see the transaction through the eyes of all the principles and participants. Be adaptable to changing requirements. · Keep an open mind> The “hot technique” of today may evaporate tomorrow. Selling when the market is brisk is easy. But try satisfying a seller while a million foreclosures are flooding the market and driving prices down. Now that’s a challenge! 2. Work from a Business Plan. Realtors, as self-employed “independent contractors,” must embrace this discipline. Oh, and on that "independent contractor thing?" Fughedaboudit... Set quotas for yourself and enjoy the benefits of accountability. (Mike's organization, by the way, provides top-notch business coaching services.) 3. Establish Goals. Without them, everything else reduces to confusion. Ask critical questions: · What do I really want? · How badly do I want it? · What price am I willing to pay to get it?

4. Look for the benefits which emerge, as markets change. In this current dynamic, for example, builders want agents back... commissions are challenged less... unskilled agents leave the industry... AND seller's really need good agents to get them sold.

5. And last, but certainly not least, don't neglect the mental side of the business. A wise man wrote that "we become what we think about." Mike, in his glib way, will look at his audience and say, "Whether you think you can... or you can't... you're probably right." "So... what will you choose?" Good stuff, yes?