- Hey today we're talking about marriage,
mentors and billboards?
(rock music)
Hey, welcome to the Tom Ferry show,
today we're talking billboards, marriage, mentors
and what going on with this crazy inventory.
So let's just right into it,
we're going back into Q and A,
so many of you have been so kind to post great questions,
you know, to make sure that I can inform as many of you
as possible with what we believe you need to be doing today.
Let's jump right into this first question,
so Debra Anchor asked, "Tom, what should I
"look for in a mentor?"
Well, this questions near and dear for me
'cause I had the chance to reflect on all the mentors
I've had in my life from Bill Mitchell,
who I met at 19, who really taught me about marriage
and integrity, like those two things.
Then I looked a Mike Vance, Mike Vance who is the
Dean of the Disney University, he was Walt Disney's
right hand guy, in charge of ideas and innovation.
Jay Abraham, a long time mentor and a friend
when it comes to marketing.
And Bryan Tracy, I'm married to my wife
because this guy challenged me in the middle of a seminar,
looked me right in the eyes and said,
"Kid, you need to get married."
What is it that all those people had in common?
For me, they had one specific super power
that I was attracted to, one specific thing that,
that Debra, I wanted to glean, to experience,
to add, if you will, to my tool box
whether it was emotionally, mentally
or something when it came to like a business skill.
So, the thing I would challenge you on
when it comes to mentors is, first of all,
you don't just need one.
It's okay to have relationship mentor, a health mentor,
maybe someone you turn to when it comes to your money.
Right, when it comes to your business.
So, I just say, find that special person
and lean in, lean in.
And what's so insanely great today is now
the mentor doesn't even have to be alive, right.
You can research and study from, you know,
YouTube and books that all the great thinkers of our time,
everything is available for you to access, lean in.
Love that question.
Marney asks, excuse me Mauri asked, this is fun,
"Tom, advice for married couples working together."
Congratulations being married for 19 years
and you're an Italian, she's like
so my husband's now working with me, what do you recommend.
Well, in October of this year,
I'll be married to an Italian for 25 years,
I've married her twice,
thinkin' about doing it a third time.
I guess my simple advice is working together,
I don't know, therapy, that would probably be a good idea.
The challenge that you have, right,
is in a relationship, 25 years, one spouse, like I get it.
You go through highs, you go through lows
where you're on track, you're off track,
there's raising kids, it's not an easy venture.
Maybe knowing what I know now,
I would of rewritten those voes, right.
I would of maybe paid a little more attention.
I would tell you this, it's about clear roles
and responsibilities, first and foremost.
Clear roles and responsibilities.
The challenge is, let's say your husband is coming in
and he wants to shadow you and do the same stuff,
and work with buyers and work with sellers.
Or worse, you start doing it together
which means, you know, you're just in, involved
with the same buyers and sellers all the time.
Guess what, by the time you get home,
what do you talk about?
All the same stuff you talked about all day long.
Let me tell you right now,
then you're not longer a couple, your roommates
that happen to run a business together.
I would challenge you, you time to get away,
you need roles and responsibilities,
he's doing his thing, you're doing your thing,
separate so when you come home
there's chemistry again, there's something to discuss,
not the same stuff over and over again.
I can tell you emphatically, being married for 25 years
and I have a very strong relationships
you gotta have different things happening in your world.
If it's all the same, it becomes a snooze fest,
hope that helps and therapy always a good idea.
Let's see, Steph Sedat said,
"Tom what CRM should I be using?"
I'm a huge fan of Contactually, Contactually, Contactually.
Could not be a bigger fan and if you've
watched my show before where I talked about the Hub,
my plan B is, whatever your brokerage provides for free,
use that.
I don't want to misquote the survey,
but I want to say in a recent survey of inbound,
new coaching members, nearly 64% of them had no CRM
and inside that number they counted Microsoft Outlook
as their CRM and my friends,
that is not a CRM to build your business
and to manage your relationships
and to stay informed and connected
with the people that matter most
that'll refer you business, who are your buyers and sellers
that we need to follow up on.
So, love Contactually, love the whole bucketing strategy,
right, or plan B, pick which ever one your brokerage has
and use that.
Alright, Home-ma-la-la Sherry, Home-ma-la-la Sherry,
I'm probably saying that wrong, definitely.
She said, "What books do you suggest?"
I just got an early advance copy to Growth IQ
by Tiffani Bova, she is the Evangelist of Innovation
and Growth for a little company called Salesforce.
Phenomenal book, full of case studies
about what extraordinary businesses have done
and basically 10 different categories of growth.
So if your desire is to grow your business,
if your desire is to out-innovate the competition,
strongly recommend it.
The other book I recommend is from
the Harvard Business Review,
their emotional intelligence series on empathy,
on empathy.
Interesting going back to Mauri, the,
big shout out to you Mauri,
thank you for asking that question.
Empathy, if you look at raising kids,
being in a relationship, having business partnerships,
the thing that makes all those work is empathy.
So, I think, when you, I think, I think out,
I know if you improve that emotional intelligence,
your ability to be empathetic with the buyer,
the seller, right, your business partners, your spouse
and not be so reactionary, not be so judgemental.
Which, my goodness, with what's happening in the world today
it's so easy to be judgemental.
You with me on this?
There's so many sides and you now, all that BS.
A little more empathy goes a long way.
So, that'd be my next book.
Shawn, Shawn, I love you buddy, so Shawn says,
"Hey Tom, we recently saw lots of homes
"coming off the market and sellers are not relisting."
So Shawn, you had a lot of questions here,
I want to unpack that first one.
If you're paying attention right now
and I know you are, you really have the tale of two markets,
in almost every marketplace in North America today.
And by the tale of two markets I mean,
it's like a dual market.
If you're looking at the top one third
of your pricing in your area,
it's no longer a seller's market.
It is absolutely a buyer's market.
You know it today, you're looking at the MLS,
you're seeing the hot sheets.
You're seeing expireds coming up into these areas, right?
You're seeing withdrawns coming up
in these certain price ranges
or their just on the market forever.
Remember the great line, if it's not compelling
it's not selling.
If it's not compelling, it's not selling.
That is a script you need to have down on every appointment,
talking to every potential seller out there, very important.
So, the tale of the two, the duel markets,
in the top one third, guess what,
it's a buyer's market but as soon as you move
to that low or mid and lower price range,
instantaneously, it becomes a seller market.
So Shawn, the first thing I would ask you
and everyone watching is, know your real data.
Know your market stats so you can speak intelligently
when your talking to potential prospects.
When you're talking to the seller to say, look,
we're actually, for the first time in my real estate career,
in what we refer to as a duel market.
Were in both a buyer and seller market,
buyer in the high end, seller market in the low end.
With your sales price today at a million,
you're in that, they're in that upper one third.
Here's the reality, there's more inventory
then there is buyers.
If your price was, if you're in this price, guess what,
it's the exact opposite.
So Shawn, being informed and educating,
always as first and foremost.
So Shawn also asked, "Hey Tom, one of the fears
"that some of the sellers have is
"if I put my home on the market,
"you know, what's gonna happen?
"Am I gonna be able to buy a home,
"especially if we're talking about
"that lower two thirds price."
Look at the end of the day, this has been an issue
since the 2010 to 2012 beginning of this flurry,
Shawn, you and I both know, every professional knowing
or watching this knows, you put that home on the market
while simultaneously showing them property.
And when you get that offer,
if you're in that lower price range,
you're in control.
Maybe you give up a few less sheckles
to keep the property a little bit longer
or give yourself the position where you can
lease the property for another 30 days
so the buyer now, or the seller now has the funds
to go out and wright that offer
and be aggressive in the marketplace.
At the end of the day, there's a few strategies
but it all comes down to one thing,
communicating and be really clear on the expectations.
Right, letting people know, how crazy it is
in this lower two thirds of the market.
So, a lot of great questions,
we did books, oh, there was one other one here.
Tom, what are your thoughts on billboards
and radio advertising?
Boy the last couple weeks it's like,
IGTV and an I build my entire business on social
and now somebody's asking about billboard and radio.
Well, here's the reality, I drive everyday,
you drive everyday.
When was the last time you saw a billboard?
I'm sure they're out there,
Gary Vee used to say, nobodies looking at the billboards,
they're barely lookin' at the road, right?
They're drivin' like this.
So, I would say pass on the billboards
unless you've got so much additional cash,
you're just not sure what to do with yourself.
I think if I did a billboard, it would literally say,
"Stop looking up here and keep looking at the road."
I would just mes with people.
What I would look at though is radio advertising.
Radio advertising is very low cost today,
I would challenge you to test something, right.
To test is it, you know, an offer in 15 or 30 seconds
on Drive Time Radio, ESPN, or you know your market,
right, talk to them about the demographics
of who's listening supposedly at that time.
But do you guys even listen to the radio anymore?
I'm looking at my team like, I know it exists, right,
but now with what's available, it's just Pandora
and everything else.
Anyway, I do a very low cost, short term,
not long contract test and you decide.
Short test, low cost, nothing long term, you decide.
I think there's still an opportunity
'cause guess what, not many people are doing it anymore.
So, check that out.
Alright, so that's a wrap guys.
Lots of interesting questions,
Mauri, big shout out to you and your husband,
therapy, therapy, therapy and make sure, you know,
you know what your roles and responsibilities are
otherwise, you just become roommates and that's not fun.
Alright, thank you so much for watching,
remember always your strategy matters
and now more than ever, your questions absolutely rule.
Hey it's coach Tom Ferry,
have you been considering hiring a coach?
If so, click he link below and check out what we do.
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