Hey guys, quick idea for you. Actually two.
First one is: Have you mapped all the home anniversaries for clients you sold a home to in 2021? Maybe you go back even further. You could go back to 2020, 2019 and map those home anniversaries of those closings, and then give everybody a call as their anniversary comes up.
You can say, "Hey, happy home anniversary. By the way, I did a quick updated CMA on your home for you to let you know what your home is worth and to show you how much equity you've built up over the last 12 months. It's incredible. Let me show you what's happened here."
That will be a value added call. People will appreciate you're making the call and they'll be looking forward to it next year.
Okay. That's a one idea.
Second idea is this time of year, everybody's starting to file their taxes. Get it in front of it. Send everybody you closed a home with in the last 12 months a copy of their HUD and closing statements so their...
A couple interesting stats are coming out. And they show that we have a new generation that's upon us.
And I'm gonna start with the first stat, which is talking about young adults.
So young adults (adults described as 25 to 34) have come back to live at home. Now in 2020, this hit an all time high —17.8% of young adults, 24 to 30 came back home to live with their parents. That's the highest it's been since 1960 guys.
And last year in 2021, it still was 17%, which was the second highest year since 1960.
So that's one side of what some people are starting to call the "sandwich generation."
Now who's in the middle of the sandwich? Guys like me. People that are 44 to 60 years old—I'm 52 right in the middle. So we got our kids coming home, but who's coming on the other side? Potentially older parents, right?
So parents that are maybe 60, 70, 80 years old also might need to come and be a part of the family, right?
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A few of you are suffering from what I call referral resistance. What's referral resistance mean? It means you've got a pretty good size database of people, a sphere of influence, and it's not performing well.
In other words, you're not getting a lot of referrals. Your sphere of influence isn't sending you buyers and sellers.
It's because the people in your sphere don't quite trust you enough. They don't quite see you as the expert that you know you are. And because of that, there's resistance to sending you referrals.
So how can you overcome referral resistance?
I'm gonna give you three quick techniques to help you with that:
1. You have to be the experts in their minds, not yours.
How do you do it? You need to be giving them information regularly about the real estate market. Now, this is super easy to do because you are given information all the time. One of the places you are given information from is your local MLS system....
There's a great book by a guy named Harvey Mackay. He wrote the book Dig Your Well Before You're Thirsty.
And in the book, he talks about this $25,000 question, and I'm gonna pose this question to you.
So the $25,000 question kind of goes like this:
Imagine you own a muffler shop or some kind of business. And it's payroll week and you don't have the money to pay your employees. And you know, if you don't pay 'em, they're all gonna walk because everybody's trying to hire right now. So the question mark is it's 2:00 AM you wake up in the morning and you're like, I've gotta come up with $25,000 by tomorrow morning. Otherwise I'm probably gonna lose my business. Who do you call? In your friends list, your personal friends list, right now, is there someone you call and get $25,000 from by tomorrow morning?
If the answer's no, the reason you probably don't have anybody that qualifies in that category is because you haven't helped enough...
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There's a great book I'm gonna recommend to you called Influence by Robert Cialdini. In the book, he talks about the power of sales language. And how your language, when you're selling can have such a massive impact on your performance.
We tend to just wing it in this business. We tend not to know our lines. And we just kind of think that our sheer great personality is always gonna win the day. But that's a mistake. Just like any true professional, we should memorize some things in the real estate industry.
Not that everything's canned and everything's planned. But there are some things we need to memorize.
When you think about the highest paid professionals in any the industry—whether it's a doctor, whether it's an attorney, whether it's a CPA—do those three professions have to memorize some things in order to pass their bar exam and their accountants exams and all their other exams?
Absolutely. And you better hope that...
How many times when you're talking to a potential seller, do they bring up commissions today?
That conversation is probably happening more often than ever before today because it's a hyper competitive market. We're seeing a lot more commission conversations and people trying to negotiate our commissions to some degree.
So I had this great quote that was given to me by a Ninja student. Ninja is a great program. If you haven't taken the ninja class, highly recommend you do it. I've done it for my agents and brought them in twice to teach to my group. But they had a great quote here for dealing with the commission conversation.
So here's the quote (and it's so good):
"Hey, let me ask you this. I totally understand you're asking about commission but let me ask you just a quick question around that:
Do you believe that your house is gonna sell for a fixed price or do you believe it'll sell in a range of value depending on the negotiation...
I did a class recently, teaching in Southern California. And I conducted a random study during the class. And we were talking about the aspect of being a "hyperlocal agent." Maybe you've heard that term before.
This is where you're connecting, not just with the people in your community, but the community itself. Because if you think about yourself as a person that might move to a new area, what will be the first thing you do?
First thing you're doing is Googling it, right? You're gonna hop on the internet and you're gonna Google that place. You're gonna check it out and you're gonna research it. And the keywords you use for your search would be the city name, right?
But you know, the other place that everyone's gonna go is not just Google, but also YouTube.
That's what I do every time I'm going on vacation, I'm checking out hotels. I'm looking at the air to get a feel for it. I'm YouTubing the heck out of it, right?
So we did a little search for...
Hey guys, some really interesting information regarding remote working and what's happening in the country.
A lot of employers today are saying, "Hey, we started with remote working because we had to. COVID made us do it. But now we're starting to see, this is a really good kind of situation. We spend less on housing our employees in a building somewhere and we can work from home. And great news as a lot of 'em are more productive at home than they were at the office."
So, interesting, interesting study that was just done about this.
And it's related to housing in that 19% of people that are looking to buy a house are doing so because they now have a remote working situation.
See, during the middle of COVID employers were like, "Well, we're gonna let you do this, but then you're gonna have to come back home to the office."
Now they're saying, "Hey, no, you know what? Just keep working from home. We don't care."
Now this gives the freedom...
Jim would like to talk to you about your real estate business with a complimentary 30 minute coaching session.
During the call be prepared to discuss - Your goals for the next twelve months. Your time management and priority management strategies. Your willingness to change and adapt to a changing market landscape, and your biggest choke points - what's really holding you back
The road to transformation starts with small steps. Take your first towards a better real estate business today...