What can you learn from Guns n Roses about real estate?
My wife and I took a road trip recently and I took the time to download a book for us to listen to. I don't think she was too impressed in the beginning, but she learned to love it. It was a great book by Duff McKagan talking about his experience as the bassist for Guns n Roses.
We learned his crazy biography of how he got started with the band and what he went through in his life. One thing that he talked about, which really fascinated me, was when Guns n Roses was beginning as a young LA band. They would have to go out and meet with club owners and lounge owners to try to talk them into using them as a band.
In other words, they had to sell themselves. And something the lounge owners and business owners did was instead of just paying these kids to come in and play -- and if they were terrible, make their guests run out -- they would make the bands pay them to play in the lounge or the bar.
And so the classic example would be $300. It was kind of going rate back then.
So the group would have to spend $300 to get booked. And then the bar owner would give them tickets, which they go out and sell to try to recoup those 300 bucks. It was a risk. Every single venue they played charged $300. They'd have to go out there and hustle and sell tickets. Imagine Guns n Roses out selling their tickets.
So how do they do it?
Well, they created a "fan club." They put together a name, a list, a database of people that were their fans. So they had pretty girls walk out into the audience during these shows to collect names, phone numbers, and addresses — there were no emails back then. And then they had their list of people to call for their next show.
Now, imagine this: You get a call from Axl Rose saying, "Hey, we've got a show coming up and we want you to come." Or you getting a call from Slash saying "Hey, we got a show coming up. We would like you to come over and watch the show."
They worked their database with phone calls and by mailing out flyers.
What do we need to do in real estate? We've got to work our database, no different than Guns n Roses to get off the ground and create some momentum for our business.
What an interesting concept, right? And for us, we need to be systematic about it. We need to be collecting names just like they did and entering those into a database, and then making sure we follow through, follow through, follow through so we stay top of mind and sell some tickets.
And what we mean by selling tickets is we receive some referrals.
That's what we can learn from Guns n Roses. If you get a chance to check out the book, it's a crazy, but interesting book. It talks about how he became sober as well. It's a really inspiring story about how he has really had a transformation in his life.
So hope you guys have a great day today, go out there and sell something and we'll see you next time.
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