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  • Marketing Your Marketing

    Marketing Your Marketing

    There are two distinct marketing functions in Real Estate:

    1. Marketing your Listings and;
    2. Marketing Yourself ‍

    A lot of advertising in Real Estate is under the guise of selling a property, but the true intent is to market yourself and your services. For example, if you’re advertising a listing on Facebook, what do you think the chances are that some random buyer is going to notice your listing, fall in love with it, and buy it?

    The chances of that happening—although not impossible—are about as close to zero as you can get.

    That doesn’t mean you shouldn’t advertise on Facebook. You should!  If you’re not on social media, you’re neglecting a critically important tool that every agent should be using.

    The point is, even though the line can be blurred sometimes, there’s a difference between marketing your listings and marketing your services.

    Let’s be clear about this. What exactly ARE your services, from a potential seller’s perspective?

    They want to know exactly HOW you’re going to get them top dollar for their home, right?

    That’s why I believe advertising yourself should be mostly about HOW you market your properties, or, as I call it:

    Marketing your Marketing!

    The first step is to learn how to BE the BEST at marketing your properties. When you achieve that, ‘marketing your marketing’ is easy!

    Too many agents want to know what they should do to promote themselves, but when I ask them to verbalize what makes them better than the other 5,000 agents, they’re dumbstruck.

    What about you? Can you clearly define exactly why you’re the best?

    When you can, your marketing plan becomes obvious. You won’t need to ask me to make something up.

    Learn how to be better at your job, FIRST.

    THEN, market yourself. It’s way more fun AND rewarding.

  • 7 Steps to Selling in a Pandemic

    7 Steps to Selling in a Pandemic

    Sales are slow.

    But they haven’t stopped! Homes are being sold EVERY day, all across North America, in EVERY market.

    What about you? Are you getting your listings sold?

    Or, are you feeling frustrated and unsure what to do? ☹️

    If so, you’re not alone.

    Here’s some practical advice to help you get your listings priced right and sold. There’s nothing like racking up a couple of sales to cheer you up!

    At the very least, you’ll be providing your seller clients with some critical information that they need right now.

    “The more information you provide to your clients, the greater their ability to make informed and intelligent decisions.” – Ted Greenhough

    Here’s how I suggest you consider the current situation for every one of your listings:

    1. Determine who is the ideal target buyer for your listing, and which other homes and neighborhoods that target buyer might consider.
    2. Determine the likely price range of that target buyer. For example, if your listing is $450K, might the target buyer be looking up to $500K? Yes, probably.
    3. Save a search with a price range approximately 5% less and 10% more compared to your listing, including numerous communities your target buyer might consider. Resist the urge to add too many other limiting criteria. For example, might your target buyer be interested in a newer or older home, at a similar price? Yes, they might.
    4. Try to come up with a BIG list of 50-100 active competitors. If it’s much bigger than this range, you can tighten up the criteria to eliminate weak competitors. The point is to ensure your sellers understand they have a LOT of strong competitors in the same price range, not just the 2-3 similar homes in the same neighborhood.
    5. Using the same list, switch the status from “active” to “sold” for the past 30 days only. There’s no point showing them sales that occurred BP (Before Pandemic).
    6. Make sure there are no outliers (properties that sold for an unexplainably high price) on your sold list. If there are, adjust the criteria as necessary to eliminate them.
    7. Send a link to your seller so that they can review every listing, along with the following explanation:

    “Dear Seller – Attached are all the sales in the last 30 days with the following criteria (list the criteria, including neighborhoods, price range, etc.)  I will also send all the current active listings, with the same search criteria, under a separate email.”

    You can follow that up by having a conversation, something like this:

    “There have only been three sales in the last month, and we’ve got 63 active competitors. There’s nothing much we can do about this, under the circumstances, except being a bit more competitive on the list price.  With only three sales in the last month, there will probably only be around three in the next month, so we may need to consider positioning ourselves a bit more aggressively.”

    Provide the information. Have the conversation. Use your skills to get the price where you know it needs to be.

    Now, here’s something you probably didn’t expect. This is the exact same methodology I teach in the Big Picture CMA module, using the Criteria Manipulation Approach (CMA). Pandemic, or no pandemic!

    But it does seem particularly relevant, right now.

  • How to Overcome Your Aversion to Video

    How to Overcome Your Aversion to Video

    “I sound and look terrible.”

    The words EVERYONE says immediately after viewing their first video performance.

    You think you sound terrible because the voice you’re hearing is not what you hear inside your head.

    But ask anyone else. “What are you talking about? Your voice sounds fine.”

    That IS your voice, after all. You’ve just never heard it before. Get over it.

    But what about not looking like a movie star? Is that a problem?

    Guess what? You look the way you look, and literally, no-one else in the world has a problem with it. In fact, some of them think you’re downright gorgeous. Just imagine they all do!

    What else? Your performance isn’t up to the standard of a professional news reporter.

    That’s true.

    But not a single person cares! After all, you’re NOT a professional news reporter, right? You’re a skilled, experienced, knowledgeable REALTOR®, and people care about what you’ve got to say.

    You are indeed your own worst critic. EVERYONE else thinks you’re great.

    I’ll tell you a secret. I’m giving you this advice, but I literally cannot watch myself on my own videos I’ve produced for my course. I cringe every time I see how incredibly awful I look and sound.

    But when I admit this to others, they tell me I’m crazy.

    (I still think they’re lying so as not to hurt my feelings.)

    The truth is I have to fight my perfectionist tendencies. I know if I don’t force myself to release those videos—as imperfect as I think they are—they would literally NEVER get done.

    I’ve learned that obsessing over being perfect prevents me from growing.

    Besides, I plan to revise the 14 modules over time continually. Will they get better and better? Sure!

    And so will your stuff. You’ve just got to get started. The more you practice, the better you get, just like everything else in life that is new to you.

    Who would have guessed there would be a time when it would be impossible to meet your clients face-to-face? If there was ever a time to overcome your aversion to doing video, this is it!

    Stop obsessing. Start doing. Start growing.

    Here’s a great YouTube video to get you started How to Vlog with a Phone.

  • Communicating in a Pandemic

    Communicating in a Pandemic

    Many agents are using the current downtime to reach out to their database, which is excellent!

    However, do you communicate with every client in the same way? If so, you should probably stop that.

    There are four distinctly different communication styles, and you need to communicate with them in the style that they prefer.

    The Analytical

    Analyticals may appreciate an email more than a phone call or a zoom call. As with anyone, you should start by checking in and asking how they’re doing, then give them some basic information about how the market is being affected. If you want to continue the conversation, ask them if they’re interested in receiving any further data on the market. If you then follow up with some fancy charts and graphs, the Analytical will think you’re the greatest!

    The Driver

    Drivers probably do not need to hear from you unless you have something specific to discuss. If you do contact them, either an email or phone call is fine, but make sure you get straight to the point. The worst thing you can do with a Driver is to call them to “chitty-chat.”

    The Expressive

    Call them! Often! Either by phone or Zoom. And be prepared for a long gab session, every time. Espressives are outgoing, and they get energy from personal relationships. They’re also the most fun conversationalists. Take the time to enjoy their stories, and be prepared to contribute one or two of your own!

    The Amiable

    The Amiable is more reserved and less talkative than the Expressive, but they’d still love to hear from you! A phone call is best because a zoom call may be too intimidating. Also, understand that you’ll need to lead the conversation, so be prepared with a few different topics to discuss. The Amiable will appreciate and remember your phone call more than any other type.

    If you don’t know which communication style your client is, start listening for clues and create a system to keep track of this vital information, for future reference.

    Analyticals and Amiables are more introverted, while Drivers and Expressives are more extroverted. Analyticals and Drivers care more about facts and figures, while Amiables and Expressives care more about relationships.

    Becoming skilled at identifying communication styles is one of the most important skills you can learn as a professional REALTOR®.

    Good luck with your calls (and emails), and stay healthy.

  • The Power of Honesty

    The Power of Honesty

    To be persuasive, we must be believable.  To be believable, we must be credible. To be credible, we must be truthful.  — Edward R. Murrow

    Wikipedia:

    “Edward Roscoe Murrow (born Egbert Roscoe Murrow; April 25, 1908 – April 27, 1965) was an American broadcast journalist and war correspondent. He first gained prominence during World War II with a series of live radio broadcasts from Europe for the news division of CBS. During the war, he recruited and worked closely with a team of war correspondents who came to be known as the Murrow Boys.

    A pioneer of radio and television news broadcasting, Murrow produced a series of reports on his television program “See It Now,” which helped lead to the censure of Senator Joseph McCarthy. Fellow journalists Eric Sevareid, Ed Bliss, Bill Downs, Dan Rather, and Alexander Kenrick consider Murrow one of journalism’s greatest figures, noting his honesty and integrity in delivering the news.”

    Edward R. Murrow is a reminder of the good old days when truthful and honest reporting was considered a sacred cornerstone of journalism.  ️

    What about you?

    Are you a source of truthful and honest reporting, like Edward R. Murrow?

    If not, you should be. When people learn to rely on you, word gets around. Perhaps this is more important today than ever.

    “Call (this agent) if you want to get the straight truth.”

    Even though I haven’t been an active agent for some time, I still get calls from past clients and referrals from past clients, asking for advice on what they should do amid a global pandemic. You want to know what I tell them?

    If you’re a buyer, don’t be. Wait. There will be the right time to enter the market, but it’s not now. If you need a place to live, rent, and wait it out. It’s going to be a while.

    If you’re a seller, get your listing priced to sell ASAP. You own a rapidly depreciating asset, and the faster you sell it, the more you’re going to get. Six months from now, you’re going to look back and be thankful you got what you did.

    Note: The above is accurate for my local market. I don’t pretend to understand your market.

    The point is, I always tell the truth, and that’s what people have come to expect from me. That’s why they still call me and still recommend me.

    You don’t have to agree with me, by the way. That’s not the point. The point is to tell the absolute truth. Honesty always pays off in the long run.

  • Nailing the Perfect List Price

    Nailing the Perfect List Price

    Is determining the perfect list price the hardest part of your job?

    I’ll let you in on a deep dark secret.

    It’s the hardest part for all agents.

    Either you agonize about pricing, or you’re terrible at it, and don’t even realize it. Pick one.

    “Why the heck isn’t this house selling? I don’t get it!”

    Oh, I dunno. Maybe cuz you’re $50K over? Or $100K over?

    Yes, pricing is the most challenging part of being a great agent, and—as is often the case with difficult things—the most important.

    You’ll make WAY more money by perfecting the science/art of pricing than you will with every other Real Estate skill combined.

    You know the price adjustment methodology they taught you in “Real Estate School?”

    Throw that in the garbage. ️

    I’m serious. Leave that for appraisers who need to show “proof” on paper, in a way that bankers understand.

    I can out-guess any appraiser on the sale price of any property, 99 times out of 100.

    Yes, I said, “guess.” Because pricing is an inexact science/art, so let’s call it what it is, an educated guess.

    Why am I better at guessing than any appraiser?

    1. I understand how to identify the target buyer better than any appraiser.
    2. I understand market conditions, including the big picture, seasonality aspects, and supply and demand, better than any appraiser.
    3. I use a unique system—the Criteria Manipulation Approach—to lead me to the correct price, every time. Never heard of it?

    I know. I’ve used this method for my entire career, but I just now gave it a name.

    Google doesn’t have all the answers.

    But in this case, I do.

    You want proof? OK.

    I made between $590,000-$865,000 every year for twelve consecutive years, all as an individual agent, and I rarely carried more than 5-6 listings at a time.

    How could I make that much money and yet carry so few listings?

    Because I sold them ALL. Quickly. For top dollar. With minimal hassle incurred by my sellers.

    I never understood why other agents wanted “inventory.” They would beam with pride at their giant whiteboards, filled with listings.

    I’d think to myself, “Wow! That’s quite a list of failures you’ve got there!”

    Years ago, I trademarked the phrase, “Do you want to LIST? Or do you want to SELL?®”

    You cannot legally use my trademarked slogan, by the way. But, you can adopt the exact same methodology.

    Can it be explained in a few paragraphs in a blog post? No. Sorry.

    The ‘Big Picture CMA’ and ‘Pricing Psychology’ comprise two of the fourteen modules in the Agent Skills Master’s Program. It’s a lot of information. And, you have to complete nine other modules before you even get there. Yes, it takes an investment of time and study and practice.

    When I was a busy, active agent, I never had free time to learn new skills and systems and procedures. The truth is, I learned it the hard way, by the seat of my pants.

    What about you?

    Maybe NOW is an ideal time to improve your knowledge and skills and take a giant leap forward in your career. Perhaps, all this extra time you have on your hands is a blessing in disguise.

    Time is a precious gift. Don’t waste it.

    The Agent Skills Master’s Program includes ‘Ted’s Ironclad Guarantee” that you’ll earn at least 50X the cost of the course within six months, EVEN IF YOU DON’T DO THE HOMEWORK.

    Stay safe. And healthy.

  • The Secret to Success in Real Estate

    The Secret to Success in Real Estate

    When I was an active Real Estate agent, I always had an office in the brokerage.

    I found it too distracting to work from home. Now, of course, I have no choice!

    Working in an office can be distracting, too, what with other agents stopping by to chat.

    But I considered these interactions one of the many benefits of working at the brokerage. It kept me in the loop, and I learned and became a better agent by listening to others.

    Besides, when I needed to Get Stuff Done, I simply closed my office door, and everyone knew not to bug me.

    I would often get asked, “What do you do in there all day, Ted? Prospecting?”

    Ugh. Not a chance.

    I made a cold call once, hung up the phone, and swore I’d never do it again.

    “So, what do you do all day?”

    “Um… I dunno. Mostly just take care of my clients?”

    They would look at me in silence like they didn’t believe me.

    Remember, I earned $590,000 in my second year.  And, not long after that, I was making over $800,000 a year.

    “No, really. What do you do? What’s your secret?”

    I’d look back at them in silence. I didn’t understand the question. ‍

    They’d walk away, shaking their heads. Some of them got mad like I was selfishly hoarding the “secret.”

    But honestly, I WAS mostly just taking care of my clients.

    Some of you are still suspicious because I said, “mostly.” So, what else, Ted?

    OK. I was also figuring out better systems and procedures. To take better care of my clients.

    Hey, if you don’t believe me, maybe you’ll listen to this guy:

    “Try not to become a person of success, but rather try to become a person of value.” — Albert Einstein

    That’s my “secret.”

    The details of exactly HOW I did it and HOW it resulted in a business that attracted clients, rather than having to chase them continually, cannot be described in a short article like this.

    That’s why I developed the Agent Skills Master’s Program.

  • Lessons From The Present

    Lessons From The Present

    Are you stuck at home?

    Feeling cooped up?

    Me, too. I’ve NEVER worked from home, so this is bizarro strange world to me.

    There’s one member of our household who is thrilled about it; my dog, Bentley!

    He’s getting multiple walks daily, and he’s never left alone. He’s got a permanent smile on.

    Lucky for him, he’s oblivious to the challenge we humans are facing right now.

    But, I’ve noticed something different about me, too, when I’m walking Bentley.

    I appreciate it more! I’m not in a hurry to “get it over with,” like I used to be.

    The sun’s beating down on my face. I’m breathing in the fresh air. And you know what? I’m suddenly enormously grateful that I’m able to enjoy the simple things in life.

    I think others are feeling it too. I live in a friendly neighborhood, but it’s somehow even friendlier, now.

    When a neighbor walks by—even on the other side of the street because we’re all doing social distancing—we’re waving and saying hello to each other.

    It’s like, “Hello, fellow human!”

    We’re all in this together, after all.

    You know, I don’t have all the answers about what life is going to look like when we come out the other end of this thing.

    But I’ve decided I’m going to look at this “forced” time spent at home as a blessing, and I’m going to make the best of it.

    I’m going to read, I’m going to learn, I’m going to work hard and accomplish whatever I can, and perhaps most importantly, I’m going to remember to take some time to appreciate the little things.

    What about you?

    It’s tempting to sit around watching Netflix or staring at Facebook for hours, or just plain hibernating. It’s tough to be disciplined at a time like this.

    Perhaps now, more than ever, it’s wise to remember this sage advice from Jim Rohn:

    “We must all suffer from one of two pains: the pain of discipline or the pain of regret. The difference is discipline weighs ounces while regret weighs tons.”

    Please send me a quick email and let me know how you’re spending your time at home. I’d love to hear from you. Here’s my email ted@agentskills.com.

    If you’re feeling stressed or unsure what to do, or if you need someone to talk to, please give me a call any time at 403-973-9730.

    Hang in there. We’ll get through this together.

  • Lessons From The Past

    Lessons From The Past

    Lessons Learned

    Most of us had some previous career before we became REALTORS®. How about you?

    What lessons have you learned from your previous life that you can apply to your Real Estate career?

    When I was 26, I started a wholesale motorcycle parts distribution company called Power Twins Performance Parts. ️

    In my first location, I shared a tiny office with another small business owner and stored my inventory on a 400 sq ft mezzanine.  I remember climbing up and down a ladder every time I needed to pack an order.

    Early on, I had to sell my treasured vintage 1973 Yoshimura Kawasaki Z-1 to buy groceries.

    Also diapers for the new baby boy. Thanks a lot, Kevin!

    I still miss that bike.

    It was mostly youthful self-confidence and a strong work ethic that kept me going through those early years.

    Long before my phone was ringing with orders, I was doing the dialing, talking to motorcycle dealers across the country. ☎️

    I just straight-up asked them what it would take to get their business. The response was remarkably consistent and straightforward.

    “Have the parts in stock and deliver them quickly.”

    Okay, then!

    Based on this, I focused on two things:

    First, I vowed to have the best fill-rate in the industry.

    That wasn’t easy since I had extremely limited cash-flow. But I was determined.

    I watched the inventory like a hawk and placed smaller but much more frequent orders with my suppliers. It was more work and more costly, but I offset that by quickly improving my fill-rate to over 95%, a number that was unheard of in the industry.

    My customers started to take notice.

    Next, I established contract rates with the major national couriers allowing me to deliver over 90% of my shipments by overnight courier for FREE. This was years before Amazon. Free overnight shipping was unheard of in any industry.

    Suddenly, my little company was a trend-setter. My customers were amazed at the new standard for fast and reliable delivery.

    My much larger competitors started to notice also, but they must have figured it was only a matter of time before I bankrupted myself.

    How could I afford to offer free overnight shipping?  It wasn’t easy at first, but I also offset a portion of the cost with slightly higher prices.

    My customers were happy to pay a little bit more for fast and reliable service. After all, that’s what they said they wanted, and I was delivering!

    My sales increased at a rapid pace over the next few years, and I was able to negotiate better and better rates with the national couriers, so my margins steadily improved.

    By the time my competitors reacted, it was too late for them. I was no longer the “little guy.” Now, they were the ones going bankrupt, as I became more and more successful and took over their product lines.

    Out-Think, Out-Service, Out-Sell

    Having the best fill-rate, and providing the fastest delivery were two of the most notable examples of how I out-serviced and out-sold my competitors, but there were many other programs I contrived and implemented over the years.  I was always five steps ahead of my competitors.

    By focusing on delivering a superior experience to my customers, I never had to worry about the bottom line.  In fact, I grew my sales at an average rate of 55% every year for 14 years.  From a tiny start-up, my business eventually became a national leader in the industry.

    So, what does all this have to do with Real Estate?  Everything!

    In business (and life), it’s all about your attitude.

    When I began my Real Estate career, I wanted to know what really worked in Real Estate, and what didn’t.

    I ignored all the “fluff” that sounded good but didn’t work.

    I figured out what worked, and I stuck to my guns.  Luckily, my approach to Real Estate proved to be the best for my clients and for me.  It turned out to be an incredibly rewarding career.

    Keeping it Simple

    My success in the motorcycle parts business was simple. I asked my customers what they wanted, and I figured out how to deliver it.

    In Real Estate, it’s the same thing. Just give people what they want!

     “Try not to become a person of success, but rather try to become a person of value.” — Albert Einstein

    My third venture (Agent Skills) is where I get to give back. It’s where I get to show you HOW to become a person of value. When you achieve that, success naturally follows.

    It really is that simple.

  • Agent Joe Perfect

    Agent Joe Perfect

    It’s easy to feel inadequate compared to Agent Joe Perfect, driving his fancy Lambo-Guzzi from one bazillion dollar listing to the next.

    But take heart in this fact: Agent Joe Perfect doesn’t exist.

    Oh sure, he’s on “reality” TV. But those shows could not be more bogus if they tried.

    And, yes, there’s probably a few fakey-faker agents in your market, juggling payments on their McMansion (and everything in it).

    The Lambo-Guzzi? It’s a lease.

    Hey, I’m NOT saying you can’t get rich being a REALTOR®. You certainly can!

    But I’ve noticed that very few truly rich people flaunt their wealth.

    For example, Warren Buffett lives in a modest home he bought in 1958 for $31,500.

    Do you think Mr. Buffett drives a Lambo-Guzzi?

    Nope. It’s a 2014 Cadillac XTS, a car with a retail price around $45,000.

    And yet, every newbie straight out of Real Estate School thinks he needs to lease a fancy new Beemer he can’t afford.

    “It’s all about the image!”

    Nope. It’s not. ‍

    It’s about being the best you can be. It’s about continually improving your knowledge and skills. It’s about being a professional and providing excellent customer service.

    Those things matter way more to most people, compared to what kind of car you drive.

    And those things are far more likely to bring you real success in Real Estate, compared to the faker-guy with no skills or integrity.

    Okay, so you shouldn’t show up to your listing appointment in a rust-bucket and barf oil all over the driveway.

    But if you’ve got a five-year-old Honda Accord (or equivalent), good enough!

    Take care of it. Keep it clean.

    Dress and act professionally. Be good at your job.

    Just in case someone who knows me calls me out on this, yes, I’ve owned some cool cars (and even cooler motorcycles) in my life. For example, that’s my 2008 Mercedes E63 in the picture. It’s been gone for a while now, but I still miss it. It was the last of the big AMGs with hand-built naturally-aspirated motors, producing 507 hp.

    That probably sounds like a lot of nonsense to many of you.

    Unless you’re a hard-core car-guy, like me!  You see, I never bought anything to impress anyone but myself.

    I don’t think I impressed any clients with the E63, anyway. Let’s just say the suspension was better suited for a race car than chauffeuring clients. The ride was decidedly un-plush!

    Skip the Beemer payments, folks. If you invest in yourself now, you’ll be able to buy any car you want later—even a Lambo-Guzzi.