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  • The Basic Foundational Skill of Responding to Messages

    The Basic Foundational Skill of Responding to Messages

    In the last two RAMs, I talked about how to Keep Track of Your Prospects and How to Follow-Up with Them. 

    Sometimes I think these basic topics are too… basic. But I was surprised at the volume of positive feedback I got in the last month from experienced, skilled agents who simply needed a little direction on setting up a simple system of their own. 

    Having simple but effective systems and procedures is the foundation of success!

    That said, let’s go deeper into the core of this idea (simplicity) and talk about something that drives me crazy about so many REALTORS®. 

    There are way too many agents who are constantly looking for new sources of “leads” while, at the same time, they completely ignore their own inbox. They’ve got people reaching out to them, but they can’t be bothered answering if they don’t see an immediate payoff.

    This is a terrible attitude! If you’re feeling a twinge of guilt as you read this, it’s time to make a positive change.

    You can’t predict where your future business is going to come from!

    But if you can establish yourself as a reliable and responsive ‘provider of information,’ you’ll be shocked at how this pays off over time. Business starts flowing in from the most unexpected sources (not always directly from the person you responded to).

    When I was doing over 100 deals per year and earning $800K+, was I too busy to answer all the inquiries in my inbox (inbox = email or any other form of messaging)?

    Not on your life! On the contrary, I regarded my inbox as the engine of my business. Did I pick and choose who I responded to and who I didn’t?

    Nope! In fact, I have a self-imposed hard rule that has served me well my entire life. Here it is:

    Answer every inquiry as quickly and as thoroughly as can be reasonably expected, whether you think it will result in future business or not. 

    (Excluding spam, of course.)

    A hard rule means there is no “if-then” function. You don’t need to think about anything besides simply answering the inquiry. 

    If this isn’t a hard rule for you, I strongly suggest adopting it! Right now!

    Think about it this way: Every time you don’t bother to answer an inquiry, even if it seems unimportant or irrelevant, someone on the other end thinks a little bit less of you. That’s bad karma.

    Every time you do answer an inquiry (no matter how trivial), someone thinks a little bit more of you, or at the very least, their positive feelings towards you remain intact.

    After a while, you may be surprised that you no longer need to think about sourcing and (yuck!) paying for crappy leads ever again.

    You’ll get to that nirvana state—a never-ending stream of incoming leads!

    I’m not saying that this hard rule on its own will magically create your never-ending stream. But it’s a foundational component. It was a crucial part of my past success, and it remains a hard rule for me to this very day.

    Never underestimate how the little things can have a massive impact on your reputation and your business.

  • The Forgotten Art of ‘The Follow-Up’ – How to Keep Prospects Engaged

    The Forgotten Art of ‘The Follow-Up’ – How to Keep Prospects Engaged

    Last RAM, I described the Absurdly Simple System to Keep Track of Prospects.

    Now, let’s discuss how to keep your prospects engaged. 

    By the way, if you haven’t set up the Absurdly Simple System yet, it takes all of 47 seconds, so go ahead and do it now. I’ll wait.

    ____________________

    Welcome back!

    Now that you’ve got a list of prospects, and you know how to sort and prioritize them and record your interactions, what next?

    You’ll want to maintain a regular dialogue with each prospect, without coming across as a salesy slickster. Right? 

    Yes! So first things first. Set up ALL your prospects on a Web Portal or Automatic Notification System.

    You’ve already done this? OK, but you’re probably doing it wrong. Here’s why:

    1. You’re only sending active listings. So, your prospects have no idea about the pending and sold properties. Think about it. Why NOT give them ALL the information? This way, they’ll be better informed and start to get a feel for the market. How can this be a bad thing?

    2. You’re only sending the information to buyer prospects. Why not sellers, too? Yes, I have EVERY one of my sellers (and seller prospects) set up on a Web Portal, so they can see exactly what is happening within their geographical area and price range, including new listings, price adjustments, pending and firm sales, terminations, expiries, everything!

    The above system is the foundation for further communication with your clients. These emails go out automatically, so they’ll hear from “you” regularly. Make sure you get copied on every email, so you can be on the watch for good’uns. 

    If you don’t have all your clients on this system, what a great “excuse” to contact them! Simply explain the parameters and how it works. Nobody EVER says no to receiving this valuable information. 

    Now that you’ve got everyone set up on a search, the search itself can be a catalyst for further engagement with your clients.

    Here are a few examples for buyer clients:

    1. “This new listing seems to check most of your boxes. Please let me know your thoughts and if you’d like to book a showing. Thanks!” – This demonstrates that you’re watching out for them. You’re not just sitting around waiting for them to contact you.

    2. “This one looks good, but it backs directly onto a busy roadway. It seems like the listing agent forgot to mention that!” – There’s absolutely nothing wrong with pointing out negatives on a property. This builds trust by demonstrating that you have their best interests at heart.

    Aside from commenting on potential listings, here are a few other “excuses” for contacting your clients:

    3. “Hey, I want to ensure you’re okay if I add you to my monthly newsletter list. It goes out on the first business day of every month and always includes some interesting content. So please let me know!” – Always ask for a response whenever appropriate. 

    4. “Hey, I’m noticing that the market is getting really tight in your price range, with unusually low inventory and strong demand. This means that there will be strong pressure on prices to rise over the next while. Please call me if you’d like to discuss this further.” – Demonstrates that you are a professional keeping a close eye on the market on their behalf. 

    5. “Hey, I just thought I should check in to ensure we’re still on track. Please let me know if there are any changes you’re considering after our initial discussion. Thanks!” – If they don’t respond to this, it’s probably time to text or call them. 

    In the interest of saving space, I’ll leave it to you to think of more of your own “excuses” for contacting both buyer and seller prospects. You get the idea. Keep them engaged by demonstrating that you’re working and thinking about them.

    It’s a great idea to keep a list of ideas handy, so when you’re reviewing your Prospect List, you can just pick one. 

    By the way, I usually send these messages by email. If you don’t get a response every time, don’t worry about it, so long as they respond sometimes. If not, there’s nothing wrong with sending a text, “Hey, I haven’t heard back, so I just want to ensure you’re receiving my emails(?). Please let me know!”

    Now here’s the most essential part. You must review your Prospect List regularly and keep it up-to-date. If you’re faltering on this, I suggest you re-read the Habit-Stacking RAM from last month.

    By the way, if you’re having any trouble figuring out the parameters of your email notification system, there’s an art to it, and it’s easier for me to explain, so just give me a call (403-973-9730). 

    (See what I did there?)

    Before you leave, please do me a massive fave and forward this RAM to ANY other agent you know who might appreciate this type of down-to-earth, real-world advice, and ask them to sign up below.

  • The Absurdly Simple System to Keep Track of Prospects

    The Absurdly Simple System to Keep Track of Prospects

    If you’re a regular reader, you know I’m a big fan of simple systems and procedures. The simpler, the better.

    Simple systems are easier to start and easier to keep using. It’s all about consistency. After all, if you don’t use your fancy complicated system, it’s useless. 

    Regardless of the system you plan to implement later, starting with a bare-bones basic system is always best. You’ll often discover it’s all you need, and the complicated system is just more work for no good reason.

    For example, when I was doing over 100 deals per year, I used an absurdly simple system to keep track of my prospects. It was all I ever needed, and I still use it today.

    Before that, at various times, I used one of these methods:

    1. The Memory Method – “Oh, I won’t forget about these people!”
    2. The Napkin Method – Scribble the prospect’s name and phone number on a napkin (or whatever scrap of paper is handy) and promptly lose it. Have you ever found one of these under the seat of your car after a month? I have.
    3. The ‘Throw Them on an Auto-Search and Forget All About Them” method. 

    Yes, I was tossing good-quality leads out the window for literally years before I started using the following absurdly simple system:

    1. Open a new spreadsheet called Prospects List with five columns: A – Rating, B – First name, C – Last name, D – In, E – Out
    2. Under ‘Column A,’ rate your prospects A, B, or C for sorting purposes. Now you can sort by rating, first name, or last name.
    3. For the “In” column, insert the date and brief description of their last communication with you. For Example, “Feb 9 – Did not like the busy street”
    4. Under the “Out” column, list the date and details of your last communication with them. For example, “Feb 8 – Email – What did they think about 123 Busy Street?”

    Columns “In” and “Out” are generally not very detailed since they are only for triggering your memory. When adding the next entry, you can overwrite the previous one. Or, if the last notation is essential, keep it and simply start the new entry at the beginning of the cell.

    1. Keep this spreadsheet easily accessible on all your devices.

    That’s it!

    Now, just maintain your Prospects List every weekday. Every time you get a new prospect, add them. Every time you interact with a prospect, update your notes. But, most importantly, review your list daily to remind yourself what to do next.

    It takes five minutes to set this system up, but the hard part is to train your brain to use it consistently. So use the skill of Habit-Stacking from the last RAM. 

    How to Use Habit Stacking to Get More of What You Want

    If you already review your messages each morning, make a habit-stack like this: 1. Review messages 2. Review prospects list 3. Next task (you decide).

    If you scan your Prospects List daily, your prospects will always be top-of-mind, and you’ll start to learn the right time and method to contact each one (they’re all different). This takes all of 2-5 minutes of your time when you do it daily.

    Within a few weeks, you’ll look at your list and be shocked at the number of solid prospects you have!

    What the heck happened? Where did all these prospects come from?

    Answer: They were there all along! You’ve just been tossing good-quality leads out the window, and not even realizing it. All because you didn’t have an absurdly simple system.

    Now you do (if you follow through, of course). It’s not good enough to merely read this stuff!

    Next RAM: Now you know how to keep track of your prospects. But how do you best nurture them to become clients?

  • How to Use ‘Habit-Stacking’ to Get More of What You Want

    How to Use ‘Habit-Stacking’ to Get More of What You Want

    Last RAM, I introduced a few concepts I learned in Atomic Habits. This week, I’ll demonstrate ‘habit-stacking,’ how I’ve used it, and how you too can use this simple system to get more of what you want.

    Habit-stacking is a way to add new activities to an existing routine. For example, in past RAMs, I’ve discussed the importance of establishing a morning work routine. For most people, the first item in their morning routine is checking and responding to messages.

    You’ve got that habit down pat! But perhaps you’ve realized that reviewing your Prospects List has become inconsistent. Sometimes you go weeks without checking it!

    You can fix this problem quickly using habit-stacking. You can even include a reward for following through if you find it helpful. 

    Here’s your new and improved morning routine:

    First, check and respond to your messages, second, review your prospects list, third, take ten minutes to check your social media feed (this is your reward). 

    (To make this effective, you must resist the urge to check your social media before completing the two work-related activities.)

    Here’s a real-world example of two activities I want to incorporate more into my life:

    #1 – Reading – This is one of my favourite things to do, but I’ve struggled to find the time.

    #2 – Exercising – This activity has been easy to neglect(!) even though I’m fully aware of its importance to my overall health. ️‍♂️

    Now, here’s how I’ve incorporated both of these activities into my daily routine, using habit-stacking:

    1. I get up at 6:00 a.m., go to the bathroom, and brush my teeth.
    2. I go to the kitchen, drink a glass of water, and take my vitamins and stuff.
    3. I go to my basement gym and work out for 15-20 minutes. Yes, that’s all for now! I’m establishing a habit that I will expand on later (as it becomes more habitual).
    4. I go upstairs, brew myself a delicious cup of black wakey juice, then I sit in my comfy chair and read a book for one glorious hour. (This is what I’m looking forward to when I get out of bed. I’ll get less reading time if I dilly-dally and hit the snooze. ) 
    5. I make/eat breakfast.
    6. I start my morning work routine.

    I now work out every day, read every day, and I get it all done before 8:00 a.m.

    I don’t have to think about things like, “When am I going to work out?” or “When will I get to read?”

    Instead, I do this, then I do this, then I do this. That’s habit-stacking.

    There’s more. I’ve set up my basement gym, so it’s easy for me to work out. I walk down there and start. Whatever you need to do, make it easy, and reward yourself for getting it done.

    My reward is reading. But we’re all different. What could be your reward? How can you utilize the system of habit-stacking to become better?

    Making positive changes starts with assessing what you want and need in your life, whether personal, relationship, or business-based. What type of person/REALTOR® do you want to be?

    Once you’ve established the person you want to be, you can figure out what systems to implement, such as habit-stacking, towards that goal. Then, the outcomes (your goals) happen quite naturally.

    The mistake most of us make is focusing on outcomes (I want six-pac abs) rather than the person we want to be (I want to be the type of person who takes care of my fitness and health).

    We tend to give up when we focus only on our goals and don’t see immediate results. That’s why it’s far more effective to focus on who you want to be, then implement the systems that will help you get there. Then, concentrate on perfecting your systems. When you do this, the outcomes take care of themselves.

    I know I’m not doing havit-stacking justice with these few words, but If I’ve piqued your curiosity, I strongly recommend reading Atomic Habits. By the way, habit-stacking is only one of numerous brilliant strategies in this book. It was hard for me to pick just one.

    Next week, I’ll get back to talking about regular REALTOR® stuff, such as How to Stop Tossing Business out the Window in 2023! (It’s a system, of course.) 

  • New Habits for a New Year

    New Habits for a New Year

    “You do not rise to the level of your goals. You fall to the level of your systems.” – James Clear (Atomic Habits)

    Have you set some new goals for 2023?

    Personally, I’ve never been good at goal-setting, which is a surprise to many of my REALTOR® friends. They ask me about my goals, and I stare at them blankly, blinking occasionally. (It’s always quite awkward.)

    To me, setting a goal without a step-by-step plan to achieve it is a waste of time. I’d rather work on the steps than the goal.

    Individual steps are infinitely easier to implement.

    If executed properly, even a tiny step provides immediate positive reinforcement rather than waiting months or longer to achieve a distant goal. 

    It’s like declaring you’re going to lose 50 pounds and then changing nothing about yourself, except now you “try” to eat less and exercise more. 

    Using willpower alone, you will likely lose zero pounds. In fact, you will probably gain ten pounds due to the extra stress of “failing” at your stated goal. “Oh well, might as well scarf down this pizza.”

    Conversely, you decide to quit all fatty, salty, and sugary foods—cold turkey—and work out for an hour every day.

    You gain fifteen pounds. 

    Hey, I’m not trying to sabotage your resolutions! On the contrary, even though I’m not great at it, setting goals is good!

    But the truth is that very few of us can make major changes in our lives on sheer willpower alone. I know for sure I can’t.

    I’ll tell you a secret about myself. I’m just as lazy as you are!

    Virtually all of us humans are naturally lazy. This is probably a leftover trait from our cavemen ancestors who needed to conserve energy before the next mastodon hunt. I say “probably” because I’m too lazy to look it up.

    I tell people I’m lazy, and they don’t believe me. “Oh, Ted! If you’re so lazy, how do you get so much done? Huh? Answer me that!” 

    OK.

    Systems and Procedures

    I use systems and procedures for the sole purpose of making my life easier. If I didn’t have systems and procedures, I’d have to work twice as hard to accomplish the same amount. Yuck! 

    I’ve developed systems and procedures to ensure I only have to work as little as possible. I honestly don’t get why other lazy people don’t use better systems and procedures, especially when they can simply copy mine. 

    I see other agents constantly run off their feet, accomplishing very little, and I shake my head. I’d hate to have to work that hard. How stressful.

    These types seem to enjoy telling people how busy they are, and they are indeed extremely busy! The trouble is they’re not accomplishing much. 

    Instead, they’re blindly running down every rabbit hole, trying every new hair-brained scheme, and fixing mistakes they should never have made. All because they have no focus and terrible (or non-existent) systems and procedures.

    Here’s the point of this article: Achieving any goal begins with implementing better systems and procedures. 

    And better systems and procedures begin with better habits.

    I suggest you start here: Atomic Habits – Tiny Changes, Remarkable Results.

    This is the best book I’ve ever read on developing better habits (and eliminating bad ones). I started reading it on New Years Day (11 days ago) by pure fluke, and I’m already implementing several tiny but highly impactful changes to my life.

    Do I have goals?

    Sure, but I don’t worry about achieving them. I know I’ll get there. How? By adding (or eliminating) one little habit at a time. 

    If you decide to read Atomic Habits, please let me know how you’re doing with it! I’m planning on keeping this book nearby and referring to it frequently. 

    If you’ve taken the Agent Skills Master’s Program, I’ll send you a FREE copy! Not only that, but I’ll act as your accountability partner as you start implementing new good habits and eliminating bad ones. Simply reply to this email and commit to reading it within 30 days. Don’t be lazy.

    All the best in 2023!

  • Revealed within this RAM – The Magic Pill to Make it BIG in 2023

    Revealed within this RAM – The Magic Pill to Make it BIG in 2023

    Most REALTORS® are in a never-ending quest to find the magic pill, the ONE thing that will massively change their lives for the better.

    Beginning in my 2nd year as a REALTOR®, and for 12 years in a row, I earned between $590,000-$865,000 GCI. So, I’ve been asked for the magic pill more than a few times. 

    I’m not exaggerating or being coy when I say I will reveal the magic pill within this RAM. But be forewarned; if you’re lazy and think you can skip to the end, you won’t get it.

    Currently, many REALTORS® think that the magic pill is social media. “If only I were better at social media, I’d have all the business I could ever want, and my life would be so much easier!”

    The reality is that 99% of agents get a net-negative return on social media compared to the time and energy expended. And it’s debatable if that number is a mere 99%. 

    It’s like being a musician or an actor. There are far more talented people who struggle than those who make it big.

    I’m not saying you shouldn’t have a presence on social media. You absolutely should! But unless you’re already highly social-savvy, you’re probably beating your head against the wall trying to learn an alien skill. Instead, you should be utilizing your valuable time to improve other more critical aspects of your business, such as:

    Organizational skills – Do you have the proper skills to complete necessary tasks and projects rather than simply reacting to whatever is going on every single day and never seeming to get ahead?

    Follow-up skills – Do you know how to keep track of prospects and naturally convert them into clients over time by becoming a skilled PVI (Provider of Valuable Information)?

    Communication Styles – Do you treat everyone the same? Or, do you understand how to modify your delivery to appeal to the 75% of people who are NOT like you?

    Pricing Psychology – Do you know how to price your listings accurately and, more importantly, how to make it obvious to your sellers?

    Marketing – Do you know how to separate yourself from the crowd by producing the most compelling MLS presentations possible and then leveraging them to get more listings?

    Website – Does your website clearly define WHO you are, WHAT you stand for, and WHY people should hire you? If not, what’s it for exactly?

    Listing Presentation – Do you have a repeatable, easily modifiable listing presentation that makes you look like the only true professional in a sea of amateurs?

    Referrals – Do you know how to produce a never-ending stream of referrals from your raving fan base?

    And a hundred other skills…

    If only there were a simple, logical, step-by-step program to teach all of the above skills and how to immediately incorporate them into your business…

    If only there were a wildly successful agent who took an entire year off at the peak of his career to produce such a program because he saw the need for it and sincerely wanted to help others achieve their full potential…

    The Agent Skills Masters Program

    Click on the link. Scroll down to the “Modules” section and read all about it.

    You want the magic pill? There are actually several. Take them one at a time.

    Another year has passed. It’s time to get serious.

    If you’re not THRILLED, I’ll refund 100% of your investment (approximately a quarter of one commission), no questions asked.

  • The Deceptive Statement, “Anyone Can Post Your Listing on the MLS”

    The Deceptive Statement, “Anyone Can Post Your Listing on the MLS”

    “Anyone can post your listing on the MLS system.” 

    This is one of the most deceptive and misleading statements in real estate marketing.

    Misleading by “telling the truth” is so pervasive in daily life that psychologists have recently employed a new term to describe it:

    Paltering—the active use of selective truthful statements to mislead. 

    Politicians have a fine art out of paltering. And frankly, so have many REALTORS®.

    Of course, every REALTOR® indeed can post a listing on the MLS system. However, the question is not whether you can do it or not. 

    The question should be,

    “HOW WELL can you do it?”

    How well do you understand the target buyer?

    How effective are you at focusing on the best features of the property? 

    How compelling is your overall ad copy?

    And, of course, how good are the images you use?

    Stating, “Anyone can post your listing on the MLS,” implies that the quality and effectiveness of one listing is the same as the next. But as you are well aware. Nothing could be further from the truth!

    Let’s take a step back and ask, “How important is the MLS System, anyway?” To find the answer, simply ask yourself:

    How does every serious, qualified, active buyer find out the details about your listing? 

    It’s through the MLS system, of course! 

    There’s actually no other way except possibly by driving by and noticing the For Sale sign or attending an Open House. But even then, serious, qualified, active buyers already know all about it! Right?

    So why do so few REALTORS® even discuss this most crucial aspect of marketing property?

    Again, it’s because “anyone can post your listing on the MLS system,” and most agents don’t know how to differentiate themselves from their competitors.

    But I do.

    What about you?

    Do you feel confident demonstrating how your listings stand out from the crowd with superior photography, compelling ad copy, and other subtle elements that contribute to the most powerful MLS presentation possible?

    Can you confidently state that your clients will get more high-quality showings from serious, qualified, active buyers and dramatically improve their odds of selling quickly for the highest possible price?

    If not, what are you doing? Isn’t this your job?

    Note: I’ve emphasized the words serious, qualified, and active several times because if a buyer is not serious, not qualified, or not actively looking, then your seller simply doesn’t care about them, right? Or at least they shouldn’t. 

    What’s the point of marketing to people who are not serious, not qualified, or not actively looking?

    Here’s a challenge for 2023: Before you plan on finally starting to use video, before you finally figure out how to have a better presence on social media, before you up the budget on mailings and bus benches…

    Figure out how to improve the impact of your listings, and then incorporate this into your listing presentation.

    The easiest and most effective way to market yourself is to demonstrate to potential clients that you’re a true professional at utilizing our most powerful marketing tool (the MLS system).

    Then you’ll find all that other stuff infinitely easier. 

    Marketing yourself is simple when you actually ARE better. That’s what Agent Skills is all about. 

  • Winter is the Time to Work ON Your Business

    Winter is the Time to Work ON Your Business

    As a newly licensed REALTOR®, I drove to the brokerage and worked from my office daily. The camaraderie in our office was (and still is) amazing. I credit this as one of the primary reasons I was able to get such a fast start in real estate.

    As a rosy-faced newbie (2-3 months in), I remember another agent stopping by my office and saying, “Wow, you’re always so busy! How many deals have you done already?”

    “Oh, none yet! I’m just working on setting up systems and procedures!”

    He gave me a funny look, wished me luck, and continued down the hall. He probably thought I’d never do a deal.

    I went back to work.

    You see, working isn’t only putting deals together. If that’s your attitude, you’re not going to work much. 

    You should be working ON your business when you’re not working IN your business.

    I still work this way, but it’s more seasonal now. In the spring and summer, I’m mainly working IN my business (putting deals together). I spend more time working ON my business in the fall and winter. 

    Here’s a partial list of what I mean by working ON your business. Go ahead and substitute “improving” with “initiating” wherever applicable.

    • Improving systems and procedures
    • Improving your website
    • Improving your listing presentation
    • Improving your monthly newsletter
    • Improving advertising/marketing programs
    • Improving your CRM
    • Contacting past clients
    • Taking a course to learn how to do all of the above more effectively

    Ack! There it is! Just a big pitch to convince us to buy his course!

    OK, you caught me.

    To be fair, if you’re a regular reader, you know that I rarely pitch my course directly.

    But the timing just seems right to remind you that winter is when you really should be taking my course, taking some other course, reading books, listening to podcasts, or something to become a better and more successful agent.

    Improving your business/bank account/life doesn’t happen by magic. If you want success, there is a price to pay. That price is time and effort. The more you put in, the more reward you get later.

    Is now the right time for you to make a positive change? Are you ready to put in the effort?

    If so, you can sign up here.

  • A Disciplined Life is a Productive One

    A Disciplined Life is a Productive One

    On November 3, my Uncle John died. He left this world at the age of 95, under his own terms utilizing the medical assistance in dying (MAID) law. He is my inspiration for this Real Agent Memo.

    Uncle John was a true renaissance man; a graduate of the University of Cambridge, a professor for a short time, a producer-director of over 200 features, documentaries, dramas, and musical programs over a distinguished 35-year career with the CBC, an author of ten books of poetry, fiction and history, a composer of modern-classical music, and a serious long-distance runner for five decades, who trained daily. On top of all this, he dedicated his life to preserving democratic ideals in Canada and restoring them in postwar Europe, particularly in the Czech Republic.

    So, what’s all that got to do with real estate?

    Well, every REALTOR® I know (including myself) could use a little or a lot more self-discipline. What about you?

    Uncle John accomplished so much because he lived by the adage, “A disciplined life is a productive one.” 

    But it’s hard, right? Yes! And here’s why:

    From “Thinking Fast and Slow” by Daniel Kahneman, we humans have two systems of thinking:

        •    System 1: Fast, automatic, frequent, emotional, stereotypic, subconscious

        •    System 2: Slow, effortful, infrequent, logical, calculating, conscious

    Let’s start with System 2 – slow thinking – This is the part of our brains that allows us humans to plan, create, control impulses, and solve problems. You know, all the hard stuff.

    System 1 – fast thinking – This is the subconscious mind that automatically reacts to stimuli based on our previous experiences, feelings, and habits. It’s also the part of your brain that prefers that everything remain exactly the same, thank you very much. 

    Since your brain prioritizes fast thinking, System 1 usually wins the battle, “I’ve always done it this way, so piss off, System 2.”

    But, professional and personal growth necessitates that you slow down, pay attention, be logical (not impulsive), build new habits even though they’re uncomfortable (at first), and take the time to learn and implement what you’ve learned.

    I’m no expert on this stuff, but I want to learn more. For starters, I bought Kahneman’s book. Hey, the guy won a Nobel Prize for his research!

    Only good things can come from learning to utilize our slow-thinking brains more effectively.

    Uncle John was right, “A disciplined life is a productive one.”

    I’m going to try harder to be more like him from now on.

  • 5 Critical Topics to Discuss with Every Buyer

    5 Critical Topics to Discuss with Every Buyer

    One of the most common mistakes REALTORS® make is not scheduling time to discuss the fundamentals with their clients. We tend to forget that we do this stuff every day, but our clients do not!

    Then, when the client goes off track (in one of a multitude of ways), we blame them. Damn clients! They should have asked me!

    News flash: It’s not their fault. It’s your fault for not educating them ahead of time. 

    When it comes to new buyer clients, I recommend scheduling a meeting with them as soon as possible in the process. If this isn’t practical, figure out a different way. For example, it could be in your car in-between showings. 

    I know it’s old-school to drive your clients around in your car, but old-school doesn’t automatically mean it’s wrong. On the contrary, I find that “car chatting” time is invaluable for developing rapport and loyalty with new clients, even if I only do it the first one or two times.

    If it’s not a scheduled meeting (best) or in your car (second best), figure out another way; maybe it’s just a simple phone call. Just don’t forget to do it, or you’ll be sorry! 

    You don’t believe me? You must be new…

    Every experienced agent can tell multiple stories about losing buyer clients (and tens of thousands in lost commissions) because we didn’t take a few minutes to educate them on the fundamentals.

    #1 Establish Wants and Needs

    This is the first topic you need to discuss, and it forms the basis of setting up an auto-notification on your MLS software.

    Listen carefully, give feedback, and make suggestions to expand or refine their search criteria. It’s your job as a professional to provide guidance. 

    I could easily write an entire RAM on this topic alone, but suffice to say, the worst thing you can do is set up an auto-notification for your clients and then fail to communicate with them regularly. 

    I’ll write more about this topic sometime soon. Probably maybe.

    #2 Align Your Motivation Levels

    Just say something like this, “If you’re a ONE, I’m a ONE too, and you won’t be hearing much from me. But If you’re a TEN, I’m going to drop everything right now, and let’s go find you a house!”

    This will relieve pressure and make them feel more in control of the process. If they truly are a ONE, the last thing they want is you chasing after them daily. On the other hand, you’re clearly communicating that you’re ready, willing, and able to respond quickly to their needs, whenever they are ready. 

    By the way, if your client says they’re a ONE, this does not mean you should ignore them. They can go from a ONE to a TEN in a hot second. You need a system to communicate effectively without being annoying (another topic!). 

    #3 Getting Pre-Approved

    It’s obvious (to you) why getting pre-approved is so important, but you need to explain it from their perspective.

    Being truly pre-approved is quite different from a verbal, “yeah you should be good.” Explain why it is so important to follow through and submit all the necessary paperwork to their mortgage professional ahead of time. It can take the bank several days to process an application, so the more work they do up-front the less chance there will be of a delay and possibly missing out on the perfect property in a competitive market situation. Paint a picture! Speak from experience! Convey the urgency!

    Also, if interest rates are rising, explain to them why it’s essential to have a rate hold in place, and to be aware of when that rate hold expires. They need to maintain ongoing communication with their bank or broker.

    I’m not the REALTOR® who refuses to work with anyone who isn’t truly pre-approved. Sometimes I make a judgement call. But I do make absolutely sure that my buyers understand the importance of it, and I follow up with them regularly to ensure they’re getting it done.

    #4 Review All Required Paperwork

    The Buyer Meeting is the ideal time to discuss Agency, the Buyer’s Brokerage Agreement, and the Purchase Contract.

    Everyone has a different opinion about the Buyer’s Brokerage Agreement. Mine is, it’s incredibly confusing and stupid, and I wish it didn’t exist. 

    It’s the part about ‘forced agency’ that I disagree with, by the way. If I have a buyer client, and I’m doing a lousy job, that client should not be forced to continue the relationship. That said, there are other legitimate reasons to have this form signed, including transparency about how I get paid, etc. I just wish they took out the ‘forced agency’ part.

    Since I don’t make the rules, I always give my clients a copy and ask them to review it and sign it whenever they feel confident to do so. Yes, I tell them I think it’s stupid (I’m always dead honest), and I explain why. 

    In my jurisdiction (Alberta), we have the Consumer Relationship Guide, which explains the agency relationship. I do review this form and ask my buyer clients to sign it at the initial meeting. After all, it’s not a binding contract in any way. It’s just a simple acknowledgment of my role, but the act of them signing does have a psychological effect, I think, that further cements our relationship.

    In addition to the above, I think it’s wise to review the appropriate Purchase Contract ahead of time and all other paperwork required in your jurisdiction.

    #5 Preplan Negotiations

    Reviewing the purchase contract is a great way to initiate a discussion about potential scenarios when writing an offer. For example, what is a reasonable deposit amount? What conditions will they include? What are all the various factors which may affect the price? Etc.

    I guess that’s another topic! Hey, I know I’m not going into much detail here. If you’re reading this and you want to have a chat, feel free to call me any old time 403-973-9730. Yes I answer my own phone, unless I’m in an appointment.

    There are numerous other topics to discuss during the Buyer Meeting, including FSBOs and New Construction (make sure your buyers always contact you first), what to do about potential hidden cameras and microphones, how to keep a tally of the best listings (and forget about the rest), how you will help them work through conditions, and much more.

    Come to think of it; I could write an entire RAM on each of these topics. Of course, I do go into much more detail within the ‘Working with Buyers’ module in the Agent Skills Master’s Program. But the main point of this short post is, one way or another, to make sure you thoroughly discuss all these topics as soon as possible and preferably before you even get started looking at properties.

    This will not only alleviate future mishaps, but perhaps even more importantly, it helps to establish your role as a trusted advisor, and further cements your relationship.