My Store

Blog

  • Why You Need an Accountability Partner

    Why You Need an Accountability Partner

    Ah, the life of a REALTOR®. Being your own boss is the best, right?

    No more annoying boss telling you what to do and dictating deadlines for boring projects. 

    Now, you set your own deadlines!

    Except you don’t.

    It turns out that being your own boss is way more challenging than we thought it would be! 

    The hardest part is doing the stuff that you perceive doesn’t have an immediate payoff (even though it does). For example, fixing your website, improving your listing presentation, working on a course, or any other items in your Great Pile of Projects (GPP).

    After all, we REALTORS® tend to get into the habit of simply reacting to whatever is happening every day, and there never seems to be enough time to get to the big stuff.

    But if you spend 100% of your time reacting to things and 0% working on larger projects to advance your business, you are a lousy ‘Boss of Yourself!’

    If this describes you, the first step is to admit it. 

    You don’t have to go to a meeting or anything. Just repeat after me:

    “I’m a lousy Boss of Myself.” 

    Say it out loud.

    Congratulations! You’re on the road to recovery!

    The second step is to learn and implement some basic organizational skills.

    One of the most critical organizational skills I constantly preach (I know, I know) is honouring ‘Appointments with Yourself.’

    “Honour” is the critical word (just as you would honour an Appointment with Your Best Client or an Appointment with Your Dentist).

    But why is it so difficult for most agents to honour Appointments with Themselves?

    There are two main reasons:

    1. We’re hard-wired to put everyone else’s needs ahead of our own.

    2. Big projects seem overwhelming, so we invent (hundreds of) excuses not to do them. 

    #2 is all about your lazy brain (we all have one). Your logical brain knows that the longer you procrastinate, the longer it will take you to start reaping the benefits of completing those big projects. But the lazy brain usually wins out.

    Making and honouring Appointments with Yourself seems simple and logical, yet we constantly self-sabotage ourselves.

    So, what’s the solution?

    How about an accountability partner? 

    I won’t get into too much detail in this tiny space. Instead, consult ‘The Google’ for best practices on choosing a partner and structuring your meetings, but here are my top three rules (which I learned by doing the opposite):

    #1. Always follow a strict agenda, whether meeting in person, over Zoom, or on the phone.

    Start on time, end on time, and know the agenda before you start.

    #2. Don’t allow your meeting to deteriorate into a BS session.

    You can schedule a BS section at the end of your meeting, but it’s business first.

    #3. Set firm but realistic weekly goals.

    For example, if you’re working on the Agent Skills Master’s Program, set a goal to complete one module before your next meeting.

    When you do this, your Accountability Partner serves as your ‘boss’ in a way (and vice-versa), which is a good thing! 

    To accomplish your weekly goals, you can use Appointments with Yourself. The more tasks you complete, the more you’ll realize how powerful this tool can be.

    Start by finding a partner, decide the ground rules, set a meeting time for the same time every week, and start setting goals. Then, you can use Appointments with Yourself to ensure you meet your weekly targets. 

    If you do this consistently, you’ll be astounded at how much you will get done before the end of this year. 

    Why not add this to your Brain Clutter List right now?

    All you have to do is write “Accountability Partner” on your list. That will be enough to remind you.

    After all, If you want more (of whatever it is you want), it’s not enough to merely read this and then do nothing. You’ve got to take action!

  • How to Plant a Referral Tree and Earn an Extra $100,000

    How to Plant a Referral Tree and Earn an Extra $100,000

    Has this ever happened to you?

    You procrastinated preparing for a listing presentation. Then you got super-busy and had to slap the CMA together at the last minute before rushing out the door.

    Now, you’re glancing at the comparables at the stoplights on your way over.

    No big deal. Your #1 best referral source recommended them, and it’s just a small apartment condo. Easy-peasy.

    You meet them, and you make a great connection! They’re super friendly and attentive to your presentation. Not to mention they’ve got a beautiful, very saleable condo. It’s way better than you thought it was going to be!

    Halfway through, you realize you forgot to look at the recent sales in the twin building, and you end up stumbling over a few questions. It’s not your best performance, but they’re cheerful and positive about everything. They just want to chat about timing before signing a contract, so they’ll give you a call in the morning. 

    On your way home, you feel a bit guilty that you weren’t better prepared, but you remain confident that the listing is yours.

    The next morning, you get the phone call:

    “I’m sorry, but we’ve decided to work with a different agent.”

    Oof! That one hurt. You thought it was in the bag, and – poof! – nuthin’.

    Worst of all, you realize you’ve let down your #1 referral source. Will they ever refer you again? 

    You lost the listing because you were sloppy and didn’t prepare properly.

    By the way, this was easy for me to write because it’s from my personal experience. Then I resolved never to let it happen again. How? Simple.

    Treat EVERY appointment like it’s worth $100,000.

    Because you know what? If you’re a skilled customer-service-focused agent, I guarantee you one out of every 15 or 20 listing appointments will eventually pay you $100,000 or more. It might begin with a million-dollar mansion or a tiny apartment condo. You won’t know.

    I’ve personally sold tiny apartment condos (similar to the one above) that, over time, turned into earnings of WAY more than $100,000.

    How? Because of the string of referrals that started with me doing an excellent listing presentation for a young couple and then delivering a fantastic result.

    Over the years, they sent me referrals to their friends, their parents, and then an explosion of referrals from referrals, growing into a gigantic referral tree that still sprouts new branches to this very day.

    When you plant a seed carefully, you never know how big the referral tree will grow.  

    I’ve got many high-paying referral trees that sprouted from the tiniest seeds!

    If you prepare for every listing appointment like it’s worth $100,000, you will earn an extra $100,000 quicker than you think.

    Here’s how to ensure you’re fully prepared every time:

    1. Make an Appointment with Yourself to work on the CMA, preferably at least a day or two before your appointment.

    2. Make another Appointment with Yourself to review and fine-tune your CMA on the day of the appointment.

    3. Resolve to honour every Appointment with Yourself, just as you would honour an Appointment with Your Best Client. This means you turn off all distractions and concentrate your focus on the job at hand at the time specified in your calendar.

    Once you learn this skill, it’s only a matter of time before you will make an extra $100,000!

    How do the big guns do it?

    With simple systems and procedures and personal discipline.

  • How to Nail Down Those Referrals

    How to Nail Down Those Referrals

    Have you ever had a client tell you that they referred you to a friend and “they will call you,” and nothing ever came of it?

    Do you know how much money you’re leaving on the table?

    Referrals are the best because, hopefully, these prospects already have a warm and fuzzy feeling about you after listening to their friend raving about how great you are.

    So how come you never got the phone call?

    It’s because you subscribe to the HAP (Hope and Pray) referral management system.

    And while you were Hoping and Praying, that potential client got a referral from a different friend whose REALTOR® does not subscribe to the HAP-System. They took action, and they got the listing, plus a purchase of a new property and two more referrals, by the way.

    There’s at least $50K down the proverbial toilet. Flush! 

    You need to dump the HAP-System, and take charge of your own fate, by adopting some simple ‘Systems and Procedures.’

    This is one of the key differences between a $500K/year agent and the agent who is constantly chasing after crappy leads.

    (View the previous RAM here: How to End the Vicious “Lead-Chasing” Cycle Forever)

    For example, do you have a System and Procedure to record and track prospects and referrals? I’m not talking about the back of a listing sheet you picked up off the floor. Do you have a proper follow-up system?

    This doesn’t need to be complicated. For example, I myself use a simple spreadsheet that I refer to daily.

    Here’s my Procedure when a client tells me they referred me to a friend and “they should be calling you.”

    I ask them to introduce us over a group email or text. Almost without exception, when I suggest this in the right way, my referral source is happy to do it. After all, they want their friend or family member to contact me.

    Once this is done, it’s in the bag. Why? Because I’ve got a System to ensure I follow up in the right way. I know how to ask for a meeting and still come across as non-threatening, helpful, and knowledgeable. (Nobody wants to deal with a high-pressure Salesy Slickster.)

    If they don’t respond, I’ve got a System to follow up in a different way.

    Honestly, this business is much easier if you learn to use simple Systems and Procedures consistently. When this happens, I do that. When that happens, I do this. 

    It really is that simple, and in this case, it ensures that I almost always get a face-to-face meeting with referrals and then convert them to paying (and happy) clients. 

    Here’s a bonus System:

    When you do get in front of a referral, always give your entire presentation. Otherwise, you’ll be getting this message, way too often:

    “Thanks so much for meeting with us. We appreciated everything you had to say, and it was a tough decision, but we’ve decided to go with a different agent. Thanks so much for your time!”

    Ugh. That’s one of the worst messages you can get.

    Especially when the other agent turns out to be Agent Awful, whom you already know will do a lousy job.

    It’s called a System because it’s something you do consistently, not just when you feel like it.

    Systems and Procedures. Get some! 

    Otherwise, you’re just winging it every day, and I do not know a single highly successful agent who does that. 

  • How to End the Vicious “Lead Chasing” Cycle Forever

    How to End the Vicious “Lead Chasing” Cycle Forever

    Every once in a while, I run into a REALTOR® I “know” but whom I’ve never met. 

    You know what I mean. I’ve chatted with them on the phone; maybe done a deal or two with them over the years, but we’ve never met face-to-face.

    They usually recognize me before I recognize them, primarily because of this newsletter.

    Mostly, they’re complimentary and tell me they “love my stuff,” etc. I’m sure some are just being polite, but I feel like most are genuine.

    This leads to more conversation and then the inevitable question:

    “That’s all great, but what do you recommend to get more leads?”

    I’m basically dumbstruck at this point because I realize they just don’t get it.

    Here’s what I feel like saying (but I don’t):

    If you do your job right, you don’t need to chase after cold leads!

    This is honestly how I feel, even though it often seems like the entire real estate “coaching industry” is against me.

    It’s been the same since I was a brand new agent, and I’m sure long before that. Coaching seems to always focus on “how to get business” rather than “how to be a great agent.”

    Let’s be clear. I’m not oblivious to the fact that the biggest challenge for most agents is how to get more business. It’s just how to get more business where we disagree.

    I’m going to segue here to prove a point. There’s a video going around social media that asks, “Would you rather have a million dollars right now? Or would you rather have one penny and double it every day for 30 days?”

    Spoiler alert: If you double the value of a penny every day for 30 days, it works out to $5,368,709.12 (or 536,870,912 pennies).

    So, here’s a twist on the question, “What if you started with one client, and you double them 30 times (not necessarily every day)?” In other words, you get two referrals from every client. 

    Same answer. You’d have 536 million clients.

    Of course, this is impossible. Not because you can’t get two referrals from any individual client if you really wanted to, but rather because it would be impossible to continue providing the exceptional level of service required to get those referrals! 

    Also, you can’t have more clients than people.

    But what if you could maintain a level of 50 or 100 clients? You’d only need two (or more) referrals from a few of your clients to do that. Maybe some refer you once, some not at all, but a few send you two or more.

    This is perfectly feasible and, in fact, relatively easy, if you have the right mindset. I’ll segue one more time to prove it.

    Think about one of your best referral sources, first name. Forget about a mere two referrals. These folks have sent you a dozen or more referrals over the years! 

    Why? Because they had a fantastic experience with you. You had great communication with them, and they followed your advice to a tee. The results made you look like a superstar. 

    OK, fine! But what about all the people with whom you haven’t had great communication, didn’t follow your advice, and the results were far less than great?

    That’s on you!

    Every time I hear a REALTOR® complaining that their clients just wouldn’t listen…

    You think you won’t get far better results and, therefore, way more referrals by putting in the effort to improve your skills, including (but not limited to) communication and persuasive skills?

    I’m dumbstruck, again.

    Of course, improving your skills doesn’t happen by magic. You can’t just concentrate really hard and suddenly have better skills. It takes commitment and effort.

    But just remember this fundamental truth:

    You don’t get referrals by asking. You get them by deserving.

    If you want to deserve more leads, you must shift your mind away from chasing leads and towards developing your skills and becoming outstanding at what you do. 

    “But, Ted! Why can’t I do both?”

    Because the time and effort spent chasing after cold leads takes away from the time and effort needed to improve your skills, thereby creating exceptional experiences and results for your existing clients. 

    You want to chase leads? Go ahead, but if this is the choice you make for yourself, just know that you’ll always need to do it.

    Personally, I choose to have a business with a never-ending stream of incoming referrals.

    The choice seems simple, obvious, and waaay more fun and rewarding.

  • The 3 Buyer Types and Why Sellers Need to ‘Price it Right’ from the Start

    The 3 Buyer Types and Why Sellers Need to ‘Price it Right’ from the Start

    When I list a property, I always explain to my sellers that every potential buyer fits into one of these three categories:

    1. Bargain Hunters – These types will wait until your property has been on the market for some time; then they’ll start lobbing low-ball offers. There’s no need to discuss Bargain Hunters any further since they’re the last type of buyer anyone would ever want to attract. So that leaves only two buyer types we actually care about.

    2. New Buyers – They enter the market continuously. Within your area and price range, I estimate there will be one New Buyer starting their search weekly (state whatever number you believe to be true). 

    However, the problem with New Buyers is that they probably have not yet gained the confidence to write an offer. So even if they come back in a week or two, you’ve lost the advantage of urgency and excitement that goes hand in hand with a new listing.

    3. Current Buyers – They’ve already seen most (or all) of your competitors, so what are they waiting for? 

    New listings! 

    This is why there’s always a flurry of showings immediately after you list. However, this rush subsides quickly. Then, you’re waiting for New Buyers to enter the market (see above).

    Of the three groups, Current Buyers are by far the most important. They’re not only the largest group but also the most motivated; ready, willing, and able to write an offer the moment they find the right property. 

    In order to appeal to Current Buyers, it is vital to ‘Price it Right’ from the start.

    These buyers need to like the property, of course; it has to appeal to their wants and needs. But one more critical aspect is required to trigger them to say, “Let’s write an offer!”

    They must perceive that good value is being offered.

    Simply put, here’s what happens when a buyer does not perceive good value:

    They focus on the negatives.

    For example (use something real that the sellers already know), we know that your kitchen cabinets are cheaper and more dated than your competitors. Everything else in the house is good, but this is one of the weaker features.

    Therefore, if a Current Buyer does not perceive good value, what might they say?

    “I don’t like the kitchen. Let’s keep looking.”

    On the other hand, if this same buyer does perceive good value, what might they say?

    “This house is excellent! The cabinets are a bit dated, but that’s not a big deal. Let’s write an offer!”

    This is Buyer Psychology 101. It’s not actually the buyer consciously thinking about whether they “perceive good value.” Instead, it’s a subconscious decision, which is far more powerful!

    The bottom line is that everything needs to add up to trigger the “Let’s write an offer!” response, including the property features, the presentation, and the price. But…

    It’s the price that is the most critical component.

    This is why it’s wrong to think, “We can always drop the price later.”

    In the example above, if the buyer doesn’t perceive good value, they remember whatever negative they didn’t like about the house. Therefore, even if you drop the price later, they’ll still think about it as “the one with the dated cabinets.” 

    Once the mind is made up, it’s difficult or impossible to change it, even with a new and much lower price.

    If this happens, and you miss out entirely on the biggest and most motivated group – the Current Buyers – it becomes more and more challenging to achieve the price you want.

    You are probably thinking, “I already know all this stuff.” Of course, you do! 

    But ask yourself these two questions:

    1. Do you have the skills to determine the correct list price (the one that will result in the highest possible sale price), every time?

    2. Do you have the skills needed to convince your client to ‘Price it Right,’ every time?

    If you master these two skills, you’ll make way more money, you’ll get way more referrals, you’ll have far less stress, and you’ll love your job even more than you do now.

    For more information about how to present pricing options, check out this article, ‘Running the Odds on Real Estate Pricing.’

  • Real Agent vs. Fake Agent

    Real Agent vs. Fake Agent

    I call this the ‘Real’ Agent Memo because it’s for ‘real’ agents, as opposed to ‘fake’ agents.

    A real agent/person is GENUINE. They are firmly grounded and quietly confident in themselves. They tend to be good listeners because they’re present in the moment. They’re not trying to figure out someone else’s agenda or worrying about their own.

    Genuine people are self-aware of both their strengths and weaknesses. Therefore, rather than blaming others for their mistakes, they seek ways to improve themselves. 

    Side note: I could have called this the ‘Genuine Agent Memo,’ but I thought GAM sounded stupid.

    A fake person is INAUTHENTIC. This stems from a sense of insecurity and a feeling of pressure to be something they’re not. They unconsciously hope their fake persona will help them to be more successful.

    But inauthentic people are toxic to both themselves and those around them. Here are three more traits of inauthentic (FAKE) agents/people:

    1. They don’t learn from their mistakes. Instead, they make excuses or blame others. Therefore, they never truly grasp the critical lessons that mistakes can teach us, holding them back from the success they want so badly.

    2. They have high opinions of themselves and want to ensure everyone around them knows how great they are. They use this façade to cover up their inadequacies, not daring to look too deeply within for fear of what they might find. 

    3. They lack consistency and the ability to stay on track. Rather than giving all they can to a project, they tend to bounce from one thing to the next, unsuccessfully trying to do everything and be everywhere. This is because they lack core values and don’t actually know what they stand for.

    I use the term, ‘Salesy Slickster’ to sum up inauthentic agents; slimeballs who will say or do anything to “get the deal” (collect a commission).

    The opposite of the Salesy Slickster is the Real Agent who always has the clients’ best interests at heart and works hard to better themself for their client’s sake.

    Unfortunately, as you know there are a lot of Salesy Slicksters who get a lot of business!

    Nothing irks me more than a loud-mouthed know-it-all agent who struts around like a peacock, reeking of unwarranted confidence and spewing garbage that they’ve convinced themselves is true. I call it “authoritative spewing!”

    I sometimes often ask myself, “Who in their right mind would hire this idiot/slimeball?”

    But what can you do about it?

    Stick to your core values. Listen to your client’s needs even more closely. Continue to tell the truth selflessly. Try to be a little bit better every day.

    And what if you recognize in yourself some of the inauthentic traits I listed above?

    Don’t worry! The fact that you felt a twinge of guilt means that you’re far more on the ‘real’ side of the spectrum than the ‘fake’ side. Truly inauthentic people would never admit or recognize that they’ve got a problem.

    However, if you want to explore this subject further, try reading this article from Psychology Today, Develop Authenticity: 20 Ways to Be a More Authentic Person.

    In the meantime, watch out for the next ‘Real Agent’ Memo in two weeks. And now you know the story behind the name!

  • What To Do if You Suck at Social Media

    What To Do if You Suck at Social Media

    If you’re one of the 1% of REALTORS® who is highly skilled at social media, congratulations! You should fully exploit this skill. 

    Always work with your strengths!

    However, if social media is frustrating for you, consider the possibility that you do NOT need to be a social media expert in order to be a great REALTOR®. 

    I know many agents who waste hundreds of hours attempting—quite unnaturally—to force themselves to become social media experts. Why? Because someone told them that social media is the magic pill that makes your life as a REALTOR® so much easier.

    First, there are no magic pills. Sorry. Not sorry.

    Second, becoming a social media expert takes a massive amount of time, effort, and a natural aptitude that few of us have.

    The truth is that social media makes a significant impact for a minuscule percentage of agents, while everyone else is spinning their wheels and going nowhere fast.

    There, I said it. 

    It’s like attempting to become a master motorcycle mechanic when you have no natural mechanical aptitude. I’ve thrown enough wrenches at walls to understand that I’ll probably always be a lousy mechanic, no matter how hard I try.

    Perhaps you should stop trying to learn a craft for which you have no natural aptitude?

    After all, social media has become a highly specialized and constantly evolving field. Even high-end ad agencies have different experts who concentrate strictly on either Paid or Organic Marketing for each different platform because each requires a unique skill set.

    Of course, you should have some kind of presence on social media, so go to ‘The Google’ or ‘The YouTube’ and learn the basics for FREE. 

    The basics may be as simple as adding a post about your new or recently sold listing or your upcoming open house. Even if these posts are on your personal profile, that’s perfectly fine so long as you post 80% non-business stuff. Remind your online friends that you’re a REALTOR®, but don’t make your feed all about business. If you do, they’ll learn to “auto-ignore” you.

    Perhaps the basics for you include doing some videos. If so, definitely do this, too! 

    However, beyond the basics, the Law of Diminishing Returns rears its ugly head, and you’ll stop getting the return you should expect compared to the effort put forth.

    After all, what’s the purpose of social media, anyway? It’s to get more business, right?

    News flash: There are hundreds of other ways to get more business. For example, ask yourself if you’re doing all of these things:

    1. Do you contact your past clients regularly? I reach out to my past clients (in various ways) three days after closing, then in one week, one month, six months, and every one-year anniversary. I have some specific systems and procedures I recommend in my course for this, but the main thing is to keep in touch, so you’re top-of-mind with your number one potential referral source—your past clients!

    2. Are you regularly meeting and connecting with new people through open houses, community involvement, or group memberships? And, if so, are you good at gently and effectively offering your services without being a Salesy Slickster?

    3. Do you have an effective monitoring system to follow up regularly with your future clients? Do you know how to be a VIP (Valuable Information Provider)?

    4. Do you have a personal website, and does it clearly communicate WHO you are, WHAT you stand for, and WHY the reader should hire you to represent them?

    5. Once you’ve made a connection, how’s your listing presentation? What’s your success rate at getting listings in a competitive environment against the local shark?

    I could easily add another hundred items to this list. And perhaps I’ve raised more questions than answers.

    But the point is that in Real Estate, there are numerous other skills you could be working on that are far more important than forcing yourself to become a social media expert, which is a lost cause for most agents, anyway. 

    So stop banging your head against the wall and consider concentrating on learning other skills that are far more fundamental to BEING a great agent. Then, once you learn how to demonstrate your expertise effectively, you’ll forget all about chasing the magic pill.

    You’ll need to book ‘Appointments with Yourself’ in order to learn and implement the various systems and procedures you need to be effective. 

    The good news is you’ll have much more time on your hands once you stop beating your skull against the wall.

  • How to Get More Clients by Demonstrating Your Expertise

    How to Get More Clients by Demonstrating Your Expertise

    Last RAM, I talked about How to Become the True Area Expert.

    If you followed my advice consistently for the past two weeks, you already know more than any other agent in town about your chosen Geo Farm area. 

    Amazing, right? What a massive difference a little effort can make!

    The next step is to learn how to demonstrate your expertise by getting face-to-face with as many future clients as possible.

    There are numerous ways to do this, including getting involved with various events and groups within your community. However, the #1 best way to meet future clients is still to consistently and effectively host Open Houses within your chosen Geo Farm area.

    Let me repeat the two keywords in that last sentence:

    Consistently and Effectively

    Most REALTORS® are neither consistent nor effective. And, most hate doing Open Houses. Why? Two main reasons:

    1. They behave like Salesy Slicksters without even realizing it. The last thing anyone wants is to get stuck talking to a Salesy Slickster.

    2. They feel awkward and underconfident in their skills, and that’s precisely how they come across. (Skills are earned; you don’t just get them by magic.) 

    In either case, these agents are better off staying at home rather than wasting their time at an Open House. After all, if you’re not going to make a positive impression, what’s the point? If you’re making a negative impression, you’re hurting yourself more than you’re helping.

    So, how do you become an Open House Expert? Well… TBH, I was reluctant to write this RAM because it’s impossible to learn this vital skill by reading a two-minute blog post.

    There’s an entire module in the Master’s Program dedicated to becoming ‘The Open House Expert,’ as well as other modules, such as ‘Relationship Selling’ and ‘Communication Styles.’ These and portions from several other modules provide a clear path to earning the skills you need to put on a hugely successful Open House. Eventually, you’ll be able to use Open Houses to pick and choose your future clients.

    We’re HALFWAY through 2022, and it’s Canada Day tomorrow! To celebrate, get the Agent Skills Master’s Program for HALF PRICE (until midnight, July 1). Simply use the discount code ‘CANADA155’. American readers, you can use the same code (it’s almost July 4!)

    As I said, it’s impossible to teach this in a two-minute blog post, but here are a few highlights:

    1. Consistency is the key. Ideally, you should be doing Open Houses within your Geo Farm at least once every two weeks during the spring, summer, and fall, so that people will start to recognize your name. 

    2. By concentrating your efforts within your Geo Farm, it will be easy to make positive impressions on future clients by demonstrating your deep knowledge of the listings within the community. Read this again: How to Become the True Area Expert. 

    3. Make your signs stand out from the crowd by using bold colours and a unique design. You want people to recognize that those are your signs.

    4. Invite the neighbours! I’m not a proponent of door knocking, except when you’re inviting neighbours to your Open House! This is a fantastic excuse to meet future clients face-to-face, and there are several techniques to make this fun and highly effective.

    5. As the Boy Scouts say, “Be prepared!” Do you know what turns people off at an Open House? When the host can’t answer a simple question, such as “How old is the hot water tank?” So make sure you brush up on all these odd questions that people ask, no matter how inconsequential you think they are.

    6. Find the right balance of confidence, authenticity, friendliness, and professionalism. Very few agents know how to achieve this. That’s why there’s an entire module dedicated to it in the Master’s Program.

    7. Understand that everyone communicates differently. If you’re communicating with everyone in your style, you’re missing out on making connections with three-quarters of your potential future clients.

    8. Don’t try to convert strangers to clients in one conversation. Developing a trusting relationship with your future clients is a multi-stage process. 

    9. Learn how to handle a room and concentrate your attention on the right people (the ones you want to work with).

    10. Learn how to easily and naturally get people’s contact information by establishing rapport and offering to send them valuable information that they can’t get anywhere else. Then learn how to follow up appropriately, without being annoying.

    That’s a lot of stuff. As I stated, you can’t learn it all in two minutes. But you could try to learn it on your own over the next few years for FREE (if you don’t count the lost commissions).

    Or take advantage of this offer. If you’re a procrastinator, I’ll probably offer this deal again in a few months. Or, you can learn not to be a procrastinator in the module “Getting Stuff Done!”

    We’re HALFWAY through 2022, and it’s Canada Day tomorrow! To celebrate, get the Agent Skills Master’s Program for HALF PRICE (until midnight, July 1). Simply use the discount code ‘CANADA155’. American readers, you can use the same code (it’s almost July 4!)

  • How to Become the True Area Expert and Have Fun Doing It

    How to Become the True Area Expert and Have Fun Doing It

    This RAM is intended mainly for newer agents or any REALTOR® with the right mindset, including myself. Sometimes, writing this article every two weeks reminds me of what is important, so I’ve already implemented steps to follow my own advice!

    Have you ever had a buyer client tell you, “We didn’t want to bother you or waste your time looking at that property?”

    When this happens to me, I have to remind my clients that there’s nothing I’d rather do than go out to look at properties! It’s the funnest part of the job for me! I hope it is for you too.

    I also tell my clients to think about looking at properties as ‘homework.’ The more they see, the more they will learn.

    From your perspective, you should think about every viewing as an opportunity to add a little more cement to your relationship and to learn something yourself, whether they buy the property or not.

    Always try to maintain a Beginner’s Mindset.

    Even without your clients, you can learn a lot by previewing properties, especially in your Geo Farm area if you have one, or even if you don’t.

    Simply set yourself up to be notified every time there’s a new listing within the area or specialty you are interested in; then set up a preview as soon as possible after it’s listed.

    When I refer to a ‘specialty,’ it doesn’t need to be a Geo Farm necessarily. Maybe you want to become the known expert at a particular property type within a specific price range. Whatever your interest, set up a search for yourself. 

    To be clear, there’s nothing wrong with previewing listings if you’re up-front about it. Do not pretend that you’re showing the property to clients. Just tell the listing agent it’s a preview, and if the time requested isn’t convenient for the seller, work our a different time. 

    The listing agent will respect your honesty, and almost always, they’ll try to accommodate your request. But if the seller doesn’t want any previews, don’t worry about it. Just skip that one; no big deal.

    If you’re going to be serious about this, I strongly recommend building and maintaining a simple spreadsheet with columns for the MLS number, address, date of preview, price, pros, cons, results, etc. This may seem unnecessary at first, but it will become invaluable later. 

    Also, set up another search in your system for each property you’ve viewed, so you’ll be notified when there is a change in status. Then you can update the ‘results’ column on your spreadsheet. Just set up a search for the specific MLS numbers you’ve viewed. 

    To take it to another level, try predicting what will happen. For example, will it sell close to asking? In what time frame?

    The insight gained from viewing properties in person, thinking about each one, and then tracking the results, can make a massive difference to your knowledge and skills. 

    Simply reading the listing agent’s description is okay, but it will never give you the whole story. They never tell us the bad stuff, right? 

    But it’s the unspoken negatives that fill in the picture, allowing you to speak knowledgeably and gain a greater understanding of what factors truly affect pricing. 

    This in-depth knowledge will become gold for you later when you’re at an Open House or doing a CMA. After all, it’s one thing to look at the limited information available on listings (the same data available to every one of your competitors). But it’s quite another thing to be the ONLY agent who has previewed every active and recently sold property in the neighbourhood. 

    This gives you a decisive advantage over all your competitors, including those who tout themselves as the “Area Expert,’ but who don’t have anywhere close to the same level of knowledge you’ve accumulated. 

    You might be surprised to find out that the True Area Expert is you!

    When you run into someone who wants to know the ‘scoop’ on what’s happening in the neighbourhood, you’ll be able to paint a detailed picture based on your in-depth first-hand knowledge. The first time this happens, you will understand the power and confidence of being the True Area Expert. 

    And you’ll be surprised at how this simple process will help develop your overall skills as a professional real estate agent. For example, you’ll start to develop a sixth sense about pricing. Based on your first-hand knowledge of a concentrated group of listings, you’ll begin to understand what is important and what isn’t. 

    This knowledge tends to permeate the subconscious and becomes a valuable skill you’ll be able to draw upon, no matter which geographical area you happen to be working in.

    It’s not easy to become a true expert in real estate, but once achieved, this can have a profound positive effect on your confidence, and it’s free! All you need is the right attitude, which includes the willingness to stick to it and establish a system, including keeping impeccable notes.

    You have to stick to it because you won’t notice much difference after viewing 5-10 listings. After 50-100? You will have achieved the status of True Expert. Now, you need to keep it up.

    The next step is to learn how to demonstrate your expertise to as many people as possible. That’s a story for another day. Or perhaps several stories. 

    I’m glad I wrote this because it’s inspired me to get back to doing it myself. I just booked two previews for this afternoon. This is gonna be fun!

  • How to Deliver Bad News Easily and Effectively

    How to Deliver Bad News Easily and Effectively

    Now that the market is slowing down and not every listing sells in 16 minutes, let’s talk about how to improve communication with your sellers. 

    Do you ever stop and think about one of your listings, “OMG! Nothing is happening with this thing. What am I going to do?” 

    Then you decide that ignoring the problem is the best option?

    If so, you are perpetuating the biggest complaint there is about REALTORS®:

    “We signed the listing contract, the agent walked out the door, and we never heard from them again. That is, until two weeks before the expiry date when they finally called and pressured us to lower the price and extend the listing.”

    Hey, I get it. Nobody likes delivering bad news. But do you know what’s worse than delivering bad news?

    NOT delivering bad news. Procrastination makes bad news much, much worse.

    So here’s how to fix this problem once and for all, and *BONUS* reduce your stress by approximately 75%.

    First, do not wait until there’s bad news! If you do that, your clients will develop a negative association with you.

    Surprise! This article is not actually about delivering bad news. Instead, it’s about having a reliable system to ensure you communicate with your clients regularly. Here’s my ultra-simple system that keeps me on track with every client:

    1. I set up every seller on an auto-notification system, so they receive an email each time a competing property is listed, sold, price-reduced, etc.

    I do not screen these emails. Instead, they go to the client automatically, informing them precisely what is happening with their competitors in the same price range and geographical area. Setting the criteria is a combination of art and science (too much information for this space). If you’re interested, just call me at 403-973-9730 and I’ll give you the basics. Or, just wing it. Being perfect is far less important than doing it. 

    (Master’s Program students, refer to ‘The Big Picture CMA’ for a detailed explanation and numerous examples. 

    2. I send a Market Update every Monday morning by email, providing my take on what happened last week. What do I use for reference? The auto-notifications above! I sort them by status date and can easily see each event that occurred over the previous seven days. Then I provide my professional opinion on each one. 

    Here are a few comments I might make:

    a) 123 Maple Street – This is a solid new listing. It’s bigger and newer than your property and seems well-priced. I’ll be watching this one as I expect it to sell quickly.

    b) 123 Elm Street – Lowered their price by $10K, making it more competitive, but I still think your property is offering better value. They will probably need to lower it again.

    c) 123 Oak Street – Sold for very close to the asking price. Not surprising! It’s a higher price point than your house, but this is warranted given the superior location and larger size. The buyer of this property could afford the higher price, so they would not likely have considered yours anyway. Happy to see this strong competitor eliminated!

    So, how do I come up with this commentary? Easy. I simply tell them exactly what I genuinely believe. It’s not complicated. And two massive benefits come out of this exercise:

    1. Your clients feel cared for knowing that you’re carefully observing precisely what is happening in their market segment and communicating with them regularly.

    And even more importantly;

    2. You are forced to look at exactly what is happening with each of your listings on a regular (weekly) basis. This keeps you on top of things and makes it a lot easier when you have to report something like this:

    “Based on the above information, we may need to consider adjusting your price soon to be more in line with the current market conditions. I’m not suggesting reducing the price immediately, but let’s see how it goes this week and if we don’t have any action by Thursday, talk again then. Friday is generally the best day to make a price adjustment, right before the weekend.”

    By the time they get this message, you’ve probably already been communicating with them for a while. They’re appreciative, and they now regard whatever you’re suggesting as solid professional advice from their agent that they’ve come to know and trust. Plus, it’s a soft sell. You’re not demanding an immediate price reduction; just getting them to think about it. You’d be surprised how a few days of percolating can help with tough decisions.

    When you do this right, you will never have problems getting price adjustments. Not that this is the sole purpose; it’s really about building trust with a reliable communication system.

    When you have that, delivering bad news is no big deal.