TOM FERRY & TOM TOOLE: 80 Minutes of Expertise
KEY INSIGHTS
How to get listings at scale:
Tom Toole's origin story
Current status for real estate agents
Trifurcation in terms of progress:
Some (40% of people) haven't sold a single house
Some are really successful but they're stuck
Some are scaling
What did Tom do to move from stuck to scaling?
It's all about looking for business every day, using the script, then bringing on team members once there's momentum
Tips for looking for listings:
Be proactive rather than reactive, shake the tree
Schedule it. If it's not on the calendar, it doesn't exist.
Discipline. Disciple is the difference and it will carry you when motivation can't. Routine is a real thing. If you're disciplined enough to build a routine, you'll make progress.
Adopt a mindset of helping people. I'm not able to help people if I'm not reaching out to them.
The most important actions from Tom's most successful year:
Access expired listings- this person believes in realtors, they wanted to sell, but they got bad advice- offer to help
Cold call script highlights for expired listings:
"Hi, I'm Tom"- no last name, no agency, because it's about them, not you.
Have the listing in front of you when you call- look at the quality of the pictures, missing info, no video, etc. Tell them what you could do differently.
If they have another agent on an expired listing, ask for the agents name. Look them up on MLS- tell them what you see. If the person sold 4 homes last year and you sold 4 homes last week, tell them.
Access past client sphere-make calls every day, keep up relationships: 10% of people are thinking about selling at any given time
Cold call script tips:
Call (e.g. around birthday)- how are you, how's work? family? Doing anything fun for your bithday? Great. Ok, well, just wanted to call and say happy birthday. If you ever need anything house related, an electrician, etc. give me a ring. Happy to help.
Tips on moving through the marketing funnel:
Moving from top of funnel:
If a person has any interest in moving, follow up
Send them a personal video, send them your resume, reviews, Google map of sales, etc. Let them know you're there if they need you and when you'll follow up
Steady drip of content
Send out videos (social, youtube, email). Don't freak out above views, etc. Progress over perfection; be consistent
Provide local stats
Automate emails, etc. specific to a person's area (see Boomtown for more)
Person gets near the Ready stage:
They've gotten a steady drip of contact/content from you
Now: Check-in and see how they're feeling, what they need, etc.
Respond to their needs, help them trouble shoot, form a plan
Bottom of funnel:
Make the appointment before you get off the phone
Same day- send a personalized pre-listing video with the plan (through Boomtown)
Confirm appointment day before meeting
Pre-qual meeting:
Show up on time, dress for an interview, smile, know how you're going to walk in, mind your body language
Walk around the house, then come to the table to talk
What are you looking through in agent?
Go through scripted marketing pitch
Show them the price data for their house- talk about what they're thinking
Read their responses-- "Ready to do this?" Sign them if possible
Common objections (QUESTIONS) from potential clients
Fees
Are you going to have enough time to work with me?
Being ready:
Role play scripts every single day- 15 min of practice. Role playing is confidence building. It allows you to be in the moment with your client.
Be a knowledge broker-- understand the economy (demonstrate with 3rd party data/facts)
Practices for creating competitive offers:
offering a strong price
making up the difference in an appraisal shortfall
waving inspections
putting all deposit money upfront
paying transfer costs
letting them name their close date
calling the agent beforehand to find out what the sellers are looking for
Above all: Be nice to the selling agent, write a clean offer, ladder up with your client to get to their max price: "How would you feel if you lost this house over a couple thousand dollars? Are you comfortable letting someone else have it at $515k, 520, 525..." "Ok, let's put our best foot forward."