First Things First…
Okay, before we get into the how-to, let’s review your information. This is the information you put into the calculator earlier. If it’s not accurate, click here and then the “Show Me” button at the bottom to redo it.
Now, forget everything you know about traditional real estate. This will be like nothing you’ve ever seen before! Not only will it be new but it will be different — radically different — from anything you’ve even imagined before. Before I share it with you, think about this principle: One of the best ways to be successful at anything is to see what the crowd is doing and then do the opposite. The same is true in real estate. Most agents today are wasting hours and hours of their time and tons of marketing money and still seeing a rather low return on investment. We’ve changed that and here’s how:
We broke down all the individual tasks that today’s real estate agents, do and this is what we found. Nearly 80% of the typical agent’s time is wasted doing non-income-producing activities. That’s fine if you’re on a salary, but we aren’t. For example, most agents waste between two and five hours each week just in various office meetings. Many spend hours upon hours working their networks trying to drum up business and much of that time is unproductive. Others spend hours manning model homes or open houses and receive little if anything for that time spent. Some companies still require their agents to pull floor duty and that’s largely unproductive.
Then there is all the wasted time spent on lead generation ideas like geographic farming, walking neighborhoods, passing out flyers, preparing print ads, proofing those ads, doing mailings and so on. Finally we get to the biggest time wasters of all: days and days of riding in cars with buyers, making listing presentations, filling flyer boxes, putting up and taking down signs, handling the details of the escrow process, meeting inspectors and appraisers, and going to closings just to name a few.
And when you truly take the time to analyze it — when you really break it down to the basics — you see that most of those time-waster chores could be done by a monkey! Certainly it doesn’t take a high level of skill or finesse to do them. Yet we spend years acquiring a very unique and specialized skill — connecting with people — and then spend the bulk of our time being a clerk, a secretary, a taxi driver, or an errand boy.
But What If?
What if you could focus on doing only one thing — the one thing that you do that nobody else can do? What if your entire job was simply to connect with people? That’s all! It would be fun and it would be easy, wouldn’t it? Best of all, you could be very well paid for that highly refined skill you have and you could hand off the time-wasters to somebody else. Sound interesting? Well that’s what this new way of doing real estate is all about.
Think about running a 100% referral business. Not receiving referrals, but making referrals. I know what you’re thinking: “But I only get a handful of leads every year and that isn’t enough even if I did all the work, much less if I only get a referral fee.” Well that’s probably true but that’s because you are thinking of the old model. I’m talking about a brand new model.
In this model you will use technology to generate new inbound customers every single day, like a machine, day in and day out. No more work “drumming up” business, just a steady inflow of new leads. And your job is simple — reach out and make a connection with them, get them like you, and then hand them off to a real estate agent you’ve personally selected to do all the time-intensive part of finding and closing on a house. And you’ll be able to keep tabs on them because they will log their activity in your technology using their private access.
That other agent spends 20-30 hours over the course of a month or two working with your customer, driving around looking at dozens of houses, handling inspections, meeting appraisers, doing walk-throughs, reviewing contracts and settlement documents and going to the closing and you’ll receive nearly a third of the commission check for doing less than an hour’s work engaging and then referring that customer. That’s because you are doing the most important part — the part that many agents can’t do: making that first connection.
And best of all, not only do you get nearly a third of the money for very little work, but you have zero transactional liability! You won’t have to maintain files for years. You won’t risk losing your license if something goes wrong. You won’t have any supervisory responsibility like if you were their broker. Just a large piece of the commission pie with zero risk. Sounds nearly perfect, doesn’t it?
So what do you need to practice real estate this new way? Really only a few things: First, you need lead generation machine — a powerful technology — to supply an endless number of new real estate leads behind the scenes. Next, you need good lead management software so you can monitor the progress of your referrals and make sure you get paid. You need a quiet setting where you can focus on calling and connecting with your new customers and finally, you need the willingness to perfect your skill and to work a few hours each day making those personal connections.
But just as important as what you need is what you don’t need. You don’t need to a traditional real estate office. You don’t need a fancy “client” car. You don’t need to spend money every week drycleaning your “professional” clothing. You don’t need to maintain files for years. You don’t need to buy E&O insurance. You don’t need to spend money on annual association dues or MLS fees — in fact, you don’t even need to be a member of the National Association of Realtors!
A New Practice In Three Days
Okay, I’m about to show you just how easy it is to start this new model of real estate. It’s so simple you can make the transition in three days and be collecting referral checks in a month! No kidding.
Day One — Join Our Network. Join our Favorite Agent Network and we will help you with getting the technology you need to turn on your lead generation engine. We will help you setup your own virtual office, and we will train you on exactly what to do. More importantly, we will give you a pay plan to make more money part-time than most agents make full-time. There are two ways you can join our company:
Option 1. Hang your license with our company. (This option is only available to NC licensed agents, sorry.) If you join our company you make a lot more money and here’s why. First, we are not members of the National Association of Realtors so you don’t have to pay the national, state, and local association dues (over a thousand dollars a year for most agents). Next, because in our real estate model we don’t have to support all the record keeping and defensive brokerage we are able to give you more of your money. For example, a referral at 30% on a typical $10,000 commission, will be $3,000. Our national office gets a third or $1,000. By hanging your license with our virtual office firm you keep 100% of the remaining $2,000. In other words you don’t pay any brokerage split. Of course, as I explained earlier, the national office pays half of your virtual office and lead generation technology fee from their third.
Option 2. Stay with your present company. If you stay with your current company, our national office will still split the cost of your virtual office and lead generation technology with you 50/50 but if you don’t close anything in 3 months, they’ll stop paying half. We will assume that your time and attention are being divided between your present company and ours. Also, you will have to pay your present company brokerage split out of your end.
For example, at 30% on a typical $10,000 commission, will be $3,000. Again, our national office gets a third or $1,000 leaving $2,000 net. If you have a 70% split with your present company, our national office still gets $1,000 so instead of keeping $2,000 (like if you were with our company) you’ll only get $1,100 after paying your present company’s split. So you can see that staying with your present company might be a good transitional strategy, but long term it will cost you a ton. Still we are happy to work with you either way.
Okay, now that you’ve joined our company, you need to get oriented with the lead generation and lead management platforms. Take a few hours and get fully accustomed to the virtual office, the website, the autoblog, the client manager, and the administration panel. Make a few test leads and check to be sure they are coming to your phone and inbox. Get everything set up just like you want it, then take the rest of the day off. Gosh, it’s not even lunch time yet and you are done for the day.
Day Two — Setting up your online advertising. This part is easy because of the advertising tutorials. There are only a limited number of options to bring traffic to your Ultimate Website system. Some agents choose to do pay-per-click advertising, some choose SEO or Search Engine Optimization, some purchase bulk bundles of internet traffic, but over 70% of our agents choose to simply use free sources of traffic, like posting ads on Craigslist and they average 2-3 new leads every day.
Day two is also when you have your first personal coaching call. Because we wanted to make our system very simple, we provide a coaching staff to hold your hand every step of the way. Although many of our new agents have no problem following our simple do-it-yourself tutorials it always helps to have that personal touch to make sure and to answer any questions you may have. Your conference call training session will last less than an hour.
Even if you take your time placing your ads and getting yourself motivated in your first coaching call, you’ll easily be done in a few hours. Now go relax over a nice quiet meal and glass of wine. This may be the last time you get to relax for a while! Your life is about to get crazy!
Day Three — Your new practice begins. It’s day three, and you wake up and stagger to your computer while rubbing the sleep from your eyes. You turn on your computer and check your email. Oh my God! There are new leads in your inbox! I told you so! You didn’t believe me, but it’s true. Get used to it.
Now it’s time to get to work making new friends. Think about it: Seventy-six percent of all buyers and seventy-four percent of all sellers choose to work with the first agent they talk to. So be first, and make them your friends and the odds of doing business with them are three to one in your favor. Can it get any easier?
But now think about this. Two to three new leads every day doesn’t sound like that many. It’s not that many until you think about a month’s supply. That’s 60 to 90 leads a month you’ll need to manage. Some will be ready to refer now, but most will need some incubation. If you don’t keep up with them, you’ll lose them to some other agent. So now you have a new problem, but it’s a good problem to have. The problem of staying with these soon-to-be transactions until they are ready to be handed off to your referral agent.
So let me ask you a question: Do you think you can learn to handle this volume of business? If not — if you enjoy doing a deal every other month just to keep busy, then this is not for you. But if you like the action and excitement of being nearly overwhelmed with business — oh, I almost forgot — if you like the income from being nearly overwhelmed with business, then you owe it to yourself to join us today. It might just be the best decision you’ve ever made.
Finally, imagine what your practice might look like when you’re doing a transaction a week? A transaction a day? It’s very possible if you learn this new way of doing real estate. Maybe today is the first day of a brand new practice. If you’d like to have a confidential, no-commitment, conversation with someone about joining the Favorite Agent network, please click the button below and fill out the quick form. Don’t worry, nobody will know about it unless you tell them. Let’s talk… this could be the first step of something huge!