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P061 Growing your business during crisis times like these - Stuart Sutton interview
Manage episode 257693641 series 2328612
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[00:00:00] hello, everyone, I'm so glad you joined us. For those of you who don't remember me, my name is Penny. And welcome. Welcome to this next session of $get calling you with Beatty Carmichael. Beatty is the CEO of Master Grabber, the creator of Agent Dominator and one of the top marketing expert in the real estate field. Beatty, I'm super excited. I know you always have something great for us today. What are we going to be discussing today?
[00:00:27] Well, Penny, today we've got a really exciting call because this is going to be something a little bit different as things like I'm always trying to do. I'm going to share the audio of a call I recently did with a friend and a very successful real estate agent client of ours named Stuart Sutton. And this kind of set the stage. You know, right now we're going through just some terrible times with the Corona virus. States are locking down where shelter at home. Nonessential businesses are being forced shut. And in some of those states, they consider real estate non-essential. We're headed into a recession. We have millions of people unemployed. And this is where we find ourselves in the real estate world. The question is, what do we do and how do you manage on it? The reason I did a special call with Stuart is in talking with Stuart. Stuart spins through every financial crisis in the last 40 years, 40 plus year veteran, whether the 1986 crisis, the dot.com boom and then bust, OK, or the meltdown in 2008 and now the coronavirus. One of the things that's been really interesting is every time Stuart entered one of these crises, he earned more money. And as he exited the crisis, he earned even more money. OK. And Paul, other real estate agents are going out of business. Stuart's income continues to grow. And I was asking him how I wanted to do a call. So we did a call recently, and that's what I want to share. But real quickly, before I introduce the call to you, I want to share one other thing. One of the things that he focuses on, you'll hear this right upfront is that he increases his marketing for listings.
[00:02:15] This is the thing that's always impressed me when ever Stuart wants more listings. He simply increases his marketing for it. Most people don't understand. How do you market for listings? One of the things that we did many years back, Stuart was actually one of our very first clients and working with Stuart. We developed using his guidance and then have really taken it beyond from that point a very consistent pattern on how do you market for listings? Is the focus is both in geographic farming to generate listings and in your personal contacts, your past clients and sphere of influence. We've even expanded into commercial investment property and are just now moving the same process into property management. But where I want to go on this is as you're listening to this call, and if you don't have a way to market for listings, let me encourage you to check out what we do, because it's a very proven, consistent model. And as you move into these crisis times, then you can follow the pattern that Stuart's done and not only stay in business, but earn more money. And if you do have interests on that, just visit our Web site at Agent Dominator, dot com agent dominator, dot com. And you'll see a skilled prime is really on the Web sites geared for residential, you know, geographic and past client sphere of influence. If you do have interests on the commercial side, just make a note of that. If you fill out the form and will follow up with you on that. But anyway, with that penny, would I like to do now as I like to bring on the recording, this conference call I recently did with Stuart. It's really fascinating.
[00:04:05] Welcome, everyone. Right now we have an open call, so you'll hear the beats coming in. And this is Bayti Carmichael.
[00:04:11] The voice you're hearing and also with me is Stuart shotton. And this is going to be this really great call. And I'm so glad that you guys who are joining in or joining in, we are going to be recording this and we're putting it out as a podcast. If you want to listen to it, more completeness later, you'll have that opportunity really soon. But with all the challenges going on right now in this nation that we're experiencing and especially how it impacts our business and the real estate world, I reached out to my friend Stuart, whose is just a an amazing realtor in terms of consistent production, regardless of the environment. And I thought it were and could learn a lot and be encouraged a lot. So we'll quickly to start, if you would. We're still a few minutes before starting. So this is not an official start time yet, but I'd love to if you would just announce who you are and just what what city and state.
[00:05:16] You're in the heart. All right, Gary. Rolling Stone Mountain. All right, welcome. St. Charles, Illinois. Hey. All right. Else is out there. Zelda Greenberg, quantity for Florida. Welcome, Ken. Ken Gandi, Naples, Florida. Remember this as you're joining interest. Tell us who you are and where you're from. John King.
[00:06:00] John, welcome. And see the lady there. Welcome.
[00:06:05] I miss the name, but welcome to call me Austin from Charleston, South Carolina. OK. Welcome from India.
[00:06:15] Hi, Candy.
[00:06:19] This been you are watching. Welcome. You can pour me some java to whoever is boring. That will set the mike down in just a moment. Get the background noise is out. The. But as you're joining it. Just tell us who you are and where you calling from. Justin was there. Minneapolis, Minnesota. Hey, Justin.
[00:06:46] All right. Anyone else want to say hello before we are?
[00:06:50] We're at the top of the hour, someone said like anyone else want to say a lot before I shut down, am I? OK, now let me figure out how to let. Hold on.
[00:07:09] Everyone else is now muted.
[00:07:11] Ok, great. So I've got the backgrounds down. And so I wanted to just kind of officially start this call off and introduce my friend Stuart to you.
[00:07:24] So the purpose of this call is we're all going through some really difficult times right now with the Corona virus and kind of what's happening in shutting everything down. I want to see if I can turn these chimes off. Just one moment.
[00:07:41] Entry and exit chimes are now off.
[00:07:44] Okay, perfect. And and, you know, the question is how do we respond? How do you grow your business? I was talking to Stuart. In fact, Stuart, I have to tell you, the reason I reached out to you. We've had several clients saying, hey, you know, you're all going to do any of those mastermind calls. Again, this would be a good time. I was thinking, oh, yeah. Let's do that. Because Stuart and I did to mastermind calls a number years back for about a year and a half to two years. And I just learned a lot. But for those who don't know Stuart Street, you've been selling real estate for almost 40 years now. Am I right on that?
[00:08:23] Q Well, it sure does sound like a long time when you say, well, you know, when you started fifteen years old, then, you know, anything can go on the trip.
[00:08:35] And that's the neat thing with Stuart is Stuart is going through. So what what are all the crisis you've hit? What are the ones you remember?
[00:08:48] I'll go and see. When it started, the real estate industry interest rates were 18 percent. So basically, nobody can buy a house with a new mortgage. The market crashed the. If anybody remembers that work. RTC pretty much took over a bulk of the properties in the country. Then the dot com bust, of course, was pretty nasty. And there was no age, of course. And then there's been some others that weren't as many as five, but really had a tremendous interest in go for when the first one started with great concern. And then, of course, the most recent one we're involved in, which is quite interesting. If I'm lucky to have experienced.
[00:09:29] Yeah. And we were talking earlier today, you made a startling comment for me. What happened with your income in each of those? Can you share quickly entry and exiting each of those areas?
[00:09:44] Yeah, and this is a little hard to get your arms around, but I believe the reason behind this has to do a lot with not a real exciting word, but it to me is a word that's paramount to my business and that is consistency.
[00:10:00] The most money I've made in given years to my career has been going into and coming out of crisis like this. And I can give you kind of a reasoning and a background like that as we go. Or I can give you a summary. Is that such what you prefer?
[00:10:18] Why do we do this? Wanted to give us a quick summary right now. And then what I may do is. And then we'll just dig into it, because what I like to do is I like to kind of peel back the onion a little bit with what I call the low hanging fruit, things that people can really take away from this call and start applying in the business now. And most importantly, make sure they apply in their business long term so they can weather anything like this in the future.
[00:10:46] All right, so in the best way I can think of, to put it, is very simply that if you're prepared in I don't mean like make all these special preparations and do all this significant stuff that you'd never month been before. If you're prepared with the way you do business entering into a situation like this, this is not going to level you out or take take away your income and your livelihood. Here's what I mean by that. Let's just take the 0 8 debacle as an example. So when when 0 8 came around, one of the things that happened just before 0 8 was the market was moving along very, very well. And our listeners were selling just as fast as they possibly could. But when a late hit, things change dramatically. So we started we kept doing what we were doing. And so it just before 0 8, I was carrying a listening inventory. And after a weight, within a few months, my listing inventory was 2, 3 times that. In this time went by five times that. What we had to do, what we've always done is assess where we are compared to the market. So it's very important to know your market. So if the turnover ratio and I'm asking you use one ratio, I'm not going to get into a lot of subtleties and muddle this up.
[00:12:14] But if your market sees 1 in 10 listings on the market close every month, then that means if you have 10 listings, you'll have one close. Well, if you have to pay all your bills with two closings, then you need 20 listings. If you have a budget that requires three closings, then you need three transactions. So we've always simply adapted to what the market was doing based on turnover ratio. So I'll give an example when I continue to talk about the 0 8. So when when that hit are we just kept marketing, kept marketing, kept marketing, our listening inventory built in. I'm talking about me and one assistant. All right. Me and one assistant. I was carrying 50, 60 at one time, even 70 listings. But guess what was happening? The turnover ratio was selling a portion of those every single month and keeping me with the income that I needed. It was used to and had set goals for. So if you remember when things started getting better, your market may be different than mine. But Irish was 12. It was the last year where things were sort of even in 13 they started up. I remember. Within a few months period, my listening inventory went from over 60 listings to less than 20.
[00:13:49] So what do you think happened during those few months? Well, demand started changing. Interest rates were falling. People were realizing this crisis didn't the crisis anymore. In that year was very, very strong year for us. The same thing happened in the dot.com bust in the early 2000s. We saw prices drop within two months. Toward sellers could not even get close to what they thought they can get anymore. So parliamentary built. And then when the market improved, we made dramatic. We had dramatic sales months in. I think the same thing's gonna happen now. What I mean by that is my little toy already in one month is double what it typically is. I believe that in two months to three months it will double again. So when this crisis is over, guess what's going to happen? I truly believe in. I'm not a prognosticator, buddy, but I truly believe the pin-up demand after this eases up is going to come out and we're going to see most of the homes that we put in the market that are good value, good will price and show well that they're going to sell. So that's kind of a sign we do that since it does.
[00:15:03] Look, let me really repeat it, because it seems I won't use the word so brilliantly simple. It's I think it's easy to miss. You made the comment. You keep marketing and marketing and marketing. Let me say, if I if I if I net this out, the turnover rate of how many listings in a given month actually sell, then you back into it. How many listings do you need to have an inventory to sell that will cover your nut? And you just keep marketing until you get that number of listings. So now you've got you've got to set the listing inventory that keeps you cash flowing. And I want to make an assumption and correct me if I'm wrong when you keep marketing for listings.
[00:15:55] In these crisis times, I'm assuming that you're probably experiencing your competitors have stopped marketing for listenings by and large. Is that am I making it? I'm kind of extrapolating, but is that behind the scenes assumption? Maybe.
[00:16:11] That's a very reasonable assumption in an accurate one. So going into a crisis, if you remain consistent and actually increased my budget a little bit, because what has to happen during a down market during a downturn is I have to have more listings in order to cover my expenses. And my expenses, by the way, are extraordinarily low for someone who does the volume I do. And that's just the experience to a great degree. So going into a crisis, I build my inventory. And what happens is those people but you might not have told me, keep getting my stuff. And even though the market's not what it was. People still have to sell. There are certain circumstances where people have no choice. They still need to sell. So in a in a current situation like this, where they may not want to sell right now, but they know they have to sell. I have quite a few listings right now signed that aren't on the market, but will be as soon as the seller and myself feel it's a comfortable time to go back in the market. So going into a crisis, my listening inventory builds coming out of a crisis. All those listings sell. So I do quite well on both ends of that. No, that's not that's not a hey, let's find out how we can get rich quick. That's the last thing it is. It's really a a consistency provides an opportunity no matter what. And you're not taking advantage of anything. What you're doing is being prepared in advance for whether the market goes up or down, if it stays consistent. Guess what? You stay consistent.
[00:17:58] You know that this really is it seems so simple.
[00:18:03] And I just want to reiterate repeat it, because, you know, I'm over here kind of grasping and going is that it goes like it's things like, do you increase your marketing for listings while everyone is pulling out of their marketing per listing? So now your marketing is more effective.
[00:18:23] You're getting I think you're getting a higher response rate in generating listings because you're one of fewer people doing it. So now your listings are growing, which keeps your cash flow consistent. You're building up this huge pipeline of listening. And then when the dam breaks, now it all cashes out.
[00:18:49] Yeah, I remember coming out of the 0 8, I believe it was April of about 12. We sold, we put it. Remember, this is mean assistance. We put 31 homes under contract in one month because the peanut the came out and we had a large listing. If I had, you know, plodded along and not been consistent in not adapted to the market.
[00:19:19] In other words, if I hadn't paid attention to the turnover ratio and had done what I needed to, then I did. Okay. But you know how many agents, babies that that herd wander in even in this market?
[00:19:33] I've never been without listenings before. They'll say I've got one listing. I'm usually carry six or eight or I usually carry 20. I've got two. Well, that doesn't happen. The reason that happened to me is because of the consistency in the actually extra little push. Always put a little push, for example, in the fall when other people back off. So I tried to be a little bit of a contrarian as far as the timing is concerned, if that makes sense.
[00:19:59] Yeah, I know that in the fall we also go head to head. Now you go.
[00:20:05] I will just say we also increased something else in. This is a lot of people have a hard time believing. I really had people look me in the eye and go really, really to 60 listings. Are you serious? And the answer is yes. How do you eat an elephant?
[00:20:24] One bite at a time? So I'm going to work Monday through Friday and I'm out of work a little more on that back then, but really not much more because I had two little kids. So here's what happened on Monday. Twelve people hurt somebody who were listening. So let's take sixty divided by five on Tuesday. Well, people heard who listed with me, so I basically took an increased our level of service.
[00:20:55] Hardpoint because a lot of idiots aren't used to having a whiskey for two months or four months or 12 months, but that's sometimes inevitable depending on the scenario. So if you don't want sellers getting upset with you in moving on to the next agent, you have to ramp up that service. So the adaptation is increased marketing for listening, increased service for those who do list. And that's that's simply an organization issue in the timing issue. That makes sense, right.
[00:21:32] I remember a few years back I was asking you about your business and just to put things in perspective for everyone on the call. When you and I met, it was late 2012. So we're just coming out as we're about to come out of the recession. The recession caused by that. And you're doing like a hundred and twenty transactions a year. Thirty five hours a week at effort. And we started to talk about your business. This is about a year later going through the recession period. You pulled up your numbers and every year your numbers were not inconsistent. But you increase the number of sales you transacted every year for other agents. We're going out of business and collapsing. Your business was growing. And I just thought that was brilliant. And now it just seems like it's so easy to just increase marketing for listings.
[00:22:38] Well, it's it's maybe easier said than done. But again, it's just, you know, what's that? You know how to tell someone by term. So I don't take that. I've never really taken that. Hey, I've got it. Get these six thousand mailings out over the next 60 days. Right. We piecemeal it. We send a few here. We send a few there. We we monitor we we follow up the IP. And as you know, I've been one of those teams with, you know, listing agents and buyers, agents and in staff and runners and marketing agents. And, you know, did hundreds of cells a year. And I really and truly enjoy what I do now because I have first of all, I can do it with an incredible system. She is phenomenal. But relationships are built with clients are very, very different than when I had a team, a big team. And one thing he said was very accurate. But that memory probably let it slip a little bit.
[00:23:37] A number of transactions during that time didn't keep going up. They actually started going down. But that was on purpose. My income kept going up. That's what it was. Yes. So what I realized was it was one system. I could keep doing those 100 plus transactions a year or I could move them down. And there's three ways to increase your income in this business. I mean, it's very obvious. More sales, higher commissions or more transactions per client.
[00:24:07] So I basically manage my business in a way that most of my clients are multiple transaction clients at this point. So they're much easier to deal with. It's a much easier transaction. There's a great deal of trust. So I do about half the transactions that clients have, but nearly half the transactions I did in 12. But my income is higher than it was in 12. Does that make sense?
[00:24:34] That does. I want to get people to start asking some questions. I'm wanting to. For those interested, I'm pulling up a join me account. And I just want to direct you before you go and you can type your questions in and I'll read them out for you.
[00:24:51] Stuart But if you go to join me, when else is now, unmute it. I don't want second, we don't have a really loud call. Give me just one moment. I just pulled this up. Let's see how. Take on. Here we go. I'm gonna say this online.
[00:25:12] The conference is now in question and answer mount.
[00:25:17] Ok. Stuart, is it okay if I let people start asking you question? Because I think we're right. I think this is a brilliant spot that probably a lot of questions for us a little bit dig deep. So I've got everyone's soft muted right now. If you have a question for Stuart, you want to kind of inquire a little bit more. Press star six on your phone and along your line and just a little bit of protocol. We'll quickly press Star 6 and announce yourself. And I just hope we'll just take any questions as they come along and let you meet yourself back. After you've asked your question, any questions out there, we'll quickly before we just continue in a monologue.
[00:26:04] Bombeck. OK, Wanda. Go ahead. I didn't want a hard time from Minneapolis, Minnesota. And I am. I missed the other two things that you mentioned. Stuart is two, three ways to increase the income.
[00:26:21] I didn't get the multiple transection of clients. That is my strong suit and I love it. But what were the other two?
[00:26:30] Oh, good question. And by the way, I love Minnesota. I've got a friend that just moved up there to get married. Beautiful part of the country. So the three ways to increase your income in this business are, as you and I both agree on strongly, and that's multiple transactions per client. And I've got two different ways that I do that. Another one. The most obvious is make more sales.
[00:26:54] And then the third one is a higher commission curtail.
[00:27:00] So just to kind of follow you back, just to kind of follow that path. I purposely increased my average sell price over the last six years rather dramatically, and that was from poignant, focused and pertinent marketing to to a targeted database of people. So the multiple transactions per client have to do with two things. I chose a niche and started working with a niche where the result is typically two loops. I deal with listenings where the seller is usually going to sell that and buy another house more often than the typical real estate market transaction in your your area will be different than mine. But the bulk of my business is people who move from acreage into a subdivision or from subdivision to acreage. So I have two transactions and in very high percentage of my clients and the other is investing. I teach my clients who want to learn how to invest in give him example this month alone. I have sold for investment properties to clients who are really scarily trusting. And what I mean by that is what do you think, Stuart? You go right ahead.
[00:28:21] That's fine. We don't care to go ahead. So you really have to cover yourself and make sure that all the information and and pertinent documents are taken care of as far as, you know, that particular transaction is concerned. So I teach my plans to invest in a lot of my plans and go invest. And then I work a market where many of them will, you know, sell their acreage, move into a subdivision, cause your kids grow in some or multiple, multiple, multiple. I just sold one investment house I sold this week was to a guy who moved out of a subdivision with his family. But acreage then they sold their acreage, moved back into a subdivision, and they started buying investment property for me. And that's his third one. So, you know, those are just those are just the best kind.
[00:29:11] You know, the other thing I want to make an observation. And I've seen this from you throughout our entire relationship, Stuart. But you made a comment sharing with. I think that I think as Karen was carrying around. I'm sorry, Mr. Wanda. Wanda is Wanda with Linda. And it was you made a deliberate decision to increase the sales price and you started marking that direction. And I think what happens a lot of times with a lot of agents is they just try to do anything, anywhere. But you've always been very deliberate. Do it with everything you do.
[00:29:54] And maybe if you just, you know, if there's anything that touch on with that. But I just thought that was an interesting observation. You don't react well. You make it happen where you want it to happen.
[00:30:08] And that has that has a lot to do with experience, but also has to do with, I think, awareness. I mean, one of my favorite sayings is truly that, you know, the difference between an agent who makes a million dollars and an agent who makes fifty thousand dollars is is not always passion. It's not always determination. It's not always will. It's not always work ethic, but times, it's awareness. Are you aware of the steps you need to take? Now, here's the scary part. When you're aware of the steps you need to take.
[00:30:42] Now, are you willing to do it? And that's where the rubber meets the road. But awareness is is huge. And one the best thing that ever did truly was learn to market. And I'm not being derogatory by any means. This is just this just an observation. You know, I know lots of insurance agents. You probably do, too. Very few of them really know how to market their business. Most trilogy's agents claim to market, market, market. They really don't know how to market their business. And if you remember, one of the reasons I pick up the phone and called you in 2012 was because I think everybody on this could probably agree. Man, I think I don't know who told everybody else or put real estate agents on a target list. But hey, real estate, buy anything. Just start marketing tool. I mean, there's so much stuff out there.
[00:31:36] It's unbelievable what they're trying to sell us. But the reason I called you was because when I got a marketing piece from you, I read it and I said. This person knows Markin. This isn't some fluff piece for some good looking piece or some focused on them piece. This is a marketing piece in the difference, if you're aware, is astounding and. Making the decision to market to a particular group. You can do that. Whoever they are really does not matter your price range that matter. Market doesn't matter. I mean, bottom line is that if you understand the rules of marketing in consumer response, you can pretty much turn your faucet up, turn your faucet down. And I use that analogy simply because that's what marketing is. If I want to make more money next year, guess what I'm going to do? I'm going to turn my marketing faucet up if I want to take more time off. And you know, this Beatty. But my wife had breast cancer about a year and a half ago. And she's doing very well. But I turn my marking faucet down. I didn't quit doing business totally, but I turned my marking post down so I could spend the time with her. And that's the beauty of real estate. That's the beauty of marketing. That's just why just this business is such an incredible business to be.
[00:33:02] Yes, it is. Let's go with another question. If anyone else has out there, just say hello.
[00:33:13] Impress Star 6 on your phone.
[00:33:18] Any other questions before a yes. This is it, open hand. You can find Trulia, Washington and a real for about five years and. I'm doing a little better each year. Kind of, I guess, and say I'm in the top twenty five ish and are counting to small county. Kind of rural neighborhood. Just wondered what what advice you might give to somebody at my age. Got a bunch of kids at home. Sole provider for my home. And I've actually got six children at home. I'm trying to balance work life and and, you know, paying the bills, but looking for just any insight you might give to somebody who's at year 5 doing pretty well, doing about 25 to 30 transactions a year. And that's pretty good in our area with top producers, then 90, I think. And the next person to them is like 60. I want to get closer to 50. But, yeah. So any any input, anything. And it's kind of open ended, but anything you might have to say.
[00:34:33] No worries that will bless you. By the way, six kids, you got your hands full. But Abed's Christmases are a blast, aren't they? Oh, yeah, lots of fun. And there's another you know, I'm in Texas, you guys.
[00:34:48] I'll admit, it's not the beautiful, most beautiful state. We love central Texas, but I mean, Washington. What a gem that is so gorgeous up there. Yeah. So, yeah. You know what? First of all, five, five years in six kids and sole provider, that is. That's absolutely phenomenal. I'll I'll share something personal with you.
[00:35:11] And, you know, my wife tells me, hey, you know, quit preaching at people, but sometimes I just have to share stuff. And you're probably already head of this. But you know what? When my first son was born, I started taking all day Thursday all in, gave my wife the entire day off. And the bond and the time and understand quality, time, quantity time is huge as well. And here's what's interesting. I would put on my voicemail. This is Thursday. It's the day with my family. So if you need me immediately, my system will know how to get hold of me. But if it's not, I'll be happy to talk to you tomorrow. People would leave voicemails that say, don't you dare call me back today, you know? Or, hey, good for you. Put your family first. We'll talk you tomorrow.
[00:36:01] I guarantee it never cost me a deal. And I think it probably enhanced my business with people who knew the position that I was taking. OK.
[00:36:13] So the next thing that I would say from a business perspective is very simply this and that is truly learn and understand marketing. And you said it if it's open ended. But if you if you get to become a student and learn marketing those people in your sphere. So we're going to refer you business because they like you care about you want to see you succeed.
[00:36:47] In the number to get those people so Indian kids for free.
[00:36:55] That poem, but I would recommend marketing people like our niece. Ah, yes. Look, I don't necessarily think it's a matter of fact, the agents that go through. I do some teaching, coaching, et cetera, et cetera. And I don't include real estate books in any of my progress. We read books that are outside of real estate and we bring the methodology into real estate.
[00:37:21] Some of the best things that I've ever done in my business came from Ford or Nike or, you know, somebody like that, because guess what, marketing works. Coca-Cola does it on different scale than I do. I do it in a very small world. But guess what? The methods and strategies still work very, very well. And with that small town that you're in, in that small market, the turian, if you market professionally and aggressively, you're going to get to that 50 or 60 transactions faster than if you do it the old real estate way. If that makes sense.
[00:38:02] Yeah, that.
[00:38:04] Awesome. Thank you. I don't know if that was helpful. I hope it was.
[00:38:07] Are you OK? Yes. Thank you. I am out of all the books I've read in marketing. There is one that's kind of encapsulates everything in a single book. It's absolutely the very best. I have to go on audio and I can't tell you how many times I've listened to it, but it's called Monopolized Your Marketplace by Rich Harshaw H.A. R s h a w I believe monopolized your marketplace. But it is the best book in understanding marketing copy writing headlines and the entire process of what I call the marketing equation are actually what they call the marketing equation. If you guys have been through any of our demos where we share what we do with Agent Dominators, you'll see what we talked about outside perception versus inside reality comes straight from that book. Okay.
[00:39:11] And second, that that is that is a fabulous textbook for market.
[00:39:15] Yes. And if you read that and apply it, then you'll start to really understand what what Stuart's been talking about. When he says when you understand marketing, then you can start to pursue most any niche you want and you can become successful there. So let me just encourage you not to get that monopolize your marketplace. I think it's still in print. If it's not, you can probably find a used copy somewhere.
[00:39:47] Oh, yeah. I'm sure you can find his copy arms. Another one I would recommend is this in real estate related. But the principles are it's a book called Hug Your Customers, where everyone goes around saying, well, what with closing gift you recommend. Well, if you read hug your customer, you'll understand the principles behind true customer loyalty and keeping those customers raving fans of yours.
[00:40:13] It's just it's again, it's outside the real estate industry. It's a retail industry book. But you bring their principles into real estate. It's fantastic.
[00:40:22] Why? That's that's good. Any other questions out there?
[00:40:26] Press star if you're not a medium yourself already and just announced yourself.
[00:40:32] I am from California. And thank you for taking the time out today. Hey, I was curious, what is successful in your marketing plan? What avenues do you use? Are you using only print media, using social media? Where do you focus your kindness?
[00:40:51] Very good question. We have so many options nowadays. And I would really encourage you to become an extraordinary expert at one. And pretty good, if not really good at others. So here's my strength. It's obviously because of my era is as Beatty said, I've been in real estate for just a little while. As my twenty five year old son says. And I don't know where they got this, but I've always heard out of his mouth. Well, you've been doing it a hot minute, had you? So, Hotman. It means a long time, apparently. So I have been doing it a HOTMAN Way I started was good old fashioned mail marketing.
[00:41:37] And so I am the bulk of my income comes from mail marketing, but. It used to come from male marketing that gave consumers a hard offer. What that means is call me right now. Is technology advanced? Then my male marketing turned in to soft offers. Go to this 800 number. Hear this message. Now my soft offers. Take them, too. I want to remember this very specifically, landing pages and videos. I do not have a card that goes in the mail that doesn't send them to a landing page in a video and I'm gonna give you one area. The has helped me with this small harm area.
[00:42:32] There's nine hundred and seventy one people there and I have one print piece that has gone out there. The video has been viewed at my the last time I look at the video has been viewed four thousand one hundred and twenty seven times. There's only 971 people in that in that farmers. And the reason for that, I think you can pretty much guess is they look at it. Oh, that's not bad. And then they get ready to sell and then they go look at it again and then they're ready to colonnades it. They look at it again. So it's just one of those things that what is how we adapting to what's going on that day. So my strength is truly male marketing. And I've had a tell me, hey. It don't work anymore. And I'm just I'm living proof that it does actually got a postcard from Google. About four months ago. So it's Google sending me postcards. I know that postcard marketing still works, but our social media marketing is quite strong as well. Last month, I'm sorry, last week I spent two hundred and nineteen dollars on Facebook ads and again, marketing. Works on Facebook like it works on postcards. The same methods, the same strategies, the same principles, typical real estate agent marketing is not as effective.
[00:43:57] And I'll be happy to cover a couple of those things with you. But I spent two hundred and ninety dollars on Facebook ads in the last two weeks have put most modern in two increments, and I created ninety six leaves with phone numbers, emails and names. Now I know agents that don't do the phone numbers and they'll get a lot more leads than I do. But I get phone numbers, emails in names in one out of five phone numbers. So nearly 100 leads means I got nearly 80 good phone numbers and a high proportion to email addresses because even if they don't leave these phone numbers, I'll leave you a good email. So Facebook marketing is very inexpensive, but the actual commission that you generate is not that much greater with Facebook than it is with post-card. It's just an area where I'm going to find somebody that I might not have gotten from the postcards or if you've heard the term about very touches. If I get my postcard and then they see a video of me giving up on the market in my area and then they see a listing on Facebook on a Facebook ad. Now they're saying, well, this guy really works. This area guy really knows his stuff. Does that make sense?
[00:45:24] Yes, it doesn't. No one should just like. Sure. All right. But again, I would I would reiterate the the marketing aspect of that. My life Facebook ads and my online ads get a much higher conversion than most agents because they produce high quality lead at a much higher level than most ads do. So what you were asking the question. I apologize. Ahead.
[00:45:54] No, no worries. On your Facebook ads, what what are you advertising? When are giving in their assets in train a person to go through?
[00:46:04] Query. Good question. Three things. One is a list of houses. Now they can go to Zillow, they go to Realtor.com and go anywhere they want. But if you show them a list of housing by list, I don't mean, hey, clicking here, I'm going to make your list or we're going to send you a PDA or some of that.
[00:46:27] When they when they click through, they go straight to a page that shows them those in their updated in real time. It's not a it's not a static list. It's a page with the criteria. So I'll give an example. I work, as I mentioned earlier, the small acreage market, I call it the one acre plus. So I got to see what's 29, 28, 67 leaves from an ad that said. If you want a massive backyard for less than five hundred thousand dollars, here it is. So list of houses I call it must see houses that see all houses with massive backyards and such an acre or more because most people don't know want an acre is, but a lot of people want a huge backyard. So another one that I ran is if you want a home with more than two acres, there's a lot of people who are looking at acreage making quite enough. They want they want to do something that you can't do on an acre. Most of the acre subdivisions are restricted. You can't put a workshop, things like that. So when I say more than two acres, that hits a hot button with these people who want to park their RV on it or put a workshop on it so that one gets a lot of talk. It's what I call my see houses and see all the homes on two or more acres. See all homes with massive backyards. Preston Five hundred. See every house on an acre and more with a swimming pool.
[00:47:57] And then it takes them directly to a page that is updated live with that in people are if they want to see that net is pertinent to them. They're a much better lead when it when it comes right down to putting in their information to see it. In the second type of ad is really what I call video views. And video views are nothing more than me doing the video. It might be, hey, here's one of the best values on the market. It might be. Here's what happened, in fact. Tomorrow I'll be putting one out that says here's what happened in the first quarter of 2020 compared to 2019. I'm going to really separate out what happened in January, February. What happened March? Because I saw a very big difference in March and January, February. We thought this was going to be the best year we've seen ever since. I mean, in forever, it was going to be incredible. And then the third type is is not really the best lead that I put it out there. So those people who've seen the videos, who are seen the sea houses, ads and things like that say that I'm doing business. So new listings and I run them for a shorter time, put a new listing up in. When I sell a listing, I tell a little story behind listen, just like the postcards did. So listing sold ads, see houses, ads in video ads that help.
[00:49:25] Yeah, yeah, definitely.
[00:49:27] Thank you. You're welcome.
[00:49:31] Stuart, you're here. Go ahead. Yes, sir. Bob Burns is in Naples, Florida. How are you? Oh, doing well, thank you, sir. Yes. Get out.
[00:49:47] Probably only 4 percent of the agents in America meet the National Association's definition of a business base, which is what we're all trying to build as a reliable, sufficient base of people that are referring as well. That means the other 96 agents are working the stranger market, whether that's for sale by owners or expires this first time. And the thing that you shared with me, your strategy and I don't know if you have time to go into it today on expired listings. What was the most amazing that I've heard in 50 years? The nine Umbridge, nine children as a condition of all salesman in this business. So do have time to share your.
[00:50:47] Yeah, I can give you a quick summary if you like. Beatty, how we doing on time? It.
[00:50:53] Let's say we've got about 15 minutes, so that's a quick summary on that.
[00:50:58] All right. This is typically our presentation. I'll do it in five minutes. I'm awfully glad to meet somebody who's been in the business longer than me. That didn't happen very often. Congratulations. So what you're probably referring to is, I believe very firmly that there is no better business. You can have been past clients and customers because of the trust and the referrals and all that. But I also believe that you're leaving money on the table if you don't market to strangers. If you don't market to the cold market as well. Again, if marketing is something you're aware of and understand, you're going to have a much higher level of success. When people who have never dealt with call me to do business because of marketing, it's not as good as a past client, but it is really reaching that. So a lot of people have mis perceptions about expires in by owners. I'm just going to focus on power right now. I don't work expands the way a lot of agents do. Now, I used to question surreally back in the 90s. I put on a headset and co-called and I'd call up and down streets and I'd call expands and I'd do that two to four hours a day. But once I learned marketing, I never did that again. Never had to do that again. That didn't mean it didn't work. That just means it's really hard work. So from an expired perspective, here's why I like experience with a home that's come off the market.
[00:52:36] It's perfectly legitimate, perfectly legal, perfectly moral. They no longer have a relationship with a real estate agent. So I'm free to send them some information so that they can see that there are options if they decide to sell the house again. Now, I don't call them the first day. If all those, you know, twenty seven, eight, 30, 40 agents who come first day, the house expires, if they want to battle it out for an appointment, get the listing. That's most of the people I list whose homes have expired list with me. Two weeks, six weeks, three months, a year, even two or three years later. Here's one I like expired. It's a much more dollars productive set of people. I get three point seven times as much response from the expired database. Now, for years it was 3.1. Now it's 3.7, 3.7, nearly four times. So what I'm saying is that if I take a regular database like a farm area or a mailing area in and keep blanking.
[00:53:44] Getting calls, my expires the same number of expired, the same amount of dollars spit is going to make me nearly four times as much money. So if I've got a group of 1000 people. And then I have a group of 1000 ex-parte. I'm gonna make three to four times as much money spent in the exact same dollars on the market. I kind of like those odds.
[00:54:09] So when somebody's home expired, we send them some information and then we continue to send them information about how we do business. They'll look at this video online. Here's what here's why you should look at this video online. This video online is something you should see because we keep sending them to see. And that's one of the reasons that our videos are seen so often is because they are pertinent and informative to how we do business. So those inspired to list with me. Most of the time, I'm the only one that's going over to talk to versus if I was one of those who is co-called and trying to close them for an appointment. The first day or two they expired and we compete with 3, 4, 5, 6 agents. Anyways, that's kind of a summary. Better dollar, productive and consistent long term marketing. My record is I had somebody call me that had expired 13 years ago. And if you had been in the business 13 years, you can look forward to that. But that's my record. They had kept my mailings in and they knew that if they ever listed the home again, they would call me. Now, here's one of the best databases you can go get.
[00:55:26] Go back in your market, the area that you work for, three, four, five years. Download all the listings that expired during that time. Now download all the listeners that have sold. That are pending, that are active. Take the two databases and do what would Excel calls data. So we take out the duplicates in the expires from three fourth from last week. Last month, a year ago, four years ago, five years ago to have never released Relisted their home are a great database for you to start marketing to not expect. You'll have three times as much business from those people as you will. A similar group. Let me give you a stat real quick. This one's pretty astounding. In an area that I that I work one acre plus homes. There are about 360 houses that have expired in that timeframe that I'm talking about. Now I market to a group beyond that of nearly six thousand. And I want you to grasp these numbers. The expired from those three sixty list is many houses from there. Is there do the other six thousand? What do you think cost me less money?
[00:57:04] Now, here's why that is.
[00:57:05] First of all, I'm an expert in the 16 plus market, so I have a higher result from that anyway. Now, you take the expired in a market where I'm perceived as an expert in the response. Absolutely skyrocket.
[00:57:23] So if you just think about, all right, let's let's be very greedy with in very careful about our marketing dollar and if our marketing dollar can go farther than we can spend less money and make more money in that, how when we started this conversation I shared with you that I went. I kept decreasing the number of cells I was making and increasing my income because my overhead is far less marketing to groups with higher response rates.
[00:58:00] Does that make sense, she goes to my own trap with that. Yeah, you are. Yes.
[00:58:08] Thank you for asking that, by the way. Appreciate that. Now, did did you. Did we meet in Florida? What was the question?
[00:58:19] Then we meet in Florida. You had said that I shared that with you. Oh, yes. Yes. And in Orlando, it's the edge in Orlando. You were at the Orlando. Yeah. And that was, you know, just something that's. While you're in the rat race, you don't look behind the door to this. There was a better way and now that's out. Yeah, I understand what work and so many that are the reason for the turnover of our business if you don't have that big.
[00:59:09] Business space that will sparked a referral part of your business where 70 no, 74 percent of a legit business comes from people they know like and trust. But if you don't have that base, you're forced to go to the stranger market. And when you get there, if you work these elegant things, if you worked out, if it will save some people's ability to go ahead with their career and real.
[00:59:36] That just awe inspiring, that holy grail. Oh, you bet. Thank you for speaking up.
[00:59:41] Well, this has been great. Let's call it let's take one final question before we wrap up the call. Is there anyone who has the final question?
[00:59:51] Emory Bruno from New Jersey. Go ahead, then. Just a question on landing pages and videos. Are you hiring a cut? Do you hire a company or do you have someone on your staff that's doing this for you?
[01:00:09] Sorry for laughing sensitive. That's a great question. Well, I'll tell you. I'll bet he's laughing. You know where West Deptford, New Jersey is?
[01:00:20] Not exactly.
[01:00:22] No. OK. Well, my one of my favorite people in the world, my one of my programmers is in West Def., New Jersey. At least that's where us and his check. But he's a I've known him for many, many years. And he's a he's a great guy. I only know one person from New Jersey. He's an awesome person. So can't be too bad. Stay right anyway. That is a very good question. Here's here's what I do. And I can only tell you what I do. Everybody is different. But I'd like to know exactly how things are done.
[01:00:58] And that way I can better manage people that are how to do things for me. Things I don't ever pass on them. And one of the things I don't ever pass on are my videos. The landing pages or there are programs out there that are quite simple to use nowadays. Very easy teens, very easy to create a landing page. Now, let me just give everyone the definition of the landing page. And I know some of you going, oh, gosh, we know what that is. But for those of you who might not be familiar, your landing page is simply a one page Web site. And the reason for that is if you've got one page, people go to it. There's no place for them to be distracted or go away. So if you if you've ever seen a really good online network, marketers say they use what they call funnels. They don't use Web sites anymore for a long time. That's the crux of this is very straightforward. Seth Godin, who is one of the first Internet gurus that came along, he was one of the big leagues in Yahoo! Said that you, the consumer, has to see the bonanza. And we got that. Is that intelligent animals? Anyone who's ever trained animals would acknowledge that they perform better if they see their reward. And Seth Godin says people are the same way. So if I market something like the the number one most powerful secret, you have to know before you ever list your home on acreage. Now, if I him from my website and they go just to a website that, you know, has all my stuff on it and there's, you know, there's a link on their head or it's part of the menu that's not been nearly as effective as if they go to that link.
[01:02:44] Go to that. You are ill in. As soon as a page pops up, the top says here's the number one most powerful secret. You have to know before you ever list your home on acreage. So they saw the banana and they went there for a reason. They saw Facebook and they saw a postcard. Whatever the cases, Instagram didn't matter. When they land on that landing page, they have to see their reward. So there are several different programs and then you might want to throw a few of them out. I use two primarily. One is called Unbound. Just like it sounds, you know, bounce a ball, put you in and of a bounce. And the other one is client creator dot com. So I use those primarily to create my landing pages. And then the video is most of these programs. And I think there's actually some users in those. But most of the videos are very straightforward. Nowadays, there are free programs for everything. If you've got a P.C., you have probably have Windows movie maker. If you've got a Mac, you have their version of, you know, making videos. There is a program online called Blue L O O M Loom. And there's just there's there's quite a few.
[01:04:04] So what I do is I've got different kinds of videos and I make I'm not even the center of attention on most of most of them. It's just me doing the voice in explaining the information. But here's the thing. It's been seven years now. I think either six or seven years, I had zero videos. One. Not. The first couple videos I did and Marina were so cheesy, they were absolutely embarrassing, but the first one is always the hardest and I don't care what you're doing, the first one is always the hardest. When I ran my first Facebook ad, you know how long it took me to do that because I didn't want to look dumb. I don't want to do something wrong. I didn't want to. But the first one's always the hardest. I now have to think I've crossed a twelve hundred might even be thirteen hundred because I consistently put them out in the videos are here, the statistics in the area or here's a new home that we put on the market. Here's one we just sold. We sold it for days and had been listed with another agent for a year. Here's why that happened. But here's some statistics you're never going to hear from anybody else. I mean, the videos. There is unlimited is your creativity in my videos are anywhere from 30 seconds to. 12 to 14 months and a lot of people just like my predicting package, which is 52 pages. Agents always say nobody will ever read all that.
[01:05:43] Well, guess what? Consumers will if it's pertinent videos that are 11 or 12 minutes, if they're pertinent. People will watch them. But most of them are in the 90 second range. The 3 minute range. So if I can get someone because of a compelling reason to go to a video, they're going to learn a lot more about me, especially if my pictures on there or if it's me, you know, down in the corner talking explains that they just get a better feel of who you are. One of my agents hates being on video. Can't stand it. Finally talked her into it. And she is doing more business and she's ever done before. Because if people are missing out, getting to know who you are in understanding a little bit more about you and what kind of person you are, they can't get a feel for that on an ad or a picture or a business card or a postcard. They just can't. So they can learn more about you and some are going to make wrong decisions about who you are. Someone going to like who you are. And it's just a very powerful medium that I decided I certainly wouldn't early by me, but I decided, you know, six, seven years ago I had to take advantage of it. And it's just a very, very effective way to meet people in a very effective way to communicate your message to people that answer your question. I tend to ramble on that.
[01:07:12] What it does and I'm assuming that when you post these on Facebook or boost them.
[01:07:21] There's a very good question where you are on top of things. I don't boost very many posts in the reason I don't is because I get better results by running ads than boosting posts. So you can you can boost posts and you will have more people see your post when you boost it. But I've started spending a while back, started spending the same amount of time and effort running ads instead of boosting posts. You can do both. There's no reason not to boost posts. I'd rather just spend my dollar on ads because for me it seems to have a little bit more impact.
[01:07:57] Yes. Thank you very much for answering my question here. Well, you're very welcome. And this has been great. I wanted to share what my chuckle was because I still think it's kind of funny.
[01:08:14] So often everyone believes that you have to do this amazing professional job to have someone, you know, choreograph your video, put music in the background and make it look professional because your real estate agent and you wanted to be professional. But I think one of the keys I've seen with Stuart and I definitely have experiences over the years to a degree is there is a level of authenticity that people want to know who you are. And and if the video is Stuart talking, then it's very real. It's exactly who Stuart is. And people get this real comfort level of Stuart, because this is Stuart. It may just be his voice. I remember watching one of your videos. This was a few years back. Stuart, you're walking someone through a home and there was just a slide show video and you're just the voice voiceover describing it. But just the way you described everything, such as the custom inlaid marble for your with a quarter inch marble and and it comes from mentally injured. You're just describing it. It made me want to buy the house. But as you're describing it, I'm getting to know who you are because I'm hearing your voice. Sometimes I see you and I get to know who you are. And there's just this great level of authenticity. And with that authenticity comes realism and believability and therefore, trust ability. And so as you're out there doing these videos, let me just encourage you to be yourself. Don't try to be too professional. Be professional enough. But that's why I was chuckling because, you know, everyone is probably thinking, you know, serious got the slickest ads and the slickest videos.
[01:10:07] And since an out for post-production, that's just that's not it.
[01:10:12] And babies call me up and tell you guys that they're they weren't just cheesy when I started.
[01:10:19] Oh, they're they're just wonderful.
[01:10:20] No, they're but they are. It's you know, I enjoy doing it. So that's why I continue to do it. And feel free to you guys go to. I'll just give you one of my sites. It's the number one. And then everything else spelled out one Fakher plus dot com. And if you go around on that site, you can see lots and lots of different videos from from different things that will kind of give you an idea of how, how and why we do the videos that we did. And feel free to copy anything on there. Call me, ask questions. My contact information is on there. No, no worries.
[01:10:56] They're wrapping up. I'd like to just summarize one thing that we started with. And I want to make a comment because it's been really impressive. I won't make a correlated comment. So what we started with is we're in a crisis or we're in an opportunity. Depends on how you look at it. And when every time stewards come in these type of environments, he's entered it making more money and he exit it, making even more money. And the reason is he continues to market for listings when listing slow down. You just build up your listing inventory. So you continue making a no sales to cover everything you need. And as you're marketing for listings, everyone else panic any and they're pulling back on their marketing budget. So it means your marketing is easier and more effective in building your listening inventory that you need. So you continue your lifestyle and then exiting. You've got this great big pipeline that empties out really quickly. And I want to share just another benefit of that. I was talking to one. He's the number one suburban agent here in this debut where I live, part of Birmingham.
[01:12:08] His name is Mike. And my understanding is going into the 0 8 recession, he was just a typical agent coming out of the recession. He was the number one agent in our suburban city and has maintained that position year over year, except for maybe one year where he just barely lost to someone else. And and I hope this never gets to him. He's a great agent, but I would not put him near the caliber of someone like Stuart. What happened is he got there and he grabbed the market share and now he's got a name and a brand that everyone knows and recognizes. And it drives his business even to this day. And this is the opportunity. He did not stop when everyone else did and he came out on top and has maintained it. And I think that's the message. I really want to strike home for all you guys today. Keep your marketing budget up, whatever it takes, but drive it on listings. OK. And stay focused and deliberate and and don't panic because this too shall pass.
[01:13:20] So with that, you. Go. Go ahead. One. Oh, OK. I just want to thank you for exposing the truth to your entire network. You absolutely gave them the best of the best.
[01:13:40] Well, thank you. And so I'd like to I'd like to springboard one more comment with that. Why am I doing this? I'm a Christian. I have no fear of what's going on.
[01:13:55] The Lord has promised he's going to tell us. And it's always taking care of us. And I've seen him do this famous Stuart and his family. There's a lot of fear. A man. There's a lot of fear because people have no foundation to turn. And I know I just want you to know that no one there's a great big guy who loves you and is going to take care of you. And if you follow him, he will lead you down the right path and he will take care of you. You trust him. But this is not a time to fear because of put your. I see. This is a time to trust the Lord and say, I want to follow you and I'm going to follow what Stuart is doing. I just wanted to be able to give back and share in just a simple way from our heart.
[01:14:41] How do you make it through crisis?
[01:14:44] And and because if you can make it through, then you can pay your bills. You can support your family. And hopefully if you are a follower of the Lord, then you can give price and glory to him as well. So, really, Stuart, I want to thank you for sharing of your time, because hopefully you've shared a lot of insight and just of encouragement to people.
[01:15:08] Well, it was helpful, I just want to second everything you said. Thank you.
[01:15:12] All right. Well, you'll have a very blessed day. Please take this to heart and go out and do it and you'll be blessed. Thanks so much.