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Kosta: I’m so enthusiastic about this episode. I’m speaking with Michael Hellickson, an absolute rock star in the actual estate world. Michael had a very profitable 20 yr profession as an actual estate agent. At the peak of his career, him and his staff have been itemizing over 100 houses per 30 days at one level, had over 750 lively listings available on the market. At the similar time, him and his workforce, have been also actually ranked primary nationwide out of over 1 million brokers immediately. Michael runs Club Wealth, one of the prime teaching corporations in the u s the place he helps lots of of agents implement the methods that made him so successful. We’re diving into all this and much, far more detail on this episode. Seize a pen and a pocket book and get ready to take some notes. That is one you’re going to need to take heed to in full. I hope you take pleasure in. Michael, thanks a lot for becoming a member of me on the Top Agent podcast. Really excited for you to be here.
Michael: My pleasure. I recognize you having me on. It’s an honor.
Kosta: Superior. So Michael, you’ve one of the inspiring tales I feel I’ve ever heard in actual estate. You have been an actual property agent for over 20 years, at one point listing over 100 houses per 30 days, which is fairly thoughts boggling. You’ve been among the many prime 1% of all brokers nationally in the US before even graduating high school and at the peak of your actual estate career, you have been, you and your workforce have been actually number one nationwide out of over 1 million agents, so large accomplishments. Congratulations on your whole successes to date. No worries. And so you’re now the founder and President of Membership Wealth Coaching or you mentor and practice agents worldwide. So fairly a bit to unpack there. Um, but let’s begin from, from method back. So you got your real estate license at 18 years previous, you have been the highest producer in your complete office proper out of the gates. What obtained you into actual property at such a younger age and how on earth did you climb up the ladder that quick?
Michael: Properly, that’s an fascinating story. So it was, my brother truly was an actual property agent and he wasn’t having much success with it, but, uh, however regardless of that, I, I’ve, I’ve, I sort of, you recognize, very long time ago, you understand, I had heard that, nicely, golly if you wish to make a lot of money, you’ve obtained to be in sales. And you then hear about, you already know, nicely, most people which might be millionaires on the market, the either made or hold their money in actual property. So I assumed, nicely, okay, then I’ll go into real property sales. Proper. It is sensible. Uh, and so I acquired my license once I was 18. I turned 18 in January and acquired my license in March. Um, and I simply, I just went at it. I, and what’s fascinating, I didn’t know what I didn’t know. Proper. And I feel that was an enormous profit to me as a result of there’s so many, you recognize, there’s so many people on the market that say that, you understand, you’ll be able to solely accomplish this or here’s the bounds on what’s potential and Yada, Yada, Yada.
Michael: And, and as I take a look at that workplace, you realize, it sounds nice that I was the top producer in the office, however really that simply signifies that I used to be much less broke than the rest of the agents within the workplace. Right. And so, and even being within the prime 1% of agents in the nation, that, that sounds higher than it’s, you already know, it doesn’t take much to be in the prime 1% of the agents within the nation. Um, you realize, the truth is that loads of the individuals which are in that prime quote unquote, 1% are broke. Uh, you understand, they, they could look good on paper, they could do a bunch of transactions, but they’re spending each dime they will to make these transactions occur. And, uh, that’s part of it. That’s part of our mission at membership wealth is to assist individuals perceive that look, you realize, it’s, it’s okay to take a seat just a little aside for your self.
Michael: You understand, you must truly be worthwhile, uh, and, and actually develop a retirement ultimately so you don’t should sell actual property in the event you don’t need to sooner or later. But, uh, yeah, I mean, there’s been a lot of ups and downs alongside the best way. Um, you recognize, definitely at the peak of our profession we had a rather well oiled machine. We had a terrific staff, an exquisite individuals. Uh, you realize, we have been, I feel at one level we had 100. I see me 750 listings and lively in pending status. Um, and that was with 16 brokers. So it was pretty, yeah, it was, it was fairly, uh, it was a reasonably wild time. Um, you already know, however I, I assume actually the, what I hope individuals get out of that isn’t, oh, take a look at how nice Michael is, but I hope individuals, what they get out of that is, look, you is usually a knucklehead like Michael and nonetheless be successful, proper?
Michael: Like there’s, there’s, there’s no, there’s no restrict to what you can do on this enterprise. Uh, you recognize, again within the day, for those who had advised anyone, oh, any person going to a thousand or more transactions a yr, individuals would have stated, you’re loopy. Right? For those who informed them that 20 years in the past, they only stated, there’s no method. No one can. It’s not potential until you’re a broker. It’s not potential to do a thousand transactions a yr. And the truth is there’s lots of groups on the market right now, and I, and I say rather a lot, I’m going to say greater than 15 groups on the market. I might guess that this yr we’ll in all probability break the thousand transaction mark. There’s a couple of little break, the 2000 transaction mark and there’s one which I can consider which may even do 3000 transactions this yr. So yeah, I mean the no matter you need to accomplish as potential on this business.
Kosta: I do know that’s all true. I really like that. I feel that that stands true or holds floor in any business. So like the one thing I feel stopping individuals from elevating themselves and just growing past a sure point is their very own limitations in their head.
Michael: I agree. And simply establish that mindset. Nicely, and part of that, you recognize, the rationale those limitations creep in is it because of who we’re listening to, right? And we’ve acquired to, we’ve received to stop listening to the naysayers. We’ve acquired to cease listening to the haters. Uh, and there’s a number of out there. There’s, oh my gosh, there’s plenty of them on the market. Uh, but we have now obtained to show a deaf ear to the haters and we’ve acquired to determine how can we only program our mind with things which are going to steer us the place we need to go. Uh, it’s sort of like taking recommendation in real property, right? One among our core values at membership wealth is that if you want to climb to the highest of Mount Everest, you need a guide that’s been to the top of Mount Everest earlier than. And what, what blows me away is you bought all these teaching corporations on the market. They’ve obtained coaches that have by no means bought a house or that are not promoting very many houses. You already know, they could be doing 10 or 15 or even 20 offers a yr making an attempt to inform you how you can do 100 or 200 or 500 deals a yr. Yeah, I don’t understand that.
Kosta: Yeah, you’re proper. I feel that’s, um, I feel some of the beneath utilized assets is learning from people who have completed it earlier than and have been successful. Um, you realize, it’s such as you see too many people just making an attempt to carve their own path, which is sweet in a way. But when you have the opportunity to study from someone who has already created that path and you realize, taking, you realize, nuggets in classes from that. I mean it’s such a, it’s such a simple however beneath utilized useful resource. I feel
Michael: I agree 100% and that’s why y’all, for us, what we’ve accomplished is we’ve structured our company so that each single one of the coaches sells more actual estate than the individuals I coach. And what’s this? It’s exhausting to do, proper? I imply that’s a, that’s a feat in and of itself, just getting that many great coaches collectively. However um, but you take a look at it and it signifies that regardless of where I’m at, I can turn to someone that’s been where I’ve been and past for the recommendation that I want.
Kosta: Yeah. That’s awesome. Um, so at, on the pinnacle of your actual estate profession, you have been itemizing over 100 houses per 30 days. Is that accurate?
Michael: Properly, I used to be, I used to be selling on the gross sales aspect, yes. But on the itemizing aspect, that’s not going totally correct. Properly, as a staff, sure. But me personally, I used to be only itemizing 50 to 75 homes a month, not counting reo. In fact, reo made up. That was one other, you recognize, we had at one point we had 417 reo properties, however um, but let’s simply, let’s just say on retail houses, mom and pop itemizing their home very persistently on my own. I was an essay on my own. I had the administrative group assist me with this in fact. But me happening itemizing appointments, I was taken 50 to 75 a month.
Kosta: Wow. Yeah. And obviously you had a staff like doing a number of million in commissions for positive. And it earlier than attending to that degree, did you all the time have the imaginative and prescient and aim to develop to that time?
Michael: No. Truly, it’s funny you say that. Um, no. The truth is, I know I never had that in my mind that, oh, we’re going to be x huge, right? We’re going to, we’re going to hit this specific objective. It was simply, let’s get to work and let’s see what we will do. Yeah, no, that’s, that’s, that’s actually what we did. We simply knuckled down and, and you already know, tried to put one of the best techniques in place, tried actually exhausting to rent the correct individuals and retain the suitable individuals and um, which that’s right. Having the proper group is essential. Um, and then simply working day by day, simply really working onerous to attempt to, and make it all happen. And it simply, in case you’d have advised me, in case you had informed me 10 years earlier than that that we have been going to ultimately have 750 listings lively and pending. Truthfully, there’s no approach, no approach like that I might, I wouldn’t have even thought that potential. I’m not conscious of anybody that’s accomplished that since even, I imply, like I just, I might not have believed that that was attainable. And never that I had a limiting belief about it, simply that it was by no means the aim. The aim was let’s do whatever we will do. Let’s work out what we will do. See what this Carl, you already know, like, it’s like we get a new automotive, let’s go see how fast it’ll go.
Kosta: I can completely relate to that. Um, the talking about groups so you don’t, in my enterprise, I’m presently within the strategy of hiring and rising my staff and what I’ve discovered through the years is that hiring and group constructing, it’s really a talent set that will get better with time and expertise. Um, what are a number of the ideas you’ve got on building a profitable workforce and why is that so necessary in growing an actual estate enterprise?
Michael: Oh boy. Nicely first thing I might recommend is everyone that desires to build a workforce should read the e-book, the 5 dysfunctions of a workforce. Um, that’s, that’s a e-book. I feel that might be actually helpful to anybody occupied with building one. Um, but when it comes to just common advice on teams, a few issues I might say is one, hunt down feedback from your staff that you simply don’t need to hear. Uh, in different words, you realize, you’ve received to, you’ve received to have a very open right here. You’ve received to, you’ve acquired to take care of actually good communication with the individuals on your group and also you’ve obtained to offer them with an outlet to and in a protected outlet to be able to share with you things which are uncomfortable so that you can hear. You realize, there’s going to be occasions the place you’re, you already know, at totally different levels in what you are promoting, you’ll have individuals come and go together with your workforce.
Michael: And it’s exhausting whenever you’re actually small, right? If you’ve obtained three, four, or five individuals in your workforce and one or two of them depart. That’s catastrophic, proper? It’s actually onerous. Um, you understand, once you’ve received 60 individuals in your staff and 10 of them depart, that’s much less catastrophic than when you could have five individuals on your group and two of them depart. Um, and that being stated, as your group will get bigger, the bigger it will get. And by the best way, measurement does matter. It’s good to have a bigger workforce. Um, it, it’s, it’s better for you. It’s higher for them. There’s all, there’s numerous explanation why the larger the staff, the more successful everyone on the staff may be. However as that staff grows, you find yourself with numerous character varieties starting to type type of alliances or clicks or whatever you need to call it, contained in the staff.
Michael: And that can be dangerous if, and the rationale that that can be harmful. At occasions you’ll have people who are on your staff which will or might not utterly align with the mission, imaginative and prescient, values, and objectives of the group. And, they usually will not be in harmony with the tradition. They is probably not a great fit for the culture of the group. And if it’s a must to let one go, or if they choose to go away they usually have shaped these relationships with different individuals which might be type of like them, a variety of occasions you possibly can take one really dangerous apple they usually can poison a bunch of the others. Um, and so that’s one of the belongings you’ve obtained to watch out of. But that being stated, I sound like I’m all Dierk down or on teams. I gotta inform you, I really like teams. I there when you’re in, should you’re in actual property at this time and it’s, you understand, I don’t care for those who’re in america or Canada, it doesn’t matter wherever you’re.
Michael: If you wish to be successful in the actual estate business within the next 10 years, you’re both going to must be on a group or you’re going to have to be constructing a group, a type of two things. And when you can’t embrace that, it’s going to go away you behind. The know-how’s changing too fast, that commissions are being driven down. There’s third parties which might be making an attempt to take over numerous elements of the enterprise that would traditionally have been the position of the actual property agent. So the workflow is getting further and further segmented and each time that happens it’s placing strain on the agent. And so for that particular person agent to survive, they’re going to need to workforce up with someone.
Kosta: Yeah, that’s a, that’s an fascinating perspective. Um, the, the subject of a workforce culture, I can see that being really robust, particularly as you develop building a cohesive staff where everybody’s, um, everyone’s in alignment. Um, because you understand, from my experience, you realize, you really can’t build a fantastic enterprise with out having a fantastic cohesive workforce behind you. So how can you ensure that everybody shares the same values and culture and simply everyone’s aligned from that perspective?
Michael: Nicely, let’s start with this. Primary, you’ll be able to’t be sure that everyone is in alignment. That’s never gonna happen. I imply, it’s, it’s obviously it’s the objective, proper? We need to have as a lot alignment with the tradition of the group as humanly potential, however you’re not going to have the ability to have everyone in alignment. There are going to be individuals at p and even individuals that you simply care about that aren’t going to be in Lyon in, in a, in alignment with, again, the workforce’s mission, imaginative and prescient, values, objectives and, and tradition. Uh, that being stated, one of many issues that you must do, and it’s exhausting, however one of the issues that you must do immediately is you must remove those which are in stark contrast to your mission, vision, values, objectives, and, and tradition. Um, you understand, if in case you have that most cancers on your staff, it’s a must to minimize that cancer out instantly.
Michael: And as you do, you’ll discover out that there were different folks that had been poisoned by that cancer in your group that you simply didn’t find out about and you’ll in all probability lose them. But that’s simply a part of the deal. That’s how it works. And over time you’ll develop a stronger and stronger core. Um, and as you invest yourself into that core, and that’s an enormous piece of this, proper? Such as you’ve obtained to take the time to satisfy individually with these people they use, they’ve obtained to know that you simply care because you truly do. Proper? And, and that, that includes time. There’s no substitute for time together with your workforce, uh, both as a gaggle and individually.
Kosta:Yeah, that makes plenty of sense. For positive. Um, going back to your, to your real property enterprise, so during, it was type of a peak of your profession. So to have the ability to record 100 houses per 30 days and achieve that degree of locally, um, you obviously should deliver a substantial amount of worth to, to a vendor and such a aggressive market like real estate. What are a few of your favourite and only advertising strategies to present listings for max influence?
Michael: There’s numerous ways when it comes to you simply so what you’re saying is how can we market an inventory, right? Yeah. I imply there’s, there’s a, I mean, that could possibly be that, that may be a freaking seven half webinar collection. I’m had a marketer listening, um, you recognize, but I’ll inform you that basically it comes right down to you gotta do all of it proper. And it’s not just because you’re making an attempt to get that listing bought. I feel the very first thing you need to understand when you’ve an inventory, an important factor shouldn’t be getting that itemizing bought. Yes, it’s essential, sure, that’s our aim. But we’ve got to know that that listing is far more than an inventory. That listing is a chance to develop a ton more enterprise. That listening is a chance to draw a variety of consumers that will not purchase that one, however we’ll buy one thing else.
Michael: It’s a chance to draw sellers who will record other properties with us. It’s a chance to get our model on the market. Um, it’s a chance to get our USP, their distinctive promoting proposition. Um, it’s a chance to get velocity in a marketplace. You realize, it’s humorous to me, there’s a lot of people that, which are very choosy concerning the listings they may take. Properly, I’m not going to take that itemizing as a result of they need to overprice it or I’m not going to take that itemizing as a result of it’s a catastrophe. It’s not as nice a home. And I don’t need to be associated with a dump. Oh, I’m not going to take that itemizing because, you understand, the seller’s crazy, you realize, whatever or divorcing or whatever. There’s all types of reasons. And I take into consideration that trigger I hear about these individuals, I feel to myself, you understand, nothing about advertising.
Michael: Such as you don’t understand the true worth of that itemizing. Um, or the, and that chance that comes with it. And for me, I’ve all the time stated to myself, an indication in the yard beats a sign in the automotive each time. So my objective is I’m going to go get every listing I can. I know full nicely, not all of them are going to promote, but that’s not my choice to make. That’s the seller’s determination. And a few individuals would argue, oh, however I’m not going to go spend a bunch of cash advertising an inventory if I don’t know that it’s going to sell. Nicely, that’s silly, proper? Because simply assume this, for instance, if I do my indicators right, you recognize, if I’ve received, if I’ve obtained my signal on the property, I’ve acquired a fly field on the aspect, I’ve received the Wright Flyer in it with the correct info.
Michael: I depart off the deadly for which we will speak about another time. However, uh, I omit the fatal 4. I’ve obtained the correct, uh, the best info on the again of the flier. I ought to get between one and a half and two and a half sign calls per week per sign. I’ve gotten the bottom. So now if I’ve received one itemizing I’m getting, let’s just call it two calls per week, uh, you recognize, and if I had one listing all yr lengthy, that’s, you recognize, let’s name it 104 calls per yr, right? But when I had 10 listings, now I’m getting over a thousand calls per yr from my finish listings. What if I had a hundred listings? I kid you not. There was one, there was a time where I was literally, once we had those 700 listings, we have been literally getting 6,352 sign calls per thirty days. Wow. And this in an indication name is the second greatest lead supply on the planet. One of the best being a referral. Proper? But assigned name, I feel those are implausible lead source. And when accomplished properly, you will get tons and tons of those sign calls from only a handful of listings.
Kosta: Wow. Yeah, that’s superb. And it’s so true. You’re so proper although. I feel lots of brokers appear to miss the large picture. Most agents assume they’re, they’re simply salespeople. And that couldn’t be farther from the reality, for my part. I might argue that an agent is probably more of a advertising firm than a salesman. There’s so much more to only promoting a home. It, it’s all of the advertising, attracting potential sellers and consumers for future transactions. Now you really need to look beyond the fast sale for it at this time and see the large picture.
Michael: Yeah, I feel you’re right about that. And you already know, and their protection though, I feel lots of the reason is as a result of so many agents are making just sufficient money to stay within the enterprise, but not enough to be enthusiastic about it. And they also’re, they’re struggling a variety of them financially. And what that does, what that wrestle creates is it creates, you recognize, you take a look at Maslow’s hierarchy of wants, proper? I imply, primarily, you understand, you’re, you’re making an attempt to feed crucial want first, which is, I acquired to put food on the desk. I gotta pay my mortgage. Proper? And so because you’re so targeted on that, you’ll be able to’t think about, nicely, hold on. If I’ve an entire bunch of the listings out there, it’s going to create all this different stuff. And, however behind their thoughts, what they’re actually considering has none in any respect.
Michael: Trigger I received to put a enroll and that value money. I gotta buy a key box that prices cash. I gotta, I gotta advertise it. That prices cash and all they’re seeing is all the expense associated with it. They usually don’t have any realization of the opportunity that comes with that itemizing. And again, I feel that’s an enormous a part of the rationale why teams are helpful, right? As a result of if I’m on a group, my group’s paying for all that each one I received to only hold going out and getting listings and my workforce will continue to offer me a implausible leads. Uh, you recognize, assuming I’m on a group, uh, with implausible leads, backend help, promoting, advertising, every thing right? And I get to give attention to what I’m greatest at. So if I’m an inventory agent, I get to give attention to being a worldclass itemizing agent. If I’m a buyer agent and I get to give attention to being a worldclass buyer agent. Is that this making sense?
Kosta: Yeah, absolutely. Couldn’t agree extra. Completely. Um, one of the crucial widespread challenges see realtors face is time administration. So you understand, in a number of instances realtors don’t have a hard and fast schedule and their daily there’s a canine juggling between shoppers, showings, emails, admin stuff, um, you already know, getting again to shoppers, customer support, the listing goes on. So someone like yourself who, who managed the staff of 50 individuals at one point,
Michael: uh, 44, I feel on the, I feel it the most important one which, I mean our group now’s a lot bigger than that. I mean our group now, you recognize, we’re at nicely but, but back then our staff was 44. Our actual property workforce was 44.
Kosta: Yeah. So you already know, again then just managing this huge workforce, you already know, listing over a hundred houses per 30 days. I’d imagine time administration was and still is a really essential element to your success. What are some methods you employ to craft your good day by day schedule?
Michael: I really like that you simply’re using our time period, the right every day schedule trigger it actually is true. And it’s not that, it’s once we speak about completely on schedule, it’s not that it’s the right schedule for everybody. It’s that your aim is to create the schedule that’s as near good as attainable for you. And uh, now that being stated, when it comes to group leadership, good day by day schedule is very important, but the, the power and the propensity to delegate to the correct individuals and the suitable approach with the best accountability is the most important key, right? You’ve obtained to belief the individuals around you. You’ve gotta be prepared to let go of some issues and understand that, look, if they will do it 80% as well as I can, that’s a victory, proper? Because so many workforce leaders, they only, they assume I’m the one one that may do it.
Michael: I come, I’m the only one that can do it, right? No matter. And the truth is most of the time, you assume they’re only doing it 81% in addition to you’re. But the actuality is that they’re in all probability doing at 120% in addition to you’re. Um, and so we need to give, turn into better delegators now on the subject of the schedule, sure, our schedule must drive us to, to apply the habits that may trigger us to achieve success. Uh, for instance, like for those who take a look at my schedule, every minute of every single day is blocked out Monday by means of Friday. They, it simply is, it’s, you understand, I’ve acquired, you understand, I start my day at a sure time. Like this morning, my first name was that, it was just a little bit later at this time I used to be at six o’clock within the morning. This morning I had my first telephone call and I’ve been on back to back telephone calls, podcasts, webinars, uh, and staff meetings ever since.
Michael: Um, and then my, the rest of my day seems the identical method. However what that does is it mean it, it, it permits me to, could be super, tremendous targeted on what we call dps or dollar productive actions. So I’m doing these issues that deliver probably the most worth to my enterprise, to my shoppers. And into the people who I have to be bringing that value to. Um, so as an agent, for instance, it is mindless for a real property agent to be sitting round doing knowledge entry. Uh, the truth is, when you guys have a pen, write this down. In the event you don’t have an assistant, you’re one. When you don’t have an assistant, you’re one. Right? And so I think about these brokers which are on the market, they’re doing their very own knowledge entry, their own, you already know, administrative work. So here they are, they’re doing work that they might easily just rent out for 15 to $20 an hour and, and w and what that’s doing is it’s taking them away from the 100 5,200 $5,500 an hour duties that they could possibly be doing as an alternative. The problem for a lot of businesses, they go hire the assistant and the assistant takes over a bunch of stuff and the assistant seems like, oh, properly I can go golfing now. No, no, no, no, no. If you get the assistant on board, that’s when it’s time to actually dig in and concentrate on those excessive greenback productive activities as a way to really take that enterprise to the subsequent degree.
Kosta: I really like that. Should you don’t have an Admin, you’re one. Do you, do you’ve got any favorite apps or instruments, uh, that will help you manage and arrange your schedule better?
Michael: Properly, I imply, I’m old fashioned. I just use outlook for my schedule. Love. It really works properly. There’s a lot of nice, you already know, know-how is a superb thing. Uh, there’s a ton of great know-how on the market for agents. I mean, you guys personal a product clearly and, and uh, you already know, there’s great, there’s great CRMs and great, you recognize, providers for all of this type of stuff. Um, one in every of my favourite know-how instruments from an organizational standpoint is actually free and it’s referred to as Trello, t. R. E. L. L. O. You accustomed to it?
Kosta: Yeah, we use it internally as nicely.
Michael: Yeah, it’s nice, isn’t it? I imply, it’s, it’s free. Uh, it’s an awesome organizational software and you can do so much with, it’s obtained nice Google plug space, you realize, uh, Google Chrome plugins that make it even higher. Um, you realize, you’ll be able to, there’s so much you might be like, I can, I may be sharing a board with someone, a Trello board with any person and I can click on one button and it could possibly put us immediately in a webinar together, you realize, or a an internet assembly together. Um, you recognize, it’s, it’s phenomenal. There’s simply so much you can do and it’s free. In order that’s it. When it comes to my calendar, I literally just use outlook and a number of our shoppers use Google calendar. Um, I don’t assume there’s any magic to which calendar software program you employ. I feel the secret’s that you simply use it and the, as you’re utilizing it, you’re very, very particular about what that schedule goes to seem like.
Michael: I like the power to color code. So I know, like for example, with fights, a light-weight blue, I do know that’s a Webinar. Uh, if it’s purple, I do know that’s a coaching name. If it’s inexperienced, I like inexperienced. I know that’s a technique session and you recognize, I imply there’s just, there’s there, I, I, I, you already know, if it’s yellow, it’s journey, you realize, I, I’ve it shade coded in order that I can very easily see what’s happening in my schedule. I’m at a glance for you guys that would look a whole lot of alternative ways. Like if I’m an inventory agent, I’d need to shade code based mostly on the a part of town I’m going to. So purple means north blue means east inexperienced means south, whatever. Um, so that I know as I’m on a telephone with a shopper, I can very, very quickly determine which path I’m going.
Michael: So like for me, cause you recognize, to listing 50 to 75 homes a month and I used to be only working 12 days a month, that takes plenty of group, right? So I was happening six to eight appointments a day after which I’d make 115 to hundred 25 call followup calls per day in between those appointments. Nicely, the best way I accomplish that was I might go north in the future I’d go south. The subsequent day, I’d go east next day and I’d go west the subsequent day and I might go on my, my space was two and a half hours in anybody path was how far I might cowl. Uh, however to try this once I’m on the telephone, setting these appointments, having those appointments, colour coded, really made it quite a bit quicker for me to know, oh, on you need to meet on Wednesday? Okay. Wednesday I’m going to be within the south. Then I might do Thursday though. That’s once I’ll be within the north end.
Kosta: Yeah, no, that’s superior. I feel, uh, at the finish of the day, you’re proper, it doesn’t matter what you’re using. It’s actually just a choice. However I feel it’s so necessary just to determine some type of structure in your small business that may assist you be more efficient in your daily. For positive. I’m still sticking. Took know-how. How do you see know-how changing the best way real property brokers do business and say the subsequent five to 10 years?
Michael: Properly, it’s already changing it dramatically. And, uh, you understand, for, for instance, when you don’t have automation, you’re you’re approach behind right now. When you don’t have automation, um, you already know, there’s an, and there’s a ton of stuff that gets automated. The lead era process, uh, is, isn’t as automated because the lead followup course of. However I’ll inform you, the lead followup process has turn into extremely automated and now you’ve received a AI coming into play, artificial intelligence and AI is actually changing the panorama and it’s getting quite a bit higher and it’s getting higher quick. Uh, and so I feel within the next five years, an enormous proportion of the front finish of the fun, out of the highest finish of people’s funnel, right, where individuals come into the funnel, uh, and you realize, they get a lead and rapidly the very first thing that’s gonna interact with that lead, uh, for lots of people is going to be AI.
Michael: Uh, that’s definitely the place, you understand, the large, a number of the really huge corporations are going, you realize, like a Keller Williams is headed that course. Zillow, realtor.com. You already know, these guys are, are implementing loads of these things and then behind that they’re supporting it with ISS. And so there, there again, they’re taking up a variety of what was historically the actual property agent’s position. Um, on the backend. I might also say that customer comply with up and the client expertise is going to be very know-how pushed. Um, it’s been that means for years, however it’s only recently really started to take off. And so long as the market’s good and there’s still cash on the market for agents to pay for lots of those providers, I consider that those corporations may have the funding they need to proceed to enhance and improve those providers, which is going to pressure individuals to fall according to know-how. Um, and it’s, it’s, it’s not going to be a luxury. It’s not, you’d be one thing that, you understand, is it, you already know, may give you an edge. It’s going to be one thing that it’s a must to do to keep up.
Kosta: Yeah, I completely agree. And, and there’s a lot know-how simply popping out. And I feel it’s additionally necessary to, to only attempt to check and taste new issues and, and simply implement new issues in what you are promoting. As a result of, you already know, you by no means know what’s going to stick, what’s gonna work, what’s not gonna work until you truly do it. Lots of people, once I referred to as her headline readers, they only, you already know, assume something just based mostly off a headline or some one individual’s expertise for instance. Um, you realize, like for example, the quantity of people I hear who say Facebook advertisements don’t work. I feel that’s just, it’s the craziest thing. However, um,
Michael: and you realize what my response to any person like that is all the time, no, it’s not that the Facebook advertisements don’t work and because you don’t work. Precisely. Yeah. So Fb advertisements work. So, you understand, there’s so many issues. It’s like prospecting. Prospecting works too. Do you?
Kosta: Yeah. Couldn’t agree extra. Um, switching gears just a little bit, so I just lately I wrote a weblog publish referred to as, don’t overlook your early shoppers. Uh, and it’s about simply what the title says. As your corporation grows, it’s very straightforward to lose sight and overlook about what received you there. And usually, that’s your earliest shoppers. Those who took a chance on you, gave you the shot to prove yourself, you already know, your earliest advocates. So how essential is shopper appreciation in actual estate? And what are some methods agents can present appreciation to their shoppers, especially when, you recognize, as in your case, if you, when shopper lists accumulate and grow and develop through the years.
Michael: Properly that gets more durable and more durable as your small business grows. There’s no query. And I might say firstly, you hit the nail on the top. Keep in mind the place you got here from. Proper. And I’ve been guilty of this lately. Actually, I’ve, I’ve, I’ve dropped the ball on, on following up with some of my most valued shoppers and, and those that, that believed in me when no one else did. And I’ve had to, I’ve had to go back and mend some of these relationships. And some of them, you understand, or aren’t mendable, uh, you understand, a few of them are, are disillusioned because they haven’t had the contact they need to have with me within the final six months, let’s say. Um, and so the consistency of falling up with people and specifically getting voice to voice with them and then each time potential nose to nose, it’s necessary.
Michael: Uh, and, and you may’t underestimate the importance of that. Um, and I, and I, there’s, there’s simply no substitute for it. And a no eat, no e-mail drip campaign, no textual content message campaign, none of that stuff, no AI, none of that stuff is going to be able to domesticate a relationship like you’ll be able to. Uh, and it by no means will. You must be the one cultivating these relationships. Um, and it’s onerous. It truly is. It takes time and it takes focus. Um, and so that stated, um, there’s, there’s lots of ways which you could, as you, as you grow, you already know, one of the issues that we extremely advocate is, is a daily shopper occasion. Um, you already know, the place as soon as a quarter you maintain some sort of an event and it doesn’t should be fancy. It may be a barbecue in your backyard. It could possibly be no matter, take them to a baseball recreation or whatever.
Michael: But I might maintain the shopper occasion a minimum of once 1 / 4. And that provides you a very nice opportunity to get nose to nose with these people, uh, and actually have conversations with them. And even when they don’t come to the shopper occasion, at the least you might have the chance to name them and have a one on one conversation with every considered one of them, uh, over the telephone. And again, that helps you to deepen that relationship. Now, does that imply that you realize, they’re all going to like you ceaselessly? No, it doesn’t. I imply, there’s, individuals get attracted, particularly, you recognize, in our business, but, you understand, individuals do get interested in the subsequent shiny object, right? Oh, take a look at this. And I that, you understand, they, they identical to, typically you overlook the place you came from. Individuals in your world will overlook how you’ve helped them over time.
Michael: Um, and that’s, that’s really difficult, proper? Nicely, so let’s say you could have a shopper and you realize, they have never invested in real property earlier than and you’re, you understand, they purchase a home from you and then you definitely say, hey, for those who guys ever considered buying a rental property and you help him out and you promote them a rental property ultimately, then they purchase one other and one other and another, and you help them discover these nice offers and also you assist me get into his rental properties. And hastily they’re making enough capital from these rental properties to help their way of life. And then abruptly at some point they’re driving by a home they usually see any person else’s signal within the yard they usually call that agent. And that agent sells in my home. How do you are feeling about that? You already know, you’ve gone by way of and also you’ve helped them with all these things.
Michael: You’ve taught him methods to lease it out, you’ve given them rental agreements, you’ve completed every little thing you’ll be able to to help them. And then hastily in any case these transactions you’ve helped them with and all these things you’d achieved for him, and you realize, you’ve been to their youngsters’ birthdays and to all these things, proper? You’ve accomplished all these things, checked all the bins and rapidly they go and buy from anyone else. It’s real straightforward to f there’s a bent, I mean, you recognize, to, to be harm, to be upset, to be annoyed, to lash out typically. I imply there’s all, we undergo all these feelings because at that point we’ve turn into close with them. Um, and let me inform you, that may be a very troublesome dynamic. And so this stuff usually are not totally avoidable. Regardless of what number of shopper events we hold, the matter what number of occasions we call them, regardless of how much we do with them, there are going to be occasions where regardless of how much you’ve invested in somebody, they don’t seem to be going to really feel as invested in you.
Michael: And so I feel it’s necessary for us to acknowledge that and, and perceive that, you already know, individuals are going to do their factor and there shall be some that shall be part of our lives long run and there might be some that may come and go out and in of our lives and, and that’s okay. And typically they arrive again, right. I had one just lately, uh, simply yesterday. In truth, I had an individual that give up coaching with membership wealth at one level and uh, and he referred to as me back yesterday and he says, you recognize, I really need to come again to club wealth. You understand, I, I’ve, I’ve seen the other aspect, I’ve, you realize, I actually recognize membership wealth and what you guys stand for and what you’ve accomplished for me and I need to come back. And uh, and so in fact we welcome him with open arms. So re, and eventually, I assume the only thing I might add to that is you’ve obtained to all the time put relationships ahead of cash. And it’s very, very onerous to, I mean, we speak about that it’s very onerous to not only apply it, however to ensure that we’re in line with the implementation of the small things in order that the notion is, you realize, so the perception matches reality, which is that we put relationships ahead of cash. Does that make sense?
Kosta: Yeah, completely. I totally agree. And you’re proper, and I really like that. I imply, you possibly can, it’s really easy to get really private and emotional. I feel it, it doesn’t give you the proper as a salesman, um, you’re the fitting to anyone’s enterprise. Even when you put your good friend or household, like even for those who checked all of the packing containers and did every little thing right and you didn’t get that business. I imply, you already know, it’s nothing to get emotional and private boat. I maintain your chin up and shut them the subsequent time.
Michael: Properly, and I feel it’s situations like that, the power to press ahead becomes essential. And you understand, it’s, it’s like when you’ve got a nasty month and you’ll lose, you understand, seven deals fall out of escrow, you realize, and that’s all the seven deals you had. Nicely, guess what? That’s arduous. Uh, you understand, it’s emotionally arduous. It’s financially onerous. It’s, you understand, there’s, there’s all this stuff that you simply undergo as that occurs which might be difficult. And, and what’s essential in that moment is you’ve obtained to comprehend, number one, and I, and write this one down. That is good. This too shall cross, proper? So no matter what’s happening, it’s momentary and also you’ll get by means of it by some means. It is probably not snug, it may be arduous, however you’ll get by way of it. Um, man, quantity two, keep in mind, we will only management what we control or what we will management. So we all the time tell individuals, control the controllables. And as you discovered to regulate the controllables and fear less concerning the things that you could management. And that doesn’t imply that you simply’re not going to worry somewhat bit about it, however you understand, you attempt to put the stuff you’ll be able to’t control out of your thoughts because you haven’t any control over it. Uh, after which once we do concentrate on those issues that we will management, we make better and totally different selections than we might have otherwise.
Kosta: Yeah, completely true. All maintaining on the topic of, uh, you already know, personal relationships. So are you in the camp that believes real estate won’t ever lose that personable facet to it? Even with all the brand new technologies and AI, such as you mentioned earlier than,
Michael: 100% and I, and I’ll inform you why, um, you realize, to begin with, take a look at the journey business. Everyone likes to make use of that for instance of how real property’s going to go away. You realize, I began travel brokers I work with right now. I mean, there are nonetheless journey agents on the market and some of them make a lot more than they ever have earlier than. Why? Because now they’re working with hiring clientele, the, they usually’re, they usually’re delivering a better degree of service than ever before. Uh, and so they’re valued by the those that value that service. Um, in relation to actual estate, the vast majority of people on the market will not be there. They’re not attorneys. They’re not, you realize, they, they need someone professional who understands the transaction and understands the paperwork to deal with that, their largest financial transaction of most people’s lives. Um, and so I do consider that there, you understand, it’s, it’s rather a lot totally different than, you already know, can I guide a flight to Hawaii?
Michael: Um, you already know, so I, I do consider that there is going to be a PA place longterm for actual property agents. Do I feel that, that, that, that relationship and that their position is more likely to change over time? Sure, absolutely. Um, do I feel that tomorrow we’re going to be the Uber drivers of the actual property business? No, I don’t consider that’s what’s going to occur. Um, however I do assume, I imply, they consider this, if that have been the case, Redfin can be quite a bit greater than it is, proper? And nothing towards Redfin agents or anything like that. However the reality is, you already know, pink fin is actually the know-how company that sells real estate. Proper? And if you consider it, if Redfin has been around some time now, they’re not a brand new company. They’ve been round a long time and, uh, they’ve been competitive on this area.
Michael: And I’m in, see, I stay in Seattle, right? And a, and guess what, we’ve received lots of real estate brokers in Seattle still and solely a handful that worked for Purple Fin. So do I feel that there might be some individuals interested in some of these new fashions and the attention consumers and all the other stuff out there? Sure. What I also consider is that you simply, the agent have to focus more in your recreation than worrying about what may happen to the business that you simply can’t management as a result of you’ll be able to’t management all of it you’ll be able to. True management is what do you rise up and do each single day?
Kosta: Yeah, I adore it. I couldn’t agree with more with, with every thing you stated there for positive. Um, Michael, I do need to be aware of your time. Uh, I like to finish off every episode with what I call the highest three. You Prepared?
Michael: I can’t wait. Let’s, let’s hear. What are the top
Kosta: Number one, this is straightforward. You mentioned one earlier. What’s your prime real estate or business ebook?
Michael: Real estate or enterprise ebook. While there’s loads of them. I, I, we’ve received an entire record on our web site, however, uh, I mean I feel if I’m taking a look at my prime enterprise e-book, I might go to a mindset e-book. Um, that’s that most individuals have heard of and it’s Robert Kiyosaki’s cashflow quadrant. And the actual, the rationale I say that’s because I feel that the majority actual property brokers don’t understand what they are or the place they must be going when it comes to, a whole lot of them I feel assume there are enterprise, but they really aren’t. They’re really self employed. And that e-book really helps us perceive what does it mean to actually be a business proprietor. Um, and so, and it’s a, it’s a very simple ebook. You understand, it’s funny, I all the time tell individuals, Robert Kiyosaki has an writer as unbelievable and as a speaker, he’s an incredible writer. Um, um, however, uh, I’m kidding. He’s, he’s nice at each, but the reality is among the skills that he has is bringing it right down to a really palatable, very comprehensible degree. Uh, and I feel that e-book actually does that. And so I feel if I, if I used to be a more moderen agent beginning out immediately, or even any person that’s been in business a while, however really needs type of a kick in the butt to actually perceive what am I doing and where am I going? I’d have read that.
Kosta: Yeah. Superior. Great. Nice decide for positive. Quantity two, your prime trip spot.
Michael: Oh, no question. That’s Maui. We are, in truth, I’m headed there in two days. No, tomorrow, I had there tomorrow.
Kosta: Good. I haven’t been to Maui. I’ve only been to Oahu.
Michael: I all the time tease people who Oahu, is just like the LA Meets Hawaii. It’s like, it’s like Los Angeles on an island. Yeah. A fantastic spot. Yeah. We freaking, we love Maui. We often go to con Nepali. Uh, you understand, you’ve lots of people go to wireless. Yeah. However for us it’s a bit of little too windy limb too. Hoity toity you realize, we’re sort of extra simple, you recognize, we like to stay the place the households are and, and uh, you realize, final time, last time we have been at that, a grand Wailea down there and Wailea freaking Oprah was there with, with Michelle Obama. So we might, we actually couldn’t go anyplace in that lodge without secret service individuals operating round. And like whenever you’re in your Bermuda shorts and there’s a bunch of dudes eyes, like it just feels weird. Proper? Yeah. So that was the last time we ever stayed there. No, that’s awesome. Properly finished.
Kosta: Number three, in the event you can go back in time, what do you would like your 20 yr previous self knew?
Michael: Oh boy. Um, okay.
Michael: In all probability I, and, and, and I feel this speaks to humility and it, and it might be, you could be right or you might be wealthy, however you possibly can’t be both.
Kosta: Adore it. That’s superior. Good option to end it to finish off the chat. Uh, if anybody needed to succeed in out, where’s the most effective place to seek out you?
Michael: Uh, simply acquired a clubwealth.com. We’ve received, and what’s actually cool is we’ve acquired a blog on there you possibly can go to clubwealth.com/weblog or just click on on blog if you’re on the website, there are so many weblog posts in there. Like if you want to discover ways to get 50 to 150 individuals out to your subsequent open house, we received an hour long video and a free downloadable checklists that if all you do is following, you’ll, you’ll have the ability to do exactly that. I mean, there’s, and there’s you identify the topic in real property. That sort of data is on that web site, uh, in lots. And so I might recommend everyone go there and just devour that free content and a, and you’ll discover some nice things which you can implement right now that may literally make a distinction in your enterprise immediately.
Kosta: Yeah, that’s very true. I’ve checked that out myself. Ton of value on that website for positive. I’ll add that each one to the show notes. Uh, Michael, thanks so much for joining me. I had a blast. I’m positive loads of listeners are going to get a ton of worth from our dialog and I might love to do it once more some time.
Michael: Completely. Kosta, thank you so much for having me on. I’m honored and uh, it’s been a fantastic to fulfilling time. Thank you a lot.
Kosta: Superb Michael and protected travels to Maui. Take care. All right, bye.
Kosta: Thank you a lot for listening to the top agent podcast by Web4Realty. By the best way, we’re providing unique promos to our listeners. Visit web4realty.com/topagent and get your first month on us. That’s web4realty.com/topagent to get your first month of service utterly free till next time, over and out. Peace.