How to Crash Proof Your Real Estate Business 🏠💪| Founders Club ft. Mike Ferry

Feb 12, 2019

Real estate is a cyclical market, and we are due for a normal dip. Nevertheless, you can succeed in 2019 by committing to be more aggressive. What does that look like in practice? What steps can you take to grow in spite of a natural decline in the market? What can you do to crash-proof your real estate business?

Connect with Founders Club Host Oliver Graf on Instagram

Mike Ferry is the OG of the real estate coaching space. He founded The Mike Ferry Organization in 1975 and continues to serve as CEO. Mike’s company provides real estate coaching, specialized seminars and training workshops for agents and management alike. For 43-plus years, his proven approach has generated more real estate millionaires than any other coaching system, and Mike is recognized by NAR as one of the most influential people in real estate.

On the inaugural episode of Founders Club, Mike joins Oliver to explain how to crash-proof your real estate business. He discusses the market dip that is likely to materialize in the next 12 to 18 months and what you can do to win despite the decline. Mike also shares the surprising origin story of his coaching business and the way continuous learning keeps him at the top of his game. Listen in for Mike’s advice around improving your sales skills and get his bullet-proof plan for thriving as an agent or broker in 2019.

Key Takeaways

[2:55] Why Mike is an OG in the real estate coaching space

• Persistence (refuse to quit)
• Teach common sense

[5:47] Why the sales piece is missing from most training

• People unwilling to change
• Brokers afraid to lose agents

[8:06] Mike’s advice for agents who want to sell better

• Secure financial wherewithal to last 9 months
• Commit to change

[10:49] Mike’s insight on leveraging scripts

• Every profession uses playbook
• Practice until part of you (30 minutes/day)

[18:15] How Mike became a real estate coach

• Speaking to 400 agents at workshop (October 1988)
• Frustrated with response, challenged to bring check

[21:35] What keeps Mike at the top of his game

• Effort to be most knowledgeable
• Keep learning from top producers

[24:29] Mike’s greatest challenges in building the company

• Internal challenge in learning to coach
• Franchise training directors undoing training

[28:51] Mike’s predictions re: the next 12 to 18 months

• Due for normal dip (every 5 or 6 years)
• Bad agents out of business

[32:48] How to succeed despite a dip in the market

• Stronger in lead follow-up, prequalifying
• Stronger in presentation skills

[36:38] Mike’s advice on dealing with market disruptors

• Some will go away when market dips
• Room for everyone in large market

[44:09] Mike’s tips for agents stuck at a certain production level

• Expose mind to ideas/people that make you uncomfortable
• Challenge yourself financially

[54:16] Mike’s stance on buyer’s agents

• Must have transaction volume to support

[56:14] Mike’s concerns around Zillow

• Entry into mortgage, house flipping business
• Matter of time before start listing homes

[59:11] Mike’s thoughts on gifting best practices

• Quality of service = best gift to give

[1:01:05] Why Mike made most of his money after age 50

• Put learning into effect, execute at higher level

[1:04:08] Mike’s philosophy on investing

• Choose assets that appreciate in value (i.e.: art, first-edition books)
• Get free and clear on investment properties asap

[1:08:15] What to expect in the real estate market moving forward

• Listing inventory will grow (buyers happy)
• ‘This is your time, if you’re good’

Connect with Mike

The Mike Ferry Organization

Mike Ferry’s 2019 Market Report

Connect with Oliver

Big Block Realty

Oliver on Facebook

Oliver on LinkedIn

Resources

Allan Dalton

Tom Ferry

Karen Bernardi

Josh Barker

John Ames

Bernie Gallerani

Regina Drury

Blackstone

Royo Art