#1 real estate coach, Mike Ferry, talks with ProspectingToday about how he got started in the industry, and what it takes to successfully prospect in today’s housing market.
How He Got Started
When Mike Ferry was asked how he became the “king of prospecting”, his immediate reply was “I don’t think I ever did, I think I’m getting there. It’s not something you stop and start.”
Ferry spends his time consistently learning the dynamics of relationships, prospecting, and networking. As a young man, Ferry began his career selling Earl Nightingale’s motivational tapes to different real estate offices. The industry fascinated him.
Mike Ferry has spent decades becoming the #1 real estate coach in the nation. When asked if he is a controversial coach, he replies, “no, I am a common sense coach, which is controversial.”
“This industry is so unique, wonderful, and screwed up. I say screwed up because there are 150 different philosophies being taught on how to sell real estate.”
Ferry believes in a process, if followed, will result in any agent having success.
Prospecting
Prospecting hasn’t changed much. With social media platforms now available at everyone’s fingertips, Ferry still believes that marketing via social media can be a passive way of marketing. He suggests aggressive marketing, including calling people. Agents should actively be talking with people about their needs for buying/selling. Prospecting can be so much more than cold calling. Consider starting with one of these options:
- Past clients
- Your sphere of influence
- For sale by owners
- Expired listings
- Neighbors around a new listing you take
- Neighbors around a sale you make
Putting yourself out there is what Ferry calls “direct prospecting.” You will get rejected, but will also find success.
Prospecting Clinic
Ferry’s prospecting clinics started 25 years ago in Newport, California. Opening space to prospect on a Saturday is what started the infamous clinics. After noticing an increase in expenses, Ferry began charging and would host up to 14 days of prospecting clinics per month. The average agent books 7 appointments in 2 days.
Looking For A Broker
Looking for the right one to join is no small feat. Ferry’s model of prospecting is divided amongst the market. You can find out a lot about a brokerage by asking if they are “pro Mike Ferry”. Come to your appointment with 7-8 questions to figure out if a brokerage will give you the keys you need to succeed. Ferry recommends asking these questions:
- Do you advocate prospecting?
- How do I go about building a business?
- Can you give me the scripts I need to use?
- Can you help me learn how to negotiate a contract?
Mike & Tom
Mike is not the only “Ferry” in the game. His sons Matt, Patrick, and Tom are all in the coaching business. His daughter Michelle works for the Mike Ferry organization. Although there is a difference of opinion in the Ferry household, Mike is constantly pushing his sons to build a legacy. Mike and Tom have even gotten together to produce videos. It is very apparent that their personalities and approaches differ tremendously. Mike calls himself “uninspiring” such as the famous New England Patriot’s coach Bill Belichik, but he reminds people his style ultimately achieves results. He believes in coaching, not cheerleading.
Legacy
Ferry is in his 70s, and he is still extremely passionate about his work. In his mind, he is just getting started and having a blast doing it. He wants to be remembered as making a difference while helping others accomplish their goals. Ferry has dedicated his life to helping thousands of agents obtain wealth and improving their lifestyles.
One Piece of Advice
If Ferry could offer one piece of advice to any agent it’s, “try prospecting.” Ferry has put together a list of 4-points of effective prospecting.
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