Tom Ferry is the founder and CEO of Tom Ferry International, the real estate industry’s leading coaching and training company. Tom’s ever-growing influence impacts professionals in a wide variety of ways – from his rigorous accountability coaching, to the very popular #TomFerryShow, to highly engaging training events and legendary keynote speeches.
During his career, Tom has amassed more than 30,000 hours of coaching experience and works daily to help agents and brokers grow a prosperous business while simultaneously balancing — and loving — their personal lives. Tom Ferry is also the #1 ranked Real Estate Educator by ‘Swanepoel’s Power 200’ and the best-selling author of “Life! By Design” as well as “Mindset, Model and Marketing!”
In this episode we discuss all things real estate, and the current state of the industry as well as the following topics:
- How Tom Got Into Real Estate Coaching
- Dissatisfaction Is A Symptom Of Successful People
- The Right Type Of Execution
- What Makes A Good Coach?
- Don’t Complicate Success
- How People Are Shopping For Real Estate
- The Commonality Among Successful Agents
- The Three Things That Have Changed The Real Estate Industry
- The Difference Between Branding & Selling
- How To Reach More Of Your Clients
- How To Identify Your Personal Brand
- Creating Content With Video
- The Importance Of Unique Selling Propositions
- Cultural Relevance & Marketing Your Process
- How To Acquire Listings In A Low Inventory Market
- The Biggest Changes In The Real Estate Industry
- The Importance Of Quality & Certainty
Every week, the RUN GPG Podcast aims to provide inspirational stories from people who made a mark in entrepreneurship, entertainment, personal development, and the real estate industry. It is produced by the GREATER PROPERTY GROUP to help the audience grow and scale their business and their life.
Contact Dr. Tom Ferry Coaching
Website – https://www.tomferry.com/
Instagram – https://www.instagram.com/tomferry/?hl=en
Contact David Morrell
Instagram – https://www.instagram.com/thegreaterdavid
Twittter – https://twitter.com/fearofdavid
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Tom Ferry Podcast Transcript
Our guest today is Tom Ferry. He is the founder and CEO of Tom Ferry, international the real estate. Industry’s leading coaching and training company Tom’s ever growing influence impacts professionals in a wide variety of ways from his rigorous accountability coaching to the very popular Tom Ferry show to highly engaging training events and legendary keynote speeches.
During his career, Tom has a mass more than 30,000 hours of coaching experience and works daily to help agents and brokers grow a prosperous business while simultaneously balancing and loving their personal lives. Tom Ferry is also the number one ranked real estate educator by Swan poles, power 200 and the bestselling author of life by design as well as mindset, model and marketing.
We’re looking forward to discussing his story and his take on the current state of the real estate industry with the man himself. Tom it’s an honor. Welcome to the run GPG. David, first of all, thank you so much. I’m not sure if I want to have my entire bio rewritten or have you just read it professionally before I go on stage everywhere.
That was awesome. Thank you, man. Yeah, it could do. We’ll we’ll send it to you. It’s your bio though? It’s your bio? You know, this is an exciting episode for us though, because besides all the influencers, the authors entrepreneurs, celebrities we have as guests, we are still a real estate company.
You know, we’re a real estate brokerage, so it’s good to drill down on all things real estate for an episode, you know, real estate coaching, what you’re seeing out there in the industry as a whole, as well as what successful agents and brokers are doing or not doing. Again, this is great because you know, I’ve said this before.
You’re one of the most prolific people in the industry, hard to think of someone who could be doing more than you. Again, looking forward to this conversation. Awesome. Let’s go. Yeah, let’s go so tall. To kick things off, you know, you do come from real estate royalty. You come from real estate real estate, you have a popular family name in the business, a very well-known name in real estate coaching, a family lineage, right?
Could we say it’s in your DNA? So to set the stage, break the ice, take us back to where it all started. Why when and how did you get into real estate coaching? So, first of all, when you were saying that I was actually thinking about my grandmother, Liz Wesley, who was selling real estate back in like 1950 in Huntington beach, California.
And she’s the actual reason. That my pops got into the business. So coaching, you know, coaching has been around forever. David it’s. We used to call it mentorship. We called it interns, right. Being, you know, mentored by someone, you know, we had great teachers in our lives. We had great philosophers in our lives.
We had books to read, et cetera. But we saw in 1991 a need and the need back then, I remember distinctly sitting in, San Francisco nob hill, at the Fairmont hotel. And my pop says to basically the audience in his, you know, sort of Don Rickles ask Howard stern, you know, laying into people like, you know, God darn it.
Like if I called you every week and just said, do your job, you would actually perform better. Right? You need to create some accountability in your life. And literally 300 people come back to me and hand me a card and say, Hey, when that program is ready, I’m ready to go. And I’m an entrepreneur’s entrepreneur.
I was like, okay, there’s an opportunity here. And we had, we had a model, a friend of ours, Tony, I’m a radio. He was a life insurance guy with Prudential way back in the day. And he had like 10,000 people that were paying him like $200 a month, essentially to have a quarterly update on their financial plan.
And so I remember sitting with him cause you know, we were on the top floor of the Wells Fargo building at Irvine and he was the bottom floor. It had all this space and all these like consultants working with them. And we, I just went down and said, show me the model. Like, what are you guys doing? And he’s like, well, we set up a plan.
We do this, we hold them accountable. We meet with them once a quarter. . Okay. At least we have a blueprint. We know it works. Let’s launch it, you know, a decade later, 75 major iterations, you know, coaching becomes a thing. And you know, just a few years ago, I, asked a friend of mine, Stefan swamp pool, from the, you know, T3 60 group.
Hey, you know, I’m willing to pay you a bunch of shackles. Could you unpack the coaching industry today and, and not unlike David most real estate companies? Or let me restate this, whether it’s in Canada, us, Mexico, Europe, you always are going to have three or four major players. And then a thousand mom and pops.
And I don’t say mom hop like a bad thing. It’s just, you know, Hey, it’s, it’s me and it’s my wife and I have one coach and we have 73 clients. Right. So what’s great is the industry when I reflect back three and a half or three decades ago, where coaching has come today, it’s so mainstream today. Right now you’ve got a thousand different flavors, a thousand different skews, a thousand different approaches, a local person, some that use software, some that don’t use software, some that do in person, some that call it coaching and they just do group sessions.
Right. And then some like us that are like rigorously holding people accountable to the standards and everything in between. So it’s a, that’s kind of the backstory. It’s a, it’s a blessing to be in this industry and to be able to serve the people that we do and watch so many other companies, my contemporaries, serve.
Yeah, it’s interesting too. You brought up a good point. You know, when I was preparing for this episode, I saw an interview with your, your dad and he was quick, he said this, he said, Tom is very enthusiastic and motivational. I’m more logical. And then he said, listen, I don’t know if you’ve seen this interview.
But I’m going to see him this weekend and I will bust his job, back to him, quarterback to him. Cause he said it. And then he said, Then you said who’s better me or Tom. And then he said, whoever is in front of the audience that we’re speaking to at that time, which I thought was a great quote. Yeah.
And, and the point he’s making is valid, you know, real estate coaching and coaching programs. It’s an interesting, it’s an interesting space. You know, there’s a, there’s a sea of advice and a lot of coaches out there, but I think there is something for everyone, but, you know, over the years that we’ve been in the industry, you know, one of the traits we’ve seen among successful agents teams, brokers is the ability to execute, take action.
I think that’s what coaching programs help with. You know, execution trumps all you could be in real estate coaching for, you know, many years spend a lot of money and never implement. So do you agree that very few actually implement on the level they need to, or I guess we should ask, you know, why is execution so important?
So there’s a lot to unpack there first. I don’t think that anybody that is successful will say to you, I executed the level that I should. Right. I dissatisfaction is like dissatisfaction is a symptom of ambitious people. Right. I was just with Tim Grover, who was Michael Jordan’s trainer and Coby Brian’s trainer and Dwayne Wade.
And, you know, he and I were having this sort of coach to coach chat sort of offline before we did work together. And we were both saying the same thing and that’s usually just how we roll. So, so that’s one thought, I don’t think anybody’s ever going to be satisfied with their execution. The second thing is you said, you know, like execution trumps all.
I actually disagree. I actually believe that the right execution right, done repeatedly while tracking and measuring and rigorously re-examining. Is it still working? Is it still relevant, right? That’s where you really get the greatest success. I think, I think what a really good coach does is help somebody set an intense.
Right. What am I building? Right? What are we trying to accomplish? Not this year, forget this year, this year’s already over, right? Like as we’re doing this show right now, this year is already over everything you did the last 18 months, you’re going to experience in the next 12. So the question is, what are you going to put in place today for 23, 24, 25?
Right. A good coach does that. Let’s give you a future to live into so we can say I’m building this now. Let’s reverse engineer back. What has to happen in 24, 23, 22 in order to make that a reality. And that when a really good coach says, is there like give kids. Yeah, I got to remember when you were, kids were young and you take it to like the bowling alley and it was horrible.
If it went in the gutter, you were like, oh, and they were like, this is stupid. Dad, why am I here? Right. But the second they put those funny glow stick, you know, call them guardrails up. Then it was like a horrible shot. Bing, Bing, Bing, Bing, Bing, Bing, Bing, Bing, Bing. And at least a couple of bins went down and they thought they were rock stars.
That’s what a good coach does. Set a really clear vision, reverse engineer, the plan, the who, the how, the, what, all the stuff that we understand, the mechanics of this business, marketing funnel, people funnel everything. But what they do is they keep the guard rails up because most entrepreneurs myself included and I guarantee you as well.
We take all these ideas and if we don’t pay attention, we can go off the rails. And a good coach keeps you like Bing Bingbing keeps the, keeps the ball going down the lane to go achieve it. And as you want to achieve, make sense said like the number one real estate coach in the end. Yes. I mean, but it’s like what?
I don’t want people to think as they’re listening to this is, I am actually very logical, which is funny coming from my dad, because he would always say to me, you know, you think too much, right? So there’s just like an internally, like I can’t wait to Rouse him. Most people try and complicate success, right?
Like they, they complicate things. And if you can just say, look, my job is at the end of the day as a real estate sales professional, a loan officer, somebody in the title business, your job is to get appointments, go on appointments and fulfill on that. Like, that’s it. Get appointments, going, appointments, fulfilling, whatever promises that you made.
If you can look at your business that simply, and then say, well, then how much time am I spending getting appointments? And how many other ways can I get appointments? And what’s worked for me in the past, what can I re redo? What do I need to add? Right. Like we need to add because certainly what got us to 2021 is not going to get us to 20, 22.
There’s more competition. There’s less inventory. There’s more stress intention. We have to add more. And then, Hey, going on appointments, how many appointments will actually go on? Like you have this incredible brokerage, right? We coach tens of thousands of agents. And I tell them all the time, like there’s 365 days in a year.
I’m not asking you to go on 365, but if you did, that’d be great. Can you just get on 220 between buyer consultations, right? Research, phase sellers, and actual ready to go sellers. They do that. The game is over, they win and then fulfill on the promise. So does that mean a better marketing, a better listing launch, a better execution of your open house?
You know what I mean? Like the mechanics are everywhere, but everybody complicates this business. Get, go on fulfill, that’s it? Yeah. It’s super well said. You actually touched on something and we, you know, we tell the agents and coach the agents is again, reverse engineer. If you want to make X amount of dollars or close this many transactions, how many appointments do you need to be on?
How many calls do you have to make? How many leads need to be in your database? Whatever that says it’s a math equation. It is. And, just to reiterate execution trumps all, said from Tom Perry himself. Yes. Yes. Moving on a success leaves, clues, success leaves clues, you know, the most successful agents and sales professionals.
They’ll always have coaching and mentorship of some kind. Now, besides applying the actual coaching, what do you see the most successful agents doing right now? Do you see common? It’s so broad because David, the way I view, you know, we look at this eight levels of performance is something that my coach and I architected a long time ago.
Because if, if I talk to someone like yourself who owns a company about foundational principles, you know, you’re gonna be like, yeah, I kinda got that. Right. But if I talk to someone that just got in the business, who’s a year or less about how to sell their business, they look at me with, you know, Xs on their eyes.
So, so it really depends on, on what level of performance, if you look at the trend today and I don’t know the Canadian numbers, so if you could share this with me, I’ve been trying to find good data in Canada and you both, you and I both know as a society, it’s a little less transparent, a little harder to get data.
You asked me where in the U S I did this exhaustive, very expensive research piece on let’s call it the top 500 MLSs in the U S and then we whittled it down to the five biggest. And what I was looking for was my, my hypothesis was during COVID. I saw this because I’m an investor in a spirits company, in a wine company and, you know, tequila, bourbon, et cetera.
And what we saw was a massive flight to quality and a massive flight to trusted brands. So here we are launching a tequila in April of 2020, thinking to ourselves, you know, are we going to sell anything? Right? And, and what we saw as people just went to what they already knew, right? That’s what happened.
I wanted to know, did the same thing translate to real estate professionals, to the selection specifically of an agent. And, and, you know, we can look back over the last decade and we can see this sort of bifurcation of consumer behavior, where they were saying, I’m just walking down the potato chip aisle.
That one looks. And that’s how they would select an agent. And the w the numbers were dwindling on actual past client sphere of influence listing with people that they already know like, and trust, because there were so many operas and so much coming at them. And the market’s been so good since 2010, 11, depending on how you’re tracking that that number was dropping.
So I did this research piece and I found two things. The first thing was in the us across all the major MLS is nearly 75% of all the volume and transactions are being controlled by the top 25% of the agents. Right. And that it like literally 51% of all the volume, but all the transactions were being handled by the top 10% of the age itself.
You and I’ve been in this game for a long time, and I I’m, you know, businesses a game, right. I’ve never seen it like. Right. I don’t know how long this trend is going to continue. But the second thing that we saw amongst our own client base was I’ve always said to my customers, listen to me, if you own a gas station, you don’t want to be open one day a week.
You want to be up in 24 hours a day, seven days a week, as long as there’s demand. And then you want to have as many other services that you can provide, you know, yada yada yada common sense of business. Right? Well, the same rule applies to you need to have multiple, like multiple days being open. You’d have multiple lead pillars, right?
So your past clients and sphere, that’s one, but you and I both other six cohorts inside there, right? And then you’ve got your geographic farming. Then you’ve got your online presence and you’ve got maybe some form of direct mail. Like there’s like 49 different ways you can generate clients. What you didn’t want to be is myopic.
And what we saw was certainly over the last two years, the consumer flight to quality and the consumer flight to trust has really amplified their databases. So back to the question of like, are there commonalities. Sure ready. I’d probably say the number one thing is they know what’s driving them right now that like, when I just on the phone yesterday with one of my clients.
So just for context, he and his lovely wife, we met in 2015, they were at a seminar learning how to build a team. They started to build their team and from basically 2015 at 84 transactions to last year, 2,700 closed, 450 pending sales, how they finished the year. Like that’s a pretty spectacular run.
The reason why they will hire 200 people in their team or bridge this year is because his drive is really strong. When your motive for action is really strong. Everybody’s got obstacles. We just run through them. When your drive is really strong. When you know what is driving you today versus like David, when you started, when I started, when I started, I was like, it’d be nice to be smart enough that someone might like.
I mean, just being honest, right? I mean, you know, I’m 20, who’s going to listen to me right. Versus today. What’s the legacy I’m creating for my clients, right? I’m taking care of now, what am I like? Are my clients going to be in a position where their, their net worth is 10 million, 15 million, 20 million, a hundred million.
So drive is probably the number one factor. The number two factor, I would say amongst the most successful people is curiosity. They are deeply curious. Last week I had 3000 virtual and in-person in Vegas amongst our middle and top producing clientele. And, and David, I brought up Natalia who, you know, you and I are both friends of and fans of with property.
And she did a deep dive on blockchain and Ft, you know, all the different, you know, variations of clients and what the future is going to look like and how it impacts housing. And, and what I saw was the, of the 750 people in the room. They all want. They leaned in and when they didn’t understand, they raised their hand and said, what the heck are you talking about?
Or how do I, and what do I need to do? And so I would say those two, a long answer to the question, drive and curiosity, because you’re not going to be one of the best without work ethic, understanding how to market take care of your clients, nigga. You know what I mean? Yeah. I apologize for the broad stroke question there.
I mean, it could go any which way, but I mean, you see the best of the best. It’s so funny hearing you say this, I’ve been screaming this for the last, you know, three to five years is that you’re going to see fewer and fewer teams, agents, and brokerages doing it for lion’s share of the transaction. We’ve been saying that for years, people don’t believe you like the everyday agents sometimes doesn’t believe what you’re saying.
And we do the numbers. If you go back to 2014 and 2015, would counter that and say, no, that’s BS. The top 20% do about 28 to 29% of the business. And then everybody else does. Like that that’s been forever in the MLSs. Yeah. But you can’t look at me. Yeah. And it’s the data tells you one thing, but it’s simple, but it’s again, execution, right?
It’s fairly, fairly simple. But the three things that have changed everything in the industry over the last few years are data technology and, and most importantly culture or the people, the way that people shop for real estate and how they pick a real estate agent, that’s all changed in the last few years.
Right? So you need to, you know, and again, we can, that’s a big, broader conversation that totally makes sense. Branding, you, you, you know, you brought up branding, right? A lot of talk about the importance of personal branding for agents and companies, you know, the long play, you know, and I think Tom Ferry, you know, tactical motivational a lot of focus on mindset, motivation among other things, but in your opinion, what’s the difference between branding and selling and you brought it up, you know, 90% of salespeople sell 10% brand, however, that 10% way hood sell the 90%.
So what’s the difference between actually selling and branding. Selling is hand to hand combat. Right. But remember, like selling could be networking. It could be you and I have the hockey rank and our kids are playing and you’re like, Hey man, like what’s going on with the housing market? You know what I mean?
Like it, it could be just as simple as that, right? Like that’s selling also, right. Just like making a cold call of selling an entire spectrum in between. I have always been obsessed with branding the challenges when I would say branding to someone and say, 2005, 6, 7, 8. They were still reflecting on, you know, my buddy, Don Hobbs and Greg herder, who said, whoever has the biggest brochure is going to be the most successful agent.
So of course they were in the brochure sales business. So it made sense. And they got a lot of people to do that in. There was, there was something about that because what they were doing was saying, let us tell your story in the appropriate median of the day, which in that case was print today, branding is your voice.
It’s your face, it’s your words. It’s your promises. And it’s how many vehicles, or again, medium, you can put that into. So what I see today, and I’m sure you see the same is agents that started with me. 2009. And I, and I say specifically August of 2009, cause it was the first time I had Gary Vaynerchuk onstage with me and he and I were sitting in the green room and we’re chatting and he’s like, okay.
So, you know, your show is kind of doing this and I’m like, yeah, your show is kind of, you know, I started my first YouTube channel in 2007. He started, you know, eight months before me, he was doing wine. I was doing real estate trainings. You know, same thing. We took all of our content and we gave it out for free.
He would try and sell wine. I didn’t try and sell anything. I’m just like, you should know this by the time 2010 came around this, this is how I sold. Hey Tom, I’ve watched episode 52 53, 54 and 1 0 7. We’d like to hire you to do that. Talk for our agents. I was like, can somebody Google what those shows were like?
I have no idea what they’re talking about. Right? That’s a brand brand is trust. That’s all it is. And the question that everyone listening right now should be asking themselves is how big is your addressable. What are all the different ways you could reach them? Not what you like to do. I don’t give a shit about what you like to do.
If smoke signals work, I’m doing smoke signals. It billboards work. I’m doing billboards. If it’s Twitter, if it’s vine going old school, if it was beluga, were you ever on beluga? No. It’s not predating Facebook, right? Like you going to take over the world? Like I was on Friendster. I was on, you know, you name it, right?
Like my space, I didn’t care. The only thing I cared about is where’s the attention where the people let’s be there. So if you say, what is the addressable market of my area? I’m in, Montreal. So 2 million people, 3 million people, five, 5 million people. Right? So huge. So 5 million people. How many of them do.
200, 300. So my address will market for new relationships is enormous. Now, what are the best ways I can reach them? Facebook, Instagram, ticktock YouTube, LinkedIn, realtor.ca a Google my business page. The thing is do it all, but do it in order of lowest cost to highest cost. What I would say offense to defense defense is the shopping carts, defenses, the kids school.
You have me defenses, the billboard offense is all the stuff that I can control the data on. Control my spend on, you know what I’m talking about. You do all that stuff. Selling becomes easy. If people at, at, at scale know like, and trust you, they’re going to call you and say, I’ve been watching your stuff forever.
You’ve been answering questions forever. Hey, David, we want to sell our house. That’s what we get all day long. Like, you know, a hundred, 150 people, every single. Hi, I’ve watched nine videos. I did one thing that Tom Perry talked about. I send this yikes card out. I got two listings. I made 30,000 bucks. Then I watched another video and I didn’t know what he was talking about.
I’m curious. Sign me up. What, what was the sales process in that, right? No, you, you took the words out of my mouth. I mean, I, something we’re obsessed with this design branding, I’ve been very obsessed with it last few years, you know? Um, so we, before some of the questions you try and get people to answer.
How do you feel when you take a look at the logo? You know, what’s your impression when you see me or someone from the company. Yeah. Type of thing, you know? So I’m with you on that. Like that’s very classical design. I think about the individual agent that’s maybe listening right now. And I ask questions like this.
Like what about your past is helpful or relevant to a buyer seller? Hmm, how could we package that in a way, and then promote that in a way, educate people in a way that has them understand that the fact that you were a gardener in this neighborhood for 15 years before you sold your gardening business, and then did this, you saw how many homes go for sale?
How many sit? Like if you can take that information and turn it into a story, that’s an element of your brand. But then I asked, what are the other unique factors like for a veteran? What are the unique factors about you? What do you do? That’s different. And before they say, well, nothing, I just, you, everybody just puts it in the MLS and thinks your salary now.
Oh, well, slow down. Is there something about when you sit with a buyer that you say, tell me about the things you say, and they’re like, oh, why say things like, you know, don’t rush into buying a house right away. You know, let’s take our time. Let’s be patient. I’m like, oh, so you’re a contrarian. You’re the opposite of what most salespeople say, which is hurry up by the first one, because they’re all going to be gone real.
Could we turn that into a story? Are you an educator? Do you sit down with people? I think about like a bunch of the men and women. I think specifically a lot of the women that we work with that I jokingly say they’ve raised their husbands, sometimes two or three husbands. They’ve raised their kids. They got a couple of grandkids and what they are is they’re phenomenal educators.
So, so why don’t we get that on film? Why don’t we package that? Why don’t we make that a part of your story that becomes your brand? And they’re like, oh my God, like, yeah, I know your, your sister-in-law just got a real estate license, but if you watch Phyllis on Tik TOK, she’s 68 years old and she’s edgy.
Like I know more about buying a house in Canada. In like 22 minutes of watching her little short porn videos, you know, and she’s 68. She’s Phyllis she’s like, I think that is as much our brand today, as you know, the logo behind me,
you know, when you’re talking about it, which is. Agency to be thinking about, you know, content, you know, what content they’re putting out there on social media and the type of content, you know, you referenced, you know, what experience do you have that benefits your clients today? We know that most social media, all social media platforms are moving to video first.
Any thoughts on that? On what agents should be doing there? So they’re not moving. They went, yeah, that was like, you know, 20, 15, 16. I’m I’m bad with the exact time. But I remember getting an email from Facebook and saying, we want you to be one of our test pilots on this app. And I forget the name of the app, but it was basically when I opened it up, it was go live.
Whoa. Whoa, wait a minute. I’ve got that at that time. I like maybe like a hundred thousand, you know, friends on Facebook and I’m like, you mean I can go live right now? And I could actually like have a conversation with be like, holy shit, this is insane. Right. And the first time I went live, I had like 10,000 people on there.
Cause no one knew what was happening. Their phone was suddenly like Tom Ferry is live on Facebook. They’re like, what? Like everybody, like probably curiosity just clicked in. So now you look at the data and everyone should Google this consumers make decisions based on the video that they watched at the, at the rate of 81%.
So, so I think, I think the question of like, should I be doing video? If you’re asking that question, you’ve already lost, right? It’s it’s not, should I do video? It is to your point. What do I have in me that I can do. How can I best contribute? What are the questions that are on the minds of buyers and sellers in my marketplace?
What are the frustrations that they have? What if I’m a first-time buyer? What are the 16 things I need to know before I go out and start shopping for houses? How do I make decisions on what’s? Non-negotiable what’s not, is this my forever home? This is my first home. If I’m a first-time seller, what do I need to know?
Why is it that some agents charge this commission, some agents charge that could I line up a thousand agents outside my door? And they’re all gonna basically be pretty close on price. If that’s the case, then how do I select an agent? Why, why did one agent walk in and say, they’d get me dramatically more.
When everyone else said we’re looking at the MLS and the data says it’s selling it. This, you know, per square footage, there is so much content people can be creating right now. It all comes down to thing. Ready? Can you structure it? Can you say one day a month, I’m going to synthesize throughout the.
Feedback. I got in my comments, other questions that people were DM-ing me or asking me something I saw David do that was spectacular. And it got a bunch of reach. I’m gonna just R and D rip off and duplicate with David dead. Right. And you captured all, then you sit down once a month and you shoot like 30 to 40 short form videos.
And you’re done. The rest is just distribution, putting it on Facebook, you know, LinkedIn, every place else. And I know when some people hear that, they’re like, oh my God, do I look good? What if I say the wrong thing? Are you kidding me? Look at me. Who gives us just be you? Right? Like I tell people all the time, like when like, cause I I’ve coached 55% of my clients are female.
And literally David, the, the ones that are doing video, they’re just doing video. But some will say, I just don’t know if I look right. I’m like, what are you going to scare people when you show up, like you are who you are, like, somebody loves you. It’s okay. You with me, but video is the game and everyone knows that.
So I don’t know if I brought anything different or the same outside of maybe one time a month. You film everything. Like for me, I, cause I have six shows a week, so it’s every Tuesday in my calendar for the rest of the year. I filmed all day Tuesday, which you and I, you know, you and I do a little Tuesday and then the whole rest of my day is film, film, film, film, film, you innovate.
Yep. Yeah. It’s well, it’s so good to hear your perspective. You know, cause I’ve called you Mr. Content. Actually I know I have. I’ve called you Mr. Content. We do, every two weeks, a whole company logs in, across the country and every, every once in a while we’ll play, a Tom Ferry video. One specifically, I want to ask you about for just, I’m going to make a same for all the everybody watching right now.
It’s the three eyes right now in the U S and it’s two eyes in Canada. Cause I don’t know. I don’t want to speak that. I know the third eye for sure. So you can back me up on this, but it’s ready. It’s interest rates, inventory, and. If you can’t speak intelligently about those three subjects and all you have to do is go, Hey, it’s David Morel with the GBP G P B.
I totally screwed that up. G I know, sorry, but you dealt with opp. Yeah. You know, me, I thought it was a different rap song, literally saying interest rates inflation, right in inventory, which do you think will have the greatest impact on the value of your home in 2022, would you leave a comment below? I’d spend a thousand dollars on Facebook and Instagram to have as many people as possible.
See that, and you watch all the things that people are going to say. And the content David, that someone then could create. I asked this question, 38% said this 42% said this, and only 16% said this, and let’s talk about it. Right? You are touching the pain point of relevancy in your market, just like that.
Wait, listen, you know, You know, a lot of agents, you know, they think too much about, you know, is my hair perfect. Do I look right? The more you get on camera, the less hair David, your hair is perfect. I get that a guy. Hey, listen. I’m fastidious. I’m studious about my hair seriously. Okay. I do want to ask you about something specifically, which gets us really excited and that’s unique selling propositions.
Our company was founded on USP’s. We truly believe that that’s one of the most important things you should be focusing on. You know, as the industry changes, you need to pay attention to your uniques, a unique selling propositions that differentiate you. And we feel that if you can articulate your value proposition, you’re going to be left behind in every industry, not just real estate.
I think it’s a Darwinian thinning of the herd. You know, if you can’t articulate your value. Yeah. If you can’t say buy me in a way that’s meaningful. Yeah. And, and, like we’re passionate about USP’s and, and identifying them. I, we do, or I teach a, a unique USP workshop. I teach USP workshop and I actually have used your video.
It’s an older video where you talk about formula. Yeah. It’s brilliant. It’s genius. And I love it. So can you just, you know, talk about why it’s so important to articulate your value proposition, unique selling proposition or propositions, and what makes you different and how valuable is it to create USP’s to generate business?
So I think about it two ways first there’s, there’s, there’s the formula that you’re representing, which is basically, um, you know, do you have these problems? I have these, these unique solutions. Is that something you’d be interested in hearing more about now that is as old as dirt, right? I think the first time I heard that was probably early nineties, Jay Abraham, who’s a mentor, you know, he’s like, if you can talk about problems that are relatable to the person you’re in front of, you have their attention.
Then if you can say, here’s the unique way that we solve that problem, you’re really going to have their intention. And then the, you know, the, Hey, would you like to hear more? You want to get together and have a coffee. Then the closest becomes natural and automatic. So the first thing I would tell people is what are the problems that buyers face in your marketplace?
And if all you say is a lack of inventory, you are just like every other chicken in the coop you’ve gotta have, it’s gotta be more than. Right. It is the problem, a lack of inventory, or is the problem countless days and nights looking for property. And you finally fall in love and it’s gone or worse.
You’ve written offers and you’ve fallen in love with the house to the point that you were willing to write an offer. And then you got broken up with before you even moved in, right? Like you’ve got to really articulate the pain, but you can’t just have one because a first time buyer has a different problem than a move up buyer, then a lateral buyer than a move down buyer.
So acknowledging who you’re with and not just David and speaking your language here, not just having one, but having multiple the solution part. That’s the same thing as a unique selling proposition, right. And something that everybody in this watching or listening right now can take on. Has anybody taken the time to teach you this?
Has anybody taken the time to show you that has anybody just carved out an hour there? To just sit and answer all your questions. So you can make a really good decision about buying your house, selling your nest house. Like that little script has made a lot of my clients, a fortune because they actually got into, I’m not just here to show you a house.
Hey, thanks so much for calling. What time do you wanna get together? Let me show you that house right away. It’s gonna be gone real fast. So hurry up. But that’s what most agents are doing right now. Slow down, connect with people. Find out what’s truly important. Be the educator. Then there is like one of my coaches.
So we’re, there’s a podcast that’s going to come out. I think in like two weeks, David, and you will love it. She, she started in real estate, 1998, her first buyer, she, I want to say she, like, she showed the buyer like a hundred houses and then the buyer bought from somebody else and she was like, this is.
Like, there’s gotta be a better way. She constructed listen to this, a 90 minute buyer consultation. She is like literally a thousand for a thousand on her 90 minute buyer. Cause like I was just with her and she’s amazing. 145 transaction producer. She coaches for me, she’s got a team. She used to be the manager of a brokerage.
Right. You know, working with like, you know, a hundred agents at our office. She’d taught the same exact, this one 90 minutes. First you do this. Then you do this. Then you just, and everybody say, when I follow it, I get a hundred percent. And she said, when I first heard that line, has anybody taking the time I just added that?
Because it’s the perfect lead in to an excellent buyer consultation. Thoughts. Yeah. Well, it’s so funny you brought this up. I think, you know, agents just aren’t answering that question. Like what’s in it for me. Like if I, and if it’s just like, I’m going to book an appointment, you’re doing the same thing as every other agent, or I’m sending you the, the listings in the MLS, every other agent could do love that David, you know, you are, I’m fixated with the phrase cultural relevancy and, and culture is not just understanding.
Like, do you have an Oculus, which is probably a good idea today. Do you understand the metaverse like, do you understand blockchain and crypto and all that stuff? And like, we’re moving there actually. Right. So, so you know what I, you know, you don’t, but it’s also like, are you culturally relevant with.
Right. You could be a really good agent who has irrelevant marketing. You can be a really good agent who has irrelevant language patterns, and you’re not getting the results you should based on your track record, but you’re losing more than you’re winning because you’re saying the wrong thing. You’re not culturally relevant.
Two years ago, we did our first virtual summit and, you know, thank goodness we, you know, came back and got to do one in 20, 21 in Dallas. When I was at that event, I was doing a lot of research on, you know, consumer behavior, why people do what they do, how, you know, you said it earlier, right? Like it was a data tech and how we buy or how we up culture, what we call hacking culture, which is the long conversation.
Yeah. Right. So one of the, one of the mega trends that we have seen play out is basically process over. Process over houses that if you truly want to be a relevant market here today, you market your process, right. You market, how you do it, right? You educate people on the differences of how you work with a buyer and what, what it is you do right down to, I literally am just presenting to 3000 people last week.
And I’m like, if I were you guys, instead of just sending out the, you know, look at me, I sold a bunch last. Right. What if it, instead, like I gave him five different variations and one of them and David like it, I still don’t have the language. Perfect. So for the person listening, I’m working on it, but it was in the U S and Canada, where you’ve got super tight inventory and massive demand.
The average buyer probably looks at, you know, a hundred houses online. They narrow it down to like maybe, you know, 15, if they’re lucky, if they’re lucky and then they might write an offer, like in the U S the average in 2020, the average buyer wrote five offers before they bought a house. Right. Sound kind of the same, the process.
If you sell the process, then people say, I understand you. I like you. You taught me something I want. Versus just look at this house. So the piece that I told him to put out was, Hey, if the average buyer in Canada wrote offers five times, that means four times they fell in love with a home and didn’t get it.
And on the fifth one, they got it here at the Tom Ferry, banana real estate team. Our average buyer only wrote two offers and got their dream home. And as simple as that sounds, because neither one of those are sexy right or wrong. But if, but if you’re like, wait a minute, wait a minute. What do they do? How do they do it?
Here’s our network. Here’s our process. We do an extensive buyer consultation. You know, the average agent will just show you houses. We’re going to sit you down, find out what your non-negotiable is. Find out what’s really important to you so we can narrow it down and get you a house. And, oh, by the way, if you said, and 38% of our buyers last year bought homes before they hit the market, right?
38% came from someone else in our company who had the pocket listing. And we were able to secure them a deal where they didn’t have to do. You tell me, who do you want to work with now? None of that feels sexy, but that is a massive degree of separation for the person that’s already written an offer and didn’t get it.
It’s brilliant. I hope everybody listing we’re watching is paying close attention, because you’re hitting on a pain point, right? It’s a statistical USP, right. It’s, it’s critical, you know, it’s what matters to people right now. Right? See, this is what I love about Tom Ferry. You know, if you pay attention to Tom Ferry, you know, he adapts and changes like a speed boats that have like a big cruise ship.
Right, right. It’s important. You need to think about this stuff. That’s genius. Gotta be. Yeah, that’d be curious too, man. Gotta be curious. Thank you. Very kind. And you mentioned it, any thoughts on how agents can acquire listings and low inventory market, any tactical advantages you can think of to attract sellers or find inventory for buyers?
So, you know, we kind of talked about in the very beginning, when I said, you know, the large percentage of listings are coming from their database, so I’ll give you, I’ll give you like three or four. Right. And you just cut me off when I, when I’m going too long. Cause this, I mean, this is the central topic of conversation amongst not just clients in Montreal or in Calgary, but in Newfoundland, in London, England, my clients in like, you know, Munich, Germany, Sydney, Australia, it’s everywhere.
People. There is a shortage of houses right everywhere. So three things to think about the first one, we call a CMA a day campaign. So if you grabbed your phone while you’re listening to this right now, and you looked at your phone, I’ve got an iPhone. I go right to my contacts and I scroll down to the very bottom David, I have, I go to the pound sign, 6,564 people in my phone.
So what we know right now is 6% of the people in your phone are going to move this. 6%. Now the bummer is you don’t know which 6%, right? Wouldn’t that be great. Would that be like, there is some AI out there and I’ve invested in a couple of these companies, you know, first.io and others that like percolate who’s most likely, and that’s cool, but I’m old school.
I think everybody in your phone deserves the value. So what I tell people is the CMA a day campaign. So you’re literally, it’s three it’s three steps. Step one, send a CMA to somebody, right? Go on your phone. Go two years ago, three years ago, five years ago, seven years ago, eight years, whatever your hallucination is right now in the U S the median time is movement is nine years.
So I’d probably focus on two to 10 years, that gap of all the buyers and sellers that I’ve worked with, then I send them a CMA, easy. Bing, Bing, Bing, Bing bang. I emailed to him, but the email headline should say, best email. You’ll get this year. Best email. You’re gonna get that. And they’re gonna be like what?
They’re going to open it up. And it’s like, Hey, you know, Tommy copy just wanted to let you know. I took the time to think about you guys today and we’re looking at blah, blah, blah, blah, blah. Here’s the value of your home. I’m gonna call you tomorrow. I’m gonna call you tomorrow. Cause I’m sure you’ve done something to improve the value.
Now the email’s basic. I’ll send you the form. Cause it’s verbatim. We tested kind of AB what works, what doesn’t and the Awan I’ll send you, David, you could share with your audience, at least your brokerage, right? So they have it, but then you do this. The email just said, Hey, David, Tom Ferry. I don’t know why I’m doing this.
Like a 55 year old woman. Hey David, this is Tom. I’m not raising all 55 year old women, but you know, you all go like this because you think it makes you look thinner, right? So, you know, Hey David, Tom Perry, I just shot you an email. I’m going to argue that it’s gonna be the absolute best email you receive in 2022.
Will you just take 13 seconds to open it? Take a look at it. Cause it’s about the value of your home and how much money you have made just in the last 12 months. I’m going to call you tomorrow cause I need to know, have you guys done anything to improve the value that could increase the actual equity in your home?
So I’ll call you tomorrow, but that’s the second step. What’s the third step. Hey David. It’s Tom Ferry. What’d you think about that? Price home, go to a newer do blah, blah, blah, blah. Do you wish you had about three when I sold you that house three years ago, but here’s the thing you ready? Using that formula, my coaches, here’s what we’re tracking.
It was 17. It’s now down to 16.5, every 16 and a half people. You send that to when you follow the steps. Exactly. As I gave you email video, phone call 16 and a half equals a listing appointment. We don’t have an inventory problem. We have an execution problem. Right? We have an implementation problem. We’re not, we’re not doing it for the right stuff.
So that’s one. Okay. Number two, you could just do this as simple. Grab your phone and say, I’m going to text 10 people a day, 10 people a day. And the text, like the problem, the problem with this one, David is about day eight. You’re going to stop doing it because you’re going to be so damn busy. So ready? Yo David, you know your audience, what’s up, dude.
And what’s going on home. Hello, David. Good afternoon, David know your audience, right? So yo David, what’s up man. Hope you’re having an awesome start to the year, dude. I was just in the MLS. You are going to die when I tell you how much your home is worth. If you’re, if you’re just curious, just text me back and say, yeah, send me something.
If you want to talk, let me know. But either way, dude, D O O D E dude, you’re going to be stoked. Send do that 10 times a day. You know, what’s going to happen seven days in you’ve texted 70 people, Jeremy like this, oh my God. This one wants to CMA. This was brothers moving. This one wants to buy a house in Florida.
You’re instantly in the game. We, we don’t have an inventory problem. We have a lack of implementation. We have a lack of guardrails and structure to do the things that we know work. So that would be the second. The third one, I would play the long game. So the first two were just immediate. And your database.
When you look at the number two source of listings right now, it’s coming from geographic farming. I am the biggest fan of geographic farmers, especially for people that love to work with referrals. If you like referrals, you, your geographic farmer, no one told you because geographic farming by definition is they call you when they know like, and trust you.
And it’s time to make a move. Who does that sound like? That sounds like your database, but today geographic farming, you know, two direct mail pieces, a month golden triangle of Saratoga, 1500 homes. Then we went to 5,000 homes. Then we went to like, oh, let’s do Los Gatos, Los Altos. And all of a sudden we’re at 110,000 pieces a month, right?
110,000 pieces a month, every month for nine years. And when you look at his income, like we just, we were doing a little breakdown on stage a couple days ago. And literally it was like 10 years to get to a million. Then he got to a million and we literally. Let’s start farming. 2 million, 4 million, 5 million, 7 million, 12 million last year, 24 million in gross commission income.
So farming works. If you say to yourself, I’m playing the long game. If you’re like I sent out a mailer, screw Tom ferry, no one called me. Screw you that you you’re the you’re the person that will like this. I just planted a seed in the snow. How come I don’t have vegetable? No, it seasoned. You got to plant, you got to love on you.
You got to nurture. You got to, you know, Chinese water torture, right mail, mail, mail, mail, get their emails, start emailing them. Add QR codes to your direct mail. To say, check out this video, watch this market update. Know what the home prices are right now in your area. Why are these five homes not selling three things you need to know before you QR code on every direct mail piece, driving them back to watch a video on your website, not on YouTube, your website as conversion.
YouTube does not like that would be my third thing. So two immediate, easy that everybody can kill on one long-term deal. So in twenty five, twenty six, twenty seven, you call me and go. I was watching that David podcast. You guys. By the way did he ever get that thing removed? And is he okay? And I started farming and it was bananas.
Now you have to keep it in. Dammit, Tom, listen, this is an absolute clinic. Like, I mean, I’m almost like I’ve got goosebumps because you’re, you’re dropping so many gems. I mean, it’s just brilliant. I love what you’re saying there. I mean, everybody needs to pay close attention. Hopefully they’re taking notes.
What are the biggest changes you’ve seen to the real estate industry in the last few years? And what are you expecting in the coming years? It’s hard not to play off the three things that you talked about. I’ve said it, but I’ve said it differently. What’s happening now in the industry is it’s truly been bifurcated, right?
So you got basically the, the people that want to sell a house now and then the hobbyists, and then you have pre. And you could argue that it’s always been like that, but what’s happening is because of the rise of, you know, the million-dollar listing shows the fix and flip shows the, you know, you tube, you know, the Glenda bakers on Tik TOK, all these extraordinary opportunities for people to get an understanding of this business, like housing in the U S a 17% of the GDP, right?
Like it’s nuts. And, and I was told, so I don’t want to misquote this from what, from one of my clients there that in Canada, it’s like 48% of the GDP housing matters. How about like 16 million homes in Canada? 4 million of them are investment properties. Like, that’s insane. So. People get real estate and people understand like, you know, you like crypto, I like crypto, right?
The differences. I like housing more, right? Because like, they’re not printing any more of it. You with me, like there’s only so much of the earth left and I want to own all of it. Right. So recognize, recognizing people are obsessed with it. We’re getting more and more agents that are recognizing the second part of that bifurcation of the professional, which is scaled versus not scaled.
Right. That’s the second part. So the first bifurcation is just, Hey, hobbyist, this is super fun. I just love houses and I’m going to die. And I’m going to go back and work at it. You know, Timmy Horton’s right. Second group is like, this is my profession. I’m all in. And we’re seeing way more people come in, starting in the industry, but forever real estate was a second or third or fourth or fifth.
Business that you went into, like I failed at everything else. Let’s try housing right now. They’re just rushing straight in, right into real estate, which is bananas. But then it’s scale versus not scale, right? So not scale is nobody give you a better than me. I’m the absolute best. And that group gets by.
I forget it again. Some use tech, some don’t the ones that use tech and sell 25 or 30 homes a year on their own, right. Using a great CRM, a great transaction management platform, all the, all the available technology that makes us faster, more efficient, but the other group just gets stuck and they die.
Then you’ve got people that have figured out. If I have five buyer’s agents, I never know which of the five are going to sell a house this month. But I know if five of them on my team are 50% as good as you do. They’re just 50%. That’s a 250% improvement in my output. That’s a 250% improvement in my leverage.
So now I can have five open houses going at once. I got a five people making phone calls at once. I can have five. And even if they’re not as good as you, which they will never be. In your mind in your mind, by the way, only in your mind, they’ll never be those five people will give you geometric growth.
And then you realize that five is great. 10 is really cool between 10 and 20 is the danger zone because now you’re managing full time. And if you’re not paying attention, you’re gonna start losing people that you shouldn’t because they don’t feel special anymore. Cause when it was five, it was a family and it was 15 or 20.
It’s now a baseball team or a hockey team. And how do you keep all that going and have the back end working right? And your finances and your taxes and everything else. So you very quickly jumped to the next level. And this is the evolution of real estate team ridges, right? And teams at scale, there’s only like in the U S the last data point was 2020.
So we know the number David is, is scaled dramatically 1,506 teams in the U S that had more than 20 agents. I know teams today that have 280. That will recruit 200 people this year to their business. The world has shifted to a flight of quality and a flight of certainty. And if you don’t get anything else from this, get people want quality.
People want certainty. If I know buying a home from you, I’m going to be, have more certainty, more conversations, more communication, more thoughtfulness. I’m going to buy a house from you. And then I’d buy another house in seven years and I’m gonna refer you everyone. I know, but you look at the data. Most agents aren’t thinking about MPS scores.
They’re not thinking enough about reviews. They’re not thinking about the long game of how we treat customers, and that would be a whole other level of people. So that’s a big part of it. And then the second thing is ready. Generating leads is easier than it’s ever been ever, ever, ever, ever, ever. And look, people are leads and leads.
Are people like. Treat people the right way. Be nice to every single person understand modality lead comes in and you’re like, Hey, this is Tom Perry. We’ve been in a real estate. You were just on my website. I want to, oh, oh, oh, oh, okay. All right. No, she’s sitting in the carpool lane right now waiting to pick up her daughter or her son, or he is waiting to pick up his kid.
Right. It’s modality. We understand like if you don’t get on the phone with that person in two seconds, their modality shifts back to it’s time to go back to work. I’m now on a different website. I’m thinking about something on Amazon. Like they’re gone, right. But everybody’s interested and leads are not the game.
The game is appointments. Whoever has the most appointments wins period. End of story. Done and forever. I don’t know if I answered your question at all, but I know you absolutely do sort of a journey of like, for me, like the last decade, are you a new real estate agent or thinking about getting a real estate license you have? So you’re going to want to ask about the greater property goose agent scholarship program. Why paid for the cost of the course yourself? When the greater property group will subsidize the cost for you, make sure you reach out and get all the details on the greater property groups, agents, scholarship program.
What’s next for Tom Ferry and Tom Ferry coaching, any projects or events we need to know about. So because we’re back, right? Whoa, we’re back. I’m just so excited to be like doing live events. We are launching our blueprint event, which was, I built back in like 2014, trying to get people to understand, like here’s the building blocks of putting together a business and then a team.
And that, that includes, you know, everything you would imagine from values to recruiting and onboarding, to, you know, training and development and marketing and lead generation tracking, measuring. Running a fricking business. So it’s not for everybody if you’re listening to this right now. And like, you’re like, that sounds like a lot of work don’t come to that class.
Right? The alternative is we, we had an event called sales edge led by the extraordinary bill pipes. And we had marketing edge led by Jason Pantana. So one Jason was like, how do you create content at scale? How do you do better email marketing? What are the best direct mail hacks? Like how do you work your database?
So it was like leads, leads, leads, leads, leads. And then bill on sales was doing conversion, conversion, conversion for conversion. So we married the two together. So now bill will get up and say, let’s talk tactically or Jason will start and say, let’s talk tactically about your database and the five things we should do.
And when they get on the phone or when they respond to an email, okay. So we’ve got lead and conversion. If you will, all in one class and then like, you know, a thousand zoom events that we’ll still do and six new pieces of content that I’m putting out every week. I mean, if you, if you’re listening right now and you make the mistake of clicking on any one of my ads ever, I will follow you until you die, which by the way is a really good marketing strategy because Google tells us it’s after 11 impressions that people finally go, you know, I’m going to give that a shot.
So something you might want to think about as well. And then outside of that, you know, probably just like you, like, we are, just a talent seeking machine. So finding the stars for our business, right, for 24, for 23, for 25 is very much as the CEO of the company. That’s what’s on my radar. I think a really good CEO should not be thinking much about the short term, the immediate, the right now, like that, that was all in your planning and what we did 18 months ago.
So I’m fantasizing a lot about, you know, in the U S what could happen with the deal. What can I with DOJ and NAR and will we, will we see in our lifetime buyer’s agents getting paid $50 an hour because they couldn’t figure out how to articulate their value while others are making $10,000 an hour or what we call it like a regular commission.
I think that’s very real. I think that my hallucination is the teams are gonna take over the world, right? Not just Canada, not just the U S not Mexico, but all of Europe and everything else. So we have an bunch of initiatives. That we’ve set forth to support them and their expectations and their excellence.
So my time is busy and outside of that, man, I’m gonna be married 29 years coming up in October. So I’m already thinking about, should I marry my wife again? My I’ve married her. This would be the fourth time. So I’ve never been divorced case. You’re wondering, but I have married her three times already. She keeps saying, yeah.
So that’s a good thing. my, my 20 year old is decided he’s a tennis player. He’s not going back to college and he’s going to work for Wells Fargo and the private mortgage banking world of mortgages. So I’m excited about that. And my 22 year olds going to graduate sometime in the next 400 years from college, just getting Michael if you’re listening, but he’ll be done in like eight months.
And I’m talking to him about how we should go out and buy a thousand to 4,000 rental properties in Houston. So we’re, we’re, we’re going to an all kinds of crazy. Like I said, prolific, I just celebrated 25 years last month, 25. Congratulations, man. That great. We should do a whole episode on epic failures and the most important routines to have a rock and relationship.
Yeah. I mean, people are shocked when I say 25 years, like 25 years. How is you look like you’re 40? So you got married at 15 or something? Yeah, no, I got married young head. It was around 2021. Something like that. Yeah. I got 20. So 22 that’s when I got married. Same thing. Yeah. Okay. I say, I listen, calm.
We’re living parallel lives. I love it. I got the south. Exactly. Yeah. When you got it. You know, you touched on something interesting. You know, like one of our MOS is teaching agents how to create an exit plan. You can only do that by replacing yourself. And I think that’s one of the biggest reluctance, agents have is it’s hard for them to let go of those listing appointments, you know?
You can sell the business. Without replacing yourself, you just don’t get as much. Yeah. And that comes down to it. And we have a lot of experience with this. Like we’ve grown and scaled more teams than anybody. Like it’s kind of our wheelhouse. And we’ve seen a few mistakes long, like now looking back, you know, 20 years in the business or whatever, looking back, you know, and I’ve very high producing teams.
We’ve seen some of the mistakes they’ve made. Sometimes personal branding is a problem for some of these teams when they want to exit, you know, things like that. But anyways, not to get into the minutiae. I love it all, man. I know. I love the details. I love the detail. Listen, is there an app or a piece of technology you cannot live without all of those?
Okay. The only thing that matters is what’s on my home screen and the stuff that really matters is basically in thumbs. Yeah. So, you know, Instagram texts, phone, video, Coinbase, I’m super obsessed right now. I got the new halo, which was a different from Fitbit because I wanted to kind of, you know, give Amazon everything about my life.
So now, like every time I like opened up my laptop, it’s like, you need this, you need this, you need this. It’s kind of hysterical. A great one is a heal your body. That’s a killer app. P Z I Z Z, which, I’m a napper. Right. And my brain is super active. So I need something that can slow me down. My buddy, Sam Harris has app, waking up his killer sleep cycle.
I’m seven years in to tracking my sleep. I’m now at about 7.2 hours per night when I started, I was at four. So, yeah, I mean, it’s all about, you know, calm. Like it’s all that stuff I’m obsessed with. I’m obsessed with tracking and measuring every. Well, you’ve got to know your numbers. Tom said like the number one real estate coach on the planet.
Here’s one I’ll make you think we’re wrapping up here. This will really make you think. If you could have dinner with any three people in history, past or present, who would they be? Bush Obama and, Elon what a dinner table that would be, right. Like one, one is obsessed about taking us to Mars. I think, oh, you know, Obama was one of the greatest presenters ever.
Right. Um, and you know, G dub, like, you know, my wife met him, we were at a charity function and a friend of mine. I’ve never, I live in Dallas now. Like he’s down the street. Right. I see him at the football games. Um, and his wife went to my son’s or I guess my son went to his wife’s college. Um, but I think it just be fascinating.
Like another one of my buddies is the former CEO of American airlines and lives in my building. And it’s just a, just a mention of a human being. And he told me the story of what it was like on nine 11 to be the CEO of American airlines. Right. And what I would love is to have Don story and then story.
And just talk about that experience because there’s, there were so many, like. Those are the moments that it’s such tragedy when you think about that. Right. But those are the moments that make or break who you are. Right. Do you step in to the crisis and lead or do you panic and freak out and, you know, hearing Dawn’s story was extraordinary.
And then to hear GW, his story would be incredible. I’d love to know how Obama dealt with the global economic meltdown and why he made the decisions that he made. And, you know, how did he package and position himself? Cause his brand, like he just killed. Right. And then Ilan, just because holy shit, busy Elon Musk.
Like, I don’t think any of us still understand him. Right. But like, I’m, I’m going to get the chip planet into my head, the narrow link, you know what I’m talking about? I want that man. Like, I want to be able to go like, Hey tank, I need to know how to fly a B12 helicopter and like ready to fly the helicopter.
So I’m in like, just so any time with him, I think it would just be fascinating. I think they’re live now with that. Actually. I think they’re alive. They’re different tests. They’re still in test mode. Has to me, I’m paying attention because I’m not kidding. I’m going to. Yeah, well, it’s like a Neo in the matrix, right?
It just, I know Kung Fu I know Kung Fu it’s the same thing, which is interesting, actually, Patrick, that David, who was on the show a couple of episodes ago, he was mentioning, like I asked him which interviews, cause he interviewed some, you know, the best of the best. And I was asking who stood out and he said, George Bush, actually, he said, he’s a fantastic guy, really giving really in very charismatic.
Very for sure. I’d put bill Clinton on there too, just to, you know, I mean, if I get, I mean, I wouldn’t even want it like talk to every minister, every president like you and I got experience well, you and I are fortunate because we get to do that, you know, with an episode, like, you know, I’m picking the brain of a giant right now, you know, like, and we do that week to week.
It’s pretty cool. You know? I agree. Yeah. Anyway. Okay. When all said and done, what do you want to be known for?
What’s the Tom ferry legacy, you know, I know the answer that’s in my heart. It’s something that I’ve shared before, but I was pausing because I was actually thinking about the dash, right. So if you know the poem, the dash, like the day you’re born the dash in the middle, and then the day you die.
And like the, the dash is the story of your life. And, and look at the end of the day, the last like two decades of my life had been basically like, I want to be the person that my boys grew up in watched me and said, that’s who my dad is. And anyone that has teenage boys ever knows that it’s probably the hardest when they’re 12, 13, 14, 15, 16, 17, 18.
And I don’t know what it was, but in like the last year and a half, I’m back to being a genius again. You know what I mean? Like, cause prior to that, man, like I was in the dark ages with my kids. I’d be like, what are you gonna think about this? And they would be like, you’re wrong? You know what I mean? So I think it’s just, like to instill in them and as many people that will care the way I can.
To do the right things. It’s, it’s the same thing. Mike Vance, who was my mentor, who was Walt Disney’s right-hand guy, who was Steve jobs, you know, sort of chief sort of creative architect. And he worked with Jack welts and mother Teresa was his friend. And I’d be like his Thursday, fifth call of the day. A lot of it is, I just don’t want to let them down.
You know what I mean? Like he said to me like, like, imagine the first time we met, I asked him this question. I’m like, So you worked with Walt Disney for the last eight years of his life. He launched Orlando. He was the first Dean of the Disney university. Many of the things that you experienced, you know, that are the older stuff from Disney, like he was a part of all of that.
Right? Then he gets the chance to mentor Steve jobs and new up until the day that he passed. And then Mike passed a few years later. Jack Welch was his personal client, right? Mentoring Jack, when he was like VP of the Tutu division, not the legendary CEO of GE that we all know and, and Revere, and God bless him.
He’s passed. And then mother Teresa, he talked like a once a month. Can you imagine going from Jack Welch to mother kill everyone and be number one or you’re fired. And the next one is like, you know, the Catholic church wants me to come, but I just want to do what I’m doing. I’m, I’m living my life. I’m in Calcutta, helping people with the passing, you know, like the insanity.
And then I talked to him and the first time I met, he said, Hey, don’t screw with my track record. I was like, oh man, I gotta, I gotta do something. I better do something. Man what an exercise though, but, Tom, great discussion today, really enjoyed getting to know you a bit better, fantastic takeaways. As they relate to the current state of the real estate industry, what the everyday agent needs to be doing and thinking about to grow and scale the business and the changing industry.
I really, really do appreciate your time. Where can people find you or where do you want our listeners and subscribers to go? Tomferry.com, Tom Ferry and YouTube Insta. I probably spend the most time on Instagram and use. That’s probably where I get the most DMS the most, like, if you go to my Instagram page, like every, like every three or four days, I’ll just say, who’s got a question.
How can I help? And I’ll field, I got filled with like 9,000 questions since I started doing that. Like some obnoxious number and it’s hysterical because I’ll literally get, and David you, cause you get the same thing ham at 30 deals. How do I go to 300? Hey, I’m a brand new agent. How do I get my first listing?
Hey, I want to take my son and have him get out of the basement, smoking weed and join my team as an assistant. What’s the best transition. Like I don’t get easy questions and I like, I will articulate the tactics and the strategy and the mindset required, like on all that stuff. Right. And, but thousands and thousands and thousands of times.
So like, you know, that’s the place where I, I feel that I can just scale the sort of unscalable. And use any downtime I have just to help people. So I probably say Instagram, take the rest of day off guys. Pick your city off. Tom says it’s okay. Take the rest of the we’re going right in the studio brother.
All right, man. We’ll see you. Thank you. Appreciate you.