Mike Ferry: Knowledge Improves Productivity
The Need for Training Increases in a Sales-Driven Market
 Mike Ferry has seen many changes in market movement throughout his extensive career as a trainer to the real estate industry.* In a recent interview with Tim Braheem of LoanToolbox, Ferry laid down some important ground rules to develop the mind set and productivity needed to be successful in today's market.
"Real estate professionals will begin to see that homes must be listed at a fair price to sell. Interest rates are going up, and fewer buyers will be racing to purchase property," Ferry emphasized. "If it took four contacts to sell a property in previous years, it may take 44 contacts in a sales-driven market."
However, Ferry observed that in the last 50 years, the objections that real estate professionals encounter on a day-to-day basis have really not changed that much, and recommended that agents should practice scripts and be prepared to counter objections positively and with enthusiasm. He proposed that improvement in the performance of scripting will build both confidence and mind set, and in turn improve the closing ratio. In short, if the agent knows what to say and when to say it, then he or she will not hesitate to respond.
"Additionally, we will see that properties are not appreciating as rapidly as they did in past years," Ferry pointed out. "Real estate professionals will need to have an acute awareness of market fluctuation and be more specific in the service that they provide to avoid making false promises."
Ferry added that it is important for agents to reinforce their faith in their own ability with daily affirmations, make sure they stay on schedule and have an effective system in place for lead generation and follow up. He recommended marketing to all centers of influence, past clients, FSBOs, expired listings, just-listed contacts, just-sold contacts, and making cold calls with regular consistency. Ferry also noted that agents who want to succeed in today's sales-driven market must have a superior support team in place so that mistakes are minimized, and make sure the lines of communication are wide open at all times to all parties involved in every transaction.
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Interesting news about Mike Ferry.....(read the second part of this article)
Rhymes With Ferry
Posted: Wednesday, March 19th, 2008, 9:29 pm MST
Category: General, Marketing, Realty Reality
A couple of things. First, the largest real estate company in Arizona (based on number of agents) is now Homesmart. Homesmart was already pretty damn big but on Tuesday it was finalized - they bought Dan Schwartz Realty. Dan Schwartz Realty was, itself, was already one of the top 3 companies in the state for number of agents. So was Homesmart. It is my understanding that - at least for now - both companies will continue to operate with their current names.
And now for the “big” news. I’ve just received a report that Mike Ferry’s coaching business is falling off. Big time. I have long considered him a predator, so I am happy to hear this. His company has had a pattern of high pressuring agents (who attend his free seminars) to sign up for coaching. Coaching is pretty much all he really sells - his events being a giant sales pitch for getting coached by his organization. For those who don’t follow the Mike Ferry coaching advice or who find it unworkable they are in for an additional shock, besides not having all that additional income they were sure to get. If they attempt to cancel their relationship they discover - as they have signed a contract - their account will be turned over to a collection agency.
It now happens that the state of California (EDD) recently ruled that all the coaches (I think he has averaged about 60 coaches at any given time since 1999) he has been paying as independent contractors are legally employees. Mike appealed and lost. Prediction: a big fine will soon be levied by California and I’m guessing the IRS will soon do the same. Also, from the very same little bird: a lawsuit from ex-coaches will soon be filed and made public to recover any money not recovered via the taxing agencies. My prediction: he will be out of money before any of them can collect anything.
Mike, once you see this you can have one of your attorneys send me a nice threatening letter. Here is my contact information.