Jeff's Blog

Picture it first, then make it happen

Jeff Bonham, CEO (The Real Estate Masters Institute) — Tue, 07 Sep 2010 06:19:47 -0700

I've never looked into hypnosis to be quite honest, but I must admit I've been intrigued in the past. I think it's mainly because I've wanted the quick fix to help me lose that last 15 pounds, or to pick up the phone and lead generate even more than I currently do. I was recently asked how I felt about Hypnosis to help with Phone reluctance, and I didn't have an answer because as stated previously, I've never really done the research or tried it myself. What I have done, however, is to make sure I really know and understand why I am doing what I'm doing. I know what I want my life to look like and I know this industry can provide me the opportunity to attain those goals. I have had to make a very strong connection to my desired outcome to make it to the level I have and without it I would have quit a thousand times in the last 15 years. So I would ask, "Have you tried attaching a positive image to the result of the call?" If your world was perfect, what would it look like? Would it be driving a sports car through the hills of Tuscany? Would it be laying on the beach with your family next to you? What would it be? Close your eyes, feel that scene as if you're really living it. Don't view it like an out of body experience where you can see yourself as if watching a movie, I mean picture yourself in the first person, actually Feel yourself behind the wheel. What do you see? How does the wind feel blowing through your hair? If you turn your head to the right, what do you see? The left? What's playing on your car stereo? Feel your life laying next to you on the beach. Feel the texture of the sand as you wiggle your toes in it. Hear your children laughing as they're building sand castles down near the water. What are the smells and sounds around you? What does your own body feel like? Are you relaxed, happy, free? Do that image excercise anytime before you make your calls. It may help. Lead generation can provide that life for you if you want it bad enough. But you have to get in tune at a much deeper level. Picture the sights, sounds and smells as if you are already there and make it happen, my friend. Peace

Time to Cowboy Up

Jeff Bonham, CEO (The Real Estate Masters Institute) — Fri, 11 Jun 2010 10:39:33 -0700

Time to Cowboy UpSubmitted by Jeff Bonham on March 15th, 2010 It's time to Cowboy Up! Spring was here and almost gone, any excuses found over the winter are no longer valid. It is time to Cowboy Up! Pull up the boots, strap on the spurs, get to riding. I'm not talking about a light little gallop, this is full on sprint time. If you have bought into the "winter time is slow time" then you may still be paying for that while ramping things up. Take a look at your current market, what are your average Days On Market? What is your income goal? My recommendation is that you figure out your income goal and also how many listings you'd have to sell if you never came across another buyer. For example, if your income goal is $100,000 this year and your average commission is $5,000 per deal, you'd need to close at least 20 units. Then, figure out what your average days on market are and you will figure out your personal turnover ratio. This will let you know how many "Sellable" listings you need to carry at any given time. If it takes on average six months to sell your listings, you have a turnover ratio of 2. That means you need to carry 10 listings at all times if you expect to sell 20 listings this year. If you have any questions about figuring out your own listing goals, please contact me and we will explore your income goals and needs further. Always Remember, There Are No Limits!Jeff Bonham www.theremi.com

Time To Cowboy Up

Jeff Bonham, CEO (The Real Estate Masters Institute) — Mon, 15 Mar 2010 10:00:49 -0700

Spring is here, any excuses found over the winter are no longer valid. It is time to Cowboy Up! Pull up the boots, strap on the spurs, get to riding. I'm not talking about a light little gallop, this is full on sprint time. If you have bought into the "winter time is slow time" then you may be paying for that for another 30-60 days while ramping things up. Take a look at your current market, what are your average Days On Market? What is your income goal? My recommendation is that you figure out your income goal and also how many listings you'd have to sell if you never came across another buyer. For example, if your income goal is $100,000 this year and your average commission is $5,000 per deal, you'd need to close at least 20 units. Then, figure out what your average days on market are and you will figure out your personal turnover ratio. This will let you know how many "Sellable" listings you need to carry at any given time. If it takes on average six months to sell your listings, you have a turnover ratio of 2. That means you need to carry 10 listings at all times if you expect to sell 20 listings this year. If you have any questions about figuring out your own listing goals, please contact me and we will explore your income goals and needs further.

It's now or never, you have 90 days to live

Jeff Bonham, CEO (The Real Estate Masters Institute) — Fri, 26 Feb 2010 08:23:06 -0800

That's right, 90 days. Your entire year may be based on the next 90 days. Ihave participated in a great deal of discussion over the last few months about what happens if the tax credit disappears, if the feds stop buying down the mortgagerates, and if the banks release all of the inventory they are sitting on. I have listened to speculators with just about every view you can imagine regarding the what ifs. Well, my what if is this: What if all of the above really does happen. The dates range anywhere from April to July on the above issues. So I would rather plan on the worst and embrace the best should it happen. I have often wondered what I would do with my life if my doctor told me I only had 3 months to live. I can only imaging the zeal with which I would consume everything I love, visit everywhere I've dreamed of seeing, and share as many moments as possible with those I love. I would dive head strong into living life at its fullest. No regrets, that's how I'd want to go out. So let me ask you this, if your real estate career doctor told you there are only 90 days left for you to save it, what would you do differently? Would you prospect like there is no tomorrow, call all of your past clients and met database, door knock, work FSBOs and Expireds, master your listing presentation and buyer conversion scripts? What would you do if you knew you would not be able to cash a single commission check after June 1 this year? How many deals would you need in the pipeline? How many listings would you need to carry??? Are you on that pace this year? Did you know the typical buyer is now taking 12 weeks to find a home? That's 3 months right there..so how many qualified buyers are your working with today? Is it enough? It's now or never, you have 90 days, I'd hate for you to look back with regrets about how you spent them.

time blocking? What is that? Balance? What?

Jeff Bonham, CEO (The Real Estate Masters Institute) — Tue, 11 Aug 2009 07:03:51 -0700

Lately the topic that seems to be coming up most with producing agents tends to be about how they utilize their time and how they set boundaries in their lives so they can accomplish everything they need to accomplish. If you are an agent who is steadily doing 3 or more deals a month then you know it can sometimes be painful to figure out how to generate new business, how to service existing business, how to make time for dinner with the family, attend the kids ballgames, go to church, give back to the community, mow your lawn, pay the bills, spend time with friends and possibly even take a vacation. "Vacation! Are you kidding me? When do you expect me to take a vacation," you may ask. Well, some of you who think you did take a vacation, did you answer client or office calls on your cell phone while you were away? If so, you did not take a vacation. You simply worked from a remote location. If you want to have life balance you must first embrace the philosophy that Stephen Covey so well demonstrates in his YouTube video" First Thing First - Easy Understanding through Clip! Rocks!" If you cut and paste that into the YouTUbe search you will see what I mean. We need to do better in our profession about getting in tune with our priorities, both business and personal. You need to place your big rocks in your calendar first. You need to block your family time, your spiritual time, and your rejuvenate time before you put any other pencil scratches on your calendar. If at the end of the day you worked 15 hours but you end up divorced and a weekend parent, was the sacrifice worth the money? If you will take a look at Gary Keller's book, The Millionaire REal Estate Agent, and at least look at page 308, you will find a great outline for starting your day and time blocking. If you are disciplined enough to do what he suggests by 11 am, the rest of your business day will be taken care of. The next thing you need to be able to do is to take control of hwo you spend your time the rest of the day. For example, only agree to do evening appointments on Monday, Wednesday and Thursday nights if they can't meet during the day. Only do listing presentations, buyer presentations and home showings a couple of nights a week and only until 1pm on Saturday. Make sure you reserve at least 2 weeknights and the majority of the weekend for yourself and your family . After all, your family deserves it, they put up with you don't they? One of the most simple tips I can give you is to change your voicemail and set specific call back times. For example, "Hi, you've reached Jeff Bonham with Keller Williams Realty, I will be returning my calls today between 11-12 and again between 4:30-5:30. If it is outside those hours I guarantee I will call you back at the very next scheduled time. Thanks for calling, and have a great day." If you try this technique for 2 weeks I promise you that you will get more done than ever because you will be able to focus on the task at hand. Whether that be prospecting, showing houses, business planning, reviewing your financials, whatever it is. You will not be distracted and in a responsive mode. Instead you will take charge of your time, be proactive, and take charge of your stress at the same time. I also found it allows me to formulate my thoughts before I call the individual back rather than be caught off guard and reactive. I always prefer to be the one making the call rather then receiving the call becuase I find it easier to control the flow of the conversation and take it down the path I want with well planned dialogue. Always Remember, There Are No Limits!

"I want the new Stuff!" She said...

Jeff Bonham, CEO (The Real Estate Masters Institute) — Tue, 04 Aug 2009 07:42:33 -0700

So, the other day I was visiting with an associate who is basically frustrated with their career, with their income, with their life, and with the "same ol' ways of doing things." Does any of this sound familiar? I believe we all get burned out and frustrated at times. The difference is how we choose to react to the situation. In a conference I attended a few days ago down in Covington, LA I heard a beautiful statement about one of the top agents in our company at the National level who said(and I'm paraphrasing here), that she loves when she gets frustrated and completely dissatisfied because that usually happens right before a major breakthrough in her business. Now, let me start off by saying she is a master at self-mastery, which has led her on this amazing path many of us admire from a distance. But to be quite honest, most of us are equipped with the same tools and natural abilities as she has. Many of us have sat in the same training room she has. So, what makes the difference between those that achieve at an incredibly high level, closing 100+ units or more and making high six figure or seven-figure incomes and the rest of us? The answer is usually about mastery. They have made the decision to 100%, with no questions asked, thrown their full heart and soul into mastering the models of a successful person. They have decided. They have commited. They are passionate about where they are going and why it is so important they reach their goals. So, when the rest of us get frustrated, and we want something new to work on because we are tired of the methods or results we are currently getting, my question back is always whether or not you have mastered the most basic fundamentals first? Are your scripts nailed?? Are you time blocking massive amounts of hours for lead generation? Is your presentation so smooth that you can say it in your sleep and handle any objection without even having to calculate a response? If not, go back to the drawing board. Get an accountability partner and role play. I'd rather you practice on your colleague than on your client. Once you master those then we will talk about the additional building blocks to take you to the next level through leverage, technology, team building, etc. I know that most of us don't wake up in the morning incredibly excited about picking up the phone for 3 hours and calling on FSBO, expireds, or even our Sphere. But that is what the best of the best are doing in this market. So, try this: think about what makes you happiest in the world. Is it sitting on the beach with your spouse and children? Is it traveling to little off-the-beaten-path Bed and Breakfasts? Is it shopping on Rodeo? Whatever it is, get in tune with that. Make an emotional attachment to what makes you happier than anything else in this world. Then, attach that visual to your lead generation efforts. Understand that the more you master lead generation, the more you can do the 1 thing that makes you happiest. Put a visual up on your wall of your attachment next to your prospecting mirror so you can see it next to your smiling face as you prepare to make the dials. Then make your calls, be excited knowing that every dial you make gets you closer to achieving the finances and the freedom you are craving. Always Remember, There Are No Limits! Jeff Bonham

Commitment vs Desire

Jeff Bonham, CEO (The Real Estate Masters Institute) — Thu, 09 Apr 2009 05:16:47 -0700

Desire - verb: to wish or long for; crave; want. Commitment - noun: The state of being bound emotionally or intellectually to a course of action or to another person or persons Like many of my other posts, this one has to do with mindset. The reason it comes up is that we had a training event in my office yesterday with Hobbs/Herder where we discussed image campaigns, lead generation strategies, commitment, focus, etc and that there always tends to be 3 types of agents in any market: 1) agents getting out of the business; 2) agents struggling to survive or just getting by; 3) agents making a fortune. Often times, what I have seen separate them all is simply understanding Commitment vs. Desire. I often hear agents talking about what they want. "I'd like to sell 50 houses a year" or "I want to make six-figures" or "I want to be a top producer." That's great and all, because having goals starts with wants. But as the old adage says, a goal without a plan of action is nothing more than a wish. This is a market that takes true, 100% commitment. It takes being BOUND to a course of action. It takes being BOUND Emotionally to the outcome. It takes being BOUND in order to push through the sometimes painful experiences that create much needed growth on a personal and professional level. It takes being willing to stretch the limits of your time, your money, you skill development, your lead generating, your understanding of business ownership, of creating quality time with your clients, co-workers, and most importantly your family. This is a time where it takes Commitment, not Desire, if you plan on joining me on the other side of this uphill market mountain. Because there is one thing I know, I am Committed to not only come out on the other side of this as a survivor, but I am committed to doing it with more market share than I had last year and with a bigger smile, too. Always Remember, There Are No Limits!Jeff Bonham

Is your Office Shifting?

Jeff Bonham, CEO (The Real Estate Masters Institute) — Tue, 17 Mar 2009 08:49:27 -0700

I am pretty sure that by now, there is not a single organism living and breathing in the United States that doesn't know the real estate market has shifted. The competition for qualified buyers and sellers has become greater as we wait for the law of equilibrium to kick in, to a point where the average number of closed transactions per year balances out. We are seeing drastic drops in agents staying in the business, and as a result not only are the wallets getting thinner of many associates, but many brokers are also feeling the purse strings tighten. I am regularly visiting with agents and coaching them on re-margining their business, upshifting their lead generation activities, and being relentless on lead follow up. We believe it will take twice as many leads in order to close similar numbers of units in previous years. In order for you to survive and thrive in 2009 you need to be willing to be flexible enough to adapt your business practice in a fashion that will enable you to plow through these next few years and to come out on the other side with a smile on your face and the medal of survival proudly pinned to your lapel. So it stands to reason that if you have to be flexible enough to adapt then your broker needs to be able to do the same. I have spoken in the last few weeks with several independent broker/owners who more than ever are trying to retool their business model in order to eek out a profit. It has become a time of lowering splits, or raising expenses, or decreasing amenities for many of them or they will suffer losses that may not allow them to stay in operation. Many agents are beginning to question the value they receive from their organization and are expecting more. It will be interesting to see what companies are left standing after the next 12-18 months. This market is one where the swift to adapt will survive and grow, much like evolution in the environment this will force evolution within our industry. It is one that I welcome and I must say I feel incredibly blessed to be with an organization that embraces change, that listens to the heartbeat of the associates on the streets, and that strives to implement the changes required to help our associates survive and actually increase their market share during this down cycle. Because after all, it is just a cycle, but if we learn from history and don't simply sit on our laurels, we learn it is during adverse times that greatness develops! Always Remember, There Are No Limits! Jeff

Is your Office Shifting?

Jeff Bonham, CEO (The Real Estate Masters Institute) — Tue, 17 Mar 2009 08:45:02 -0700

Is it Time for New Friends?

Jeff Bonham, CEO (The Real Estate Masters Institute) — Tue, 03 Feb 2009 09:02:53 -0800

One of the most profitable ways, yet often underutilized sources of business, is your Sphere of Influence. What do I mean by that? I mean anyone who would know your name or know your face, and whose information you can track down, should be considered a part of your Sphere of Influence (or SOI). In the back of my upcoming book I am including a handy little memory jogger to help you think of people you may not pull off the top of your head. Try it...you'll be amazed! I know the first time I applied it, I was awe struck at some of the names I had over looked of good acquaintances of mine. I remember seeing one line, for example, that simply said "bald," and it made me remember two or three guys whose hair was starting to thin out that I would most likely have never considered until I may have run into them sometime down the road. I also used to think that I was pretty good at keeping in touch with my SOI until one day I read a book, "The Millionaire Real Estate Agent," that suggested I contact my Sphere multiple times a month! I was contacting them every 3 or 4 months with a phone call or letter, birthday card, etc. and that was way more than a lot of agents I know, so I felt pretty confident I was doing plenty. Once I read the book I realized maybe I hadn't done as much as I could do, and I began doubting my effectiveness. I went through and began calling people and low and behold, I missed upwards of 30 or 40 deals in the last 18 months alone! I was sick! Even if the average sales price may have only been $100,000, that equated to over $100,000 in commission income to me. Ouch! I have heard many reasons for people not utilizing their SOI as a lead generation source. One is "I don't want my friends to feel like I'm pestering them for business. I'm afraid they'll not want to hang out with me any more." Another I've heard is that they just don't know what to say to them, or that they have call reluctance. Here's the thing, people tend to do business with people they like and people they trust. If this doesn't sound like your friends, then it may be time to look for new friends. Seriously though, this is your best, most predictable source of future business. If you communicate effectively to them, and get their support in your career, they will send a steady stream of qualified leads your direction for a fraction of the cost it takes to generate business from other sources. The main challenge you will face is getting them to make a paradigm shift of your role in their life. Out of those deals I missed, I realized the main reason I missed so many wonderful business opportunities is because I had not effectively done my job of educating my sphere on what I do for a living and how my services could fulfill their needs in real estate, their friends and family's needs, their co-worker's needs, etc. I had dropped the ball. I took for granted that since we were friends or good acquaintances that when they thought of real estate, surely, I mean Surely, they thought of me! But you know what? When I asked those people why they didn't use me for their home purchase or sale, they said things such as "we didn't know you were still in real estate;" "we didn't know how to get hold of you;" "aww, sorry, Jeff, we didn't even think about it! You're the guy I play golf with (or have happy hour with, or go to church with...you get the idea)." They did not see me as their Real Estate Consultant!!! I was so upset at the first one or two people that didn't use me, and I took it personally. After I continued hearing the same response with slight variations, I realized the only person I could find to ultimately blame was the one staring back at me in the mirror. It was disgusting that I lost out on so much money. The beautiful thing is, that no matter how much you may have dropped the ball on this in the past, you have another chance. You have the chance to change the way you do business and approach your Sphere starting today. I like to call your Sphere your ATM machine. They are your "Automatic Transaction Machine." If you begin to nurture those relationships with a business purpose, you will see your numbers soar. It will change your life. It is like having a little army of prospectors beating the street on your behalf! Always Remember, There Are No Limits! Jeff Bonham

Self-Motivated vs. Coaching

Jeff Bonham, CEO (The Real Estate Masters Institute) — Thu, 29 Jan 2009 02:16:31 -0800

One thing you will soon discover about me, if you haven't already, is that I love listening to and reading other coach's and top agent's books about what success in real estate takes. I was browsing Amazon yesterday when I came across a title that sounded interesting and, as always, I then began reading the reviews of the book from consumers. For the majority I saw great reviews other than one that popped off the page at me because it spoke of the merit, or lack thereof, of real estate coaches. It talked about coaches in our industry being not much more than a mother hen pecking at you to keep you accountable when, in this reviewers opinion, accountability was up to the individual. In my life I have met a few people who are truly able to hold themselves on track with very specific goals, deadlines, tasks, growth and personal development but that is not the norm. If you look at any top performer in their field, all of them will credit a mentor, coach, or teacher that helped them make a breakthrough at some point on their path. Top athletes around the world have a coach. Do you believe that Michael Jordan's coach could play better than Michael or that Tiger Woods' coach can beat him in Match play? No. Coaching is not always about learning from someone better than you are, sometimes the most valuable thing you get out of coaching is perspective, knowledge, technique, and yes, accountability. I have always performed better when I have someone consulting me on a weekly basis about how I am doing with my goals. Am I doing the right things to get me where I want to go? The scary thing about our business is also the beautiful thing about our business which is the freedom and flexibility it allows. That is scary because one week can turn into two weeks, one month into two, and then the years continue to go by and we have not grown as an individual or a businessperson. We are still doing the same old thing and getting the same old results. This is where coaching has such immense value to help you avoid the pitfalls of freedom and flexibility. To help you keep your eye on the prize so that you not only enjoy the freedom and flexibility, but also the wealth that can come through real estate sales. If you decide to work with a coach you should see multiple times in earnings what it costs to be associated with them. It may not be for everyone, but it is an investment that for most of us pays off in a big way. I have had a coach since the 3rd year I was in real estate and have never looked back. As a matter of fact, I wish I would have hired one sooner. Always Remember, There Are No Limits! Jeff

New perspective on Old Statement

Jeff Bonham, CEO (The Real Estate Masters Institute) — Wed, 14 Jan 2009 06:36:47 -0800

A few days ago I was looking through an information packet I use when agents transition to join my company. In it is written our Mission, Vision, Values, Beliefs and Perspectives statement. The one that jumped out at me today was our Value system of God-Family-Business. Too often we are criticized for having faith in our company, or we are judged as being a Cult or a bunch of Born Again, Over Zealous Fanaticals. I've honestly never understood this response from others looking in. I often wonder what it is in their past that has led them down a path where spirituality can not co-exist with successful business practice. The truth is that we value all faiths and quite simply believe we are spiritual beings at the core and we need to nurture that side of our life, whether it be Christian, Muslim, Sikh, etc. I think the reason it jumped out at me more than usual, however, is not due to the faith statement but is because I will be expecting my first child in early April. In the past, as well as current I suppose, I have been a very goal oriented, driven individual looking to take on new challenges that will develop me higher both professionally as well as personally. But to be quite honest, in the past it was primarily about individual goals and I always knew that regardless of amount of risk involved, I would be the only one having to face the end results, be they good or bad. It is amazing how much my perspective has changed in such little time. These last few months have made me focus on answering the question, "how will this provide my family more ability to live a quality life." I also have began asking my coaching students more about this and focusing not only on driving results, but doing it in a way that is in tune with their life mission. We are spending more time on the front end discussing their life mission and what Heaven on Earth would look like to them. We then work our way backwards from their perfect, future self to today and create the proper business plan that will help them get to what they define as success. I already placed my personal faith at the forefront and would never consider sacrificing that for success, but I was always willing in the past to sacrifice my time...which is something I will no longer do. I remember growing up with a workaholic father and it took until a few years ago when he beat cancer for us to connect on a deeper level and I will not allow that to happen with my children. I am making this promise today to my future child that my future goals will always be based on God, Family, then business. Always Remember, There Are No Limits! Jeff

Lead Gen vs. Order Taking...where are you at?

Jeff Bonham, CEO (The Real Estate Masters Institute) — Thu, 08 Jan 2009 08:25:06 -0800

Lead Generation vs. Order Taking Over the last 18 months I have increasingly noticed agents struggling to close transactions on a regular basis, yet alone earn enough money to pay their mortgage, utility bills, and car expenses. When annual Realtor association dues roll around, more frequently than ever, I see people contemplating whether or not they should renew their membership or if they should place their real estate salesperson license into a referral company or even send it back to the State on Inactive Status. I was having coffee with a group of friends in the business one day and a gentleman, who I'll call Bob, who has been around for 5 or 6 years mentioned he may have to begin looking for a job outside of real estate sales in order to keep food on his family's table. I understand why he is feeling the pressure, and I respect the importance he has placed on his duty to provide for his wife and children. However, what Bob wasn't getting is he already has a job. He has a job of selling real estate. The kicker is that Bob simply isn't doing his Job! Starting about 6 or 7 years ago, the amount of agents in the business climbed dramatically as the market boomed across the United States. When I was recruiting Realtors to work in a brokerage in Miami during those years, I was blown away at the number of bartenders, former models/actors, teachers, lawyers, MBAs, etc. that saw their neighbor making good money in real estate and decided they should join in the game! All they had to do was borrow a listing from someone in the office, or go sit in one of the Developer's pre-construction sales centers, and they'd make six figure incomes. Everyone was buying and flipping real estate, even the ones who didn't have any money or any real right to get a mortgage, were able to find some lending institution that could care less if the purchase made legitimate financial sense to the borrower! As long as they could fog a mirror and had a 680 FICO, they could borrow as much money as they wanted. Many of the real estate agents at that time were nothing more than overpaid order takers. Even many seasoned agents who had been in the business prior to the boom began to get lazy on their laurels and work ethic. What came next was a shock to most of us. We were all walking around in La La Land believing it would never end. But alas, in a screeching halt, the world of easy money crashed into the Green Monster. You could no longer find buyers loans, you could no longer get a home to appraise, your sellers were all upside down in their home and couldn't sell, foreclosures crept up, and the number of closings taking place dropped. The local absorption rate (number of closings last month divided by total number of actives) of listings in many areas went from 1 or 2 months to over 2 years! That's when the order takers began to realize there might be more to this business in the long run than sitting an open house or working in a developer's office. That's also when those who saw the trend coming, or who reacted quicker than others, began to capture market share due to a re-committed focus on lead generation instead of order taking. It came time to become pro-active if they were going to stay in this business. And that, to bring this convo full circle, is where Bob failed. He waited too long and now he can't seem to recover. My question for you is, if you were the CEO and President of the company you worked at would you fire yourself? If you aren't doing the activities that you know need to be done in order to create an appointment with a prospective customer, than you would probably fire yourself. Now, I don't want Bob to fire himself and go find another job. He is a great man with a loving family, and he can succeed at a high level if he is willing to simply pull up his bootstraps and jump in the trenches to go get business. What kills me about people getting out of this business is, where else can you have little or no formal education, take a 2 or 3 week licensing class, pay a measly $1500-2000 in Dues, and earn an incredibly high income? And you'd rather go somewhere and make $30,000 per year clocking in and out for the boss man? Get Real! If you dream about having freedom, flexibility, and wealth, this is one of the greatest industries on the face of the Earth to be involved in. All you have to do is become a master at lead generation, and we are going to talk about the tactics, scripts and focus needed to help you get there. We will be breaking down the (15) sources of leads so you can take a close look at what areas you will be excited about embracing and mastering. Because here is a simple truth, you don't have to master all of the sources of leads tomorrow. As a matter of fact, many agents never do because there simply isn't enough time in the day as a solo agent. I wouldn't recommend it any way. There is a great story I was told once about Singleness of purpose. That analogy says succeeding in business is like the steady drip of water onto a boulder. Over time, with its repetitive drip, one day that boulder will split in half due to its singleness of purpose. If you try dripping on many rocks at once, you will never get the results you are looking for, the result of breaking open this business. All you need to do is master 2 or 3 sources of leads, and I mean Master! The Key is Consistency and Frequency. Over and Over and Over and Over. Real Estate Sales success is not complicated; it is about mastering the mundane. It is about spending time on the task with purposeful intent. Anyone can do it if they have a big enough reason. Maybe Bob doesn't have a big enough reason yet, my question is...do you? If you'd like to discuss how a coaching relationship may make sense for you, please contact me for a complimentary consultation.

Law of Equilibrium-Will you be around next year?

Jeff Bonham, CEO (The Real Estate Masters Institute) — Thu, 18 Sep 2008 03:38:42 -0700

As I am reading through the "Shift" book by Gary Keller, one concept has jumped out at me: The Law of Equilibrium. Essentially what this states is the number of units closed per realtor every year is a relative constant. Now you may be saying I am crazy because so many people are having an off year, but eventually what will happen is the number of agents in this business will increase or decrease accordingly with the number of closings available. For example, when I got into real estate in 1996, to my recollection there were approximately 800,000 members of NAR. As the market heated up across the country and as year after year records were being broken that number soared to about 1.4 million. The number of closed units per realtor averaged about the same after a fair amount of time was allowed for the adjustment to take place. Well, the same thing will happen in this market over the next 6-18 months. The only reason I personally feel it hasn't happened faster is because so many agents were in denial about their business in January 2008 and they stayed in, paying board dues for another year. Here is the good news with all of the turbulent news in the market: If you survive this shift you will thrive in the next uptick. But you need to do whatever it takes to make it through this difficult time. You must cut costs furiously. You must lead generate like you've never lead generated before. You must shake more hands and kiss babies like you are running for President. You need more leads than you ever needed before because fewer buyers have urgency and even fewer buyers are qualifying for loans with the ever changing mortgage scenarios. And, believe it or not, you can actually thrive in this marketplace and GAIN market share. If you are willing to do the required activities and adjust your systems until they are the best, if you focus on bullet proofing the transaction, and get into an accountability relationship with a coach, you will begin taking business away from other agents who are on the cusp of leaving this industry. The most beautiful thing of all of this is that whatever market share you capture now should be maintained when the market turns around. For example, let's say your target market closes 1000 units this year and you increase your annual sales from 35 up to 50 units, you have increased your market share from 3.5% up to 5%. Now, imagine the turn around comes in the market and your area goes from closing 1000 units to 1500 units while you maintain your new found 5% market share, that means you go from closing 50 units up to 75 just like that! It is a beautiful thing! In most market places that represents a gain of at least $100,000 in income! This is an incredible time of opportunity! Go out and GRAB MORE THAN YOUR FAIR SHARE! If you have any questions about what to look for in a coaching relationship, or to find out more specifically about the services my company provides, do not hesitate emailing or calling me. Always Remember, There Are No Limits!

New book, "Shift"

Jeff Bonham, CEO (The Real Estate Masters Institute) — Sat, 30 Aug 2008 12:51:48 -0700

Okay, I just left a conference led by Gary Keller this week in Austin, TX called Mega Agent Camp. He just introduced his new book, "Shift: How top real estate agents tackle tough times." Let me tell you, this book is not for the faint-hearted. It is tough, straight forward, and very practical advice we all need to pay attention to in this market. If you aren't already dramatically changing your mindset to this business you may not be around in another 12-18 months. If you are already changing, good for you! I highly recommend this book as a benchmark to cross check what you are and are not doing to "tackle the tough times." I have no doubt you will find at least one or two nuggets you can apply today. Always Remember, There Are No Limits! Jeff Bonham

What is your LifeDrive?

Jeff Bonham, CEO (The Real Estate Masters Institute) — Fri, 22 Aug 2008 08:13:39 -0700

A topic I have chosen to focus a lot of time on lately with my coaching clients is drilling down deep to understand what their LifeDrive is. What do I mean by LifeDrive? Well, exactly what it sounds like...what is your driving force? Why do you want to succeed in this business? Many people's knee jerk reaction is they want to make a lot of money, have a lot of freedom, and a lot of flexibility. The truth is, they spend so much time taking advantage of the freedom and flexibility they never achieve the money. And you know what, that's fine! If, and only if, they don't really need or want the money. Truth: Money doesn't mean anything. It is simply some pictures and words on a funny type of paper. Money is never the motivator. One of my coaching clients jokingly tells me ,"You're right, Jeff. Money is not a motivator, the LACK of money is a motivator!" You may disagree, the majority of you may disagree, but the fact is that the only reason money may be a motivator is because of what money allows us to do. How we spend it, why we spend it, that is the motivator. When we have it what does it do for us, how does it make us feel? Does it make us feel safe, secure? Does it invigorate us by allowing us to travel to exotic destinations and learn about new worlds? Does it make us feel successful and proud that we have overcome a particular adversity? If you are not in tune with your LifeDrive, ask yourself this simple question ,"If time and money were not an issue, what would you be doing with your life?" This is a starting point to find out what makes you tick. Money, after all, is simply a way to fund our life mission. Get in tune with yours. Once you do, it will drastically help you overcome the obstacles you have in front of you in this business. It will help you weather the storm, ride out the rollercoaster of emotions, etc. that come along with this business. If you write it down or paste a picture of it at your desk, place in your wallet, and so on, it will help pull you through the difficult days and help you enjoy the successfull days a little more just by knowing you are one step closer to living your dreams. Always Remember, There Are No Limits! Jeff Bonham

Are you shifting along with the market?

Jeff Bonham, CEO (The Real Estate Masters Institute) — Thu, 21 Aug 2008 08:34:36 -0700

In case you haven't noticed, in most parts of the country the real estate market has shifted. In most places the market has declined not only in value but in units closed, a few markets have remained relatively stable, and even fewer have actually gone up and hit a seller's market. The key thing to note, however, is that no matter which shift you are experiencing, the question you need to ask yourself is if you have shifted, as well. Many Realtors in todays market have been in the business for less than six years, the NAR numbers clearly show that, and have never experienced a market like the one we are in. Also, some of us veterans of the business have contracted temporary Alzheimer's and forgotten what the market was like "once upon a time" where we had to hustle. If you have been reading my blogs, one motif I hope you have picked up on is that now is the time to be proactive and to manifest the life you deserve. The beautiful thing about a shift is that it creates a natural law of survival of the fit, which in our case means survival of the skill based lead generators. This is an amazing time of opportunity for you to come out of this a Rockstar! If you are not familiar with the 80/20 rule, there is a great book on it called the 80/20 principle, but here is the synopsis: 20% of your activities drive 80% of your results. In our industry, the 20% is dollar producing activities. Lead generation, listing presentations, showing appointments, and negotiating offers. The 20% OF the 20%, is lead generating. Now more than ever it is about pressing palms and kissing babies. If you are not highly engaged with your database or your farm, now is the time to do so. If you lack the scripts or are nervous about what to say, please let me know and I'll send you a few free samples. Don't let the lack of scripts be what deters you from staying in this industry, going out and lead generating, and capturing the market share. If you position yourself properly now, and gain inventory, just Imagine where you will be sitting once the market turns back around. You will absolutely blow by your competitors and come out stronger than ever before!!! Always Remember, There Are No Limits!! Jeff Bonham The Real Estate Masters Institute

Friday - remodel day

Jeff Bonham, CEO (The Real Estate Masters Institute) — Fri, 15 Aug 2008 06:50:10 -0700

So here it is, another Friday in what seems to be weeks moving along faster and faster the older I get. When I was living in Miami Beach acting as the broker for Keller Williams Miami Beach, one associate there gave me a piece of advice on how to handle my recent move to Paradise. She said, "be very careful here of how you manage your time because without having four seasons and with every day being beautiful, you can lose track of time and one year can turn in 20 before you realize what happened." Looking back now, I really appreciate Nancy's advice, because it not only applies to someone living in sunny South Florida, but I think to anyone who has been in the industry for a while. I realize now, in my 13th year in real estate, that the days, months, and even years seem to go by faster and faster. I must constantly remind myself to stay accountable to doing the activites necessary to drive my business and not to get side lined by taking a week or two off from doing my lead generating, or my listing follow up, etc. etc. It is easy when the summer sun shines to say, oh, I'll lead generate tomorrow because I really want to play hookey today. It is easy when the snow hits the ground to rationalize "none of my buyers would want to go looking today, anyway." The older I get, the more important it is to stay in an accountability relationship with my mentor/coach. If I didn't have him pulling me back with my 30 minutes of focus during our "remodeling" day, I shudder to think how far I might wander if left to my own device. It's not that I don't know what to do to succeed, it's not that I need a coach to tell me what to do, it is more that I need them there to help me stay aware of my activities and that I always need to be focusing on the numbers and conversion rates. How many people in my sphere did I call this week, how many Expireds did I contact, how many new people did I meet and put into my database action plans, etc? Today is Friday, and it is remodeling day. What did I do this week, how did it work, what do I need to focus on next? What systems do I need to work on improving next week, what numbers do I need to hit next week to stay on track with my monthly goals, how can I leverage myself and get better results?

Where's the Magic Bullet???

Jeff Bonham, CEO (The Real Estate Masters Institute) — Mon, 11 Aug 2008 08:23:36 -0700

Isn't that the question we'd all love the answer to? Over the years I have been to countless half day seminars sponsored by some local vendor that promises the attendees a whole new business and a whole new life simply by coming to hear a national speaker tout his wares. I have yet to walk away from one of those seminars with a revolutionary idea or concept that I either (a) couldn't live without, or (b) didn't know already. Hopefully I at least discovered one or two nuggets that could add to my reportoire. That is the beauty of this business. There is NO magic bullet. The simple truth is that real estate is a contact sport. Those that succeed make more contacts with more people and, if armed with the proper scripts and dialogues, make more money. In order to succeed you must make more contacts and generate more leads. The only question becomes how do I spend my time and/or my money to most effectively get appointments that will eventually turn to exclusive buyer/seller listing agreements that will eventually turn into closed transactions. Do I cold call? What about a 100% by referral business? What about using a lead re-seller to send me business for a referral fee? Maybe I should spend thousands on an amazing website of my own? Well, I've seen a lot of people obtain moderate success a lot of ways over my 13 years in the business, but those who I've seen sell 100+ homes a year do not rely on a magic bullet. They use an arsenal of strategies whose primary focus is to drive names, numbers, and addresses into their database management program so they may consistently follow up and burn their brand into the minds of those contacts. A good friend of mine in the midwest who sells over 150 homes per year once told me, "Success in real estate is about mastering the mundane." It is not always glitz and glam...it is sometimes spent in the trenches. 79% of sellers still only interview one agent when listing their home, and 65% of buyers still only interview one agent(according to NAR survey). I guess the message of todays blog is if you aren't using a database that has automatic follow up programs in it and if you aren't focused on growing that database, your income will become limited due to lack of follow up, dropped leads, or someone else capturing the mind share of your potential clients. It is no longer adequate to simply send everyone you know an annual holiday card. Real Estate is a simple business. All you need to do is know your conversion rate, how much money you want to make, what your average commission is, and then go make sure you reach enough people, enough times per year, with your message to get the appropriate number of transactions. I would love to hear from any of you that feel as if you are using an excellent database program and what your favorite feature is. I would also love to hear feedback from coastal markets to see how the shift has affected your conversion rate from number of appointments needed to listings taken to closed deals. Have a fabulous week! Jeff Bonham

Do you run a Business or do you have a sales job??

Jeff Bonham, CEO (The Real Estate Masters Institute) — Mon, 28 Apr 2008 02:29:26 -0700

Every morning I have a conversation with my business partner about how we can best support our associates in their developmental process. How can we help them take their career to a level where they are feeling a deep personal satisfaction that allows them to fund their life mission? As we were talking about different classes and mastermind sessions we can implement to ramp up their skills in lead generating, lead conversion, customer service and system implementation we had a sudden "A-ha!" We are making the assumption that our associates are ready for this information when most of the time they may not already have the basic awareness and understanding they are no longer employees or people with sales jobs, but they are now full fledged business owners. Over my 12 years in the real estate business, my acumen has gradually developed and many of my current skills as a business man came about through the unfortunate failures I faced along the way...the proverbial school of hard knocks, if you will. I discovered through his 30 years in the business that his knowledge happened much in the same way as mine. Neither one of us truly had a mentor, or formal teaching whatsoever, of what it meant to be a real estate agent, a business owner, nor someone developing the financial awareness of how to turn our sales practice into a business. I truly believe over the years brokers tend to do a disservice to their associates by not teaching them what GCI, ROI, Net Income, Operating Expenses, etc are and how they impact not only what they put in the bank at the end of the day but how they impact the growth rate of their sales business over time. So, we are now developing our Business Owners series of classes, with the first one being simply title Business Owners 101. He and I are going to be discussing the charts from the Millionaire Real Estate Agent book by Gary Keller, as well as having our accountant discuss how to control the expenses, how to track them, and how to protect you as much as possible from the IRS. I was in a meeting on Friday where a gentleman from the IRS said they are specifically targeting real estate agents, mortgage brokers, and builders this year, but at the same time they are going to put on their website the audit guidelines so we can do our part to be in better compliance. Compliance, as I have seen over the years, is not always our strong suit as agents due to our wonderful people skills but sometimes lacking organizational skills...so there is another class! We can't say how EXCITED we are that we are not only going to be developing our agents sales business and taking it to the next level, but that we are going to educate them on how to get their personal house in order, how to run their operation as a business instead of a sales job, and how to ultimately take their financial and personal lives to the next level. We want to teach our agents how to create wealth and ultimately obtain Financial Freedom! Wouldn't that be refreshing? If anyone would like to be a part of these classes, don't hesitate calling or emailing me. If we find there is enough demand out there, we may even consider doing webinar based programs in the near future. Always Remember, There Are No Limits!THINK BIG. AIM HIGH. ACT BOLD.Jeff Bonham

Thriving or Surviving???

Jeff Bonham, CEO (The Real Estate Masters Institute) — Fri, 18 Apr 2008 09:00:48 -0700

Thriving or Surviving??? That seems to be the question of the week that keeps swirling around in my head. The average agent is disappearing faster in this market than the middle class is from the United States. I have the pleasure of visiting with dozens of experienced agents every single day, and it has become increasingly evident that they are either having their best spring kick-off ever, or they are contemplating staying in the business at all.What is it that seems to make the difference between success and failure? Simple answer: the basics. The challenge for many agents is they never learned the basics. Over the last 5-7 years Realtors have gotten fat off the well fed hog of a sellers market and rapid appreciation. If you were fortunate enough to have a listing fall in your lap, you were pretty much guaranteed a sale. Even if you didn't have inventory of your own, and you sat an open house or two, you could pretty much guarantee falling into contracts with hot to trot buyers. So, the "basics" of real estate seem like a foreign language to many agents in the marketplace because along with the real estate boom came the real estate agent boom.The basics are always the basics and ultimately what I ask even Top Producing agents is, "why did you ever leave the basics?" The cold hard truth of the matter is that real estate is a contact sport, and during difficult markets the one who has systems implented enabling them to contact the most people wins. This business is all about lead generation and mastering a few key techniques that work within your preferred style, but there are really only two key areas you can focus on. The only two commodities that have an impact on your success while lead generating are your time and your money. You have to trade in one, or a combination of the two, in order to see results. And if you don't have the money guess what you're left with: Time. Time to prospect, time to network, time to door knock, etc. What you don't have is time to sit around and behave like a victim, you don't have time to sit around and design the "ultimate newspaper ad that nobody else has ever thought of," you don't have time to complain about why your broker isn't giving you more leads. What you have time to do is hone your skills: role play scripts and dialogues for an hour every day with a peer partner; get on the phone and call 15 people from your Sphere of Influence to ask them for referrals; go to Networking events and increase the number of contacts in your database and assign follow up action plans; call 10 Expireds and 10 FSBO's every morning; listen to CD's or attend an action focused class that improves your skills; shadow a top agent in your office for a day and see what they are doing that is making them successful. The point is that this business is one of the most rewarding opportunities we have in the United States. In what other industry can you start a business for less than $5000 and have the potential of earning 7-figures annually? The results you get are directly related to the strategies you implement and the effort you give. If you don't engage you will get nothing in return. I believe Earl Nightingale paints this concept wonderfully in his recording "The Strangest Secret:" You are like a farmer and the things you plant today are what you will sow tomorrow. If you are planting positive thoughts, dollar producing activities, and enthusiasm you will sow such tomorrow; if you are planting blame, self-doubt, and victim mentality, you will sow devastating results tomorrow.The choice is yours. Make this your best year ever. Make every year your best year ever. The shifting market is the truest identifier of those who are skilled in this business and those who are not. Those that are highly skilled are loving the fact the market has shifted, that you have to know how to price a home, how to handle objections, how to generate leads. It is for this very reason the middle class of real estate agents is disappearing. Stay tuned for future blogs where we will go into more detail about how to implement action focused behavior to improve your daily results through mastery of the fundamentals. A friend of mine who earns high six figures every year selling real estate told me that success in this business is not about being the most creative or the smartest, it is simply about mastering the mundane fundamentals and repeating them on a daily basis. It may not sound exciting, but it may be just what the Dr. Ordered!Always Remember, There Are No Limits!Jeff Bonham