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IT Feels so WRONG !!!!!

By
Industry Observer

I learned a powerful new phrase from the Buffini people...

BYE BYE NOW....  

It works great.... But...   It feels so wrong...

When in training, 3 short years ago, I prided myself on being a bulldog with prospects, sticking with it...  working with the difficult ones was a badge of honor and skill.....

BUT - now at $6MM per year in production and 20 listings going on 25 I really don't have time to spend mud-wrestling marginal prospects only to have them pull goofy stuff later... 

I am now turning away many callers without arm-wrestling, no hammerlocks, after only a few probes...

If the caller wants land, I give them directions to my lot but am not otherwise engaging...  I don't sell much land, and there is little chance of loyalty.... They don't need me, they can drive and walk it without me... then they just call the seller agent - BYE BYE NOW.

If the buyer caller does not want to see my listing after all, is not ready to list their own house just yet, and won't call my lender to get pre-approved...  - BYE BYE NOW...

If the CMA caller is only thinking of moving... and cannot say they are ready to list if they like what I have to say, then I mail the CMA and do not press for a meeting in the home...

I am about to say if they cannot get online.... BYE BYE NOW

It feels wrong, but....  My phone is ringing off the hook and.....   I am ONLY ONE PERSON !!!!!!

I know I am a better webmaster, developer and coach than I am a Realtor, (because I did those things longer).

But once I really GET THIS, and stop letting so many people waste my time in the Real Estate Business - I could break $10MM/yr real quick! That's not chicken feed in Toledo Ohio, BTW!

Comments (23)

Antoinette Scognamiglio, GRI, ASP
Coldwell Banker Realty - Mountain Lakes, NJ
There's no substitute for EXPERIENCE!

Entertaining & informative post.  I said BYE BYE NOW to several individuals over the course of 2006 and never looked back...including listings where my gut had said, "SAY BYE BYES, HONEY!"

Thanks Lonn!

Antoinette

Apr 17, 2007 01:58 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services
I always let the prospect know that not only are they interviewing me, but I am interviewing them as well.  Sometimes, I simply let someone know IT IS NOT A GOOD FIT! BYE BYE
Apr 17, 2007 02:22 PM
Rick McCullough
Alert Home Services - Denver, CO
Hilarious,, great post,, I hate it when I get HOOKED on phrase,, they are so hard to get rid of,, dont cha hate it,, well have to go,, BYE BYE NOW
Apr 17, 2007 02:23 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services
I always let the prospect know that not only are they interviewing me, but I am interviewing them as well.  Sometimes, I simply let someone know IT IS NOT A GOOD FIT! BYE BYE
Apr 17, 2007 02:23 PM
Laurie Manny
Long Beach CA Real Estate - Long Beach, CA
I have been using the BYE BYE NOW phrase for a couple of years now.  I just love it and giggle every time I use it. 
Apr 17, 2007 08:32 PM
Tom Davis
Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today ! - Dover, DE
FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor
Good points everyone...I like Joans comment too...lol funny ! It kinda sticks with me "bye bye now" lol so funny!
Apr 17, 2007 10:25 PM
Diane Bell, Hilton Head Real Estate, Bluffton
Charter 1 Real Estate, Hilton Head, Bluffton, SC - Hilton Head Island, SC
I'm going to embrace your "Bye Bye Now" Concept.  Kudos to you for having the courage and fortitude to follow through. 
Apr 17, 2007 11:20 PM
Rich Kruse
Gryphon USA, Ltd. - Columbus, OH

Free CMA?  Really?  That's a BYE BYE NOW.

If the question of our fee comes up before we have a conversation about the project - BYE BYE NOW

I am going to count them today, just for fun.  I bet I do 7.

Apr 17, 2007 11:24 PM
Lonn Dugan
Toledo, OH

Laurie: now that you mention it, there is a bit of fun to it.... 

BYE BYE NOW, said sweetly, is more satisfying than the traditional NEXT! 

Apr 17, 2007 11:38 PM
Cynthia Sloop
Community Association Manager - Indianapolis, IN
That's GREAT!  I can understand.  If I had that much business, I would not be afraid to say bye bye now either.  Glad to hear things are going so well!
Apr 18, 2007 12:19 AM
Tim Maitski
Atlanta Communities Real Estate Brokerage - Atlanta, GA
Truth, Excellence and a Good Deal

Lonn,  It might feel wrong but it also feels good.  It's a great position to be in when you can't physically work with everyone and need to choose the best.

Is MM short for million?  I've never seen it that way before.  I take it the M is roman numeral for thousand so MM would be a thousand thousands?  I've always have seen K for thousand and M for million.  So I'm assuming that the $10MM/yr is 10 million in production and not commissions.  If that is production, how much of that chicken feed goes in your pocket.  Since you are throwing out numbers, I just want an idea of what they really mean.

Apr 18, 2007 12:49 AM
Edite Liepina-Lawrence
ERA Tradewind Real Estate - Longmont, CO
Lonn, I can relate to this one, I have thought about it a lot. As a huge Mike Ferry believer, often I have to stop to think that this business is way much more than just numbers, at least for me it is. So far, the right answer for me is, if people call me to help them and are appreciative of my work, I will help them, no matter what the outcome is for me in it.
Apr 18, 2007 01:08 AM
Robert McArtor
RE/MAX Components - Fallston Maryland - Bel Air, MD
Top Listing Agent for Baltimore and Harford County
Lonn, GREAT Blog, Needed that this morning...Swim with the Swimmers...Now..Where did I hear that before? BYE BYE NOW
Apr 18, 2007 01:24 AM
Christy Powers
Keller Williams Coastal Area Partners - Pooler, GA
Pooler, Savannah Real Estate Agent
Bye Bye Now.....haha......I haven't heard that in a long time. I think it was in a movie or a sitcom or something. I don't think anyone should allow their time to be wasted. Life is too short.
Apr 18, 2007 01:40 AM
Chris Tesch
RE/MAX Bryan-College Station - College Station, TX
College Station, Texas Real Estate
I definately need to learn that one!!!  I've hired an assistant so I can do more, maybe "bye, bye now" would be more effective!!!
Apr 18, 2007 02:25 AM
Keith Jeppson - Salt Lake City Real Estate
Everest Realty Group - Holladay, UT
Congrats on the success Lonn. Sounds like you've mastered your SOI. It is fun to be in a position of control over your business rather than letting it control. Keep it up.
Apr 18, 2007 02:34 AM
Virginia Halter
RE/MAX Signature Properties - Harrisburg, NC
ABR, CDPE, CRS, GREEN, SFR, SRES

Lonn, that is great!  I, too, am a huge Buffini fan.  I am still in the 'growth' phase of my business so I don't use the "bye bye now!" often enough but I can see it coming.  I can also tell that when I have used it, it has been for GOOD REASON!!

Congrats on a great post!

Apr 18, 2007 03:24 AM
Lonn Dugan
Toledo, OH

Tim:

Yes, re the roman numeral thing.

Yes re the production thing.

As far as net, I was spending an awful lot on marketing during the growth phase of building my business.  I accomplished a level in 3 years that many realtors do not accomplish for 5 - 10 years or more.  Was only netting about 40% there for a while.  But now with things rolling, can ease up a bit.  People tell me they see my name everywhere, so can work my sphere and focus on the online end of things.... Dropping print.

For 2007 I believe I will be keeping about 70% of average commission on $10MM Production.  That's my goal, and I am sticking too it!   

Apr 18, 2007 05:32 AM
Dianne Barody
Century 21 AmeriSouth Realty - Pensacola, FL
Pensacola Florida Real Estate
Lonn, I need to say that phrase...bye bye now and stick to it
Apr 18, 2007 06:09 AM
Loreena and Michael Yeo
3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX
Real Estate Agents
Lonn: It's my "Qualifying" day.... I'm out looking for scripts and prospecting movitations. I found your post. Thanks for sharing this. I am so thin-skinned and never really prospected. Hence, prospecting just became one of my top priorities for my coming year. I probably will evaluate the importance of this blog...

Where do you see a rookie prospector with this?
Jul 20, 2007 05:13 AM