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Analyzing Q1 Results and Dominating Q2 in Real Estate | #TomFerryShow - YouTube
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- Today I'm doing a private
coaching session with you,
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trying to make sure you
learn the lessons from Q1,
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and that you dominate Q2.
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(bright music)
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Welcome to The Tom Ferry Show.
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Today I'd love to coach
you through what worked,
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what didn't and what you're
gonna do differently in Q2
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to make 2018 your best year ever.
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So, I'm gonna ask you a
whole bunch of questions.
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If you're on tomferry.com you're
gonna see a link down there
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to a form where you can
actually do this Q1 review,
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and then a goal setting workshop.
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If you're on the train right now,
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or you're on the treadmill
running and you're watching,
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take the time just to
answer all the questions.
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You know, go through them in your mind.
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Maybe even take the time
and hit the pause button,
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or better yet, watch
it six or seven times,
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and let it really sink in.
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I'd like to frame it like this.
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If you and I were sitting
together inside my office,
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what would I ask you?
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So I wrote down the first question is,
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tell me, what was your
original goal for 2018?
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As we sit here, you know, in April,
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what was your original goal?
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What did you wanna accomplish?
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What were you committed to?
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How many transactions?
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How much revenue?
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What was the dollar volume?
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Was there something like I
wanna take this many listings,
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or I wanna have this
breakthrough in my business?
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What was the original
commitment that you made?
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And then the second question
I would ask you is why?
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Why was that goal a must for you?
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Like what was the
motivation behind it, right?
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It's never, hey I wanna
make $250,000, right.
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That's a big exciting number,
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but what's the value behind that?
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You know, hey Tom.
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I really wanna pay for
my daughter's wedding,
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or I wanna save some money
and buy my first home,
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or we're looking to move,
or whatever it may be.
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Your motive to act matters.
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And if you take the time
right now to think about,
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what motivating me when I
first set this intention?
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As you hear me talk
about on multiple shows,
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we sometimes lose sight or
we don't remind ourselves
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enough of our motivation or why,
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and that's why we stop doing the things
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that ultimately give us the power.
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So the first two questions.
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Number one.
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What was your original commitment?
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What was your original for this year?
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And number two.
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Why was it a must?
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What was your motivation behind that?
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I don't wanna hear, oh I just
wanna make a bunch of money.
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I wanna know why you
wanted to make the money.
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You know, if you said
I wanna sell 50 homes
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or 100 homes, I wanna know why.
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What does that mean to you?
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What's the value behind it?
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What's the emotion behind it?
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'Cause that's ultimately
what's gonna drive you,
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again, to do the things that'll
make you achieve the goal.
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The third thing I wrote down is
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we're gonna break down it again,
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you gotta go to tomferry.com.
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You wanna download all of this,
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'cause I'm gonna ask you
to break down for me,
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what were your results in Q1?
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So the first part is how many
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close transactions did you have?
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Like, be honest with yourself.
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Was it a slow first quarter?
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Was it a great first quarter?
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How many closings?
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What was the sells volume
and what was the GCI?
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Then I'm gonna ask you what
about your pendings, right?
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Could be escrows, could be pendings,
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depending on what you call them, right,
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but how many do you have right now,
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and what's the volume and what's the GCI?
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And then we like to
total all that up to say,
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hey at the end of Q1, my total
close and pending is A, B, C.
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You should know those numbers,
but here's the real trick
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is to then say, now how does
that relate to my overall goal?
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Right?
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If you're in the northeast as an example,
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a lot of my clients there will say,
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Tom I wanna get to 15% to
18% of my overall goal,
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and if I'm there at the end
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of the first quarter I'm on track, right,
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but maybe you're in a marketplace
like Southern California,
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or you're in Vancouver,
Washington where you say,
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I've gotta really make
it rain in first quarter,
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because my summer months as an example,
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they slow down and everybody checks out.
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You know the tempo of your
market, so you know at this point
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what percentage your business should be at
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by the end of the first
quarter, so just own that.
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Then I would ask you
going a little deeper,
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how many appointments did you go on?
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Now I don't know how many
times I have to say to you
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that this business is about one thing,
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how many appointments you go on.
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How many opportunities you sit down,
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belly to belly, knee to knee, face to face
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with potential buyers and
potential sellers, right.
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I've always said I rather
have 10 lousy appointments
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then no appointments 'cause
someone just might say yes.
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How many appointments did you
go on in the first quarter?
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Was it the right number for you?
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Do you feel it was too many, too little?
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Only you know.
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Then I wrote down what percentage
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of that was that to your plan?
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You know, did you intend
to go on 20 appointments
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and went on 15 or did you intend
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to go on 20 and went on 35 or 40.
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Once I know the numbers, then
I'd ask you what happened?
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Like, what were the levers you pulled,
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or what were the levers
you failed to pull?
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Speaking of, I go right to next one.
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How many hours of power?
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How many times did you sit
down and make your phone calls?
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Calling your database.
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Calling expired.
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You know me.
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I'm the no wrong way to do it guy.
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I don't care who it was, but I know this,
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if you're not picking up that phone,
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and reaching out to customers,
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making phone calls,
sending texts and more,
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you're missing more opportunities
than you're getting.
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So, in your plan you probably said,
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hey I'm gonna do an hour
a day five days a week.
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Did you track it?
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How many numbers did you do?
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It's interesting to me
because I've been doing this
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for so long I can now look
at somebody's numbers.
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Let's just say you were tracking
all this stuff perfectly,
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and I look and say well
isn't this interesting.
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You did 75% of your
prospecting and appointments,
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and you're at 65% of your
overall transactions.
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There's always a direct
correlation my friend.
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There's always a direct correlation.
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It's data in, data out.
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If you don't make the calls,
if you don't do the follow up,
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if you don't do the open houses,
you shouldn't be expecting
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lots of success and riches, my friend.
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It doesn't work that way.
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Now, Tom I don't really like prospecting.
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Hey, this could be open houses.
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This could be Zillow leads.
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This could be any source you want,
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but if you're not pumping
the well, if you will,
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the water's not gonna come out.
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So, think about it right now for Q1.
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Did you make the calls
you're supposed to make,
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or did you miss a few days?
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I'm not trying to beat you up.
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I'm just trying you to really acknowledge
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what got you here is
not gonna get you there.
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You're gonna have to do
something differently in Q2,
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and the great news is, there's still time.
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The next question I'd ask you
is what lead systems worked?
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As you reflect and look
at your closing board,
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or your escrow or your pending
board, what were the sources?
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Open houses, Zillow lead,
buyer referral, past client,
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past client direct transaction,
past client referral.
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Knowing your sources, where
did you spend your time?
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What worked, and then the third part is
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or the next part is what didn't work?
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What were the lead sources that
you wrote inside your plan?
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And maybe A haven't given
yourself enough time
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for them to mature and bake,
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or you just didn't give it the energy
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and the effort that it deserved.
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So let's go through those again.
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How many hours of power, right?
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How many conversations did you have?
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How many open houses did you do?
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What lead systems worked for you?
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Like, where did it work for you?
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And then what lead systems
need to be improved on?
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You know if you just stop and
answer all those questions,
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awareness as we talked
about a million times
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is the first part of change.
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The moment you could say I
have this really exciting goal.
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I've got this motivation.
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I really wanna save this money.
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I really wanna take this trip.
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I wanna support my family.
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Whatever it may be, right.
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I've got the motivation,
but if I didn't do the work,
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if I didn't do the numbers,
if I didn't do the math,
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then guess what, shame on you.
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Okay, so three more questions
before we wrap up Q1.
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Question I would ask you is
what are you most proud of?
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As you reflect back on Q1, like
where do you pinch yourself
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and say oh good job, you did it?
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Was it you did hours of prospecting?
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Was it you did the right
number of open houses?
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Is it projects that you completed?
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Is it a tough transaction
that you were able
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to navigate and ultimately save the day
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for the buyer and the seller?
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What are you most proud of?
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Question number two.
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Where did you fall short
and what was the lesson?
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I think about our own business.
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I say, hey we fell short
of part of our Q1 goal.
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We have moments like that
where we don't hit the goal.
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The key is when you lose,
what was the lesson?
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See I know for me, it
was a manpower issue.
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We needed more people
to follow up on leads,
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and to book more appointments,
and to serve more clients.
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How 'bout you?
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What were the lessons that you learned
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just reflecting back on the last 90 days?
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And then the third question is,
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who do you need to thank
for their support in Q1?
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You know it's always a good
idea to send a handwritten note,
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or make a phone call,
or shoot a little video
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and say Carol I just wanna
say thank you so much
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for everything you've done, right,
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which I really appreciate
the extra effort.
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You know, reaching out to your coach,
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reaching out to your broker manager,
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reaching out to your
mortgage rep, your title rep,
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and just thanking them
for going the extra mile,
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maybe on that tough transaction.
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It goes a long way and
I strongly recommend it.
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Once you take the time to
answer all those questions,
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you can package up Q1 and say
now that's the past, right.
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I learned the lessons.
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I know what I did right.
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I know what I need to adjust on.
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And then we start setting goals for Q2.
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So let's take some time and do that.
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Obviously I'm gonna start number one
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with what are your production goals?
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What do you wanna accomplish?
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So how many listing appointments?
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How many listings do you wanna take?
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And how many listings
do you wanna sell in Q2?
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It's the spring market, my friend.
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Now is the time.
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So, how many listing appointments?
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How many listings taken?
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How many listings sold?
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And on the flip side, how
many buyer appointments?
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And how many buyer sells
are you committed to in Q2?
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I'm gonna strongly recommend you get
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that up visual inside of your office,
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so it is always in front of you
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every single day you show up.
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This is my goal.
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This is what I'm committed to.
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Then I'm gonna ask you number two.
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What's the why behind that?
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Like, what's different now?
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What's your motivation today?
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Sometimes it changes.
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Sometimes we need that
short burst of motivation.
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So what's gonna give
you the extra edge in Q2
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to do some of the things that
perhaps you didn't do in Q1
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that's gonna cause you to win?
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So what's your motivation right now?
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Question number three.
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What new activities are required?
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So what are the tactics?
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What are the actions
you have to take, right?
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Is it you know doing more lead follow up?
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Is it maybe doing follow up twice a day
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like we've recommended on many shows?
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Is it finally reaching
back out to your database
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and saying hey I know it's been awhile.
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The market's been crazy.
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I gotta ask have you had
any thoughts of selling?
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You know your business.
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You know what works and what doesn't.
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I would challenge to say,
what do you need to be doing
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more of in Q2 that's
gonna cause you to win?
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The fourth question I wrote down is,
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what adjustments do you need
to make to your schedule?
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I mean, we've done tens of shows
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that were time management
related on The Tom Ferry Show.
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We know if it's not in your
schedule, it doesn't exist.
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So in Q2, do you need to
go to bed a little earlier?
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Do you need to wake up a little earlier?
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Do you need to reinvent
your morning routine?
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Do you need to make sure that
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your hour of power is schedule every day?
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Your follow up is scheduled every day?
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Do you need to pre-put
in there a one o'clock,
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three o'clock, five o'clock appointment,
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and then work your butt off
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to fill those every single day?
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Do you need a scheduled day off
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to give yourself the rest
and the break that you need
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so you can hard charge
the rest of the time?
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What adjustments do you need
to make to your schedule
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to make sure you're winning in Q2?
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And the last question I'd asked is,
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why, again, why is this an absolute must?
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You're like, Tom, you brought it up twice.
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I know but here's what
I'm seeing right now.
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I'm watching agents.
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Big shout out to Jill Biggs,
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one of our wonderful
Coldwell Banker clients.
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She's at 110 transactions closed
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and pending at the end of Q1.
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I'm looking at my buddy
Devin here from Hawaii.
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110 transactions at the end of Q1.
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Guess what?
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That's way more than she did last year.
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Big shout out to you
Jill and the whole team.
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Motive matters, right.
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If you had a really big
Q1 and all of a sudden
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you're like hey I'm hot
stuff, I had a really big Q1.
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Often times in that state, we
stop doing what got us there.
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You gotta go back to that motivation.
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Why is it a must for you?
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Now, I've asked you a
whole bunch of questions.
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If we were together one on one,
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I'd start asking you to make commitments.
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What's that one thing I can
count on for you every day?
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What's the additional
accountability you're gonna need?
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Who do you need to reach out to?
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Is it your coach?
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Is it your broker manager?
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Is it a friend inside your office?
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Is it your spouse?
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Is it your nine year old son?
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If you say look, if I do
what I'm supposed to do,
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you get the brand new X-Box
at the end of the 90 days,
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I have a feeling that
nine year old is gonna
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follow up on you every single day,
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and hold you accountable to do the things
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that give you the power.
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You and I both know if you don't have
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the accountability in place, the odds are,
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you're gonna get a little off track,
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and it's gonna be hard
to get back on track.
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So create some accountability,
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whether it's friend or
family or your peers,
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make a challenge with
somebody inside the office,
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but make sure you got the
structure in place in Q2
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to absolutely maximize this time.
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You've heard me say it before,
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the streets are paved with gold right now.
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This is the time.
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So, make sure if you're
watching this on YouTube,
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you jump back to tomferry.com on my blog,
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download all these questions.
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Take the time, fill them,
answer it in detail,
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share it with your manager,
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share it with a friend inside the office,
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and let's make sure that you have
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everything you need in place to have 2018
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be your best year ever.
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Thank you for allowing
me to coach you today.
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Thank you for being in my community.
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Thank you for watching my stuff.
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I appreciate you more
than you will ever know.
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Talk soon.
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Hey, it's Coach Tom Ferry.
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Have you been considering hiring a coach?
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If so, click the link below
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