Hi jennifer; you make several good points ie: Quality vs Quantity, Impressing prospects & clients etc. Many of which I do, have been doing and am continuously striving to do better. There are many ways to run a Real Estate Business but it must be treated like a business IMO. Having said, that I also want to point out to others, that market places are different. Many Real Estate speakers have stated that the Toronto Board is one of the most compeditive, cut throat, aggressive markets in North America. The board has approximately 28,000 liscenced agents and growing. Selling over 36 homes per year puts that agent in the top 1.5% of the board. In 2008 only 350 agents achieved this. I have learned that in some markets where the average sales price is lower it is much easier to get listings easier and less aggessive. I have experienced this 1st hand with my prospecting. I always tell agents who want to learn to prospect to go to a market where the turnover is great and subsequently in my market means the average price and commisions are less because the competition is less. Agents tend to avoid these markets. Doing 50-75 deals in a lower priced market is often easier than in a higher priced market.
Also why not do both? What you recommend and aggressively in the hunt for new now business? This is a sales business after all.

Further more....the majority of the agents in my market do business just this way...passively. They have huge fluctuations in income from year to year, month to month. My income and NET is steady and consistent....$40-$50k per month.
They also spend alot of time smooozing with their clients, prospects. The higher income earners in my market are single and mostly divorced because of this...working long hours and heavy work weeks. Real Estate is more than their business it has taken over their life because they have made it contiuous social event! I have been selling Real Estate for 24 years. My passion for working long hours and smoozing my clients is gone. This is a business to me not my social life. My life is my family and my children and my hobbies. Not saying your life is not more than business...just observing most agents and my marketplace.

In addition to that I am building a predictable duplicatable business that I can grow. I am striving to make more NET money with less TIME spent in a predictable way. Days where I do not have an appointment I often finish at 3:30 pm. I work 50 hour work weeks and many times less than that. Yes I play the numbers game....like every good viable business does.

As for "attempting to make 100 contacts a day"...I do not attempt. I make 100 contacts a day and sometimes 150. I have even experimented with 250 per day....over 4000 in a month regretfully at the expense of Quantiy over Quality. Yes I am lokking for a few....I take 7-10 leads per week. At The end of the week, even if I have not taken a listing or made a sale....I feel good because I know it will come soon. I have found 7-10 people that probably will sell! I have done my job for that week.

As for "pestering my S.O.I., this is all perspective. I don't see it that way. Most people like to talk or know about Real Estate. I call and offer some something of Value, I stay in touch. I believe I am one of the best agents out there for them and their family and friends. I am there to help if they need it.

There is nothing wrong with playing the numbers game. It is what all good businesses do to grow, expand and survive. Again, for me it is about building a business that is predictable, duplicatable, profitable, an makes the most NET money with the least time and effort spent. Just my humble opinion for what it may be worTh.

Jennifer, your web site is very nice. Open source is awesome, isn't it?



Your opinion fell on my open eyes, and I have a response.



Quick question about your approach first. Jennifer, when you started in real estate, did you have a spouse who had a second income to support you while you were playing around with real estate? That's an important piece of information to mention here. For those who don't, we have to start out with a method that is proven to work, and work quickly. Not that you did, but not all of us have the luxury of a spouse's income for a safety net.

Regarding your first suggestion, why would it not be reasonable to assume that of the 2 leads out of 100 contacts, that those 2 leads would have a memorable impression as Lucky works with them to sell their homes? I know my clients have a positive memorable impression, but that impression has nothing to do with how I found them. So I don't see where the gain is in your first suggestion.

Also, I don't think it's very wise to recommend that someone who's claiming to make a half million dollars with a proven system, to completely replace it with yours, when you've mentioned nothing of exactly how to make that work. Why not do both? Could you tell us exactly how to make your system work? Will your system produce a yearly net gain of $200K in addition to what Lucky is already making? This is an idea center and I believe Lucky specifically asked for that information in the opening post.



I'm not sure I follow. A mailer sent out 4 times a year is pestering? You have a newsletter on your site, yes? How often are those newsletters sent out in a year?



Lucky said that he spends roughly 4 hours per day cold calling. I wouldn't say that's all of his time, energy, and budget. I agree with you on spending time with the 50-60 past clients.

Careful with that though. Here's my point: I'm willing to bet a large sum of money that if you showed your clients your video (where you teach that putting a warm body in front of them is more advantageous for your business) just after taking them out, that they will most definitely feel your efforts are insincere. At least with the mailed out Starbucks cards, the past client knows the score. You'd seem far more sinister to me to have used me under the guise of friendship, than sending me a Starbucks card in the mail. The former is a more manipulative behavior than the latter, and the difference is the intent. You pretty much spelled out your intent in your video, don't you think?

So why has it worked for you? Well, I don't believe your real estate buyer/seller clients watch your videos on your marketing, so they don't know your intent. Also, for many, especially those who feel receiving of gifts is a love language, the gift of taking them out to eat may override any suspicion of the pretext of your gesture. In feeling loved by that gesture, they may even be in denial as to your true intent even if it were later revealed. There's a little thing called "emotional bond" at play at this point and emotion is rarely rational. The difference between mailing out a card and offering to spend time with them is that many see quality time as a love language, and spending time out for dinner is far more personal and of a nature of friendship than a gift card in the mail. Jennifer, I would challenge you to see where your moral obligation is in that scenario. For me, when it comes to friendships, I'm very careful with people's emotions.

Teaching strategic sincerity as a means to an end isn't very sincere.

Lucky: As a Moderator, thank you for coming back! I do believe that you were attacked but it settled down. I'll monitor this thread to make sure it does not occur. Jennifer does have a different approach, an approch that works for her.

Augusta: Lucky can hold his own. Those that have started the attack have been talked to. Take your questions directly to Jennifer in a new thread or a PM. Jennifer offered a different perspective, not the "right way".

This board is to Benifit ALL WHO VISIT. Personal arguments need to be taken off line. Personal attacks will be removed.

[quote=REODayton]Lucky: As a Moderator, thank you for coming back! I do believe that you were attacked but it settled down. I'll monitor this thread to make sure it does not occur. Jennifer does have a different approach, an approch that works for her.

Augusta: Lucky can hold his own. Those that have started the attack have been talked to. Take your questions directly to Jennifer in a new thread or a PM. Jennifer offered a different perspective, not the "right way".

This board is to Benifit ALL WHO VISIT. Personal arguments need to be taken off line. Personal attacks will be removed.
[/quote]


^^^^^^^^Thanx For This!

To Augustabroker; thank you for contributing and for backing me up. At times the negative energy is draining and quite baffling! You have a great knack for for cutting to the bone and getting to the bottom line.

Sincerely Lucky!

REODayton, I assure you, if I didn't come in and help Lucky out, the "pile on" would have continued and there wouldn't have been any point in Lucky coming back. Lucky has also thanked me for that, so I know at least for him, it was appreciated. I'm not one to idly stand by and watch someone be treated unfairly.

We all have a different approach, an approach that works for us. It's perfectly fine to challenge an approach by discussing it. Jennifer spoke of her approach, and I'm interested in Jennifer's approach, but it must make sense. Just trying to understand here is all. I have questions for her just like I had questions for everyone else. As far as I know, she's treated no differently. I think my questions were relevant and substantiated. I'm sure Jennifer can hold her own as well.

Augusta - You ask some great questions and I'd love to answer them one by one. However, I won't do it here as it may not be the right venue.

Big picture though, it's simply a different approach and attitude toward the business of selling real estate. I do not consider myself a salesperson in any sense of the word - I am hired to manage a complicated process with many moving pieces and parts. That's what I enjoy doing and for me - the prospecting part of being a real estate agent is a necessary evil - not something I enjoy at all. Therefore, I created a business model very different from Lucky's because, frankly, if I were forced to prospect using his or her methods, I'd have failed within a month.

But back to the point - I agree that what Lucky is doing seems to be working from a business-generating perspective. And I do hope his(?) clients are well-served in the process, but I think we can all agree that in many cases, real estate agents who focus on prospecting prospecting prospecting are not always the best at customer service. But I apologize if I made assumptions about Lucky's business model based on what I read in this thread.

But I do feel strongly and passionately that the job of a licensed real estate agent is not to become a skilled prospector; it's to be an expert on the process of handling the exchange of real property. Many disagree and I'm fine with that, but I challenge those who are evaluating different approaches to building a business to consider being an exceptional real estate agent who generates referrals from delighted clients rather than someone who is simply a master cold-caller.

And Lucky, you asked for input on how to generate another $100,000 of income; I answered your question from my perspective and experience. I know nothing about postcard campaigns, but I do know what has worked, consistently, for me.

Okay, here's my 2 cents. I am ALWAYS looking for ways to grow my business. I have vocalized in my past posts that I HATE cold calling, but if it is in fact working that well for somebody, I'll keep at it and hey, who knows, maybe I'll get good and start to enjoy it!

I love Jennifer's ideas too. I have a couple of her books and have put many of her ideas into play myself. Yes, they work, but as Augusta has implied, that is a long term process, as opposed to Lucky's cold calling approach. I want to make money now, as well as build a long lasting prosperous business.

I think we are all working toward the same goal here, to better our business, stay sane, and bring respect back into real estate. That being said, I appreciate every post/response that is useful. Although it does put me off a bit when I open a thread only to find attacks on the OP.

So I would like to thank Lucky for the OP, as well as all other informative, thought provoking response. I'll take whatever I can get by way of advice, and try to make them fit with my personal style and comfort.

For you hook, line and sinker folks... I have a bridge for sale in NY...

I'm always puzzled when people consider a sphere of influence/relationship-based approach "long-term" as opposed to more traditional prospecting methods like cold-calling, farming, door-knocking, etc. The fact is that your sphere of influence can be the quickest path to a paycheck, if you approach the people you know properly (that is, don't beg them for business).

In today's economy, there are no magic bullets, regardless of what prospecting approach you take. If you're really good at something (as Lucky seems to be with his cold-calling), that's great, but it takes time to become good at it. I doubt that a brand new, green bean agent will be able to pick up the phone and create consistent business without a lot of trial and error, unless he's one of the rare few who truly IS good at cold prospecting. And if that's the case - knock yourself out!

Okay, I'll explain. When I initially got Jennifer's book, I sat down, made my SOI list, sent out the "Dorky letters de-dorked", and began getting in touch with many people for lunch/get together's etc.

My original list was 120 people. Yes, I got calls, and of the 120, I got 2 deals. Of course, I still keep in contact with them, and still get referrals, but they are mostly calls of a just curious nature. Yes, I believe that they will turn into a deal at some point, but of the 175+ on my SOI list now, nobody is really that interested in selling. I have been working with a few buyers-referred to me by my SOI, and of buyers, have 4 sells. But, 6 deals in 1 year does not pay my bills.

Now I am focusing on expanding my SOI, but this too takes time. I cannot meet a group of 20, and sign 2 people up who will turn into a closing that month. However, I can add those 20 people to my SOI, keep in touch, and reap the rewards.

However, if I can combine the SOI theory to the cold calling theory (if I can be good at cold calling) then maybe I can find 2 people I've called this week who do want to sell/buy now, while still working and growing my SOI, then I can perhaps make money now, until my SOI turns into my sole sorce of referrals/income.

Unfortunately, I did not come into this business with a huge circle of friends. If you ever want to know how much of a recluse you have become over the years, get your real estate license and build your SOI. Wow, was I shocked at how many people I had lost touch with over the years.

Hence, the long-term approach.

Dee - thanks for the clarification and that makes sense. However, simply relying on your SOI for all your business is a very poor business model and that's not what I teach. Now, truth be told, in the Good Old Days, one's SOI could be a more reliable source of business because there simply was more business to go around - but then again, just about any prospecting strategy worked better for the same reason!

I'm also a recluse, as you probably know. And yes, going into real estate opened my eyes to that fact!!

Basically, I think it just comes down to respect. The Moderator's and members who are veterans on these boards deserve respect for the outstanding advice they have given us all for as long as this site has been online. Their advice should not in any way be criticized.

Hey Lucky, do you use speed dial software if so please shed some light on that.

AugustaBroker - what computer speed dial were you referencing? Is there anything FREE that you know of to dial numbers??? If not free, please shed light on any that you know of.

Thanks everyone for your insight and opinions.

Let's keep the thread on topic - and I agree w/ REO_Dayton that Lucky does appear to be under attack. I think it's evident that he's not trying to "sell something" and I apologize for my own comment alluding to that suspicion.

I'll get another SOI Prospecting thread started...Jennifer has a wealth of valuable and useful info to share and we can keep this thread about cold calling ideas!

Question: With high volume cold calling, does your company brand name recognition matter in the results that you get? or is your tone of voice, confidence,script, etc... really the only thing that matters?