Transcript

00:00
– Welcome to the Tom Ferry Show.
00:01
Today I’m answering about seven questions that we’ve been
00:04
getting on Facebook and Insta and on Youtube,
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to help you not reinvent the wheel.
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But instead, quickly take the right action,
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so let’s jump right in.
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(energetic music)
00:20
– The first question was, “Hey Tom, what’s the best
00:22
“way to know my local market as a newer
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“or a veteran agent who’s coming back?”
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Well, it’s the same thing my friends,
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it’s always three things.
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One, it’s look at the daily hot sheets to know
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what’s selling, what just closed, you know,
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what new escrows are opening, what pendings,
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and of course, expireds, cancels, withdrawns.
00:40
To really study it and to look at it and say,
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okay, what’s going on, what’s moving, what’s not moving.
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That’s number one.
00:46
Number two, preview property, right?
00:48
I’m blown away by the number of agents
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that don’t go out and preview.
00:52
And then great agents, Andy Stavros,
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I was just watching his Instagram story.
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He’s driving around, “Hey I’m about to go look at this
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great little house on Linda Isle, here’s the scoop.”
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And he’s doing it on his Instagram story,
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killing two birds with one stone, right?
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Putting out some great content that people are interested in
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new listings that are coming on the market,
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but he’s also previewing, which is critical
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to know the inventory, to know the prices.
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And then of course, the last one is to always snuggle up
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to the best agents in the marketplace and just say,
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“How’s the market, what’s going on, what are you seeing,
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“what do you like, what do you not like?”
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Those three things makes you more of the local market expert
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so when people ask you questions, you’ve got some real data
01:30
and some stories and case studies to share with them.
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So that’s important.
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The second question I got was, “Hey Tom, what Facebook page
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“would you suggest in use of content,
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“like personal page or business page?”
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And, you know, this question’s been around for a long time.
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Really, since the origin of what were like fan pages
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that became business pages, and the answer’s quite simple.
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Always on your business page, always on your business page,
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always on your business page.
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Why, because there we can boost, we can advertise,
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you can create lists of people that you want and segment
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to do your marketing, so always on your business page.
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I think this is the number still,
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you gotta have about 50 followers on that page
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in order to do all that stuff, but that’s easy cheesy.
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All right, I liked this question.
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“Hey Tom, what Realtors in your opinion are crushing it
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“with real estate video marketing?”
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There are so many that are doing it now, it is remarkable.
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A couple that I would pay attention to,
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I just met with them all recently, so they’re top of mind.
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Chris Kwon from Douglas Elliman right here in Irvine,
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absolutely killing it, killing it on the creative side.
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Each one of these are doing it differently,
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but Chris does a remarkable job on the creative that causes
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him to differentiate himself from his competition,
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to stand out, to be more likable, right?
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I mean, you kinda fall in love with the guy just watching
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his videos, so Chris Kwon, K-W-O-N, just wanna make sure I
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spell it right, maybe do a little link.
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Christophe Choo, over in Beverly Hills.
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these three are all southern California, but I just
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met with them recently so they’re on my mind.
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Christophe is doing something right now that is absolutely
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crushing it, we’re gonna talk about it at the summit.
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Check it out, he gets in his car, and he does
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neighborhood tours, and then he immediately, from his phone,
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right, so on his phone like this, he’s like,
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“Hey everybody, it’s Christophe.
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“Today we’re looking at Beverly Hills flats.”
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And it’s on him, then he flips it around, then he drives
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through the neighborhood, and he describes the houses,
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who lives there, the builders, the new construction,
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what’s recently sold, giving people this sort of like
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in-depth view of what’s happening in that community.
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Now I don’t know how many he’s done, but he’s done a lot
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of them, Beverly Hills, West side, Santa Monica, et cetera.
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If you go to his YouTube channel, you’ll see it.
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It’s very simple, I’m not saying it’s ghetto,
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but it’s just from his iPhone, and you know what?
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It kills it, especially because he takes it,
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puts it inside YouTube, he does all the appropriate tags,
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he does all the appropriate like, to know,
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hey if I’m looking for houses in Beverly Hills flats,
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you’re gonna see his video on YouTube, it’s that good.
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He’s getting “come list me” calls.
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And then Timmy Smith.
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Actually you know, Kyle Whissel.
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Kyle Whissel won recently BombBomb’s, I think he was the
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number one most influential video agent in the country,
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and if you look at what he is doing, really smart.
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Everything from community videos, to interviewing local
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business owners, to just showcasing listings, to just
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showing what he’s doing in his business to help his clients,
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he really covers the full spectrum of video.
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And I think, between those three,
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you’re gonna get a ton of great ideas.
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But those would be the first three that just come to mind.
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Next question, I love this one.
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So Margie Hare, asked me this on Facebook.
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“How do I become more coachable?”
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So, you know this is obviously personal for me, not because
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I’m a coach, I think about it more so because of my son.
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So my son is 17 years old, playing tennis, was injured
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nine months ago, so when you have a surgery
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and you’re coming back from being a competitive anything,
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real estate agent, tennis player, you name it,
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there’s this mindset that sometimes takes over.
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And what I saw in him recently was his resistance
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to listen to his coach, his lack of coachability.
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And whether it was because, “Ugh, my wrist still kinda hurts
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“and I’m not sure if I can do it.”
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But that doubt that had seeped in kills his performance.
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Now I will tell you, I sat down with him and with his coach
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and we just had a really honest conversation, like
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dude, I love you, so Margie, ready?
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I love you.
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If you don’t do anything, no one cares.
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If you never sell a house again, no one cares, right?
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It’s not gonna say on your tombstone, born this day
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and this day, and oh by the way, in the summer of 2018
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she stopped selling houses.
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No one cares.
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You have to ask yourself this question.
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Ready? Three parts.
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Number one, if I’m crazy coachable, like militant coachable,
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like I do everything my coach asks me to do,
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what’s the worst-case scenario?
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List it out, what’s the worst-case scenario?
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I have to work a few more hours, at times I don’t look good.
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Remember the whole fixed mindset?
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That’s usually what stops you.
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I won’t look good, it’ll be uncomfortable, I’m gonna be
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outside of my comfort zone, it’s all it is, right?
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But what the worst case?
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I’ll be embarrassed, maybe someone in my office will be like
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“What are you doing,” or “Hey bro we’re all going away,
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“it’s summertime, let’s go play, whee”
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and you’re like, “No, I’m actually doing what I
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“committed to with my coach,” right?
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And it feels awkward and it feels weird,
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like that’s the worst-case scenario.
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No one’s gonna like, hurt you, do you know what I mean?
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There’s no death and dying in this scenario of
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calling an expired as a metaphorical example.
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But then, you gotta look at the next question, which is,
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what’s the most likely scenario?
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So if that’s the worst-case scenario, I feel embarrassed,
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I feel uncomfortable, I’m outside of my comfort zone,
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I’ve never done this before, it was awkward, somebody
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rejected me, somebody hung up on me, that’s the worst-case.
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What’s the most likely case?
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You get some leads, you get some appointments,
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you win some business, you get some projects done,
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you get a little more, remember the circles?
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You get more completion, a little more integrity
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in your business, is that the most likely scenario?
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Then you ask yourself, what’s the best case scenario?
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So I’m super coachable, I’m really militant, my coach
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says jump, I say how high and I jump.
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What’s the best case scenario?
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And I have found for me in life, when making tough decisions
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what’s the worst case, what’s the most likely,
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what’s the best case, right?
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Coachable is not a big issue, but maybe it is for you Margie
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so ask yourself those three questions,
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and then take the right action.
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Next question I got, I love this one, because it’s been
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coming up more and more, especially because of the
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Peter Diamandis video recently.
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“AI technology concerns me.
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“How many jobs is it going to take away?”
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Without a shadow of a doubt, I am not the expert
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on the subject, because I’m a part of that Abundance 360
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group, I did sit in a forum where, it was very clear
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amongst these 360 members that, in the future,
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whether that is three years, five years, ten years,
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fifteen years, if you’re a cab driver, if you’re a truck
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driver, if you’re in that kind of transportation business,
08:02
(claps)
08:03
that world’s gonna be disrupted.
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So whether that’s five or ten million people,
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they will be displaced, there’s no doubt about it.
08:09
Is it going to impact the real estate world?
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The answer is, I hope so.
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I hope so, I hope that eventually I can get to,
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“I need a three bedroom, two bath home at the corner of
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“West 17th and Manhattan and I wanna spend no more than
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“$7,000 a month on rent, and I need it to be dog friendly.”
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And bam, it shows up.
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I hope that that becomes available.
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I hope that I hit a button, and the whole thing pops up,
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and I can view it, maybe through Oculus
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or some kind of glass device.
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I want all that stuff.
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Will it be change, will it be hard for some people,
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will some jobs be disrupted?
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One thousand percent, and just as equally,
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millions of new jobs then show up.
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That’s the way the world works.
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It’s like my buddy Steve Harney says.
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“Tom, the problem is it’s change.”
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It’s change, right, change creates fear, fear creates doubt,
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doubt puts most people in a state of paralysis, right?
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Where you do nothing, and when
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there is no action, you’re dead.
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So the deal is, guess what, it’s all coming.
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But is it five years, ten years, twenty years, who knows.
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My advice to you is, dig in deep with your relationships.
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Dig in deep on your skills, dig in deep on your marketing,
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and do the things that give you power that you can control,
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and pay attention to what’s happening with tech.
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Don’t go blind to it, pay attention to it, but focus on the
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foundation of your business and your success and your
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relationships first, and then you’re always gonna win.
09:29
All right, I love this question,
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I actually thought this was great.
09:32
Sleepless in OC asks on YouTube, “Hey Tom,
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how do I sell a home really quick for the best possible
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price without having to hold an open house?”
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Well, Sleepless in OC, maybe you should change your name to
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Wake Up in OC or Let’s Do Open Houses in OC,
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because the reality is my friends, open houses
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are not just a place where we market
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the property and try and find a buyer.
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All the stats show that maybe one percent, one percent
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of the open houses actually sell from somebody that
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just previewed the house in an open house.
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What it does give you though, is the opportunity to go
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knock on twenty doors across the street.
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“Hi, I’m Tom, I just listed the home, here’s the flyer,
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“here’s the information, here’s the price.
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“Love for you to come by.”
10:17
Twenty to the right, twenty to the left, twenty across.
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I think that’s like Tommy Hopkins, from like a thousand…
10:23
You remember Tommy Hopkins, like from a —
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Oh, I have such a Tommy Hopkins story, I can’t tell it.
10:28
My dad pushed him in our pool in
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Huntington Beach, California, like I’m old school.
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I’ve been around for a while, but classic moment.
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I remember it, I was like this big.
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So here’s the deal.
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I would challenge you to say, you are doing
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a disservice not to just the client,
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but to yourself by not doing open houses.
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They’re just too wonderful an opportunity for you
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to meet the neighbors, get connected, have agents come
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through, get some feedback on pricing, that kind of stuff.
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It’s a no-brainer, get rid of that
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stinkin’ thinkin’, and do more open houses.
10:56
All right, “Tom, what three major pitfalls would you tell
11:01
“new agents to avoid,” from Harris Tran on Facebook.
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Harris, great question, I’ve done a ton of videos on this.
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I’ll give you maybe three things that maybe I haven’t
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said to you in the past or something a little bit different.
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The first thing is, you gotta have a mentor, right?
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An agent in your office that you can turn to.
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“Tristan, help me with this.”
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“Richard, how do I structure this deal, what do I say?
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“I’m crafting this email, will you take a look at it?
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“I’m making a decision on my CRM, can I get some feedback?”
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Having a mentor, someone inside your office
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that you can turn to, could be your manager, could be
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your broker, could just be a senior agent inside the office,
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someone that’s been around the block.
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Cannot, cannot stress to you how important that is.
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Number two, ready, if you think you’re gonna make any money
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only working your sphere, quit the business now.
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Quit the business now.
11:50
You have got to be multi-faceted, you cannot be myopic,
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come into this real estate business, start calling
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your friends and saying, “Hey I’m in the business, and
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“who do you know who wants to buy and sell?”
11:59
You’re gonna die with that strategy.
12:01
There’s a reason why the turnover’s so tremendous, right?
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A good broker today, a good mentor today, is going to say to
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you, “Look kid,” and by the way, you could be 60 and still
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a kid, “Look kid, you gotta do some of this, you gotta do
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“some of this, you gotta do some of this,
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“you gotta do some of this,” right?
12:16
You definitely want to work your sphere, no doubt about it,
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but you wanna do some open houses, you probably want to call
12:21
expireds, you probably wanna call For Sale By Owners.
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“Tom, I don’t like those.”
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It’s cool, ’cause they don’t like you either,
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so don’t worry about it, but here’s the dealio.
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They’ve already raised their hand and said,
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“Hey, I’m thinking about selling, and this is what I know.”
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When you can call a Zillow Make me Move,
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when you can call a For Sale by Owner,
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when you can call an expired, and navigate through
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their unmet expectations, let me say that to you again,
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when you can navigate through their unmet expectations,
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“I tried to sell it, it didn’t work out.”
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“I was told the market’s unbelievable, I wanna save on
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“the commission, I’m selling it on my own.”
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“I actually took the time to put all these photos on Zillow
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“and said, I’m thinking about selling, Zillow make me move.”
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If you can navigate those things, you are
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more valuable to the people in your sphere.
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You know what works, you know what doesn’t.
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You know the mistakes to avoid.
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You become more of an expert and a professional
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to help the people that you know make those good decisions.
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Does that make sense?
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So that would be my second piece of advice.
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The third thing is, we’re in a skills market.
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Inventory, right, is it going up,
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is it going down, always a factor.
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Number two, demand, how many people are coming into
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the marketplace that wanna buy in all those
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price points, it’s all very different.
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And then the third part is the cost of money.
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Well guess what, those three factors, for my 30 years,
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have always been the sort of overarching issues
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of why the real estate market is moving or it’s not.
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Inventory, demand, and the cost of money.
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Cost of money’s going up.
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In many cases, the demand is just steamrolling,
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it’s unbelievable in the mid to low price points,
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how many people wanna buy right now.
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And then of course on the higher end, maybe not so much.
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Maybe not so much, for all my friends
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that are paying attention.
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And then of course, the third one is inventory.
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What’s available?
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You gotta know those three things.
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All three of those things create, my friend, be very clear,
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a different set of marketing and skills.
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A different set of marketing and skills.
14:16
To market a home in this market versus say,
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2013, when you just hit enter in
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the MLS and it was gone, you with me?
14:25
Versus today, dependent upon the price you’re in,
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you hit enter and you sit and wait, and suddenly we’ve
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got time on market, and suddenly we’re having
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price reduction or price amendment conversations,
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which we should do a whole show on that, by the way.
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It’s a different market, requiring different skills,
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requiring different abilities to market yourself.
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Especially right now, because of the number of discount
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brokers, the number of internet-based, tech-enabled
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service companies that are in our space,
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differentiation is a major issue right now.
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And if you’re a brand new agent,
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it’s an even bigger issue for you.
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Why should I work with you versus the umpteen-gazillion
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other agents in your marketplace?
15:05
So I would be focusing on those three things right now.
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I’d be on YouTube searching for videos on it,
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I’d be having conversations with my mentor,
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I’d be meeting with senior agents inside the office,
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and talking about all these factors,
15:16
getting on a plan, and getting to work.
15:19
And then the last question, ready?
15:21
Nick Hotmer, Hutmer, I’m totally butchering that.
15:26
Sorry Nick, on Facebook, he said,
15:27
“It’s on what percentage of your GCI, your gross commission
15:31
“income, would you reinvest in Facebook marketing, and would
15:33
“you hire someone to do it with a virtual assistant?”
15:38
So I’m gonna talk about the last part first.
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In a discussion with a few of my coaches,
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they have been analyzing outsourced Facebook versus
15:46
you doing it from your own IP, right?
15:49
And guess what, from your own IP, you get better response,
15:52
more interaction, you show up in the news feeds faster
15:55
than some of these houses that are doing it for you.
15:59
Do your own research and check it out.
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Our research says it’s always infinitely better
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from your own IP, from your phone, from your laptop
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that’s associated with that Facebook account,
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that Instagram account, et cetera.
16:10
Do your research.
16:12
In terms of investment, be really clear.
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Most of our clients are between ten to fifteen percent
16:17
of their projected gross revenues, right,
16:20
their projected gross revenues on all things marketing.
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Now that’s, swag, a business card, a flyer, a brochure,
16:27
their website, their Facebook ads, their email marketing
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association, like it’s everything.
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I say for Facebook right now, it’s really about two things.
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Brand awareness, and lead generation.
16:40
So brand awareness, if I’m putting out content, which you
16:43
should be doing on Facebook and Insta and Twitter and
16:45
everything else, and I do something, la la la la la,
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and it gets a really good response early,
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I’m gonna spend a few bones to boost it.
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We used to talk about unicorns versus donkeys.
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Not all of your content’s gonna be great.
16:58
So if it’s a donkey, don’t spend any money there.
17:01
But if it gets traction and interaction and engagement,
17:04
spend some money and boost it to more people like that,
17:07
that’s a good idea, I think it’s about one percent.
17:10
One of your ten to fifteen towards all things Facebook
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for boosting, for promoting that content,
17:17
as well as for advertising for future sellers.
17:19
Most of my clients will tell you today, Facebook doing
17:23
this advertising is the ultimate degree of separation,
17:26
it’s what makes them stand out, it’s a big part of the
17:29
differentiating factor for them.
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They’re working all these different lead sources,
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but guess what, when people are spending eight hours a day,
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12, 15, 16 hours a day on this device, and you’re
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consistently in the news feed, bringing them value,
17:42
not just promoting a listing,
17:43
(snaps)
17:44
That is a game-changer.
17:45
So one percent, that would be my number.
17:47
All right, ask yourself this question.
17:49
I just went through all this Q and A, what other
17:52
questions do you have, whether it’s on Facebook or Twitter,
17:54
on my YouTube channel, let us know because we wanna
17:56
keep bringing you the value that is really important to you.
18:00
The questions or the strategies that you need
18:02
to grow your business, to shave off the learning curve,
18:06
and ultimately build it by design.
18:08
So let me know, let me know, let me know.
18:09
And if you share this with a couple buddies,
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I’d always appreciate it.
18:12
Thanks so much, I’ll look forward
18:13
to seeing you in the comments.
18:14
Remember always, your strategy matters, and now more
18:16
than ever, your ability to execute, that’s what rules.
18:19
See ya soon.
18:20
Hey, it’s coach Tom Ferry.
18:22
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18:24
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