http://bit.ly/fBYA3X
Thanks to Tech Savy Agent for sharing:
Coldwell Banker Generation Blue, Matthew Ferrara, Mike Ferry, old school vs new school, presentation, Real Estate, Video
Posted in Featured Video, Social Media, Video, Video Favorites
There is an obvious rift in the real estate population between the more traditional sales coach approach to generating business now and the new media marketing angle of cultivating relationships via the web. Click here to watch on a mobile device.
This was made as clear as it has been for me after watching Mike Ferry and Matthew Ferrara at the Coldwell Banker Generation Blue Conference have a “smackdown” debate about what method will generate real business or as many say(my least favorite word btw) deals.
What are a few of your takeaways from Mike’s talk? I was really impressed with his presentation as someone who sees a lot, his humor and stage presence are undeniable. My only fundamental disagreement is that it seems he dismisses the people that are connecting via the social platforms as not real people or opportunities. The social graph is a marketers dream and if pounding the phones is the approach that you are going to use I think the access to information about people’s real life makes the calls convert at a higher rate. If someone tapped you on the shoulder before you made a call and said I know that ladies husband, they are really into their kids sports activities(soccer and track) and their son just got his first car(a Camry) you wouldn’t make a better call? Just saying.
Matthew really hit on some of the unarguable shifts in where people prefer to communicate including text and social. He was also dead on in my opinion regarding cultivating relationships not just turning and burning leads. It was my first chance to see Matthew speak and having to follow Mike who had the crowd, he was very compelling.
There is a fine medium. It should be and is the goal of many in this space to improve the consumer experience of buying or selling and to raise the bar in a distrusted industry. Mike Ferry raises the relevant question of can agents afford to not be sales people?
Really hoping this “debate” carries over into the comments below.
Related posts:
50 Social Media Tools Live
Wise Agent CRM for Real Estate – Social Media and Facebook Integration
Weatherproofing Your Social Media Efforts
New Features in Top Producer 8i – Social Media Integration!
Tom Ferry 1 on 1 with Tech Savvy Agent: Life By Design
What do you think?
New Posts
Posts
March 15, 2011 at 11:53 pm
Chris,
Stop me if you’ve heard this one before: http://p1fran.com/2010/11/what-becomes-of-the-broken-hearted/.
Best,
Michael
March 16, 2011 at 12:11 am
Chris,
Here’s my take. Mike Ferry’s clients are mostly old schoolers… he’s telling them exactly what they want to hear! “You’ll be okay if you don’t change with the market!” While it is good for his business… it’s not good for his coaching clients!
There’s a book called “Who Moved My Cheese”… there’s a follow up book called, “Who Moved My Mouse”! Unfortunately Mike is teaching his clients not to bother looking for the cheese, or for the cat that’s looking for you!
The “other” Chris
March 16, 2011 at 12:16 am
Not finished watching all of it yet, but I just want to say that the job of a sales person is to SELL.
Yes, talking to people is a huge part of the job, but “how” we talk to people is the huge shift (Get it, “Shift”).
Ok, back to the video now and I’ll be able to concentrate since I’m not thinking about my comment :0)
As always Chris, great job. Rest up.
March 16, 2011 at 12:20 am
I heard the same type of talk as Mike Ferry from the Floyd Wickman people. They also totally discounted social networking. The trainer asked the class who has made money off of social media, and me and a few others raised our hands. He said, see only a few, however the average age of the people there was probably 60 and most of that room was hardly making any income. I think there needs to be a blend of old and new types of ways to create leads. My I believe strongly in social networking, blogs, to setup the ‘belly to belly’ time.
March 16, 2011 at 12:26 am
It’s a real shame they let the fight go on through all the carnage! Matthew Ferrara won by Tech-Knock Out early in the 1st round! The rest of the time was a shame to see Mike Ferry back-stepping & holding the ropes. Perfect example to prove Matt’s punch: I had an old friend I haven’t seen in 20+ years call me last week. He found me on Facebook. As it turns out, he’s a developer now & I own a brokerage. We got to talking & he just got approvals for a $14Million project he’s interested in me listing because he likes some of the things I do with technology that nobody else he’s spoken with has a clue about. If he tried to call me on my home phone, he never would’ve found me. I don’t have one. Matthew Ferrara holds the belt!
March 16, 2011 at 1:44 am
Why can’t we have both???
I went door knocking this morning, around a just listed. I had really great face time, one on one with people, which is more instantly personal than any ‘personal’ contact you are trying to establish online or through social media. I only go door knocking a couple of hours – I may go for up to 3…. It works! It has been proven to work.
Now on the other hand, I also blog, vlog, FB, and Tweet. I have made great contacts that way, too. I can do that in the afternoon, after I do my ‘Mike Ferry’ stuff.
Social Media is about being recognized and then compelling the buyer or seller to call you because of the authority/expertise/knowledge you convey – but it is passive, it is about ‘being recognized’. With Mike Ferry’s techniques, it is about going out and ASKING for the business, not just waiting to be recognized.
Social Media is about casting a wide net to “catch” your clients, Mike Ferry is about jumping into the sea to grab them. Both work, as long as you do it – consistently!
March 16, 2011 at 1:48 am
They both have valid points. I haven’t seen anyone weigh in on the type of market you are working in though. If you specialize perhaps in the ‘SRES’ type of category, then perhaps Mike’s methods may be more viable for quicker business. However, if you are going after the first time buyer or younger crowd, I believe you had better be conversant in the SM world. I thought their best point was why can’t Realtors be utilizing both methods. I’d be willing to bet that the folks doing the most production are using a combination of both of these as well as many other different types of marketing. But that’s just my opinion.
March 16, 2011 at 3:47 am
I think what Mike is really trying to say is we need to be MORE aggressive in regard to talking to people, don’t just sit behind your computer. I also agree with Matt, look at every option to contact someone.
March 16, 2011 at 3:48 am
I’m entering my real estate career at 40, after having owned (and recently sold) a successful e-commerce venture for a few years. Obviously, I have ooodles of social media (SM) experience. I have found that while YES, it does work, it will not work nearly as effectively in Real Estate. In fact, I feel it can take MUCH longer to build trust online than in person – not to mention, holding someone’s attention.
I find that no matter the age, many people tune-out most of what they see online as simply “yip yap” – which is probably best. Yes… they may in fact interview with an agent they ‘met’ through SM, but they’ll eventually get down to “real” business. In other words, no matter the method of contact, most agents will be on an equal playing field when sitting with the potential client/customer for the first time.
I highly doubt that even the youngest, most “tech savvy” buyer/seller is going to expect anything less than the utmost professionalism from their agent. Anyone relying solely on SM is going to be missing a lot of opportunities, just the same as someone relying solely on any other method – old school or not. Finding a good mix is best.
March 16, 2011 at 3:49 am
I’ve known of Mike Ferry since the early 2000′s and he’s always preached the “turn and burn” philosophy. This method has made him and a lot of his clients a ton of money.
I’ve known of Matthew since 2009 and he takes a more “futuristic” approach to business which is making him and some of his clients some good money.
While I feel there is still room for both methods today, I really believe the consumer will dictate how they want to interact and work with an agent in the near future. And all indications point to Matthew’s FUTURE.
March 16, 2011 at 3:51 am
Love hearing this debate, I hear it around the office all the time!
Thanks for sharing, Chris. However agents want to cultivate meaningful relationships is just fine, but it has never been easier or more accessible to do than on social media outlets.
We are all salespeople, why else would we be in real estate? We just go about building relationships and maintain them differently.
March 16, 2011 at 3:59 am
I have successfully following Mike Ferry’s plan and was in his one-on-one coaching program. My take is that it boils down to two main things: create a business plan and have someone hold you accountable to that plan. However you choose to find clients, you must be consistent and you must do it! That is where most agents fail. I think social media can be a huge trap of “busyness.” Monitoring and commenting is a huge time suck and if you are not careful can take away from actually finding people who are ready to do business. Mike Ferry makes you concentrate on people who are ready right now. You don’t throw out ones who aren’t but he doesn’t let you get away with any delusions by counting people who really aren’t ready to do something. The facts are that the world is moving online and if you want to compete you have to be there but that doesn’t mean “old school” methods should be thrown out.
March 16, 2011 at 4:00 am
I love watching Mike Ferry – he is so cool.
I think that there is room for both. In our office we have agents that use all the latest technology tools and are heavy into social media. Some are very productive agents. On the other hand, I would say that the vast majority of top producing agents in our office are not very “tech savvy” (yet). I don’t think there is a magic bullet or any one way to market a listing or expand your sphere of influence. I am a big proponent of technology but I see the value in traditional salesmanship as well. I think conversations like this are very good for everyone.
March 16, 2011 at 4:16 am
I have always done business thru online marketing and referrals. It was only recently that I heard of Mike Ferry.
He is just a great salesman, I worked with ‘salesmen’ for many years when I was a kid as assistant to a VP in the Patio Sales biz. Most of these guys didn’t even know how to turn a computer on! But they were really good with people.
One day I asked the sales manager about selling for him one day, he looked me in the eye and said, “You are not salesman material, you should stick to your computer ‘stuff’”
Sales people have always felt this way about Tech Savvy People.
In my opinion, Mike Ferry helps people like me to break out of our shells and get the confidence to get NOW business. It has helped me tremendously, for example I went out today and I met 1 good prospect. My prospecting partner got a listing appointment for tomorrow and we were only out for only 2 hours! So this is not about new or old school… it’s about people and personalities. I recommend us Tech Savvy agents learn and try to adapt Mike Ferry Coaching into our business so we can excel in this business.
Thank you for letting me share my opinion.
March 16, 2011 at 4:23 am
Either way, it’s a bridge…online > press the flesh and offline > virtual as well. Be where the prospects are & “feed” them whatever info they’re looking to consume in whatever spoonful of sugar makes their medicine go down.
March 16, 2011 at 4:25 am
I am so glad I am confortable in using both the old school and new school methods of real esate marketing. The future is now. Pick up the phone, make the calls, set the appointments, and spy on them via the social network. Social networks have made it easier for me to time the market, attract new clients via content and enagement instead of a property. But it doesnt matter how the point of sale is generated. What matters is how well you take care of your clients and how you convert your face to face interactions into closed sales.
March 16, 2011 at 5:26 am
I think that a combination of Mike’s door knocking and adding in the tech is what will work best. As an agent I was trained by a Mike Ferry coach and know it works well, but I do think that today’s technology plays a major roll in real estate today. Too many of the old school real estate people are totally overlooking how powerful social media is.
March 16, 2011 at 5:30 am
I am definitely not old school, most of my clients communicate via text, pm on FB and email, whether they are in early phase or in escrow. I would not discount building personal relationship and normal networking method to gain business but social media or web 2.0 is undeniably the next generation business model. Think back 15 years back, did pager phenomenon stopped the way it reinvented the way we communicate now? I would say same thing with how we market to client. I like to think web 2.0 is working smart but to each it’s own but as for me- Matt ruled! Peace!
March 16, 2011 at 6:06 am
Chris- There are many points I could debate but I will stick to a couple. Mike seems to feel like everyone needs to make money today and his tactics will make an agent money TODAY! Of course that would be nice but I am sure the real estate industry is not a hustle or flip cup so the transaction takes time and relationships need to be cultivated. This takes time and the more we know about our consumer, the better we can serve them.
I just feel that Mike does not have a consumer centric approach. It is all about ME, ME, ME and what is best for me to make a Buck TODAY! Consumers are more informed today and I feel this type of approach will be the demise of like minded REALTORS. I also get an image in my mind of a “Used Car Salesman.” I am a salesman but my concern lies with my client and his/her needs; not my mortgage which is due or a new car I want to buy.
I like them both but I agree more with Matthew than Mike. I am not a Top Producer but I am climbing up that ladder but most importantly, I am building relationships which will yield me business today and tomorrow.
March 16, 2011 at 11:16 am
I think that both Matt and Mike have valid points. The most important point is “how do our clients and customers want us to communicate with them”? Social media is a very important form of communication but so isn’t the face to face interaction. We are all in sales but we are also in building relationships. Whichever method we choose to accomplish that is what makes a real estate agent successful.
We need a blend of all of it.
March 16, 2011 at 11:34 am
In real estate you need to cultivate and maintain relationships – social media is a great tool for that. You also have to adapt to the communication style of your client…. many people are much more comfortable and more likely to respond to you on a social media platform. #justsayin
March 16, 2011 at 3:23 pm
It all depends on what your goal is… Do you want to do 150+ trans per year? Facebook and twitter will NOT get you there… You have to be on the phone all day everyday. Social media is great to stay in touch with past clients and let them know about upcoming events and discounts you may be able to offer but i still think most people want the aggressive realtor who SELLS homes… Out of all the agents in az that are over $750k gci my team included, none of us got here via social…..
March 16, 2011 at 3:29 pm
Thoughtful comments. Didn’t read them all but agree with Brian, Kevin, Yalda and Ron. My market is dominated by old school agents with many who still resist all forms of social media. Some have jumped on the bandwagon and are making it work with a combination of both and continue to be successful. I have been in the business for two years now and feel a little battered with info from both sides. Are Open houses a waste of time or a great way to meet new buyers? Should you spend your time chasing FSBO’s and expired listings or listening to 20 and 30 somethings on twitter and facebook? I agree that a combination of both is needed to succeed. I have not received any direct business from Social Media but have definitely expanded my sphere. Shared great info and learned a lot about my colleagues and peers by listening. My take is if you are new to the business and have embraced social media but haven’t given up on the old school ways it just takes a little longer to build momentum than it use to. My focus is and has been building relationships. Offering value, being helpful, giving the gift of time and then asking for business.