Hey, welcome fellow listing agents. Bob Mandel, the listing coach here with this week's episode of the If You List Your Last podcast. Now, as always, thanks for listening, sharing, and downloading. On this podcast, you're going to listen in to one of my coaching calls where I laid out what I refer to as your cash flow score.
Now, the concept is simple. Are your daily and weekly activities going to create cash flow for you or not? Now what I share on this call is just a small sample of the activities agents can or should be doing. So grab a pen and paper and score yourself as I go through this. And just a reminder before we get started, make sure you join our Real Estate Asset Advisor Facebook group.
So you can join in on the conversation, share your thoughts, comments, or questions on any of the topics I discuss right here on the podcast. And as always, you can always feel free to connect with me. So go ahead, grab a cup of coffee, a pen and a paper, settle in, and let's get to it.
Here's the question for you. If you don't talk with anybody, where will your business come from?
I'm not talking about necessarily cold calling. I'm just saying if you don't talk with anyone, where's your business going to come from? And then the question becomes what do you do all day? What do you do all week? So I said what if I put a list of things together? That could make it a longer list.
And every week you gave yourself a score. And the score that you end up with is going to be how likely are you to have a transaction in the next 30 to 60 days.
So here we go, you ready? 1 to 10. Who sent their database and posted their deal of the week? If you did, get a 10. If you didn't, it's a 0. There's no in between. You can't go, I'm going to give myself a 5 because I thought about doing it, but I didn't.
Who sent out and posted a what's happening in your area newsletter to your database and then posted it in their social media to give them a link?
Who sent out an offer to their database to send out one or two of your custom Home Boss or EquityMax books?
Who sent out an offer to their database To give somebody a copy of the Home Boss book, which I forget, Marissa, do you remember what we titled it? Something like the Realtor Hacks When Selling Your Home or something like that. We came up with something a little bit more creative lately, but Yeah, it's linked within the Equity Max box in CREA.
And so same thing, the Mortgage Hack to Save 100, 000. Do you think anybody in your database would want that? Do you think anybody that follows you on social media would want it? So 1 to 10, who reached out to 50 agents last week asking to connect for referrals? And then if they said yes, did you set them up on your deal of the week emails, your weekly newsletter?
Did you maybe offer to send them out two books? Hey, here's what I do for my clients. This way when you reaffirm, you know you're in good hands. 1 to 10. 1 or a 10, right? 0 or a 10. Okay. Yeah, the good news is on a lot of this, there's not really a mid level point. I'm gonna give you one. This could be a mid level one.
You could actually give yourself a 5. Who created and posted at least one video and or reel last week? Here's where you could give yourself a 5. Hey, I started it, but it's being edited. Or, I'm working on editing it.
Who created targeting landing pages and posted it on your social media and sent it out to your database things like hey golf course homes or homes on the water or You know Downsizing any of that.
Did you attend an rea? You know an reia meeting an investor meeting or a networking event?
All right. So what did all of those have in common
doing something? Yeah all that's true. What else in front of potential clients? Yep. What else? Possibility of actually making money. What else? Yep, all true. Conversation. How much does it cost to do any of that? Zero. Nine. So when people tell me I'm really struggling.
So just that part, put your score in the chat box for me. So you just had seven questions, right?
That's good. 20. So put it in there while I finish that. So I wanted to do that first because the one thing they all had in common was they were all free. There's absolutely no excuse for not being able to do that, is there? My God, Bob, you don't understand.
I hate cold calling and I don't have any money. Got it. Did any of that involve cold calling? Nope. All of it was free.
I got a lady that called me off my LinkedIn from posting as much as I've been posting to it as a buyer. There you go. On Saturday first one. The key to doing that is not to do it last week, right? I've been doing it for months. Months. So what I'm gonna do with this is I'm gonna take this little list and I'm gonna post it in the Facebook page when we're done so that you have it, because what if you started scoring yourself every week?
Good idea. Because if, let's say you did these things over the next. 60 days and you averaged, I don't know, call it a 50 or 60 percent score. What that means is you get a 50 to 60 percent likelihood of having cash flow in the next 30 days. But this isn't one week and you're a hero, right? You have a database.
Those people may or may not remember you because you're not doing anything consistently. Do you think just because they're getting a deal of the week or any of that stuff that suddenly they're gonna go, oh yeah, I gotta call them. No, they gotta see it consistently. All right, next. This is also free.
Who made sphere of influence, FSBO expired, circle prospecting, probate or absentee owner calls? 1 to 10. Now there's a place in here where you could do like 3 or 4. I did make a couple. 1 to 10. How many business owners did you talk to about adding to your business referral Rolodex? Let's make this simple.
This is just your movers, your handyman, your landscaper, your window cleaner, your maid services.
Your insurance agents all that
one to ten
now, what do all these activities have in common you're making connections And hopefully we'll get referrals. Yeah, what else are you getting in front of people and having conversations? Yeah, what else? Also free
you got the call issue. So if you say like Chris or Tom or whatever, I'm okay It doesn't matter to me. He's doing something else to get business to talk to somebody But if you're not talking to anybody, how do you get business the next one? How many equity boxes did you send out last week to your sphere of influence?
Remember people had bought their house three to five years ago that are going to be more likely to do that Maybe they were a younger couple Maybe started having kids or maybe they were an older couple
Do you know what the average age of the first time homebuyer is right now? 36 or 7? 48. 43. 43. Okay. Great. The average age of a home seller last year was 61. When they were living in their parents basement, for Some of those things. Yep. But if you've got people that you sold a house to three to five years ago, are those good people to get that equity box out to?
Now, what does that have? What does that, that, that has a cost to it, right?
Hostage. So here's my question. How long would it take you to do all that in a week? Like those 10 things, there's 10 things there. How long would that take you to do?
What do you guys think? For me, it would be a full time job. 40 hours a week. All right. How about the rest of you?
Ready? That much time or get a night? I'm ready to go. Say it again.
How many hours, guys? 15. Yeah, I don't have an answer for it. Each person's gonna be a little different.
Here's another question. Could most of that be done by an ISA? Quite a bit. So no real excuse, right? So here's the next question. What did you actually do last week?
That would consistently generate more business than doing that.
Like what'd you do all week? That would be my question. You don't have to answer that.
So now add all those up and punch in your score. And then for those of you guys getting divorce leads, how many equity boxes did you send? Did you send a what's happening newsletter to them or a deal of the week or do any circle prospecting calls? Or send out a divorce lawyer letter, right? So we gave you those.
How many of those did you do and what would happen if you did? And then if you're doing all those other things, like what if you went and Facebook friended those people?
So only one of you gave me your total score. Sorry. I had a phone call, Bob. So all it is guys, whatever that score is. You know based on that your likelihood for more cash flow is not great because you're not Talking to enough people. So what do you have to do kim? They come with them They're already on them if they're available, they're on them or they're on the sheet
So what else do we do? I notice you guys don't want to put that total number in there Do we guys it doesn't matter to me? It's you it's your cash flow, but here's the deal Do you think people are magically going to fall out of the trees to work with you? So Freddy
took a new listing for 400 and you sold a 1. 06 million. Yes, sir. My goodness, man. That's awesome. Congrats. I just wanted to add one other comment. The nice thing about the million dollar listing with Ryan Reed, who you remember? I do. That was the fifth deal I did with him. But the exciting part was it was a VA assumable loan.
I'm telling you, the guy was ecstatic as he should, and the other comment I'll make on is in both of those transactions, one of the parties was being shall I say disrupted by the federal government job changes? Yeah. The million dollar purchase was. For a government person that was selling their house because they had to move.
One place else. Is that going to have an impact in the, it's called, everybody there calls it the DMV area. Will that have an impact? Oh it's definitely having an impact now. Say hell yeah. I I think it's going to be huge. It will be huge. Is that a horrible thing though, guys? What do you think?
Heck no. It's the first time they've ever had that issue and I love it. They finally see reality. So what'll happen though? Those people will have to go get private sector jobs, right? Yeah. What does that do for the economy? It's going to be beneficial. Because a private sector job adds income. What does a government job do?
It drains. It costs. Yeah, they have money to spend and all that stuff. But guys, I don't care what you think politically. What I've gotten out of all this stuff, the amount of fraud and corruption that's getting uncovered is ridiculous. Long term, that's a benefit. It'll also, if it cuts the deficit, it will lower interest rates.
Does that mean that in Fred's market and Stacy's market, they're in the same market, that's not going to be a ball buster for the next year or two. It is. And I think the other thing other folks in different areas should do is they're also going to decentralize government agencies out to new locations.
Like I know Atlanta is scheduled to get a bucket load of people. And also and I don't know how this plays. They're gonna sell off about 18, 000 federal buildings, right? Thank God. So it's so there, there's all kinds of ramifications to that stuff, folks. Certainly there's some pain point, but there's also a lot of benefit.
If they move people from Washington, DC to Atlanta and they own homes, what do they have to do? Sell the house in dc. That's actually a good thing for that market. Then they're gonna move to Atlanta. They're probably gonna buy another one, 'cause they're gonna find the housing is a lot less expensive in Atlanta.
All that requires activity. Now there's going to be a lot of government jobs lost in that area, but you've also heard, hey, we're going to bring shipbuilding back to the U. S. Fred, what would shipbuilding do for the state of Virginia? Oh, down in Hampton Roads in Chesapeake, Lower Chesapeake, it'll be an explosion of business.
Literally an explosion. The point in all this stuff, guys, yeah, there's gonna be a short term pain, make no mistake. But there's business there. And if you'll start getting out and talking to people now and start doing those things. Those were just ten simple things I came up with. To say, if you did that,
just that. What would happen?
So i'm gonna just post that thing it's not miraculous and then you know, I have a We're not calling it a business plan anymore. It's really a business design and it's not a it's just not a I don't want to use the term business plan. It's what's your production strategy? Hey guys, this isn't magic Like people aren't going to fall out of the trees and come and find you.
Use the term business model, Bob, right? This model, but here's what I want you guys all to do. Cause I'm going to have you read it next week. And if you wimp out and say, oh, I'm not coming next week. I'm going to just call it. It could be a paragraph, it could be a couple of sentences, it could be, it doesn't have to be long, but if I said to you, what would you you had no obstacle, you could create whatever real estate business you wanted, what would that look like?
What's your dream? I don't care what it is. Some people could say a million a year, some people could say 200, 000 a year. I don't care. What's your dream? Your dream, not mine. Go ahead, Jer.
I was saying the one I'm building now. What would that look like? Or what's that going to look like when you're done? It's going to look like it. I have about a half a dozen generals duplicating the home boss system throughout the United States and having massive open houses across the United States about, I would probably say eight to 10 open houses every single weekend throughout the United States using home boss.
That's what it's going to be like. And then what kind of income will that generate for you? I have a, I have a four tier model that I'm hitting and I'm in tier two right now. So once it hits tier, tier three, just on the commission referral, it'll be about 1. 2 million. And then when it hits tier three, it'll go up to 1.
7. And then when it hits tier. For it'll be about 2 million a year just off a real estate commission before any revenue share on those agents work in the open houses. And then what are you going to do with that money? You already know what I'm going to do with that. I know, but they don't. That's the point guys.
This is what the dream business is. Everybody says I want more money. What the hell are you going to do? What's the money going to buy you?
It's going to basically a portion of that is to help, the less unfortunate that my, my wife and I help. In other countries, it's going to help, my grandkids colleges and way of life. It's going to be, a generational thing, right? And that's why I appreciate you doing this because I want you guys to understand like what is that?
Hey, it's great to say I want to do x number of transactions and I want to make that much money. Great What's the money going to do for you? You're going to travel you're going to worry less You can finally start day trading you can start investing in real estate. Whatever it is. I don't care. It's you I want to go lay in a hammock on Maui.
What are you going to do with the money? The business that you're building, what's it going to give you?
Whatever that is for you. If you're not clear on that, will you ever really actually hit anything? So what we're going to start with is tell me what your dream business looks like. Then I'll tell you how to build it and scale it. But if you don't know what it is, it doesn't matter. If you're not like excited about what it is Or why I'm doing something like can we all agree if you actually absolutely hate what you're doing Are you ever going to be really successful at it?
So if you're going to be able to take and have a business because you're all self employed Why not have the business that you would dream about?
Like logical, right? When you think that through.
So I want you to write whatever that is, and then you can tell me, and then we'll start that path about what you do. But the number one thing, folks, it all starts with having to talk to somebody. There's no magic to this.
So that's your homework for next week. Hey, Bob, one thought I came up with was my average price point has been in the 450, 500 for years. I really enjoyed selling this million dollar house. Yes. One of the things that we talked about, and I'll be honest with you guys, I've been sick for a couple weeks now.
I know I've talked to Frank, and I've talked to Jerry and stuff. And we talked about the luxury side of the business. Isn't it logical? If I want to make more money, I can do a couple things. I can work harder and do more deals, or I could do more expensive deals and make more money.
Why wouldn't we do that? Why wouldn't we explore that? So it's one of the things you're going to hear me talking about. I'm actually recording another module for luxury. And guys like just so you know, I know there's a few people that aren't an exp here But the luxury program that we have is like bad ass
All you guys I couldn't do luxury and I wouldn't know what to do and I wouldn't Jerry, is there any reason for anybody to say that anymore frank? You're are you still here? Any reason somebody should say, Oh my gosh, I don't know anything about luxury. And I can't do that. Everyone should be in the luxury program.
It just makes it so much easier to get a listing with one boss. It's just, there are two more tools in the toolbox. Yeah. And Frank and I talked, I think it was last week. me here. But home o option for people like th listing that he had was h option for it? Probably n a 14 day thing because it
Who cares? But guess what? He had it in his toolbox to talk about to be able to give people the options.
So all that's there, why not just up the game?
Now, Frank, would it be reasonable to say, Jerry you could answer this too, if you were used to working on say 300, 000 houses and all of a sudden you went to million and a half, two million. Would it be safe to say you're going to have to up your skills?
Yeah, that's it guys want to make more money up your skills This is not rocket science
and then one jerry got a bunch of jerry's on here So bruce roth, are you on here?
Doesn't sound like it. So luxury is another huge one guys and fred What's the commission on that luxury one? Is it three? Three. Yes, 1. 06 million boy that's just terrible that you guys will have to take in cash that kind of check. That's just horrible the other side of it was interesting is the listing agent called me up and wanted to know if I could cut my commission to make the deal work and the guy is very nice.
Don't get me wrong. But I said, Tom, I just don't see why we have to do that. My guy's got the money. I have the buyer and they're happy. Ma. Matter of fact, Brian, when I told him this, he said, tell the sellers the commission to the buyer is not negotiable. I love that guy
And he is got two sons. . Yeah. Hey guys, listen, the reason I can say I love that guy, we sold two, three homes for him. Fred referred him to Michelle. Sold the guy's dad's house. His mom's house in a plot of land for him here in Arizona. I bought and sold two houses for him back east. This is the third. And Fred, got referral fees on all that.
It's not a hard business. We just need to be smarter about it
like you're saying before about everyone really just needs to start focusing on higher price points You do less business. It's the same amount of work, right? When I first started in real estate, I was with a co owned banker and I had a mentor and she told me, you got to find your sweet spot, what people you work best with.
And she's I work with 250 to 300, 000. And she's I can sell those houses all day long. And I'm thinking, yeah, you have to make any money. And folks, there's nothing wrong. It's just whatever people want to do. But my question is why work harder, especially if we want to make a million bucks You're gonna get there a lot faster selling a million or two million dollar house than you will sell them 250 or 300 whatever luxury is in your market, right like in wichita Shoot 750 is probably considered luxury here
But you could sell in wichita, you could you can get a house for 85 90 000 bucks Which one do you want to work 85 90 750 750 is a condo here I know 750 is the casita and a shitty one. So good news is guys. There's a lot of good news coming There's a lot of good stuff coming from exp too there's some stuff I can't tell you about, but it's very cool.
And we'll go from there. We're going to talk about how we can produce more, and grow that revenue. What's the best kind of income, guys? Anybody know?
Referrals or from your passive. Referrals are good. Passive is better. Tax free even better. Tax free passive would be even better.
Alright folks, that's it. I will talk to you next week. Dream statements next week. I'll post this thing, I'll put it in a word format. And I'll post it in the Facebook group for you. Download it. And again, that's not like an all inclusive list. Hey Bob, I want to do this or I want to do this. I just put that together real quick just to prove the point.
Like guys, if you're not going to cold call, it's not the end of the world, but then you better be doing some other things. And if you don't have money to spend none of that requires income. So you better be doing those things and you better get out and talk to people. You better go sit in a restaurant or a Starbucks or whatever, and work and whatever.
Start calling your past clients. Like those should be easy calls.
But it all starts with you got to talk to people. There's no way around it
that's it for this week's show. I hope it helps. We'll talk to you next week. And remember, if you list, you last.
