How to 30 Listings in 30 Days - Dominate the Shifting Real Estate Market with Hoss Pratt (Part II)

What's up, Real estate Business builders? This is Lars Hedinborg, founder, Real Estate B School. This is part two. So if you're just coming into the podcast now, go back at least one episode. This is Hoss Pratt, who I've known for probably a decade. He's known for his 30 listings in 30 days and he just brought it. Everything he stands for is relevant for what we're going through right now. So using unique selling propositions, using performance guarantee and satisfaction guarantees, and like everything he taught us during these two sessions were totally powerful and you don't want to miss it. If you haven't grabbed a free copy of the Real Estate Business Growth Navigator, this is a free report that I put together that details the six distinct stages of growth in a real estate business. Go to realestate Business growth dot com, that's realestatebusinessgrowth dot com. Enjoy part two. And if you're just coming into the podcast now, you want to go back like 12 episodes because all the speakers we had and this was a members only event, but all the speakers were awesome. So enjoy part two and we'll talk to you guys soon.

You can buy a thousand quality leads of sellers, but you still gotta call them. You can run a face fancy Facebook funnel ad campaign, you know, that works and attracts traffic. But at the end of the, at the end of the funnel, all roads lead to the phone. So don't avoid the phone. Use the phone as a way to be able to maximize your time. Here's some 21 target markets. Feel free to take a look at that. Which markets are you going to dominate? What markets are you going to target? Here's what I did my first year. I went my first year, as I told you, all of my business came from for sale by owners, all of it. I remember there was a guy that in my real estate office, he said, I pull in and he had five rap comers. And this guy was a top agent. His name's Mike Reese. A lot of you guys may know Mike, good friend of mine. Now I pull into the, pull into the office and I see his spy graph timbers. I'm like, what? And he has this picture on the side of him. He looked young. I mean, and I was like 21 or 2 at the time. I go to my broker, I'm like, who is that? She goes, that's Mike Reese. His office is right down there. And I walk up to his office, I go, what are you doing to get all this business? And he looks at me and he goes, you Ever heard of for sale by owners? I go, yeah, I've heard of them. He goes, well, you know, there's services that will send you every day. All the for sale by owners that come up in the market overnight. I go, I've never heard of such a thing. He goes, yeah. And he gave me the name. I went, I went home, got the service, took my first listing that day, second day, took my second. The rest is history. All of what? That's why the riches are in the niches. So you, you want to find the niche that you can go because you can control your actions in time versus waiting for people to come to you. We're going to people for sale by owners is was my first niche. And I love Fizz Books, I love expireds. There's going to be more and more expired listings coming on the market, off the market. They're going to need your help. People who are 30 days late, 60 days late, 90 days late on their mortgage, those people are going to need your help. Probate leads, people going through the probate process. So find your niche, pick the one and go dominate it. And here's what you're going to do. You're going to put these people, you're going to acquire the data, right? So like think about their name, address, phone number, and you're going to put them on a campaign. You can see this is like an example expired campaign. One thing that I want my campaign to do is I want it to text. I want it to trigger a text throughout the campaign that doesn't require me to send it, but the system is so when they reply, I can pick up. And it's forced prospecting. So the CRM that you use needs to leverage technology in a way that you can use texting in the campaign and you can take those people into a one on one conversation. And this is an example of a campaign. This one campaign right here has made a lot of agents a lot of money because now they know what to do, they know what to say, they know how to do it. And this is what is missing from a lot of people's business. They don't have leads on campaigns. Therefore the most important things in their business don't happen. Here's what doesn't happen. A conversation. This is all we're doing is having a conversation with prospective buyers, sellers, investors. And in that conversation, here's what it is. I want you to think like the doctor. You're the doctor. Doctor rolls in, he's got a stethoscope on, got his robe on, he's already the authority. Already instant respect. Because we're taught from a young age to respect authority. So we want to be the authority. We want to be seen as the doctor. We walk into the room, what's the doctor do? Doctor starts asking questions. We what hurts? How long's it, how long's it been hurting? Where is it at?

Does this hurt?

Does that hurt? Taking any of this, taking any of that, Asking questions to find what the pain, Try to find the pain. And here's what he does. He pulls out after he asked a dozen questions and he says, oh, you need the 89 point marketing plan that sells homes fast for the most amount of money. Oh, you need the certified pre owned program to sell. See, this is what the marketing arsenal gives us, a prescription pad that are the solutions to the pain that we identify in the conversation after a series of questions. So this conversation is simply a series of questions like if you were to hear me on the phone, call a FSBO call, an expired call, a buyer lead sign call, I don't care. Here's what you're going to hear me do. Ask a dozen questions before I say any. Make a statement. I'm going to dig. I'm the doctor, I'm asking and I'm uncovering and this is all you got to do. Selling is nothing but asking questions to find the pain and provide solutions to the pain. And ideally those solutions have a unique name that gives us a message to say, so this will solve a lot of problems. And lastly, as I wrap up, I'll open it up for some questions. You know the part that you can control is, is taking action. It requires the work. But here's what happens is the skills get built. We you want to build the skills. The skills lead to the muscle and that muscle is what leads to the next level. So right now is a time to invest in that time. It's a season to invest in that time. It's a season to get back to the basics. It's a season to build relationships. It's a season to just buckle down and do the work. And, and that is what you're going to do if you especially dominate niches to thrive in a shifting market. So with that, Lars, I'll let you go ahead and take it from here. Open it up. We have time for some questions.

Yeah, let's, let's take advantage of the time that we have and get some questions. You know, just hearing you, you know, so coming out of, um, this is gonna probably date myself a little bit but 2007, I started with Proctor. Then I got introduced to, to your stuff and your stuff was like, this is the stuff that nobody had to do in the last two, two and a half years. Right. So everyone got away from and, and good agents that are on this call can't even answer the question, like, what makes you different? You know, what's, what's unique about? So. So it's sort of the basics of business. Unique selling proposition. Go spend a little bit more time on that. Because I think that's something that is like, monumentally powerful. That I think it's the main thing that will separate folks that can like double, triple, quadruple their business in the next two years to agents that are just going to, you know, like the brave soul that said it, like, I'm like every other agent. I'm just a little bit more friendly. You know, I'm going to out friend the other agent, which is kind of the strategy that we use as an industry. So talk about unique selling proposition, value proposition, and how, how you've used it effectively with, with listing boss folks.

You know, it's. It's funny because the one thing that I look for in marketing and is I am trying to solve a problem. I look for the, the name of it. I look for a way to package it and present it, and I look for it. And so. And everything has a name. Why? Because the name creates that interest in that powerful message. And you know where I learned this? I mean, this is. Yeah. Unique selling proposition. That's a word I haven't heard in a while. That's a, you know. Right. It's. But know that. Let's. Just the other day I had a client, loves dogs and her headshot. She has her dog, she has another partner. They love dogs. They have like these dog images as part of their brand. And I said, you know what you need? You need a dog program. And they're like, what do you mean, dog program? I go, you love dogs. You need to create a dog program. That's that you have, let's say, like, you know, adoption. Pet adoption. The services you have where people can, you know, if they find a dog or they're adopting a dog. You create this community around pet lovers and you call it something like, Charlotte loves Charlotte pet lovers. You see, Charlotte Pet lovers program. And we ad and we manage an adoption process. We're partnered with this person and that person. We have get your dog washed. Free grooming for a day, right? Saturday, bring your dog, get groomed. You have all these dog Programs and they're like light bulbs just going off. I'm like, that's what I mean is you want to. You love dogs. Let's go deeper. Let's name it something, let's call it something, let's, let's create, build relationships from it. You know, like take the certified pre owned home program. Yep. Like that, that includes inspectors, it includes partners and it includes different people that you can bring into it. Right. It includes appraisers, it includes different types of partners. So like when you have a unique program, it allows your partners to come together and it allows you to have the words to say. And I would just think like what, what are you trying to solve? What problem are you trying to solve? And what's the name of it? Just think like what's the name? It's always, you know, go ahead.

I remember when we added to our, our listing menu it was, you know, sort of the whatever plan. The whatever plan. And on the right is the plan that you don't want really anyone to take. It was 2497 upfront, 10% commission, certified pre owned. And then someone took it and you're like, wait, what?

We don't really do it all that.

Much but you're going to give us a check. So they prepay all the stuff. That's how we did it anyway, you know, 2497 up front. We're going to make sure your home is. And the analogy of the house is one thing, but when you give the analogy of a car, like I bought a car at auction and I bought a car from the dealer certified pre owned and the certified pre owned comes with a hefty price tag. But you felt comfortable buying a BMW from the BMW dealer and they give you the 12 month or whatever. And then you know, I bought a BMW from auction where the battery wasn't working. You know, it was totally trash, it hadn't been even cleaned yet. But it came cheaper and I had to do some of the repairs. So I think when you could speak to those analogies in those conversations, I think it's really, really powerful, you know.

Yeah, here's a good one because I get this one a lot. You know, I wrote this book is the book listing boss, this book. And you don't get. If you don't have this book, you go get it. But great book to read. You know, it encompasses a lot of what I'm talking about. By the way, can I tell them that Lars to get it on. You can get it on Amazon or listingbossbook.com. yeah.

A hundred percent.

Yeah. It's cheaper on listingbossbook.com but I know how Amazon works. You just pay the shipping and handling. But in there, I talk about different programs, and one program that I talk about that people implement that here the most is the smart seller program. So a smart seller program is something I created because I was going after FSBOs. And here's. I would get to the appointment and the FSBO would say, well, I just had Timmy, you know, come in with his mom and they. Yesterday, and they're supposed to be submitting an offer on Friday. So I'm not going to make any decision until Friday until I see what the offer is. Well, you know, that's. I've heard that story. The offer's never coming, you know, like, what can I do to get this person to take action? So I just created it. Smart seller program. The smart seller program allows you to sell the property yourself while it's listed with me. And if you sell it, you don't pay me a penny. The only way you. You would pay me is if I get the property sold before you. It comes with a menu of commission rates and no hassle presentation. Our smart seller program is loved by the Fizbos. So, like, why. Why do we. Why did we create it so we can say we have a smart seller program? Just think that way, y'.

All.

When you think that way, it changes everything. You'll quadruple your conversion. Yeah.

She asked the question, what are your top questions to ask that help find.

The pain, the whys, the hows, the what's, and the wins. So think the whys, the how's, the what's, and the whens are the power questions, you know, and. And those are what get people to open up. Here's what I will tell you, though. When you're asking the why's, the what's in the the wins and the hows, they're going to give you an answer, and then based on that answer, you're going to know what question to ask, because you're going to ask a question based on that answer. So think. Ask a question, get an answer. Ask a question based on that answer. Get another answer, ask another question based on that answer. And that's where the pain and the motivation is.

What did the different commission structures look like in the smart seller program?

0% if you sell the home yourself, 1% if you want me. If you do find a buyer and you procure the buyer and you want a licensed real estate agent, take you from contract to close. We will manage that process for you with old Timmy does bring the offer for 1% and then 5% if we represent you on the buy side and the sell side and 6% if another broker brings the buyer. Awesome. So you can sell your home for as little as 0%. You know, depending on what you're looking for is what we charge. Here's why you create the menu of commission rates. Because when you get the question what's your commission rate? How you answer that question. Like if you, if somebody, if you're on the phone and somebody says what's your commission rate? And you say 6%, did you lost? If you said 4%, you lost, there's nothing you can say to give them what they're looking for. So answer you agree, Lars? Right? Like answering that is like you can go bare bones low and still never good enough or high and you still lose.

And was it, is it your word tracking the flexible commission structure, how would you answer that question on the phone?

Which commission structure? I'll say, well we offer a menu of commission rate. So whatever you're looking for is what we charge. I'll go over everything with you at our appointment Thursday at 7:30. Well I want to know what your commission is for you come out here. I understand we have a menu of commission rates. Depending on what you're looking for is what we charge. I'll go over everything with you at our appointment. You see, you can ask the same question three times in a row. You can answer the same question the same way multiple times. Like an end. It's time to move on. We'll go over it at the appointment. So here's an example of asking the same question three times. Let's say I'm calling a FSBO. Hey FSBO. Hey Mr. FSBO. I see you're selling your home for sale by owner. Are you willing to pay a 3% co op if I brought you a qualified buyer? Uh, no, I, I, I wouldn't do that. Okay, so what question do I ask? Okay, so you're, you're telling me if I brought you a qualified buyer that wrote a healthy offer, you wouldn't pay 3%? No, I don't know. I may pay 2. So even if it a top dollar offer, you wouldn't pay three? Well maybe I guess with the top dollar offer, I pay 3. You always get a different answer every question you ask. And I'm going to and, and, and when you ask the same question again, it helps you maintain control of the conversation. And you must be in control of the conversation, because whoever's in control wins.

What's the psychology around the 0%? So we have a question. I think I know the answer, but the psychology of offering in the smart seller is 0% option. What's the psychology?

So I can sell. You can sell your home for as little as zero percent. Simply.

It never. It never happened. I. I ran your program for years In. In the.

In the. Well, it does happen if they procure the buyer. So let's say on like a smart seller program, let's say they go. Let's say Timmy brings the offer and he doesn't want me to represent him from contract to close, then it's 0%. He don't pay me anything.

Yeah, I remember.

That never happened to me, though. No, it never happened.

So as agents, we get worried. Like, I don't want to sell a bunch of houses for 0%, but the requirement is, like, you listed an MLS and it's your son in New York.

Yes. Yeah. Yeah. And how I'm going to beat my competitor is through, you know, like on a listing appointment. I'm going to have five solutions. I want you to think. Five solutions. Like mine was my communication guarantee. I called my sellers every single Tuesday, talked about the good, the bad, the ugly showings, the feedback. I didn't care if I had nothing to say to you, you're going to hear my voice every Tuesday. The reason I create this communication guarantee, two reasons it forces me to communicate, because if I don't tell the prospect I'm going to call every Tuesday or they can fire me. I won't call them every Tuesday. Right. So it forces communication for me. And I understand that I won't work unless I'm forced to work a lot like y'. All. So I got to put that out there. So when they say the last agent didn't communicate, I can say, well, I understand. That's why we have our communication guarantee. You can fire me on the spot if I don't call you on Tuesday. Easy exit listing. The reason I create the easy exit listing is so I can make it risk free. I want to be able to make it risk free for people. Look, if you're not satisfied the services, I didn't deliver on anything. I promise you, you can fire me on the spot. Our easy exit listing agreement allows you to do that. Why do I do that? Because you're going to gain more business than you will ever lose by making it risk free for your prospects to do business with you. You don't go into stepping into a solution in fear based thinking you're going to lose business, thinking it's going to cost you something. Because the reality is, is most won't, most don't. I mean, like I. Like Lars said, I mean, I can count on one hand how many homes I sold for free. I can count on one hand how many people, how many FSBOs brought the buyer, maybe 10.

Yeah, and I think one of the. I think you had, on both sides, you had a cancellation guarantee, which is probably one of the more powerful, you know, things that you can offer a seller or a buyer. So talk. Talk about the psychology of making your agreements cancelable.

Because I'm taking a listing every day, so the amount of. The amount of business that I gain outweighs the amount of business I lose, you know, and. And there's restrictions around these things, you know, like, if they want to cancel, I mean, if I can't, it's not something, it's gotta be something I can't fix. So if I can fix it in 24 hours, for example, like, I'm not gonna get a call from a seller that says, hey, I told you I wanted all the lights turned off after every showing. I want, I want to cancel because the last agent left the light on. What? I have no control over that. So there are some restrictions, but just know that, like, as I said, the amount of business you gain outweighs the amount of business you ever lose or what it costs you. Yeah, but you need to get in flow where you're getting listings, taking actions, that's producing results. We gotta win more, y'. All. We gotta win, win, win. We gotta experience more wins. We gotta win every day. The reason we do this, every day, so we win every day. You know, the amount of celebration and winning. When you set an appointment, amazing. When you. When you go on a listing appointment, it's winning. When you take it, it's winning. It's this. Winning is what you want to experience. So that winning is what keeps you, keeps you going. You don't want to go weeks without a win. Like, come on, we got it. We got to win more. Yeah. Awesome. Awesome. All right, brother.

I appreciate any last sort of words of wisdom for us to go out there and brave the. This shifted market.

Yeah, yeah. Just be the first one to pivot, you know, like, don't wait a month to implement what I talked about today. Like, let's go pivot fast. Like, I tell people, be the first one to jump off the Titanic, you know, like, if it's going down, I'm gone, man. I'm not hanging around for this show. I, I'm going. Why? Because there's, there's a period, like, I know people that went down with the Titanic and they're still emotionally compensated from that. Why? Because they're hurt and wounded. Why? Because they didn't move on. So it's a season to, you know, to keep doing what we're doing. That works. But expand in places and expand in things that are going to force you to maybe be a little uncomfortable. But, but that uncomfortable and that, that is good for you. So don't sit too long because the weeds overtake the garden. Get to stepping. Let's go market shits them.

Thanks for listening. Would you please take a minute to share the show with other agents who may be struggling? And if you love the podcast, please leave us a five star review on Apple Podcasts or your favorite podcast platform. And make sure you you visit ScaleOrDiebook.com to get a free copy of my book. It's a nuts and bolts guide to building a real estate business that gives you true time and money freedom so that you can live your life without regrets. Thanks again and see you on the next episode.