How to Develop a Six-Figure Income in Real Estate
Product ID: 97844587
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Offers practical advice on developing a successful career in real estate, and covers time management, finding prospects, showing techniques, listings presentations, and closings Review: This is the beginning of success. - Got $50,000 to buy a clientele? No? Then get this book, and get with a real business system in real estate. Ferry starts with foundations--20 techniques that one needs to practice. Now, I would say only 18 of these are daily actionable. (#2 and #3 are general principles you can check yourself on every week or month.) Secondly, he deals with time management--the bane of the independent contractor. Third--what everyone hates--prospecting. Ferry prioritizes prospects correctly, in two dimensions: First, high-impact versus low-impact prospecting; second, who to prospect. Now, this book is aimed primarily at people beginning, so its priorities are: FSBOs and Expireds; cold doors (now primarily phone); then---well, pretty much everything else is low-impact. Let me address some of the criticisms levelled against Ferry in other reviews here. A couple people have said this is old-school. I dunno--when I started, no one told me about knocking on doors as a systematic practice (or using the phone to targeted groups). What they told me about were farming and direct mail (sometimes one and the same, but not always), and of course (and correctly) FSBOs. Door knocking and systematic phone calling are not common and not typical. And they are productive compared to (what Ferry calls) low-impact methods of prospecting. One critic complained about Ferry's stated ratio, 99 no's to 1 yes, and said he didn't even get that. Well, all taken together, I do a lot better than that. Now, the legitimate aspect of the critic's complaint is this: It does indeed take a long time to get those 100 people. Today. Today it does; it was not so hard in 1993, when this book was published. Today, more homes are empty all day (and yes, I'm aware that a lot were in 1993; still, it is more common today). Today, people have Caller ID and many people screen calls (are you calling from your office? What's your CID say?). Today, there is the Do Not Call list. It is a lot harder to get hold of 100 people today by any method, or even combination of methods. Certainly by door knocking today it's impossible to do, or nearly so--it would take forever, and the critic's complaint about his 8 hours is justified. So the unfortunate fact is that this book now has to be updated with two things: 1. Put your sphere of influence and past clients in the number one rank. This is something Ferry today advises in his training and coaching. 2. Door knock some--strategically, for your new listings or sales--but make the phone your primary tool. Again, this is something Ferry today advises in his training and coaching. The fact is, this is an older book, which Ferry has not ever updated. **I am not saying to pass it up for that reason---I think it's still the single best book available on real estate business practice.** He has, however, done other things: He runs an entire coaching business, which is updated daily; and he has written another book, which, however, seems to be available only on his website. So anent that area of criticism--"Door knocking takes forever and doesn't produce enough live bodies to talk to"--my response would be: That's true, and the answer is to use the phone instead; and furthermore put your sphere of influence and past clients (if any) in the #1 and #2 slots for high-impact prospecting targets; and stay up to date with Ferry's advice by reading his updated stuff on his website. Seriously, he GIVES IT AWAY. Not the coaching, of course, but he has a bevy of free reports, all of which are up to date and golden; and he gives away ALL of his scripts. Another thing the same critic said was that much of Ferry's advice was like a sleazy used-car salesman. That is flat-out false. NONE of it is like that. There is NOTHING of manipulation in Ferry's methods. What there is: Intelligent questioning to get to the critical information one needs to do business and to do the best job for your clients. Maybe the critic thinks that closing on a prospect is sleazy; I don't know. If he's objecting to closings like "Do you want to close in 30 or 45 days?" or "Would you sign the contract please?" I kind of doubt he's ever going to transact much (wait--he already left the business), because he'll be too embarrassed to ask the client to do what the client wants to do--buy (or list) a house. The same fellow suggested that you brand yourself. Like I said: Got $50,000 to buy a clientele? What Ferry did for me--I resisted buying his book, or looking into his methods, because I heard other agents telling me (falsely) "he's just a cold-caller" or he was dogmatic or "too salesman-y" (Hey, you know what? I AM A SALESMAN)--first was to show me that everything I was doing in the name of prospecting was not actually prospecting; it was blowing money to get my name on pieces of paper that would get thrown away without a second look or to talk to people who just wanted the two pieces of information and then to get off the phone or out the door: Farming (by mail, that is), floor time, open houses, image advertising, newsletters, etc. They cost a lot of money, and their hit ratio is more on the order of 1 in 2000 than 1 in 100. Let's talk about that ratio: Look, every method of prospecting has a ratio of many, many no's and rejections to a single yes. But the ones that get you talking to 1. people you know and 2. (harder to do, and thus more important) people you don't know (there are more of #2 than #1), rather than sitting in your office and having some fulfillment house send junk mail out for you, or blowing hundreds (or thousands) on ads that are so unproductive that they can't even be measured as effective, are the ones with a ratio that can actually produce an income. And an income you can keep, rather than spending it all on more postcards, ads, newsletters, bus benches, shopping cart signs... Now, is the book self-sufficient? No, not today; it needs the updating I mentioned above. And you can get all that for free on Ferry's website. But it is still the MOST useful book on real estate there is (beats Kennedy, Zeller, and everyone). So get this book--it will inspire you, and move you to actual business practice with a likelihood of actual production. Review: Saved my career - Please allow me to start with one disclaimer... It does not work for Quitters! I love the book, Mike's theory is very clear, concise and simple. The system works for those who are committed to make their career succeed. Most people who comes into the business wants a magic button, like Staples'((EASY)). But the reality is, you have to go out and find your clients. I enjoyed reading and incorporated many of its chapters into my business plan. The book covers everything that you need to know to be successful in real estate. But the most important part for me, who is only in my first year in Real Estate, was the prospecting techniques. I have developed my own scrips, based on ideas from the book, and it works. I am here to warn you that the material in this book in not a magical wand that will make customers knock on your door... You have to go out and knock on their doors, and if you have a system, and do it consistently, it works. This book saved my career, because I was on the path to spend lost of money on things that have a very low ROI. This system will cost you close to nothing, but will boost your career in Real Estate.
| Best Sellers Rank | #83,795 in Books ( See Top 100 in Books ) #134 in Real Estate (Books) |
| Customer Reviews | 4.4 out of 5 stars 77 Reviews |
D**T
This is the beginning of success.
Got $50,000 to buy a clientele? No? Then get this book, and get with a real business system in real estate. Ferry starts with foundations--20 techniques that one needs to practice. Now, I would say only 18 of these are daily actionable. (#2 and #3 are general principles you can check yourself on every week or month.) Secondly, he deals with time management--the bane of the independent contractor. Third--what everyone hates--prospecting. Ferry prioritizes prospects correctly, in two dimensions: First, high-impact versus low-impact prospecting; second, who to prospect. Now, this book is aimed primarily at people beginning, so its priorities are: FSBOs and Expireds; cold doors (now primarily phone); then---well, pretty much everything else is low-impact. Let me address some of the criticisms levelled against Ferry in other reviews here. A couple people have said this is old-school. I dunno--when I started, no one told me about knocking on doors as a systematic practice (or using the phone to targeted groups). What they told me about were farming and direct mail (sometimes one and the same, but not always), and of course (and correctly) FSBOs. Door knocking and systematic phone calling are not common and not typical. And they are productive compared to (what Ferry calls) low-impact methods of prospecting. One critic complained about Ferry's stated ratio, 99 no's to 1 yes, and said he didn't even get that. Well, all taken together, I do a lot better than that. Now, the legitimate aspect of the critic's complaint is this: It does indeed take a long time to get those 100 people. Today. Today it does; it was not so hard in 1993, when this book was published. Today, more homes are empty all day (and yes, I'm aware that a lot were in 1993; still, it is more common today). Today, people have Caller ID and many people screen calls (are you calling from your office? What's your CID say?). Today, there is the Do Not Call list. It is a lot harder to get hold of 100 people today by any method, or even combination of methods. Certainly by door knocking today it's impossible to do, or nearly so--it would take forever, and the critic's complaint about his 8 hours is justified. So the unfortunate fact is that this book now has to be updated with two things: 1. Put your sphere of influence and past clients in the number one rank. This is something Ferry today advises in his training and coaching. 2. Door knock some--strategically, for your new listings or sales--but make the phone your primary tool. Again, this is something Ferry today advises in his training and coaching. The fact is, this is an older book, which Ferry has not ever updated. **I am not saying to pass it up for that reason---I think it's still the single best book available on real estate business practice.** He has, however, done other things: He runs an entire coaching business, which is updated daily; and he has written another book, which, however, seems to be available only on his website. So anent that area of criticism--"Door knocking takes forever and doesn't produce enough live bodies to talk to"--my response would be: That's true, and the answer is to use the phone instead; and furthermore put your sphere of influence and past clients (if any) in the #1 and #2 slots for high-impact prospecting targets; and stay up to date with Ferry's advice by reading his updated stuff on his website. Seriously, he GIVES IT AWAY. Not the coaching, of course, but he has a bevy of free reports, all of which are up to date and golden; and he gives away ALL of his scripts. Another thing the same critic said was that much of Ferry's advice was like a sleazy used-car salesman. That is flat-out false. NONE of it is like that. There is NOTHING of manipulation in Ferry's methods. What there is: Intelligent questioning to get to the critical information one needs to do business and to do the best job for your clients. Maybe the critic thinks that closing on a prospect is sleazy; I don't know. If he's objecting to closings like "Do you want to close in 30 or 45 days?" or "Would you sign the contract please?" I kind of doubt he's ever going to transact much (wait--he already left the business), because he'll be too embarrassed to ask the client to do what the client wants to do--buy (or list) a house. The same fellow suggested that you brand yourself. Like I said: Got $50,000 to buy a clientele? What Ferry did for me--I resisted buying his book, or looking into his methods, because I heard other agents telling me (falsely) "he's just a cold-caller" or he was dogmatic or "too salesman-y" (Hey, you know what? I AM A SALESMAN)--first was to show me that everything I was doing in the name of prospecting was not actually prospecting; it was blowing money to get my name on pieces of paper that would get thrown away without a second look or to talk to people who just wanted the two pieces of information and then to get off the phone or out the door: Farming (by mail, that is), floor time, open houses, image advertising, newsletters, etc. They cost a lot of money, and their hit ratio is more on the order of 1 in 2000 than 1 in 100. Let's talk about that ratio: Look, every method of prospecting has a ratio of many, many no's and rejections to a single yes. But the ones that get you talking to 1. people you know and 2. (harder to do, and thus more important) people you don't know (there are more of #2 than #1), rather than sitting in your office and having some fulfillment house send junk mail out for you, or blowing hundreds (or thousands) on ads that are so unproductive that they can't even be measured as effective, are the ones with a ratio that can actually produce an income. And an income you can keep, rather than spending it all on more postcards, ads, newsletters, bus benches, shopping cart signs... Now, is the book self-sufficient? No, not today; it needs the updating I mentioned above. And you can get all that for free on Ferry's website. But it is still the MOST useful book on real estate there is (beats Kennedy, Zeller, and everyone). So get this book--it will inspire you, and move you to actual business practice with a likelihood of actual production.
S**O
Saved my career
Please allow me to start with one disclaimer... It does not work for Quitters! I love the book, Mike's theory is very clear, concise and simple. The system works for those who are committed to make their career succeed. Most people who comes into the business wants a magic button, like Staples'((EASY)). But the reality is, you have to go out and find your clients. I enjoyed reading and incorporated many of its chapters into my business plan. The book covers everything that you need to know to be successful in real estate. But the most important part for me, who is only in my first year in Real Estate, was the prospecting techniques. I have developed my own scrips, based on ideas from the book, and it works. I am here to warn you that the material in this book in not a magical wand that will make customers knock on your door... You have to go out and knock on their doors, and if you have a system, and do it consistently, it works. This book saved my career, because I was on the path to spend lost of money on things that have a very low ROI. This system will cost you close to nothing, but will boost your career in Real Estate.
O**S
No SECRETS
Looking for a real estate educator. ?Want to know what to say and do to make money in real estate? It starts with the Mike Ferry organization, been training top producers for over forty years this book is the practical application of the fundamentals of real estate sales and the six skills required to perform on a high level... No secrets ,no fufu dust , no magic lead generation website , Facebook ad ,Zillow lead program . just working on the fundamental skills and mind sets of a top producer Get to a mike ferry event you will be glad you did. if you want to sell 3 to 5 homes a year this is not for you..
S**R
Awesome book to
I love MIKE FERRY’s strategies happen reading and practicing his scripts over the years I believe he’s the best because he’s old school just like we like it and we understand the strategies in his book, maybe written Searra back but the strategy still works
A**R
Don't judge a book by its cover!
These books are a dime a dozen. People like Mike Perry make their money not off of selling real estate, but by writing books on the subject and no real experience or concrete proof their methods work. A catchy title is the bait. Content is a lot of puffing hot air where the sun doesn't shine. Use your money for something more profitable.
P**S
Three Stars
Ok...
B**B
Great, but a little dated
Good scripts and how to handle difficult customers who don't want to buy. Great common sense tips for beginning real estate agents. The only place this book falls short is that it's pre-internet (1993), so no online prospecting/use of the web info. Otherwise, a masterful book.
I**T
I love Mike Ferry
I love Mike Ferry. He is one of the best Real Estate trainers money can buy. This book is a must read for all agents that want to really have a business with a six figure income. The book was published in 1993 and a lot has changed in the world and the way Real Estate is conducted nowadays but this book contains a lot of very good information for those that want to get to the top in their Real Estate Business and for those that are starting in the business. Lets remember that only a very low percentage of realtors become high earners...this is because they don't educate themselves and treat Real Estate as a job, not a business. I recommend this book to anyone that is serious into making it in Real Estate.
C**N
Un bon livre mais dépassé par le temps
Un bon livre mais un peu dépassé par la réalité et le temps. Ecrit il y a plus de 20 ans, c'est normal. Cependant, il est une bonne base pour quelqu'un qui souhaite se lancer dans l'immobilier et veut apprendre les bases!
H**H
A book for you to be a TOP listing agent
A five stars book. This book will assist brand new agents to have a fast start in getting listings, assist experienced agents to be a TOP listing agent. It is well organized for those skills being easy to read and easy to implement. They don't have lengthy wordings but simple and clear. This is one of the top 2 real estate books that I ask my brand new agents to finish their reading in their first 2 weeks. I suggested my agents to read it over and over again. Each time, you review it, you will find many important skills for your success. How can you image 15 Canadian dollars will assist you to be a TOP agent? The key point is, do you practice those skill into your real life? Do you practice those skills every day? After you implement those skills into your real life, you will soon find to be a TOP agent is so easy. Now go to get one and implement those skills. I will also recommend another book, How To Become a Power Agent in Real Estate, by Darryl Davis. I also have a book review there. Good luck. hard work makes luck. Hard work can change your luck.
A**R
Four Stars
Great book
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