Building a Killer Business Plan
This unprecedented market and the post-pandemic environment all but requires you to review your business plan as soon as possible.
The Boom Team, working REALTORS® of 50-person brokerage in the Indianapolis area, work with buyers and sellers every day and here’s some strategies that worked for them.
- Using the SMART goals system to create real and attainable business goals
- Building your client base by identifying the four different levels of your sphere: Level 1, Level 2, Level 3 and VIP. (Hint: Your VIPs may not be who you assume they are)!
- Networking and building relationships organically based on your life and personal interests
- Determining which neighborhoods are worth farming (not that kind of farming!) for generating future long-term business
Terry Waggoner: Oh, it’s time everybody. Welcome to the Big Show. Welcome to the Fun Fast. Welcome to our session Building a Killer Business Plan. I love this one. I love this one. We have a bunch of different topics and obviously, you fantastic Illinois REALTORS®, guys, we’re going to go through a bunch of fun topics today. But I’m excited about this particular session Building a Killer Business Plan. And Todd, you have said in the past that you, your life was in shambles. Just your whole life was a mess until you got to build.
Todd Ferris: I did say that.
Terry Waggoner: So, if you are having a life that is in shambles, if you are a real mess of a human. You’re in the right place.
Todd Ferris: Building a Killer Business Plan. We’re in the right place just so everybody full disclosure, just to make us feel more aligned I like. We rented an Airbnb to record this.
Terry Waggoner: Yes. And actually, we are in the area. Yes, we are in the area. We’re all in state boundaries.
Megan Ferris: Close enough to be creepy.
Terry Waggoner: That’s right.
Megan Ferris: Yeah, we’re close. You don’t know where, but we’re close.
Terry Waggoner: We are watching you. But we are watching you on the monitor. But the nice part of that is if you have questions, just ask them aloud in the room, and we’ll hear them. Now Illinois REALTORS®, we’re excited about this topic because we’re big, big believers in business plans and how it can impact your life. I will tell you, in case you’ve missed in the other sessions, who we are really quickly. We are the Boom Team. I’m Terry. Megan is to my right.
Megan Ferris: Hi, guys.
Terry Waggoner: Hi, Megan. Then Todd, well, I guess as we look at the screen here, Megan is, Megan’s the shortest one. And that’s how we know that.
Megan Ferris: I’m going to start wearing giant heels now.
Terry Waggoner: You are a tall former Division I athlete though.
Megan Ferris: Not a tall one though.
Terry Waggoner: I think you’re a reasonable height. No, it’s reasonable. Some people are of reasonable height. It is reasonable height.
Megan Ferris: What a way to say.
Terry Waggoner: Okay, so Todd is to Megan’s left there in the photo. Todd and Megan are married. Producer Christian is to Todd’s left there, and he makes everything happen in our lives, both professionally and personally. Thank you for producing our lives.
Christian: No problem.
Terry Waggoner: So, we have a real estate podcast. It’s the Boom Real Estate podcast. It’s available on iTunes and everywhere where you would ever listen to a podcast. So, we do that. It’s a lot of fun. It’s obviously this kind of vibe, but it’s also us discussing real estate and how to grow your business and have the kind of business and life that you want. So, you can check that out. We do get to, in normal times travel around and speak with fantastic REALTORS® like yourselves, but we’ve been doing so much of virtual, and we like the virtual side of things, too. It’s a little bit different but we do miss your sweet things.
Todd Ferris: We do miss your sweet things.
Megan Ferris: You’re so close to us.
Todd Ferris: Yeah, we’re even closer. We’re in that Airbnb.
Terry Waggoner: We’re in the Airbnb.
Terry Waggoner: We’re going sideways.
Megan Ferris: You guys, Todd always takes it the wrong way. I’m so sorry. We’re not that creepy.
Terry Waggoner: No. Well, we’re a little creepy, but not that creepy. Todd’s the creepiest. So anyway, we have that. We get to speak and do all that stuff. But on a daily basis, we run an independent brokerage here in Indianapolis. It’s called Ferris Property Group. The three of us are business partners and run that thing. We have, how many people do we have? 40-ish total people? 45 people?
Megan Ferris: Yeah, we’re right around 50 with staff, agents, all that.
Terry Waggoner: So, we’re a kind of a smaller independent brokerage here. But I tell you that because the three of us are practicing real estate on a daily basis. We still have buyers and sellers that we work with. We have clients. That’s how we spend the majority of our time. So, we are in the trenches with you. And everything that we talk about today comes from us actually doing this stuff. So, it’s not just pie in the sky theorizing. This is actual stuff that you can use in your business because we are in there with you. So that’s key.
Let’s talk about who the webinar is for today or who this session is for. If you know that a business plan will benefit your business, I hope that you know that, but it really will. And we’ll talk about that. But you’re in the right place there. If you just don’t know how to make one, we’re going to walk through that. We’re going to make it really easy for you.
If you’d like to double your business, if that’s something that’s good, this is actually truly possible with a great plan. Now you try to execute that plan. But it’s not going to happen if you don’t have a plan to begin with. So, we’re going to talk about that. If you need ideas on sources of business to grow, maybe double that business like we said, or if you just need someone to point you in the right direction to blow your business’ growth up, then you’re in the right place here as well. So let me tell you where we’re going today.
We’re going to talk about why you want to have a business plan and why it matters to begin with. Maybe Todd’s story of his life in shambles was not compelling. So, we’ll dive in deeper on that. But we’ll tell you why you need to have one. We’ll talk about how to set new goals and make them exciting, make them ones that rip you out of bed excited every day to get going, to get to where you want to go, how to commit to your goals in an ongoing way. We’ll cover that. Choosing the right sources of business for you to make that happen, there’s a million ways to make it happen. But you need to choose what’s right for you. We’ll cover that. And then strategies to work those sources of business again because execution is everything.
So, we’re going to cover that. Committing to the plan, some tools and tricks to make the plan work for you. Normally, we do Q&A, but we won’t today unless you’d have to shout really loud for us to hear your question, but we’ll try it. Maybe we’ll give you a space.
Todd Ferris: Yeah, we can smell them. We just can’t hear them.
Terry Waggoner: We always wrap with a dance party. I don’t know why, but we just do. So, Megan made these slides and she put dance party in my slide.
Terry Waggoner: I like it. A little bit of housekeeping. Again, you can ask questions anytime you want to, we will miss those questions. But you can ask them. And then we’ll make sure that you get the slides and the business plan. We’re actually going to send you the business plan so that you can work through it with us as you do this. But we’ll also share the slides because the slides will have some helpful information as well. We’ll tell you how to do that at the end. So, boom, that’s everything.
Megan Ferris: Terry, you did a wonderful job getting started.
Terry Waggoner: Did I?
Megan Ferris: Yeah, it was really nice.
Terry Waggoner: Well, that’s a first.
Megan Ferris: You covered all the things. It’s so good. All right let’s do this. Okay, so very first thing we need to do is realize why in the world we have this business plan. Like Terry said, if you thought Todd’s story wasn’t riveting enough, then the reason you need it is because the business plan is basically your roadmap. And it takes your vision, all these goals and all the things you want to do in the vision for your life and the vision for your business and turns it into action and some actionable items that you can actually move forward on to get to your goals, which is awesome. And we don’t want you to just be out there all willy nilly and being crazy. You need to know exactly where you want to go and then how to get there. And it turns out that as REALTORS®, a lot of times we are more like personalities. And we’re super excited. And we’re running around and we’re kind of like St. Bernards. We’re super excited to do the work. We’re just happy to be out there. But that also really lends itself to us being a little crazy.
And what we do is we’re just running around, and we’re working all the time, and we’re grinding and we’re hustling, but we have no plan behind us, or we wrote it in like January 1 and never looked back at it and it’s June. So, we’re going to make this plan today. It’s going to be your map for success and then we’re going to actually do it, right guys?
Terry Waggoner: We’re gonna do it.
Todd Ferris: Yeah.
Megan Ferris: Okay, so now that we’ve agreed, we’re going to take an oath.
Todd Ferris: Let’s do it. Oath time.
Megan Ferris: My friends.
Todd Ferris: Blood in blood out, everyone.
Megan Ferris: So, here’s the deal. Since we can hear you, you are going to repeat after us. Okay?
Terry Waggoner: Are we saying this to me?
Megan Ferris: Yeah, let’s do it.
Terry Waggoner: All right.
Megan Ferris: Okay. Raise your right hand. Okay, I, state your name.
Todd Ferris: I, Todd Ferris.
Megan Ferris: Solemnly swear to uphold the following principles.
Todd Ferris: Solemnly swear to uphold the following principles.
Terry Waggoner: Christian’s not reading it.
Christian: Well, I’m not a real estate agent.
Terry Waggoner: No, I don’t care. You take the oath anyway.
Christian: I don’t want to take the oath.
Terry Waggoner: Yes, you take the oath.
Christian: Okay, all right.
Megan Ferris: Let’s just start all over. Let’s all just say it together. Let’s do it. I Megan Ferris, do solemnly swear to uphold the following principles of creating a business plan. I will create achievable goals that will push my comfort zone. I will write down all my goals. I will post my written goals in a location I will frequently view. I will design a written action plan.
Terry Waggoner: Megan, you dropped off.
Megan Ferris: On how to achieve my goals. I will consistently review my business plan and modify as needed. I will give Todd, Terry, Christian and Terry 10% of all my future commissions. Yay, you’re now committed.
Terry Waggoner: I’m really glad we include that. Even when it’s not a live experience. We just do it ourselves.
Megan Ferris: Yeah, I know everybody was saying it with us though as they trickle and listen.
Terry Waggoner: What’s in my mind as we were all reading that in unison ridiculously was that this is a professional presentation to other professionals. And we’re just sitting here reading a dumb slide and making each other laugh. I mean a great slide, especially the last part.
Megan Ferris: It is very serious.
Terry Waggoner: Yeah, that’s great.
Megan Ferris: All right, let’s move on.
Terry Waggoner: Okay, fine.
Megan Ferris: All right. Lastly, as we’re starting this, we need to know your why. And your why is basically why do you get up in the morning what makes you excited and we’ve all had this in our lives at some point where we were pumped up to do something, enough that we can’t sleep at night because we’re thinking about it and it’s going through our head or we wake up and we’re excited to hit the ground and sometimes we lose that a little bit and we hit snooze 30 times and we’re stuck in the realm of Netflix. It’s okay to know your why and have it in front of you. So, what is that to you? Is that the freedom of your schedule, your family, money to be able to do things? What is your deep why giving back? Any of those things, you need to just take a minute and write down your why. You need to have a moment, write it down, be really, really clear about them. Like you said in the business oath, you’re going to put these things up in front of you so you’re seeing it every day, so you stay committed and excited to those points. And this is what’s going to keep you motivated through the hard times, because there’s going to be stinky times and you’re going to get through them because you know your why.
Todd Ferris: Not a lot of stinky times in Illinois because I can smell them and they’re nice and clean.
Terry Waggoner: It’s a clean state.
Todd Ferris: It’s a very clean state.
Megan Ferris: It’s our sister state.
Terry Waggoner: It is our sister state to the west.
Todd Ferris: Is it just a sister center?
Terry Waggoner: Todd, we’re in Indiana. Todd’s struggling right now.
Megan Ferris: You didn’t look like it.
Todd Ferris: It’s an important state.
Terry Waggoner: Did you guys ever have sister communities that were like in Japan or something like that you’d have like pen pals?
Todd Ferris: We had pen pals. I don’t know where they were.
Megan Ferris: I just always thought Illinois was because we both start with Is. We’re about the same, we look similar. We’re about the same height. We’re about the same height.
Terry Waggoner: I don’t think we’re twins. I don’t know.
Megan Ferris: Bottom line, Illinois is a little cooler than we are. So, Illinois is the cool twin. We’re kind of like just kind of . . . You guys are Arnold Schwarzenegger.
Todd Ferris: Congratulations, guys.
Terry Waggoner: Way to go. I do think we should resurrect pen pals, though. So please, we want to be pen pals with you. Physical snail mail pen pals, not email.
Christian: Should we give out the PO box?
Todd Ferris: We’ll set that up. We’ll talk about that at the end. All right, so as we build a business plan, Illinois, we need to set some goals. Yeah, and that’s going to be the biggest sensors we want to work backwards. You know your why. Now you need to have some goals. What are basically the things you want to get to? And Megan’s going to be explaining how those goals should look in a little bit. But when you’re doing this, some of the things you want to do is obviously you need to collect data. All right, so and I was going to go data or data. Then I went in between.
Megan Ferris: It was like a hybrid, I kind of like it.
Todd Ferris: That was weird. All right, so some of the data that you’re looking for would be local averages, your past year stats, analyze each of to make sure that you know what you want to do for the new ones. When we’re talking about local averages, by the way, we’re talking about things like the number of sales, agent volume, sales price, days on market, list price. By the way, we are going to fly through some of these things, because you guys have the power of pause. So, feel free to pause if you need to write these things down. And we’re going to share the slides with you as well later. So be ready for that. So those are local averages. If we’re talking about past year stats, you’re going to look at things like production, what are your areas of growth, your sources of business, what brought you joy? What did not? Where do you excel? Where could you hire help? We’re going to be diving into all of those things. But those are the types of things you want to know because if you can analyze those things, then you can start to formulate a plan for how you can get better and keep moving forward.
Terry Waggoner: Yeah, so if we were live in person right now, we would say let’s take a few minutes. Pretty sure Christian is going to play some nice music. And we’re going to work through this stuff right now. Since this is a video, we’re going to do a pause, but it’s going to be very short. Normally like 10 minutes or so. But we’re going to make this 10 seconds and it’s coming. Christian, do you have the elevator music ready to go?
Christian: I do.
Terry Waggoner: You do? Okay, it’s coming in three, two, one?
Okay, good pause, gang. Good pause. So, let’s talk about maybe, hopefully you did that, first of all, but let’s review what that data, that data tells us? What did you learn from looking at it? First of all, there’s probably things that you hadn’t realized, but maybe some little things you can pull out to take forward. What do you need to change? What were you not happy with there when you look back at your stats? What did you need to change? What do you need to lean into more? Maybe what’s working? Can you double down on that or triple down on that and cause it to work even better for you? And then where can you push harder? Were there areas that you planned maybe to do something, and you didn’t or there’s just opportunities that you’re missing that you could take advantage of now that we’re creating a plan for the coming year?
Megan Ferris: Love it. It’s my favorite part, just checking out all the previous stuff and analyzing.
Todd Ferris: I know. It is really neat, though, when you look back, if you don’t do it often enough. And I say it’s just once a year, when you look back and you see all the stats, and then some of you are like, “Man, I was awesome in this.”, and this time you’re like, “No, I’m not.” But it’s really eye opening, whether it’s positive or negative, it’s eye opening. And that’s how you build a better business.
Megan Ferris: I think that’s a big game changer. And like, what are you spending your time and money on? If you don’t like it and you’re not getting results, maybe you change it. We give you permission to change it. All right let’s go into some settings some goals, go into setting some goals.
Terry Waggoner: Let’s do that thing.
Megan Ferris: This is an awesome part. So here we’re going to talk about how to set goals and you guys might have heard of this before, but it’s called SMART goals, setting SMART goals. And it’s an acronym, is that right?
Terry Waggoner: It is.
Megan Ferris: It is. Look at that. So, we’re going to go through this quick and it seems like people have always said in business, just go set your goals, but really, there’s an art to setting goals to make it better and worth your time. So first, the S is for specific. And these specific goals need to be not just like, oh, I want to be cute.
Todd Ferris: Yeah, so specific goals here would be I tell you what, you toss it to me, we go rapid fire.
Megan Ferris: All right, Todd, S.
Todd Ferris: S is going to be specific. Specific means basically that you want to be specific to real estate. This is all about real estate. This is not going to be about like, I just want to be a better agent or a better person. You want to be a better real estate agent. We’re going to get even more specific in a second. Yeah.
Megan Ferris: Okay, M, measurable.
Todd Ferris: M is measurable. Measurable means that you need to make sure it’s definable. So, you want it to be a measure. It’s I want to sell 100 homes this year, instead of I want to sell more homes this year.
Terry Waggoner: Right, that’s a good one.
Megan Ferris: A is for Apple.
Todd Ferris: What? That is wrong?
Megan Ferris: I tried to trick you. I tried to trick you.
Todd Ferris: It’s for attainable. Attainable means that you can reach these goals. Some people will be like shoot for the moon; I say nay. It’s too hard. If you say that I’m starting this my first year real estate, I want to sell 1,000 homes. No, you’re not going to make that happen. All right? And there is proof. There are studies that show that if you reach too far, you will paralyze yourself. So, you want something that’s uncomfortable, but not so uncomfortable that you can’t make it so attainable.
Megan Ferris: I like that. R, relevant.
Todd Ferris: Relevant, again this goes back to being relevant to real estate. Now you can set goals for weight loss, but that’s probably not going to help your real estate career. And we’re talking here about real estate matters.
Megan Ferris: Love it. T, to wrap it up, T for time based.
Todd Ferris: T is time based. And that just simply means what are your goals as for this year? Okay, that’s what we’re talking about. Now, you’re going to have three years goal, you’re going to have five-year goals, but you got to make sure that your goals have an end to them so that you know when you can measure them.
Megan Ferris: Nice. Great job, Todd.
Todd Ferris: What you’re saying is right, though, Megan. There’s a real art to setting a goal. And I think knowing yourself is huge, because some people will set a high goal and that motivates them to get there. Some people set a high goal, they’ll be off course after a month, and they’ll just give up. They’ll do less than what they should have. So, knowing yourself is a big part of all that SMART framework as well.
Megan Ferris: I like that. Know thyself.
Todd Ferris: It is an art though, you said it. Well done.
Megan Ferris: Very good. Very good. All right. So, let’s talk about your one thing. You might have read this book before. It is a Gary Keller book called The ONE Thing. It’s an easy read or listen. But you need to know your number one goal for the year or at any time that you’re running. I mean, depending on when you listen to this, you need to have a one thing goal and that’s the bigger goal and it’s your main focus. And that’s the foundation of all the goals and the actions that you are taking literally all year round. You’re going to break down the big goal is the one that’ll wake you up in the morning, like we talked about earlier, keep you excited, and then you break it down from there. So have your one thing and then let’s talk about how in the world do we get there now that we’re there, and you know what guys, we’re just going to make a plan.
Todd Ferris: That’s the key.
Megan Ferris: It’s that easy. We’re going to go through it right now. We’re going to get this bad boy done. And like a great man, Benjamin Franklin at the time said.
Todd Ferris: What did he say?
Megan Ferris: Well, it’s better if I can see this. By failing to prepare, you are preparing to fail.
Todd Ferris: You don’t want to do that.
Megan Ferris: And you don’t. You got to plan ahead.
Todd Ferris: Did he really say that?
Megan Ferris: He did.
Terry Waggoner: I hear that all the time. I didn’t know it was Benjamin Franklin.
Megan Ferris: Yeah, he’s brilliant.
Todd Ferris: Illinois, do you guys have Benjamin Franklin the punctual plumber? Because anytime I hear Benjamin Franklin, I think about that jingle. And I wonder if like our kids someday won’t know who actual Benjamin Franklin is. Well, he had a real passion for punctuality and for plumbing. That’s why they went with that. All right, so we have built our goals. We know our why. And now let’s figure out how the heck we’re going to reach those goals. All right, and that’s the first step is to define your sources of business.
Now we know there’s a ton of different ways, ton of different areas that you can get business from. We’ll show a list here for you, could be sphere and sphere referral, could be open houses, expireds, for sale by owners, networking, social media, farming, online leads, others. There’s a ton of different opportunities out there. The one thing we will warn you though, is don’t chase too many rabbits. You’ve got to choose, especially as you’re newer to the business, you probably only want to focus on like two, maybe three. As you get more experienced, then you can start delegating and bring other people in to help with other opportunities. Now, you can be doing three, four or five different sources of business, but don’t chase too many rabbits. And so, we’re going to start right there simply figuring out where the business is going to come from. And we call that your source of business.
Terry Waggoner: That’s right. So, once you’ve chosen those, here’s what we’re going to do now, kind of for this session. We want you to have a plan for each of the sources. But we don’t have time to break down here’s an open house plan, here’s a for sale by owner plan, but what we are going to do is give you an example of what a great sphere plan might look like. And then you can kind of take this thought process and apply it to all the others and we’ll touch on all of the others. But we’re going to dive a little bit deeper here at sphere.
And the reason that we have to talk about sphere is that sphere is huge. We’re big believers that it should be number one for everybody. Dance with the one who brought you. It’s a relationship business. So, you’ve got to make sure that you’re prioritizing relationships and your sphere is going to be the key to help you build the business.
So again, as an example, we’re going to talk about how we break down the sphere. Okay, we think that the number one way to grow a sustainable business is by growing your sphere. We joke around in our company for about a year about a baseball coach that Todd and I coach with who would say it’s a simple game. And he would always just say, “It’s a simple game.”, and get mad at the kids and yell at them, like any good coach.
Todd Ferris: Or the umpire.
Terry Waggoner: Or the umpire, “It’s a simple game.”, but real estate is a simple game when you approach it this way. It’s very simply grow your sphere and market to your sphere and grow your sphere and market to your sphere. If you take care of those people, that’s a sustainable way to always be growing your business. So, we really, really like that and we are big believers in it. I will say that there’s a NAR study, maybe you’ve heard this before. But NAR studies have shown that over 90% of clients say that they’ll use their agent again after the closing, but only about 11% do. Why? Because there’s a lot of death in real estate. Everybody just dies. No, it’s communication, people don’t have a plan in their business plan for how they’re going to work their sphere. So, communication is key. And that’s why it’s going to be like the biggest thing for us. So, we want to make sure that we are communicating well with our sphere. And that’s going to be key, because they’re going to be the ones that are the sales team that are bringing us all those referrals. So, it’s all about communication and touches and staying top of mind.
Megan Ferris: Well said, sir.
Terry Waggoner: Oh, thanks, Megan. I appreciate that.
I just love it. All right, so when it comes to your sphere, and how to take care of this contact base, and all of these people that you’re communicating with that are now your sphere, we have a system where we explain, we have these levels, and the system where our sphere marketing campaign can live by because we label people. And that’s just how we do it. It’s just-
Terry Waggoner: It’s key.
Megan Ferris: It’s easy. It’s key, it’s the easy thing for us to do now. So, what happens is when we have, let’s say we meet somebody in an open house, we put them in one of our levels. So, we have our VIPs, our level ones, level twos, level threes, VIPs, those are people that not only did they know, like and trust you and you know they’ll use you, but they are referring you multiple transactions a year. And so, they are your golden geese, they’re your VIPs. And they’re really giving you have a lot of business. Level ones are people that do know, like and trust you and they will refer you business. You know they will use you if they have a need.
Christian: And that aren’t people you like. These are people that are actually resulting in . . .
Megan Ferris: Yep. You know that their . . .
Christian: We want to make that distinction because it might not be somebody you think of a VIP.
Megan Ferris: Exactly. And to be really honest, we have some VIPs in our list that maybe I mean, because how often do you need or have a real estate need? It’s not always super often. You’re not buying and selling all the time. But they’re a lead gen source for you. Maybe a hairdresser that gives you tons of referrals every year or a painter, a divorce attorney, a handyman that’s in a home. People like that are your VIPs. And then your level ones are usually clients or that you know they would be a client, anywhere from a friend that would use you if they needed to sell your house to somebody you met at an open house that did use you or are using you.
Level twos, they’re your fencers, they’re tweeners man. You’re not sure, the wind can blow them either way. You’re just not sure but they have potential to be a level one and to use you. So, you don’t want to let them go yet. And level threes, they’re never going to use you. But you need their contact information for maybe it’s another realtor, or yeah, something like that. Those are your level three. So those are the categories as somebody comes in, you just pick which level they go to and then let them rock.
Todd Ferris: That’s right.
Megan Ferris: That’s what we both do.
Christian: As much as you guys love Terry.
Todd Ferris: Yeah.
Christian: He’s a level three.
Todd Ferris: Level three all day.
Christian: All day every day.
Terry Waggoner: I am level three to so many people. I really am. How about starting at level four and moving down there? I’m level four.
Todd Ferris: You know what? You’re level four now.
Terry Waggoner: I’m creating a new category for how low you deserve to be.
Megan Ferris: You should definitely threaten him with that anytime he’s walking the line.
Todd Ferris: We’ve had some people who listen to our podcast, and we talk about this leveling system and labeling system.
Christian: What’s the episode called? I forget. Choose your friends?
Todd Ferris: We have non-REALTOR® friends who listen to our podcast, and they’ll be like, what level am I?
Terry Waggoner: Well, you should know. Have you referred new business?
Megan Ferris: The writing is on the wall.
Terry Waggoner: That’s right.
Megan Ferris: So why is fear so important? So, here’s the deal with this. Let’s just say one out of 10 level ones use you. Would that double your business? Probably. Work your numbers. It’s all about numbers. So, one out of 10 clients use you for free this year, what does that mean? Well, if you have 100 level ones, you’ll have 10 more sales. If you have 200, you’ve got 20 more sales. So, get really good at your communication and your touch systems and you will average more from your sphere, which is the goal. It’s a lot easier.
Christian: It’s just math.
Megan Ferris: It’s fun. It’s simple.
Terry Waggoner: It’s a simple game. Catch the ball and throw the ball. It’s simple.
Todd Ferris: I miss coach.
Terry Waggoner: I know. He was great. He was awesome.
Todd Ferris: So, we want to share with you really quickly what, if you look at the PDF that we’ve sent you, there’s a lead generation systems overview. And we’ve got one that you can use for any source of business. We’re going to show you the sphere one, just kind of give you an idea of what we’re looking at. So basically, we would suggest if you’re doing level one touches, as you can see by the sheet, we’re putting it in bold and you can’t erase it. It’s a pen, because we think you should touch your level ones 36 times and now easy way, like, how can I contact, they’re going to get so annoyed by me. Nah, if you’re doing it smart. Basically, e-newsletters are so easy to do twice a month, if not more, and there’s 24 touches right there. And you can do client appreciation parties, phone calls, text messages, birthday cards, all types of things.
But basically, what we’re doing is we’re just simply putting it on paper, we’re designing a plan so that we can move forward. And the best part about this, and this is what I love about the business plan. And this is why my life went from shambles to just the most glorious life ever. I’m so much better than all Terry, Megan and Christian . . . But really my business took a completely different turn because I started implementing a business plan. I didn’t know about business plans until about year three of running an actual business. And what happened was you design your business at the beginning of the year so that when you’re busy, all you got to do is carry out the plan. You do it while your head is clear. You make a plan, and then you just carry it out. And that’s what this paper does is it basically says hey, in January, do these things. In February do these things. And guess what? As your business grows, you hire people to do those things for you. You still have the business plan; you create the business plan as the system overlord. And then you add stuff to the others to handle for you. It really will make your life so much better. And you will conduct your business like an actual business professional.
Christian: I don’t like system overlord. You have another term for it?
Todd Ferris: I really like it, Christian. I really, I really like it a lot.
Christian: System overlord?
Todd Ferris: Yes, that’s exactly what you want to be.
Christian: All right, we’ll go with that.
Todd Ferris: All right then, all right so let’s break it down. Real quickly, we won’t spend a ton of time on these, but just give you an idea of what maybe the other sources of businesses would look like, the more traditional ones that we’re aware of. Maybe you guys have in Illinois, maybe you guys are using different ones that we’re not aware of. If we don’t cover something, share with us, because sharing is caring.
Terry Waggoner: Yeah, in your pen pal letter to us, let us know what you’re doing. So okay, so we are going to now just kind of touch really quickly on the main sources of business for most REALTORS®. And just to get your mind thinking about what your plan for each of these might look like. So first of all, let’s start with open houses. The biggest thing here is you want to have a goal number of open houses. Now this also assumes that it’s safe and we’re allowed to do this again. Because I understand COVID times may be a little bit different. You have to maybe do Facebook Live open houses, things like that.
But in a traditional time, when we’re not dealing with a pandemic, what is your goal open houses per month? Can you do four in a month? Can you two on a Sunday potentially? Can you set up your listings, even if they’re going to sell quick to say at least I’m going to get an open house in to try to generate some more leads for my business? So, figuring that out. And then the nice thing too is once you’ve done this a little bit, once you set a goal, let’s say you have a goal of you’re going to do four per month. So that’s a total of 48.
Todd Ferris: Quick math, nice math.
Terry Waggoner: Open houses for the year. I know, in the past, for me at least, every six open houses, I would get one transaction. That’s just how my numbers shake out. You’re maybe better or worse. But I know that so if I know that going in, if I do 48 open houses, and I get one every six, I’m going to do eight transactions. I did the math, and I almost couldn’t say the word transaction, I’ll get eight transactions from doing that. So, it’s the same kind of thing. Maybe you want to do half that, maybe whatever, but set your goal, and then figure out what does it look like when I do an open house? What’s my process? What’s my system? And have that goal.
So that’s a good one for open houses. Social media is another area where a lot of people will generate a lot of business and there is just what is your strategy? Are you just going to run content? What’s your distribution like? Do you have a content calendar that says I’m going to release this on this day of the week? I’m going to do this video, and then this video and all that. Are you going to run ads? If so, what are you going to spend on the ads? What type of ads are you going to run? What’s your follow up? So, these are all the things that we want to be thinking about when it comes to a social media strategy. So again, the whole idea is just not, not doing it willy nilly, like Megan said at the beginning. We want to have a plan and then execute the plan because then we can always tweak the plan as we go and dial it in even more. But if you’re just spraying and praying on social media or in all of your marketing and lead gen efforts, it’s not going to be great for you. Right? So have a plan and that’s how we think you should think about social media.
Megan Ferris: Yep, it’s a big one. All right. So, let’s go and talk about networking and relationship building, which is probably one of the biggest things you can do as a real estate agent and probably fits your personality type.
Terry Waggoner: This is big for you guys for you, for you Ferrisses.
Megan Ferris: It’s big. It’s fun to look at that, like to look back and be like so Todd grew a lot at the beginning of his business and open houses and networking and then I was a lot of networking and for sale by owner. So, it’s cool to see how different personalities enjoy these differently. And that’s okay. So open house, or we’ve already done that, let’s talk about networking and relationship building, which is one of my favorites. And that’s just getting involved in your community, which is something you want to do anyway, because we’re in the housing market. And we should be a foundational piece of your local community and where you want to be working.
So, find networking groups. You can look online for them on social media, you can Google, literally Google business networking groups in your local area. Get involved in volunteering. Join the community events, if there’s stuff going on, parades, and fairs, get involved and whether you’re sponsoring them, or just volunteering to be there, you don’t have to spend money on a bunch of these. And then also use your personal interests. If you like to read books, join a book club. If you like to ride horses, what are your hobbies and the things you like to spend time doing? And then get involved in a group doing that.
We love to use our children. I mean, that’s what we do.
Todd Ferris: Why else would you have them?
Megan Ferris: Maybe your kids are involved in an elementary school or whatever. Be the room parent or whatever you can do to get involved. Coach a team, be a volunteer, whatever it is, get involved in everything you can get involved in and get your name out there. And it will just naturally come from building those relationships, which is really important. And then we have some farming. Farming, you probably looked into farming before. And you need to do it very strategically. Where do you want to work your business? Pick that area that you want to work and then work backwards? What’s the price point? What are the locations? What are the turnover numbers in those neighborhoods and picks? Take some time to pick this and do it smartly. Is that a word?
Todd Ferris: Yeah.
Megan Ferris: Smartly, I kept thinking about in my head. I was like, I don’t know if that’s a word. Think it smartly guys. I’m from Indiana, that should just negate, no need to be-
Todd Ferris: By the way, we typically use the number 7%. You want a 7% turnover in the neighborhood or more to feel like it’s going to be able to give you enough fruit for all your farming.
Megan Ferris: Yep, yeah. Meaning if people aren’t moving out of that neighborhood, it’s silly for you to farm if people don’t leave for 30 years.
Todd Ferris: But that may not always be true. Because if you’re in a specific neighborhood that says like you live in the neighborhood, you should farm your own neighborhood for sure, just simply because you live there, you’re going to be rubbing elbows with these neighbors. So, you might as well be talking to them as well in a business sense.
Terry Waggoner: That’s a big one to please have a plan for because it can be so expensive. And if you’re making it up on the fly.
Todd Ferris: You got to run all the numbers on this one, especially or you’re going to be just throwing a dump and dumping cash into it. There is nothing worse than when your neighbor lists their home. You can drive home one day, and there’s a sign in one of your neighbor’s yard and it’s not your sign. That will frustrate you enough but maybe they may just not have known that you were a REALTOR.
Terry Waggoner: Yeah, that’s right.
Megan Ferris: But it’s important to pick the right areas and then have a good strategy. How are you touching the neighborhood? How many mailers? What do they say? Are they different from housing information to recipes to events? Vary that information and have that good strategy. Like we just talked through the first one with the sphere, do it for farming, get involved in that community as well, because you can add relationship building to the farming and it will make all the difference in the social media to your farming.
Terry Waggoner: Farming is one of those pieces that everybody should bring in at some point, because, because at some point, when you’re really busy, you can hand off farming to an assistant. And so, the legion is happening with zero minutes of your own time spent on it. So, it just should be a part of people’s plans.
Megan Ferris: And farming is one that just bleeds into so many other lead gen sources like social media where you can start farming areas with your open houses, because you should be having open houses in the neighborhood to your farm. So, it’s kind of a cool one that you should do because it bleeds into everything targeting the areas you want to work.
Terry Waggoner: Good thought.
Todd Ferris: Let’s talk about two more. We’ve got expireds and for sale by owners, and then we’ll cover some of the extras on there as well. But when we’re talking about expireds, obviously we’re talking about expired listings, if you’re not familiar with that, because you just got into real estate and no listing ever expires.
Terry Waggoner: That’s a thing of the past.
Megan Ferris: Remember those days?
Todd Ferris: So, let’s pretend that you are listening to this and maybe you are listening to this in 2027. Let’s imagine you’re listening to it in 2010, 2010.
Terry Waggoner: Oh, real mind bending now.
Todd Ferris: All right, so but expired listings. You want to have a game for that as well. And you want to plan for that. It’s a numbers game though. Expired listings, you go after enough of them and eventually because the best thing about expired listings, again when we get back into them is that those are ready and willing sellers and they’re just frustrated because they didn’t sell and they’re looking for somebody that can help them and that’s where you come in and one of the key terms that we like to use for that in your marketing of that, is you want to be a re-marketing specialist. And so, you when you’re sending out your mailers or you’re making your contact, you let them know, “I am a remarketing specialist. This is what I do. This is all I do is I sell homes like yours that previously went unsold.”, and you will find a lot of business come from that. Even if you’re not a remarketing specialist, use the term. That’s right.
And so that’s one option. The other option is for sale by owners. Now usually the expireds and for sale by owners are kind of inversely proportional. So, when expireds are non-existent, for sale by owners are existent, because it’s easier to sell for sale by owners in a market like this. All right, but what you need to be telling them is, “Yes, in this market, anybody can sell their home, but what I can do is I can sell it for a lot more, and you’re going to make a lot more money by using my professional services. Plus, I’m going to make life easier on you.”
All right, so one rule that I have for all of our agents for sale by owners is there is a sign with the seller’s number on it, and they do not have a real estate agent. Call it. Just call it. Set up a meeting to tour the home because you have buyers in the area. You’d like to see it. That’s where it starts, then you develop a relationship and then you develop listings. All right, so you got to at least try though. And if you’re not trying, then you’re just leaving a business on the table. And that’s an easy phone call to make.
Don’t hit them right away with, “Hey, I want to sell your home.” Start the relationship off soft, and then hit them with the hard stuff later.
Megan Ferris: Zing.
Todd Ferris: Zing. All right. So, what about some of the others that we want to talk, the other sources of business that you might see investors is a definite like that’s a hard one sometimes investors but once you get a good investor, it can be a golden goose. Renters, I always look at rentals like rental, well, on the renter’s side, renters become buyers, but then also work rentals because those can get you other renters that eventually become buyers. New builds are obviously a great one for a market like this. There’s a ton of new build going on. So, you better develop those relationships with new construction companies. Business to business, this kind of goes back into the networking that we were talking about, make sure that you are relating with other businesses that can feed you.
Listing leads is always a great one. Relocation is a great one, whether or not you’re with a large company that’s across the country, there’s so many opportunities through the internet and through different channels there that you can still work those relocation. And lastly, that also applies to agent to agent, developing relationships with agents outside your community so that you guys can start referring business back and forth to each other.
Terry Waggoner: So that’s a lot of different ways to generate business. At the end of the day, we would want to say this to you, as you think through this plan, as you create a plan for yourself. You do you. That’s a lot about what we’re about. But the whole idea here is there are a lot of ways to build your business. Figure out the ways that you most will enjoy building your business because you want to create a business that you actually love. If you know that you hate cold calling and you’re not going to do it, why would you put that in your plan, thinking that you’re magically all of a sudden going to want to do it? Instead, you’re going to hate your life. And if you actually do, do it, you will hate that. You’ll hate your business, all that stuff.
So, create a plan that you’re excited about, that you know you will actually do. So, think through what do you love to do? What do you not love to do? What could you wake up every single day? Like we said, that gets you fired up every single day, and what would you prefer not to have to do every single day.
Christian: Play to your strengths.
Terry Waggoner: Play to your strengths, no doubt. So again, we want to pick two or three that we most prefer to spend our time on. We’ve gone through these sources of business. And now we’re going to figure it out. Okay, this is where again, we would take a break. And I’m going to set up a real brief break here in a second. But here’s what we’re going to do. You’re going to look through on the business plan that we’re giving you, that PDF. You’re going to say, where’s my business going to come from? It’s going to come from these spots. You’re going to write down your goal transactions for each one.
And then we would also say, you see there at the bottom of that page, think about adding a source of business you’ve never done before, this year just to try it on.
Megan Ferris: It’s exciting.
Terry Waggoner: Right, it’s exciting. There are ways, there are so many different ways to do it. So, think about adding a new source of business and start to fill in those transaction counts right there for where the business is going to come from. And then we want to get into the details of those plans. So again, we will take a longer break if we are with you in person. We’re just in the Airbnb right now. So, we’re not with you. But we do smell you. What are the details of what and when and how you’re going to create this business for yourself? What’s your budget for each lead source? Again, how many transactions are you expecting? And therefore, what’s your cost per transaction? There’s a sheet in your business plan to kind of go through that stuff. So, plan that all out. And we’re going to do that. We’re going to take that little pause right now. We’ll be right back.
Welcome back. Here’s the thing that you need to do now that you’ve made that plan and you did make that plan. And I sure hope you didn’t just listen and look at the screen.
Todd Ferris: I don’t want to call anybody out.
Terry Waggoner: Oh, do it. Call them out. Who was it?
Todd Ferris: I snuck out of the basement. And I went to the neighbor’s house, and I saw Susan.
Terry Waggoner: Susan?
Megan Ferris: Susan.
Todd Ferris: Susan was watching Netflix instead of reviewing her business plan.
Terry Waggoner: Susan, it’s a simple game.
Megan Ferris: Trust me, Susan.
Terry Waggoner: Susan, all right. You’re going to pause the video now. And now we all have to wait for you.
Todd Ferris: Susan, we’re all going to wait on you now.
Terry Waggoner: Now we’re all waiting for you to unpause when you’re done with your plan. Now, okay, so here’s the thing. Now that you’ve made your plan, everyone but Susan, let’s wait for Susan real quick. Now that you’ve all made your plan. Thank you, Susan, for joining.
Todd Ferris: Everybody else is like, “So Susan.”
Terry Waggoner: I just love that there is a Susan watching and she’s like, “Where are they?” Anyway, so once you’ve made this plan, now you’ve got a really solid plan for how you’re going to build your business. Will it maybe change a little bit as you go? You can tweak over time, you can test over time, but you have a real solid plan. Now you can execute, but it’s got to start with commitment. We want you to commit to this plan, because you’ve picked your trajectory, you’ve made a great plan. But if you don’t commit to executing it on a daily basis, then it’s all for naught.
Megan Ferris: You took an oath.
Terry Waggoner: Thank you, Megan. Thank you, Megan.
Megan Ferris: We need to decide. We’ve got to commit now. We’re married.
Todd Ferris: Are you a person of integrity or not is really what it comes down to, Susan.
Megan Ferris: Poor, Susan. We love you, Susan.
Terry Waggoner: This Susan thing’s cracking me up, man. It’s so good. All right, so commit to the plan so that it’s not just a big waste of time. You got to actually execute the plan you have now.
Megan Ferris: Yes, we’ve made it. Now let’s do this plan. Okay, we’re going to give you a couple tools and tricks and tips to make this plan work. Because we all know, these plans are made and we’re super excited and we’ve decided what we want to do. And then we go out into the world and the world just can beat us down sometimes. Sometimes, life happens. We’re late. Your cat catches on fire things.
Terry Waggoner: Your cat catches on fire.
Todd Ferris: That can happen. That can happen.
Megan Ferris: We’ve all had that day.
Terry Waggoner: It’s just science. It’s just real science is what that is.
Christian: The cat was fine. No cats were harmed in the making of this.
Terry Waggoner: Yeah, no Susans were harmed.
Megan Ferris: But you do need some tools and tricks to make the plan work, to be able to stick to the plan, you have to set yourself up for success. So, we’re going to very quickly go over three big tools and tricks that we believe are the most important things you need to run a business in any form. I’m a big dork and I love Game of Thrones. So that’s why Ned is there for you, right?
Terry Waggoner: What’s his name?
Megan Ferris: Ned.
Terry Waggoner: Ned?
Megan Ferris: Ned Flanders. No, his name is Ned though, isn’t it?
Terry Waggoner: I think so. Yeah. That guy’s name. I haven’t watched Game of Thrones. That guy’s name is Ned?
Todd Ferris: Not to ruin it for you. You’d want to watch Game of Thrones. But Ned dies early.
Terry Waggoner: Does he really die?
Megan Ferris: This was what made me fall in love with it. And then we need to get back. But what made me fall in love with it is it’s literally season one and he is the main, he’s like one of the main, main characters. And they behead him and you’re like, “What?”
Todd Ferris: This show will be amazing.
Terry Waggoner: I do like shows that do that.
Megan Ferris: Yeah, yeah, actually it’s Stark. It’s Eddard Stark, but I thought they called him Ned. My bad, Lord Eddard. Oh no, known as Ned Stark. Thank you. I knew I was right. All right.
Terry Waggoner: It’s not what I think of when I think Ned.
Megan Ferris: I know. And he’s awesome.
Terry Waggoner: . . . Simpson?
Todd Ferris: Yeah. That’s right. That’s right.
Megan Ferris: Yeah, they’re two very different ends of the spectrum. So, the trifecta is coming. He’s the guy who the Winter is Coming, and the trifecta is coming, and this is our favorite part. There’s three keys to success to make your plan go from a dream to a reality and it’s money management, time management and attitude management. So, we’re just going to quickly go through those to make sure you stay on track throughout the process.
Todd Ferris: You’re going to have the greatest plan in the world and if you don’t focus on these things, then that plan is going to go by the wayside.
Terry Waggoner: Your cat will burst into flames.
Todd Ferris: It always happens.
Megan Ferris: Absolutely test.
Todd Ferris: Does that not happen in Illinois? In Indiana, the cast just burst into flames all the time.
Megan Ferris: Spontaneous combustion.
Christian: Spontaneous combustion.
Terry Waggoner: I looked it up. Illinois actually has no cats.
Todd Ferris: Oh, it’s a cat free state.
Terry Waggoner: It’s a cat free state.
Todd Ferris: It’s a cat free state.
Terry Waggoner: I’m on my way. I’m on my way right now.
Christian: We just lost all the cat people at this point.
Terry Waggoner: All the Susans and all the cat people have shut this off, sorry.
Todd Ferris: Double whammy if it’s a Susan with a cat.
Megan Ferris: We have cats. I love cats. It’s all great. I love them.
Todd Ferris: Let’s talk about the first thing, which is money, money. So, when we talk about money, we need to talk about money management and this is all about making, look at the people there. You have money, you’re happy. It’s scientific fact. If you don’t have money, you’re not.
Megan Ferris: No, that’s not what that slide said. No, Todd.
Todd Ferris: It’s science.
Megan Ferris: We even know it, Todd. I wrote this. This is not what the slide says.
Todd Ferris: Money equals happiness.
Megan Ferris: It says this is how much people view, this is how people view the life of a realtor and this is what happens instead a lot of times. Didn’t that make more sense?
Todd Ferris: When we’re talking about money management, we’re talking about the easiest way to do it is kind of break it down into budget, track and then analyze, right? So basically, you need to make sure that you have a budget. Now for first time agents, it’s hard to know what your budget should be so you might want to talk to your manager or a peer and figure out like, well, how much should I be spending on marketing? How much should I be spending on the cat, closing gifts, things like that.
All right, so you can do that with them. Now, as you become more experienced year over year, you should be able to look at your budget and figure out what is. In fact, we even have a little budget sheet in the PDF, so you can look at last year’s spending, you can look at this year’s spending. Obviously, this is a really crude version of a budget. But if you’ve never done a budget before, start here. All right, then over to-
Christian: Other, other, other, other.
Todd Ferris: Lots of others, yeah.
Terry Waggoner: We don’t presume to know your budget. We don’t presume to know.
Todd Ferris: So, we’re going to use this thing. Now as you get more detailed, and hopefully you will get more detailed, then you’re going to have a deeper budget, you’re going to have more lines on the right of others. But the whole idea is that you want to be able to track this, which is the second step. So, you got your budget, you know what you want to spend. Now you have to track it though. Because if you just have a budget, that’s great. If you’re not tracking it, then you have no idea how you’re actually doing. So, make sure that you are paying attention to what you’re spending. Track all those numbers, know how much you spend on cats, know how much you spend on dogs. Vary it up this year, add a little horse, a mini horse to your repertoire of marketing. That’s an inexpensive add to the budget. I show all my homes on horses.
Terry Waggoner: On horseback . . ; horseback showing?
Todd Ferris: That’s what we do, that’s what we do. Man, we are saving a ton on gas. We are the Danny DeVito twin, we are the Danny DeVito twin, no doubt. All right, so you got your budget, you’re tracking your numbers. And then the last thing is that you need to analyze and improve. So, if you look at it and you’re like, hey-
Christian: When is happiness? You said money equals happiness. Is that step four?
Todd Ferris: It will naturally happen, yeah.
Christian: So, you’re becoming more happy. There is an arrow.
Todd Ferris: When you smell your money, it creates endorphins, something like that. All right. So that’s just science.
Megan Ferris: I mean, I don’t know where we went wrong.
Todd Ferris: Analyze. And this is the big thing is just return on investment, if you know what you spent on your sphere, and then you look at how many sales and how much commission you made off of, now you know your return on investment. And if you look at your expireds, and you spent a ton of money on them, and he turned around, he didn’t get anything from your expireds, you’re a negative ROI. So, you want to analyze that and be able to improve and therefore change your business plan the next year based on some things like budget.
Terry Waggoner: Let’s talk about time. It’s number two, it’s number two in the trifecta that Ned told us about. Time is huge. And you’ve already, I’m sure you’ve heard before, the whole thing about Beyonce is that Beyonce has 24 hours in a day and look how much better she is than you. I think that’s the quote. Megan, is that right? Is that what I’m supposed to say?
Megan Ferris: I think that’s it.
Terry Waggoner: No, she has the same amount of hours that we have in the day, and she’s able to squeeze every drop out. Look what she could do.
Megan Ferris: She’s strategic.
Terry Waggoner: She’s such a better person.
Megan Ferris: And a great dancer.
Terry Waggoner: And she’s a great dancer.
Christian: She has a lot of assistants too.
Megan Ferris: She has a lot of help.
Christian: A lot of help.
Terry Waggoner: Same 24 hours Christian, the same 24 hours.
Todd Ferris: When was the last time you produced a hit song?
Terry Waggoner: You’re producing a podcast. So, the whole idea here is you want to plan your time and be in control. This is one of the biggest challenges for REALTORS®. But you’ve got to make sure that you are the one in control of your time, in control of your schedule in order to execute your plan. Don’t let others control your time. You plan that time and then stick to that plan, so there’s all kinds of people that will try to disrupt you in your plan. Sometimes it’s our clients, sometimes it’s other agents, sometimes it’s vendors that want to just have a quick lunch and learn, quick little groups and sit down tell you how I’m going to help you grow your business like just not.
Todd Ferris: We’re going back and forth to the lender right now that just wants to sit down and won’t leave it alone. And we’ve tried to pivot to Zoom calls and everything.
Terry Waggoner: It’s just not happening.
Megan Ferris: We love our vendors. Don’t get us wrong. I mean, we need these people to be an extension of our business.
Terry Waggoner: But there’s only so many hours in the day. And if you’re going to execute your business at a high level, you’ve got to really be control of that. And there’s limited time for disruptions like that, so it makes it really tough. And that goes to the other point too. And that is you could be the one disrupting your schedule. You can be the person that’s saying, “You know what, I’m supposed to be doing my lead gen right now, but instead I’m just going to play around on Facebook or instead, I’m just going to.”, I don’t know what, “Do something that’s less important than that.”
Christian: Watch Netflix.
Terry Waggoner: Watch Netflix, sure. So, there’s a lot of ways for you and calm down Christian, we’ve done enough damage to poor cat Susan in Illinois. But the idea is you’ve got to be in control your time and you’ve got to stick to it. So, it starts for us with a weekly plan. You want to have a weekly plan for how you’re going to manage the upcoming week. You want to start with an idea week of what you are wanting this week to look like and just as there’s sample weekly plans, we have these in a lot of our content, so it will be something that’s easy for you to find.
But the sample weekly plan and we can email this to you too, if you want. So, if you want this sample weekly plan, just drop us a little email, [email protected], and we’ll send you the weekly plan. But on Sunday night or Monday morning, you want to plan. This is my plan for the week, it’s not going to go exactly like I planned, I know. But this is what I’m intending to do this week, just so you know what’s coming up. So, you’re not again, we don’t want to be willy nilly and fly by the seat of our pants. We like theme days a lot. So maybe you say, “Hey, Monday, I’m going to do a lot of appointments. And I’ve got a lot of appointments already on Thursday. So, I’m going to make those my appointment days and shove all those requests, or all those meetings, or all those Zooms, whatever they are, to those two days. And then I’m going to use Tuesday and Wednesday as my catchup and my paperwork and my creative time and all that stuff. And then Friday, I’m going to work a half day because that’s what I like to do, right?”
But have a plan, figure out your weekly plan and then plan to stick to it. Then you want to create a daily plan. So, the night before, you want to know what your plan is like for the next day. You want to set yourself up for success the next day. Write it down somewhere, whether it’s a journal, whether it’s in your calendar, however you want to do it, just you can track and follow. And with all these plans, we always say try to stick to it with 80% accuracy. If you’re hitting your schedule and your plan 80% of the time, you’re going to be so much farther ahead than just people that are flying around willy nilly, right?
So, try to make the plan and then try to stick to it with 80% accuracy. If you get knocked off course, recalibrate, recalculate, like Waze does when you’re driving, it’s like, “Oh, we’re off course. Now what do we do?” Try to get back on course. Don’t just say-
Christian: Which you will, you’ll get knocked off.
Terry Waggoner: And that’s going to happen.
Christian: It’s just the nature of the business.
Terry Waggoner: What we don’t want is it to be 10 in the morning, you’ve been knocked off your schedule, and the rest of the day is shot. We don’t want that. We want you to figure out right then, do a little triage and think how am I going to get back on track? What is my revised plan now? So just having that plan is huge. We are big believers in routines, a morning routine and a nighttime routine. The morning routine is huge, because it is your time to start your day off on purpose. We’re big believers in the book, Miracle Morning, Hal Elrod. Check that book out from your library or download it, read it, get it. It’s all about starting your day off right. And I promise you the difference from when I do my morning routine versus when I don’t is extremely palpable in my daily life. So, you’ve got to be consistent and try to rock this thing. Again, if you can go 80% four out of five days, you’re hitting your routine, your life will be so much better.
Megan Ferris: And I do feel like you’re really the master of this, Terry. You’re good at it. I don’t know if you always hit it, like you said, but just having it set up and you set yourself up for the day in such a way that you’re going to be the most pro-productive that you can possibly be. And in a good mindset.
Terry Waggoner: It’s huge. It’s huge. And there are different phases of life, and everyone has different circumstances. So maybe your morning routine is 20 minutes, maybe it’s two hours, I don’t know. But you got to figure out where you are in your life and what you can do. And the point is starting each day with some intention. It will make a massive difference for you, I promise. We talked about the nighttime routine. And the biggest thing about the nighttime routine is just to set yourself up for the next day. It’s supposed to help you sleep better. So whatever things, there’s all kinds of things that you can do, you can start reading a real book, you can wear blue light glasses that will take out all the blue light or whatever. You can stretch, you can meditate, you can pray, whatever it is that sets you up to have a nice peaceful night but then also to be prepped for the next day too.
Those routines, we always say like the morning routine starts the night before. So, you’ve got to be having an intention behind what you’re doing at night as well. And then be accountable to this too. So, you’ve got your schedule, we say write it out, print it out and share it with your family, share it with a partner in the office, share it with a manager, but this is a huge thing. Create that and then be accountable so that you make sure you are actually sticking to your plan. Again, time is the currency of our lives. And so, if we’re spending our time well, then you will be executing how your plan, how you want to, you will get to where you want to go.
So, be accountable to that. That’s one of the biggest ways. You’ve got to have a good calendar. We talk about this kind of thing a lot. You’ve got to have a great calendar. We suggest something that syncs so you got to get away from the paper calendars. You’ve got to use a great digital calendar, Google Calendar, iCalendar, there’s a million options, but just find one you like, and work with it. And the same thing with a task manager too. So, don’t just wake up every day and create a little chicken scratch list of the things you want to do today. Actually, have a digital task manager that can automatically fill in your day for you with the things you need to do. You can set reminders in that way. So, we like things a lot. If you’re a Mac user, we like to do this a lot. There’s a lot of people on our team that used to do this that’s web based too. So, it’s not just for Mac but just find a good, Outlook’s got them. There’s a lot of CRMs that have them. Just find a good task manager to help you execute on your task.
And then at the end of all this, do what works for you. Don’t do my morning routine or Todd’s nighttime routine or Megan’s weekly plan. Figure out yours, your life is different than my life. So, figure out what works for you and then be accountable, stick to it. The whole idea is you’ve got to go through your day and your week with intention. So, figure out how you’re going to do that. And what that plan looks like for you.
Megan Ferris: It’s a game changer, man, how you manage your time. Do you want to be Beyonce, or Ned Flanders? I don’t know. O don’t know, who doesn’t?
Terry Waggoner: Or a level four?
Megan Ferris: You don’t want to be there.
Terry Waggoner: No, you don’t, Megan.
Megan Ferris: All right, let’s talk about the third key to success, which is your mindset.
Terry Waggoner: I love this one.
Megan Ferris: So important. I know, I’m really all of these just making you geek out. I get so excited. But it’s so important that your mindset and your attitude, that steers the entire ship of your business and your life. And you need to know that you’re in charge of that, and that you’re setting that in the right course. I don’t know many nautical terms, but all those things and see what happens. So, first thing you want to do is make sure you’re surrounding yourself with people that are where you want to be. And they’re the type of people you want to be like, because the statement is you’ll turn into the five people that you hang around the most, to audit that. Who are you hanging around? Who is pouring into your life? And who are you allowing to influence you? So, it’s really important to surround yourself with great people.
And only take advice from people who are where you want to be. I mean, we always ask people for advice in our personal life, so analyze it there. But really, in real estate, this happens a lot. We see people go into an office or hop onto an online communication portal and say, “What would you do in this situation? I have an inspection that’s causing a ruckus. It’s going to fall apart. What do I do?” Only listen to the people that are doing the production and run their business the way you want to run your business when you make the decision on how to handle it.
So do it the right way and make sure you do it. You only take advice from people that are where you want to be. And find ways to be accountable. This one is huge. We talk to agents all the time. They are saying, “Man, I have all the tools, and I have everything in place. But I’m not accountable to anybody. So, I’m not doing what I need to do.” So, find the way like Terry said earlier with your time, you have to create it, so it works for you. But find ways that will keep you accountable whether it’s getting an accountability partner and saying this is what I’m doing today. Let’s touch base at 5 p.m. and see what we got done. Find ways to get plugged in the ways you need to be instead of those systems to be accountable. It is a game changer.
Also be as fun. You guys are listening right now. You’re getting trainings, you’re getting involved. This is what you need to do. Continue to learn, trainings, meetings, conferences, books, podcasts, webinars, classes, whatever you can do to pour into you. We spend a lot of time driving or on horseback, whatever, however you share your home as well. As agents, we do drive around a lot usually. So, find ways that you can be doing this stuff and multitasking, using your time well right when you’re driving or on horseback.
Terry Waggoner: My horse doesn’t play podcasts; I have to admit. That’s so good. Nice, Ned.
Megan Ferris: Garbage in, garbage out. And also going back to what you put into your life and who you surround yourself with, anything that you listen to, if it’s bad, and it’s negative, and it’s not useful for your life and your goals, just get rid of it. What comes in goes out. So be really careful what you allow in and that is okay. We give you permission to say no to everything else. And then keep your goals in front of you. This is something that we all do. And it’s I mean, literally my goals. And Todd and I both have goals and dry erase marker on our mirrors, we have little whiteboards, we have notes, we have them everywhere, so that we remember what we’re working for every day.
So, keep those goals in front of you. You don’t have to tattoo them on you. Do put them up because they will change. And then invest in your health and your wellness. Take time for you, your mental, your mindset. All of that has to do with how much you’re putting into filling up your own cup. So, make sure you’re sleeping and you’re filling up your cup with things that are positive and take care of yourself. And then like Terry said, get good apps, systems and help because those things allow you. In our world right now, you can get so many apps and things that help you, your CRM and those systems that will do work for you. You set it up once and then you forget it and you keep working.
So really good. And then enjoy what you do. We’d said this earlier, pick lead gen sources that you actually enjoy doing and you’re not hating your job and its drudgery every day and enjoy the people that you’re surrounding yourself with and you will love your career. And then we want you to take time off. We are big believers in half day Friday, taking vacations and making sure you will be at your best if you take that time off. I just read an article yesterday about Serena Williams. She was telling her husband you got to work less and unplug to be able to then when you work, you’re working your best. And it’s really important.
Todd Ferris: The rest is part of the work. That’s what it said. That’s what it said. That’s a good one, right?
Megan Ferris: You got to be ready, you have to have your battery charged to be able to work well. So last quote for me today, you are where you are by the choices you have made or that you’ve allowed others to make for you. So, make the right choices for yourself today to build your future and rock this, you guys.
Terry Waggoner: Nice, what time is it now?
Todd Ferris: We’re running a little short on time. So, we probably only have time for like one or two but we’re going to open up the floor.
Terry Waggoner: Yeah, we’ll do some Q&A. So, we’ll just open it up to see if anybody has any questions, just going to look.
Todd Ferris: No, I guess we covered all. Good job, team.
Terry Waggoner: If you do have questions, we do want to connect with you. And this is how you’re also going to get our slides. You just text the word boom to 33777. And then below, you can see where you can connect with us on social media. If there’s anything we covered, if there’s anything else you want to talk about, if you actually do have any questions, and you just were too shy to ask them right now, we get it. There’s a lot of people in the Zoom room, or in the video room or on YouTube or wherever you’re watching this. But we love to talk about this stuff. We can talk about this all day. And so, we would be excited to connect with you and talk with you more about it. So again, text the word boom to 33777 and connect with us on all the social media channels and listen, get this plan together. This is going to make a huge difference in your life like it did for Todd. Todd was a pathetic, sad sack before his business plan. He was a joke of a human. And so now look at him. He’s got his own podcast. I mean look.
Megan Ferris: He’s so handsome.
Terry Waggoner: This has been so much fun. You guys are the best. Talk to you again soon. Have a great day. We will see you soon. Bye.
Megan Ferris: Bye.