Inman Connect San Francisco 2016
August 4, 2016, Emeryville, USA
Inman Connect San Francisco 2016
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The Boiler Room Strategy for Real Estate Success
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Author, strategist and evangelist Chris Smith is ready to weave his first-hand old school experience with new school tactics mapping out a winning formula for Real Estate success with inside sales. Let's welcome this audience favorite Chris Smith. Thank you. Thank you. So I'm actually going to read a list the names here. And if you hear your name called it means you still have a job. And if you don't hear your name called you have 5 minutes to turn in your badge and leave the building. That was how a meeting started my first week in the Boiler

Room. And when my coach came back in I'll never forget what he said cuz they only kept half the staff he came in. He said guys I know a lot of those people or your relatives. I know a lot of those people were your friends and I can see that you're very upset. I know some of them might have even been your spouse but I want you to know one thing. I want you to know that I didn't fire any of them. They all fire themselves because they didn't hit their numbers now get back on the goddamn phone. Thankfully I had a pretty good first week. When you come to end in guys,

you're here to learn about marketing you're here to learn about technology. You're literally here to learn about the latest and greatest, but I want to put out a challenge to the marketers and the technology people here right now. I want you to come with me for a day and I want you to call the leads you're generating and then tell me if you wouldn't fire yourself. The Boiler Room is tough guys, but inside sales and being good on the phone is where the businesses grow tremendously. The bottom line is that when you come to end men. Yes, it's important to learn about apps,

but I promise you that being good at sales is way more important than being good at Snapchat. So if you want to crack the conversion code, here's the key. You need to have more and better conversations with humans. I don't think the robots are going to win. And so what I'm going to go through cuz I'm going to go through how to use these Technologies to create the conversations. But the key is that when you go back to can't hide behind your screen quit using technology to avoid people start using it to interact

with more. So my first kind of big-time Boiler Room experience was for a guy named Lou Pearlman. Blue Pearl MS a creepy dude, if you guys Google him later multi-billionaire, he discovered NSYNC in the Backstreet Boys in between the training. I got that Lou pearlman's company and then I went and work for a guy named Dan Gilbert. He created and started Quicken Loans. He also is the person who owns the Cavs. Sorry to bring that up here. But here's what I learned you guys tone enthusiasm. And then mine set. These

are the keys to people being the most successful it inside sales what Dan Gilbert they when I went to the training is he drew a circle and he said guys this is going to be a breakdown of how human beings communicate because if you're going to go in the boiler room and make calls for me for the next couple years. I'm going to give you a lesson that will help you make more money. He basically said that 55% of human communication is body language about 38% is tone and then only 7% is words. And so if you're in the Boiler Room, guess what guys people

can't see you. They don't see how nice your hair looks Heather, you know, it does they don't see that you look trustworthy and then you're sort of genuine. So my coats and Lou pearlman's company. He said Chris when you get on the phone, if you want to close somebody it's very simple. You have to have the ending of enthusiasm. He said the reason enthusiasm ends with IA SM. Because I am sold myself. If you don't have a positive mental attitude and a great Stone. Here's the other thing about mine said that's a bloody guys away. When I worked at

move Inc stock selling for realtor.com and top producer the inside sales Channel dominated the outside sales channel for Revenue. But what I learned is that when you're generating leads online, you actually have to have the right expectation. So here's a little data for you guys to break down. I'm going to move to this side for the for the monitor in 2011 guys. In 2011, 2.9 Million real estate leads were generated 4.4 million homes were sold in 2014. There were 40 million slaves 5.1 million home sold. Do if you're

in an industry where you actually get eight times more leaves than deals. You have to have the right mindset that if the first seven people of the morning tell you to fuck off that's normal. There's a guy from a company called a stately. They generate a ton of Internet leads that they were out to agents right away. He said the best people at working leads have a black lab mindset. They're absolutely thrilled to see every single lead. The other thing I learned as I researched the conversion and I looked at how the best companies handle leave conversion. It actually comes down to something

that I can break down 4 u s t t which is speed tenacity and then time blocking. Okay. So your ability to convert an internet lead, if you actually look at the difference between 5 minutes and 30 minutes. There's a 100x increase in the ability to convert a lead between minute five minute 30, but if you look at the companies that do internet Legion, the average company responds in over 3 hours forty-seven percent of Internet leads never get called. But thankfully / HubSpot

50% of Internet leads to the first person they speak with so speed chills when it comes to conversion. You don't have minutes you have sex you don't have hours you have minutes when it comes to leave follow up and then tenacity. This is an interesting stat as well. If you call and internet lead in the first 5 minutes, you still only connect with about 48% of them. If you actually will make five more attempts per lead you go from one dial to six you can take your contact rate from 48% to 93% So

sometimes it's just about efforts. Sometimes it's about being tenacious. I won't ask you to raise your hand if you've ever gotten a lead and called it once or twice but I'm guessing almost every hand go up if I did ask that because we called leave once or twice and then we move on so it's about speed it's about tenacity. But here's the other thing. It's about It's about time blocking between the hours of 8 a.m. And 10 a.m. And between the hours of 4 and 6 p.m. Those are the times during the day that you have the highest chance of having someone answer when you call. It makes a lot of

sense is sort of on the way to work before they get home. Right it's definitely like I have to be honest if you come and work for me at Kure and you're going to do inside sales for me, I'm not going to chain you to your desk, but you better be at your freaking desk from 8 to 10 and from 4 to 6, because that's when we dial for dollars to their science behind when people will actually pick up the phone as well, which I thought was really fascinating. So it's about speed and tenacity one last Point here. I want you guys all to write this down double dial. When

you call a lead in 2016 and you're calling them from a number, they don't recognize. What do you think they're going to do guys? We're going to ignore it. So what are we doing? They ignore it? You call back immediately if you miss a call and you don't recognize the number and then like they called again and it's like mayonnaise somebody heard a better pick this up. That's called a double dial. That might be the tip of the conference. Sorry, so I'm blocking tenacity and speed are the keys to getting more conversations applying some

of the billionaire advice. I got our startup curator is only about 36 months old and we we are approaching 10 million in annual recurring revenue and people think it's because of the books in the blog and it's because of the Boiler Room. It's not because of the blog the blog helps the Boiler Room stay busy to have great conversations because when you're calling an internet lead, this ain't your spear this ain't your past clients you have to actually understand that there is a science to selling someone just like there is a science to

marketing and Technology. Let me show you guys what my first-ever coach Drew and I never forgot it. If I was you guys, I would write I would draw this if I could I have the best drawer here. This is the science of sales. That's it. Your job when you're selling someone on the phone or in person is actually very simple. You have to get them more emotionally bought in than the cost during the time. You have them then and only then you can do what? Close them, but if you don't have a conversation, you're not going to get a

customer. If you're over here getting hung up on in the first minute all day long. You're not going to get to the point where you can ask them to work with you. I found at every job. I've had a meaningful conversation that led to a client could take anywhere between 20 and 60 minutes. And so if you're getting a call from a lady like when I was at Quicken Loans, every single lead would call in for when call them and they say all I don't want to do. I don't want to refinance. I just want to know what the rates are. The Everly will say that some of you that sell real estate you

get to buy early from the internet. I don't want to make an offer or go see it. I just want to know if it's still available. Do you guys ever get a call like that? So what I call those guys and even a curator it's like I don't want to sign up. I just want to know if it's available but that's a natural human thing to do. I call that a brick wall statement and your job is a sales person is to get around that brick walls and keep the conversation going to do that. There's a really cool Technic you guys can use this called ARP AARP when you're on the phone and someone gives you that

brick wall. Hey Chris, I'm not really looking to go see the home yet. I just want to know if it's still for sale. The first thing you do when someone gives you that brick wall guys as you acknowledge what they said. Oh you just wanted to go see if the home still for sale. I'll be happy to take a look at that for you. Remember we're not face-to-face. We have to almost pay back what they said. Oh, you just want to know what the interest rates are. No problem. I'll pull those up you acknowledge what they said before you respond, but then what we're going to do. Is war going to come up with a

response that sweat which means works every time so here's an example. Get a call in from an internet buyer. I just want to know if the home still for sale of the home still for sale. No problem. I'll look that up for you. If you found it on Zillow. It probably sold a year ago. How long have you been looking for a home sir? Right. That's the pivot. So it's acknowledging what they said only just wonder what the interest rates are great question in the history of interest rates. How much are you looking to

say? That's the pivot back to the discussion. We need to have seeds basically established what those brick walls are and then established the ARP that work to get around those which is really cool. The last thing I want is how to pitch over the phone. There are so many sales people that I listen to them trying to sell somebody over the phone and it's pathetic and a lot of people in this industry. They call themselves sales people and they are marketers. They are not sales people. And so when you're pitching something whether that's on the phone whether that's face-to-face Alec Baldwin got

it right you guys Tell me if you know what that stands for. You guys took that too literal, by the way, you're like a Starbucks closing people. You're in the elevator like giving them your right. That's not what he meant what he meant as it's actually an acronym guys called f b and if we're going to get these people more excited than what we sell we're going to actually have to come up with about four to six of these it's called feature-benefit tie-down everybody in this room when they pitch here's what they do. They do Feature Feature Feature Feature

clothes and they wonder why they can't close anyone if you don't turn the corner and say Here's how this feature is going to benefit you. Do you agree? Then you go to the next feature. That's how you move the conversation up. And so I was actually teaching this one of our clients in Savannah Georgia. She's authorized Julie farmer Live Love Savannah if you want to look her up and she goes Chris. I love those fpt's what do you mean? She said I tell him what it is. And do you agree?

You can make this your own style guys, but speaking in tie-downs is why people buy things that's how it actually works. So when you're pitching and you get to the end and you kind of got no more excited than the cost. There's actually a very simple way to close people without it getting awkward, but I found is a lot of sales people get to the end of their call. You guys know that moment work, you know, they want to do it. They know you want to do it, right everybody sort of on the same page, but then you get to the end of your like so what do you think? Should I get the paperwork ready?

Are we doing this? My coach told me one time. You said Chris. I want you to remember one thing when you're closing Lions. Don't ask the Lambs for food. I never forgot that what you do guys when you close someone is used what's called a transitioning closing statement. So you've got them bought and you can hear that. They're excited that feature seems to benefit me. And you're going to say there's a very simple. Okay great. Here's what happens now we're going to do this we're going to do that you start foreshadowing the process of what it's like to

work together. So if you sign a refrigerator, we're going to get your website setup working to get your Facebook as going we're going to build your landing pages. We're going to get your blog set up. We're going to get all your leads in one place finally for the first time in your career. And as a part of doing that we have coaching on Tuesdays and Thursdays, which one's better for your team. That's called a trial close. If you sell homes in your talking to a seller. Hey, we're going to go in the MLS. We're going to pull comps we're going to do that. This that the other and we're

also going to get professional photography done. Would you like the photographer to come during the week or on the weekend? Which one's better for you? That's called a trial closed interstate answer that question guys. What should I do now? I know I can close them. And now that he's the last technique called a slot clothes. So here's the process coaching happens on Tuesdays and Thursdays what's best for your team? They're going to say Thursday's best. So here's my slot clothes. Did you want either credit or debit card for the payment? Did you want to use a business or personal card?

Would you please read me the digits 16 all of them for at a time left or right? You got a Swagger up when you're closing. You can't get to whole house going to come out tomorrow at 1 or 3 neither. So there is a science to sales guys. I remember the day after my coach fired all those people he came in and here's what he's doing to give us an awesome lesson. He said guys when I fired all those people yesterday A lot of them came to me and asked for their jobs back and I want to tell you why I didn't rehire

any of them. The first woman came in and she said she was pregnant and she has been not getting a lot of sleep. The second guy came in and said he was going through a divorce the next lady came in and she said her kids were sick and he said the reason I didn't care about anything that they said is when I look at your numbers each week and each month when we built the form this Excel doc to check them. We only leave room in the Box for the numbers no excuses fit. That's why I didn't get their jobs back. If you want to go back after Edmund and make

more money as a broker as a tech company, if you want to go back and sell more homes as a real estate agent. You can't just come here and master. The latest fads. You need to get back on the goddamn phone. Thank you guys so much. Hey real quick. You guys Inman was kind enough to send a hundred copies of my best selling USA Today book that the talk was based on I'm going to be in the hub from noon to 12:30 signing on its first come first serve. Hopefully I get to meet a lot of you guys out there. Thank you so much.

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