by Todd Bates
1. 7% rule. Never spend more than 7% on marketing and advertising for new business out of each commission check to get the next deal.
2. 85% rule. 85% of the buyer prospects are a waste of time, which means not qualified or motivated buyers. This is not true in my experience.
3. The four system rule. It is best to have four marketing systems running at all times: 1. Referral Base 2. 3. 4. It can't count as a marketing system unless it's bringing you at least 2 deals a month.
4. Be the doctor in real estate. Come in and ask a lot of questions and solve their problems quickly. Find out their motivation etc, not just standard questions. Be the interviewer not the interviewee.
5. Match up your personality with your marketing. Your prospecting personality. Do you like working with sellers or buyers? Are you direct or relaxed? What is your budget? The answers to these questions are your marketing personality. You have to match up your marketing with who you are.
6. You have to control and manage your fear on a daily basis. 3 main fears and how to get over them:
Fear of rejection. If you answer questions you will increase your chances of being rejected. Answer each question with a question.
Fear of not making money. Ask yourself how questions. How to accomplish your goals. How to overcome your challenges. This overcomes fear.
Fear of success. Success requires commitment.
7. Your job is not to help people buy and sell homes. You are in the marketing business not the real estate business. Get into the marketing business. The further you get out of the real estate business and into the marketing business the more money you are going to make.
8. You need to understand how to use the best question ever. How…