The Path to $20 Million with Mike Prewett

Mike leads a discussion on addressing common objections from home sellers and buyers during the holiday season. They suggest using a 'home for the holidays' program to mitigate these concerns. The program includes appointment-only showings, select days and times for showings, Mike's presence during all showings, no yard sign, and no lockbox. Mike encourages agents to adopt or modify this program to stimulate action during the typically slower holiday season.

Mike discusses handling objections from buyers and sellers during the holiday season. They suggest using questions to understand the customer's perspective and concerns. Mike shares their 'home for the holidays' program, inspired by car manufacturers' holiday sales promotions, to encourage sales during this period. They plan to present this program in detail to encourage adoption and use in sales strategies.

Mike discusses the importance of podcasting for business, noting that 39% of weekly podcast listeners use YouTube, surpassing Spotify and Apple combined. They emphasize the need for video podcasts to engage viewers, not just listeners. Mike advises creating a podcast and uploading it to YouTube, suggesting that it doesn't need to be professionally produced. They advise starting with one video per day to meet YouTube's requirement of 100 videos for better visibility. They encourage adapting to this trend to stay competitive.

In this meeting, Mike discusses the ongoing exploration of AI with the team. They highlight the upcoming session led by Hannah, which will delve deeper into AI embedded connections. Mike encourages the team to embrace change and learn new skills, comparing it to personal growth. They share examples of how team members are using AI, such as Brian using it for route planning and Tracy using it for BNI presentations. Mike emphasizes the importance of sharing ideas and experiences within the group to harness collective genius.

Mike leads a meeting discussing the importance of adopting AI technology in real estate to stay competitive. They share examples of how other agents are using AI for scheduling, follow-up campaigns, and improving presentation quality. Mike emphasizes the need for agents to stay updated and utilize AI to enhance their services. A free CE class on AI usage is scheduled for the day, encouraging participants to bring their tech tools for a hands-on workshop. Mike challenges the group to adopt a positive learning attitude to stay ahead in their industry.

Mike leads a meeting at Connect AI, encouraging participants to adopt AI technologies in their real estate practices. They share examples of how AI can be used for property analysis and client consultation, emphasizing the importance of staying updated with new tools to remain competitive. Mike invites participants to share their own AI use cases, highlighting the power of collective intelligence in driving innovation. They plan to share these ideas during the week to inspire others.

Mike, the host, opens the meeting by discussing the importance of embracing change and learning new technologies, using personal anecdotes to illustrate their point. They announce that November is AI month at Connect, with a series of educational sessions planned. The first session, led by Missy Robertson, will focus on AI platforms, and another session led by Hannah will explore AI use cases. Mike encourages participants to share their own AI use stories and tips. They share their own tip about using the free app, Summary AI, to record and summarize coaching sessions. They emphasize the power of collective intelligence and encourage active participation in the month's activities.

Mike leads a meeting discussing the importance of building and maintaining a personal network for real estate agents. The key is to have 100 contacts for every three transactions, emphasizing the need for genuine relationships rather than just names in a CRM. Mike outlines various strategies to enhance stickiness with these contacts, including regular communication through phone calls, videos, podcasts, social media, newsletters, and blogs. They encourage agents to actively engage in these activities to grow their business and highlights the importance of taking action rather than being idle.

Mike leads a discussion on using Google and Meta's public tools to research competitor ads. These tools allow users to see the ads of any advertiser, helping to understand market trends and differentiate their own campaigns. Mike encourages participants to use these tools to gain insights and inspiration for their own marketing strategies, emphasizing that it's not about copying others but about standing out in the market. They suggest visiting Google's Ad Transparency Center and Meta's Ad Library to explore different advertising strategies and trends.

In this meeting, Mike discusses strategies to manage seller expectations in a changing market. They apologize for a text message mishap and shares insights on how to handle overpriced listings and sellers' unrealistic expectations. Mike suggests strategies like reverse offers and community-wide open houses to attract more buyers. They emphasize the importance of the seller not being present during showings to avoid distractions. Mike encourages agents to have difficult conversations with sellers to manage their expectations and suggests referring listings to other agents if they can't handle these discussions. They offer coaching to improve these skills.

Mike leads a discussion on strategies to sell listings faster. They discuss using reverse offers, unique open house concepts, and leveraging assumable mortgages as marketing tools. Mike suggests exploring these options to add value for sellers rather than just focusing on price reductions. They encourage agents to consult with colleagues for further assistance and to document any assumable mortgage details in the listing.

In this call, Mike discusses strategies to improve listing sales in a challenging market. They suggest a community-wide open house event to increase visibility and participation, urging agents to coordinate with other agents in the community. They also emphasize the importance of managing seller expectations, particularly around pricing and property condition. Mike encourages agents to consider non-traditional open house times to avoid competition with major sports events. They advise agents to communicate these strategies effectively to their sellers to maintain their confidence and support.

In this meeting, Mike discusses the challenges of the real estate market, where listings are increasing but not selling. They suggest implementing a strategy called 'reverse offers' to proactively engage showing agents and potentially impress sellers. This strategy involves preparing a standardized offer to send to agents after a showing, rather than waiting for them to make an offer. Mike emphasizes the importance of pricing and condition in selling homes and mentions that Sherry will provide a Zoom session to help agents prepare these offers efficiently. The goal is to improve the agent-seller relationship and better position listings in the market.

In this conversation, Mike discusses the importance of setting realistic expectations for home buyers. They ask if real estate professionals are guiding their clients through the process or allowing them to set their own expectations. Mike inquires about the explanation of the offer process, negotiation tactics, and the role of a home inspection. They also discuss the importance of educating clients about the availability of real estate professionals and the process of closing a home. Mike suggests creating a process for clients to evaluate homes and provides examples of how to do this. They emphasize the need for professionals to act as trusted advisors, helping clients set and manage expectations.

In this conversation, Mike discusses the importance of managing expectations with home sellers. They outline common unrealistic expectations, such as overpricing a home, expecting quick sales, and wanting no repairs or negotiations. Mike suggests using open-ended questions to allow sellers to reflect on their expectations and potentially adjust them. They emphasize the need for a calm and understanding approach to manage these expectations and avoid frustration. They encourage agents to find their own strategies for handling these discussions, as long as they are effective in managing client expectations.

Mike leads a discussion on the importance of managing customer and personal expectations in the real estate industry. They use examples to illustrate how unrealistic expectations can lead to frustration and unsuccessful transactions. Mike challenges participants to help their customers set more realistic expectations and to do the same for themselves. They encourage them to join them in subsequent discussions to explore strategies for managing expectations effectively. The focus is on aligning expectations with reality to achieve better outcomes for both customers and professionals.

Mike leads a call encouraging participants to engage in a follow-up campaign to generate $150,000 annually by spending less than an hour daily. They emphasize the importance of authenticity and avoiding scripted interactions with potential clients. Mike suggests a straightforward approach to initiate conversations with homeowners, focusing on understanding their selling intentions rather than pushing for immediate listings. They advise against manipulation and encourage persistence in follow-up efforts, highlighting that only 6% of For Sale By Owners are successful without an agent. Mike concludes by stressing the potential earnings from this approach if done consistently.

Mike presents two strategies to increase listing inventory: speaking with two for-sale-by-owners (FSBO) daily and engaging with one expired listing daily. Both strategies involve minimal time investment and no financial outlay, as resources are provided through a Facebook group. Mike calculates potential earnings, suggesting that even a modest 2-3% conversion rate could yield significant income. They emphasize the importance of honesty and follow-up in these interactions. The strategies aim to demonstrate the potential for substantial income with minimal effort, encouraging participants to apply these tactics.

In this coaching session, Mike encourages participants to reflect on their personal and professional goals. They emphasize the importance of knowing what one wants in order to achieve it. Mike notes that some people struggle to answer this question, either due to discomfort, lack of clarity, or resistance to accountability. They suggest that accepting accountability can be beneficial and encourages participants to set up systems to help them stay accountable. Mike's goal is to help participants take the first step towards achieving their goals by identifying what they want.

Mike leads a discussion on the importance of likability in business relationships. They encourage participants to reflect on the characteristics of people they like and dislike, focusing on traits such as humility, respect for others' opinions, and honesty. Mike suggests that likability is a key factor in building successful business relationships, as people prefer to work with those they know, like, and trust. They challenge participants to consider their own behaviors and whether they exhibit traits that could push people away.

Mike discusses the importance of maintaining a positive work environment, referencing a book by John Gordon, 'The No Complaining Rule'. They distinguish between complaining and problem-solving, emphasizing that complaints are about issues beyond one's control, while problem-solving involves addressing issues that can be resolved. Mike outlines their commitment to not tolerate negative energy or gossip in the workplace, sharing an example of firing an agent who was a constant complainer. They encourage employees to voice their concerns directly to them, as they value their input for improvement. Mike's goal is to foster a culture where employees can thrive without being hindered by negativity.

Mike, a real estate professional with over 40 years of experience, shares their insights on various scams targeting real estate agents. They recount a recent incident where a real estate agent was fired for scamming tenants and warns against scams involving coaching programs, Zillow, and brokerages. Mike emphasizes the importance of not accepting payments directly from clients and encourages agents to discuss potential opportunities with them before investing. They highlight their commitment to the success of their agents and urge them to be cautious and vigilant against scams.

Mike, the leader of a brokerage firm, addresses the team about handling issues and conflicts. They emphasize the importance of not trying to handle everything alone, but rather leveraging the resources available. This includes using the six brokers on staff, a broker hotline, a personal coaching program, weekly connect sessions, and legal advice. Mike encourages team members to seek help and advice when needed, highlighting that it's not a sign of weakness but a strategic approach. They stress the need for humility and initiative in asking for help, and promise to provide the necessary support and resources.

In this meeting, Mike shares their optimism about the future of the real estate business, citing strong employment numbers in Georgia, low unemployment, and a decrease in mortgage rates. They note that these factors contribute to increased consumer confidence and demand. Mike also mentions that the number of homes for sale has increased, leading to softer pricing and increased affordability. They reference positive forecasts from Fannie Mae and the National Association of Realtors, and internal office data indicating an uptick in transactions. Mike encourages the team not to be late to the market, urging them to reach out to their contacts and build their network to take advantage of the upcoming market conditions.

In this conversation, Mike addresses the challenges in the real estate market, where listings are taking longer to sell. They plan to discuss this at a 10:30 AM connect session. Mike dispels myths about an agent's control over listing prices and sale times, emphasizing that these are influenced by factors like market conditions, interest rates, and consumer confidence. They challenge agents to be honest with homeowners about their limited control over these factors and encourage them to focus on what they can control, such as providing excellent service. Mike invites agents to join the session to explore strategies for improving listing outcomes.

Mike addresses the proposed merger between Century21's parent company, Anywhere, and Compass. They clarify that the merger is not yet finalized and may not occur until 2024. They reassure the team that the merger will not impact their day-to-day operations and encourages them to focus on their business. They also discuss the potential benefits of predictive analytics and AI, which they believe could enhance their business. Mike advises the team to be cautious of media sensationalism and to focus on their work.

Mike leads a call discussing the characteristics of successful real estate agents, focusing on two key traits: being a connector and being confident. Mike emphasizes the importance of building a trusted vendor list for clients and sharing it with colleagues to enhance value as an advisor. They also highlight the need for continuous skill development, stating that preparation and education are crucial for confidence and success. Mike encourages participants to engage in all available training sessions to improve their skills and performance.

Mike leads a meeting discussing content creation and repurposing strategies. The focus is on creating a single piece of content, such as a long-form video on Monday, and repurposing it into various formats for the week. This includes podcasts, short video clips, and blog posts, all without creating new content. The strategy aims to increase efficiency and establish a consistent content presence. Mike uses their own 'power talk' calls as an example, demonstrating how repurposing can save time and effort while maintaining a strong online presence.

Mike leads a meeting discussing content marketing strategies, focusing on adapting and localizing content from established platforms like Zillow, Redfin, and Realtor.com. They encourage participants to use these platforms for topic ideas and then localize them for their specific community. This approach helps create more engaging and relevant content for their audience. Mike provides an example of how to adapt a national blog post to a local one, emphasizing the importance of using local statistics. They also highlight the systematic nature of this approach, providing a consistent source of content ideas.

In this meeting, Mike encourages their team to adopt and repurpose ideas from others in their marketing strategies. They share their experience of adapting a childcare concept from another company, emphasizing the importance of making it unique. They urge the team to consume content from various sources and use it as inspiration, not to copy directly. They also highlight the need to market programs like 'easy sell' and 'easy buy' more effectively, using examples of competitor strategies to motivate the team.

Mike initiates a call to discuss the upcoming 24th anniversary of 9/11. They encourage team members to use content from the marketing team in their Canva accounts to remember the day appropriately. Mike emphasizes that it's not a day for sales messages and asks everyone to be respectful and considerate of the day's significance. They also mention that the marketing team will provide high-quality content for sharing. Mike's message is to remember the day and its impact on the country, and to refrain from using it for sales purposes.

Mike discusses the power of small, consistent actions in generating income. They use examples such as making one extra call per day, sending a weekly video message, or writing a personal note to a network contact, all of which could lead to business opportunities over time. They emphasize that these actions do not require significant time or financial investment but can yield substantial results. They use the analogy of the Grand Canyon, created over time through small, consistent actions, to illustrate their point. Mike suggests that by implementing these small actions, one could potentially earn $100,000 annually without extensive effort.

Mike, a real estate professional, leads a meeting to remind agents about the importance of following rules set by the Georgia Real Estate Commission. The 'big three' rules discussed are related to handling earnest money, compensation, and rent collection. Agents are advised to deposit earnest money into an escrow account within 24 hours and not to accept direct compensation. Mike shares insights from a meeting with the commission's chairperson, highlighting their role as consumer protectors and their limited resources. They emphasize that these rules are not negotiable to avoid risking one's real estate license. The meeting concludes with a call to focus on sales activities.

Mike leads a discussion on mindset, focusing on daily habits and personal growth. They share a series of statements that they use to keep their mindset positive and productive, including starting each day early, prioritizing health, and refusing to play the victim. They emphasize the importance of informing customers before asking for anything to maintain trust and respect. Mike also discusses the negative impact of gossip and complaining, and the need to start each day with a clean slate, understanding that success and failure are determined by daily actions. They encourage participants to adopt these mindsets to avoid mediocrity and achieve success by doing what others are unwilling to do.

Mike leads a series of calls focusing on personal growth and success in real estate. The series emphasizes developing a positive mindset and new skills, starting with self-organization, prioritizing health, and daily prospecting. Today's discussion includes taking responsibility for emotions, not giving power to them, and understanding that success is determined by daily habits, not a single choice. Mike encourages participants to commit to their real estate careers and believe in their ability to achieve their goals.

Mike leads a call focusing on personal growth and mindset development for real estate agents. They emphasize that real estate is a personal growth journey, requiring the acquisition of new skills and a different mindset from traditional employment. Mike shares three affirmations to help agents develop a more empowering mindset: starting each day early, prioritizing health, and prospecting daily to have an abundance of customers. They encourage agents to adopt these affirmations to improve their energy, perspective, and business success.

Mike leads a discussion on the importance of being available to customers during holidays and weekends, especially for businesses like car dealerships and real estate agents. Mike shares personal anecdotes about their experiences with car dealerships and a sporting goods store, highlighting the need for businesses to be more customer-focused. They emphasize the significance of the upcoming Labor Day weekend for real estate businesses, urging agents to take advantage of the increased customer availability to shop and engage in transactions. Mike advises the audience to observe common business practices and then do the opposite to stand out and serve customers better.

Mike leads a meeting discussing a daily challenge for real estate agents to create a weekly video message and send it to their CRM database. The challenge aims to help agents attract more customers, with the focus on non-verbal communication and building trust. Mike highlights the importance of differentiating oneself in the market by taking actions others are unwilling to do. They encourage participants to consider these challenges and take action, despite potential discomfort.

Mike discusses the low productivity of real estate agents in the US, citing that 71% did not sell a single house last year. They attribute this to agents not setting important goals. They use historical examples such as JFK's moon landing goal and Atlanta's 1996 Olympics to illustrate how humans can achieve when goals are important. They emphasize that when goals become a priority, individuals will act to achieve them. They encourage the audience to make their remaining third and fourth quarter goals a priority to change their reality.

Mike leads a meeting discussing the importance of daily marketing efforts for business growth. They outline various strategies such as networking, geographic farming, and leveraging social media to reach target audiences. They emphasize the need for consistent action and suggest using relevant news, like recent mortgage rate drops, as marketing messages. Mike encourages participants to identify their marketing message and take action to promote it daily, highlighting that motivation and goal setting are key to success.

Mike initiates a meeting with a motivational speech, referencing a scene from the movie "A League of Their Own" where Tom Hanks' character discusses the value of hard work. Mike applies this sentiment to the real estate industry, emphasizing that the challenges are what make the profession great. They encourage agents not to wish for an easier industry but to embrace the hard work, as it allows for differentiation and limited competition. Mike challenges the team to adopt a mindset that welcomes difficulty, as it leads to personal success and business growth.

In this call, Mike discusses the challenges of adjusting to changing market conditions, where low interest rates and high demand led to a rapid shift to a seller's market. They emphasize that great agents adapt to these changes, unlike those who see the business as easy money. Mike offers five tips for survival: committing to the business, acquiring skills, playing on both sides of the transaction, providing clients with necessary information, and focusing on prospecting. They highlight the importance of building a prospect pipeline to ensure a steady flow of business.

In this conversation, Mike addresses the challenges of selling listings in a normalized market where homes take 80-90 days to sell. They emphasize the importance of marketing listings correctly, which includes using both MLS services, high-quality pictures, and accurate data. Mike criticizes agents for not helping sellers understand market conditions and for not sharing relevant data and insights. They encourage agents to become trusted advisors rather than dictating to clients. They suggest that agents should use data to help clients make informed decisions about pricing.

Mike leads a discussion on handling transactions with unrepresented buyers who seek a commission instead of an agent's fee. Mike explains that while buyers can represent themselves, they cannot expect assistance from agents. They must submit offers with all terms, and the seller must be informed of the risks involved. Mike advises agents to not assist unrepresented buyers and to ensure the seller is aware of the situation. The focus is on maintaining professional boundaries and not overstepping into roles that could lead to legal issues.

Mike discusses the fundamentals of building a successful real estate business, emphasizing the importance of networking and maintaining a sticky program to stay top of mind with potential clients. They suggest that for every 100 contacts, three transactions are possible, and to achieve a desired number of transactions, a robust network is essential. Mike outlines various strategies for networking and maintaining a sticky program, including social media, newsletters, and face-to-face interactions. They encourage team members to assess their current networking and sticky strategies and seek their guidance if needed.

Bob Clarkson shares their insights on developing a positive mindset in real estate. They emphasize the importance of being positive 51% of the time and suggest that this can significantly impact career progression. They encourage participants to check their mindset throughout the day and to focus on positive thoughts rather than negative ones. Clarkson also highlights the need to manage ego and reduce drama in order to maintain a positive mindset. They advise to focus on the positive aspects of situations and to remove unnecessary stress from life and work. They conclude by challenging participants to apply these strategies and make the most of their day.

Mike leads a training session on effective phone skills for sales, emphasizing the importance of engaging and enthusiastic communication. They advise standing, using a headset, and varying voice inflection to make interactions more interesting. They suggest asking open-ended questions to encourage natural conversation and recommends focusing on a prospect's monthly budget rather than asking about price range. They also highlight the importance of creating a friendly and non-threatening atmosphere to build trust with prospects. They encourage using the LP Momma technique (Location, Price, Mortgage, Appointment) to enhance sales interactions.

Mike discusses the importance of tailoring real estate marketing messages to specific life events, or 'Five D's': death, divorce, diplomas, diapers, and debt. These events often prompt people to move, and Mike suggests creating separate marketing messages for each. They encourage agents to ask questions that resonate with these life events, such as 'Has a new baby caused the need for a new home?' or 'Does a pending divorce create a need for a smaller house?' This approach, Mike argues, makes the message more relevant and effective.

Mike leads a meeting discussing the challenges of the real estate market and the company's efforts to support agents in achieving their goals. Despite a decline in sales transactions over the past two years, Mike emphasizes the importance of growth and learning for agents. They encourage participation in various training sessions and coaching programs, suggesting that those who are not committed to their real estate career may not be suited for the company. Mike invites agents to attend a connect session at 10:30 AM, suggesting they dress and participate actively, or consider other career options if they are not willing to engage.

Mike leads a discussion on what constitutes a 'good agent' in the real estate industry. They outline five key attributes: excellent communication skills, proactive issue management, use of data to set customer expectations, maintaining higher standards than demanding customers, and a willingness to constantly improve. Mike emphasizes the importance of direct communication over text or email, using data to inform customers, and maintaining high standards. They also encourage agents to seek constructive criticism and adapt to market changes, highlighting that good agents thrive in all market conditions.

Mike leads a discussion on the current real estate market in Atlanta, highlighting a shift from a seller's market to a more balanced one. Key points include a normalization of home price appreciation, longer marketing periods, and fewer multiple offers. Buyers are expected to demand more concessions from sellers. Mike also notes an increase in expired listings due to uncompetitive pricing or uncooperative sellers. They emphasize the importance of setting appropriate expectations for both agents and clients, using data to guide strategies. They conclude by encouraging adaptation and change to thrive in this new market environment.