8 Key Takeaways from Part 1 of Our Webinar with Tom Ferry

Last week, Ryan Young (REALTOR® and Fello CEO/Founder) got together with Tom Ferry (#1 real estate coach and CEO/Founder of Tom Ferry Intl.) for part one of our joint webinar series, Generate, Automate, and Convert. 

This first installment focuses entirely on creating your listing-based business, and one of the core themes Ryan and Tom discuss is the idea of adapting and evolving. With the NAR settlement agreement moving forward, this idea is fast becoming a reality for many agents as they navigate how to transition business models and adjust operational efficiencies. 

Part one is loaded with tried and true actionable insights that can help any agent or team transform their businesses — they’re the same tips and principles Ryan has used to grow and scale The Young Team, and Tom has used to guide his global client base. Get the core takeaways below, or watch the entire webinar here. 

1. Listings Just Make More Sense

• Listings are more efficient: Ryan highlighted the importance of shifting focus from buyer-dominant to listing-dominant transactions. This transition was driven by the need for efficiency, as listings allow for a more scalable business model with fewer touches, as compared to working with buyers. (Ryan’s team still services any homeowner need.)
  
  
• Listings are more economical: Listings offer better per-unit economics, with higher average commissions and lower operational costs and effort. This enables reinvestment into the business and supports quicker scaling.

2. Is Your Team Set Up for Success?

• The listing team, the buying team: Ryan’s team is structured with Listing Partners and Real Estate Consultants. Listing Partners focus on generating and handling listings, while Real Estate Consultants generate buyer leads (and also list homes). This hyper-focused specialization improves productivity and allows for better performance tracking.
  
  
• A culture built for making money: By creating a listing-focused environment, Ryan has seen agents stay with the team longer than average, and agent churn has dropped. The average agent tenure is more than six years due to the consistent listing — and money-making — opportunities provided.

3. Market Yourself as a Listing Agent

• Are you talking to sellers?: Do homeowners know you sell homes? The Young Team’s marketing strategy is focused on seller messaging because that’s who they primarily want to work with. Speak to who you’re offering services to. Emails, direct mail, social media, and other marketing focus nearly 90% on seller-specific messages and calls to action. 
  
  
• Make your website seller-friendly: Your website is your biggest marketing tool. The Young Team's website is designed to attract sellers, with messages to “Get your home value in seconds” and “Get a cash offer on your home” — right on the homepage. The site (just a WordPress site) is designed so homeowners looking to sell know they're in the right place, and info can be easily captured.

4. You Have All This Data — Use It

• Data means hyper-targeted, personalized campaigns: The Young Team obviously uses Fello, and therefore leverages contact segmentation, public records, MLS data, loan data, skip-tracing, and consumer behavior and activity analytics to hyper-target their marketing efforts. The data-driven approach means more personalized solutions and higher engagements that build trust.
  
  
• Automate your marketing: Also, because of Fello, Ryan’s team can do all of this on auto-pilot, 24/7. Set it and forget it, essentially. Fello’s automated, pre-tested marketing tools ensure consistent delivery, follow-ups, and communication based on all that data. 

5. Give Homeowners Value

• Ryan's best-performing marketing program: The team prioritizes leads from the Home Value marketing program, where homeowners get an immediate home valuation. These leads typically convert in 18 to 36 months. By providing consistent value and maintaining engagement with regularly updated home values and a solution-focused approach, relationships are built with the leads and The Young Team is top of mind when they’re ready to list.
  
  
• Cash (offers) are also king: The Cash Offer marketing program attracts immediate interest from sellers, even if only a small percentage accept the offers (~38% go on to traditionally list their homes with the team). This marketing campaign helps generate lots of listing opportunities by grabbing the attention of motivated sellers.

6. If You Build (the Database), Leads Will Come

• How to grow your database organically: The team focuses on building their database organically through consistent messaging, lead magnets, and who they know — if you can invite them to your wedding, you can sell their house. Organic database growth includes QR codes, email signature links, and social media forms to capture homeowner info.
  
  
• Get those addresses!: Segmenting the database into people with addresses, and people without addresses allows for better-targeted messaging and more effective marketing campaigns. And gives you a to-do list. Get those addresses.

7. Build Your Business for the Long-Term

• Create a predictable pipeline to keep you listing for years: Shifting to a listing-based model helps build a sustainable business. By focusing on listings, the team creates a predictable and profitable pipeline.
  
  
• A brand with staying power: Ryan emphasized the importance of consistent seller-focused branding across all marketing channels. This includes understanding your value proposition and how you stand out in the market, as well as building a strong online presence and encouraging positive reviews to build trust and authority in the market.

8. Success, Regardless of the Market

• Stay flexible, stay resilient: Again, the ability to adapt. The Young Team’s flexibility with marketing and business strategies in response to changing market conditions is part of their continued growth and success. This includes responding to economic changes, interest rates, and other market dynamics. Fello was built to help agents weather unpredictability, with tools that work regardless of the market. 

This all might be really different than what you and your team are currently doing. But the key is to adapt, evolve, and transition to a model that makes more sense financially, economically, and efficiently. And we have so many tools to help you do it successfully. 

Go watch the webinar for all the insights, and register for part two of the webinar series, Scaling Your Listing-Based Business, live on September 17, 2024 at 11 AM PT.