TRANSCRIPT:

SLOPER: So I did that, I was getting deals, I just was not getting enough. Then I realized that these agents that I was basically helping generate new business for could care less about me. They didn’t feel like they needed to return the favor to give me business. And so I really had this complete mental shift that I just needed to basically get the hell out of mortgages and start doing real estate because I figured that if they can do it, I sure as hell can do it. I am already generating a lead, why should I just give them and donate 3% for them to basically show a house and that’s it? What’s the contract?

FLETCHER: That’s interesting, you bring up two main points. And so I often talk about this. There is really three main reasons according to my research, as to why people get into real estate. Either 1] their mother or their father is in real estate so it’s a bloodline thing, “I’m just going to follow in the footsteps of the family business.” The second one, which is, like me of course, rejected from medical school 47 times so you get into real estate by default.

“I used to be a teacher, I didn’t like it, I got into real estate. I used to be a corporate worker or a CEO, I got laid off, the bubble burst, I got into real estate.” And then of course, there is the third one which is – if that person can make that much money doing a shitty job and or not providing their clients a top-level service, then think of the Fortune that I could make and/or the people that I could help? And so a lot of people get into real estate thinking that they’re going to be welcomed with open arms, seen as a superhero to basically all of society… because they know what is being offered out there and provided by the real estate agents. What was your experience with that?

Now hold to that thought for one second. I want to make one more point because I had a very similar experience where early in my real estate career, I had partnered with a loan officer. And so you thought you had to real estate agents to get leads, and I thought I had to go to loan officers to get leads, for one reason; most smart people, what would they do? “I’m going to go home shopping, I need to know how much I can afford; they go to the bank, they get pre-approved.” That’s how an intelligent person would think.

But I discovered it was just the opposite. Most people they go looking at houses and then they come back and say, “Can I afford it?” And so, I partnered with this loan officer, we are exchanging… I was giving her ad revenue, and therefore, she was running ads. Little did I know, she was siphoning off all of the leads and passing them to other agents. So I was, literally, getting the short end of the stick. I would like to say another word but, we we’ll keep it a little bit clean.

And so I realized from that point forward, kind of like you did, that you have to be in control of your lead source. Period! You can’t depend on anybody else, you can’t lean on anybody else. If you don’t develop that skill then you are screwed. 

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