Welcome back to the Think Bigger Real Estate Show. I'm your host Justin Stoddart and I am thrilled today, I'm absolutely thrilled today, to have with me a legendary real estate trainer, coach, leader, Mr. Don Hobbs. Anybody who's been in the industry for any period of time will know Don's name. In fact, prior to real estate he was, in fact, we were just talking about his personal relationship with Jim Rohn and Tony Robbins, which are some of the biggest minds in personal development. So before we get into the topic, I just want to thank you, Don for taking some time to be here in porn into the audience today.
Hey Justin, I'm so happy to be here. I love your energy. I love who you are and what you're doing and I'm thrilled. It's always a fun thing to get a chance to talk to a group like this.
It's awesome. Well, I know they're going to be thrilled to hear what you have to share with them today. So let's dive in. The way I've set up today's conversation is that there are agents in the country that Don knows, that Don's coached, that are not lowering their commissions amidst industry disruption, they're raising their commissions. They're going 7%, 8%, 9%, even 10%. Is that feasible? It almost seems like that could not be possible in a world where you've got 1% listing offerings everywhere you go on all the billboards and buses that drive by, right?
Or Redfin or whoever, right?
Whoever. Yeah. How are people doing this Don? Is this real. You're telling me that, you know people that are doing this and they're having success with it, not just once on an unassuming buyer or seller. Like they're doing it, they demand that.
Yeah, in fact it was just funny you went for that right away because that's such an interesting thing. There's so much pressure and there's so much sameness amongst Realtors and Justin, that's the challenge, right? We're just a giant commodity group. You know, if you think about any commodity, I don't care if it's, you know, I can buy Lexus here, a Lexus there, but here it's $1,000 cheaper. I mean, if things are the same, then price is the only thing that matters. When things are not the same, we don't mind paying more for more. We don't mind. We don't mind paying more for it--a brand we trust a name we know. But we do mind paying more for the same. And that's the challenge. And Realtors have made themselves that way. So I think the biggest thing I would say is it's really about branding and, and really about building something that people can identify with and hold on to is "She's the expert." Or, he knows my market. He is the guy, or she is the gal, you know that makes it work and we're not afraid to pay for that. I had somebody the other day where I walked in and he said, his listing contract is already filled out at 7%, and he was concerned about the commission and he thought it was going to be a pressure down. And they said, "We thought you'd be more." I just laughed my butt off when I heard that. I was like, how cool is that to think that the expectation of value was so high, they were shocked and surprised pleasantly at 7%. It's really cool, but that has to do with the brand. And you can't do that by just being a Realtor. You can't do that by being one of the multitude. You can't do that by doing what most Realtors do. You can't. It's not going to happen, right?
I love that. You and I have studied some of the same sources and there's this concept about becoming an expert. And I know that's one thing that you, when you coach and teach and train, it's how do people, as you identified, separate themselves from the masses and truly become an expert. Let's talk about this concept of gaining expertise so that one can be moving in the direction that these agents you're talking about are moving, which is we're not lowering our prices. And if in fact we may be doubling down on our value, therefore we're more valuable and can charge more.
Yeah, absolutely. I know you and I talked about a book that we both like and, and have in our libraries called Expert Secrets. So let's start with a recommendation. Let's give our man Russell Brunson a good plug right there and sell some books. But you know, Russell Brunson has got this concept of being the attractive character, the interesting character. You know, that person, and I think that agents don't see themselves that way, which you realize today if you look around, if you're at all observant, you see that there are people with less talent in almost any industry that have made themselves somebody by raising their profile and becoming the expert. One thing I want to make sure, and again, I'm certainly going to promote that the agent needs to get to be good. I mean, they need to be an expert. They need to find out, you know, what that niche is and then everything about that group and that style o property or whatever it is. But the biggest thing is remember that we don't find out if you're good or not good until after we've called you. So the reality is that only leads to the legend of more. By the way, thanks for the word legend. It makes me feel, when you said that was, I think that means I'm old, but I'm alive. I'm living legend, so it's okay. It makes them the legend that this is who we need to call. So it's more the, how we get people, the perception of expertise. That makes me feel like they're the answer to my problem--the solution to my real estate needs. Right, and it comes down to how do we become somebody's Realtor, Justin, before they actually need one. And most Realtors don't think that way. They're like, how do I get to them just as they need one how do I get to be one of the three or four or five being interviewed and I'm saying, how do we just eliminate the competition and get them to call and say, Justin, come list me. Right. That's, that's the end all be all. Yeah, there's Nirvana.
Yeah, where you have somebody calling saying "Don, do you have time to come list my house? I know you're really busy. I know you are highly sought after." Yeah.
And when they do that, what happens, and this is what's so perfect about this scenario is, I call you and say "Come list me." When you come, you're not having to justify your price. You're not having to tell me all the things you're going to do. There's no over promising because it's almost like whenever you do that sells everything we see around here, do that for us. That's what happens when you reach that level of brand and recognition.
And we talked a little bit about that first step in Expert Secrets, right? It's becoming an attractive character. And we're not talking about your physique and how good your hair looks, it's really about taking on a persona and taking on this level of expertise, this leader role, right to where people know that you can get them from where they are to where they want to be and you've positioned yourself over time repeatedly to where people recognize that if I'm here and I want to be there, then Don is the one to get me there. That this agent is the one to get me there. And you become this attractive character to them that you're the missing link in the story that I want to create.
Yeah. That's awesome. Looking at the comments, Chris. I don't know who Chris is but...
Yeah, Chris Angel. Chris Angel. Hey, Chris is validating the way I introduced you and Chris is the real deal. So there you go, Don.
Yes, I think you're right on with Justin. It's really how we get people to see the things, and by the way today, where it used to be that you had to be an expert and then it would take a long time for that expertise to be known, today it's video, it's social media. There are so many ways of demonstrating and it's not bragging, it's personal branding, personal marketing. Any of this that we're talking about becoming that expert is not about bragging and boasting. It's really about demonstrating value. It's about demonstrating ...
