Real Estate March 1, 2024

Do Real Estate Agents Need to Practice? Bonus: Build Your Referral Network!

Elevate Your Real Estate Game: The Power of Practice 

In the competitive world of real estate, success often hinges on continuous improvement and effective strategies. Mike Ferrante, the dynamic speaker and leader of the 21 Mike Team at Century 21 HomeStar, emphasizes the importance of practice for real estate agents. In this blog post, we’ll delve into the insights shared by Mike and explore how practicing can not only enhance your skills but also open doors to new business opportunities. Whether you’re in Ohio or elsewhere, the principles discussed here can benefit Realtors everywhere.

The Value of Practice: As Mike Ferrante aptly puts it, “we’re talking about practice.” Drawing inspiration from the famous Allen Iverson quote, Mike stresses that consistent practice is essential for real estate agents. It’s not just about becoming better at what you do; it’s about generating business and referrals. Mike and his 40-agent strong team serve a broad area from Columbus to Cleveland, offering valuable insights for realtors looking to grow their businesses.

Building a Strong Foundation with Practice: Practice is the cornerstone of success in any field, and real estate is no exception. Tony Geraci, Broker/Owner of HomeStar, echoes the sentiment. The team, dedicated to providing 20 minutes of free training every Tuesday, emphasizes the role of practice in honing skills. Tony emphasizes that even the best in the business, like Michael Jordan in basketball, understand the value of consistent practice. For real estate agents, role-playing stands out as the most valuable form of practice.

Role Play: Sharpening Your Communication Skills: Mike emphasizes the importance of role play, especially in refining communication skills. Whether it’s an expired listing call, FSBO call, or open house script, practicing these scenarios helps agents become more confident and effective. Tony adds that technology, especially video recording, can be a powerful tool for self-evaluation. Recording and reviewing your interactions allow you to analyze your tone, expressions, and overall communication style.

Networking and Mastermind Groups: In addition to individual practice, Mike suggests that real estate agents engage in networking and join mastermind groups. Building relationships with agents outside your local market, especially in potential feeder markets, can lead to valuable referral opportunities. Tony supports this idea, highlighting the Workplace platform from Century 21 and other social media groups as places where agents can connect, share experiences, and learn from one another.

Overcoming Fear and Reaping the Rewards: Mike acknowledges that fear often holds agents back from practicing, but overcoming this fear is crucial for success. By creating a safe and supportive environment for practice, whether through role play or networking, agents can build confidence and improve their skills. The goal is not just to become better at prospecting and follow-up but to consistently tweak and refine your approach to stand out in a competitive market.

In-Person Practice: From Open House to Client Interaction: Mike and Tony demonstrate a quick in-person role play scenario, emphasizing the importance of practicing interactions with potential clients. From the initial greeting to collecting contact information, every step can be perfected through practice. Mike shares scripts and objection-handling techniques, showcasing how preparation can turn objections into opportunities.

Elevate Your Real Estate Game with Practice: In conclusion, the insights shared by Mike Ferrante and the 21 Mike Team highlight the transformative power of practice for real estate agents. Whether you’re new to the industry or a seasoned professional, committing to regular practice can set you on a path to continuous improvement and success. Embrace role play, engage in networking, and overcome the fear that may be holding you back. By doing so, you’ll not only become a more skilled and confident agent but also open doors to new business opportunities and referrals.

Are you ready to take your real estate game to the next level? Embrace the practice, refine your skills, and watch your business thrive!



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You can listen to our Podcast FREE BEER AND REAL ESTATE or watch YouTube for Mike’s weekly classes!!!