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What if our Real Estate business PROFITED as Tesla does by RUNNING the Way Tesla Does?

coach mike coach mike stott tesla your coaching matters Jan 17, 2022

By Coach Mike Stott

Tesla now has cars so desired that there is up to a four-month waiting list to get one at a price of $45,000 to $150,000.  

A four-month waiting list!

It’s the most valuable car manufacturer ever. This company created something new and overcame powerful barriers to success. Founded in 2003, its first car didn’t get produced for over five years. The first roadster cost over $100,000 and took 24 to 48 hours to charge. In 2009 the company needed loans to survive. GM bought 10% of the company, and they also borrowed $465,000,000 from the Government to see them through. Still, the company struggled until 2012 when they were able to deliver the Model S. For the Tesla car to be successful, they had to develop their Supercharger network. As a result, Tesla made no profit until 2013.

So how did they do it?

Well, let’s look at even MORE they were up against:

Tesla spent $0 in Advertising annually - GM spends over $3 billion advertising each year.

Tesla has no Director of Marketing.

Since many Dealerships make their money off car service centers… and Electric Vehicles require little to no servicing, Car dealers have power lobbyists working on their behalf, hindering their markets. Forty-eight states ban selling cars directly to buyers, and… A handful of states will not allow Tesla Sales at all in their states. Total Direct Sale Bans.

What a barrier to sales!

So, Tesla, as a new car company with new technology, incredible competition, and states actively working to limit or stop sales, prevailed.

What DOES make Tesla Successful? 

A great product. 

Belief in their systems.

Word of Mouth and testimonials.

Creative thinking (New Mexico has a Tesla Store on an Indian Reservation.)

And a focus on the best possible customer experience. 

Let’s translate this to real estate:

  1. Create the best possible customer experience. Provide the best information, and some options that your clients may not have thought of when they have a real estate challenge.
  2. Stay in touch using F.O.R.D – Ask about the Family. Their Occupation (perhaps they are someone YOU could refer to for THEIR business.  Ask what they do for fun (that is the R for Recreation) and invite people to Dream about their next home. How can they get there? When you show people how to both create and accomplish real estate goals, this excellent experience will cause them to refer you.
  3. Build a strong referral program. Motivate your clients to share their great experiences with others. Often a sincere “thank you” for this is reward enough. You might consider a program of dinners, Cutco knives, etc. for your biggest cheerleaders, but as you know you cannot pay commissions to unlicensed people.
  4. Don’t buy leads. Remember; Tesla has an ad budget of $0. Instead, use your energy and focus on creating fans. Learn how to joyously ask for recommendations, introductions, and referrals.
  5. Leverage yourself on social media. Be an individual. Be Straightforward. Be Authentic without EVER complaining about the job or the clients. Put a face to your services. People will work with YOU!
  6. Don’t be afraid to do something fun and unusual. Fart noises are one of the most unexpected and popular features in the Tesla universe. Share what you love. 
  7. Share what you do. People cannot refer to you no matter how great you are and how giving you are unless they KNOW your business and that you are good at it.
  8. Do more than just sell real estate. Have some passion outside of selling and share that. If real estate is the “everything” for you, then work for Habitat of Humanity and build someone a house.
  9. Share stories of gratefulness, joy, and excitement on top of work stories. Share homes and families. Share in person, in social media, in a blog, in a newsletter.
  10. Provide Top-Notch support after the closing. Stay in touch. Answer questions. Send them notes. (Consider joining our Group Coaching)
  11. Don’t be afraid to be controversial (a little bit.) Elon Musk smokes dope, sells flamethrowers, and goes into space. He has lots of detractors and 31 million followers. There’s enough business out there to take a stand and make a connection. Be YOU.
  12. Make working with you easy for your clients. Tesla’s online experience is superb. People can get their information online. Their software updates create a new car feel every few months. What can you to have your clients feel that way? How do you make it easy for your clients to buy and sell and get information?
  13. Handle problems professionally. Problems happen in real estate transactions. That’s why people hire agents – to solve problems. Don’t be emotional. Be consistent, compassionate, and kind.
  14. Be transparent. Share mistakes and how you expertly corrected them. And way outweighing the mistakes. Share a lot of stories of your clients’ victories too!
  15. Have lots of communication. In our program, we have 150 possible ways to connect with your VIPS.
  16. Let people know what you are going to do, that you are doing it, and that it got done. Develop systems and checklists to keep informed and when they ask a question or bring up a concern – listen to them.
  17. LISTEN – take notes. Go over your notes with them to be sure it’s correct. You know that waiter that doesn’t write down your order or doesn’t repeat it before they leave the table? Don’t be them.
  18. Embrace your competition. Be the greatest agent that any other agent has ever worked with. Share ideas. Share systems. Don’t worry about them competing, you’ll always be improving. This will show your clients why working with you is different and is better.

One key point in this was Tesla knew that to be successful, they had to develop their Supercharger network. Take your business to the next level by forming your own Supercharger network!

We have many tools to help you get organized and networked. Send me an email at [email protected].