
Key takeaways
- Answers “call me back in a month” by asking if it would be better to call back in 2 weeks with an acceptable offer, and an expired seller who asked for 6 weeks got an offer in 7 days, with the whole transaction taking 28 days
- Says agents don’t sell houses, they sell urgency, because when a seller says call me in 4 weeks, the agent who offers to come back in 2 weeks with an offer takes the business
- Reframes waiting for lower rates by pointing out that a seller who also buys hands the equity gain to the next seller, and that prices go up as rates come down
- Says 80% of the business comes from follow-up, and less than 5% of the time will a seller on a call say come out right now
- Calls being playfully confident the number one objection-handling skill, because a playful tone gets away with more while a tight, stuttering agent gets hung up on
- Has every new agent make 100 contacts a day, much of it circle prospecting, so that within 4 months they sound like they’ve been doing it for 4 years
- Debriefs at the end of every day on what he could have said differently on calls and in appointments, and has done it every day for 24 years
Transcript
00:00 — From reading a script to really listening
Mike Putnam00:00
I think a lot of people don’t understand, they don’t put the work in initially to get the results. Because it’s learning what to say, but then it’s also learning how to say it. When you first start, if you have a script in your hand, the only thing you’re thinking about when you’re on the phone is what I’m saying.
00:13The magic happens when it’s so internalized inside you that you no longer have to think what to say. You can focus 100% on what they’re saying. Because when you learn to hear people, it’s not a cold call, it’s a warm call because you’re trying to help them, and that’s, I think, the shift that people need to make.
Aaron Wittenstein00:49
What’s going on everybody? It’s me, it’s Aaron Wittenstein, and I’d like to welcome you to Vulcan7 Roadmap. This is where we teach you how to take an additional two, three, four, 353,000,366 additional listings a week. We got somebody here who’s been prospecting for a very long time, out of northern Virginia.
01:07Mike, Mike, Mike, Mike Putnam. That would be Mike Putnam. So we were talking a little bit in the green room before. By the way, hello, how are you? I should say, how are you doing today?
Mike Putnam01:15
I’m doing amazing. How are you?
01:16 — 24 years in the business and Mike Ferry training
Aaron Wittenstein01:16
I’m doing well. I’m doing well. Thank you for asking. So how long have you been in business for?
Mike Putnam01:22
This April it’ll be 24 years.
Aaron Wittenstein01:24
24. So you’ve been… That’s like a quarter of a decade. Is that right?
Mike Putnam01:30
I know. I know. I know. I’ve got to see the ups, the downs, the lefts, the rights, the good, the bad, and obviously the better.
Aaron Wittenstein01:36
I think the entire interview here should be like, “What has Mike not seen in real estate?”
01:41And we’ll just go from there. So you know what I found extremely intriguing about you? Is that you have been in business for 24 years. 24 years, that’s significant.
01:53How long have you been prospecting for?
Mike Putnam01:56
For 24 years, as I said. I was very fortunate that very early in my career I was introduced to Mike Ferry, like three weeks in.
02:04So I learned early on about the ability to make phone calls, handle objections, and I think really learning what to say. I think one of the biggest problems you have with a lot of agents that struggle, especially a lot of new agents and intermediary agents, is they never really learn what to say.
02:21And then it makes it 10 times harder to go out and actually do the things that you need to do to be a successful real estate agent. ‘Cause real estate, you can either go out and hunt for business, you can go out and buy it, or obviously you could sit in an open house or in your house or maybe in your bed even and just wait for business.
02:38And obviously each one gives you a different amount of business.
02:43 — Why knowing what to say is everything
Aaron Wittenstein02:43
So what I’m hearing here is scripting and the right words help. Is that correct?
Mike Putnam02:49
It’s everything. I mean, if you know what to say, it is so much easier to go out and do it. It’s like if you’re in a fight and someone else has a gun and you have a toy gun, who’s gonna win that battle?
03:01But when you’re equipped with the right weapons, the right skills, the right tools, the strategies, I mean, you actually are able to go out and execute at a level that very few people understand. It’s one of the single most important things, is learning what to say. Because, again, when that magic happens, the magic of doing it, it becomes fun.
03:19People don’t look at prospecting as being fun. I remember back in 2016, I actually averaged over 112 contacts for the year, prospecting 7.1 hours a day. Because that’s just what the market requires. Even a year and a half ago I was averaging, again, back over 100 contacts a day because when there’s minimal expireds, minimal for sale by owners, minimal for sale by owners that are renting, you have to go out and circle prospect outside of talking to your past clients.
03:50And if you wanna sell real estate at high volume in terms of 100, 200, 300 transactions a year, you have to make more calls, more contacts, and obviously that gives you more appointments, which obviously gives you more money.
Aaron Wittenstein04:05
Yes, yes, yes. Okay, we’re done right now. We don’t need to speak any further.
04:09I think you just laid the gauntlet down on us. Okay. Yeah. So basically you’re a prospecting machine, from what it sounds like to me.
04:16 — Reframing sellers who want to wait for rates
Mike Putnam04:16
I love it. I love the ability to communicate and really influence people. The ability to take someone from, “I’m not gonna do it,” to 25 or 30 minutes later in a presentation them signing a contract and being really enthusiastic about the process.
04:31Because so many agents give up on the first or second time. When people say, “I’m gonna take it off the market,” “Okay,” and they just hang up. And it’s just like, no, you have to go back and ask them more questions. Why do they think that it’s a better time to take it off and wait? What are they getting out of that?
04:48And I think when you really learn how to communicate with sellers at the highest level, you can get them to do things that really they wanna do, they just are kind of in their head. And a lot of people, they’re basing information on what they hear on the news. I mean, I was making a call today with an appointment and they thought that the rates were high.
05:06And I was like, “Well, I don’t know if you know, but literally in December the rates went from 8% to 6%. So I want you to think about something. If you were to wait, and let’s say that literally you waited six months with the interest rates pulling down, you probably would get 5 to 7%, which would be really good.”
05:24And they’re like, “Yeah, I’m gonna wait.” And I’m like, “But wait a second. You also said that you were gonna buy a house. So if you take the extra 6, 7, 8% you make on your house and you go buy another house, aren’t you giving all of that equity and money to the next seller?” So if you make 10% and you give 10%, how much money do you make?
05:45Nothing. But if you actually sell your house now, you buy a house now, like a lot of savvy buyers, which it sounds like you are,
05:54wouldn’t you get an extra 7 to 10% of equity in your house by the end of the year versus giving it to the next seller? And when I would hear them say that, they were literally able to picture that in their head, and that’s where the magic is, is creating a picture where they literally are able to see the truth.
06:13They’re able to see that, right? If you have a choice of giving another person 12% or you can keep the 12%, what’s better?
Aaron Wittenstein06:22
I got nothing to say. No, that is officially going to be stolen, by the way, now, okay? Because that was really good. I don’t say this lightly because I love objection handling, but that was really good.
06:33I’m gonna watch this one over and over again to get that put to memory right there. So what I’m seeing from you, and this is what I’m a firm believer in as well, it’s not what you say, it’s how you say it, right? And what’s coming out of your mouth right now is the conviction behind what you’re saying is believable.
06:54I mean, that’s really it.
06:57 — Being playfully confident on the phone
Mike Putnam06:57
I think when you’re doing objection handling and prospecting, I think the number one skill that you have to learn is to be playfully confident. You see, when you’re playfully confident, you can get away with so much more. When I’m saying these things to people, I’m saying it in a very playful way, but in a way that they understand.
07:14It’s like, “Honestly, let me ask you something. If I give you a choice in six months to give someone $100,000, or I gave you the opportunity to keep the 100,000, I mean, honestly, which would you choose?” You say it very playfully, and they kinda laugh. “Well, you’d keep it, right? Well, that’s why people just like you hire me.”
07:33“I’ll see you the nine to five.” And it’s just, when you’re playful, you just get away with so much more, but so many agents, they don’t know what to say, so they’re tight. The interest rates went from 8% to 6%, and they lose people. ‘Cause people listen to people.
07:49When there’s a playfulness… If I’m tight, and I’m stuttering, and I don’t know what to say, and I’m not well-scripted, they’re gonna hang up on me.
Aaron Wittenstein07:57
Exactly. I mean, ’cause for me, I diffuse with humor, you know what I mean? ‘Cause it’s easy when it sounds like that’s what you do, is you utilize humor in a way to come off a little bit differently with it.
08:06Now, you’re scripted. So how often are you doing script and role play and all that type of fun stuff?
08:12 — A Redfin stock reply and debriefing every day
Mike Putnam08:12
I mean, it’s always evolving. The thing is, I try to take something that I see in the industry, and I try to use that, you know what I mean? I was competing last week with a Redfin agent, and they were going with the Redfin agent.
08:26And I got myself in the door, and I said, “Well, let me ask you something. Have you looked at Redfin stock?” And they’re like, “No.” “Well, I don’t know if you know, but it’s down 90%, and on top of that, they’re laying off 15 to 20% of the people that actually work for them. So I wanna ask you something.”
08:41“When you give a really good product, and what you do works, and you make people more money, does your stock typically go down or does it go up? So the fact that their stock is going down, what do you think that would mean to the price of your home and the equity that you wanna pull out of your home?”
09:00And when they said that, they understood that. So I was like, “Although commission is important, wouldn’t you also agree that value is equally as important?”
Aaron Wittenstein09:08
I agree.
Mike Putnam09:09
And that’s where the magic happened. They could see that, so then they were out of the picture. But it’s just, again, being able to take things that are out there and put it into a way that people can receive it.
09:19‘Cause a lot of people don’t realize they’re saying kind of the same message, but they’re not delivering it in a way that people can receive it. You have to kinda dummy it down in something that’s quick that people can understand. And that’s where a lot of people, after they get off the script, like Mike Ferry’s script, it ends, they end because they never evolve.
09:38If I don’t handle something or something didn’t work out in an appointment, I always debrief at the end of every day things that I thought I could’ve said better, or in an appointment, what could I have said differently that would’ve changed? ‘Cause there’s always a moment in an appointment or a call where something either happens or it doesn’t, and your question is to figure out, if it didn’t happen, what could I have said differently?
10:00And that’s something that I’ve worked on every single day for 24 years. I mean, I became obsessed with learning what is the next best question that you can ask? Because the next best question is what’s gonna get you the results that you want. Because again, we have to differentiate ourself. When you’re calling a for sale by owner, an expired, you are 1 of 50 people that are gonna call them in the first hour.
10:21How are you any different than everybody else?
10:25 — Why he loves expireds and the Superman reply
Aaron Wittenstein10:25
Okay. So let me… Are you an expired guy? I’m assuming you call everybody, you know what I mean?
Mike Putnam10:30
Well, yeah.
Aaron Wittenstein10:30
But if you had to pick one, and you’re like, “This is my thing.”
Mike Putnam10:34
I mean, I love expireds, ’cause again, they’re taking it off, but they’re all doing it for different reasons, and it’s finding out that reason and then being able, like a doctor.
10:45You know what I mean? I mean, I was talking to someone the other day, and he’s like, “I don’t need you.” And I was like, “Well, let me ask you something. When something is wrong in a movie, a crime, no one needs Superman. But yet when Superman shows up and helps them, isn’t that better?” And he’s like, “Well.”
11:01And I’m like… He’s like, “I don’t need you.” I’m like, “Well, no one needs me, but tell me something. If I flew into your house, ’cause a crime was committed. You have a house on the market for 120 days. You’re in a good area. It’s at a good price. And honestly, it didn’t sell. It may not seem like a crime to you, but on the other side of someone that sells, it’s a crime.”
11:19“So if I could take your property, get you the offer you want in the timeframe that you want, are you telling me that you honestly would reject that offer in the next two weeks in hopes of getting the same offer in the spring with more sellers on the market? Would you do that?” And he kinda laughed, and he’s like, “Well, you sound like you’re Superman.”
11:37And I’m like, “Well, let me show you. I’ll see you at 6:00.” “Well, I don’t have time at 6:00.” “You know what? I just looked at my schedule. 7:00 better?” And that was it. But it’s just being playful, putting something in there. ‘Cause when he said that, I thought Superman, and then I played off that a little bit.
11:53Because again, when you’re playfully confident, they understand. ‘Cause in that case, “I don’t need you. I don’t need you.” You do need me, ’cause your house didn’t sell.
Aaron Wittenstein12:01
I mean, it’s also about listening, right? ‘Cause you’ve gotta actively listen to what people are doing so that way you can say stuff like that.
12:11So what, I mean-
Mike Putnam12:12
So many people are worried about saying the script instead of listening. One of the things that I learned early in sales is that God gave you two ears and one mouth, so you need to listen twice as much as you talk. If you are asking questions, you are in control.
12:27But to be in control and to ask good questions, you have to be an active listener. You have to listen to what they say and then use things that they’re saying right back at them.
Aaron Wittenstein12:38
Exactly. And it’s just that dance that you run, right?
Mike Putnam12:42
It’s just the ability to take what they say and then to use that as the reason why they should hire you.
12:47 — 125 transactions, rebuilding the team and selling urgency
Aaron Wittenstein12:47
Yeah, I agree. So let me ask you this. I know you guys do a lot of transactions, is that right? You guys run a pretty good ship right now. What did last year look like for you guys?
Mike Putnam12:59
125 transactions.
Aaron Wittenstein13:02
That’s not too shabby. And what percentage of those?
13:04That’s pretty darn good.
Mike Putnam13:05
Well, the thing is, last year was interesting in that there was people that were on my team that, as hard as it was, we had to part ways with because I underestimated my team’s ability in terms of their skills going into a different market.
13:21Because the last two years before that, buyers were coming in, you really didn’t have to sell. Now, you had to sell the multiple offers, and we had to sell working with agents. But buyers were running to your door and saying, “I wanna buy now. I wanna buy now.” When the market tightened up, I underestimated my team’s ability to be able to make the number of calls that they needed to, and their ability to really sell.
13:43So once I got people out, it was about bringing people in that I didn’t have to force to call. Because what I started to realize is I’m begging people to make calls. And the truth is that at this stage in my career, I don’t wanna have to beg people to make calls. I lead by example.
13:58I don’t ask anybody on my team to do anything that I don’t do 10 times over.
14:02So I spent the last six months really honing in and making sure that my team understood. We did tons of role plays. I had them role playing. When they had a question, I had them record it, and I had them go over and over and over.
14:15And this year, by far, I mean, I say 240, 250. I believe that there’s a chance we’ll hit 300 because this is the best trained team that I’ve ever had. I mean, the way they handle objections, the way they prospect, their follow-up. I mean, in this market you have to talk to more people, make more calls, and 80% of the time you have to understand that all of your business, 80%, is from your follow-up.
14:41Less than 5% of the time are you gonna get on the call with someone and they’re gonna say, “Come out right now.” And that’s a shift, because now everybody wants to wait. They’re waiting because they think the rates are too high. They think that the prices are gonna come down, and it’s not true. When interest rates pull down, the prices go up.
14:57So we need to make sure that we’re selling people on the things that are gonna cause them to make a decision. ‘Cause as real estate agents today, and this is the thing that newer agents and people that are in the middle, they have to understand that you do not sell houses. What we sell is urgency.
15:13Because you see, if you’re not selling urgency and they say, “Call me back in four weeks,” and I get on the phone and I say, “You know what? Instead of calling you back in four weeks, why don’t I call you back in two weeks with an offer? Wouldn’t that be better?” And I get in the door, I’m taking your business.
15:30So you have to create urgency. You have to give them a reason about why they need to put the home on the market now, and there’s always a reason. There’s never been a better time to list your property, especially if you’re buying something, ’cause you’re gonna be able to buy something now at a lower price.
15:45And as the rates pull down, the prices go up. We’re already starting to see that on the market with multiple offers. You’re starting to see more buyers. Loan applications are up 40%. And these are things that agents need to know so that they can convey these to the buyers and sellers to, again, create urgency.
16:02Because if you do not create urgency and another agent comes along, they’re going to take your business.
16:08 — Answering call me back in a month
Aaron Wittenstein16:08
Okay. So this is a question that I get a lot about follow-up, okay? Can you repeat the script that you… ‘Cause I wanna make sure we don’t gloss that over. When someone says, “We’re gonna wait a month,” can you just repeat that script back that you just did?
Mike Putnam16:21
Yeah. I have no problem giving you a call back in a month, and let me ask you something. Wouldn’t it be better if I was able to call you back with an offer at a price that was acceptable to you with the terms that are acceptable to you? I mean, honestly, think about that. If I was able to get you an offer in two weeks that gave you all of the things you want and allowed you and your family to get into a bigger home, wouldn’t that be a lot more valuable to you and your family than if I just called you back in a month?
16:47‘Cause think about it. Do you typically get better offers when there’s less homes on the market or more homes on the market?
Aaron Wittenstein16:54
Okay. You know, that’s a great line. I mean, I love that line. It’s like, “Let’s wait a month.” What if I get you an offer in two weeks?
Mike Putnam17:03
Yeah, because the truth is that is more valuable than calling them back.
17:05I mean, I closed on a property yesterday where the lady said, “Call me back in six weeks,” and I said, “Wouldn’t it be better if we got an offer in the next two weeks, and I called you back with that?” And we listed the property, it was an expired, and we got an offer in seven days.
17:18And she’s closing, as I said, yesterday. I mean, the whole transaction from the time I got in to now, it was 28 days. Think about that. I actually closed her faster than she wanted me to call her back in the first place.
Aaron Wittenstein17:29
Well, that’s-
17:32 — Getting sellers back to why they started
Mike Putnam17:32
And that’s the fun of real estate, is being able to take people’s…
17:36Again, they’re not even objections, they’re just throwing stuff out at you, and being able to handle that. That’s where the beauty is. I mean, to me, selling, it literally is one of the funnest things to do, because every person is different. It’s like a puzzle, and you get to solve each one call by call.
17:55Early on in my career, and it just never left me, I just became obsessed with being able to convert people, being able to ask people better questions, being able to change someone from here and bring them over there. ‘Cause again, most people are thinking with their head and they’re not in their heart.
18:11When you can get people to feel and remember the reason that they started in the first place, you can sell from that place. But if you just keep them in their head where they’re thinking rates, price, they’ll give you a thousand different reasons. But they’re focusing in here, and they’re not back here.
18:26People literally forget sometimes the reason why they started. They started because their kids needed a bigger room. It’s like, “All right, well, let me ask you something. How does it feel when you come home and your three kids are stuffed in one room? Wouldn’t you agree that if you made a small sacrifice, which means putting it on a little sooner, that if you got what you wanted, isn’t that better?”
Aaron Wittenstein18:50
See that, I was gonna ask you, I was gonna ask you how have you done this for 24 years?
Mike Putnam18:55
I love it. I mean, talking to people and handling and being able to do those kinds of things with people, I just love it. Literally, I look forward to it every single day.
Aaron Wittenstein19:09
Yeah, no, when you said it, what I picture for you right now, and don’t get me wrong, like you said, it’s like a puzzle. It’s like the real estate puzzle with this stuff. And it’s like a game for you where you gotta get this peg to go in here, and this one in here, and fit this one in here until it makes this glorious real estate sphere, if you will.
19:26And ’cause a lot of times you speak to people and prospecting is a means to an end. You know what I mean? We wanna come in, we wanna get in, get out, call it a day. For you, you enjoy it, and the results are just fantastic, right?
19:42 — Falling in love with the process of 100 deals
Mike Putnam19:42
The thing is to be a high producing agent, you have to fall in love with the process.
19:48I can’t stress that enough. If you don’t fall in love with the process, this business will eat you up because there’s so many different things that go on. There’s a guy on my team, Christian Davis, 28 years old, he’s been working for me for seven years, and last year he said, “You know what?”
20:04“I wanna sell 100 houses.” And I said, “You know what? I can get anybody to 100 houses. But you also have to understand, to get to 100 houses, your life is gonna be a lot different than it was the last six months.” I think this month alone, I think he’s already taken seven listings. He’s put four under contract, and he’s overwhelmed.
20:23And he called me last night, and I was laughing, and I’m like, “Do you understand that to sell 100 houses, that’s what it feels like every single day?” Because everybody wants 50 deals or 100 deals, or wants 500,000 or a million, until they actually have to understand what it takes to get there. I remember my goal was always 100, and I always envisioned that the first time that I got to 100 deals, that night I would be at a club, and my friends, we’d have a table and bottles, and we’d be dancing and celebrating.
20:52And I’ll never forget the first time it happened. It was September something, and it was 11:00 at night. Three deals had fallen apart. I was just in complete breakdown mode, and I remembered that we had three closings earlier, and that put me at 101 for the year. And I was just laughing because it was the exact opposite of what I had envisioned
21:12the day that I hit 100. And that’s just what people have to understand, the more deals that you take on, it’s not just the deals. You have to become the kind of person that can handle that. Because for most agents, if you jump from five active and under contract to 10, just that doubling of the business, it completely throws you off because you haven’t become the kind of person that can consistently handle that kind of business.
21:36And that’s where a lot of agents falter. They don’t have people that will hold them accountable. They don’t have systems that allow them to understand all the different components of it. And it’s just so important for new and up-and-coming agents to understand that everybody wants to sell and make a lot of money, but they also have to realize, to do that, you have to become the kind of person that does it.
21:55You have to have the habits. It’s just like if I was to ask you, to sell 100 houses, do you typically sleep in or do you typically wake up early?
22:05Which one is it?
Aaron Wittenstein22:06
Wake up early.
Mike Putnam22:07
Yeah. If you wanna sell 100 houses, do you typically prospect for five, six hours, or do you typically prospect for 30 minutes?
Aaron Wittenstein22:16
Five or six hours.
Mike Putnam22:17
Yeah. Are you completely relaxed or are you probably stressed out?
Aaron Wittenstein22:22
A little stressed out. A little stressed out.
22:24 — Becoming the person who can handle the volume
Mike Putnam22:24
So people just have to understand that part of the process is just growing into that person, and there’s only one way to get it. I wish that I could implant that in someone, but you have to go through that process.
22:35Even if you get to 100 and you say, “I wanna go to 200,” it’s the same thing. You’re gonna break down at some point because, again, you have not become the kind of person that can consistently do that. You don’t have the habits, you don’t have the ability to handle all the different problems. I mean, I know last year at one time we had, like, 38 under contract.
22:54And every day there’s five, six, seven problems that are going on every day, and you still have to prospect, and I still have to run my team. That was a very weird, difficult period. Because, again, my time had to be so spot on because I was getting pulled in so many different ways.
23:11So I had to really make sure that that 8:00 to 12:00 I time block where nothing distracted me during that period. Because if I was allowing all those distractions, like I did the year before, I wouldn’t have hit the numbers that I wanted. So people just have to understand that part of the process is you’re gonna be stressed, you’re probably gonna be frustrated, you’re not gonna understand, and you have to do it anyways.
23:32Because, like Kobe Bryant always said, something that I always remembered. He’s like, “If you win today, what do you have to do the next day? You gotta do it over. If you lose, what do you have to do the next day? You gotta do it over.” So if you look at it day by day, it doesn’t matter if you win or lose because the next day, regardless of the result, you have to do it again.
23:53So I think one of the most important things for agents is the ability to start at zero, the ability to let go, good or bad, of what happened yesterday, and to start afresh every single day. Because when you can do that, you can build-
24:09 — Advice for new agents on scripts and 100 contacts
Aaron Wittenstein24:09
Everybody, by the way, if you’re watching this, you need to watch this one three or four times.
24:14No, I’m dead serious. Mike, this is very, very good stuff. You know what I mean? You’re on a level here where greatness becomes some- You know what I mean? And I’m not just telling you that just to be a nice guy, ’cause I won’t say that otherwise.
24:28This is amazing stuff. So all right, so let’s say you got a brand new agent, brand new agent walks across your desk, okay? Or no, comes across your office, knocks on the door. “Mike, I hear you’re a beast. I hear you’re amazing.” What is the one piece of advice that you can give Johnny New Agent?
Mike Putnam24:45
I would give him the script that he needs to follow because it’s so funny.
24:51There’s a new guy that started for me yesterday, and I gave him the script that he should use. And I’m looking over, and I hear him saying something that is not on my script. And I went over to him, I’m like, “Can I ask you a question? Did I give you the wrong script? Can I see this for a second?”
25:09And so I pull up the script, and I start reading it, and I’m like, “I don’t think that was on there.” And it’s just, for newer agents, the ability to let go of whatever someone taught you and actually find someone that’s doing something at a high level and just do it. See, that’s the thing, is that agents don’t have to recreate the wheel.
25:29They have to take something that someone else is doing that works and actually just follow it. And then the second thing would be, as a new agent, if you really wanna be successful, if someone came to me, which any agent that’s new comes to me, they have to make 100 contacts a day. If you start for me today, you’re gonna make 100 contacts a day.
25:47You’re gonna call expireds, for sale by owners, but you’re gonna spend a lot of your time circle prospecting because circle prospecting is giving you massive amounts of calls where you’re saying the same thing over and over and over and over and over. And if you do that for seven hours a day, you’re embedding the basic stuff for selling houses in a very condensed period of time.
26:07So the people that work for me, within four months they sound like they’ve been doing it for four years. Because if you say the same thing over and over and over 100 times a day, no matter what you do, you get better. You do anything 100 times, you get better. And I think a lot of people don’t understand, they don’t put the work in initially to get the results.
26:27You know what I mean? Because it’s learning what to say, but then it’s also learning how to say it. Because a lot of people don’t realize it’s not just what you say. When you first start, if you have a script in your hand, the only thing you’re thinking about when you’re on the phone is what I’m saying.
26:43The second part of it is where you get good enough where you actually are just able to say it. You don’t have to physically read it anymore. The third part is where you actually can listen to what they’re saying, and then you’re able to repeat it back. You see, there’s different levels as you start to do it, is that when you first take any script, you literally are reading it just like this.
27:05But if you do it well enough, then you just remember it, but you’re still focusing on what you say. The magic happens when it’s so internalized inside you that you no longer have to think what to say. You can focus 100% on what they’re saying. Because if you can focus on what they’re saying more than what you’re saying, that’s where you’re able to serve people.
27:24That’s why I always say I’m gonna write a sales book one day, and it’s gonna be called From Selling to Serving: The Ultimate Sales Hack. Because when you learn to hear people, it’s not a cold call, it’s a warm call because you’re trying to help them, and that’s, I think, the shift that people need to make.
27:42 — How to reach Mike and a final word
Aaron Wittenstein27:42
Okay. You know what? I’m gonna leave it right there. That was the perfect end right there. No more questions. It was perfect. That was absolutely, cold call to warm call. I love that. All right, my friend. Let’s say hypothetically speaking, an agent in, I don’t know, St. Louis, Missouri, says, “I need somebody in northern Virginia.”
28:00How does that person get in touch with you?
Mike Putnam28:03
They can call my personal cellphone, which is 703-980-0585. That’s 703-980-0585, or they can send me an email at mike@putnam, that’s P-U-T-N-A-M, group, G-R-O-U-P, sells, S-E-L-L-S, dot com.
Aaron Wittenstein28:26
Okay. All right, I gotta give one more. Final word. Give me a final word. I wasn’t gonna do it because of the other line, but give me a final word.
Mike Putnam28:32
I just hope that everyone understands that the opportunity that you all have is second to none. I don’t know of any other field where you can make the amount of money and serve the amount of people simply by learning what to say, and then going out and actually doing.
28:50When I look at the process, it almost seems not real that we have the opportunity to change people’s lives, make unlimited money, and we get to give our family things and a lifestyle that very few people ever would understand. It’s what to say, what to do.
Aaron Wittenstein29:10
Beautiful. All right, my friend.
29:11Thank you very much. Guys, thank Mike. Watch this one a couple of times and have an amazing day. Take care, everybody.
Questions this episode answers
How do you handle a seller who says call me back in a month?
Mike Putnam agrees to call back, then asks whether it would be better if he called back with an acceptable offer in two weeks, and whether sellers get better offers with fewer or more homes on the market. One expired seller who asked for six weeks got an offer in seven days, and the whole transaction took 28 days.
What do you say to a seller who wants to wait for interest rates to drop?
Putnam told one seller that rates went from 8% to 6% in December, then pointed out that a seller who waits and then buys gives the extra equity to the next seller. He says prices go up as rates come down, so selling and buying now could keep an extra 7 to 10% of equity.
How many contacts a day should a new real estate agent make?
Every new agent on Putnam’s team makes 100 contacts a day, calling expireds and FSBOs but spending a lot of the time circle prospecting. He says repeating the same thing over and over for seven hours a day embeds the basics fast, and his agents sound like they’ve been doing it for four years within four months.
What is the most important skill for handling objections on the phone?
Putnam says the number one skill is being playfully confident. Asked playfully, a question like whether a seller would rather give someone $100,000 or keep it makes them laugh, and he gets away with much more. An agent who is tight, stuttering and not well scripted, he says, gets hung up on.
How do agents keep prospecting when they have a lot of deals under contract?
Putnam once had about 38 deals under contract at the same time, with five to seven problems a day, and still had to prospect and run his team. He time-blocked 8:00 to 12:00 so nothing distracted him, and says agents who double their business have to grow into someone who can handle it.
Mike Putnam
Mike Putnam has prospected for 24 years in real estate and runs a Northern Virginia team that did 125 transactions the year before this episode.
Ready to take more listings?
Vulcan7 delivers expired, FSBO and FRBO leads with verified contact data, every morning.


