Movies CAN change your emotional state in a matter of minutes, you are pushed to the edge of your seat, and stricken by the genres you love.
Fiction, nonfiction, nevertheless it will not matter – if you go in with a positive and open mindset, the possibilities to learn will always be endless.
By now you may be wondering, as a real estate agent which movie can be a source of increasing your real estate knowledge?
“The Wolf of Wall Street”, is such movie for you. The film with over 150 award nominations has definitely made up its mark in every aspect as an inspiration falls into this category.
Jordan Belfort, The Wolf with the millions of schemes and dollars is by far one of the biggest controversial businessmen.
Although I do not agree with his many shenanigans, such as owing an approximate 1500 people money, touting “microcap” companies with misleading information, misrepresentation of stocks, selling “rat-hole” stocks, guaranteeing returns, owning stocks on behalf of other people etc.
Even Jordan himself doesn’t support his doings and refers to it as, “losing one’s soul”.
I do find his tactics beneficial for you to becoming a Real Estate Expert.
The Wolf of Wall Street has some amazing takeaways behind its success that can be implemented in your real estate career.
This movie, hands down, can be rated as one of the best entrepreneurial films of all time and I will be telling you 4 successful takeaways from it.
1- “Sell me this pen!”
This scene is already considered a classic.
Jordan Belfort played by the very renowned Leonardo Di Caprio, shows us a FUNDAMENTAL selling strategy through a very simple product, a pen.
This scene highlights, in the most basic way possible, how to sell an everyday need through:
While everyone else in this scene was hesitant to sell, one member from the group took the pen and immediately set his foot down and followed to the process. Shying away won’t get you any business in real estate but confidence.
- Identifying Needs
Many of the times, your prospect might not even know his/her needs. By analyzing even, the simplest of situations, you can identify a need for your client to be that is crucial for their situation – and might as well convert him/her to your client!
- The Creation of Urgency
Authentic urgency is key. I am not talking about the Boy who Cried Wolf stories where the seller is constantly saying “while supplies last”. Authenticity urgency can involve trying to sell the things people are either “iffy” about purchasing or something they completely forgot about. You can help them avoid the longing process.
We witness the classic selling process through this entire scene. From the earlier traditional ways to now, selling process has just switched from trading needs for needs through the Barter System to purchasing needs and wants with money.
You know what’s the beauty of this?
With a little twist, it still works.
The easiest way to make money is,
Creating something of such value that fulfills everybody’s needs and wants, then going out and actually delivering them enough value that sells – the money comes automatically.
Let’s dig a little more deeper…
Confidence in real estate is all about self-image and branding yourself . Walking into a listing presentation with a strong posture, great physique, and overall pleasing aesthetic shows you’re ready for action. Not only does it make you look good, but you feel amazing as well. You will feel as if you are invincible which is perfect for starting and closing deals.
The next step to it is “identifying the person’s needs”.
Your prospective client may sometimes not know that he/she need something. This can be from something big such as a larger backyard for a future family growth, to small needs such as a higher ceiling in the master bedroom. By identifying their needs and working along those to find what else might be a necessity can show to your prospective clients that you know what you’re talking about and it is you that they need first.
The last step is the “creation of urgency”.
Rather than telling your clients that it’s the “perfect time to buy” for every quick deal. Show authenticity and genuinely ask them first if they are ready to sell because there will always be another chance to sell. This will gain their trust in you, which grows your reputation as a real estate expert.
2- Building a Loyal Team
In the movie, there was an entire recruiting scene where Jordan Belfort found people with the strengths he needed to develop a strong team.
The skill set included:
- Negotiation skills
- Maintaining Order/Delegating
Before he had this team, he was limited to a few hundred thousand dollars every year.
But as he grew his company in terms of people power, the company grew overall in terms of money.
Having a great real estate team with the right skill set will prove to be your largest asset. Using your leadership expertise to delegate, you will be able to use each of your team members to their fullest potential. While you are working on the bigger picture, your team can work on handling the smaller processes towards achieving your sales goals. You need a strong team so you can build your own real estate empire with success.
3- Persistence is Power
But wait, you must be asking yourself how so?
Here is how…
Jordan Belfort, the skilled mogul believed in the power of persistence. Trying until success is the only lesson that is preached throughout the movie, which in the movie is shown through jordan’s struggles – him trying, trying trying again then finally succeeding in getting his company to bring Steve Madden’s company out to the public.
Real estate revolves around the word “NO”.
While prospecting, showing homes, and trying to grow – you will constantly be rejected.
You cannot be afraid of rejection, you will be rejected constantly, but your mindset should be –
“If this one is a no, the next will be a yes”.
When Jordan Belfort just started out in the business by opening up a company of his own, he had to show his team how to sell through phone calls. With the person on the opposite line constantly pushing towards a “no”, Belfort showed his power of persistence and made a few thousand dollars.
SO just remember, you will have to fall to rise again.
To survive in the real estate industry hunting for the new business, you’ll have to be persistent in delivering value despite the rejection. So hustle, go out door knocking, message your potential clients on holidays/birthdays, provide market updates/conditions through email marketing – do whatever you can to get more and more leads everyday to work on them.
If there are no leads there are no sales.
And, what do you need to remember while being in this business?
4- Identify Your Ideal Customer and Specialize
Belfort, at an early age realized he had to specialize in penny stocks rather than just general ones. By switching up the hierarchy, he started selling these penny stocks, in bulk, to the top 1% of clients.
In real estate, specializing in a certain niche and getting real estate training is therefore important. With it being a very generalized industry, you must do something to set yourself aside from the rest. To do so, you have to stay focused on certain areas rather than the industry as a whole.
By doing so, you will master one area and make your mark in it instead of trying to practice them all and failing while doing so. At this rate, you will be efficient enough to increase your clientele base while boosting at a skyrocketing rate.
Enjoy life’s journey when you are on the road to real estate success. Not every minute has to be filled with stress, real estate is your passion so have fun with the process. Enjoy movies, get inspired, and push harder.