Why would you plunk down upwards of $1,000 per month for a coaching program just when you are starting out and have no income yet? I have been obsessively asking myself this question when I started and after a week of indecision jumped headlong into a coaching program. I could think of a few alternative ways of spending the money. And yet, I decided to go for coaching. Why? First - there is an endorsed promise that the coach makes. Look at where I got these people to - and a few prominent agents affiliated with the brand step forward and talk about their hard-to-believe achievements and performance stats. You hear things like “… if it were not for [insert you coach’s name here], I would have stayed at the bottom of the barrel … “. You are thinking, if they can, surely I can too. At the same time trying on a sensation of how their level of income would make you feel about yourself and life in general. Second - thought of getting a coach reduced my anxiety. Your feet are lifted from the mud of uncertainty and placed on the pavement of a structured environment with one-on-one coaches ready to tell you what to do in all business scenarios. Looking back, this was one of the best decisions I made in the beginning of my career, second in importance only to the decision to join the team. The Mike Ferry Organization is one of the oldest companies operating in the coaching business. This is the only real estate coaching organization I have first hand experience with. I know other options either through on-line, mostly YouTube research or a quick “hook” conferences where they pre-sell the services. All coaches have their own systems and their own best practices, where they focus on a specific collection of concepts that either actually work or their coaching clients think that they work. You pick. Having been in the real estate business for over four years now, I consider Mike Ferry’s system foundational to the new agent’s success. He zeros in on the fundamental sales principles and following his methods will train you to be a better sales person. He will give you the tools to operate your business with or without technological backing, at any stage in your career, in any market condition with any demographic and at any geographic location. Think about it like this. If you wanted to be in the special ops and Mike Ferry was your instructor, he would teach you hand to hand combat and give you weapons training. Not that there isn’t anything else to learn, but this gives you a foundation, so you increase your chances of not getting killed and achieving your in-the-field objectives. Mike Ferry also happens to be one of the few coaches that gives you an end-to-end system. It is rigid, you will have to work, and it has limitations. Having to work for it will make an average beginning agent uncomfortable. Some other coaches will sing you songs about how abundance will flow your way with minimal involvement from you. Not Mike Ferry. You can count on him being straight with you and he will improve your chances of succeeding. I am sceptical about how practical some other coaching philosophies are. However, almost any coaching program is better than none. The real estate business is painfully competitive. For example, in the Greater Toronto Area, it is at a point where 70% to 75% of the agent population is not making any money. The rate of failure in the first 2 years is around 87% Getting a coach may not make you succeed, but it will give you the edge and will nudge you in the right direction. There are at least three important issues that real estate coaching is addressing: Uncovering your blind spots - strategic or tactical problems you are aware you have. Don’t think you are immune to not seeing what is right in front of you. A good coach is like a therapist. She will ask you questions. Help you uncover what you are not seeing. And will help you address issues. Develop your skill set. Starting out, you will likely not even know what skills you need to develop to succeed. It could be something as straightforward as the lack of discipline - not that it is easy to fix, or as complicated as internalizing the scripts you have to use. Keep you accountable to the goals you set for yourself. A coach will ask you every week a few uncomfortable questions. Have you prospected for 15 hours this week? Did you have your 150 conversations? Did you book 3 appointments? Did you take a listing? How many hours did you role play? With how many role playing partners? Many agents quit coaching not because they absolutely can’t pay. They quit because coaching makes them uncomfortable. As a side note, a contract signed with Mike Ferry is not cancellable for a year. I believe that this is not because he wants to make sure that he gets your $12,000 over the year, but so that you give yourself a fair chance. It takes time to develop good habits, to get over the discomfort of being a beginner that is told what to do every day and to start seeing the results of yours and your coaches efforts. You will find that every coach is claiming to have the best system. Coaches will differ in their levels of expertise on what they preach. Some are excellent at what they do. Some think they are excellent. To claim that they have the best system though is similar to making statements that statistics is the best branch of mathematics. Nonsense. All coaching systems address a range of problems, but not everything. And they can often be complimentary to one another. Do a thorough research. Select the one that will be a good fit for your needs. Commit when you are certain. Don’t look back.