Mike Stott: ‘A spirit of contribution is key to success!’

Age: 52

Degree and school: Business degree from the University of Hawaii, 1984

Lives in: Atlanta, Georgia

Social media: Facebook, LinkedIn

What’s your favorite activity outside of work and why?

I enjoy working with the Boy Scouts as it’s a great opportunity to coach young men with sound life principals and to spend time outdoors. Two side benefits are the great adventures (caving, hiking, canoeing, skiing, rock climbing, zip-lining all in 2014) and working with other great adults. I’ve been involved in scouting leadership for more than 20 years (and was a scout in Hawaii as a youth).

Approximately how many real estate agents do you coach? 20

I coach 20 full-time clients averaging $377,000 annual gross commission income — I also teach courses. More than 2,500 agents have taken either a for-sale-by-owner, expired, database, neuro-linguistic programming or buyer’s mastery course.

How many real estate agents does your business coach (if applicable)?

We coach 83 agents total.

Do you measure the average return on investment (ROI) of your clients?

We don’t measure ROI because we feel it is impossible to say a specific transaction in real estate was the result of a particular coaching idea or call. So it’s hard to accurately gauge an ROI. What we do measure is gross commission income, and each year our clients average more than the previous year — in 2014, it improved to $374,000 from $227,000 in 2013.

If so, what is it, and how exactly do you measure it?

What we do measure is activity using our patented “Know Your Numbers” tracker. It’s a simple but powerful online tool for goal setting, accountability and tracking achievements. Here are some screenshots, and we also offer live demos.

stott-stats-1

stott-stat2

stott-stat3

Do you think some holidays are kind of annoying?

Not at all. We encourage our clients to take time off to recharge, relax, have fun and learn.

Different people have different needs, but what specific business strategies do you seem to find yourself recommending most often to real estate agents?

Control thoughts to control your income. Being accredited by the International Coach Federation, we have tools that other coaching companies simply do not have. One of my favorites is a model we call the four boxes. Our conclusions cause us to seek out evidence to support them, and the evidence and conclusion affect how we show up in a situation, and how we show up affects how everyone else showsuparound us. So we coach our clients to spend time on becoming more interested in new conclusions rather than spending time on why they have the conclusions they have. As a practical example, let’s say we have an agent who has concluded that working expired listings as a lead source is “too hard” because “everyone is calling the expired homeowner, and that homeowner is going to be annoyed when I call.” That agent can find all sorts of evidence that it is annoying — they can talk with other agents, they can read about expired listings and attend seminars, but if they do call 10 expired sellers with the conclusion that they are being annoying, they may actually show up on the call as less than confident that they can help the seller. Then, one or two of the 10 expireds may not be interested and hang up — evidence that they are annoying the expired seller. And what’s amazing is the other eight expired sellers may have been open to what the agent had to offer, but the agent was so intent on finding expireds who were annoyed that they missed the good ones.

A new, more interesting conclusion might be that two out of 10 expired home sellers will thank me for calling. This will dramatically affect how the calls are made and received.

What are some common hang-ups or weaknesses that keep real estate agents from realizing their full potential?

Not taking action. Lack of confidence that they can do it. We support them in seeing what they need to do and getting income-producing action accomplished.

How do you address those hang-ups or weaknesses through coaching?

We use our coaching tools to help our clients learn what to say, how to say it and when to say it. We have group calls two times a week in addition to the client’s private coaching call where each client can share, learn and support the other clients. We help clients set smart goals. We support them in taking small, sweet steps towards reaching their goals. We help them hold themselves accountable, and we celebrate with them when they experience a win.

Since I still actively sell real estate (about 20 homes a year) and ran a team in Hawaii that grossed $2.6 million in 2006, I am able to train clients with proven systems and consult individually with them to help them grow. My clients’ average gross commission income improved from $227,000 in 2013 to $377,000 in 2014!

How much does the average client pay your business for coaching every month?

We have three plans: $97 a month, $357 a month and $597 a month. There is also a premium product for clients with teams or clients who need more time at $897 a month.

What’s the biggest obstacle you’ve faced in growing your business, and how have you tried to overcome it?

Agents not understanding what it is to be coached versus consulted with or trained. Many of the “coaches” out there are trainers or consultants and can only train or consult upon what they did — which may or may not work for any individual agent trying to create an awesome business. We find many agents have had a bad experience with another coaching company or expect their office to supply their coaching, creating barriers for us to show them how we can support their success. Being accredited through the Academy for Coaching Excellence and the International Coach Federation gives us tools for success that many other companies do not have.

What do you do when you want to relax?

Go back to Hawaii and play in the ocean, riding waves, snorkeling, swimming. If I can’t get there, I love to work out, play basketball and read.

Mike 4

Do you think coaching is more popular in real estate than in other sales industries? Why?

I actually believe it is less popular than in most businesses. Most of the other credentialed coaches find almost all of their clients come from the corporate world, which tends to recognize the value of coaching. One reason for real estate agents not recognizing the value is that many of the real estate coaches in reality train or consult and the clients get no results. They hired a coach who promised great thing, and the agent expected magical results with no change in their actions based upon those promises. Therefore, the agent didn’t get the expected results and gave up on coaching. Our definition of coaching requires that the client takes action.

Another factor is real estate agents in general tend to be independent thinkers, and many of them don’t realize how a coach can support their business. Others believe they should be able to do everything on their own.

The cost for coaching has to be an investment, not an expense. Imagine better results with clarity, focus, ease and grace. That’s what coaching can and should do.

Have you ever been a real estate agent?

Yes, I was licensed in Hawaii at 18 in 1980 — and I still am. I help run a property management company and sell 20 to 24 homes a year. I feel it’s vital to sell to really know what’s going on in the marketplace. In 2005, my team sold 184 homes with a gross commission income of $2.67 million. I have sold real estate for more than 34 years.

Do clients often begin coaching agents themselves? If so, why?

That hasn’t been my experience. They may be seen as leaders and help with motivation and training in their office, but they don’t coach.

Do your coaches typically have coaches themselves? If not, why?

Yes, because we know the value that being coached adds. We currently hire a coach to help us continue to coach more effectively. I’ve been coached since 1994.

How should real estate agents measure success?

Gross commission income (external income) and contribution to their clients’ lives (internal income.) We believe coming from a spirit of contribution is key to success!