S1 E11: How Karen Coffey is ‘Making Agents Wealthy’

Noel (00:00):
Hi, I’m Noel with Today’s Brew, where top producing real estate agents share their tips and tricks on taking more listings, making more money, and having fun doing it on. Today, I want to welcome a very special guest today, Karen Coffey, founder of making agents wealthy author and coaching company. Hi. How are you?

Karen (00:26):
I am fantastic. Thanks for having me on, Noel. I enjoy it.

Noel (00:30):
Well, we are super excited about this. You have changed lives of many people. I am sure we would love to get a little bit of knowledge from you today and the market that we’re seeing right now, it’s more important than ever to pick up the phone and prospect, whether you’re a seasoned agent or a newer agent. How do you relay this to your clients?

Karen (00:54):
Yeah, so now is the time. You cannot, as agents, especially women in real estate, and I’m speaking to both men and women, but when we’re in a shifting market like this, there’s no stone that you can leave unturned because we don’t know what’s happening tomorrow. We don’t know what our personal marketplace is going to be. So calling the leads, and let’s just talk specifically about espresso, if that’s okay. Noel calling for sale by owners expires. Nobody, and I laugh because nobody wants to pick up the phone and use that old script, that old script of, Hey, this is Karen Coffey with X, Y, z realty. Listen, how can I help you? And how long will you take before hiring an agent to sell your home? Nobody wants to do that. So how we relate that to our clients at Karen Coffey coaching is that we want to come from a place of contribution, and I think, and we will talk more about it later, but our entire businesses, if they can come from contribution and impact on people’s lives, instead of coming from that salesy, from that, slick from that, my God, these scripts have been used since for 50 years.

(02:14):
Really? And people know it. You’re the 40th agents that’s called, actually, you may be only the fourth. Say something that is a value to them, not what is, because you’re trying to get the listing right. That’s why we’re calling, right? We got expired, we’ve got FSBOs, they’re selling super quick, but say something of contribution. So here’s an example. So instead of using that old fashioned script, Noel, we’ll use something like, and not use something like we use the script and please hear me. This is not about calling and saying, Hey, I have a buyer. Look guys, if you don’t have a buyer, quit it. Stop calling people and lying to ’em. First of all, agreed.

Noel (02:59):
Agreed.

Karen (03:00):
I mean, seriously, that is just stupid. I’m just going to relationship

Noel (03:05):
Up with a lie. So that’s never good.

Karen (03:07):
Yeah. And how is that going to impact? Just don’t you don’t have a buyer, don’t tell ’em you have a buyer, quit it. But listen, some of you have a database, some of you will have, like I’ve got open house leads. You’ve got a database that has your open house leads. Somewhere along the line you have your sphere of influence. Let’s say it’s a hundred. Let’s say it’s 200. And then the next thing I would do is like, Hey, it’s Karen Coffey with X, Y, z realty. Listen, I’m not trying to list your house, I just want to sell it. I have a database of over a hundred buyers. Would love to come by for 15 minutes. Do you have any openings today or tomorrow? Well, we don’t want to list it. No, I don’t want to list it. I just want to sell it. I’ve got buyers. I can’t find homes I don’t get into, is it overpriced? I don’t get into Are you going to pay my commission? Just get me in front of them. Just

Noel (04:00):
Get in the front

Karen (04:01):
Door. That’s right. That’s right. For 15 minutes. And I mean literally, I am not a bait and switch girl. If I say 15 minutes, it’s going to be 15 minutes on the nose. I’m going to show up on time. I’m going to say, Hey, great. Let me see what you’ve done to renovate or upgrade you’ve done to your home. Perfect. Look, I’m going to send this out to my database tomorrow and I’m going to see if there’s anyone interested and if there is, I’m going to call you. I’m going to ask to see if we can show it, but let me ask you a couple questions before I leave. What do you want to net on this home? What are you looking to net? I know you told me you’re moving to Michigan. You want to be there? We’ve already done that as we’re walking around. Last

Noel (04:42):
One 60.

Karen (04:44):
Yeah, you want to net one 60,

Noel (04:46):
Karen? I put a lot into this house.

Karen (04:48):
Absolutely. I’m not going to argue and go, Ooh. Well, I dunno guys, this isn’t a listening appointment. I am not putting it in the m l s. I’m not concerned about. I’m like, okay, you want a net one 60? I’m going to price it at 1 75. Whatever covers my commission out to my real estate, I’m not going to get, or I can ask them. That’s what you want a net. So does that, you mean are you paying commission out of that? Well, we don’t want to pay commission. Well, okay, well, I’ll get it covered. I don’t care. I can do that. I can just add to it. And this is not a net listing, guys, so don’t think it’s not illegal.

Noel (05:25):
Wait a second.

Karen (05:27):
Whoa. No, no, it’s not that. It’s just get this out to your list and your list starts depending, like if you do this, here’s what we do. We will go on three to four appointments a week. We send out three to four properties in one email to our entire database sphere of influence. Everybody that has a pulse and an email, they get that email and it says, Hey, we’ve got four off market properties this week. Hey, that means I have value. They can’t find it on Zillow. They can’t find it on realtor.com. I am the off market queen. And so I say, look, I’ve got four off market properties this week. Here they are. I don’t really put a ton of pictures. I just say Williamsburg area four, three with a pool golf course, whatever is special about that home. And then I’ll put the price and just see if anyone responds. That was a lot of information just, but that’s interesting. That’s what we’re doing. No, well, in this market, absolutely. What’s

Noel (06:28):
That? And it’s working. You’re doing this three or four times a week, you said? Yes. Goodness. They’re not even, like you said, you’re not listing it. You’re bringing them off market.

Karen (06:38):
Yep. Wow. Exactly. Now, are the chances going to respond to the, sometimes they do, sometimes they don’t. I’ve met them in person. I’ve got their net number or somewhat. Then I’m going to follow up on the following Monday and go, Hey, we sent it out to our list. We didn’t get any responses. Or we did, and I’ve already shown it. But when you have a market that’s super tight that I was talking with an agent yesterday in Massachusetts, and there’s just nothing available

Karen (07:10):
The houses that are on the market, you know what I’m talking about, Noel, they smell, they back up to a nuclear plant. There’s a reason. Yeah,

Noel (07:17):
You’ll be showing the same property to a few of your buyers.

Karen (07:24):
You’ve got one property and everybody’s showing it, and it’s still not selling

Noel (07:28):
Back to back. You’re like, well, I got my next buyer coming in

Karen (07:31):
To see. Yep, exactly. Exactly. Challenging

Karen (07:35):
For sure. So when you’ve got this kind of off-market property inventory and people start to know you as, look every week I’m going to be sending you these off-market properties. That’s where Espresso has really benefited our agents because we’ve worked with thousands and I mean, there’s just not one person that we don’t recommend it to because I believe in it. I used it myself when I was a producing agent, and that’s why I recommend, I mean, I’m not one to say, oh, use that and then not use it. It

Noel (08:09):
Works. It works. You have to do it. You have to

Karen (08:13):
Connect. I don’t call it cold calling. I call it, let’s just connect with somebody and actually come from contribution. We’re trying to sell their house. Hey, if it helps me, great. And it will. So anyway, there you

Noel (08:26):
Go. So that being said, the importance of a schedule, and if you have a newer agent who’s just getting into the business and you’re coaching them, how do you put that? How do you let them know how important it’s to sticking to a schedule, picking up the phone and prospecting, and what are your non-negotiables every morning when you wake up? How are you outlining their day for them? What do they need to do to be successful?

Karen (08:56):
Right. When you say new agent, the first thing that comes to mind is, oh, bless it. Bless it. That’s an old southern term. Like, oh, bless it.

Noel (09:05):
Yeah, you get it. And Oh, I’m going to show these cool homes. Yes, I’m going to have my own. And then you’re like, oh no, it’s actually a real business.

Karen (09:15):
It’s a real business where I have to really show up. So I have a really cool way of working with new agents and I’m like, Hey, look, if I was the CEO of and I am, but if I was the CEO of a company and I was hiring you and I was going to pay you six figures a year, like a hundred thousand dollars a year, and I said, Hey, the only thing that I require is that you show up at eight 30 every day and you leave by one o’clock, but while you’re there from eight 30 to one o’clock, you have to do what I tell you to do. And it’s nothing crazy, but you have to do these things. It’s called money generating activities. We call ’em MGAs, and you only have to work every other weekend and four days during the week. Would you want that job If you could make six figures,

Noel (10:05):
Yes, sign me up. And

Karen (10:07):
They all say yes, yes. And then I’m like, then do this, do this. So here we call it a million dollar day schedule because literally if we miss one day, we may be missing out on a million dollars in inventory that we could have listed or sold because it is that important to have a schedule. So eight 30, come in, get your head in the game, you’ve had the kids dropping them off at school. Stop. Take 15 minutes. I always do something where I put what my goal for the year is, and then I’ll put something along the lines of what motivates me to get to that? What’s the motivation behind that? I don’t even call ’em goals because I think goals are kind of like wishes. So to me, I call ’em commitments. What’s my commitment? Because if I’m committed to losing 20 pounds, that’s a whole lot of different than having a goal to lose 20 pounds. Yes,

Noel (11:06):
Yes. Right. It’s dedication. Yeah, dedication. Going up. Commitment, like you said.

Karen (11:12):
Exactly. I’ll put my commitment. What motivates me about that? And I have to get super real. Is it so that I feel worthy? Is it so that I am happy with myself? Or is it that I want to take all of my entire family to Italy at the end of next year? It could be I want to buy a boat and a lake house or something like that. And so for then I go into my gratitudes because if I don’t get into a vibration, an alignment with what I’m grateful for, this is a whole deeper conversation. Then I’m coming from a place of maybe scarcity or lack, and I’ve got to move into gratitude. So it’s just 10. So here’s my commitment, what motivates me. Yeah. It’s a whole mindset thing. You have

Noel (11:59):
To believe

Karen (12:01):
You do because once you move into your day from a place of lack, there’s no inventory, there’s no houses. Agents are leaving the business in droves. If you are going to focus on that, how are you going to act? You’re going to act just like them.

Noel (12:17):
And then who want to hire you if you come across as a negative Nancy, and that’s going to show up when you make your calls and go on your appointments.

Karen (12:27):
Yes. So that non-negotiable is 15 minutes. And then there’s one question that I always ask and I get really quiet, and I’m very faith-based, not religious. I’m just, I’m spiritual, but, and I will just, so I use the word God and I say, God based on my commitment, based on what motivates me, based on what I’m grateful for, what’s the one thing I can do today? What’s just one thing I can do today? And then I will follow through with that. Now, there’s my other MGAs, my money generating activities that I’m going to do, but let me just get connected to something greater than me. Let me take me out of the center of the equation and go, okay, if I’m going to impact people, if I’m going to come from contribution, I know and I have a belief that I am prospered. I know and have a belief that more than I could ever ask for. I mean, the blessing and the finances and everything is just huge when we do this and then follow through with it. So that’s the first thing. And then the next money generating activities is always espresso or any other lead generation source that you might have. And so like I said, you don’t want to leave any stone unturned in that time. Then you’re going to do follow up.

Noel (13:48):
You kind of touched on social media for a second, and I was going to ask you what your thoughts are on social media, because now more than ever, you’re seeing agents doing toss and reels and every single day. And what do you think about that business wise? Do you think that is an income producing activity? I

Karen (14:15):
Absolutely do. I do. I do. But I think it needs to be done in certain ways. Exactly. Also, don’t forget always come from contribution, always come from impact. How can I help the people that are listening to this not how can I look cute? How can I look funny? It’s like you have a responsibility as a licensed realtor professional to educate. Let them know what’s happening in the market versus what the media is filling them with, and then be the one that knows how to find the need, their pain and fill it. Help them. I think video. I think when you do social media, don’t forget your database. Do both. Send the video to your database because not everybody is on both platforms. So just cover your bases. Yes. But I

Noel (15:10):
Think it’s like you said, you need to flip every stone. You turn every stone over. You can’t just call expired. You have to also call FSBOs and social

Karen (15:19):
Media. That’s right. And you’ve got to do

Noel (15:21):
As you’re doing it, right?

Karen (15:22):
Yeah, exactly. And I just think that, and make sure that you talk about your results because Can I get real here for a minute?

Noel (15:33):
Yes, definitely.

Karen (15:35):
No, this is real. I’m real. People have a preconceived notion of what a realtor is, what they do, what their worth is and why they should pay ’em. So when they see a video or an email from you, and it’s just like, oh, isn’t this cute? And I’m shaking and I’m dancing and I’m singing a real estate song, whatever you’ve seen, you know what they look

Noel (16:04):
Like. I have and I know what you’re going to say. It gives them the right to think they can do our job. Pretty much what a lot of sellers think they can see on their own. They’re like, I’m an agent. I can do this. I don’t need you.

Karen (16:16):
Obviously I can do it. Look at the video that she just sent out or he sent out. It’s like, oh my god. Okay, so we’ve got to start talking in results language. That means, Hey guys, I just wanted to stop by here and let you know that we are selling homes in a matter of hours right now. Or you can say, we’re just selling homes in days, not weeks, for 99% or 110%. Somebody else, I talked to you yesterday, $30,000 over, they’re still getting this. So you’re right. That was my point. Speak in results. Look, buyers don’t believe what the media is telling you. Look, you can go in find a home. Sellers are negotiating in the slow areas. You can be saying sellers are negotiating points to buy down your loan. You can refinance in two years. You can get a three one arm. You can do all of these things to ward off this high interest rate and get into a home for the same 4% you could years ago. And then if it does go up, just refinance in a couple of years, you got to be smart. You got to be on it. You got to pivot really quickly when market shifts

Noel (17:19):
Like this. And then you need a competent agent. You need someone who is representing you Well, because like you said, even right now, even with the limited inventory from here where I’m an agent, you can still ask for things to be repaired. You can, but you can people completely. You can’t do that. They’re not representing their client. They’re fearful. But then there are some, like you said, there’s homes that are still getting 10 offers.

Karen (17:49):
Oh my gosh, yes.

Noel (17:51):
And people are, we

Karen (17:51):
Thought it was over, but it’s not.

Noel (17:53):
No, it’s not. And you’re right, you can refinance down the road. It’s always a good time to buy, I think.

Karen (18:01):
Oh my gosh. Yeah. It doesn’t matter. We were in double digits back in the Reagan Reaganomics, or 14% interest rates, some as high as 18%. Guys, this is not the end of the world, but the media doesn’t have Jack to talk about. So this is what we’re talking about.

Noel (18:16):
I know. That’s why not turn the TV on before you start prospecting, right?

Karen (18:21):
No, I don’t do that. No.

Noel (18:25):
I have a question for you. So if you are a newer agent and you were talking about database, what if you don’t have one? Where do you start?

Karen (18:34):
Yeah, yeah. So I’m not going to give you all the things that we do.

Noel (18:42):
Stop asking so many, would you

Karen (18:45):
Just quit? No, it’s great. It’s fine. I’m happy to share. So there’s a lot of seasoned agents that don’t have a database because where’s it going to come from? Well, over time, it comes from open houses, right? Or people that you meet and communities that you belong to. But our number one way is now, people aren’t going to like it because they don’t know the rest of the story because there’s more that we do with it. But we reach out to people on Facebook locally and probably about 10 messages a day to people that we know. We’re not spamming them. It’s inviting them to something. And it’s really cool and beautiful, how seamless it is. And so 10 a day, some people think it’s spam, the majority do not. But we’re like, just give me your email so I can send you an invitation.

(19:36):
And then that’s how it builds. And then it’s just, yeah, it’s a lot of fun and it’s good. So if they don’t have one, and some people are like, I’m brand new in an area that’s a big, I don’t want to say excuse because it is reality, but if you’re brand new to it, I just moved here. I don’t know anybody. Well, number one, get out of your house and start meeting people, but it’s not that easy. But go to businesses. I’m not a door knocker. I will never tell you ever. Especially women. Come on, we’re not doing that. That started, by the way, that started back in 2000 and, I’m sorry, 1908.

Noel (20:17):
Door-knocking

Karen (20:18):
Started in 1908.

Noel (20:21):
I didn’t know that. It started

Karen (20:21):
With a fuller brush company. They were door to door salespeople. N a r was founded in 1908 and said, Hey, that’s a great way to get business. Let’s start knocking on doors, guys. It’s not 1908 anymore. No, it’s 2023. Get with the program, connect with people. We live in these very, we come into our garage, the door’s down. We don’t talk to anybody. We don’t meet people. It’s like connect with people, see what they need and fulfill on what they need.

Noel (20:49):
No, you’re right. You’re right. My broker says, don’t be a secret agent.

Karen (20:53):
Yes. Yeah. Don’t be

Noel (20:55):
Talk to people. They’re like, don’t do it. Don’t be a secret agent. Let people know that what you do.

Karen (21:01):
But most people don’t know what to say. They’re going to talk in, I’m a realtor. And again, people already have a connotation of what a realtor is, so they already know who you are, what you do, and what you’re worth. You’ve got to talk with people in a way. And I am not a networker. I don’t like networking, but I don’t know why I just never did. But I like to meet people digitally. I like to host. I like to start business communities. I feel more comfortable talking to businesses. I never talked to a friend. I was kind of that secret agent until my sister-in-law listed with somebody else, and then I said, never again in. And that’s happened to a lot of you. I know.

Noel (21:46):
Oh, for sure. You get business from places you never imagined getting business. And then you don’t get business from the people you

Karen (21:54):
In. Right. Family.

Noel (21:57):
No, you’re right. And it’s funny that you said you didn’t call your friends either, because when I first got into real estate and I had my coach, she’s like, who are you most comfortable calling? I’m like, expires. And she’s like, expires. That’s so weird. She was like, I’ve never heard anybody say expired. So I was like, oh, no. I’m absolutely terrified to call my database. I was like, I’ve come across as salesy. And I was like, in FSBOs, for some reason, I’m scared of them too. And it was just expired, expired, expired. And they’re like, but you get mean people. And I’m like, yeah, I know. But I mean, I’d

Karen (22:30):
Rather have mean people, right? Than

Noel (22:32):
I guess, than coming across as salesy, like you said, and to your friends. But it’s such a silly way to think and it’s very limited.

Karen (22:42):
Very limited. I love how, because the way we have found a way to circumvent that so that it’s never salesy. That’s the worst thing in the world, is to sound like a salesperson. But yet people need to know. So there’s some really beautiful ways of doing that. You just need

Noel (22:59):
To know your script. So it sounds like people need to reach out to you, read your book.

Karen (23:06):
We would love that. Yeah.

Noel (23:08):
Some coaching. So Karen, tell everyone how we can connect with you.

Karen (23:13):
Yeah, so you can get on Amazon and get the book. It’s Making Agents Wealthy, and that is the name Karen Coffey Coaching is the name of my company, but our program is called Making Agents Wealthy. And if you want to connect and find out more, we have some, yeah, it’s just amazing the results that we have. My website is karencoffey.com. Coffey is spelled C O F F E Y. And if you want to just set up a call and talk with one of us about what’s happening, what we can offer, if we can’t give you what you need, we will direct you to somebody else. We have no problem with that because it’s not for everybody.

Noel (23:53):
I love it. I love it. And thank you so much for coming on today.

Karen (23:56):
Oh, you are so welcome. I am passionate about, yeah, I’m just passionate about people being successful without feeling demeaned, without feeling like, oh, I just got this job as a car salesman. But you can make so much money. And I mean, our first year clients are making multiple six figures, not just six figures, but multiple. So I love it.

Noel (24:21):
I love it. Well, everyone’s going to love hearing that. So

Karen (24:24):
Phone

Noel (24:25):
Or visit Karen’s website

Karen (24:27):
If it feels like it would resonate with you,

Noel (24:30):
Talk to us

Karen (24:30):
And if not,

Noel (24:32):
Whatever. Thank you so much for

Karen (24:34):
Oh, thanks Noel.

Noel (24:35):
Take care.

Karen (24:37):
Bye-Bye everyone. Bye.