With a real estate training career spanning almost 40 years, Mike Ferry is truly one of the most well respected coaches in the industry today. Mike Ferry scripts, his most widely used and widely imitated training tools are the best in the business. But in order to make them work, you need to watch a skilled salesperson put them to use. That’s when the light bulb goes on for most new agents.
In this article, we’ll cover the following:
- Our Favorite Mike Ferry Scripts with Video Examples
- Four Tips to Use Mike Ferry Scripts Effectively
- How to Overcome Your Fear of Cold Calling
There’s a ton of knowledge to absorb here, so in order to get the best ROI for your time, we recommend checking out the first few scripts and video examples today, then bookmarking the page to watch the rest another day.
Before we dive into the details on this topic, we suggest you check out Zillow Premier Agent, an advertising platform for Zillow and Trulia. While both sites allow you to post listings for free, becoming a premier agent has two major benefits: Exclusivity and Wider Reach. Visit Zillow to learn more and generate more leads.
Our Favorite Mike Ferry Scripts with Video Examples
Mike Ferry Script 1 – Forty Real Estate Objections Handled
Of all the Mike Ferry Scripts online, I think Forty Real Estate Objections Handled is the most important. Every new agent should memorize this verbatim to see an immediate improvement in their sales. Here’s why.
Pitching is like any other skill. You can work at it and get better, but some people will naturally be better than others. For whatever reason, they simply understand social dynamics better and can move a conversation to wherever they choose. BUT once they get their lead to the logical part of the decision making process, (which can come much sooner than you might expect!) even the most socially adept person will flounder at the first objection.
“My friend is a broker”, “I want you to cut your fee”, or “I’ll make more money selling on my own” are all very common objections that will stop you dead in your tracks if you don’t know how to handle them. While they make perfect sense after reading them, they are not necessarily common sense unless you’re well versed in the sales process. Skip this script at your peril.
To see how important overcoming objections is, check out Boston area realtor Deric Lipski’s 14 minute live call with a real expired lead.
Mike Ferry Script 2 – Expired Listing Script (Over the Phone)
Mike Ferry’s Expired Listing Script is one of the best out there. Boston area realtor Deric Lipski has an incredible real world example of landing an appointment with this script. In this live cold call with a real expired lead, you can watch first hand how being able to handle objections is the most important skill you can master to become a great cold caller.
Mike Ferry Script 3 – “One Minute” Listing Presentation
Karl Krentzel has a pretty amazing walk through guide for Mike Ferry’s One Minute Listing Presentation. If you haven’t already read the script, click here to download it before watching Karl Krentzel’s video below.
The reason I like this so much is that he offers great context behind some of the language used in the script as well as explaining why it works. For some people, this is crucial to using a Mike Ferry Script effectively. Check it out for yourself to see what I mean.
Mike Ferry Script 4 – Qualifying Buyers for Home and Motivation
The most important part of working with buyers is to make sure they will be worth your time. This is known as pre-qualifying and is one of the most important skills you can learn in real estate. Mike’s guide on this is one of the best on the internet. Check it out here.
To see this skill in action, check out Century 21’s Venny Saucedo’s excellent role play below.
Mike Ferry Script 5 – Most Common Buyer Objections
While the first script focuses on seller objections, this one focuses on buyer objections. Closing buyers can be a challenge, but it’s very lucrative if done correctly. In order to do that you need to be able to handle objections well.
This script covers 14 of the most common buyer objections you’re likely to come across and how to handle them. Check it out here.
Mike’s video below explains some of the finer points of working with buyers.
Mike Ferry Script 6 – Just Sold Script
“Nothing succeeds like success” is a cliche for a reason. People want what other people want. There is no better way to sell than to provide an example of your recent success. This is why just sold prospecting is so powerful. This script is no exception.
To see a great example of this script in action, check out Simon Lemay’s live call below. He didn’t get an appointment, but watch how quickly he builds rapport with his lead and how well he controls the conversation.
Mike Ferry Script 7 – Just Listed Script
Instead of sitting back and waiting for other agents to bring them buyers, great agents aggressively hunt for buyers for their new listings. The logic here is simple. They want to avoid splitting their commissions with another agent.
As always, Mike Ferry scripts can be a huge help here. Check out his Just Listed Script here,
Watch Deric Lipski use the script on live cold calls below.
Mike Ferry Script 8 – The CMA Presentation
While almost all of the other scripts we’ve posted here focus on getting your foot in the door, the CMA (comparative market analysis) presentation script tells you how to close the deal. Check it out here.
Check out a great live role play of a CMA presentation from Monica Diaz below to see this script in action.
Mike Ferry Script 9 – FSBO Script
FSBO leads are some of the warmest leads you can prospect, so mastering your FSBO script can mean a huge GCI (Gross Commission Income) bump. As always, Mike Ferry Scripts have you covered. Mike’s FSBO script is top notch and covers all the bases you need to land an appointment.
If you want to see a creatively modified Mike Ferry FSBO script in action, check out Rick Colton of Colton Lindsay Realty use it live on a FSBO lead below. Again, pay attention to how smoothly he handles objections and then get back and work on memorizing the 40 Real Estate Objections script! I did mention how important it was right?
Mike Ferry Script 10 – Powerful Closes for FSBO’s
This script covers five “closes” in order to convince FSBO’s to make an appointment with you. One of the best is to ask about scheduling an appointment as if it’s already planned.
Here’s Paul Campanaro using this technique on a live FSBO lead.
4 Tips to Use Mike Ferry Scripts Effectively
Now that you’ve read a few of the best Mike Ferry Scripts and watched some in action, you need to focus your attention on getting them to work for you. How do you take a phone script and integrate it into your current daily schedule?
1. Memorize Them
Many new agents (myself included) balk at the idea of sounding robotic or stiff by reciting a memorized script. This is a silly fear. Here’s why. After a year or so in the industry I noticed I was using the same phrases, generally in the same order, over and over again when meeting with clients. I could have just memorized a script early on and saved myself a year of painful trial and error. Think about it. Mike Ferry has been teaching realtors for almost 40 years. The scripts are written the way they are for a reason.
2. Practice, Practice, Practice
Buddy Rich was the greatest drummer that ever lived. You might think he was a natural talent or born with a great ear. He very well may have been, but Buddy Rich did something 99% of the other drummers didn’t. He practiced for hours every single day. He would lock himself in a woodshed from morning till night and do nothing but practice drum rudiments. To this day musicians call practicing intensely “wood shedding” in honor of Buddy Rich. If the greatest drummer in the world needed so much practice that much to become great, you do too.
Okay, we’re not saying you should lock yourself in a wood shed with a phone to practice cold calling but, the takeaway here should be obvious. The more you practice, the better you’ll get. If you don’t practice, you’ll never get better. It’s that simple. Are you ready to get started yet? If you are, here’s how to practice cold calling effectively.
- Create a Practice Schedule
If you plan on using cold calling to generate leads, you need to set aside a specific time every day to practice your scripts. 10-20 minutes a day should do it. Top agents who cold call for leads (most of them) spend several hours a day on the phone. You need to build up stamina.
- Role Play
The best practice you can do is to role play with a friend or better yet, another agent who knows some of the objections that buyers or sellers might throw back at you. Learning by doing is much easier than rote memorization. Hey, did I mention that the 40 Objections script was really important?
- Record Your Practice Sessions
Are you projecting your voice enough? How confident do you sound? Was that rebuttal effective or too aggressive sounding? Since it can be incredibly difficult to objectively critique your cold calling while you’re role playing or on the phone, recording yourself can be a huge help. You may be surprised to discover that what you thought was effective sounded flat, or vice versa when listening back to yourself. You can record yourself easily on a smartphone or your computer. Try it.
3. Get On the Phone!
This may sound obvious, but there is little point in memorizing Mike Ferry Scripts if you never get on the phone and try them out on live leads! Yes, you will be nervous, yes, your first few calls will sound stiff and forced. Yes people are going to hang up on you. No, the odds of you setting appointments right away are not high. BUT you can never get great at something without starting out bad or mediocre. Push through the pain, and you WILL get better. Keep pushing and you’ll get great. Promise.
4. Consider Working With a Real Estate Coach
While coaching can be pretty expensive, it offers a great way to fine tune your business and focus on getting better. If you want to learn more about finding the right coach, check out our in-depth guide on real estate coaches here.
We recommend the Mike Ferry organization because they offer real estate training on various topics and have been in business for almost 40 years. This is a very personal decision though, so don’t just take our word for it. Ask around the office to see who agents you admire recommend.
How to Overcome Your Fear of Cold Calling
But Cold Calling is Scary…
Okay. You’re scared to pick up the phone. We know. Cold calling is scary for almost all new agents. That said, have you ever stopped to think WHY cold calling is scary for you right now? It’s actually very simple.
Think of cold calling like taking a big test in school. If you haven’t studied properly, you are going to have to guess the answers to most of the questions. For most of us, a fear response would be perfectly natural in this situation. No one would fault you for being afraid of failing the test.
Now think of a test where you studied for weeks. You spent hours doing practice exams with friends, you studied flashcards every night before bed, and you’re 90% sure you will know the answer to every single question. Instead of a fear response, most people would feel very confident walking into the classroom to take the test.
When it comes down to it, this is the only reason cold calling is scary for you right now. You’re scared because you think you won’t know the right answers to the questions your lead will inevitably have for you. Guess what? You’re right. You don’t know the answers and that’s the main reason you’re fearful. If you knew the answers, you would be more confident. This is why memorizing scripts and role playing are the only way to overcome your fear.
Focus on Your Goal
Sometimes, even the most experienced cold callers can choke on a call. If you find yourself in this situation, just gently remind yourself that you don’t have to close them on the phone. All you need to do is get an appointment to see the house. That’s it.
Fail, Fail Again, Fail Better
I don’t know how to soften the blow here… You’re going to fail at cold calling. A lot. Even the best salespeople in the world fail far, far more often than they succeed. The only difference is that they TRIED far more often than other people. They then learned from their failures and kept going. There is no other way to succeed.
I Don’t Want to Sound Like a Salesperson
I always found this objection a little bit strange. After all, real estate agents ARE salespeople! What most people probably mean when they say this is that they don’t want to sound like a BAD salesperson. If you follow the advice above, you won’t.
For more tips on how to use scripts and not sound like a bad salesperson, check out Bill Crespo’s excellent video below. Here are some key takeaways from the video:
- Stay positive. – Try to not to criticize. If you do need to correct the person you’re talking to, agree with them first – ‘I can understand why you think that way….I would do that too in your position.”
- Listen to what the prospective client has to say.
- Don’t try to close them over the phone – All you need to do is get an appointment
- Don’t talk about yourself too much. Your mindset needs to be about solving the potential client’s problem, not how great you are. Save that for the CMA presentation.
- Don’t try to always control the conversation.
- Use takeaway selling techniques – Takeaway selling is the art of using “reverse psychology” to build up curiosity in your lead. For example, “I’m not really sure your house qualifies for my 21 step program” might make your lead feel left out and make them curious about why their house may not qualify.
If you want to learn more about cold calling. Check out our list of 25 tips from the pros here.
The Bottom Line
Cold calling FSBO’s and Expired listings can be a great way to generate leads for your business as well as sharpen your sales skills. In order to get great at cold calling, you need to memorize scripts as well as practice them until they are second nature. Mike Ferry scripts are a great place to start.