Hoss Pratt: Play Now | Play in Popup | Download (361)

Hoss Pratt is 23 years old, has been in the business for l year, and at the time of this interview, had been on 8 listing presentations in one week! Prior to moving to Texas, Hoss was mentored by a top producer (Brad Korn) in Kansas City.

Frisco, Texas is one of the fastest growing communities in the United States and has a very high inventory market. One Hundred people are moving into Frisco every day and there is a great deal of new construction, which is competing with the resale market.

Agents in his office, following a more traditional approach to the business, are holding open houses on Hoss’ listings in order to generate buyers.

People with whom he initiates relationships by telephone (FSBOs and Expireds) frequently comment, when they meet him, that they thought he was older. His key to overcoming the “lack of experience” is by exuding confidence.

SYSTEMS

Hoss is using the 8 X 33 touch program; everyone he meets receives a handwritten note and is put into his database, and every week for 8 weeks, they will hear from him by letter, postcard, email or phone call. After the initial 8 weeks, they go to the 33 touch program. This program consists of 33 touches in one year.

Hoss uses Top Producer 7i as his contact management program. He observes that Top Producer allows him to implement his systems and he views it as his assistant. Every day, it tells him how many letters he needs to send, to whom, and what phone calls he needs to make. Hoss has systems for specific leads. For example, when a sign call comes in, a campaign is launched, and he just has to follow the actions that come up on the appropriate day.

Hoss utilizes a service provider that provides him with FSBO leads. These leads are put into Top Producer. An initial approach letter is sent, followed by a phone call three days

later. For the next 2 months, the prospective seller will receive a letter and an alternating phone call every three days. Hoss points out that the FSBO contact game is verycompetitive for the first 2 weeks and that it takes 6 contacts to get them to convert.

KEY ELEMENTS OF SUCCESS

Brand new in the business, Hoss followed the advice of his mentor, Brad Korn (www.BradKorn.com) who advised him to use “The Millionaire Real Estate Agent” book by Gary Keller, as his roadmap for success.

To build his database Hoss went out and knocked on 5 doors per day, every day. Within one year he has compiled a database of 600 to 700 people and he stays in touch with them on a regular basis.

Hoss focuses on sellers who have “raised their hands and have said that they want to sell FSBOs and Expireds.

Hoss is not “Outcome Oriented”. He inputs leads into his database not to get the listing, but to have an opportunity to earn their business. He knows that if he stays in touch with them longer than everybody else, he’ll get their business. His conversion rate is 10-15% of everyone that goes into his follow up system.