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How To Sell Something NEW to Agents w/Mike Simonsen of Altos Research
Facing critical decisions on your marketing and content strategy? Click below to learn about working with me in a 90-Day Strategy Sprint.
Mike’s a self-admitted data guy. Not a sales or marketing guy.
But he did 3 really smart things.
And he ended up building a category king business and getting acquired by HousingWire.
Here are the…
Non-Obvious Insights from our Conversation:
Behavior Signals Mindset.
“Those are our customers, you know, they’re investing in their business. They’re paying for a CRM, they’re buying digital ads, they’re farming. If they’re investing in their business, then they understand the power of using market data in that communication to grow the business. That was really the key distinguishing characteristic we noticed” - Mike Simonsen
The big challenge to growing Altos was that agents care more about leads and clients than data.
Like any tech founder, Mike was super excited about his product. But he learned pretty fast that his market wasn’t “every agent.” Only agents who had the mindset to invest in their business could see the value prop.
Which led to the next challenge. He couldn’t buy a list of “agents who have the mindset to invest in their business.”
Mike’s breakthrough was that behavior signals mindset.
Agents who showed up to tech conferences and camps were serious about their business, and open to new technology and tools. By showing up in those places, Mike put Altos in front of a hyper-targeted group of A-list prospects.
But at some point Mike had to break out of those early adopters. Which meant the challenge shifted back to reaching the average agent or broker. That’s where Mike hit on something I really want to emphasize.
Reframes Unlock Sales.
“We had to learn how to be top of funnel lead systems and lead nurture over time... And I’m a data software guy…now all of a sudden I’m talking about lead conversion.
Mike reframed data as a new competitive advantage…in agent’s marketing and in their listing presentation. Just by subscribing, any agent could be the “local expert” to their sphere, no number crunching required.
Taking an offer that isn’t naturally top-of-funnel and MAKING it top-of-funnel is impressive. It’s a very powerful reframe.
Has it been overused since then by everyone who sells to agents?
Of course. Because it works.
“Even if you ask people like, why do they buy Altos today? They’ll probably say, ‘We love the data,’ but what do they need to do with their business? Yeah. They need to grow their business.. They need to get leads in the door. They need to nurture those into clients. And so you’ve got to connect that from A to B.”
There are reasons people say they buy, and the reasons they actually buy.
The right reframe hits at the actual reasons people buy, which is why it unlocks new levels of sales.
The Right Reframe Forces You to Raise Your Game.
“You know, we had to build things that were [new]. You got to email the reports out automatically. You’ve got to track the followup. We had to build all of those things.”
There’s an interesting trap Mike could have fallen into.
The reframe is brilliant. Agents agree with the reframe. Sales picks up.
And then…the product doesn’t deliver, and agents cancel.
Mike didn’t fall into that trap. He improved the product to match the reframe.
Reframes Change Lives.
Just look at books. Some of the most impactful business books are built on reframes.
* Millionaire Real Estate Agent - “You don’t have to sell homes forever. You can exit production…and we have the model to follow.”
* 80/20 Principle - “Most things aren’t important. Focus on the “vital few” and you’ll get 10x results with far less effort.”
* Profit First - “You don’t need to change, you need a different system around you. So you can be yourself and still hit your financial goals.”
Profit First is one of the most powerful reframes I’ve ever come across. If you haven’t picked it up in a while, go read the first couple chapters. Absolute genius.
Here’s the thing about a great reframe…Once people hear it, they can never un-hear it.Especially if you have proof to back it up.
If I were advising a leader or company bringing a brand new concept to real estate agents, I’d be asking myself “Where’s the reframe?”
Agents have lots of problems. They know they have those problems. They’re bombarded with ads and offers to solve those problems.
And yet agents allow many of those problems to go on for years, even decades. With little or no effort to solve them.
Unless you get agents to see their problem in a new way…don’t expect them to understand your new concept or buy immediately.
When I first worked with Jeff Cohn on the Team Building Podcast and Elite Real Estate Systems, we had to attack the idea that successful teams only worked in huge cities like Dallas or Atlanta.
We created this reframe: “You can build a dominant real estate team in virtually ANY market in the country. We did it in Omaha, NE and we’ll share all our systems with you.”
Once we’d established that, we attacked other common objections with this reframe: “You can build a real estate team that nets you $1 million a year and runs without your personal production or relying on rockstar agents.”
Jeff didn’t just throw content out there. He published hyper-specific content…built around highly targeted reframes. And that content generated demand for Jeff’s systems and created millions in coaching revenue.
Side note…PLACE is a new concept. What determines whether it will work?
Their ability to sell the idea of “home ownership experience.”
A new category that wraps up many different services.
Services where consumers already have specialized categories in their mind.
That’s going to take a powerful reframe.
Facing critical decisions on your marketing and content strategy? Click below to learn about working with me in a 90-Day Strategy Sprint.
To go deeper with Mike Simonsen: Click on the audio file above to listen to the full chat, or search Real Estate Thought Leaders on Apple Podcasts and Spotify.
Mike also shares the hilarious story of how he made one of his first sales, and how he overcame his ego to jump on YouTube.
Ask This:
When you describe the problem you solve…to an ideal prospect…are they startled? Shocked, even? Do they leave that conversation forever changed?
Quick Links & Resources
Follow Mike on X (Twitter)
Altos Research
Recommended Books for Ideas on Reframing:
Play Bigger
22 Immutable Laws of Marketing
Positioning
Mike was such a good sport to say Yes to an interview. We’d never been introduced and he was super open and generous. Make sure to follow him on X to see what he’s up to since the acquisition of Altos. I know he’s got something exciting to share when the time is right!
Talk soon,
-Matt
CEO & Author - MicroFamous
PS Here are two ways I can serve you…
90-Day Strategy Sprint - We’ll work together to make the critical decisions on your marketing and content strategy. Then we’ll translate those decisions into new rituals and habits, and get your entire team on board.
Done-for-You Content Service - From Michael Maher and Lars Hedenborg to Jeff Cohn and Marki Lemons-Ryhal, my content team has served many of your fellow real estate leaders. We turn conversations into newsletters, podcasts and videos, all with zero hassle.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit rethoughtleaders.substack.com
View all episodes
By Matt JohnsonFacing critical decisions on your marketing and content strategy? Click below to learn about working with me in a 90-Day Strategy Sprint.
Mike’s a self-admitted data guy. Not a sales or marketing guy.
But he did 3 really smart things.
And he ended up building a category king business and getting acquired by HousingWire.
Here are the…
Non-Obvious Insights from our Conversation:
Behavior Signals Mindset.
“Those are our customers, you know, they’re investing in their business. They’re paying for a CRM, they’re buying digital ads, they’re farming. If they’re investing in their business, then they understand the power of using market data in that communication to grow the business. That was really the key distinguishing characteristic we noticed” - Mike Simonsen
The big challenge to growing Altos was that agents care more about leads and clients than data.
Like any tech founder, Mike was super excited about his product. But he learned pretty fast that his market wasn’t “every agent.” Only agents who had the mindset to invest in their business could see the value prop.
Which led to the next challenge. He couldn’t buy a list of “agents who have the mindset to invest in their business.”
Mike’s breakthrough was that behavior signals mindset.
Agents who showed up to tech conferences and camps were serious about their business, and open to new technology and tools. By showing up in those places, Mike put Altos in front of a hyper-targeted group of A-list prospects.
But at some point Mike had to break out of those early adopters. Which meant the challenge shifted back to reaching the average agent or broker. That’s where Mike hit on something I really want to emphasize.
Reframes Unlock Sales.
“We had to learn how to be top of funnel lead systems and lead nurture over time... And I’m a data software guy…now all of a sudden I’m talking about lead conversion.
Mike reframed data as a new competitive advantage…in agent’s marketing and in their listing presentation. Just by subscribing, any agent could be the “local expert” to their sphere, no number crunching required.
Taking an offer that isn’t naturally top-of-funnel and MAKING it top-of-funnel is impressive. It’s a very powerful reframe.
Has it been overused since then by everyone who sells to agents?
Of course. Because it works.
“Even if you ask people like, why do they buy Altos today? They’ll probably say, ‘We love the data,’ but what do they need to do with their business? Yeah. They need to grow their business.. They need to get leads in the door. They need to nurture those into clients. And so you’ve got to connect that from A to B.”
There are reasons people say they buy, and the reasons they actually buy.
The right reframe hits at the actual reasons people buy, which is why it unlocks new levels of sales.
The Right Reframe Forces You to Raise Your Game.
“You know, we had to build things that were [new]. You got to email the reports out automatically. You’ve got to track the followup. We had to build all of those things.”
There’s an interesting trap Mike could have fallen into.
The reframe is brilliant. Agents agree with the reframe. Sales picks up.
And then…the product doesn’t deliver, and agents cancel.
Mike didn’t fall into that trap. He improved the product to match the reframe.
Reframes Change Lives.
Just look at books. Some of the most impactful business books are built on reframes.
* Millionaire Real Estate Agent - “You don’t have to sell homes forever. You can exit production…and we have the model to follow.”
* 80/20 Principle - “Most things aren’t important. Focus on the “vital few” and you’ll get 10x results with far less effort.”
* Profit First - “You don’t need to change, you need a different system around you. So you can be yourself and still hit your financial goals.”
Profit First is one of the most powerful reframes I’ve ever come across. If you haven’t picked it up in a while, go read the first couple chapters. Absolute genius.
Here’s the thing about a great reframe…Once people hear it, they can never un-hear it.Especially if you have proof to back it up.
If I were advising a leader or company bringing a brand new concept to real estate agents, I’d be asking myself “Where’s the reframe?”
Agents have lots of problems. They know they have those problems. They’re bombarded with ads and offers to solve those problems.
And yet agents allow many of those problems to go on for years, even decades. With little or no effort to solve them.
Unless you get agents to see their problem in a new way…don’t expect them to understand your new concept or buy immediately.
When I first worked with Jeff Cohn on the Team Building Podcast and Elite Real Estate Systems, we had to attack the idea that successful teams only worked in huge cities like Dallas or Atlanta.
We created this reframe: “You can build a dominant real estate team in virtually ANY market in the country. We did it in Omaha, NE and we’ll share all our systems with you.”
Once we’d established that, we attacked other common objections with this reframe: “You can build a real estate team that nets you $1 million a year and runs without your personal production or relying on rockstar agents.”
Jeff didn’t just throw content out there. He published hyper-specific content…built around highly targeted reframes. And that content generated demand for Jeff’s systems and created millions in coaching revenue.
Side note…PLACE is a new concept. What determines whether it will work?
Their ability to sell the idea of “home ownership experience.”
A new category that wraps up many different services.
Services where consumers already have specialized categories in their mind.
That’s going to take a powerful reframe.
Facing critical decisions on your marketing and content strategy? Click below to learn about working with me in a 90-Day Strategy Sprint.
To go deeper with Mike Simonsen: Click on the audio file above to listen to the full chat, or search Real Estate Thought Leaders on Apple Podcasts and Spotify.
Mike also shares the hilarious story of how he made one of his first sales, and how he overcame his ego to jump on YouTube.
Ask This:
When you describe the problem you solve…to an ideal prospect…are they startled? Shocked, even? Do they leave that conversation forever changed?
Quick Links & Resources
Follow Mike on X (Twitter)
Altos Research
Recommended Books for Ideas on Reframing:
Play Bigger
22 Immutable Laws of Marketing
Positioning
Mike was such a good sport to say Yes to an interview. We’d never been introduced and he was super open and generous. Make sure to follow him on X to see what he’s up to since the acquisition of Altos. I know he’s got something exciting to share when the time is right!
Talk soon,
-Matt
CEO & Author - MicroFamous
PS Here are two ways I can serve you…
90-Day Strategy Sprint - We’ll work together to make the critical decisions on your marketing and content strategy. Then we’ll translate those decisions into new rituals and habits, and get your entire team on board.
Done-for-You Content Service - From Michael Maher and Lars Hedenborg to Jeff Cohn and Marki Lemons-Ryhal, my content team has served many of your fellow real estate leaders. We turn conversations into newsletters, podcasts and videos, all with zero hassle.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit rethoughtleaders.substack.com