Mike discusses strategies to reduce contract cancellations in 2026, focusing on the due diligence process for home listings. They highlight how home inspectors, buyers, and sellers contribute to contract cancellations due to inspections. Mike suggests that sellers should get a home inspection before listing to address any significant issues. This approach can save time and money, reduce the impact of repair cost inflation, and differentiate the seller from other agents. It also reduces the likelihood of a two-step negotiation process. Mike emphasizes that while this may cost more upfront, it is beneficial in the long run.

In this session, Mike leads a discussion on phone prospecting, focusing on the three parts of a call: introduction, qualification, and close. They emphasize the importance of practice, active posture, and using scripts effectively. The session also covers the nuances of calling different groups, such as past clients and influential contacts, highlighting the need to avoid sounding salesy or awkward. Mike encourages participants to invest in their real estate careers by attending the next session at 9:00 AM, indicating their commitment to improving and succeeding.

Mike leads a discussion on phone prospecting, highlighting its importance and the need for agents to improve their skills in this area. They note that agents often dislike it due to lack of preparation and practice. Mike emphasizes that phone prospecting is a free and effective tool used by top agents, and encourages participants to engage in practice sessions at the learning center to improve their skills. However, the session is interrupted by technical difficulties with the audio.

Mike leads a discussion on building and maintaining strong client relationships in real estate. They emphasize the importance of reaching out to past clients and other professionals daily, without expecting immediate returns. They suggest focusing on building connections rather than manipulating sales. They encourage agents to look for ways to support other professionals and to maintain a low-pressure approach in client interactions. They also recommend sending handwritten notes to clients, highlighting the impact of such personal touches. Mike's message is that consistent, small gestures can significantly strengthen relationships over time, leading to more business naturally.

Mike leads a discussion on reducing contract cancellations in real estate, emphasizing the importance of setting and maintaining reasonable expectations with clients. Mike advises agents to educate clients about the realities of the housing market, such as inspection outcomes and typical negotiation ranges. They also highlight the importance of credit approval for buyers to avoid last-minute stress and suggests avoiding problematic inspectors. Mike challenges agents to adopt a more advisory role to improve client satisfaction and transaction success rates.

Mike leads a discussion on the 8020 principle, explaining its relevance in various contexts, including business and personal productivity. The principle, developed by Italian economist Fredo Perito, suggests that 80% of outcomes are determined by 20% of causes. Mike uses this principle to highlight that 20% of activities generate 80% of sales, and 20% of people cause 80% of problems. They encourage participants to identify their 20% activities and people, and focus on them to increase productivity and business outcomes. Mike reassures participants about road conditions and encourages them to apply the 8020 principle in their daily work.

Mike leads a discussion on lead generation and open house strategies, emphasizing the importance of volume, follow-up, and speed in generating and nurturing leads. They highlight the need for a 'sticky' follow-up campaign to build long-term relationships with clients, leading to future transactions and referrals. Mike stresses that the value of a sale is not just in the immediate transaction but in the potential for future business. They encourage agents to adopt a business mindset to maximize these opportunities.

Mike leads a meeting discussing how to generate $100,000 annually by engaging with for sale by owners (FSBO) and expired listings. They suggest a simple strategy: reaching out to FSBOs with a straightforward call, and using a CRM to maintain contact. Mike emphasizes that this can be achieved with just 30 minutes of effort per day, four days a week. They use a hypothetical scenario to demonstrate that one listing every ten hours is possible, leading to an average income of $10,000 per listing. Over a year, this could amount to $100,000. Mike encourages participants to adopt this strategy, noting that consistent, small actions can lead to significant results, similar to the formation of the Grand Canyon.

Mike leads a discussion on networking strategies, emphasizing the importance of meeting a large number of people to support business goals. They highlight that only 3% of the population moves annually, stressing the need for extensive networking. They advise against virtual networking events and encourage participation in live events. They suggest exchanging business cards and setting a minimum number of people to meet at each event. Mike also emphasizes the importance of follow-up communication via text, email, and mail to maintain relationships. They encourage sending weekly video messages and monthly newsletters to clients. They conclude by challenging participants to apply these strategies to achieve their goals.

Mike leads a discussion on leveraging the 'spear of influence' for business growth. They explain that the average person knows 250 people, and only 3% of the population moves annually, limiting the number of transactions from direct contacts. However, by considering the connections of those 250 people, an agent can indirectly influence 62500 transactions. Mike emphasizes the importance of a robust CRM for maintaining contact details and building credibility through consistent engagement and assistance. They advise against common social media practices that lack substance and credibility, urging agents to focus on helping clients instead. They conclude by challenging agents to act on these strategies to increase their business within their sphere of influence.