June 21, 2015 SUCCESS CALL with
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Michael Edlen is with Coldwell Banker in Pacific Palisades, California. Last year he closed 49 transactions with a total sales volume of 89 million. His average sales price was 1.8 million of which 33% were buyers and 67% were sellers. He has a 7 member team: 1 manager/escrow coordinator, 1 marketing director, 1 buyer specialist, 1 administrative support, 2 field associates, and 1 team leader.
Michael Edlen is the team leader of the Michael Edlen Team. He has been an agent for 29 years. In his best year (2013), Michael sold 54 homes worth 120 million with an average price of 2.2 million. He has sold over 1,200 homes in his career worth over 1.5 billion.
In this call, Michael talks about:
- How a bad home buying experience convinced him to get his license
- His “being of service” approach to real estate
- What it’s like selling million and multi-million dollar homes
- How he generates the majority of his business by repeat and referrals from past clients and sphere of influence
- The method he uses to determine the probability of repeat and referral business from each person in his database
- His annual marketing plan
- How he asks for referrals
- The script he uses to find out of state referrals
- How to find “perfect-fit” team members who are committed long-term (two of his staff have been with him for 17 years)
- The 5 books you should read to succeed in real estate
- Team dynamics, profit margins and more
- 49 closings
- 89 million sales volume
- 7 member team:
- 1 manager/escrow coordinator
- 1 marketing director
- 1 buyer specialist
- 1 administrative support
- 2 field associates
- 1 team leader
- repeat & referrals
- past clients
- sphere of influence