Oct 7, 2024
In this engaging episode of the Real Estate Excellence Podcast, Tracy Hayes welcomes Ricky Caruth. Ricky Carruth is a top real estate agent in Alabama. He also started speaking, writing and coaching in 2017 through his Zero to Diamond free real estate coaching company with a mission to reduce the failure rate in the real estate industry by bringing awareness that it's not about the deal, it's about the relationship. Ricky is the No-Pressure Agent. Born and raised on the Gulf Coast, Ricky has been selling real estate since he was 20 years old. Starting his career in 2002, he has been through this roller coaster of a market and back. After tons of life lessons of ups and downs, Ricky has emerged as the #1 agent on the Gulf Coast since 2014.
Ricky discusses the keys to real estate success, emphasizing the importance of personal branding, conversations, and consultations in building a successful career. Ricky shares his journey from humble beginnings to becoming a top solo agent with over $1 billion in gross volume sales. He highlights the role of mentorship, learning from failures, and the impact of technology on real estate practices. Ricky addresses current industry challenges, such as the changing dynamics of commissions and the value of agents, encouraging realtors to embrace new opportunities and enhance their skills.
Tune in as Ricky Carruth expresses his dedication to his clients, hard work ethic and market knowledge are his key attributes that have place him a step ahead of the rest!
Highlights
00:00 - 03:30 Ricky Carruth: Zero To Diamond
· We welcome Ricky Carruth to the show!
· The potential opportunities arising from changes in real estate professional standards.
· Changes as a chance for agents to enhance their skills and negotiate better deals, particularly on the buyer's side.
· His optimistic approach toward the evolving real estate landscape.
03:31 - 07:04 Innovative Tools for Real Estate Agents
· The misconceptions surrounding the value of real estate agents
· The gap in perception between what agents do and what the general public believes they do.
· Most people underestimated the hours agents work on a deal
· A need for the industry to better communicate its value.
· More experienced agents are negotiating better commissions compared to newer agents.
· The importance of experience and skill development within the profession.
· The disparity in understanding could lead to newer agents earning less due to a lack of skills, but also provides an opportunity for them to grow.
· The hidden efforts agents make, which are often unrecognized by the public, similar to how lawyers track their hours.
07:05 - 13:18 Ricky Carruth's Journey into Real Estate
· A real estate tool called 'Rayse' that tracks activities and automates reporting for agents, helping them provide detailed breakdowns of their work to clients.
· This tool aims to improve transparency in agent-client interactions.
· The residual concerns about how agents educate clients on agreements and evolving industry norms due to legal and media pressure are also highlighted.
· Despite fears, most sellers still willingly pay buyer agent fees.
· The way compensation is offered is predicted to change as agents adapt to a model where no upfront offer is made.
· The focus will shift to negotiations and client net figures.
13:19 - 25:25 Surviving the Market Crash and Lessons Learned
· Becoming a real estate agent at the age of 20.
· The allure of financial stability that motivated him to pursue real estate.
· Successfully builds his career, becoming a millionaire by 2004, only to experience financial loss during the market downturn that began in 2005.
· He reflects on the learning curve and challenges associated with achieving success in real estate.
25:25 - 33:58 Passion for Coaching and Helping Agents
· The challenges faced by an individual in the real estate market during economic downturns, specifically around 2008.
· The adaptation required to handle short sales and foreclosures, detailing personal experiences of hardships, including being homeless, and the strategies implemented to thrive despite market fluctuations.
· The importance of building relationships over transactions and learning from past mistakes to ensure business sustainability regardless of market conditions.
· Significant turning point where the speaker shifted focus to representing buyers for foreclosures, leading to a successful career with a long-term vision in real estate.
· How most new agents have a short-term perspective and the necessity to adopt a longer-term view to achieve true financial freedom and success.
33:59 - 41:13 The Power of Conversations in Real Estate
· Ricky’s passion for reducing the high failure rate among real estate agents.
· The importance of authentic relationships over high-pressure sales techniques.
· He advocates becoming the person capable of achieving success through continuous learning and relationship building.
o Common struggles faced by agents, like:
o Reluctance to make calls or initiate conversations.
· Stress the need for personal development to overcome these challenges.
· The impact of genuine communication in creating business opportunities and sustaining longevity in the real estate industry.
41:14 - 50:36 Creating Content and Personal Branding
· Making clients feel comfortable to open up about their needs in real estate dealings.
· Ricky criticizes agents who focus too intently on listings and sales without understanding clients’ true goals.
· Establishing a deep connection with clients can lead to lifelong relationships and high lifetime value.
· Proactive lead generation by contacting people directly rather than relying on leads provided by other channels.
· Enabling agents to tailor interactions and potentially turn more leads into meaningful business relationships.
50:37 - 57:15 The Role of Real Estate Agents as Community Influencers
· The critical role of maintaining consistent conversations and creating valuable content in building a successful real estate business.
· Prioritizing direct interactions with clients as the foundation of a business.
· Establishing a weekly email strategy to maintain long-term connection with clients.
· Ricky recommends agents document and share their daily activities through social media to showcase expertise and reliability
· Agents are encouraged to continuously educate themselves on market trends and use this knowledge as content to enlighten their clients.
· The significance of real estate agents as local influencers who can impact their community by sharing valuable insights about the area.
57:16 – 58:07 Event Announcement and Conclusion
· Ricky announces an upcoming event sponsored by the St. John St. Augustine board set for October 15th at Palencia.
· Meeting Ricky in person at the event!
Quotes:
“If I'm going to put it in somebody else's hands, I don't think I'm going to be very successful in this business.” – Ricky Carruth
“You're never going to sell a piece of property without talking to the client.” – Ricky Carruth
“The future you could actually have is whenever you want it to be.” – Ricky Carruth
To contact Ricky Carruth, learn more about his business, and make him a part of your network, make sure to follow him on Instagram, Facebook, and Email.
Instagram: https://www.instagram.com/rickycarruth/
Facebook: https://www.facebook.com/profile.php?id=61557354928972
YouTube: https://www.youtube.com/@RickyCarruth
LinkedIn: https://www.linkedin.com/in/ricky-carruth-373359161/
Website: https://carruthteam.com/
If you want to build your business and become more discoverable online, Streamlined Media has you covered. Check out how they can help you build an evergreen revenue generator all powered by content creation!
SUBSCRIBE & LEAVE A 5-STAR REVIEW as we discuss real estate excellence with the best of the best.