EP. 29: Interview With Ricky Carruth
As a child, Ricky Carruth was keenly aware that he could beat anyone at anything he simply put the time and effort in. This notion carried across his life as he joined his father in his roofing work, first learning the craft, to eventually outworking and outpacing his dad. Ready to take his work ethic to a new arena, Carruth obtained his real estate license in 2002 and worked steadily to grow his production to twenty three million before the Big Crash.
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Alongside those in their thirties and forties and sixties, Ricky lost everything with the downturn of the economy and found himself sleeping on his friends’ couches. Thankful that he lost everything at a point in his life where he had all the time in the world to get it back, he took his grateful attitude and kept focusing on helping people. The relationships that he dedicated himself to building over the course of his career regardless of the housing market paid off multiple times over as the economy began to stabilize.
Living in Alabama, Carruth sees changes in the market due to hurricanes and oil spills. The oil spill of 2010 allowed him to live out all the lessons he learned in the Big Crash and execute as hard as he could in his market. He grew his GCI from $100,000 to $150,000 that year. Committed to growing his own brand, Ricky has stayed a solo agent in his market and continues to close one hundred or more deals with the help of one assistant while he runs his free coaching business.
Aligning with Grant’s notion that “The agent that works with everyone works with no one,” Ricky goes on to liken the solo agent approach to a buffet; no one could eat everything at a buffet because there is only so much that one can fit on his plate. “You can’t do all the deals,” he says. Focusing all of his energy on relationship-building rather than even systems and processes, Carruth pledges each day to working as hard as he can for each of his clients. He does not classify clients as buyers or sellers, but rather aims to find the answer to “How can I best help you?”
Carruth reminds new agents not to expect as much from their business initially as most are. He says the first thing he would do as a brand new agent is to go find the first FSBO he could and offer to sell their home for no commission. The agent should put every effort into this and duplicate it a few times. Of course this comes at an initial cost to the agent, but Carruth submits that the lifetime value of those clients should be at least ten, if not twenty transactions. He believes this should set the standard of the type of service the agent should aim for, and will teach the agent that experience alongside customer service is what yields a paycheck.
Today, Mr. Carruth has honed his mindset even further. In order to close over a hundred deals a year by himself, he knows that he should let the process take care of itself. He is confident that all parties want the transaction to close and will do their parts to make it happen. So, as soon as he has a listing or pending deal that he has done the work for, he states he “no longer ha[s] time to worry about them,” instead asking, “who needs my help now?”
In his coaching, Ricky teaches four compounding principles to success.
If someone misses any of these, he teaches, they can’t go on to the next level. Carruth does not wake up and say how many deals he wants to do, but is married to the grind and consistency. “I’m satisfied, but hungrier than anybody will ever be!” he says.
Ricky Carruth’s Top 3 books to Read Today:
A Slight Edge Jeff Olsen
10X Rule Grant Cardone
4 Hour Work Week Tim Ferriss
Shift Gary Keller
Follow Ricky’s coaching at zerotodiamond.com
Or read one of his books, List to Last and Zero to Diamond