Archive for repeat and referral business
Are Your Agents Leaving Their Best Source of Business $$$$ on the Table?
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Are your agents leaving their best source of business $$$$ on the table? Most agents are. They’re missing their ‘goldmine’ business.
Whata��s a a�?goldmine businessa��? I think ita��s a business that results from at least 50% referrals. Why? Because referrals
- Cost less
- Are wonderful people to work with
- Make you feel good!
Unfortunately, agents do not a�?minea�� this potential goldmine of business. According to the latest National Association of Realtorsa�� survey, only 18%A�of agentsa�� business came from referrals last year! And, a full 21%A�of agents said they got NO referral business!
Managers: Have you helped your agents track and analyze best sources of business?A�
QuestionsA�to Ask Your Agents
Do you know how many of your sales and listings sold came from referrals in 2018?
Whata��s your goal for referral business in 2018?
How important are referrals to you?
I hope youa��ve done your business plan for 2018. (If not, see my program, Beyond the Basics of Business Planning, for full business planning templates and guidance).
Two Best Strategies
1, Take every opportunity to recognize those who have helped you in your career. For example: Do you provide a closing gift? If not, what do your clients think of you? (That you just took the money and ran?)
2. Thank your referral sources profuselya��at the time of the referral, not at closing. And, create ways to say a�?thanksa�� for the smallest positive action! Why? You want others to think of you in a positive light. You want your communications to be effusive in your generous thank you mentality!
Big idea: Behavior that’s rewarded is repeated!
Finally: Do your agents have a referral plan? Brain storm with your fellow agents about how they create more referrals. Of course, ask for them. But, better than merely asking, show that you are thankful for your clientsa�� support in all your actions. Youa��ll create a much stronger A�business AND youa��ll find your business much more pleasant and rewarding.
Free giveaway: Need ideas on how to ‘thank’ your referral sources? Grab my Idea Fest: 42 Ideas to Put Into your Business Plan. Click here to get it.
Trend: Consumers are Choosing Agents Differently
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Trend: Consumers are choosing agents differently. This is trend # 9 of 10 trends I’ve identified as very important for new agents to recognize. These trends are from my new 5th edition of Up and Running in 30 Days.
This month, I’m featuring excerpts from this book.
{Click here to see the updates in my fifth edition of Up and Running in 30 Days.}
Also: Check the end of this blog for your free ‘end of sale’ survey to capture and keep more loyal clients.
How Consumer Habits have Changed
Traditionally, consumers either stumbled upon an agent (e.g., going into an open house) or got a referral from a friend. Although thata��s still true, consumers have another powerful method to choose an agent: the Internet. Increasingly, consumers are looking at evaluations on Internet sites such as Zillow or LinkedIn to find out what other clients thought about that agent. Take a look yourself. Some of the evaluations are wonderful. Some are stunningly awful. And all are very public! There are even specific agent-rating sites such as www.realestateratingz.com and www.incredibleagents.com. Also, take a look at Zillow, which has agent ratings now. Bank of America and USAA are also getting into the game. You must work for long-term customer engagement and great ratings to sustain your real estate business. This will continue as a trend, and, I believe, change the way consumers choose and keep their agents!
* Big Idea: It costs six to nine times more to get a new client than to keep an existing client. Retention is king, and reputation is key.
{In the book, I’ve given positives and ‘watch fors’ to agents so they have great judgment on how to use these trends.}
- Positives: It will be great for those competent, caring agents who really take care of their clients. It is easier now for potential clients to get feedback from third-party sources, clients just like them.
- Watch out for: Doing a next kind of business, where you dona��t care what happens after the sale. The client has recourse now, of the most expensive kinda��a poor review!
Tip: Always use a a�?after salea�� survey to find out what your clients thought of your service. If youa��d like a sample survey form, click here.
Managers: Have you read your agents’ clients’ feedback online? Make it a regular habit!
Are You Using the Best Start-Up Plan for your New Agents?
Does your plan have the detailed, prioritized checklists needed to assure a great start? Does it have built-in inspiration and motivation? Does it have dozens of tips to control the attitude? If not, you need Up and Running in 30 Days. Just out in its 5th edition, it’s the most successful book for new real estate agents ever!
Click here to see the updates in my fifth edition of Up and Running in 30 Days.