The Peak Producer “Rhythm of the Referral System”

Our Peak Producers training focuses on the key difference in truly Working By Referral versus the old “word of mouth” approach most of us fall into. The problem with the latter approach is that we’re still waiting for the phone to ring! When we work proactively t0 generate referrals, the goal is to develop a steady stream of business. To do that, we want to get into an ongoing flow, or rhythm, of a systematic approach. Here’s how:

1.    Add people to your database! Those weekly contacts with our client care database are the basic ingredient in the recipe for consistent business and growth. One hour of this kind of sales and marketing activity—the CEO or Rainmaker hat—is worth five hours of excellent client service—the COO or Dealmaker hat—to building a consistent business.

2.     Build relationships! Through our consistent contact and care for your relationships so they come to trust and value us professionally.

3.    Provide excellent service! The basis of trust and value is our excellent service and commitment to our clients’ goals starting during a transaction—the COO hat—but also beyond as we serve them as their long-term real estate adviser and show them how much we appreciate our relationship even when there isn’t a commission check at stake.

4.    Ask for referrals! Here’s where most of us stop, either because it feels a tad uncomfortable or because our COO hat gets so heavy we can’t lift our focus from the whirlwind of transactions. But that’s like putting all your hard earned dollars under the mattress instead of investing them and letting them work for you! Remember, if you don’t ask, you don’t get!

5.    Receive referrals! Yes, be open to referrals! So often, we get into a service mentality and don’t want to seem like we ever need anything from our clients. Remember, anyone giving us a referral really likes us to begin with and they want to see us succeed.

6.    Acknowledge and appreciate the referrer! Don’t wait to see if we get an actual client and make it to the closing table! That’s rewarding the results—and can be several months after someone gives us the referral. Instead, reward the behavior—their thinking of us and giving us the referral—and do it immediately so the referrer sees how much we appreciate their behavior.

7.    Turn that new lead (referral) into an advocate! Now that we’ve shown our client what excellent service really is, don’t treat the closing as a funeral! Remind them we love to help folks like them and how referrals allow us to focus on always providing the best service. Add them to your ongoing client appreciation program and keep in touch! (And yes, ask for referrals!)

Just keep this ongoing rhythm going with these seven easy steps to success in your career and a great life!

David M. Hassler

VP Professional Development

Tom Ferry's "3 Questions All Real Estate Agents Ask Themselves."

Here’s another great blog post from Tom Ferry with some wonderful tips:

Real estate is a very competitive industry and the rate of success is very slim. So what separates the best from the rest? Here are 3 simple questions all successful real estate agents should ask themselves to elevate their business to the top!

1. What’s My Goal?

Know your goal. What do you want to accomplish? Do you want to make more sales or do you want to create a strong social media community? Identify what you want your goal to be and have them up and visible so you will have a constant reminder. If you want to take it to the next level, share your goal with family members, co-workers or your coach so they can hold you accountable and make sure you reach your goal.

2. Is My Self-Talk Positive or Negative?

If your self-talk is positive, then great-–skip to the last question. But if you are one of those people who tell themselves they aren’t good on the phone or aren’t good at that tech stuff, keep reading. Thinking that you are or aren’t a particular thing is just as much a habit as other thought patterns and behaviors. Positive self-talk guides you to success, whereas negative self-talk is a barrier to it. If your negative self-talk is holding you back, identify your underlying beliefs that fuel your negativity and find a way to change it into positive.

3. What Can I Do Better?

I believe everyone deserves better and if you do as well, I want you to pick one or two new positive daily habits. Set aside time to check in with your social media community, do your Hour of Power (or Big Rocks!) workout, or anything that will lead you to be the best you! Once you decide what habits you want to incorporate into your daily routine, I want you to keep track of your progress for one month. When you can turn a positive action into a habit, everything else will fall into place. 

Thanks, Tom! Great and simple advice for us all. So, what can I do better . . ?

David M. Hassler

VP, Professional Development

The "3P's" Home Selling Process

Our friends at GoodLife Realty down in Austin Texas—the folks who specialize in working as those Paperless Agents—have put together a great and simple approach to presenting and differentiating themselves from the competition when it comes to winning listings in their market. They share with prospective clients a “3P’s” Home Selling Process that has a few neat wrinkles that can separate us from the crowd. The 3 “P’s” they focus on are Preparation, Pricing, and Promotion.

Preparation, of course, deals with the specifics of the individual home and getting it ready to compete in the marketplace with the goal being to position it to be the very next one to sell in that neighborhood. The three elements of preparation are Repairs, Staging, and Cleanliness.

Repairs may be needed to correct problems or deferred maintenance in order to compete for full market price against the competition. If repairs can’t be made, then the price will need to be adjusted accordingly.

Staging is also crucial for achieving a timely and full market sale. The goal is the have the buyer become so comfortable they feel like they could move right into the home—just as they might feel walking into a brand new, perfectly staged model home. Professional stagers can bring a high level of expertise to the process—at a relatively low investment to the agent—while also allowing us avoid having to say those things that a homeowner might find . . . well, a bit too direct! Yes, I loved that fluffy pink toilet seat cover your grandmother made, but I think the stager is right and it needs to go!

The final element of Preparation is Cleanliness. The seller will need to make sure their home is fully ready for its debut under the lights! No actor would step onto the stage without their makeup and costume being in perfect order, no matter how great their acting skills, nor how well they had memorized their lines. We can help our sellers by making sure they understand what this kind of Cleanliness really means to the value of their home: they won’t achieve top dollar if the house doesn’t look top dollar!

The second “P” is Pricing, and that will of course depend on how much the seller can do in terms of Preparation, since Pricing and Preparation go hand in hand. Homes that are in poor condition, or are poorly positioned, cannot command a full market price and are doomed to languish on the market and most likely sell ultimately for less than what they might achieve if they had been positioned correctly up front. On the other hand, homes that are positioned and staged perfectly, yet priced above the market—remember, market price demands perfect condition and preparation to begin with—will also languish and often sell for less them optimum. The concept of “Let’s see if anyone might make an offer at this (knowingly overinflated) price—we can always lower it” is usually a recipe for that disaster as the home sits in limbo. The key to pricing is to place the home at the correct market price—“in” the market— given its preparation, so it sells on a timely basis at the highest price for that context.

The final “P” is Promotion. This is where we can begin to get creative and include things like Facebook Ads, YouTube videos, and maximizing Search Engine Optimization so the home will be found by the increasing percentage of buyers who discover their new home online. Professional photography can be a huge plus—again, at a relatively low investment for the agent—given so many buyers are staring at their screens and making decisions based on those photos. The key is to get that surfer to click and save and ask for a showing on your new listing!

So, don’t forget, the best marketing strategy for any home is pricing it right to begin with so that it’s “IN” the market, not out there in overpriced or poorly prepared limbo! Remember those “3P’s” and set yourself apart—and help your client to the best price they can get.

David M. Hassler

VP, Professional Development

Tom Ferry's 7 Steps to Generate More Business in Real Estate

International Real Estate Trainer and Coach Tom Ferry had a recent blog post that captures in 7 direct steps a handful of the truths of our real estate business. Here’s Tom’s insight:

There is one problem that every agent faces…

With the low cost of online leads, finding them isn’t the issue…

Converting leads is the problem.

Because when you convert more leads, your costs go down, and your profits go up!

The Solution

So how do you stand out among the over 1.2 million agents and convert more of your leads?

1.   Know Your Outcome

Before you call, text, or email your leader, be clear about your outcome. Know your leads; be in the right mindset by knowing your outcome.

“What is your bulls eye?”

2.   Always build Rapport

Don’t assume report. Build rapport with every client you talk to. Take the time to match their tonality, volume, rate of speech, and language with yours.

3.   Call, Voicemail, Text, Email, and Video

Each client likes to use different types of modality to communicate. Use the one the client is most comfortable with to contact them.

4.   Master the Basics of Prequalification

Know the basic questions when meeting with new prospects. Find out what is really important to them early on.

5.   Capture the Details to Create Greater Context

Have a greater relationship by capturing more context about the client. Use the information you know about them as a point of reference to build rapport.

6.   Put Them on a Follow Up Plan

It is important to be aggressive to keep contacting the client until you get the appointment so they will reach out to YOU instead of the listing agent.

7.   Never Accept a “NO” Or a “Maybe”

Solve the problem instead of letting them off the hook. Don’t get off the phone without booking an appointment.

Great advice in a nutshell--hard work but well worth the effort!

David M. Hassler

VP, Professional Development