Check out these five foundational tips to effectively cultivate/prospect affluent clients.

Develop Mindset of Advising Global Leaders in Luxury

David Friedman, cofounder of WealthQuotient, believes in having a mindset of advising clients rather than directing or instructing or telling clients what to do.

Once real estate agents/brokers shift to this advising mindset, Friedman then suggests that agents/brokers dial into developing five habits for effectively prospecting affluent clients.  Each habit is activated by taking small, baby steps and with weekly challenges.

Friedman suggests that real estate agents implement one challenge per week to springboard their prospecting/cultivating efforts.

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Habit No. 1:  Be Proactive in Business Building with Referrals

Friedman strongly suggests that agents forget “hope marketing.”  Hope marketing is reactive.  Hope marketing is passive in that it’s reliant on someone else making and/or keeping referrals coming to you.

Rather, Friedman advocates proactive marketing which starts with an “inward-out” mindset.  Proactive marketing puts you in the driver’s seat and makes you responsible/accountable for generating referrals to you.  This is an “inward-out” mindset, NOT an “outward-in” approach.

Friedman’s baby-step activation tool is your making the mindset shift from reactivity to proactivity, from “outward-in” to “inward-out.”

Friedman’s weekly challenge is to stop wasting time on “outward-in” approaches and to instead spend time on “inward-out” referral-driven strategies.

Habit No. 2: Identify Key Sources of Both Past & Future Referrals from Your Centers of Influence

Activation Tool – Inventory your clients over the past two years and identify where your clients came from.  Likely you’ll find that many of your clients in the past two years came to you from the same existing relationships you have had.

Key questions to ask yourself about these existing relationships:

  • Do you have good rapport with these people?
  • Do these people have some kind of public social footprint in the community? Are they on non-profit boards?  Are they philanthropists? Are they committed to a community association or activity?
  • Are these people with whom you have good rapport and who have public community footprints willing to help you by making referrals to you?

Weekly Challenge – Once you’ve identified/inventoried your ambassadors/advocates, resolve to invest and engage with them.  Keep these people at the top-of-your-mind every week.

On a monthly basis, share with them information, articles, upcoming events that have nothing to do with you as a real estate agent, but have only to do with them…their interests, their passions…and what makes them uniquely important.

Habit No. 3:  Transform Referrals into Specific Introductions

Activation Tool: Select a person from habit #2 and find a bio page about them (LinkedIn or their company website) to see if you can find 3-5 people with whom they’re connected.  Next time the two of you are together, ask for an introduction to one or two of those people.

Weekly Challenge:  Of course, before you ask for a specific introduction to someone they know, research all of those 3-5 people to determine which one or three people might be the best choices for you to cultivate relationships with.

This is a mindset building skill that will help drive a behavior shift in you as to how you grow your business any time you meet anyone.

Habit No. 4:  Take One Hour/Week To Think about How You/Your Team Engages with Key Referral Sources

Activation Tool:  Set a calendar meeting each week with yourself/your team on Monday morning to plan engagement with one key referral source, organization and/or board.  This is your strategic roadmap.

Weekly Challenge:  Spend 30-60 seconds every day thinking about your key relationships and visualizing your future clients who will come from your key relationships and their specific introductions…which you have suggested to them.

Habit No. 5:  Learn to Be Quiet and Ask Great/Relevant Questions

Activation Tool: Before meeting with a prospect and/or referral source, make a list of 5 questions to ask them that have nothing to do with you, your brand, your platform, your listings things that only have to do with them and what’s important to them. 

You’ll, of course, know about them and what’s important to them because you have habitually done #3.

Remember, the mark of a successful first meeting is whether or not they have done most of the talking…not you.

This is a Daily/Weekly Challenge:  Resolve to ask great/relevant questions when you go into any meeting with anyone.

Thanks to David Friedman, co-founder of WealthQuotient, and Inman.


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