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How To Boost Your Repeat & Referral Business ASAP in 3 Easy Steps
Real estate agents and brokers… if you could choose where your next listing would come from, wouldn’t you always answer, “a repeat or referral client”? Of course, you would. Why?
-They’re easier to work with, they already trust you, you’re probably not going to compete for their business and they are less likely to throw objections at you! Also, they don’t ask you to cut your commission or shoot them a kickback.
Today, we discuss how to create a steady flow of leads from this critical source of business?
Many surveys have shown that when someone is making a decision about who they will hire to provide a service, they first ask: Whom do I already know? (87% of the time), if they don’t know anyone, they then ask a trusted friend or advisor who THEY know (6% of the time), and only after those two questions are exhausted do they turn to an advertisement or marketing piece.
REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris’s favorite PROBATE LEAD PROVIDER? Simple, https://alltheleads.com/harris
Your job is to be the answer 93% of the time so you don’t have to waste money trying to be the answer 6% of the time!
This means perfecting three things immediately:
1. Have an organized database with names, numbers, email addresses, LinkedIn, Facebook, Instagram and other support information on each person. You don’t need a fancy CRM, use KV Core for example. CALL each person to update the rest of their profile. It’s a great excuse to make that first (or next) contact! Use your F-O-R-D conversation outline to make these calls fruitful. (Family/Occupation/Recreation/Dreams)
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2. Speak with all of your contacts regularly. That means face-to-face, voice-to-voice, ‘real’ contacts. A contact is a conversation with a decision-making adult about real estate. Refer to our coaching and podcasts about the ‘FORD’ script. For example, if you have 200 people in your database and you speak with 10 per day on work days, you can actually speak to 100% of your list every single month. What would THAT do to your repeat and referral business? If 10 is too many, even making 5 contacts per day will have you speaking with 100% of your list every sixty days.
3. EXPAND your Center of Influence systematically. 10% of the number of people in your database will do business with you or refer business to you every year, assuming you communicate with them. If your database is 100 people strong, you’ll have 10 transactions yearly from them. 200 equals 20 transactions, and so forth.
Smaller is better. Don’t dump random ‘leads’ into your database. Past clients, friends, family, neighbors, and people in your sphere of influence belong on the list. You can have a second list of your Professional Center of Influence: lenders, title people, painters, insurance people, etc.
There are 3 categories in which to expand your Center of Influence Contacts:
a) Things you like to do anyway, such as your hobbies, sports, arts, working out at a gym, or going on organized hikes. You’ll be around like-minded people, talking about mutual interests, and using your FORD script will be natural in that environment. Use MeetUp.com to find things that interest you. Try out new clubs to expand your contacts.
b) Business networking for the sake of networking. Business Network International, the Chamber of Commerce, Toastmasters, entrepreneurs club, investors clubs, and so forth.
c) Charitable events. Auctions, food drives, toy drives, fundraisers, school and church events.
Get into the habit of immediately adding new contacts to your smartphone contacts, then emailing their name to yourself so you can get them into your CRM. Add a note in your contacts to remind yourself how you met them. ‘Sherry Seller. Met at Orange Theory. Married, 3 kids, and a fish. Moved to Austin from Chicago.’
Remember that in order for this to be a predictable, duplicatable source of business, you must make MORE contact, more frequently to achieve that flow of leads. Refer to our 12-Month Center of Influence Plan in Premier Coaching to further systematize.
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