In this episode Michael talks about the power of top of mind in building a referral based business.
1. Referral-based agents build sustainable businesses versus transactional agents relying on bought leads. Referral agents focus on long-term care and value for clients, becoming the hub for their needs.
2. Referrals have higher conversion ratios (3 to 2) than cold outreach (2000 to 1), along with higher retention since agents stay connected. They also incentivize clients to refer more and have the highest ROI.
3. People don't refer due to simply forgetting, lacking recent contact, no incentives offered, non-urgent client need, poor past referral experiences due to lack of follow up. Overcome through consistency, education, promotions, value, and referral programs.
4. Be top of mind by having recency of interactions via check-ins, property reviews, newsletters. Be relevant to client interests as a homeowner resource. Build relationship strength via events. Create distinctiveness with signature programs. Contact frequency is key.
5. Most agents lose contact after transactions close, failing to follow up. Referrals require intention, consistency, and value-added communication on an ongoing basis instead of at closing.
6. Have segmented follow-up checklists for buyers/sellers at 1 week, 1 month, 3 months post-close. Include gift cards, neighborhood info emails, invitations to client events, among other value additions.
7. Use relationship builders like FORD (asking about Family, Occupation, Recreation, Dreams) to understand clients better. This grows trust and advocacy.
8. Don’t cut corners - customized mailings, relationship building events, and high-touch coordination require effort. This shows clients they are valued, increasing loyalty.
9. Social media primes clients by regularly exposing them to your brand. Value-add real estate videos establish expertise over time as subscribers see you more.
10. Author Stacey Brown Randall provides referral advice in “Getting Referrals Without Asking” book and Roadmap to Referrals podcast that agents can learn from.
Season 6 Episode #5 28 Years Building New Homes: Dana Adams on Working with Builders and Developers.
Season 6 Episode #4 Thriving in Turbulent Times: How Real Estate Trusted Advisors Outperform the Market.
Season 6 Episode #3. Authenticity Sells Homes: How Real Estate Agents are Using Social Media to Attract Their Ideal Clients.
Season 6 Episode #2. Building a Real Estate Business on Referrals and Relationships with Jeanette Eide.
Season 6 Episode #1 Leveraging AI to Enhance Real Estate Marketing: Insights from Industry Experts. Todd Steinberg and Sandy Dodge.
Season 5 Episode #10 Building Real Estate Client Relationships That Last - Insights from Top Agent Heather Dolin
Season 5 Episode #9. "The AI Agent: Sol Villarreal's Wisdom for Realtors on Understanding ChatGPT"
Season 5 episode #8. How do you support and encourage 60+ real estate agents on a daily and weekly basis?
Season 5 Episode #7. The power in having clients sign in at an open house.
Season 5 Episode #6. Your true worth is about what you give not what you get with Matthew Chapman.
Season 5 Episode #5. Gina Weigum talks about the power of face to face engagement with her clients. Don't complicate it and be authentic.
Season 5 Episode #4. The power of being consistent with routines, keeping it simple, and being coached with Christopher Rigby.
Season 5 Episode #3. The power of being so confident and dialed in you can't be denied with Laurann Turner.
Season 5 Episode #2. Open houses are a great source of business if you have a consistent process.
Season 5 Episode #1. How can you become the trusted sources for real estate with your colleagues in the real estate community using facebook?
Season 4 Episode #10. When the student is ready the teacher will appear.
Season 4 Episode #9. A look at Ninja before, during and after with a recent student Peri Erickson Brown.
Season 4 Episode #8 When you commit to a process and show up daily it's not unreasonable to have an 800% increase in your business.
Season 4 Episode #7. Controlling your fear, single tasking, and creating balance in your days.
Season 4 Episode #6. How did Shelli become #2 in production and #6 in her MLS over the course of a year? It wasn't a silver bullet; it was committing to herself.
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