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 4 Episode #2. The power of doing social media for real estate correctly and not overthinking it.
Season 4 Episode #1. Words are powerful. Here are some ideas on what to say and what not to say.
Season 3 Episode #8. In this new market everything is the same but very different. Kristin Munger's perspective.
Season 3 Episode #7. You have a choice daily about the energy you carry with you.
Season 3 Episode #6. The power Ninja has on not only your business but on your life within just a year or so after attending.
Season 3 Episode #5. How having a coach helped Tyler Freed create work life balance and become and better Broker and Owner.
Season 3 Episode #4. The power of using a buyer's agency agreement 100% of the time.
Season 3 Episode #3. Listen how having a great Listing Launch process nets sellers more money and creates referral business for the Realtor.
Season 3 Episode #2. As the market shifts we need to shift as well. 3 ideas on helping sellers in this shifting market.
Episode #1. The power of not just taking the Ninja Installation but truly becoming a Ninja based on consistent Identity based habits and believing in yourself. .
Episode #9. How Ashely's previous podcast help other become more vulnerable and open to life challenges.
Episode #8. Understanding your value wedge and being able to effectively articulate it to your sellers.
Episode #7. Using technology to enhance your business and client experience. "Remarkable"
Episode #6 Moving from Chicago to Seattle and only knowing 2 people. How Ninja was a base to help Brooks Glenn build a successful business in 4 years.
Episode #5. From the book the Gap and the Gain. 6 questions to ask when faced with big decisions.
Episode #4. Real Estate is extremely rewarding to those who commit to the consistent effort and proven processes.
Episode #3. How do you track and supply value to your clients who are evangelistic about sending you referrals?
Episode #2. Taking time to recharge. Work life balance is when you can work hard and play hard and maintain a strong sustainable referral business.
Episode #1. Setting clear expectations with your clients so you become in demand and not on demand.
Episode #20. Eight ideas on how to generate listings in this market we are facing today.
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