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.
Episode #22. Build a strategy to engage with valuable information instead of promoting yourself.
Episode #21. As a real estate trusted advisor how well are you at articulating your value proposition?
Episode #20 When it comes to your moments of truth what tool helps you standout virtually and so much more when listing a home?
Episode #19 How to be Authentic, think out of the box and live your life now. Real Estate and life harmonized.
Episode #18. Having a coach is important, but being coachable is just as important.
Episode # 17. Your true worth is determined by how much you give back rather than how much you receive in payment, Diana Patterson explains.
Episode #16. Starting in 2018 Kamila took Ninja right away, then started coaching. Listen how she can maintain an evergreen business by being herself.
Episode #15. There is an audience on Tik Toc that wants to see your value-added post. Kehaulani Keanaaina with Windermere Kona explains.
Episode #14. Not all communication is created equal. Focused, Direct, Compassionate. Nuggets from the book Your Time to Thrive.
Episode #13 How do Windermere Agents/Offices help the communities we serve? The power of giving back through our foundation.
Episode #12. The power of communication is determined by your ability to truly listen.
Episode #11 Can I have a great business and a full time assistant in three and one half years? Mark Chavez says yes.
Episode #10. Three strategies when it comes to having a balanced life and an evergreen real estate business based on referrals.
Episode #9. Are you a consistent go giver? Have you figured out how to not complicate things and just get it done? Well Erin Hoppe has some advice on this topic.
Episode #8. Are you using video today to connect and build relationships? Well Nancy Chapin is doing video and shares here ideas.
Episode #7. It is all about showing up professionally. Listen to what a true expert is saying when it comes to representing your buyer or seller in this frenzied market.
Episode #6. Use the 5 magic questions to tap into your clients’ future dreams and goals.
Episode #5. One aspect of getting and selling listings is keeping your process consistent and cutting edge.
Episode #4. The power of consistent Real Estate Reviews, with Sol Simmers.
Episode #3. You do not have 98% of your business be referral base by accident. It happens when you create quality long lasting relationships.
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