Stop chasing the next shiny object! Learn how to future-proof your business.
I’ve been asked, “How can I help my agents adjust quickly to changing market conditions? What new trends, software, or skills can help them close more business?” A better question is, “How can my agents provide a better experience for their clients?” People may not remember what you do or say, but they will remember how you made them feel. If you do people right, money will find you.
Start by asking agents to describe what they do for a living. I guarantee you will be surprised at some of the responses (or lack thereof). Answers like, “I sell real estate,” “I market real estate,” or “I help people find their dream homes!” It’s no wonder that 80% of real estate agents only generate 20% of the revenue when they cannot articulate succinctly what they do for a living. I can’t imagine any of those responses piquing a consumer’s interest. However, three words can instantly grab a person’s attention: Professional problem-solver.
Taking this description a step further, as professionals, do we not listen to each client’s wants and needs and then develop a highly personalized plan for them to achieve their goals? So, if someone asks, is it a good time to buy or sell, the response should be…it depends! Agents should never forget that the value they bring to the table is a personal touch, not a cookie-cutter approach. Don’t be a bot.
Agents should seek opportunities to educate themselves above and beyond what is expected if they want to outperform their competition and corner more of their market. When did an agent last attend a local city or township council meeting? Attendance at these meetings is crucial to know and understand what’s happening in their market. Another area I see many agents give lip service to, but don’t take memorable actions towards, is having a plan and executing that plan to keep in touch with past clients and their sphere of influence. Instead of effectively leveraging a resource that already knows and trusts them, they are constantly looking for new sources that often-cost big bucks for non-qualified leads.
Solid advice to agents should include, “Be visible as a micro-entrepreneur in your market.” The internet cannot do what a person can do. Local information is critical. One way to promote your local business is through value exchange marketing. This is where the agent provides something of value in exchange for the recipient’s contact information. Several of Spark & Logic’s learning sprints offer simple yet impactful ideas on leveraging this marketing technique. Two items come to mind quickly. First, how often are you asked about a process, whether selling a home or buying a home? Developing a one-page FAQ branded to your business is the perfect item to leverage online – think website or social media accounts. “Email me today for your complimentary copy!” Another thing is to assemble a list of local vendors so that the next time someone moans that they can’t find a plumber, electrician, or landscape company, you can send them your “I Gotta Guy” list. Again, this document should be branded with your company information.
So, the next time an agent is looking for the next shiny object that promises to grow their business, understand that getting back to the basics with a twist is what will set you on the right growth path. You must future-proof your business by leveraging your best asset – past clients and SOI. Top producing agents have already realized that referrals and repeat business keep their business churning no matter if the market is up or down. Now is the time to be tight with your money – the recession is a-coming!