We all know that repeat and referral business is instrumental to a successful real estate business. But life happens. While an agent may be excellent at retaining past buyers and sellers, even loyal clients move on (retirement, relocation, illness, etc.) An agent’s customer base will be ever-evolving, so they must attract new clients regularly. Doing so promotes business growth and fortifies an agent’s reputation and market presence. So, how can you help your agents attract new business? Here are three suggestions.
Role-playing helps agents enhance communication skills, internalize dialogue for handling objections, and build confidence. As an agent, I remember being uncomfortable whenever my manager mentioned role-playing. I felt awkward and unsure of myself. However, overcoming discomfort is why it’s essential to practice role-playing! Better to stumble in front of people you know and trust rather than in front of a potential client.
Once a month, consider identifying an objection or situation and ask agents to pair up for role-playing during your sales meeting. Don’t single out a pair to role-play in front of everyone. Instead, let each pair simultaneously role-play quietly and then ask if anyone is willing to share what they learned.
The more often you include this activity in your sales meetings, the more comfortable everyone will be, and they will come to expect this as a regular portion of the sales meeting. Ask agents to share their real-life experiences. It will reinforce to the group that role-playing pays off!
Establishing a farming system for prospecting involves consistent effort and strategic planning. Offer to hold a workshop for agents interested in getting started with farming for new clients. Areas to touch upon include defining a target area, researching the chosen market, creating a database, developing marketing campaigns, leveraging an online presence, and networking. You might also want to offer one-on-one or small group coaching on effective communication strategies, refining marketing materials, and staying updated with industry trends.
Market Expert (real estate niche)
During agent mentoring sessions, help your agents assess their skills, interests, and passions that may point toward possible niches for them to consider. Guide the agents in researching underserved markets and demographics that align with their assessment results. Encourage agents to consider additional education and certification courses that will provide credibility and expertise in a chosen niche. If you are a Spark & Logic subscriber, the Find Your Real Estate Niche learning sprint is an excellent presentation to get agents thinking about specialization.
In the real estate industry, attracting and engaging new clients is not just a goal; it’s a crucial element for success. Each new client brings a transaction but also the potential for referrals, testimonials, and an expanded network. This, in turn, boosts the agent’s reach and influence, giving them a competitive edge.