Sunday, November 19, 2017

(It’s More Than Just Money!)what you lose by not staying in touch

By Julie Escobar

We frequently share the BENEFITS of building and maintaining a salable book of business or sphere-of-influence such as knowing where your next commission is going to come from, developing long-term friendships and relationships, solid referrals you can count on, etc.  What we don’t usually talk about is the flip side of that coin.  What is it COSTING you when you DON’T stay in touch and follow up with your sphere or farm?

What if ONE prospective seller or buyer fails to call you when they are ready to sell or buy because they ‘forgot’ you were in real estate since you didn’t stay top of mind?  Because you didn’t follow up when you said you would?  Because you stayed in stealth mode, waiting for the phone to ring?  Because you didn’t create a database to manage your lists, so they simply slipped through the lack of system?

We know that on average, top agents get more 66% of their business (or more) from their sphere.  (People who know you, like you, trust you, and you’re top of mind with.)  We also know that 1 in 12 will deliver a transaction or referral per year on average.  So let’s run SIMPLE numbers using our SOI calculator

If I wanted to make $200,000 per year in real estate and my average commission was $6,000 that would mean I would need AT LEAST 33 transactions in a year (plus whatever your fall-through rate is) to reach that goal.  If 66% of that is coming from my sphere – that means I can count on 22 of those transactions coming from the people I am staying in touch with. If 1 in 12 are sending me that business, then I’ll need at least 264 in my sphere to hit the numbers.

The reverse of that is this…22 commissions LOST. That’s $132,000.  But it’s even more than that-right?  Because let’s face it, if good news travels fast, bad news travels faster-doesn’t it? So, for every broken promise, lack of follow up, or poor customer experience you provide, that can mean a loss of not just a customer, but every referral they might send your way.  Add social media in the mix, “don’t use Agent X because they don’t follow through” – and you’ve got a slippery slope that’s tough to recover from.

  1. Commission loss per seller or buyer? _____________ (Average commission)
  2. Loss of referral?  ______________ (Average commission x let’s just say 2 referrals)
  3. Loss of re-list and future sale? _____________ (Average commission x average homeowner moves – lists, sells, and buys new – every 9 years)
  4. Loss of marketing dollars spent on those sellers and buyers not recaptured? ________________

Lastly, loss of reputation as a turn-to, stand-up, get-the-job-done agent.  That’s really too much to calculate, isn’t it? And that’s not YOU anyway!  You’re the stand-up agent-right?  Besides, staying top-of-mind is an easy, and affordable investment.  Remember that SEND-CALL-SEE + NETWORK approach I’ve shared in the past.

Start with how many you need in your sphere by heading over to our Sphere of Influence Calculator.  

SEND – let’s take our example from above – if I needed to stay in touch with my sphere of 264 customers listing-inventoryevery 30 days to stay visible, (and help earn that $132,000) – and I wanted to send a standard sized postcard first class, that would be 62¢ per card  or $163.68 per month.  Or you could choose jumbo cards, or newsletters, our Dominator, or even handwritten cards – or better still a combination of all of the above. See what your budget allows and start somewhere, but be consistent every 30-45 days.

CALL – you should call your customers every three months.  If you break down that 264 number over 12 weeks — that means you just have to call 22 per week to reach everyone.  Easy FEB-Dominator-FRONT-Largepeasy!

SEE – you should see your customers at least two times a year.  Many agents host open houses, holiday events, or even neighborhood block parties (with sponsors for each) which gives them a chance to see many customers at once.  Take that top 20% of your list – the ones who consistently send you business – and be sure to spend some one on one time with them.  Take them to lunch.  Drop by a gift. Deliver tickets to the movies for their family.  Our Master Marketing Schedule has some terrific ways to creatively connect each month.

NETWORK – In today’s hyper-connected world, networking has to be part of the equation. From social media to joining local groups, to developing a mastermind of like-minded people to share with — networking is a key source of knowledge AND referral business.

Don’t lose any more dollars, branding, or reputation to lack of connectivity.  You are your business.  The connection you have with each and every one in your sphere will determine whether they stay a client (and a referral source) or whether you take a loss.

Need help? Contact our team at 866.405.3638 today.

Miss the January Webinar — 4 Ways to Hit Any Goal You Set?

We’ve Got it On-Demand!

A big shout out to Todd Robertson for sharing some strong goal setting strategies as well as fielding questions on how to dominate in a geographic farm area.  Awesome questions from the audience as well. Thank you to all who joined us.  We truly  hope it makes a difference in how you approach your goals this year!  Go knock it out of the park!

Meanwhile – if you need a refresher or you missed it – please feel free to watch it in entirety below: 

Need help? Contact our marketing team at 866.405.3638. They’re ready to help with all your marketing needs.  Interested in learning more about the Market Dominator?  Contact Todd Robertson today via call or text at 702-683-1967 . 

Exploring the Connection:  One-on-One with Matthew Ferrymatthew ferry
By Julie Escobar

It seems people all over the world are trying to unlock the secrets to a better life, better career, and more happiness.  What do the really successful people have that others don’t?  Why do they seem to effortlessly “attract” all that they need and want?  Why do they rise to the top and stay there, and more importantly, how can the rest of us capture that same lightning in a bottle and use it to propel our own lives and careers?  To gain a little insight on the topic, I sat down with mindset expert and talented speaker Matthew Ferry.  Below is an excerpt from that interview:

Julie Escobar:  Hi Matthew, thanks for taking the time to be a part of this!  I knew that when it came to exploring the connection between finding the right niche — that magic that comes from doing what you love and working with people you like —  and what we know and don’t know about the law of attraction, you were just the guy to turn to for “enlightenment!”

Matthew Ferry:  Thanks Julie! I think there most definitely is a connection.  While niche marketing and the Law of Attraction are distinctly different – they are related.

First, I don’t think the law of attraction is the kind of thing you should focus on. That would be a little like studying gravity when learning to hang glide—right?  While gravity plays a part, it’s certainly not the big picture!  Let’s look at the bigger picture of how top producers in this business actually tap into that powerful combination of “laws” that I refer to as the “Laws of Momentum.”

The Law of Attraction:  In its most simple format, the law of attraction boils down to “like attracts like,” or in other words, “what you put into the world the most will come back to you.”  That said, to get the most from this law, you really need to begin by truly knowing what you want.  Fall in love with the idea of what you want, be thrilled by it and develop a deep connection to that future.

I’ll give you an example.  I have a client who did 1,996 transactions in a single year with just two assistants.  How?  He immersed himself in his passion.  Deeply tied to his immigrant roots he began working with lower Hispanic communities and those people who couldn’t afford to buy a home on their own.  He knew he wanted to help the people in these communities experience the American dream of homeownership.  His affinity for them and passion to help allowed him to make the right connections and unlock the possibilities to make home buying possible.  It grew to a point where he literally was taking seven listings a day!  With the combination of knowing what he wanted, feeling deeply rooted to that cause, and possessing the willingness to do for others, he created that kind of momentum.

Julie Escobar:  What a great example, Matthew.  You’re absolutely right to say that it starts with really knowing what you want.  I’ve seen so many agents and salespeople in all industries who try too hard to be “all things to all people,” and all they have to show for it at the end of the day, or the end of their careers, are a lot of man hours, frustration and limited success.  Life’s too short to dislike what you do or who you work with!  How much smarter and more effective it is to work with a group of people who share your interests, your passions and your vision.  It sure makes work less like work, and goes a very long way towards building and maintaining long term relationships.

Matthew Ferry:  Absolutely, but the law of attraction doesn’t work alone!  Next, let’s consider: The Law of Reciprocity:   This law follows the “golden rule.” In other words, whatever you do will be returned back to you.  So if you help other people be successful, you’ll be successful.  If you show kindness, you’ll receive kindness.  If you champion the cause of another, they will, in turn, champion the cause for you.

This law is amplified when you are grateful, thankful, appreciative, and service-oriented.  Take a look at the people who are succeeding rapidly – those salespeople who make seven, ten and twelve million.  Note that they have advocates, supporters, believers and followers.  It’s not by accident; it is because they, too, are advocates, supporters, believers and followers.  They are champions for their customers and work selflessly for them.  The success they appreciate in return is simply a “bonus.”

Julie Escobar:  That reminds me of Zig Ziglar’s quote, “You’ll get everything in life that you want if you help enough other people get what they want.” They are certainly words to live – and work by. What’s next?

Matthew Ferry:  The last law most people are already familiar with, which is The Law of Averages:  It states the more you put in, the more you get out.  It’s really that simple.

All in all, it really does boil down to: success comes to people who are absolutely clear about what they want and really love it.  They have a great affinity for their niche and a desire to serve and this ignites the law of attraction in their favor and takes away any resistance to success.

Next, using the law of reciprocity they focus on what they want, but more importantly, they focus on helping everyone else get it.  Without an agenda, they selflessly want more for the people they work with.  They are advocates and supporters, and in return, they find that others become advocates and supporters for them.

And lastly, they work hard.  They are excited about working with as many people as they can because they are having so much fun.  The more fun they have, the more time and energy they put in and the more people they work with, so the law of averages is hard at work for them as well!

Julie Escobar:  Thanks Matthew!  I know our readers will appreciate all of your wonderful insight and information.  You always have so much positive to share and I invite everyone to bookmark Matthew’s site to stay connected!  Download free audio training from Matthew online at www.matthewferry.com.

I would also like to invite all of our readers to join us online at www.prospectsplus.com.  There you can sign up for a free web account and tap into the many powerful marketing resources available to you for building your niche, managing your sphere of influence and growing your business!  If you would like to learn more contact me at 1.866.405.3641 or  email me at Julie.Escobar@prospectsplus.com.

fw it's what you do

Sage Words from Industry Expert Floyd Wickman

By Julie Escobar

I watched a video yesterday from Floyd where he shared some of his timeless truths about succeeding in real estate. What’s amazing is that, even in our swiftly evolving industry — the same message would have been on point twenty years ago and will no doubt be just as timely twenty years from now. 

That message? Activity equals results. 

Want to achieve more?  Make more?  Rise to the top of your field?  Your company?  Your market?  Increase your ACTIVITY.  Or as Floyd likes to say, “It’s What You Do When You Don’t Have to That Will Determine What You’ll Be When You Can No Longer Help It.”

Isn’t that the truth?  Sometimes as salespeople – well and as people – we make things way more difficult than they need to be.  A really simple formula for success in real estate is to map out your time and commit to the activity that generates appointments.  SEND.  CALL.  SEE.  Get a list together.  Build your database of sphere of influence members.  Family.  Friends.  Colleagues.  Acquaintances.  People you do business with.  Neighbors. Start there and stay in touch. Send them something month after month after month.  Next get a geographic list of everyone in the market area you want to brand yourself in and do the same thing for them.

And here’s where the magic happens – don’t just SEND stuff.  Call them.  Connect.  Reach out.  Ask the question, “Do you have any questions?”  Be the resource they need and want in a time where consumers have LOTS of questions regarding the value of their property, their buying power, investment opportunities, and what’s happening in their market.  You’re not bothering people – you’re providing a SERVICE.  “HOLD THAT THOUGHT,” Floyd would say.

What can you SEND?

What can you SAY when you CALL?

  • Hi!  Just checking in on you! We’ve got a lot of activity in our market, and I thought you might have some questions—do you?
  • Is there anything I can do to help you?
  • I’m expanding my business and I could use your help…
  • Have you thought about selling your house now or in the near future?
  • Have you been receiving my information?  Any questions

What do you do when you SEE them? 

  • Create opportunities for appointments
  • Take someone to lunch
  • Attend a neighborhood block party
  • Organize a charity drive in the community
  • Sponsor a free workshop and invite everyone to attend
  • Get out there and be visible in the community you’re servicing
  • Walk your farm and start making friends

Where can you get a geographic list? 

We’ve got you covered there!  Call our office at 866.405.3638 and we can walk you through how to order one specific to your needs.

When should you start?

Again, as Floyd would say, “Well, when do you want to start getting results?  Does today work?”

Watch Floyd’s video that sparked the conversation and have a fantastic (and ACTIVITY-DRIVEN) day! 

[youtube https://www.youtube.com/watch?v=uX67mrhl8jE]
 Need help automating that activity and firing up your production?  Call our team at 866.405.3638 or visit us at www.postcardsplus.com today.  Want to learn  more mad skills and training techniques from Floyd? Visit his site at: https://floydwickman.com/ and tell them Julie sent you!  Have a great one! 

An Interview with Industry Recruiting Icon Judy Ladeur

By Julie Escobar

We’ve covered a lot of fourth quarter strategies this month, but haven’t touched on the topic of recruiting for a while.  This week I thought we’d show all our broker, owner and management team friends a little love with some top tips just for you!  To do that I called my long time friend and extraordinary recruiting expert Judy Ladeur.  She’s been helping brokers grow their businesses, power up their production and recruit new team members since before I met her 20+ years ago!

Here’s what she had to say!

Julie:  Hey Judy!  It’s been a while, but it’s always great talking to you! You’ve been busy these days (as always) helping real estate brokers build better, stronger, more productive teams.  As we dive into this fourth quarter – what are some of the most important things brokers should be doing to ensure a great end of the year and set themselves (and their companies) up for success in 2012? 

Judy:  Hey Julie – great catching up with you too!  Love following everyone on Facebook-don’t you?  To answer your question — For most brokers, instead of jumping in and making calls, they should spend time getting themselves positioned to recruit the best agents, which is more than just making calls and booking interviews. We have spent most of this past year helping brokers understand what a “value proposition” is and what it is not! We have determined that 90% of brokers have no idea what their value proposition is – even though it is the most important element in their recruitment arsenal.  The value proposition is NOT their tools. However their tools determine the value of their value proposition.

What we are teaching brokers to do is to identify their 12-20 most powerful tools and the results that each tool produces. You would be amazed how many brokers do not have a handle on this information.  Knowing the results of the tools you have allows you to share them in a way that educates the agents in your market about the opportunities that you can provide to them as a member of your team.  If you’re not sure where to start, poll your agents.  Ask them the value of the tools that you provide as an organization.  When the agents tell you what your systems mean to their real estate career, that is your value proposition to that agent. It is different for each agent, but these insights can give brokers what they need to figure out a minimum of 12 powerful tools with results that are unique in their market or things that they are doing that others are not doing. It can be a little tedious and it takes a while to complete but it’s well worth it. Next, they need to create visuals for each one as well with the results on them.

For any broker out there who wants a strong 2012, this is a task that they should completed long before the new year begins. Then sharpen their phone and interview skills so they can hit the ground running. We actually have a program here in the first week of December designed to position the broker to hit the ground running on January 1st and to have consistent results all year long.

Julie:  Wow, Judy – that sounds comprehensive.  When you say “tools”- can you give me an example? 

Judy:  Sure, when we bring brokers together for our retreats we ask them, “what are the 12 – 20 things you are doing–or doing better than you competition?”  Surprisingly, many can’t answer that.  Some will say “location,” or “a great broker like me!” That’s great – but really is not going to cut it in today’s world.  Specifically, what is different about you?   Think about it – if your answer is, “Great team” – what do you think your competition is saying?  Theirs is a lousy team?  You have to find the DIFFERENTIATORS.  If you can’t quantify those things in terms of time, money, energy saved, production, etc.–then it goes off list.  Here’s one, “We give agents leads.”  Next we’ll say, “Ok – how many leads year to date have you given out per agent?  What is the conversion rate?  You have to have the ability to bring it down to the numbers.  How about “Training program.”  Ok – what kind of results did the agents get? Many simply say, “I don’t know.”  And that’s fine – it gives them a starting point.  Sometimes they have to go back and track results after the next training, talk to agents who’ve been through it and ask for their results so they can get those numbers.  If they don’t have that information, this fourth quarter is a great time to do that so you can start the new year strong.  Sometimes a broker will tell us, “We have the best agents.” Then we’ll come back to them and ask them to quantify.  For example, according to the MLS, our agents are doing an average of seven transactions more than our nearest competitor.

For a lot of brokers this exercise is a big eye opener.  First it helps them identify more clearly where they are NOW.  And secondly – it forces them to put themselves in the agents’ shoes — sometimes for the first time in years.

Julie:  What’s new in terms of recruiting now that is significantly different than say, how brokers recruited even five years ago?

Judy:  Social media is definitely the biggest change and is bringing great results and a whole new perspective to recruiting. It’s easier now than ever to build relationships and comfortably stay in touch with prospects as well as your own agents.  It’s also much easier to ask for referrals by using social media. Tools like Facebook and LinkedIn are really helping to break down barriers.

Of course in terms of the things brokers want to hear – value proposition may be number one – but social media is a close second!  So many of them are still looking at social media as just a place to post when you’re having a coffee at Starbucks.  For those brokers – it’s time to get on board.  Social media is not going away – and for those that embrace it – it’s a terrific addition to their marketing.  In fact – if you look at agents who are really using it – they are staying in touch with their clients and sphere far more effectively today than they ever have.  Brokers can do the same via a company fan page and their personal page.

Julie:  Oh I can hear the groaning now – can’t you?  Let people into their PERSONAL lives?  I’m sure you’ve got some push back on that one-right?

Judy:  Oh yeah!  While I know it’s outside the comfort zone for a lot of brokers – truthfully, agents want to get to know you – the real you – before they are willing to consider your company as a place to hang their hat.  In fact, Let’s face it – 70% of potential hires are emotional – that means they’ve got to like you!   For the brokers that say “I don’t want to!”  We say, “If you want to hire 40-80 agents next year – you’re going to have to step out of your comfort zone!”  Let people in.  Share a little about who you are – not just what you offer as a company.  On your fan page you can share success stories about what your agents are accomplishing – spotlight their successes.  You can talk about what’s happening in your market area.

On your page – share a great picture of a grandchild, post a little inspirational quote, share a great new restaurant you tried.  These forms of media allow you to reach people you never would have before – to break down barriers and ultimately recruit agents you never would have been able to hire in the past. What’s funny – is that once we teach brokers to embrace social media – it becomes their FAVORITE thing to do!  Why?  Because it means they don’t have to make the phone calls.   We laugh, because we know they’re not going to make those calls anyway!  They SHOULD be on phone daily – but many just don’t create that good habit.  Listen, recruiting is a relationship business – so reaching out in EVERY way you can regularly is the way to build that relationship – and ultimately – build your business.

Julie:  Great stuff Judy!  What tools – both online or offline would you recommend that brokers put in their recruiting plan? 

Judy:  I would say a broker needs to add a Facebook Fan page for their company, lead generation tools, online marketing support and coaching. Most brokers today want to stick with technology – namely:  email.  But our ratios haven’t changed  — we STILL say that only 25% of your recruiting marketing efforts should be email or online.  It’s just too easy to get blocked or not read.  Plus – many times the real nudge that helps bring a recruit in the door is when the spouse or significant other sees the recruiting materials coming in the mail!  I know many brokers who will say it’s too expensive – but we fire back with one recruit will pay for a year of marketing.  It’s time to look at the budgets and make some adjustments.

It’s also important to know what agents are looking for.  A NAR survey four years ago said that agents didn’t care about leads – they were too busy.  Now that’s the number one thing with affordable marketing tools coming in second.

I say just start somewhere.  Send postcards.  Send the top 10-25 recruits “lump mail” – something like a  magnifying glass with a note that reads “time to take a closer look at what we have to offer.”

Julie:  Best success stories of recent months that can inspire brokers to break out of old habits and grow their organizations? 

Judy:  Well I’ve got to say there are two things that are getting great results right now:

  1.  Contacting smaller independent brokers in your market and offering them a chance to roll their company into your company and go back to working as an agent.
  2. Contacting agents who left you when times were good and tell them that you miss them and would love to talk to them again about rejoining your firm.

I mentioned before about knowing your results.  I am coaching a broker whose market position increased this past year through recruiting experienced agents was greater than the entire production of any team in his marketplace for the entire year. When he discovered that, he was amazed. Arming himself with that knowledge has allowed him to hire many of the top producers in his market and he is acquiring another brokerage firm in the neighboring city.

Sharing results like that is a great way to get the attention of brokers and agents and get them on the phone which leads to an interview and potential hire.  Another broker that I am coaching discovered that her agents had a $33 million dollar increase in their sales volume in 2010. By sharing this with other agents in the market, she has piqued the curiosity of area agents eager to know what she is doing to help her agents sell more real estate.  Her office is now full and she is moving to a larger location to continue hiring the best agents she possibly can!

Julie:  Wow!  That’s amazing!  So any predictions for the year ahead?

Judy:  Oh yeah!  I believe that 2012 will be one of the biggest years for smaller companies rolling into bigger companies.