Satisfied Clients Equals No Referrals |
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Industry Specific -
Real Estate
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Written by Tom Ninness
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Jeffrey Gitomer’s book “Satisfied Clients are Worthless” should be at the top of your reading list if you are truly interested in creating loyalty rather than just satisfied clients. Creating loyal clients for life will mean the difference between a continual stream of referrals and return business rather than those that leave satisfied but with no inspiration to return. Completing the most perfect sales transaction, with everything going right, and the client’s heartfelt thanks, means nothing if you cannot capture their return business and referrals.
Tupper Brigg’s, one of the most dynamic Realtors® in the country, has had up to 73% of the listings in the town of Evergreen, Colorado at any given time. So, how does Tupper attract referrals? Tupper knows an interesting fact: 80% of his competition does not stay in touch with their past clients. Here is what Tupper does after a closing.
1. A few days after closing when Tupper know that your clients have moved into the neighborhood, his wife delivers to their home a wonderful basket of baked goods and welcomes them to their new home.
2. A week later, Tupper will be calling your client’s and re-introduces himself to them as the listing agent. He’ll ask questions on how the move went, have they had a chance to meet the neighbors, etc. Tupper then asks, “Is there anything wrong with the home, or is something not working that you thought was during the inspection?” Tupper will get something out of the client that could be as small as a sprinkler head to a major repair. Tupper’s response is, “Your problem is now my problem. I’ll have my handy man contact you to get it fixed at my expense.” Tupper has just moved to the top of the list as the most responsive Realtor® of the listing/selling team.
3. Tupper now puts your client on his mailing list, calls them and checks up on them about four times a year, and invites them to his summer picnic and holiday party. When the client has a friend who is ready to sell or is ready to sell himself, guess who’s going to get the listing?
This philosophy of service selling used to be coined “value added”. It goes further, however, as it allows the sales professional to become a vital part of any person’s day to day team. You want to be counted as important as the attorney, CPA, financial advisor, banker, appliance service repair, plumber, mortgage banker and Realtor®!
The majority of mortgage bankers or mortgage brokers fund the initial loan but rarely do they service the loan. Every month, the service company tries to entice your clients to refinance, take out a HELOC, possible apply for a credit card. They have lots of simple and easy solutions, but not necessarily are concerned with the client’s best interests. Every month they have the opportunity to touch the client and remind them they are conveniently available.
How can you be assured that your client will come back, or at least give you a chance to do business with them again?
The first loan transaction is the most important. The old saying goes: “You only have one chance to make a first and lasting impression”. Whatever your idea of superior service is, it must be delivered with consistency so that the client feels secure in referring their friends, family and co-workers. Satisfy the client, then “WOW” them!
The client’s first experience should not only be satisfying but “WOWing”. By offering special features to ease their move helps solidify the relationship. Sending special “Congratulations” and “Thank Yous” during the loan process are encouraging and thoughtful. For about $7.50, offer the client Tag-A-Room stickers once their contract is approved. It’s a surprise that they weren’t expecting. The stickers help the client ID each of the moving boxes. Go to www.tagaroom.com and check out the site.
Follow your client’s progress by forming a net after closing. Utilize a system of follow-ups ensuring a “WOW” experience.
1. Send a small gift to the client with a short thank you note. Something useful but not common, such as a letter opener, tape measure or candle.
2. Follow with a phone call inquiring on how their move went. Ask if there is any contact information that has changed because of the move.
3. Politely ask if the client was happy with all aspects of the closing. Inquire if they would consider using your service again in the future or be willing to suggest your services to their friends and family.
4. If they are hesitant about a commitment, explain how you will be staying in touch with them through mail/email, and phone calls. Let them know about other events you sponsor such as picnics, real estate investment classes and seminars. They will be inundated with offers from their final servicing company and you hope they will contact you first for any additional needs they may have.
What if they say No or maybe? Never argue with the client or try to justify why things didn’t go well. If something didn’t go right in their mind, you aren’t going to change it. Instead send a letter of apology and a gift certificate for around $50.00 and ask them to accept this with your apologies. 80 % of “Just Satisfied or Dissatisfied Clients” will respond positively and allow you to stay in touch with them— and some of them will become your best referral partners.
Creating loyal clients is a must for repeat and referral business. They will keep coming back, refer their sphere, and bring stability into your business even when the market slows down. Stay in touch with your past clients or your competitor will take over your turf. Loyal clients already know and trust you. They will not be easily swayed to go with someone else. Loyal clients will become friendships because you have stayed in touch with them. Loyal clients are created over time not just from one satisfying experience.
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Why is Your Production Where it is Today? |
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Industry Specific -
Real Estate
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Written by Tom Ninness
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The sales industry has changed. The sales professional will only be successful by building a business based on integrity, hard work and an understanding of business relationships. Real estate, like any investment market, rotates through business cycles on a regular basis. Being successful in this industry is more about staying on top of your game rather than making excuses for the downfalls. Albert Einstein said “Imagination is more important than knowledge”. In times of difficult selling, it takes imagination and determination to become successful in your field.
Often, sales professionals allow certain myths to impair their ability to sell.
I am new in the business. Congratulations!! There are no bad habits to overcome! With a clean slate you can absorb training, mentors, coaching, and reading material. You are a fresh page waiting to have experience fill your book. Seek out the best in your business and ask questions.
As with any business, planning is essential. Not just an outline in your mind, but a written down, step by step, plan of action to success. Use your business plan as a guide, a work in progress that helps you focus on your goals.
Understand that there is no power in the past, but only in the present. Whatever your experience has been, your determination in the present is what will make you successful.
I don’t have the experience or training. If your company offers training, take advantage of every opportunity. If they don’t, it’s up to you. The opportunities are out there, now more than ever. Search the internet. Sign up for classes. Read books. Every day should be a training day. Build a business plan. Talk to the successful agents or loan officers within your company and absorb their secrets for success. Learn who are the time wasters and stay away from them.
Prospecting is often neglected. Don’t wait for the phone to ring. Action planning is more than an open house. It takes perseverance, planning, marketing and creativity. An open house, a balloon and an Open House sign is not a marketing plan.
Everything has to be perfect. The perfect flyer, the perfect script, and the perfect presentation, everything has to be “right” before they do anything. Nothing gets done. Instead, form a daily action plan. Plan your phone calls, your meetings, your appointments, prospecting time and paper work. Leave nothing to chance. The more organized your time the more you will accomplish, even if it’s not perfect! You are your own business; invest in yourself.
I haven’t figured out my niche. If you are new to the sales business, your niche is everybody. Don’t wait for the lightening bolt to hit on what you are supposed to be doing. As you gain experience, your niche will start to reveal itself.
Top Producers are Unapproachable. There is sometimes an awe and respect that Top Producers have, almost like movie star status. More often than not, they appreciate a new person’s struggles and are more than happy to share. A rookie agent friend of mine knew that she needed to learn from top producers. She sought out the top four female agents in her area and sent them a blank cassette tape, a check for $50.00 and a note. The note mentioned that she was new in the business and asked if they would share some ideas on what she needed to do to become a top producer. The $50.00 check was a thank you for their time and she also supplied a pre-paid envelope. All four agents responded, refusing the check and set up a time to have lunch. Each of these successful agents mentored the rookie agent to becoming one of the top agents in the Denver area.
I don’t like to prospect. Sales success results from successful prospecting. This is the number one reason why people do not achieve success in sales. It could be from past experience, improper training, lack of confidence, or any number of things that the sales person uses as excuses. Prospect your sphere. Share your information. Create a network that encourages referrals from your past clients, professional referral sources and direct spheres of influence.
What sets Top Producers apart from the others?
Top Producers invest in themselves. Critical to building their business is investing 10-20% of their income back into their business. They use the money to continually improve their knowledge as well as the efficiency of their business. Imagination, information, and knowledge improve their success percentages.
Systems that reduce interruptions are significant for success. Arriving at the office an hour or so before everyone else allows you to accomplish a tremendous amount of miscellaneous work before anyone shows up. By 8:30am, when the office starts to fill up, you are free to be out the door prospecting. Look for ways to reduce your interruptions. Check email twice a day instead of being reactive every time the email bell goes off. Schedule specific times throughout the day to return all phone calls. Use your voice mail to update callers when they can expect return calls and a brief outline of your schedule. Note in your voice mail if there is someone else who will be able to help them immediately.
Terminate unprofitable relationships. Get rid of the “time robbers” as wasted time is lost revenue. Are the relationships, activities, and time investments giving you the rate of return that you desire? If not, consider eliminating them. Top Producers react to all situations in a responsible, positive and consistent manner. They face problems head on and keep customer service as a priority.
Business is important but so are the “life priorities”. Carefully plan your time around your faith, family, physical and financial needs. These are more important than a commission. Envision your business plans three, five and ten years out and how it will affect your family.
Use that business plan to create a plan designed for success by including IT systems, marketing plans, budgets, prospecting, and data base management. Top Producers understand that prospecting, sales and marketing are the key actions in bringing in the business, but they must also have a system of responding to customer service in place as well.
There is no quick fix to successful sales. Every action and reaction must be carefully considered, time must be planned, and prospecting cultivated. Family is as important as business relationships. In essence, sales success isn’t easy work. Be conscious of the under achievers and look to the Top Producers as a model. You will see great results by thinking your way to the top.
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How to Design a Professional Real Estate Listing Presentation |
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Industry Specific -
Real Estate
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Written by Jim Klein
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A powerful real estate listing presentation is key to becoming a top producer. Everyone in real estate knows, the agent who controls the listings, controls the market. Regardless of who sells the listing, you get paid. So how do you become a master at listing real estate. Follow these steps and I guarantee you'll secure more listings and gain control over your business.
Make sure when you set the appointment for the listing presentation, all decision makers will be present. Explain to the seller what's going to happen. You'll be meeting with them to gather information about the property and their needs.
Then you'll do your research and set up a second appointment to discuss your marketing strategy and pricing recommendation.
The first visit is your opportunity to see the property, build rapport, trust, and determine the sellers needs. When you've accomplished that on the first visit your chances of walking out with a saleable listing on the second visit greatly increase.
Remember, your in charge. Your the expert. So take control.
When I sold real estate, I put together a three ring binder that contained information about me, my company, articles about pricing, condition and other related topics. A copy of a listing presentation. The awards I had won. Certificates from courses I had completed. And most important, pages and pages of testimonials from satisfied clients. I left it with the seller during my first visit.
By leaving it with the seller until the second visit, you give them an opportunity to fully study it instead of letting them browse through it while sitting with them at the kitchen table.
Now it's time to do the research. 90% of my time on most real estate listing presentations was spent on research.
Prepare your CMA with sold, active, expired and FSBO's. Don't forget the FSBO's. List the pricing history and days on the market. Drive the neighborhoods and take pictures of the properties. Make note of the positives and negatives in comparison to your sellers property?
Become the neighborhood expert!
Next, prepare your pricing strategy. What's price range will get the property sold in the sellers time frame? What possible objections could the seller have to your pricing strategy? What's their net proceeds and does that amount meet their needs?
Now you prepare for the listing presentation. Layout exactly how you'll present all the information. You should already have a generic listing presentation. Now customize it to fit the particular needs and situation of this seller.
Spend time developing and rehearsing your presentation. Prepare for all possible scenarios. The more prepared you are, the more likely you'll walk out with a saleable listing. One last thing, fill out the listing agreement with all the information, except the price.
You've done your research and preparation, now it's time to present.
Arrive at the house a few minutes early. Gather your thoughts and take a minute to visualize the outcome you want before going to the door. See them signing the listing agreement at your recommended price.
When you get in the house, begin to establish rapport immediately. Spend as much time as necessary to warm them up and gain their trust.
Direct the sellers where you want them to sit at the table and continue to build rapport. Don't cut yourself short on this part. Rapport and trust are key ingredients to your success.
Ask for the notebook you left during your first visit. That will bring up any comments they want to make about you, your company and other issues covered in the notebook. It's a great way to get the listing presentation started.
When you feel the time is right, lay out the agenda. Let them know what you're going to cover and in which order.
Get agreement on the agenda before you continue.
Review the needs they expressed during your first visit. Make sure everyone is clear on what the sellers needs are and get an agreement on them. Establish goals that both you and the seller can agree on. Make sure you cover this step thoroughly before you proceed.
Next, talk about your company, yourself, how you're different and why they should hire you. Present your detailed plan for marketing their home. Use what ever visual aids you've prepared to emphasize your points. The binder you left with them is a great tool to use at this time.
Once you've established your credibility and expertise, get an agreement from them that you're the best person to list their home. Handle any objections that arise up to this point before moving on to the price.
Now it's time to go over the CMA. Show them all the research you did, the pictures you took, how you drove through the neighborhoods, called the FSBO's. Everything you did to arrive at your suggested price range. This will also set you apart from the competition. Even though other Realtors may do the same things, few will explain it in such detail.
Once you present your recommended price range, show them how much money they'll net. Then handle any objections they raise.
When you've reached agreement on price, go over the filled in listing agreement and enter the agreed upon price. Hand them the pen and show them where to sign.
Take the time now to let them know what will happen next.
An effective real estate listing presentation is to the point and focused on the desired outcome of the agent and seller. Be professional, stay focused and you'll create a win - win situation for everyone involved.
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Are You One in a Million? |
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Industry Specific -
Real Estate
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Written by Jacques Werth
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There are over one million active realtors in the United States. Most of them survive by sheer tenacity. Few truly succeed and attain the income levels promised during recruitment events. What are they doing wrong, and what can you learn from their Top 3 mistakes?
1) Have a 'Winning' Personality: Many salespeople believe that their natural charms, gregarious natures, and 'can-do' attitude will inevitably lead to success. The evidence is clear - that is Wrong!
Selling is a skill; you're born with aptitude, but you need to acquire and refine a skill set in order to attain sales success.
2) Make Your Own Luck: Neophyte realtors tend to rely on open houses, work their "farms," and cultivate circles of acquaintances to acquire leads. Their mistaken belief is that sooner or later, they'll be in the Right Place at the Right Time.
Being in the right place at the right time is not a matter of luck: A good salesperson knows that the only viable prospect is one who is actively in the market - now - and is willing to do business with you already. Top salespeople only spend time with High Probability prospects.
3) Excellent marketing materials will overcome prospects' natural resistance to sales techniques.
Elaborate graphics, presentations, and ad campaigns can't compensate for ineffective salesmanship. Slick marketing is inherently disrespectful. It implicitly sends the message that prospects are too dumb to understand real estate.
People want to do business with people they trust and respect. A winning sales strategy is to develop relationships of mutual trust and respect - immediately. That is the best foundation for closing sales.
Here's what you can learn from struggling realtors:
• If what you're doing isn't working well enough for you, it's time for a change.
• It's time to develop genuine confidence and self-esteem, based on utilizing a highly effective sales process. Learn how to treat prospects with genuine respect- and require them to treat you with respect.
• It's time to stop envying others' 'natural sales talent' and develop true competence in selling.
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