How many referrals did you send out last week to your favorite vendors in your market area? If the answer for most of you is a big fat goose egg, here's the problem:
The problem is you gotta put into place the power of reciprocity.
You start pushing out what you want to receive. Give, give, give, and eventually things will start coming back to you. It's just a natural thought, reciprocity.
We give because we want to be grateful and generous, and we know eventually good things will come back. But when you're not in that mindset of having abundance and you're closed up, you're not ready for opportunity. You have to open yourself up to opportunity by being the person that provides opportunity to others.
When you're out in the market, you're listening for opportunities to help people in your sphere of influence, people that you can help with their small businesses and what they're trying to get done in their lives. When...
If you're looking for a way to quickly ramp up your business—if you're having a little bit of a slow time, or even if you're not—and you want to lead generate in a simple, easy, and organic way, let me give you the 20 messages a day strategy.
The 20 messages a day strategy is very, very simple.
I'm gonna use my social media account. You can pick your one: Instagram, Facebook, wherever. I'm gonna go to my friend's list of my following, my group, my audience, and I'm just gonna pick 20 people. And I'm generally just gonna start at the A's and work my way down. Or start a Z's and work my way up.
But I'm gonna click on each individual profile of those 20 different people. I'm gonna find something interesting, something they've posted that really catches my interest. Maybe they went to a restaurant, they went on vacation, they went to a certain business that you frequent, they bought something super cool,...
My guess is that you're somebody that gives back to the community. Now, you might do it in small, subtle ways that people may not notice. But what if you could give back to charity in a way that helped you, the charity, and also helped your business at the same time?
It's a true win-win situation.
How could you do that?
Well, one of the ways is to pick a charity that you really care about, that you're passionate about, and then secondly, tie that charity to closings in the new year.
So here's an example:
What if you sent out an email, a text, social media post, and you said something like this:
"Hey, in 2023, I've set a goal of selling 30 homes. And I want to help that number of families achieve their real estate goals. But I want to go bigger and also help my favorite charity achieve their goals. So for every closing I have between January and March of this year, I'm gonna donate [fill in the blank: $100, $200, $500] for every...
Hey guys, some new interesting information from NAR regarding how far people move when they buy a new home.
For decades, the number was about 10 to 15 miles from where they were moving to where they were going to.
Now that shot up dramatically last year to 50 miles—an unheard of number. And where are people heading?
1. Small towns: up 9% from last year.
2. Rural areas: up 7% from last year.
So people are wanting to exit urban areas, kind of that urban exodus we've talked about for a long time. And why are they doing it? Well, they have remote working, they have a remote school, and they want to get out of the urban jungle. And affordability is a big issue. They can buy a much bigger house, much nicer house by going out to these rural and small town areas.
So what about your market? Are you starting to see this in your market?
Maybe you're on the flip side where you live in a rural market like I do and you're benefiting from people coming to you. And on the other side, maybe...
Here's a target market right now that could be a massive opportunity for us:
We should be looking for opportunities. In every market shift, there's an opportunity. And one opportunity we're starting to see is retirement.
People are accelerating their retirement plans. In fact, the number of retirees in the marketplace is up 13.7% in the third quarter of this year.
A lot of people just don't wanna face the challenges of recessionary markets and things happening, and that's out of their control. They just want to exit and enjoy the rest of their time, right?
So when you have a retiree, by definition, a lot of times what they do is they want to downsize. They wanna scale back their lifestyle, so they can afford the retirement. And we're seeing this a lot with empty nesters and just people that are ready for the next phase of their lives.
So these retirees are perfect target audience for us in that they're probably...
53% of today's clients that you're dealing with in the real estate industry are actually millennials. They represent the largest group of buyers and sellers in our business today.
And here's what's interesting:
Millennials actually trust referrals from family and friends over all other advertising messages. In fact, they're very distrustful of traditional media marketing.
So what do we do with that information? How do we adjust to that information?
Well, one thing we have to understand is that reviews and recommendations are becoming a really important part of our business. Which means we need to be focused intently on getting reviews and recommendations and endorsements online.
So, I want to ask you: do you have a process? Do you have a plan in place for collecting these reviews and recommendations?
Here's an example:
If we take a brand new agent in this industry, but an agent that's aggressive and doing well, and we...
Feedback is one of the most important things we can collect on behalf of our sellers in order to adjust prices, adjust terms, adjust condition, and to get that property really tuned up for the marketplace.
So one thing is we gotta make sure we're going out and trying to collect that feedback. And when we do that, I'm gonna ask three questions:
1. Would you think of the price?
2. What did you think of the condition?
3. What did you think of the neighborhood?
Those are my three questions. I'm sending this by text to every showing agent. But I'm gonna also add one more question. My fourth question, which is maybe the most important is:
4. Can you tell me, did they make an offer on another house or did they actually purchase another property and get in contract?
When I do that and I find out that I can actually deliver that by act to my seller and say, "Well, Mr. and Mrs. Seller, here's the feedback. And they went ahead and made an offer...
Here's a number that we should be talking about with our spheres of influence, our friends, our social media audiences:
And this is 15.9.
Now what's 15.9 represent?
15.9% is the amount that the average renter had as an increase in the rent last year.
And it's likely that this is gonna have again this year or some similar high number, and probably the year after that.
It's supply and demand. There is high demand and low supply. So it's the same thing that's happening to us in the real estate industry, right? We have low supply, high demand causes prices to rise.
So if renters aren't careful what can happen is if rents continue to rise, they could have rent that's increasing by 10%, a year or more over the next 2, 3, 4, 5 years. They could easily be paying 30, 40, 50% more for rent in a few years.
And they think their rent's high now. Wait another couple years, it's gonna get higher.
So what can they do? What's the...
A few of you are suffering from what I call referral resistance. What's referral resistance mean? It means you've got a pretty good size database of people, a sphere of influence, and it's not performing well.
In other words, you're not getting a lot of referrals. Your sphere of influence isn't sending you buyers and sellers.
It's because the people in your sphere don't quite trust you enough. They don't quite see you as the expert that you know you are. And because of that, there's resistance to sending you referrals.
So how can you overcome referral resistance?
I'm gonna give you three quick techniques to help you with that:
1. You have to be the experts in their minds, not yours.
How do you do it? You need to be giving them information regularly about the real estate market. Now, this is super easy to do because you are given information all the time. One of the places you are given information from is your local MLS system....
There's a great book by a guy named Harvey Mackay. He wrote the book Dig Your Well Before You're Thirsty.
And in the book, he talks about this $25,000 question, and I'm gonna pose this question to you.
So the $25,000 question kind of goes like this:
Imagine you own a muffler shop or some kind of business. And it's payroll week and you don't have the money to pay your employees. And you know, if you don't pay 'em, they're all gonna walk because everybody's trying to hire right now. So the question mark is it's 2:00 AM you wake up in the morning and you're like, I've gotta come up with $25,000 by tomorrow morning. Otherwise I'm probably gonna lose my business. Who do you call? In your friends list, your personal friends list, right now, is there someone you call and get $25,000 from by tomorrow morning?
If the answer's no, the reason you probably don't have anybody that qualifies in that category is because you haven't helped enough...
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