Have you ever faced a bad review? If not, you will at some point in business. It's inevitable.
So, what's the game plan when it happens?
Here's a nugget: 94% of consumers, according to a recent study, let a bad review sway their decision to avoid a business.
You've probably done the same on Yelp or elsewhere. The key? It's not just the bad review itself, but how many positive reviews balance it and whether the business responded.
Surprisingly, 53% of consumers expect a business to respond to a bad review, yet 63% say businesses rarely do. Here's the kicker: 45% of consumers are still open to doing business with a place that got a bad review if the business responds.
The response is crucial.
So, how do you handle it?
Never argue, never say they're wrong. Instead, respond and swiftly take it offline.
For instance, "Thanks for sharing your feedback. Sorry your experience didn't meet expectations. Let's discuss this offline." Or, "Feel free to reach out with further comments. We're...
I want to highlight three key stats that drive our real estate business:
First, about 80% of our business consistently comes from our sphere of influence, no matter what we do.
Second, an impressive 53% of today's industry transactions are from millennials.
Lastly, a Nielsen report reveals that a significant 92% of consumers trust family and friends over advertising. This underscores the importance of reviews and recommendations.
Now, let's dive into these areas and ask ourselves what we've done in the last six months to strengthen our sphere of influence, boost sales, and expand our reach.
Consider this: In a changing market landscape, where factors like interest rates and conditions influence sales ratios, it's crucial to grow our audience.
If your sphere of influence isn't growing, you might already be experiencing a decline in business due to lack of proactivity.
But it's not just about quantity; quality...
I've got a story from my trip to Boston with my wife. While our son was in summer camp, we embarked on a delightful foodie tour of Little Italy, guided by an amazing teacher turned tour guide. He shared the rich history of the area, led us through fantastic shops, and treated us to mouthwatering cuisine. Toward the end, he pulled off a brilliant move relevant to your real estate efforts.
As we basked in the afterglow of a satisfying tour, he proposed a group photo. After the snap, he asked, "Who wants a list of all the restaurants we visited today? Just give me your email, and I'll send it over."
We all gladly obliged. Upon reaching home, his email contained the promised picture and the tour's culinary highlights. Here's the genius part: he added a well-placed plea for a review, taking advantage of our post-tour excitement. We promptly provided a glowing review.
He went further, offering even more value. For...
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...
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...
Have you gotten all of your reviews and recommendations from your past clients over the past year? If the answer is no, you're missing a huge opportunity because there's a young, aggressive, and strong agent that's rising rapidly and would like to capture your future clients.
These young agents are listening to podcasts, watching webinars, and they're learning about a secret weapon in the market — and they may be beating you without actually beating you.
Here's what I mean by that:
These young, aggressive agents are capturing reviews and recommendations. And they are hyper-conscious of getting five-star reviews from everyone and anyone who will give them to them. They're making sure that those reviews go on all the right places, which I'm going to outline for you. And what happens is you can have an agent that's only been in the business 2-3 years, but online, they look like they are super experienced because they've stacked up more reviews and...