Heading into the new year, here's a game-changing strategy for you:
Open up your CRM, scan your sphere of influence, and pinpoint all the business owners. Start by reaching out to them. Call and ask, "Hey, Jim, how's the new year looking for you? How did last year finish off?"
Share your plan, "I want to start endorsing a local business every week on my social media, and I'd love to feature yours. I just want to promote local businesses I admire. No strings attached. Are you cool with that?"
They'll likely say yes, appreciating the gesture.
Be the Go-Giver. Lead with their needs. Within a week, make a post about their business on social media. Include photos, share your personal experience, and publicly endorse them. Tag them in the post. They might even share it with their audience. It's a win-win, a feel-good moment for both parties.
Even if they don't reciprocate immediately, the spirit of giving will work its magic for your business.
Now, measure your efforts. If your goal is to...
Hey, team, you're on prospecting calls today—reaching out to expired listings or for sale by owners, maybe marketing in a neighborhood. What if no one picks up? Do you leave a voicemail?
Before that, try this trick:
Hang up and call the same number quickly, twice. Imagine being on the other side—seeing a missed call, then the same number calling back. You're more likely to pick up.
Now, they still don't answer. It goes to voicemail. Should you leave a voicemail as a salesperson? Absolutely. The chances of circling back and calling again are low. Keep the message concise and to the point.
For an expired listing, I might say, "Hey, I'm Jim. Your property delisted today. Wondering if you're interviewing other agents. I have a 25-point marketing plan that works. Just sold a house nearby, 25 days, 5% over list price. Let's talk."
For a for sale by owner, a simple approach: "I'm J Man with ABC Real Estate. Saw your ad on Craigslist. Can I do a video of your property for...
Folks, let's retire the F word - follow-up.
You know how often you've had salespeople call you saying, "I'm just following up" or "I'm just checking in." It's not the best approach. It sets the tone of being an annoying salesperson, and we don't want that. We should aim higher and see our services as valuable.
Instead of using "follow up" or "checking in," try these alternatives:
Start with, "As promised, I'm calling you because I have that listing you asked about."
Or say, "I was thinking about you today because something interesting came across my desk."
Or perhaps, "I'd love to get your opinion on a strategy I have for maximizing your home's value. I know you're not ready now, but it'll work anytime."
Another option is, "I had a little time between appointments, and I thought I'd give you a quick call. I only have about five minutes, but I wanted to ask you something." This way, they know it won't be a lengthy call.
Millennials, who were the dominant force in the housing market a year ago, have taken a step back. It's been a significant drop.
Now, why are millennials pulling away from the real estate scene?
The primary reason is interest rates.
The real question is, who has taken their place as the leading group of homebuyers? Who's currently driving the market?
Well, it might surprise you, but it's the baby boomer generation, and they're making a strong comeback in the housing market. In fact, cash buyers account for 27% of the recent transactions, and many of them are likely baby boomers with disposable income, not overly concerned about interest rates.
They see opportunities in the market now that they didn't have a year ago when they were competing with numerous other buyers.
So, as you adapt your marketing strategies to changing market dynamics, consider focusing on baby boomers within your sphere...
The impact of climate change is becoming increasingly evident through natural disasters worldwide. In my market alone, 2,700 homes were lost to wildfires, including three duplexes that I owned. Recent events like the devastating fire in Maui have left hundreds homeless.
How does this relate to real estate? Well, it's directly tied. Amid this destruction, we, as REALTORS, have an opportunity to step in and provide assistance. While it won't be an immediate transaction, it can help us build lasting relationships founded on genuine value.
So what's my suggestion?
Reach out promptly to your entire sphere of influence. Capitalize on the awareness generated by these incidents. Say, "Given the current wave of natural disasters, many clients have requested a quick update on their home value to ensure their insurance coverage is adequate. I've already prepared this report for you, and it took just a few minutes. If you're...
Hey everyone, have you ever found yourself in a lull, wondering how to make the most of your downtime? Well, I've got three impactful activities to supercharge your business during those quieter moments.
Let's delve into them:
Step #1 - Cleaning and categorizing your database.
It might not sound glamorous, but trust me, this is the foundation for success. Your database is like a garden, and nurturing it ensures fruitful outcomes. Get in there, organize it, weed out the unnecessary.
Begin by categorizing contacts into groups:
The A group: those who refer you business, your champions.
Then the B group: They've transacted with you but haven't referred yet.
Acquaintances form the C group: They know and like you, but haven't done business or referred.
Lastly, the D group: Reconnect with them or let them go. Don't keep dead weight.
Maintaining momentum, let's talk about building your database. The game has changed with...
Guys, 60,000 agents have already left the industry, and another two to 300,000 are projected to follow.
But here's why it's good news for us as REALTORS:
Each departing agent likely had one or more transactions last year. As they leave, those opportunities come back into play, and we have the chance to handle them as real estate professionals. So we can expect to get busier with each agent's exit.
However, there's an even bigger opportunity that most agents are overlooking:
Every agent who leaves the industry leaves behind a sphere of influence, a network of family and friends who may have some influence that we can tap into.
Here's what you can do:
Reach out to these exiting agents and express your condolences about their departure. Then ask them a quick question: Would they be interested in monetizing their hard work by earning referral fees? Since their license is still active, they can leave it hanging and...
If we look at the engine of your business, it's your sphere of influence.
Statistically, for every 10 people in your sphere, you'll average one closed sale.
But that's only if you stay in touch with them 20 to 50 times a year and have a good relationship with them. So let's go back to January 1st. Do you know how many people were in your sphere at that time?
If you don't, you don't have control of your business.
Now, fast forward to today. Have you grown your sphere of influence in the past six months? If not, your business may not be growing and could even be shrinking due to market challenges.
We can't escape market conditions by focusing on other things and neglecting our sphere. The key to changing your business's trajectory is to quickly increase your sphere of influence. You may be wondering how to do that. Well, here's a magic number to keep in mind:
The average American has 27 conversations a day. As REALTORS, we should...
Why aren't you getting more referrals?
The problem is you're not asking for referrals. You think you are, but you're not.
Let me give you a natural and fun way to ask for referrals that people love:
Think of your sphere of influence as your personal sales army. Imagine you recruited a hundred or more salespeople to work for your team. If you gave them an assignment, do you think they would bring you sales?
Of course they would. The reason they're not doing it now is because you're not giving them guidance as the sales manager.
So here's an example of what you can do: Send a mass text, email, personal calls, or even a video text to your sales army, saying:
“Hey guys, I'm really short on inventory right now. If you see a house with a preferred sale sign or a vacant house, could you quickly take a picture and send it to me? It could give me an edge in getting that listing. Thank you!”
Another idea is to...
How can every business owner that you know model McDonald's for building wealth? Well, you might not know this, or maybe you do, but McDonald's makes a lot of money selling hamburgers, but they make more money owning real estate.
Did you know that of the 36,000 McDonald's locations around the world, they own 70% of those locations and the franchisees are paying them rent?
See, they figured out a long time ago that the money is in real estate.
So when you're talking to your business owners that are in your database, friends of yours, family members, people that are your in sphere of influence that own a business, ask them this key question:
"Hey, have you ever thought about buying a piece of real estate and putting your business in that? Or maybe buying the building that you're in? Because one of the best wealth building strategies for retirement eventually for your exit strategy is to sell your business and then rent the building...