Let's consider your office location: If you were to drop a pin on the map around your office, extending 2 to 5 miles, have you connected with local business owners in that area?
Many business owners are facing challenges due to economic changes and other factors. It's an excellent opportunity to reach out to them and establish a connection.
Here's a simple approach: initiate a business card exchange. Walk into a nearby business and introduce yourself. Mention your office's proximity and express your interest in referring people who are new to the area. You can say, "I often meet people relocating here, and I prefer to refer local businesses. Would you mind exchanging business cards?" Allow them to share information about their business.
You can further enhance the connection by saying, "I like to highlight a local business on my social media each week. Would it be okay if I featured your business next week and tagged...
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...
Can you relate to this?
You meet someone at a party or an event, and you have an amazing conversation. You really connect and feel like you could become friends. But then they disappear, and you never hear from them again.
As REALTORS, we often miss the chance to expand our spheres of influence and grow our business by nurturing these relationships. Plus, we could gain some friends along the way.
But here's the secret sauce: The Ford Plus One technique.
You might be familiar with the Ford technique, which stands for Family, Occupation, Recreation, and Dreams and goals. Whenever you're talking to someone and struggling to keep the conversation flowing, think about these topics.
Ask about their family, their occupation, what they enjoy doing for fun, and their dreams and goals. But as good as that is, I want to add a plus one to this technique.
I want to find a way to add value to the conversation even after it...
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...
Hey guys, let me share an inspiring story with you:
Years ago, I met Wan Foran, a REALTOR who faced incredible challenges on his journey to success. Wan graduated from real estate school on September 11, 2001, as a Muslim immigrant in a small town. Despite the odds stacked against him, Wan achieved remarkable success. I asked him, "How did you overcome these obstacles?"
His answer changed my perspective, and it can change yours too.
Wan knew he needed to expand beyond his local market to thrive. So he adopted a unique approach to farming...
Instead of targeting specific demographics or niches, he focused on feeder markets—areas surrounding his town that contributed potential clients. Wan identified the top 10% of REALTORS in each feeder market and initiated contact through postcards, calls, and emails. He introduced himself as a hardworking REALTOR and offered an enticing proposition:
If they referred clients to him, he...
Human resource directors, why should you care about them?
Well, if you're seeking a new lead generation strategy, consider focusing on HR directors.
In most markets, companies with over 25 employees have an HR person responsible for hiring, evaluations, and more. Part of their job involves recruiting, primarily focusing on the company's benefits.
But what if you could assist them in selling not only the company's benefits but also the benefits of living in the area?
Here's how you can approach HR directors:
Start by obtaining a list from the Chamber of Commerce and target larger businesses in your market. Introduce yourself as [Your Name] from ABC Real Estate, a relocation specialist.
Let them know you understand their role in human resources and offer your assistance as a REALTOR in promoting the market area. Emphasize that your services are free to the company, and you only earn a commission if...
Jim would like to talk to you about your real estate business with a complimentary 30 minute coaching session.
During the call be prepared to discuss - Your goals for the next twelve months. Your time management and priority management strategies. Your willingness to change and adapt to a changing market landscape, and your biggest choke points - what's really holding you back
The road to transformation starts with small steps. Take your first towards a better real estate business today...