What if your next transaction is embedded in your current transactions? This is such an easy concept but often overlooked by many agents. Every escrow you have is a pathway to more escrows. Let me share three key strategies to help you leverage this opportunity.
First, introduce every single person you're in escrow with to your VIP program. You might say, "I don’t have a VIP program." Well, you need to start one. A VIP program simply means telling your clients:
"Now that you’re my client and we're closing this transaction, I’d like to invite you to my VIP club. Here’s how it works: If you hear someone thinking about doing real estate business and refer them to me—even if they don’t close—that act alone makes you a VIP. As part of the VIP club, you’ll get access to special events throughout the year, quarterly prizes, and a grand prize at the end of the year. Plus, for every referral you send, you’ll receive a small gift from me."...
Want to know the number one mistake new brokerage owners and team leaders make?
Focusing on recruiting new agents.
When we enter this industry, we often have an ego, thinking we can coach and train people to be super successful. We have a passion for training and coaching, which leads us to believe we should direct that passion towards new agents.
But here's the problem:
There's an 87% attrition rate in our industry.
This means almost nine out of ten new agents you recruit will fail. You might think you can change that, but this number has been consistent over the last 30 years. It doesn't matter how good a coach or trainer you are, how good your brand, systems, CRM, website, or lead generation are. It's about what the new agents implement. No matter how good we are as mentors, some of them just won't take action.
All that being said, we were all new agents once. But those of us watching this today are part of a very small minority—the 10% who made it. And within that group,...
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