Use “Who You Already Know” To Double Your Income…
The most commonly neglected referral sources are often your past clients and those people you already know ...Your "list"…or what I like to call your “Book of Business” (B.o.B.).
Your B.o.B. is different from your list of names because it contains people who you know for certain will refer business to you ...or in other words... those who know, like, and trust you...When positioned and "managed" properly, these people will produce substantial new business for you on a consistent basis.
An aggressive plan to expand and transform your list of names into a B.o.B. should result in a dramatic increase in referrals from your database.
Example: If you currently have 50-100 people in your list, using a pre-planned and systematic approach to prospecting and networking, you should realize an additional 15-20 sales each year derived from this one source; I think you can clearly see the benefits of mastering this system.
But before you can effectively use this system, your database must be well organized. There are many different database management systems, but the key is to have an action plan for networking and prospecting designed specifically for each class of entry.
The more information you have on each relationship, the more efficient this system will be for you. Make sure to gather as much INTEL as possible on each entry ...then use this information to grow a personal relationship built on care and trust.
Everyone has professional people in their life they call upon when necessary; we all have a doctor, a dentist, a lawyer and an accountant. Yet very few people have a person they call “My” REALTOR®. The reason is … most agents rarely take the time to cultivate a deep relationship. So make this your goal, and the result will be lots of loyalty, lots of business and lots of happy past clients.
By following the system below, you can “educate” your list of relationships to always think of you whenever they are involved in a conversation regarding real estate. The idea is, you are not just asking for their referrals, but you are providing great services and benefits to them directly.
1. Call your B.o.B. 6 to 8 times a year. Remember, your objective is to become their resource for everything real estate related. Consider the following flow for your list calls:
By following the system below, you can “educate” your list of relationships to always think of you whenever they are involved in a conversation regarding real estate. The idea is, you are not just asking for their referrals, but you are providing great services and benefits to them directly.
1. Call your B.o.B. 6 to 8 times a year. Remember, your objective is to become their resource for everything real estate related. Consider the following flow for your list calls:
First: Get personal / build rapport (Use F.R.O.G.- Family, Recreation, Occupation, Goals in your conversations)
Second: Discuss their real estate needs (Discover a “need” and help them with it)
Third: Ask for referrals (Who do you know that is thinking of buying of selling in the near future?); it is critical you ask for business.
The length of time you spend on each call will vary based on who you are calling and how often you speak to them. It is normal the first time you call through the list your conversations will be fairly long. This is fine as it is critical you are building rapport and talking about real estate with them.
2. Mail or email something "Of Value" to your B.o.B. every month. -Examples include: Articles, Postcards, market updates, newsletters, just- listed cards, just-sold cards and charitable notices. Always refer them to your website. Also, offer them free reports on how to increase the value of their home, how to get rich investing in real estate, how to stage their home, etc. Become their “go-to” person for everything real estate related!
When considering “Items of Value” make sure it holds value to each individual …the same Item of Value sent to everyone in your B.o.B. will not be seen as “valuable” …know the individual so well that you know what they find valuable! Example: Someone who plays tennis might find an article on improving your game valuable...(it doesn't always have to be real estate related)
3. Pick out your best people and label them as "A+" or Advocates. -These are your best clients and your best friends ...people who you know without a doubt will refer you business.
Advocates or A+’s will be the movers and shakers in your community, the business owners, the H.R. Department Heads, etc… These are the people who know the most other people; they are "connected" and can provide you the most amount of referrals.
Take A+’s to lunch at least once a month and explain how you want to build your business with a referral network …When you say to them, "I need your help,? They respond, "What do you need?" Also make an offer to help them grow their business as well and make it a double networking event!
4. Consider throwing a holiday or client appreciation party. -This is a perfect way to gather your A and A+’s together to thank them for their support and referrals. There are many ways to have a party. You can do a great party in your home or at a local country club. Many agents get creative and do theme parties like casino nights or costume parties. It may cost a lot of money to throw a great party, but the event will easily pay for itself with the referral business it will generate.
5. Consistently send out handwritten notes to your B.o.B.. -In this high technology world of e-mails and form letters, it is important to still maintain a personal touch . A simple way to do this is to send out a handful of handwritten notes each day. Almost every hand written note you send will be read...there is no bigger bang for the buck than a hand written note. Use them and watch your response rate soar!
6. Do personal visits to your database. -A drop by is simply going directly to your list's home or place of business ...the idea is just to stop by and create a face-to-face contact. Say, "I was in the area and thought about you. I figured I would stop by and shake your hand and see you. Spend a few minutes talking and then move on to the next person. You can "map out" where your people are and see many of them in a short period of time.
7. Lastly ...Remember To Ask for the Referrals - Even if you completed items 1-6 listed above flawlessly ...you would likely miss most opportunities if you failed to ask for the referral... Remember people are leading their own life's and won't be thinking 24/7 about helping you to grow your business ...they are out there trying to pay the bills and get the kids off to school everyday ...which leaves little space on their time continuum to think about referring business... Make it your "Task To Ask"!
When contacted regularly and enthusiastically, your past clients and center of influence people will be some of your strongest sources of business. You will be able to consistently obtain quality referrals from these people in any type of market. Focus on providing great service to them, and the business you receive in return will be the foundation of your business.
Eddie Brown ©2011
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