The key to strong relationships, whether personal or professional, starts and stops with communication. If you don’t communicate with your clients, the relationship most likely will be one transaction and done.
From a business standpoint, that is such a lost opportunity. It’s been proven that it is 18 times more profitable to market to those that already know you. It’s equally tragic from a personal standpoint because, in most cases, working with clients that already know you, like you, and trust you is just so much more enjoyable. I would venture to guess that you all agree with me that if your communication is poor, there will be a negative impact to your business. Knowing this, why is it so difficult for most brokers to stay in touch with their clients? I think there are several reasons:
- The industry as a whole puts a focus on transactions not relationships. It did a number on me when I entered the world of brokerage in 2001.
- Brokers feel like staying in touch, post transaction, could come off as too “salesy” and don’t want to intrude on the lives of their client post transaction.
- Lack of training. Most brokers just have not been introduced to the concept of relationship-based selling.
I’m here to tell you that if you can master the relationship-based mindset and put focus on improving the client relationship post-closing, your business will grow consistently and hit new stable heights of productivity. The drastic peaks and valleys, experienced by a transaction based-model, will not exist.
This mindset shift starts by understanding one simple concept: When you stay in touch, you are not selling, rather you are simply providing value.
Also, you need to understand how your business grows. The Law of Compensation basically states that your income is the equivalent of the value you provide times the number of people that you provide value. Increase your value while helping more people, and mathematically you will make more money and live a better life while enjoying the journey at a much higher level.
In trying to master the concept of creating a relationship-based model, there are several tips and techniques I’ve used successfully or have observed that can be game changers for your business:
- There is nothing more powerful than a handwritten note. When someone takes the time to sit down, put thought into a message, address an envelope and physically put a card in the mail, there is nothing more thoughtful. It shows that you care enough to take the time to appreciate someone at a high level. Never, ever use an address label. Handwrite each note and each envelope. Purchase appropriate stationary that is non-business related. The return address can be pre-printed. The strategy that was received the best by my clients when I was selling full time was my birthday card program. A simple, pre-printed set of birthday cards and envelopes, a stack of $10 gift cards and about 1 hour a month created a next level return on my investment of time and the $1,500 spent each year.
- Make sure you have the all of the proper contact information in your device so when your clients calls, you can answer the phone enthusiastically and appropriately. It will be impressive to your clients when you pick up the call, answer them by name and especially when you have not talked to them in a while. A master at relationships will “pick up right where you left off.” You can’t do that if your contacts are not fully updated in your phone. So many let all of their calls go directly to voicemail as a strategy. This approach is such a missed opportunity.
- As an alternative to calling and leaving a voicemail, use the voice messaging option via text. 98% of text messages are read compared to 20% for email. Your clients need to hear your voice and leaving them a voice note is a perfect option.
- Strategic/intentional gifting can be extremely effective in maintaining and cultivating an important relationship. A thoughtful and appropriate gift delivered with perfect timing will make a huge impact.
- Use Facebook and Instagram to monitor and engage with your clients. These platforms are a gift for real estate brokers. As you’ve heard me say, social media is a huge cocktail party that most of your clients are attending on a daily basis. You are either attending the cocktail party or you are not. One thing is for sure, your competition is attending that cocktail party. The key is to communicate “just enough” to stay front of mind and not be annoying.
- To get in front of as many clients as possible in one setting, plan multiple events throughout the year. Even if a certain subsection of your list cannot attend, they appreciate being remembered.
- Develop a preferred service providers list. Make it known to your clients that you have a vetted list of names that you recommend. One of the biggest compliments that you can get as a broker is to have a client reach out to you for advice or referrals. Be prepared to answer those questions before they get asked. You need to develop a preferred service providers list.
This high touch approach takes planning, effort, and a “hospitalian mindset.” Your approach needs to be personal and authentic.
In the fall of 2016, I presented my “Championships are Won in the 4th Quarter” to a room of SIR agents at LIVCONNect that was coordinated by LIV Sotheby’s in Denver. After I did my presentation, I opened it up for Q and A. An agent raised her hand and asked if I knew of any technology that could be just “Plug and Play” because she didn’t have the time to contact her clients…
Half of the room cringed. The other half looked on with interest as if they “had the same question.”
“You Cannot Automate Thoughtfulness,” I told the group.
Where those words came from, I don’t know, but I think that phrase simply summarizes the effort needed to be elite in this area.
Your client will remember the moment they got that handwritten sympathy card right after a death in the family.
Your client will remember the Barkbox delivery for their new puppy that they just got over the weekend.
Your client will remember the baby gift that arrived celebrating the birth of their child.
Your client will remember the birthday card and Starbucks gift card that arrived the day before their birthday.
They will feel warm and fuzzy when you actually answer the phone and greet them warmly and enthusiastically.
The impact of investing time, resources, and emotion into your relationships with your clients is immeasurable. If this seems overwhelming, I’d rather have you cut down the size of your Top 100 and max it out at 50 and do it right rather than short-cutting the personal service that we’re talking about.
If you haven’t had your aha moment of truth related to this topic, you will when that high price point introduction drops in your lap as a result of your efforts. At that point you’ll get it, you’ll understand the power of developing and maintaining meaningful relationships with those that know you, like you and have trusted you as their real estate broker.
The best part is that your business will be so much more enjoyable.
