Episode Talking Points: Listen on Apple Podcast or Soundcloud for full explanations of topic.
On today’s #MMPT, before we go into new content, I want to take a few minutes to review what we discussed last week :
- The "Sales Funnel”: the sales approach needed to build an enjoyable and predictable business. "3 Rocks Of Marketing” is the top of the sales funnel which feeds the “Deliver and Leverage,” which is where you transact. Those that successfully make it through your “Deliver and Leverage” stage populate your “Database and Relationship Management” strategy.
- Review of “The 3 Rocks of Marketing” and how to identify which lead generation strategies are right for you (Barbara Corcoran Method).
- “The Referral Tree” revisited
- Did you do your homework? Did you go back and identify your transactions over the last 2 years and identify which lead strategies are most effective for you?
So today I want to go into more depth in a few areas and add a few new concepts to the mix:
- What is “Deliver and Leverage?" I’ll spend some more time on this area and why it is so important to turn 1 transaction into 3. (People Remark about a Remarkable Experience)
- Discuss that most agents are pretty good at this area (90% would use their buyer's agent again and the typical seller referred their agent at least once and 36% have referred at least 3 times based on NAR 2019 survey; these are strong numbers). Agents understand this area because this is where they get compensated.
- What they don’t do well is look for additional opportunities during the transaction. Most agents are just focused on getting that one transaction closed. The numbers get pretty sad after the closing where less than 9% say they used the same agent on multiple transactions. That’s why we started with and spent so much time on “Relationship and Database Management."
So, here are several ideas and scripts I want you to use moving forward:
- When a client gives you praise during or towards the end of a transaction: “<Name>, thank you so much. I needed to hear that today. I really appreciate it. You know, if you ever have a friend, family member or colleague that could use my expertise, I’d love the introduction." This phrase says that you are “Open for Business." You need to show your clients how to refer you.
- At the closing or end of the transaction (keys handover): Use the following “Transition:” "<Name>, just so you know, this is the beginning of our relationship, not the end. You’re stuck with me. Call me for anything.” This transitions you from “Deliver and Leverage” process to the “Relationship and Database Management” process.
- Last but not least, ask for a testimonial before the transaction closes if possible. A good time is when you get a “CTC” or when all contingencies are met. Once the property closes, the buyer will be focused on moving and settling in. They will be ready to put the process behind them.
Next week we will discuss “Personal Branding” and in 2 weeks, I will show you how to put all of these concepts together.
