On this 206th Episode of my Monday Morning Pep Talk, I will jump back into Take Flight V4.0 and begin Section 4 that will be "Wing 1" on your aircraft (your business) that will power you to 30,000 feet. Section 4 will focus on executable and proven strategies that will generate additional referrals/introductions during the buyer and listing transaction process. I will show you how you can "Deliver and Leverage" during your transactions so that you that you can predictably turn one client transaction into three.
When I talk about "Deliver and Leverage,” I'm describing the concept of delivering a high value experience during the transaction while leveraging that high value experience to create more opportunities within your business. You should expect 2 other pieces of business off of a successful buyer closing or a closed listing. Let me give you some examples of how you can accomplish this:
- A completely satisfied buyer introduces you to 2 friends, family members or colleagues.
- By conducting open houses during the launch of a listing, you add multiple warm and hot list buyers and gain a listing opportunity from those open houses.
- You sell your listing to an unrepresented buyer who found your listing through your upgraded listing marketing. You are paid on both sides.
- Just Listed and Just Sold direct mail sent to the surrounding area produces multiple listing opportunities.
- Social Media posts providing insights to a current buyer search piques the interests of one of your Instagram followers prompting them to DM you and ask for assistance with their search.
- Enhanced photography and marketing created for your listing posted on social platforms and email marketing campaigns delivers multiple buyer and seller leads.
- A testimonial from an extremely happy buyer or seller prompts a new buyer to reach out to you to begin a search.
These are just some examples of how you can "Deliver and Leverage," turning an active buyer search or listing into at least 2 more solid opportunities.
Here are some things to consider:
- "People Remark about Remarkable Experiences.” As you know, it takes an extreme amount of effort and skill to create a remarkable experience. In the coming weeks, we'll discuss how you can best do that.
- I want you to keep 2 words front of mind as we go through this section of Take Flight: Hospitality and Service. They are in the same genre but are wildly different. We'll dig into it deeper. If you haven't read Unreasonable Hospitality by Will Guidara, I highly recommend it. It's almost required reading if you want to create a business that delivers "Remarkable Experiences.”
- Two words we use only amongst ourselves: "referral" and "transaction.” When talking to clients use "introduction" and "opportunity.”
- You need repeatable transaction systems and processes to complement your effort and skill. I know this is one of the most popular topics that needs attention right now and we'll dig into this over the coming weeks.
- You need to "keep your head up" to recognize and capitalize on these opportunities. Hobbyists just focus on getting their current pipeline closed, jumping from closing to closing and not paying attention to the opportunities that are in front of them.
- People hire who they know, like and trust. To create this, you need to show "Evidence of Success.” You can be the best broker in the world but if you don't market that experience, nobody will ever know that you are really good at your craft.
- You have to own this concept: It is your responsibility to grow your business. No one is going to do it for you.
- As your business grows towards 25 transactions/$25M, you will need to add capacity to your business by adding team members. Your business needs 1 person for every 25 transactions/$25M to have any hope of creating a remarkable experience.
Segment 4 of Take Flight V4.0 will give you your first wing. You don't fly without wings.
Pro tip: You'll be really tempted to move fully in on this concept without properly addressing your "Mindset" (Cockpit), "Habits and Rituals" (The Tail) and "Database and Relationship Management" (The Cabin). These 3 areas are foundational. Your business and life will plateau if you don't rate them an 8,9 or 10. Trust me on this. I’ll use a metaphor to describe how important they are to you. If you are building a home, these 3 areas are everything up to and behind drywall. They need your attention. With that being said, as you build out the foundational pieces of your business, you can double your production just by delivering a remarkable experience while keeping your head up and looking for those opportunities.
Hopefully you are starting to see the possibilities of what can happen when you focus on moving from being a hobbyist to building a real business. Imagine that your database and relationship management efforts, with your 5 lists, produce a 20% return on the number of contacts all while you are creating 2 additional opportunities from each client transaction because you are creating remarkable experiences. #almostnotfair. This concept could be the foundation of your next set of annual themes and quarterly initiatives.
Over the next several episodes we will go deeper into Section 4 of Take Flight V4.0.
Remember, you need wings to fly.