On this 225th episode of my Monday Morning Pep Talk, I will go into the archives and pull out one of my most popular MMPTs. In August of 2022, I wrote an episode around "The Lowest Common Denominator Business Strategy" and I'll go back to it with some slight edits, but in whole it is still a concept that you can use to continue to shape your business. The goal of this episode is to help you reframe how to look at your Top 100, your Top 100 referral partners, your warm list, your hot list and your list of local brokers that you collaborate with on the local market.
First let me start with a question: How many salespeople do you have promoting your business?
Most entrepreneurs and salespeople would scratch their heads when asked this question. At a minimum, there should be at least one, YOU, the owner of your business. In the world of real estate brokerage, it would be the individual broker or the lead broker of a small team or a large team. In reality, truly successful businesses have an army of "salespeople" that constantly promote the positive attributes of the business and actively refer and introduce the business to potential clients.
For the sake of this conversation, a "salesperson" could be a past client, a referral partner, a family member/friend or a transaction partner that consistently promotes your business to potential clients. They are the person who truly wants you to win. It is my belief that for you, the real estate broker, if you focus on Identifying, committing to and nurturing 20 "salespeople” into your business, you will never have to prospect again. Those prospecting days would be behind you. This group of "salespeople" is a mix that comes from your Top 100 and referral partner lists. If managing "The 5 Lists" consistently is too overwhelming, identifying, committing to and nurturing just your "salespeople" is "The Lowest Common Denominator" business strategy you need to create a predictable and enjoyable business. It is the ultimate long game strategy.
Let's dive deeper into what I mean by identify, commit and nurture. Since this is considered a strategy, a plan is needed:
Identify
- This group is "salespeople" who are the connectors, the matchmakers. They love to promote others. Similar to Platinum, but different.
- Most "salespeople" have completed a transaction with you in the past but some haven't. They could have been in their 20-year house when they met you. They might be friends, family members or colleagues.
- Referral partners in other markets can be incredibly important to your business especially if they have a steady stream of clients relocating or buying second homes in your market.
- Some "salespeople" will surprise you. Others you thought for sure would be "salespeople" will disappoint you. Go into every relationship with a new client assuming they will be a promoter of your business.
- This group needs to be taught that it is okay to introduce you. You need to tell them that you "would love their introductions" or they will/could assume you are too busy and not taking new clients.
Pro Tip: The Ultimate "I'm Open For Business Script":
When an active client acknowledges your expertise and quality of work, do the following:
- Acknowledge the compliment in your own words: "Thank you so much for saying that."
- Remind them, in your own words, that you would love to be introduced: "If you have any friends, family members, colleagues that you feel could use my expertise, I'd love the introduction."
By using this script, you are giving them permission to send you opportunities. Don't assume they know.
Commit: Once you have identified a person who finds his/her way into your business as a "salesperson,” you need to commit to these relationships.
- This group should be your marketing and social media "avatars,” your ideal clients. Build your marketing and branding to communicate to them.
- Each relationship should be full of "meaningful moments" and "meaningful conversations.”
- This group will look at you as a "lifestyle" consultant not specific to just real estate.
- Every referral/introduction you get from this group should be recognized with significant gratitude and thoughtfulness (gifting).
- If they need advice or assistance, that call goes to the top of your list for the day. Response time is the biggest form of respect.
- If you don't have a list of trusted service providers, create one if only for this group. Jump in and help them solve their issues as they arise.
Nurture: These relationships need follow up that is specific to their needs.
- There should be an annual touch strategy built out for each member of this group. Each person is unique and will need a specific follow up agenda/plan. Some want an active relationship with you and others will need you when they need you. This group will appreciate specific housing data to update their financial statements.
- Create a friends list on Facebook or a favorites list on Instagram to closely follow their successes and challenges.
- When appropriate, "strategically gift" to celebrate their life wins.
- Be the first to show support during difficult times. They have shown support for you, you need to show support for them.
- Each one of these relationships should have an annual budget. They are the most important people to your business.
- If you cannot manage this level of hospitality towards this group, add capacity to your business by hiring someone.
Pro Tip #2: Just because they love you and promote your business, doesn't mean they won't break your heart. I talked about this on last week's MMPT - Episode #224. You will need to always be on the look out for these "salespeople" to get to 20 and stay at 20.
On my weekly email last to support MMPT #224, I introduced you to the new book written by Dan Sullivan and Dr. Benjamin Hardy call "10x Is Easier Than 2x". In the book, they emphasize focusing on quality over quantity to create freedoms around time, money, relationships and freedom. It got me thinking at a deeper level, does a real estate broker really need a full Top 100? At minimum, you will probably see me change the definition of the Top 100. You could see me pivot to a Top 100 that puts major focus on the Top 20 (Platinum) with less active effort with the remaining "80" being made up of prospects in your warm and hot lists and other private clients that are less active in your business. More on that later. For now and for this episode, a renewed commitment and redefining your Top 20 (Platinum) should take place. If you can't fully take care of your top, top people, it will be a long career made up of peaks and valleys.
If you want to be a super achiever or ELP (Elite Level Producer), you will need to make this mindset shift quickly if you haven't already. This real estate brokerage trend further proves my point that we are moving further and further from just selling homes to a much more active, life style approach (luxury) to brokerage. Your clientele will want to know that you know how to "live" in a home and it's location as much as you know how to "sell a home". To do this well, you may have to create this level of experience with less people if you want your business to thrive. This approach I've presented today truly is the most boiled down approach to building a predictable and enjoyable business.
As I wrap up this call, let me ask you the question again: How many salespeople do you have actively promoting your business? What is your strategy around identifying those relationships? Have you fully committed to the people in that group? Do you have an annual agenda or nurture campaign to strengthen and retain these relationships?
If you don't currently have 20, don't worry. This is the ultimate long game. Set out today to identify them so that you can commit to them and nurture them.
