Here’s how to generate your fantasy repeat and referral business
July 12, 2023 by Tim and Julie Harris
If you could choose any listing from any source, wouldn’t you always answer ‘repeat or referral‘ from someone you already know?
Of course, you would. They already know, love, and trust you. You probably won’t compete for that business, and you didn’t have to buy the lead or pay a referral fee.
Your number one job in real estate is to generate new business every day. It is what fuels the engine of your business. If you’re not generating all the time, you’ll experience feast and famine instead of the predictable, duplicatable income you desire.
Any day that you don’t have a listing appointment, a closing, or showings with qualified and motivated buyers, you must prioritize proactively generating new opportunities.
5 ways to nurture your database
Your database includes your past clients, people in your sphere of influence, and your professional sphere of influence. Here are some ideas when you reach out.
Record a video, offering a free comparative market analysis (CMA). What is their home worth in today’s market? State some stats and facts about recent appreciation. Use your Board of Realtor reports, Altos Research, and your own experience as talking points. For example, since 2020, home values in Columbus, Ohio have increased on average by 41%!
Have coffee or lunch with one past client per week, on a regular schedule as part of your past client nurturing plan. Invite someone from your sphere of influence or a past client and introduce them to each other. Use your FORD (Family, Occupation, Recreation, Dreams) script and be sure to talk about real estate. Whom do they know who could use your help buying or selling real estate?
Have at least five conversations per workday with someone from your database. Bring something of value to your call. This could be information about a coming soon listing, talking about what your buyers need to find, or some neighborhood news that affects them. And of course, always ask whom they know who could use your help.
Have three meet ups per week to expand your sphere of influence. There are three categories where you can find new opportunities to meet people and talk about real estate. Those are: things you already have an interest in, networking for the sake of networking, and charitable events. Get your new contacts into your database.
Send at least three thank-you cards or congratulations cards to people in your database every day. Use social media to get ideas. Who got a promotion? Who had a kid graduate from high school or college? Who just got married?
Tim and Julie Harris host a podcast for real estate professionals. Tim and Julie have been real estate coaches for more than two decades, coaching the top agents in the country through different types of markets.
