Stay in Touch with Previous Clients
One of my core beliefs is that the only way this will be a great business for most people is when the majority of their leads are “repeat business and referrals”. Churning and burning new business or cold leads is no way to make a living. I believe the business should get easier and more lucrative every year and the only way that’s going to happen is by staying in touch with everyone you do business with.
In the first year or two this business owns you. You have to work very, very hard for the money you make and your quality of life outside the business is not great. Like anybody in almost any industry you have to pay your dues.It is important that you understand why you are working so hard. After the initial struggle there are few careers as lucrative and rewarding as a real estate agent working primarily with former clients and referrals. At that point you own the business and you have the lifestyle and the income that you deserve. In fact, it gets so good for some people that they call it “Broker Heaven”.
Long Term Leads
There is only one way for an agent to reach their own version of “Broker Heaven”. You have to capture contact information and communicate regularly with everyone you meet both socially and in business. We all know this is a “people” business and an agent’s income is very much dependent on who they know. The objective is to create a relationship with as many people as possible who think of you as their “go to” person in real estate. We all know that effective communication is the key to healthy relationships.
Repeat customers are the best kind of customer in any industry and the majority of people will come back to you if you do a decent job for them and stay in touch. Referrals from satisfied customers are also extremely good. They treat you with more respect and they are far more loyal than “cold leads” that come to you with no prior relationship. When an agent reaches the point in their career that the majority of their leads are repeat business and referrals their “closing ratio” is usually between 50 and 75 percent. Imagine how lucrative and fun this business is when over half the people you work with result in a closed transaction. That’s what I call “Broker Heaven”.
About Greg Young
Greg Young is the owner and President of Broker Heaven NY, a real estate training and consulting firm located in Manhattan devoted to helping agents and companies reach their full potential. Greg has trained thousands of agents over his 30 year career and has created numerous rental and sales training programs.