To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
We call these people “business builders”.
We see it when people start to think about how they can actively engage with their customer database through their existing real estate campaigns.
Here’s an example. Whenever a property is newly listed, the first thing we should do is a property search for all the buyers we know who may be a match for buying a property like it. What we often fail to do, however, is think about others in your database that live nearby and may like to know that property is on the market – maybe they are prospects too. A really simple idea for business building is to consider people already in your database and how you could target them as clients. What do they want that you can offer them?
Open up your search from just buyers you know that live in and around the area to all of the potential sellers, all the market appraisals, all of the past clients and all the landlords that live in the area or own a property locally. The next easy step is to work the phone to tell them that property is listed and ask if they would appreciate a courtesy call to notify them when it sells. During the chat, ask about their own real estate situation. Every call is an opportunity.
My ideal conversation would go like this: “Hi Liam, Josh Phegan calling… I just wanted to let you know that number 24 on your street/in your suburb has just been listed for sale. Have you heard how much they’re asking for the home? Well they’re asking for $650,000. So I just wanted to check in with you, would it be okay if I let you know when it sells and what it makes?” Liam’s probably going to say yes and I’ll say, “Great! And by the way, how are things with you?” Through the simple act of reaching out, you’re reminding your past market appraisal, your past client or past landlord about you and starting a conversation about how you can help.
This completely new way of seeing your relationship with a customer is a three-pronged concept – the focus is:
Are you relevant to the customer?
Is it frequent enough?
Is your communication consistent enough for building a relationship?
So then, would it be relevant to ring a potential seller, past market appraisal, past client or a landlord to share that a property is listed in their area? Absolutely. Is that going to be frequent enough? Depending on the area’s turnover, you may have to consider other ways to remain in touch. Finally, can you do this consistently each time you get a listing? This comes down to you and your commitment to building your business.
By thinking this way, you can give more meaning and more context to the type of prospecting you undertake. Subsequently you can provide great value to all of your customers that are already sitting in your database. Now it is up to you to think about how to multiply the strategy. For instance, by getting back on the phone to make the courtesy follow up call. Your overall, constant aim is to build your rapport with your clients by relationships of relevance.
Relationship building this way can really boost your open for inspection attendances. You now have permission to personally invite your potential sellers, market appraisals, past clients, landlords and key referrers to those properties. At the very least, those extra people will make potential buyers see there’s a lot of interest in that property.
Business building is about ensuring you are relevant to the people in your database and understanding the importance of geographic and relationship-based farming.
If we can ever help you with coaching or to become a business builder, please contact us at www.joshphegan.com.au