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Essential Tips for Boosting Repeat and Referral Business before the industry shakeup · The Real Estate Agent Playbook

• 0:00
  When talking to top producing agents, the number one thing they
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  all have in common is they talk about their sphere of influence,
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  their repeat and referral business.
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  This is something that absolutely some of us are much better at than others,
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  but the top producing agents hold on to those clients and those relationships.
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  Once they have them today, we're going to dive into what you should be doing,
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  especially with the industry shakeup.
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  That may or may not be coming with the commission lawsuits and in
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  general are slowing down market.
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  Stay tuned
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  What's up guys jeremy kane Exp realty and the real estate agent playbook.
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  I'm so excited for this one As you know, I help agents build business through
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  repeat and referral Clients as well as managing their sphere of influence So
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  if you're interested in booking a call with me on that, there's definitely
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  a link below but watch the video first to make sure We would connect
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  on a higher level and I would be of assistance to you while you're here.
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  Please like, comment, subscribe, and we'll get into it.
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  So some of you may or may not know that I closed 52 transactions in
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  2021, one a week and 49 of them were from my sphere of influence.
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  And 36 of those were from repeat client or repeat client referrals.
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  So this is a true metric showing that I absolutely leverage my repeat clients.
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  And stay in contact because either they do business with me again, which as you
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  know, is a statistic that usually is around 20 percent and not only that,
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  but they also refer me business as well.
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  So what, what's all into this and it's all about the client experience and all of
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  this, but why does this matter right now?
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  Well, as you know, buyers agent commissions are kind of under fire.
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  There may be some changes coming in the industry.
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  And at the end of the day, people are going to do business with
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  people they know, like, and trust.
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  With all those changes in the industry shakeup coming, it is, you
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  know, thought by most that several agents will be leaving the industry.
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  So, when you really think about it and you're talking to agents, they always
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  say, well, you know, everyone knows seven agents, so how do I separate myself?
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  Well, that number from seven might go to four, or three, or one in the coming years
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  as, you know, the, the industry gets a little bit tighter and the professionals
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  will continue, and those that were just doing the onesie twosies, maybe out of
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  their jobs and had a real estate license, may be getting out of the industry.
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  So, what do we do right now to leverage all of the changes that may
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  or may not occur in our industry?
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  It is really about dialing in your sphere of influence and your connections and
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  your touches and your value stack, right?
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  And so this is just one piece of the value stack that we're going to get
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  into, but it is a very important topic.
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  So now that we understand that there may be a change in our industry and there is
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  massive opportunity for you to dial in.
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  You know, your sphere and, and really connect with the people
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  that already know, like, and trust you so that you can expand that.
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  This is what we're going to talk about today.
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  The power of a repeat client is absolutely amazing.
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  Obviously they purchased a home, but usually, you know, they start out
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  as buyers in some cases, sometimes, you know, they bought before you
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  were in the industry and you're selling for the first transaction.
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  But let's just say that they bought a home from you in the past you helped
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  them purchase this home You were a key reason that they were able to take
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  their you know Down payment that they had typically if it's their first home.
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  It's a little bit smaller and purchase a home They then lived in the home.
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  Maybe they did some improvements and now they're seeing the fruits of their
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  labor In addition to, you know, the, all the stuff they've done in the updates,
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  they're also getting a benefit of appreciation as well as they've lived in
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  the home and built memories in that home.
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  So that's, that's massive to be able to go into a home that you
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  helped a client by two to five years, 10, whatever years before.
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  And say, Hey, this is kind of what I'm thinking your, your net would be.
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  This is what you're worth.
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  This is what, you know, it costs to sell your home.
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  And this is what you're going to walk away from the table with.
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  Typically that number, especially over the last five years, exponentially larger than
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  any other investment they could have had.
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  And they've also been living in the home since you sold it to them.
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  So looking at that as an investment vehicle really turned some light bulbs on.
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  And so having that.
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  You know, joy of of bringing that ability to help build wealth through real estate.
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  That's number one.
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  Next, you know, they're probably going to sell the home.
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  There may be moving up, maybe downsizing, whatever they're doing, but then they're
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  going to probably purchase another home.
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  So you get a two transactions typically out of these sale buys.
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  If they're moving out of state, make sure that you're leveraging
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  your referral partners.
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  , in other states, if you don't know anybody in other states, it's pretty simple.
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  Join some real estate groups, put some words out there, you will be able
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  to find a good fit for your client.
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  But, as you can see, this is the power of repeat business, right?
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  This is the power.
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  of helping someone and staying in touch and doing these touches and doing the
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  little things so that you're top of mind when they go to sell their home.
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  And it all starts of course, with the initial experience.
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  So I talk about client journey a ton.
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  That's not what we're going to talk about here, but make sure that you
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  are doing everything you can to stand out and provide value in whatever
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  way you possibly can so that you're, they're more likely to want to raise
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  their hand and use you the next time.
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  The next part and the beauty of this is.
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  right?
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  So maybe somebody found their forever home.
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  You found their dream home.
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  You did the job on the first take.
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  That's amazing.
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  Now what happens is you're still continuing to stay in front of them and
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  talk to them and invite them to your events and check in with them regularly.
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  Make sure that you're doing everything you can to keep in touch with the house.
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  I have an annual review.
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  We'll talk about that in a second, but that will lead to them referring business.
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  Usually people hang out with.
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  cohorts that are, you know, in similar time frames.
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  So maybe they have friends that are looking to get into their dream home.
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  Maybe they have friends that are looking to move up.
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  And if you're doing the right thing and they've had a positive experience,
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  they're going to refer you business.
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  Now, ultimately, all of this is done, depending on how you started the
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  relationship for little to no dollars out of pocket, which is extremely
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  important since, you know, transactions are down 40 percent this year.
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  So you're able to just be present.
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  And do the things that you can do.
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  Sure.
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  Gifting and stuff adds to the value stack for sure.
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  But you're able to do this almost at a, at no cost to you.
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  And the truth is, as the industry changes, people are going to understand
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  that they need to use people that they know, like, and trust it's no longer.
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  You know, Hey, I'm just going to click on this and get a Zillow
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  agent and see what happens.
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  People are starting to understand, well, you know, okay.
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  The interest rates aren't quite as low.
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  This is a pretty big investment.
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  Maybe I should call my buddy Jeremy, or maybe I should call my, you know,
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  agent that I trust, not just that agent that, you know, I last saw.
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  So you need to build that trust throughout.
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  Obviously those referrals come and more so now people are going to be
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  raising their hand and being like, okay.
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  You had a really good experience.
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  I've seen what you've done with the house.
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  I want to be like you because that's who people hang out with.
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  People that want to be like them or that they want to be like.
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  And then they're going to say, Hey, yeah, give Jeremy a call.
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  They took great care of me.
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  Not only that, but you know, he stayed in touch.
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  He's done these annual reviews.
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  He's done the things that helped me manage my asset and it's treated like
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  a You know, true investment, right?
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  We don't just invest in the stock market and set it and forget it.
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  And I've never talked to our financial advisor again.
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  So why do we do that?
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  You know, to our clients being the key cog in helping them invest in real estate.
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  So now we know why it matters.
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  Absolutely.
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  Maybe you skipped to this point because you're ready for some tactical,
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  but here's some tips to boost your client experience, to boost the
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  repeat, repeat referral business.
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  First and foremost, dial in your service.
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  Your experience should be a great experience.
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  And buying a home is, you know, stressful and all the things.
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  Usually by the end of it, people are pretty happy.
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  Most times there's happy people at the closing table, at least in my experience.
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  However, getting there is key.
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  So you must dial in exactly what their experience is like.
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  This starts with your communication skills, right?
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  This also starts with your ability to work through some maybe troubling
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  inspection items, or maybe a low appraisal, or anything like that.
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  You have to have that experience to Not only you know stand up and fight for your
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  clients, but have the retrospect have them understand Hey, this is you know, this
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  is what we this is how this works, right?
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  This is probably what we can get usually people are gonna you know,
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  take care of the major health and safety items They're probably not
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  gonna take care of the cosmetic items.
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  Maybe they shouldn't take care of the cosmetic items because You don't
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  naturally like their taste, right?
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  You don't like the color of their paint.
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  You don't like the color of their carpet, whatever.
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  So the cosmetic items usually fall on you as a homeowner, as long as
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  they're not major health and safety.
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  So dial in those tactics and those conversations that you can have
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  in scripts, I guess, you know, so to speak with your clients
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  so that they understand, okay.
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  Jeremy's looking out for my best interest, but he's also, you know,
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  being strategic in how we're asking for inspection items, how we're
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  negotiating, and what our end goal is.
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  And you should have strategies, you should talk about your strategies,
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  and at the end of the day, you have to represent your client what they want.
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  However, there is ways to go about it to make sure that the situation ends with
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  all parties feeling like they gotta win.
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  Right.
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  The bulldozer agent, the one that just stormed through and says, Hey,
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  my clients want this, this, this, you need to absolutely have this.
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  That's not really what we're looking for.
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  We're looking to accomplish an end goal as an agent.
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  I always work pretty tirelessly to make sure.
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  That everyone feels like they got a deal, right?
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  And certainly my clients are first and foremost, but I want to make sure
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  the relationship with the other agent is that isn't contentious, because
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  I don't want that to get in the common goal of everybody involved.
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  The buyer's agent, listing agent, seller, buyer, lender, inspector, appraiser,
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  they all want this transaction to close.
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  And so how do we work together to make that happen and both the buyer
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  and seller end up happy at the end.
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  That's absolutely key.
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  And you know, you don't think about it so much as repeat and client referral
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  stuff, but that's absolutely the key to making everybody feel successful, right?
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  Then we get to the closing.
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  Then it's about staying in contact.
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  It's really about helping manage your asset.
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  As I mentioned, I do an annual review.
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  Where we talk about all things real estate home related, right?
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  It's not, hey, do you want to buy or sell?
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  It's hey, what are we doing with your asset?
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  This is your loan amount.
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  This is your equity.
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  That's pretty cool You know highlight the equity gained and then we talk about okay.
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  Are you in the right loan?
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  Do you have any you know idea for the equity that you have?
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  Do you have?
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  You know, college tuition to pay for, or, you know, do you have any
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  upgrades that you want to do that?
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  Maybe you need to leverage that equity.
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  Okay, talk about that loan.
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  Are we, do we have mortgage insurance, all the things.
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  Then we move into, you know, insurance, make sure that the home is
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  insured, any improvements and so on.
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  And as you can see, it's a tool that helps them manage the asset.
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  And you, as their advisor, are helping them manage that asset.
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  So when the light bulb turns on, they're like, hey, we want to make a move.
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  They're going to call that advisor that's been advising them, walking
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  alongside them, giving them referrals for great contractors and
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  great people that are doing things around their house or their town.
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  You know, the best barber, whatever they need, you want to be that connector.
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  Because the more conversations you have with them, the more times
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  you'll come up in conversations.
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  with their cohorts.
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  So all of these unique follow up strategies absolutely key I do gifts,
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  you know, so to speak happy birthdays, you know christmas stuff But the
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  thing is it needs to be general but it needs to be specific to you, right?
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  I will tell you that i've made a shift in my mindset here I've kind
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  of spread out my budget, you know, for gifting and along those lines.
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  This is because, you know, everybody's sending Christmas
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  cards and gifts around Christmas.
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  Not to say you shouldn't do it.
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  Everybody's sending, you know, the tax forms, you know, in January.
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  So you want to be a little bit different.
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  Maybe, you know, I know a lot of people do this, but not a ton do, is,
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  you know, a scratch ticket during St.
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  Patrick's Day.
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  Or something that aligns with you, a barbecue in the summer.
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  You know, client events and at odd times, right?
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  Everybody's so busy at Christmas, but we plan the client events
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  around Christmas and then nobody can come because they're so busy.
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  So being unique and different is absolutely a must when you're developing
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  your gifting strategy and make sure that you're leveraging it and making sure
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  you're not just one in the same, right?
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  You're not.
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  Just posting on their Facebook wall and saying happy birthday
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  because 150 people do that no matter how many friends you have.
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  So you want to stand out, maybe do a video text, whatever that
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  may be, especially early on.
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  And that's one thing I want to drive home is early on in your career, you
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  may not have the budget to Expand a gifting program because you know, you
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  have to sell that first home to have you know A budget to buy open house signs
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  or whatever so the little touches the things that are free to you the video
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  text the You know, hey, let's meet for coffee, you know lower dollar items are
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  absolutely something that you can leverage until you get the budget for these, you
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  know, more elaborate gifting strategies.
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  And the next thing is engage your clients beyond the business,
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  beyond the transaction, right?
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  Allow them to, you know, if they have kids, let's, you know, get together.
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  And I'm not saying you have to be best friends or your clients have to be family.
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  I try and bring my clients into my family.
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  I used to host, you know, a summer party at my home.
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  I I have enough clients now where that would be kind of a disaster, but little
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  touches like that, you know, making those connections with the kiddos, a play date.
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  Maybe, you know, if, if it's just a couple and a couple going out,
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  you know, on a double date or, you know, any of those things to do life
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  with your clients, be that person.
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  That's not just, you know, that advisor.
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  Here's one thing attorneys don't do well besides, you know, clearly make
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  a lot of money off of lawsuits is.
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  They don't, you know, engage their clients because, you know,
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  the nature of the business.
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  However, in real estate, we typically have a little bit better settlement
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  feeling at the end that we can maybe engage in, in things like that.
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  Social events, client events, small group outings, talk golf, get a group of, of,
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  you know, your clients together that love sports and go to a game or, you know,
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  any of those things that you can do.
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  And if it's, if it's not affordable to take them to a game here, you
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  know, Maybe get together and have a watch party or something you can do to
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  engage those clients that have those similar, you know, interests that you
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  do and, and kind of break it down.
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  And that way you'll have a bunch of options, right?
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  If you always do the family stuff.
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  Well, if you're a family oriented, only realtor, that's great.
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  But if you're like me and you have all clients from different
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  strokes for different folks.
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  You come in and you, you know, maybe we'll, we'll have a watch party here.
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  Maybe we'll do Santa Claus over here.
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  Maybe we'll do, you know, poker night over here, whatever that is to be
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  very diverse and make sure that you're getting backed in touching each and
• 15:24
  every individual client as they are.
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  And then you're not forcing your clients to be, you know, exactly along
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  the same lines as everybody else.
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  And then the next thing is just leverage social media.
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  When you have these events, when you have these, You know,
• 15:38
  breakthroughs and stories.
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  Be careful with names and things and pictures on social media.
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  But tell the story, right?
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  If your client doesn't want to be featured on, you know, social media,
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  you can tell the story without telling their name or showing their
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  picture or giving their address.
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  So make sure you're leveraging socials and your website and testimonials and all
• 15:56
  the things so that everybody knows, right?
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  Maybe that common friend sees that.
• 16:00
  You know, Jenny had an absolutely amazing experience working with you.
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  And then we can move forward and they're like, Oh, well, when I'm
• 16:08
  ready to buy or sell, I'm going to call Jeremy because I saw that social
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  media post and Jenny's a lot like me.
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  And so as you can see here, these are the things that we need
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  to be doing, because honestly.
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  The leads will drop, come and go, right?
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  The Zillow leads will forever change.
• 16:21
  If buyer's agent commissions go away, there's about 9 million lead generation
• 16:25
  companies that call me every day.
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  They're going to be out of business.
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  Which not saying they're going to go away or anything like that.
• 16:31
  That's not what this is about.
• 16:32
  But as the industry changes, are you going to be that, you know, wealth of
• 16:37
  knowledge for your people that already know, like, and trust you and continue
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  to build that and maybe leverage their know, like, and trust of you into their
• 16:45
  spheres and grow your business organically instead of relying on these third party
• 16:50
  companies that you pay a ton of money for?
• 16:52
  Who may not be the answer as we move forward.
• 16:55
  So if you have any questions, let me know.
• 16:56
  I would love to connect with you.
• 16:58
  I do have a realtor game plan call link below.
• 17:01
  I would love to chat with you about anything, sphere of
• 17:03
  influence, client retention, calendar audits, all the things.
• 17:07
  Thanks so much for watching.
• 17:08
  Thanks so much for listening to the podcast and we'll talk to you next time.
• 17:11
  Bye bye.