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The Magic Formula: Turning First-Time Buyers into Lifelong Clients! · The Real Estate Agent Playbook

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  Have you ever wondered how some agents just seem to take that first
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  time homebuyer and dial it in and get them lined up as lifelong clients?
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  Well now more important than ever in our changing market where the
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  Zillow leads have dried up and there seems to be less transactions, so
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  the leads per se are harder to get.
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  We need to retain those clients that we've had in the past, even more so today.
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  So today, I'm going to break down one of the great frameworks for keeping clients
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  and customers coming back, Edmilette.
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  Stay tuned, we're going to dive in.
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  We must know the value of our product.
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  So, we must have that market knowledge.
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  This is something that if you're following me, you know, you're
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  new to the channel, whatever.
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  This is something that I talk about a ton.
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  I'm very well versed in what's going on with their market He gets stats from you
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  know, key title people key lenders, but also provide a pretty good boots on the
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  ground You know calculation of what the market is my opinion of that So once you
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  bring all of that together You have a very good standard base and and some of
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  you may not be in the denver market may not have access To, you know, the Nicole
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  Ruth's and Megan Allers of the world who are dropping amazing knowledge, helping
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  us build our businesses every single week.
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  And if you're not I would suggest going to check out their channels,
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  get in touch with them on social because they are absolutely
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  providing a plethora of knowledge.
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  So even if it's like, hey, Mr.
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  Lender, Mr.
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  Title Company in West Virginia.
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  Check this out.
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  Can we, you know, get something like this?
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  It will absolutely help your business lean on those industry partners and start
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  at the top as I always suggest But you must know the value of the product and
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  this isn't just CMAs and and that stuff you must know the general market weather
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  or temperature and that goes a long way and With helping your customers come
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  back to you for knowledge This is huge when it comes to those fear mongering
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  headlines And they're able to reach out to you and ask you the real truth And
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  you can control the narrative a little bit better than all of these clickbait
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  headlines that you'll see, right?
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  I'm telling you right now mark my words The new headline this quarter four is
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  home prices falling foreclosures rising.
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  I just saw stat today That foreclosures are up 34%.
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  Well, we had one foreclosure closed in the state of Colorado last month.
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  So understand that it was at the bottom.
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  So sure that's not normal.
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  That's record lows We will come back to normal at some point but on the rise to
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  that normal We're going to be hearing gaudy numbers as far as percentages as far
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  as foreclosures and distress properties on the rise So get ahead of that now,
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  put content out for your clients so that they know, yes, this is a alarming number
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  at first, but when you dig into the headlines and look at the raw data, it's
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  very little properties that are coming to, you know, the distressed or foreclosed
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  section at this point of the market.
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  Next responsibility to keep those customers coming back is
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  link your product to happiness.
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  And when Ed was talking about this, he talked a lot about McDonald's.
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  Did you know McDonald's is the number one owner of real estate in the world?
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  Until Blackrock catches him and the number one producer of food in the world.
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  The truth is the McDonald's CEO early on said that he was not in the real
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  estate business or the food industry.
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  He was in the business of providing happiness to his customers.
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  There's no coincidence that the Happy Meal is still to this
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  day, you know, on their menu.
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  Not to mention he brought in a mascot.
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  Ronald McDonald that, you know, beams happiness, so to speak, out
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  of our kiddos and those people.
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  And what could be more happier than eating a greasy, you know, hamburger or
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  french fries and clogging those arteries?
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  Well, he sold happiness on a different level as an experience,
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  and obviously McDonald's is doing something right, all these years later.
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  It's not about the grind of going through the loan process.
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  It's not about the grind of, you know, negotiation and bidding wars
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  and all of the things that we've talked about over the last five years.
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  It's about getting to that end point, the happiness within a home, the opportunity
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  to build wealth through real estate.
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  Just by living in a home.
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  And so that's the dream we have to sell and we have to sell happiness
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  verse, you know, all the process.
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  Truth is all the process is on you.
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  You should walk them through that process.
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  You should be the resource as their agent to make that happen.
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  The next is know your lane, right?
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  Right now with.
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  Transactions being brought down.
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  We see a ton of people getting into lending and title and you know There's
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  certain reasons in certain situations where this will absolutely take off
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  for instance I have a spanish speaking agent who i've been talking to and she's
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  getting her lending license because she feels her clients aren't getting
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  the Information they need and she may not even do Loans for her clients, but
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  the fact that she's going to hold that license and know what's going on and
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  be able to speak to it is definitely someone who's knowing her lane, right?
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  At this point, she's has questions.
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  She has to, you know, wonder what's going on.
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  Well, now she's getting the license.
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  She's going to have that knowledge.
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  And who knows that may become her lane or her primary lane at some point because
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  she'll have options at that point being a licensed real estate agent licensed
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  mortgage broker Not to say run out and get your license and all the different
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  things and start a title company and do all of that But if you do make sure you
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  are educating yourself in that lane Make sure obviously you're knowing the rules of
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  disclosure and all that within your state.
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  But also Understand if there's really a value for it, or if you're just kind of
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  money hungry and you're trying to get as much as you possibly can from every single
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  transaction, if that's you, that's great.
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  That's not my goal.
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  My goal is to.
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  Again, bring happiness to everyone.
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  So make sure that if you are going in veering into other lanes that you're
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  getting educated and you have true passion and reason behind that decision.
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  And it's not just another money grab because we already have, you know, that,
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  I don't know, reputation out there.
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  So make sure that you are in your lane.
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  And if you're changing lanes, you better know what's going on in that lane.
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  The next is the biggest one.
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  I talk about this all the time in a reverse psychology kind of manner, but
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  you have to know the pain points of what your clients are going through.
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  You have to know kind of what it, what it's about.
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  And the truth is they don't care about you.
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  George Bryant talks a lot about the inverse journey here.
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  The pain points of a purchase transaction.
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  What are those?
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  What are the pain points from a seller's perspective?
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  How are you as a resource getting ahead of those and explaining and educating and
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  talking about how maybe we capitalize on some of these pain points because some
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  people are just stressed out and they push it aside and they're losing money
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  or leaving money on the table because they're just signing off on things.
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  So make sure you're able to find those pain points.
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  Maybe you're able to, you know, massage those pain points or make them lighter
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  or very best, educate ahead of time, know they're coming, and then they're
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  just small speed bumps in the road, they already know it's coming, they
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  already know, you know, what's going on in the title commitment, what it is,
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  instead of it just being a confusing document that they're reading, they
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  have to ask you, get ahead of it and explain what's coming and what it means.
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  And so, you know, That's absolutely key is identifying those pain points.
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  Where does it suck, right?
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  I do, I do a pretty good job of this in my transaction where I'm saying, okay, we're
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  under contract earnest money inspection.
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  Now pay attention to the lender.
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  I'm going to step back a little bit.
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  You need to make sure that your property insurance, you know,
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  person is talking to the lender.
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  That's really all and then you just need to worry about what the lenders sending
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  you worried about all that I'll handle all the other stuff on this back end, but dial
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  into that lender because I know Getting lender documents updated and all of that's
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  the worst part of the process for me So it's probably likely the worst part of the
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  process for my client So if I can kind of step back allow the lender to have full
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  reign and the communication is clear, you know Obviously those industry partners you
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  trust then they can focus on that It makes everybody's job easier and it's not as
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  stressful as we push along, you know Now we're talking about inspection objection
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  and appraisal and things like that.
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  We're still trying to get Those documents that the lender requested because you're
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  distracting them with a bunch of things.
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  So make sure that you know those pain points Next kind of along the same lines.
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  It's not about you.
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  The client must be the star if they've signed a contract They're
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  under contract to buy a house.
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  They don't need to know any more about you.
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  They've already committed to you So this is really the inverse journey.
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  Make your clients the star.
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  Understand that this is a very important thing.
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  You may close 50, 60 transactions, 100, 200 transactions a year.
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  They probably likely close one unless they're on the investment side.
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  And if they're on the investment side, you better be propping them up
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  because they absolutely are your star.
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  If they're continuing to do multiple transactions with you.
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  And so that's kind of the next thing, prop them up, make them the star.
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  And it's absolutely clutch.
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  In this market to really identify with every single client that comes through
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  every buyer that's willing to purchase a home at a higher interest rate in this
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  tight inventory time, because they know, right, because they know that eventually
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  this will be a great decision for them.
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  And it may be painful right now as far as monthly payment or
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  whatever, but they can afford it.
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  It's within their budget.
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  So they're ready to go.
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  Or, maybe it's a, you know, transaction that has to happen.
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  Maybe they're relocating.
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  Maybe it's a death or divorce or something that happened, and you
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  still need to prop those people up, make them the star of the show, and
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  their process will go a lot further.
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  There's a lot more stressful things in their life in that
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  situation, and you want to take as much stress off of this process.
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  Prop them up.
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  Make them the star.
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  Take care of them.
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  And it's sales 101.
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  Right?
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  It has to be about them, where they're at.
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  You have to cater presentations to them and understand
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  contracts and all of the stuff.
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  And if they're the star, it's a lot easier versus thinking about
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  yourself and what's going on.
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  I'm not saying, you know, 24 7 availability, all of those things.
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  That's not what we're talking about here.
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  But when the client is, you know, has the mic in their hand, they're asking you
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  questions or, you know, You're empowering them Let them kind of run with it and
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  you just kind of guide them down the right path because that's your job Then
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  the next is run campaigns talk about this run campaigns that are are crazy
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  ed talked about when he went into You know his dad's employer Which was a bank
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  and all their billboards had their ceo and you know All the things about their
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  programs and everything was about them and kind of going back to the star Point
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  he said, why don't you put your stories up there, your client's stories, put
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  those up there and see how it changes.
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  It completely changed the entire bank forever.
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  One of the largest banks, you know, in California at this point
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  in time, according to Ed, my let, which probably knows his deals
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  on banks, but that's, that's part of it, but use you run campaigns.
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  You must advertise, you must market.
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  And I'm not saying, you know, throw a bunch of money at
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  Facebook ads and things like that.
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  But when you have the stars of the show run campaigns and continue that
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  business flow going, because obviously you must spend money to make money.
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  And I'm not saying throw a bunch of money at ad spend and things like that.
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  Campaigns can be completely different.
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  They could be, you know, email campaigns or Donation campaigns or events or
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  whatever you do to kind of nurture and retain your clients Make sure that
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  you're keeping up to date with those and you're keeping them modern, right?
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  We don't want to be Doing that thing, handing out the old notepad with our,
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  you know, professional photo on it or whatever, like we used to be doing.
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  So make sure that you're running campaigns that meet your audience, your
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  target avatar, something they need and where your advertising money is going.
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  We must.
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  Measure that and manage that and be aware of, you know, the return on
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  investment and all of those things because as agents, that's the biggest
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  leak in our business is just okay.
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  Yeah, something shiny.
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  Sign up for this and then we're moving on.
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  So if you liked what you heard today, please throw me
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  a like, comment, subscribe.
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  But I'm here to tell you that as this market continues to tighten as the
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  interest rates remain high, as all of the things that are going against
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  kind of the consumer right now, Yeah.
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  Way on their psyche you as the agent have to retain the customers that you have
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  and when they come and they're ready to go You have to be willing to snap up get
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  up get the job done because Every client is precious right as a top producer
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  seeing, you know, four or five clients in my pipeline That, that scares me a
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  little bit, but we're going to continue to grind and build people up into that.
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  And just understand that it's going to be like this for a little bit
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  as people continue to read the headlines and hear the headlines
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  and make their own decisions.
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  And it's my job and our job as agents to get ahead of that and absolutely
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  provide value at every step and be there.
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  Whether it's now to purchase property or maybe they want to do it later and
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  they're waiting for the rates to drop.
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  But what can we do between now and then to absolutely change their life
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  so that they're getting the very best deal when the time comes for
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  them to purchase or sell their home.
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  So I hope that helps.
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  Please like, comment, subscribe, share the podcast if you like it.
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  We'll talk to you soon.