Get Your Name on the Fridge
I often wonder why the lists of important numbers people keep on their fridges seldom contains a realtor’s information. Granted, it’s not like someone needs to call their realtor every day. However, it would still be nice to achieve that trusted professional status, wouldn’t it?
I had a passionate conversation with a broker/owner one evening. I said Joe, you need your agents to think and act like financial advisors. I wish I had a picture of his reaction; not because he didn’t get it, but I think we both understood at that moment how far we may be from that analogy.
If you want to stand out in today’s market, then aspire to get your name on the fridge. Spend a lot more time with current clients even it seems like there is no immediate payday. The worst thing that will happen is that they start to refer you to their friends and family because you have built such a solid relationship and trust. Here is the key on how to achieve this:
Become the portfolio manager for your clients’ properties
I always hear that buying real estate is a very emotional reaction. I can see why. As we know, it’s the largest purchase that most of us will make. Therefore, relative to our 401Ks and brokerage accounts, this investment trumps all and shouldn’t be treated any differently. So, figure out how to keep your clients present on their investments. For example, send them regular reports of what’s going on in the area and give them a general idea of how their investment is doing on an annual basis. What if an adjacent property comes up for sale and represents a fantastic investment opportunity? Who better to call than your client who has been seeing nothing but appreciation on an initial investment and is now educated on the market place? In my opinion, having a book of these types of clients will open up more opportunities for you to recommend investment properties and second homes. In return, you get more referrals because current clients trust you.
One of the first rules of Wall Street is to know your clients. This refers to their investment objectives and relative financial ability to withstand these objectives. By law, this information needs to be updated frequently. This is a great strategy for agents to adopt as well! Call your clients periodically to see how they are doing. Ask them if anything has changed and if they are open to hearing more ideas if they come up. While on that call, ask for referrals. I just had a buddy sell his company. His net worth is now 100X and he just bought a house last year. Perhaps he will now sell this one and buy another. Who better to get the call than his trusted real estate portfolio manager? While this is a drastic and uncommon change, he also has 200 employees who are coming into more money as well. If you stay on top of this as financial advisers do, you increase your chances to exponentially grow your business.
Thousands of leads are sold or passed each month to agents who are looking for their next deal – there is nothing wrong with prospecting for new business. I am, however, greatly encouraging more agents to spend as much energy building their business through their current clients as well. Get on that fridge, become that trusted advisor, and see what happens.
Good luck.
[Graphic via http://www.energy.gov.yk.ca/]
Drew Meyers
Posted at 10:47h, 27 MarchGetting on the fridge…does still work https://geekestateblog.com/offline-marketing-work/
Bryn Kaufman
Posted at 11:19h, 28 MarchMarc, I think you have some good information in this post, but some of it feel either a bit dated, or perhaps for a different market segment than the average buyer and seller.
You example is the perfect example of what I mean, you mention your buddy is worth 100X. Well assuming X was a million, he is now worth a lot of money. How many Realtors have clients who are worth 100 million? Probably if they have even one it would be very lucky. Unless they deal in exclusively the rich and famous market, then most agents deal with people that are X-500K.
So for most, the question is how do we interact with the X-500K segment. To me the phone is dead for marketing. I don’t want to receive any sales calls, and I don’t want to do something to my clients that I myself don’t like. We use Email for marketing. It gets your name in front of them without interrupting their busy day, or interrupting their precious family time.
Plus we send a lot of Email, 10,000 messages per day. These are requested Emails for homes that meet their search criteria. We can’t really make 10,000 calls per day, so Email is very efficient too.
Also, for most people who are not 100X, they probably don’t buy and sell frequently. It is not like Wall Street, where you might decide this week to buy shares in XYZ company and you call your Broker. X-500K does not frequently buy and sell, so I am not sure I see the financial advisor analogy other than for a 100X or at least for active investors who buy and sell a lot.
I think many of the old Real Estate marketing methods are over. Cold calling, door knocking, open houses, fridge magnets, door hangers, etc. Today in my opinion you need SEO, Emails of new listings and follow-up messages, PPC, good Websites and Blogs, etc.
Joseph Rand
Posted at 09:22h, 31 MarchAs I think I’m the “Joe” in the discussion, I second the notion that real estate agents should aspire to be more like financial professionals (or even just other types of service professionals)– and agree that we are nowhere near that type of relationship right now. Agents often reject the comparison because they have professional-esteem problems, and they don’t think of themselves having the expertise of the typical financial planner (even though a financial planner does not even need to be licensed…). But if they feel intimidated by that comparison, I would just point out that hair stylists are service professionals, and the good ones get most of their new business by referral.
The key is the same: for your past clients/friends/family/whatever, put yourself in the position as “their real estate agent.” If they have questions about the market, they call you. If they want to know how much the home down the block sold for, they call you. And if they know someone thinking of buying or selling, they call you. As you say, Marc, GET ON THEIR FRIDGE. If you’re on the fridge, then you’re “their real estate agent” and you’ll find yourself building that base of business.
Marc Siden
Posted at 07:43h, 14 AprilYou are indeed the “Joe” and I loved our conversation that night and glad it resonated. I guess the fridge notion sounds a bit dated to Bryn’s point but the metaphor is one our industry has yet to even visit and I’m very convinced as you second, if we slightly shift our approach, I think the results can be very favorable. Sorry about the late response and thanks so much for your Joe.
Joseph Rand
Posted at 07:44h, 14 AprilThank you for your email, but I am out of the office until Monday, April 21 so I can focus on writing important and interesting things. I will not be checking email during this time, but expect that I will be checking it after April 21 and responding at that time.
In the meantime, I have every confidence in your ability to carry on without me.
All the best,
Joseph W. Rand
Gabe Sanders
Posted at 10:08h, 12 AprilI’m going to write my name and number on every fridge with a magic marker when I visit! 🙂