If you slack off on certain facets of your business, your competition will benefit — and they know it. Here's how to avoid losing business.
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Longevity in real estate is built on the basics. It comes down to doing those things you know you should be doing — consistently.
Your competition knows that if you are distracted and don’t execute certain aspects of your business, they will benefit. And they’re more than willing to snap up your business. The following are the seven things your competition hopes you slack on.
1. They hope you don’t keep in touch with your past clients
One of the biggest mistakes agents make is not staying in touch with past clients. NAR survey statistics show that 89 percent of buyers said they would use their agent again. But the same survey shows that only 12 percent used an agent they had worked with in the past.
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The disconnect comes between the time of closing and when the homeowners decide to list or sell their home or purchase another property. This gap comes because most real estate agents do not keep in touch with their clients after closing.
A systemized follow-up plan for past clients is essential for consistent business growth. This should involve automated emails when properties come on the market or are sold that are similar to theirs.
The plan should include prompts to make check-in calls, unsolicited CMAs, and invitations to special events that you host for your sphere of influence and past clients. Without these in place, the likelihood of them doing business with you again is greatly diminished.
Your competition hopes you don’t keep in touch with your past clients.
2. They hope you won’t optimize your Google Business Profile
The same NAR survey noted above states that 96 percent of buyers use online resources when searching for an agent and home. Google is the largest search engine in the world. Meaning Google is where most people start their process.
The Google Business Profile (formerly Google My Business) is free, and it is a great way to increase the likelihood new clients will find you. It’s also safe to assume that even if they don’t first meet you online before they do business with you, they will do a Google search on you.
By optimizing your Google profile page with full details, photos, reviews, and recommendations, you will have the ability to give the new clients comfort that they are choosing a professional agent. Without a fully optimized Google Business Profile page, they might look for an agent with a stronger online presence.
Your competition hopes you won’t optimize your Google Business Profile page.
3. They hope you won’t produce more video content
Video content is one of the most engaging ways for real estate agents to connect with their ideal clients. Whether it involves video home tours, local real estate agent content, or simply using video in your emails, video creates a connection that text or photos cannot match.
Here are a few statistics to consider:
403 percent more inquiries are driven from listings with video (NAR)
73 percent of homeowners say they are more likely to list with an agent who uses video (NAR)
90 percent of people discover new brands or products via YouTube (Google)
Video will continue to grow in desirability for buyers and sellers into the future. The agent who chooses to not produce video content is placing their business in jeopardy.
Your competition hopes you won’t produce more video content.
4. They hope you won’t show your past clients appreciation
Jason Langella put it this way, “If you don’t appreciate your clients, someone else will.” The law of reciprocity states that when you do something nice for someone, they will have a deep-rooted, psychological desire to do something nice in return.
The best way for a past client to do something nice for a real estate agent is to do more business with them or to refer them to new clients.
Whether it is a movie night, a family photography event, a past client dinner or a simple thank-you note, clients who feel appreciated will do future business and send referrals to the agent who shows them appreciation.
Without any gestures of appreciation, your past clients will forget about you, and they will become vulnerable to doing business with another agent.
Your competition hopes you don’t show your past clients appreciation.
5. They hope you don’t host open houses
Although open houses may not produce a buyer for the exact home that is held open, it’s a great way for agents to meet several prospective buyers who may not have a relationship with another real estate agent. Open houses are also a great way to meet neighbors that may consider selling their homes now or in the near future.
Open houses create several marketing opportunities for agents as well. Whether it be social media posts announcing the upcoming event, door-knocking to invite the neighbors, or video content produced during the open house, smart agents take full advantage of these marketing opportunities.
One or all of them provide the opportunity for the agent to generate leads and grow their database. But if you don’t host open houses all the potential clients you would have met have a better chance of meeting your competition.
Your competition hopes you don’t host open houses.
6. They hope you won’t geographically farm an area or neighborhood
Geographical farming is foundational to success in real estate. If you don’t have an area or neighborhood where most of homeowners view you as the neighborhood expert, then odds are your business lacks a consistent inflow of listing opportunities. Nothing provides the opportunity for you to dominate an area like geographical farming.
This involves a combination of direct mail, phone calls, neighborhood events, and adding value to the owners whenever and however possible. The consistency of your efforts in a geographical farm will yield listing opportunities. If you don’t find an area to geographically farm those listing opportunities will go to another agent.
Your competition hopes you won’t geographically farm an area or neighborhood.
7. They hope you won’t get a coach or join a mastermind
Good coaching helps an agent see beyond who they currently are to who they can become. Coaches assist agents with systemizing their businesses, affording them the opportunity to provide better service to their clients. They share marketing strategies and best practices that help the agents, under their coaching, be the best agent they can possibly be.
Masterminds provide agents with a support group of other agents that help them overcome any obstacles this business might throw at them. They provide a format where idea sharing and collaboration help agents see the possibilities this business offers them. They broaden the agent’s perspective of what is possible for them and their business.
An agent without coaching or any involvement in a mastermind can only act on what he or she has seen or knows. This means their lack of knowledge could lead to them missing all the opportunities available to generate buyers and sellers for their business.
Your competition hopes you won’t get a coach or join a mastermind.
Don’t give them what they want. Take action and evolve into the agent your competition is afraid you will become. By doing so, your clients will get the best version of you possible, and your business will thrive.
BY JIMMY BURGESS
April 01, 2022
Randy Byrd, Team Leader & Coach
The Byrd House Team - Brokered by eXp Realty, License# 01878277
Licensed in California and Oregon. CA#01388021 & OR#201235026