Top 3 Ways to Build Your Best Business (part 1)
Category:KB Consulting SolutionsDon’t let a great market create bad habits!
Across the nation, the Spring market is well underway! Our healthy housing economy has resulted in depleted inventory and is significantly impacting our industry! With mere weeks of inventory available in many markets, there are greater opportunities and challenges than we can imagine.
In the midst of the chaos of the business, it’s important that we maintain great habits and sharpen the fundamental skills that sustain a solid, profitable business!
For the next few weeks, we’ll explore one of each of our top choices to stay on top of your game and build your best business.
REFERRALS:
Communication—How do we communicate at a higher level?
“Seek first to understand then be understood.” – Stephen Covey
To communicate at the highest possible level, it’s important to understand behavior styles –
Years of research have revealed that people operate with four distinctive ways of interaction or behavior styles:
- Amiable
- Expressive
- Analytical
- Driver
Do you know and understand your behavior style? We believe self-discovery is a critical step in high-level communication. Seek first to understand how you think, react and make decisions. Once you identify your own style, it’s easier to understand others. Always remember, your job as a professional is to meet others where they are, and not drag them into where you are. (This is a critical step in your growth as a master communicator. Should you desire additional assistance in exploring this concept. Feel free to contact me!)
Your goal is to speak in such a way that others want to listen to you. And listen in such a way that others love to speak to you.
Contact—Built to last
It’s important for you to know who you know…and know how to stay in touch with each through an effective and consistent marketing strategy.
Build your base!
Your database is your bank and has value beyond belief! So, how is your database?
- Is it marketable?
- Is it transferable?
- Who is in the database?
- SOI-COI
- Past Buyers and Sellers
- Geo
- Adoption (with warning)
Let’s take a few moments to explore the significance of the business you’ve built and why this is so critically important:
Reason #1
According to the 2017 Profile of Home Buyers and Sellers (as provided by NAR):
- 90% of Sellers would use their REALTOR® again
- 60% of Sellers used an Agent referred to them or one used previously
- 53% of Sellers used the Agent who sold them the house
- 89% of Buyers and Sellers would use their REALTOR® again
- 12% of a REALTOR®’s business is repeat business
- Average tenure in a home is 8-10 years!
Reason #2
Your database is saleable! If and when:
- Your contact information is dimensional
- Your contact information is “green”
- You remain “Top of Mind”
- Your database is relationship–driven
Consistency—Who, what, when and how…
Now that we have established and have validation that your past buyer and sellers respect your performance enough that they would use you again, how do we make sure that over the next 8-10 years, they remember who you are and know how to find you?
- Essential elements of consistency of farming
- Budget—build it to be sustainable and consistent
- Resources—who and what will you use to stay in touch?
- Delivery
- Direct mail
- Digital
- Social
- Video
- Face-to-face visits
- Client appreciation events
- Frequency
- Set it and forget it
- Leverage and outsource
- Upwork.com
- Fiverr.com
- To reinforce, enrich, and sustain the relationship
- Call them
- Social Media touches
In a great market, we can serve many buyers and sellers and truly make dreams come true. In a great market, we can be both productive and profitable. Our caution is this: A great market can also encourage bad habits and neglect the fundamental elements that made you successful. Maximize these great times, build great habits, and develop a referral network that will sustain you in any market!
Be a resource, not a sales pitch!
