It’s all about referrals.

Yes this business is all about referrals. Jimmy Dunlap the original Ninja, a Real Estate agent with the Group in Ft. Collins CO, says that if you want to just do one thing to amp up your business it is making sure you focus on the individuals that send you referrals. 

If you look at the math it makes sence. If you have a database of 100 individuals lets say and we know that the mobility rate is 15% a year,  then you have about 15 deals to mine from the data base this year. That said everyone in your database if properly kept in touch with will have between 2-4 referrals for you each year. Lets be conservative and say your database of 100 would potentially have 200 referrals and being a good Real Estate agent you close just 40% of them which would be 80 deals. So 80 deals plus 15 is 95 real estate transactions a year. The referral side is almost 80% of the business.  Here is the big question you have to ask yourself. Are you visible to your database or invisible? How much communicating do you do when one of your friends and or family send you a referral? Do you thank them? Do you follow up with them as the transaction unfolds? Do you reach out after and offer up thanks or appreciation? If your referral source is calling you asking "hey what ever happened with that friend I sent over?" Chances are not good that they will ever refer again. 

Keep in mind referrals only come to you if the person referring knows you will make them look good and that they are not left in the dark as to the outcome of that referral. This business is about having good communication and building relationships that last. Just think back about the last referral you had. If they sent you more than one this year then you must be acting accordingly. Food for thought. 

Posted on June 30, 2014 at 11:46 pm
Michael Fanning | Category: Business today, Real Estate Related, Uncategorized

Are you a Victim or a Player?

 

I don't know about you but I'm not one to want to hang out with the type of individual who blames everything that happens to them on everyone else. Sure we all know someone like this don't we? They tend to see the negative in most everything, they always have something going wrong in their life and none of it ever seems to be the fault of their own! They tend to focus on the negative news of the day then they will manifest that news and weave it into their own failure in some way. This pattern is a spiral down mentality and a mindset from scarcity. They have little trust and most of the time they think that everyone is out to get them. This is a very difficult way to go through life. It also does not help in attraction. When you live in this space the energy you put off is highly negative and repealing. Most victims usually attract other victims.

The opposite way of thinking is that of a player. This individual takes full responsibility for their situation and is always open minded to others to help he or she to become a better individual. They usually measure their success not by what they get but how much they can give. Their mentality is that of abundance. They try to focus on the positive 90% of the time and normally have trust of most others.

A great example of thinking as a victim or a player as it pertains to Real Estate is our Inventory today which is a big deal. Every where I go I hear this. "We have an inventory problem!" Would you say that is an Victim or a Player statement? Things will get better when we have more inventory. What are we blaming for our lack of business?
I would suggest a different approach! If inventory is the issue then that would tell me, as a player, that we need to go out and create some Sellers! The biggest generation of today is the Boomer generation. The individuals were born between 1946-1963.

This generation in mostly in transition. They are prime for moving to the retirement world or are already there but are still living in homes that they raised their families in. They want to make the move to a warmer climate or get that smaller condo but no one has helped them understand how to make that happen. Well you're a Real Estate trusted adviser that has this knowledge. Instead of complaining about low inventory get creative and go seek out sellers and help them make the move!

When you create a seller you generate inventory and bingo problem solved!

The image at the top of my post is that of Tom Solcum in the 1991 Boston Marathon at the 20 mile mark. He started 24 hours before the other runners. Tom has a player mentality. Next time you are blaming someone else for where you are in life think about Tom and what he faces on a daily basis.

Posted on January 30, 2013 at 2:35 pm
Michael Fanning | Category: Business today, customer services, Living, Real Estate Related, Uncategorized | Tagged , ,

Real Estate as a Career.

There are 3 serious questions you need to ask yourself.

1. Am I committed to having Real Estate be my career?

2. Do I believe in the company I work for?

3. Do I believe in myself?

 

I read a recent blog form 1000watt and there was one part of the post that stuck with me and made me want to expound on this statement.

Strive to be able to one day proudly say, “100% of our agents attend our company meetings, use our tools and get five-star reviews. And 100% of our past clients return to do business with us.”

This article talks about how many real estate agents today are creating a perception in the eyes of our customers that as a whole we lack professionalism, integrity, and accountability.

This is why the 3 questions are so important. If you see Real Estate as a career then there are things you are going to do.

Show up every day ready to exceed customers’ expectations. Understand and have a process for working with customers that gives predictable outcomes. Running your business like a business. Being proactive and not reactive. Seeking to solve problems for your customers regardless of the net dollar outcome. Selfless and humble. It is these traits that have proven to create the most rewarding business in real estate.

Do you believe in your company? Does your company provide you with tools that help you to differentiate the value proposition to your customers? Is there an environment that enhances your drive to be better? Are your surrounded by others with similar drive and professionalism? You would be surprised the impact being around other successful people will do to your own business.

The most important question of all however is "Do you believe in yourself?"
If you don't believe in yourself then the rest really doesn't matter. How are you getting your mind in a place on a daily basis to show up with a can do attitude? Looking past the hurdles and only seeing a path of success. It isn’t easy, but needed. Life can be brutal and create obstacles that at times can look like an un-passable mountain. If you question yourself then these mountains can stop you in your tracks. Often we underestimate the power of the mind. It controls our path 100%.

I would ask you to think about each of these questions and then listen to that little voice in your head. Really listen hard to what it says. If there is a negative thought that comes out then that will be the starting point for you to know where your work needs to begin.

Posted on October 19, 2012 at 8:29 pm
Michael Fanning | Category: Business today, customer services, Real Estate Related | Tagged , ,

Real Estate as a Career.

There are 3 serious questions you need to ask yourself.

1. Am I committed to having Real Estate be my career?

2. Do I believe in the company I work for?

3. Do I believe in myself?

I read a recent blog form 1000watt and there was one part of the post that stuck with me and made me want to expound on this statement.

Strive to be able to one day proudly say, “100% of our agents attend our company meetings, use our tools and get five-star reviews. And 100% of our past clients return to do business with us.”

This article talks about how many real estate agents today are creating a perception in the eyes of our customer’s that as a whole we lack professionalism, integrity, and accountability.

This is why the 3 questions are so important. If you see Real Estate as a career then there are things you are going to do.

Show up every day ready to exceed customers’ expectations. Understand and have a process for working with customers that gives predictable outcomes. Running your business like a business. Being proactive and not reactive. Seeking to solve problems for your customer’s regardless of the net dollar outcome. Selfless and humble. It is these traits that have proven to create the most rewarding business in real estate.

Do you believe in your company? Does your company provide you with tools that help you to differentiate the value proposition to your customers? Is there an environment that enhances your drive to be better? Are your surrounded by others with similar drive and professionalism? You would be surprised the impact being around other successful people will do to your own business.

The most important question of all however is “Do you believe in yourself?”
If you don’t believe in yourself then the rest really doesn’t matter. How are you getting your mind in a place on a daily basis to show up with a can do attitude? Looking past the hurdles and only seeing a path of success. It isn’t easy, but needed. Life can be brutal and create obstacles that at times can look like an un-passable mountain. If you question yourself then these mountains can stop you in your tracks. Often we underestimate the power of the mind. It controls our path 100%.

I would ask you to think about each of these questions and then listen to that little voice in your head. Really listen hard to what it says. If there is a negative thought that comes out then that will be the starting point for you to know where your work needs to begin.

Posted on October 19, 2012 at 11:05 am
Michael Fanning | Category: Business today, customer services, Real Estate Related | Tagged , ,

Are you one of the 78 Million Boomers?

 

America’s 78 million Baby Boomers comprise the largest chunk of the nation’s population and carry most of its wealth. Most have paid off their homes and want to age in place. Baby Boomers also have longer life expectancies than previous generations. In fact, according to the American Medical Association, those individuals who make it to age 65 in today’s world have a 50 percent chance of living another 25 years.

Have you been asking yourself any of these questions?

• Do I have enough money to meet my current lifestyle needs?
• Do I have enough money to meet my future lifestyle needs?
• Do I have enough resources to spend time with my family, grandchildren, and friends?
• Am I concerned about my long-term care needs?
• Am I, or is someone whom I know, retired and in need of additional monthly income?
• Am I concerned about running out of money before I leave this earth?
• Can I afford to do the things that I really want to do during retirement?
• Is my portfolio down?
• Have my assets been reduced to a fearful level?
• Would I like to live in a newer home?
• Would I like to have a second home in a warmer climate?
• Would I like to be able to help my children, grandchildren, or others financially?
• Do I want to leave a financial legacy for my family, church, or others?

In order to be successful today in business no matter what business your in you need to be able to either solve a customer's pain or figure out what their pleasure is.

The Boomer population is huge and I guarantee you will have customers in this demographic. I’m always looking for ways to better understand how to add value to my customers, this book is just another value add for you to better understanding the financial options out there for the baby boomers who may have been asking the above questions.

Tane Cabe, an authority on the boomer real estate niche just came out with a new book for agents to educate and specifically speak to the needs of their boomer clients on strategies around buying and selling real estate. The book in turn can help build your business within the boomer niche. Tane is offering his book for free to the first 1,000 agents that request one. If you want a copy of “Double Your Retirement Dollars; Little Known Strategies to Quickly Increase Income, Assets and Cash for Today’s Retiree”, all you need to do is pay $6.97 for shipping and handling. He’s also offering some free training videos to go with the book. Simply click here to get your copy.

Posted on June 25, 2012 at 9:16 am
Michael Fanning | Category: Business today, Education, Interesting stuff, Living, Real Estate Related | Tagged , ,

Building relationships haven’t changed much!

 

 

Recently I read a post on Seth Godin’s blog that really hit home for me as I’m out trying to teach how to be social in today’s new world of micro interactions. Below is a quote to his blog, click on it to read the full post.

It’s still people. We still have one and only one thing that matters, and it’s people.”

There is so much today in terms of apps, social sites, I pad tools, you name it, I’m sure there is a app for that. There is one thing I know, and that is there isn’t an app that can magically make your relationships with your customer better. There isn’t a new unique listing search tool that will act like a magnet and attract customers to you! What makes your relationship with your customers better is being engaged with them. When I say being engaged with them what I really mean is adding value frequently and being relevant to what is currently going on in their life’s.

I don’t really care that you have a new listing or that you just had a great meeting with a potential buyer. How does any of that benefit me? What really matters at the end of the day is that you have been monitoring my pain and pleasure and then proactively you reach out to say “hey I care about what is going on in your life and would love to either help solve the pain you’re having or make you smile by doing something special for you.” There lies the secret sauce folks.

Believe it or not this doesn’t happen very often. NAR stat said that only 18% of Realtors ever follow up with their past clients.

My point to this post is that yes you need the cool wiz bang apps, and tools but what makes that customer Know, Like, and Trust you is how much you are involved in helping them get what they want.

Posted on May 16, 2012 at 10:33 am
Michael Fanning | Category: customer services, Real Estate Related | Tagged , , , ,

Building relationships haven't changed much!

Recently I read a post on Seth Godin’s blog that really hit home for me as I’m out trying to teach how to be social in today’s new world of micro interactions. Below is a quote to his blog, click on it to read the full post.

It’s still people. We still have one and only one thing that matters, and it’s people.”

There is so much today in terms of apps, social sites, I pad tools, you name it, I’m sure there is a app for that. There is one thing I know, and that is there isn’t an app that can magically make your relationships with your customer better. There isn’t a new unique listing search tool that will act like a magnet and attract customers to you! What makes your relationship with your customers better is being engaged with them. When I say being engaged with them what I really mean is adding value frequently and being relevant to what is currently going on in their life’s.

I don’t really care that you have a new listing or that you just had a great meeting with a potential buyer. How does any of that benefit me? What really matters at the end of the day is that you have been monitoring my pain and pleasure and then proactively you reach out to say “hey I care about what is going on in your life and would love to either help solve the pain you’re having or make you smile by doing something special for you.” There lies the secret sauce folks.

Believe it or not this doesn’t happen very often. NAR stat said that only 18% of Realtors ever follow up with their past clients.

My point to this post is that yes you need the cool wiz bang apps, and tools but what makes that customer Know, Like, and Trust you is how much you are involved in helping them get what they want.

Posted on May 16, 2012 at 10:33 am
Michael Fanning | Category: customer services, Real Estate Related | Tagged , , , ,

Real Estate, Relationships, and the Digital Age.

When I was first introduced to the world of real estate in 1995, less than two percent of real estate agents used computers. It was a world based primarily on interruptive marketing to a farm of unknown individuals. Today, relationship marketing is still very much alive, but now consumers have access to an infinite amount of information and multiple channels of communication. At the same time, real estate agents have greater access and insight into their clients’ lives than ever before. When used correctly, this can be a win-win for both agents and consumers.

“Over the next 10 years, the amount of both real-time and historical information available to a single person will have increased exponentially, as will the ability of a single person to instantaneously touch – and influence – a billion people in the time it takes to read this sentence.” – Intelligent Catalyst Blog
This is a pretty profound statement, but one that is quite believable when you consider how far technology has come in the past decade. What we have today is a generation of consumers who are hyperconnected via multiple channels, exchanging information every second. They now have a voice to the masses to communicate their opinions (good, bad, or otherwise), and information is readily available anywhere via smartphones, laptops, and iPads. This phenomenon is forcing everyone in real estate to shift their thinking about how they build and maintain relationships with consumers.

Many agents are beginning to understand that the mass marketing methods of the past are being replaced by a hyperlocal, customer-centric approach. Some do this by writing a blog on something they are passionate about, building loyal followers (and potential clients) with every post. They are mastering the paperless transaction and understand that knowing how to capture digital signatures can be used as a point of differentiation. They are learning how to repurpose data and content in a way that adds value in the eyes of their clients, and they know how to use these clients’ testimonials to enhance their SEO. Their websites are dynamic resources rich with real time information that simultaneously serve as a hub to their many spokes of social media.

Agents who have made the decision to embrace new technologies understand what hyperconnectivity means to them, their clients, and their business. They’ve seen first-hand how being active on social media can add significant value to their client relationships. These agents post regular updates on Facebook, tweet valuable community information, check in to their favorite spots using foursquare, and keep their LinkedIn accounts up-to-date. They understand that having the tools and hardware that allows them to do all these things is imperative – because their clients are doing it too.

This new world of technology and social media can be intimidating, so it’s important that agents have some level of support in their offices. If you aren’t comfortable being the point person, find someone in your office who can take the lead. Simply having an agent or staff person that agents feel comfortable going to for help is really all it takes. Those early adopters will help your office improve their proficiency while adding to the overall value of your organization.

Posted on April 13, 2012 at 12:40 pm
Michael Fanning | Category: Business today, Real Estate Related, Technology | Tagged , , ,

People tend to work with people they Know, Like, and Trust.

This whole idea of relationships is pretty easy if you stop and think about the people in your own world that you tend to do business with.
Ask yourself a few questions then apply it to how you conduct your business.

1. Do you tend to work with others that only reach out to you one or two times a year?

2. How does it feel to you when someone you recently worked with reaches out unexpectedly and offers up to you something of value?

3. Are there people you work with that know and care about what is going on in your life and it really feels genuine?

4. Do you find that you want to give more then you receive to those that always seem to be there for you?

5. Do you tend to work with others that only seem to reach out to you when they need something?

6. How did you feel about someone when they sent you a personalized note thanking you for being you, did you tell others about how that made you feel?

If you stop and look at all the opportunities you have to make a difference in someone else life you will be very surprised how that gesture will improve the way you perceive your life.

Posted on March 29, 2012 at 11:04 am
Michael Fanning | Category: Business today, Living, Real Estate Related | Tagged , , ,

What is “Fabled Services”?

The last few days I’ve been teaching for Windermere in a class called Ninja Installation! The class is about life and business and the concept of, the more you give the more you receive. It also is about mastery and being extra ordinary, going above and beyond and getting people to say WOW!. By doing this you create amazing relationships and eventually come to have fabled (a legendary story of supernatural happenings) services.

Last night I get home form work and find a small hand addressed letter to my wife from her cleaners “Bakker’s Fine Dry Cleaning”.

To set the stage for this story. We don’t use the same cleaners. She switched to a different one because it is right next to the coffee shop that she loves. She just started going to this cleaners maybe 3 weeks ago. When she opens up the envelope there is a hand written note from the owner thanking her for her business, a 50% off coupon for her next visit, and a survey asking her to tell them how they are doing.

If you could have heard the excitement in her voice. I’m sure at some point in her day this story is going to be told by her, to her friends. Look i’m writing a blog about it today.

See it doesn’t take much but it takes something. There are so many times we have an opportunity to give fabled services but we let it slip through our fingers losing that opportunity. In todays world of services you have to have that “Wow Factor”! You can’t afford not too.

I know what you all are thinking? When am I switching dry cleaners? 🙂 Stay tuned!

Posted on March 15, 2012 at 3:52 pm
Michael Fanning | Category: Business today, customer services, Real Estate Related | Tagged , , ,