Are You a Transactional or Relational Agent?
The number one threat to the real estate industry is having a transactional mindset. Although transactional agents work hard to ensure that the deal closes, they lose touch with their clients afterwards. Instead of building their businesses upon the warm leads of their clients’ referrals, they’re constantly chasing cold leads. The truth is, if you want to achieve lasting success in our changing industry, it’s essential to nurture your relationships with your best clients.
If you’ve been acting “transactionally,” it’s never too late to change your approach! Here’s how to start:
The Transactional Approach: You rely on cold calling, Internet leads, etc. to generate business instead of tapping into your past and current clients. As a result, you’re always in the process of rebuilding your business.
The Relational Fix: Get in touch with your past clients! Whether you worked with them in the last five months or within the last five years, it’s never too late to reconnect. Pick up the phone or send an email or letter. When you connect with them, update their information in your database, listen for ways to serve them and remind them that you’re “never too busy for their referrals.” The excellent service you provide before, during and after the sale will turn your clients into advocates for your business so be sure to encourage them to refer you to their friends and family.
The Transactional Approach: You’re so focused on the deal at hand that you may forget to provide value to your clients in other ways, such as educating them about the local market and helping them understand what to expect during the real estate process.
The Relational Fix: Provide value to your clients every step of the process! Although today’s buyers and sellers are more educated about the real estate market than ever, they often lack the experience and expertise to fully process what they’ve learned. That’s where you come in. Use your wealth of knowledge and experience to educate your clients about the market, answer their questions about the process and allay any fears or concerns they have. Whether you’re currently working with them on a transaction or not, send them valuable information about homeownership or real estate-related topics each month to reinforce your expertise as well as your concern for your clients.
The Transactional Approach: Although you start working early in the morning to get ahead of the game, by noon you’re behind and have to stay late… again. You haven’t seen your family in weeks, your finances are a mess and if you have to endure another day of cold calling, you’re going to scream!
The Relational Fix: Rely on a system to keep you organized, focused and motivated. The work by referral system not only helps you become consistent with your lead generation and marketing activities, it also allows you to leverage the components of the system—monthly marketing flyers and eReports, phone calls, personal notes and Pop-By’s—to show your expertise and remain on the minds of your clients. Each activity is easily trackable through a CRM, so you always know where you stand in your business. With a system, you feel empowered to prioritize your day so that you don’t have to work all hours to see results. This allows you to focus on what you do best—serve your clients!
The Transactional Approach: You’re not interested in or don’t have time for personal and professional development. You feel burned out, frustrated and disconnected from why you got into real estate in the first place. This prevents you from growing your business and growing within your business.
The Relational Fix: Sign up for a seminar today, such as Brian Buffini’s Success Tour! Classes and seminars not only give you the knowledge and skills to thrive in the industry, they also allow you to set goals, reflect on your business and network with other top producing agents. Take your growth to the next level by finding a mentor who can help you stay accountable to your goals and offer valuable advice. Making time for growth and development helps ensure that you stay motivated to reach your goals and lead a successful business.
The Transactional Approach: You have the mindset of a salesperson and are focused on closing as many deals as you can. However, your focus on sales means that you’re always trying to catch up with the other demands of your business. You feel as though you’re barely treading water, both professionally and financially.
The Relational Fix: Think like a businessperson! Although sales are vital, there’s more to running a successful business than just closing deals. You’re responsible for your whole business, from sales to marketing to finance. Prioritizing your day allows you to take charge of your time and boost your productivity. Tracking your performance and results helps you see what’s working and find areas for improvement. Similarly, tracking your finances lets you know where your money is going so you can make better financial decisions. Changing your mindset will help you break out of survival mode and achieve success.
Building your business on the foundation of your relationships with your clients helps to ensure that you’ll thrive regardless of the whims of the market.
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