One constant truth about real estate sales is simple: the sale is closed once the relationship is established.
But the question is, how do you build these relationships? I cannot give you the courage or the persistence to be successful. But what I can share are some simple formulas that I have devised that can help you be successful.
Teach = Confidence = Speed
There is a strong and direct relationship between speed and confidence. If your transactions are progressing slowly, if a buyer is reluctant to sign a compromise, or if you just can’t seem to get over the hurdle, what really happens is you haven’t convinced them yet to do so. confidence. This lack of trust slows down the relationship. And if you fail to build trust, you’ll never close the deal.
Trust buys speed in relationships. Think about going to the airport: When you buy TSA PreCheck, what you are really buying is confidence. You say the government can trust you, and that allows you to go through security more quickly.
So how do you convince your buyers to trust you? It’s not just about being buddies and friends with them, it’s about teaching. People trust who they learn things from. So, know your stuff and teach them important information so that they see you as an authority in their life. Tell them about their local market. Maybe a new commercial property is a few miles down the road, and you can offer an estimate of how much property value will increase after a few years.
Commitment + Coherence = Community
In my last article, I detailed the importance of using commitment and consistency to build strong one-on-one relationships. But it can also build community relationships.
A friend of mine is a part-time pilot and avid aviation enthusiast in his home state of Minnesota, and he builds a relationship through his Affinity Group. His brand is strong – he’s “the pilot” and he builds relationships with customers by taking them on flights and making amazing videos to post on social media. His Facebook group has thousands of members, and most of that content isn’t even real estate related. But he’s using this as a platform to gain an unfair competitive advantage – and that’s not a bad thing! With the trust he has earned, he has an integrated community that will go to him first for their real estate needs.
The # 1 complaint I hear about real estate agents is that they are “too sellers” or “only interested in quick money”. Instead of approaching them just for the deal, build a relationship of trust and anchor it in a community.
In real estate, your emotional intelligence, or QE, will always be more important than your IQ.
What the wealthiest real estate professionals all have in common is their ability to move relationships from transactional to relational. They do this by asking people about the things most important to them, the days most important to them. It’s not just about bombarding them with sales questions. Reach out on holidays or important days to build that human relationship. We don’t just sell assets or investments, but homes and neighborhoods where people will raise families and join communities.
A client of mine once sent a simple message to his prospects which turned out to be a huge success. In the office, we call it the legendary $ 60,000 text message. It goes like this:
“What’s your favorite Thanksgiving dinner meal, (contact name)?” Warm wishes to a Happy Thanksgiving.
On the basis of this text alone, she was able to conclude several transactions totaling $ 60,000. It would never have worked if she had just sent a generic message like “Are you looking to buy a house today?” “
This is why the emotional connection with people is so important. You have to really care about their life. And if you can’t get where you need to be, it’s not because of “bad leads”, it’s because you haven’t been able to connect with customers.
OPM = the new turmoil
One thing that I always strive to teach realtors is to learn how to use OPM which is other people’s workforce. You could be spending all of your time and energy working hard, or you could take advantage of tools and data created by other people.
In this high tech world, it’s so easy to want to automate everything, but remember to be super tactile. It might sound crazy coming from a tech founder, but you can’t just trust computers to do it all. Your customers want a human connection.
But you can’t do it all on your own either. This is where technology comes in handy. Founders like me have spent years building an infrastructure to help real estate agents automate certain large-scale processes, but always with a human touch. This manpower allows you to optimize your time wisely.
Knowing your numbers = seeing in the crystal ball
Digital marketing is what comes closest to a crystal ball. You have all the data at your fingertips. It can tell you what is working and what is not, so that you can devote time, focus, and energy to important things while ignoring unimportant things.
Always know your numbers. Evaluate how you are spending your time and money. What I have learned while running a tech company is how to use data to make decisions and properly use resources. Some of these things are not taught when obtaining your real estate license.
With real estate marketing, you should always ask yourself these three questions: How much does it cost to get a lead? How much does it cost to get an appointment? How much does it cost to have a client?
Look into your crystal ball and find out exactly how much that is. Only then will you be able to determine how to best use your resources and grow your business.