Real estate agents today have overwhelming demands on their time and energy. Buyers and sellers have higher expectations, technology is constantly changing, and the competition seems ferocious. Here are four key questions to ask yourself to save time, create more efficiency and leverage your unique business process into a competitive advantage.
#1 – HOW DOES MY LEAD GENERATION STRATEGY SUPPORT MY IDEAL PROCESS?
You can often save time, improve your process, and create a competitive advantage by changing the way you generate leads. For example, do you find yourself wasting time with unqualified buyers or tire-kicking sellers? Perhaps you’re looking for leads in all the wrong places. Instead of spending 30 minutes per day on internet marketing, try spending 30 minutes per day making outbound phone calls to old clients. Give your old clients a personalized update on the housing market and ask them if they know of anyone who could benefit from a 30 minute housing consultation with you. You’ll probably generate higher quality leads that way, and you won’t waste so much time chasing leads who don’t fit your model. You’ll stand apart from your competitors because they’ll be sending out recipes and generic newsletters while you’re having personal, one-on-one conversations with qualified buyers and sellers!
#2 – WHAT HAPPENS TO TURN A LEAD INTO A CLIENT?
Most buyers and sellers are:
- Skeptical and suspicious of real estate agents
- Misinformed about the market
- Misinformed about the home buying / home selling process
- Scared about making a commitment to an agent, a house or a contract
- Fearful of making a mistake
Unless your unique process obliterates all of these potential problem areas, chances are that many of your prospects won’t become clients. The ones who do become clients will be more likely to eat up your time and drain your energy. Here are three key questions to ask yourself about your prospect-to-client conversion strategy:
- What questions can I ask to uncover needs and concerns before they become problem areas?
- How can I better educate my prospects and set more realistic expectations?
- What makes my process different, and what is the specific benefit to buyers and sellers in working with me vs. my competition?
#3 – HOW DO I INTERACT WITH MY CLIENTS DURING THE HOME BUYING AND SELLING PROCESS?
One way to save a lot of time is to improve the way that you and your vendors communicate with buyers and sellers during the home buying and selling process. Here are some key questions to ask yourself:
- What questions do I get asked most often, and how can I save time by answering these questions before they are even asked? (E.g., create an FAQ document, or an article, or a video to educate buyers and sellers about your process.)
- How can my lending partner help me to communicate better and set more realistic expectations about the loan process?
- How can my team and I improve the way we communicate with one another and with our clients throughout the process?
#4 – HOW DO I INTERACT WITH MY CLIENTS AFTER THE HOME BUYING AND SELLING PROCESS?
This goes back to the first point we started with… You can build a significant business by simply creating more tangible value for your existing clients AFTER the closing through an Annual Review process. Here’s how it works:
- Get an update on the client’s situation
- Give the client an update on the market
- Give the client some ideas and suggestions based on market conditions and their situation
- Ask the client if he/she knows of anyone who could benefit from a housing consultation with you
So there you have it! Contact me using the info below and I can give you a two-page Annual Review template to get you started.