Every once in a while, I run into a REALTOR® I “know” but whom I’ve never met.
You know what I mean. I’ve chatted with them on the phone; maybe done a deal or two with them over the years, but we’ve never met face-to-face.
They usually recognize me before I recognize them, primarily because of this newsletter.
Mostly, they’re complimentary and tell me they “love my stuff,” etc. I’m sure some are just being polite, but I feel like most are genuine.
This leads to more conversation and then the inevitable question:
“That’s all great, but what do you recommend to get more leads?”
I’m basically dumbstruck at this point because I realize they just don’t get it. 😶
Here’s what I feel like saying (but I don’t):
If you do your job right, you don’t need to chase after cold leads!
This is honestly how I feel, even though it often seems like the entire real estate “coaching industry” is against me.
It’s been the same since I was a brand new agent, and I’m sure long before that. Coaching seems to always focus on “how to get business” rather than “how to be a great agent.”
Let’s be clear. I’m not oblivious to the fact that the biggest challenge for most agents is how to get more business. It’s just how to get more business where we disagree.
I’m going to segue here to prove a point. There’s a video going around social media that asks, “Would you rather have a million dollars right now? Or would you rather have one penny and double it every day for 30 days?”
Spoiler alert: If you double the value of a penny every day for 30 days, it works out to $5,368,709.12 (or 536,870,912 pennies).
So, here’s a twist on the question, “What if you started with one client, and you double them 30 times (not necessarily every day)?” In other words, you get two referrals from every client.
Same answer. You’d have 536 million clients.
Of course, this is impossible. Not because you can’t get two referrals from any individual client if you really wanted to, but rather because it would be impossible to continue providing the exceptional level of service required to get those referrals!
Also, you can’t have more clients than people. 🤣
But what if you could maintain a level of 50 or 100 clients? You’d only need two (or more) referrals from a few of your clients to do that. Maybe some refer you once, some not at all, but a few send you two or more.
This is perfectly feasible and, in fact, relatively easy, if you have the right mindset. I’ll segue one more time to prove it.
Think about one of your best referral sources, first name. Forget about a mere two referrals. These folks have sent you a dozen or more referrals over the years!
Why? Because they had a fantastic experience with you. You had great communication with them, and they followed your advice to a tee. The results made you look like a superstar.
OK, fine! But what about all the people with whom you haven’t had great communication, didn’t follow your advice, and the results were far less than great?
That’s on you!
Every time I hear a REALTOR® complaining that their clients just wouldn’t listen… 😠
You think you won’t get far better results and, therefore, way more referrals by putting in the effort to improve your skills, including (but not limited to) communication and persuasive skills?
I’m dumbstruck, again. 😶
Of course, improving your skills doesn’t happen by magic. You can’t just concentrate really hard and suddenly have better skills. It takes commitment and effort.
But just remember this fundamental truth:
You don’t get referrals by asking. You get them by deserving.
If you want to deserve more leads, you must shift your mind away from chasing leads and towards developing your skills and becoming outstanding at what you do.
“But, Ted! Why can’t I do both?”
Because the time and effort spent chasing after cold leads takes away from the time and effort needed to improve your skills, thereby creating exceptional experiences and results for your existing clients.
You want to chase leads? Go ahead, but if this is the choice you make for yourself, just know that you’ll always need to do it.
Personally, I choose to have a business with a never-ending stream of incoming referrals.
The choice seems simple, obvious, and waaay more fun and rewarding.