One of the greatest things that we can do as mortgage professionals and real estate agents is really work together to tighten up how we make money.
Because the truth is…
We make money by adding value.
We make money by creating world-class customer experiences.
We make money by following up, but we also make money by following up accurately and consistently.
And following up can be with any key stakeholder that may be able to connect us with a referral or new potential business.
In this article, I’m going to teach you something that I learned very early in my career and you can master this in about one hour just by role playing it with yourself.
The goal here is to create a solid value proposition that will be second to none.
For example, I have a client right now that I’ve been coaching for 10 years and this year, he’ll refer $2 million in real estate commissions back to his real estate partners. And, he doesn’t do this because of what they do, he does it because of what he does for them.
So early on, I learned that to maintain and nurture relationships in business, you have to be able to give 10x the value that you receive.
Think of it this way…
If you’re looking for $1,000 in commission from a real estate agent, then you should be giving them $10,000 worth of income.
Now, I’m sure you’re wondering – How do I do this?
It’s actually quite simple!
You just have to find out how many leads they’re losing, that they could be closing.
This is often referred to as the “Lost Leads Conversation”. Let’s see this in action.
“Hey, just curious. How much business did you do last year? How many transactions did you do as a real estate agent last year?”
Let’s assume they said that they had 50 transactions. Once they answer, you’d then want to go into the next part.
“How many people did you have to talk to close those 50 transactions?”
Let’s say that they said they spoke to 300 people, to make 50 deals or transactions.
Then, you’ll automatically notice that 250 people didn’t use them.
So, the focus should be on how many of the 250 people that didn’t use their services may have if they had been followed up with or nurtured more.
If we analyze this further, let’s say that of the 250 people, 10% of them would have likely continued if there was a more consistent follow up approach used.
That’s 25 more transactions or a 50% lift that agent could have seen in just a year without having to do much more work.
Now let’s look at what this means from a revenue and commission perspective.
You’d ask: “How much do you make per per site closed?” Let’s assume they say $10,000.
Then you’d add: “So, what I’m hearing you say is that if we could work together to tighten up our follow up, add more value, and be more consistent with how we keep those people nurtured _ then you could probably do another 25 transactions or make an extra quarter of a million dollars. Would you like to discuss a strategy on how to make that happen?”
And, of course, the answer is always yes.
Then you can shift the conversation to focus on how you can explore a possible co-branded approach in a way that pulls business out of the market and nurtures them to a closed deal.
I can’t underscore how powerful this conversation is and how it sets your relationship up to produce some quick wins!
