Are you terrified of moving into a new market? This post and video will take you through step-by-step strategies how to win when you move to a new geographical market and know no one.
A lot of people understand that there are times where your market changes. Sometimes it’s death, sometimes it’s opportunity. Sometimes it’s in-laws, sometimes it’s children, sometimes it’s lifestyle, sometimes it’s health. There’s always situations in which geographically you may change. If I’m a real estate professional, a lending professional and I go to a new market, how do I jumpstart my business? The reason why this is important is because far too many people are forced or faced with the option of making that move and they are fearful about whether or not they can continue their real estate or mortgage practice in a new location.
How to own a new market in 90 days or less
So one of the persons that comes to mind is a guy named Kristen Hanson. I’ve known Kristen for about a decade and I can tell you that Kristen has moved from California to Texas, from Texas to Florida, from Florida back to Texas, and in that process consumed about eight professional years of her business. One of the things that I think is really important to understand about making a geographical move like this is you can make anything happen in any new market in 90 days or less.
Now in our world, we call this the 90 day burn and the 90 day burn is a very, very simple construct where you come in, with the art of war mentality, and you’re able to get the business going in very short order because of the recipe I’m going to give you. So I’m going to teach you three things on this video and I bet you what it will do is a couple things for sure. It’ll accelerate how fast you start making money and I believe that with that in mind, you could make money in the first 30 days knowing no one and having no contacts.
I also believe that the second thing that will happen is within those 90 days, you’ll have the relationships and partnerships that if you deploy the circle of cash flow and the referral mechanism that we teach and talk about almost on every video, then your business begins to scale in a remarkable way.
Step 1: Find the top 15% in your new market
So in order to tell you this story about Kristen, I need to go back about 20 years and tell you the story of John Engville. So John Engville’s been a friend and a client, well, a client first, and then a friend for the better part of probably 30 years. I remember in the early 2000s, I believe John and his wife Andrea were moving to, I think it was Fresno, California. John and I were talking, he goes, “How do I get into a brand new market? I said, “Well the first thing you need to do is decide who are the best,” and in this season, it was real estate agents. “Who are the best real estate agents in town?” So we built a list. This is step one. His filter was I want to target the top 15% of real estate agents. In the market he was in, that was 65 real estate agents.
So if you think about that, I believe he had connected with the title rep. The title rep helped him figure out who the top 15% were and what he was going to do is use the approach strategy that we teach in the high trust methodology. It’s called the law of the bullseye. It’s in High Trust Selling. The law of the bullseye says do business with the best prospects or you’ll do business with any prospect. So to have a filter and to have a discipline about who you want to do business with requires you to make sure you know their volume and to somehow make sure that you’re compatible before you even begin to market to them.
Step 2: Determine your marketing schedule
Now that you’ve identified the right people, it’s time for step number two, determine your marketing schedule. In the approach we teach, we recommend you FedEx or UPS overnight envelope an introduction letter including the name of the referrer and a signed copy of a book. Our High Trust Selling books is a nice option, if you’d like, because you can then say in the letter that you’re a friend of mine and you can buy the books 24 at a time and we’ll personalize and autograph them. It’s pretty exciting. Then you send the FedEx out based on your marketing schedule.
So John’s marketing schedule was one a days. He was going to take 65 business days to reach 65 real estate agents one at a time.
Step 3: Follow up
Now the goal was to follow up 48 hours after he would send the introduction letter and book out. So if I send it on a Monday, I follow up on Wednesday. If I send it on a Tuesday, I follow up on Thursday. If I send it on a Wednesday, I follow up on Friday. Go listen to how to master the art of follow up if you haven’t listened to that, because this is where the money is.
So he’s following up and he’s actually blown away by the response. The response is so powerful that he had to slow his marketing schedule down three weeks after sending out the new packages because he had had an 80% response with about 20 real estate agents to this point in time during that first month. So he pumped the brakes and paused it a little bit and then moved it to three a week. Then, as he tells the story, inside of the 61st to the 90th day, he had met with 35 real estate agents, had had 32 borrower conversations. I can’t remember the exact number, but it was in the low teens, 13 or 14 new loans.
Why this method works in a new real estate or lending market
So it is what are my standards? Who do I want to do business with? Again, this could be builders. It could be anybody, but the agent is where John started and then you go from that to say, okay, I’m going to follow this recipe, which is absolutely “patented” because it works and we get about a 93% success rate in setting appointments. People are absolutely blown away. If I had more than 10 minutes to explain how blown away they are, there are agents… I’ll tell you one right now. A guy named Dan Keller who’s a High Trust graduate and has been on the sales mastery stage, sent me a voicemail one time. He said, “I’ve been going after this real estate agent for two years. No luck. That five minute video on send a book overnight with a letter changed everything.” He called me and he said, “In all my years of doing real estate, I’ve never received something like this from a lender.”
That’s the power of this. So back to John Engville. So John Engville in 90 days has the mortgage business going. He lays into that the Circle of Cash Flow and the rest, as they say, is history. When Kristen Hansen moved from California to Texas, she did that. When she moved from Texas to Florida, she did that and when she moved back to Texas, she is again doing that adding a few new clients to the client base she has maintained there during her time away.
Partnership Planning: Schedule 12 weeks of follow up
Then here’s another thing you have to do. You must schedule with new people in the new town that you knew no one, you must schedule 12 weeks of follow up. The 12 weeks of follow up again, falls into the follow up video. It also falls into the lender and realtor partnership video that we did and it’s called Partnership Planning.
99% of loan officers don’t do this and that simply means like when John Engville would meet with one of these agents and the agents would say yes, John would say, “I’d like to schedule 12 weeks of follow up 15 minutes a week. In every one of those follow up sessions, I want to check in, make sure we’re doing great together as a new partnership. I want to continue to learn what you’re looking for and what needs you have that I’m not filling that I need to fill. I want to make sure that you and I are working together to build each other’s businesses in an intentional and direct way.”
Now go crush your new market!
So that gets scheduled. Today you send that calendar invite out on your digital device and put an end date 12 weeks from now, and you’re off to the races. So you literally, I believe, and I say this without any sense of pride or attitude or anything, but I do believe I could fly into any market and in 90 days as a lender or a real estate agent, I could have enough business to build out my financial plan and make my life work. So don’t be afraid of moving. Be afraid of moving and not doing what we just talked about.
So that is today’s video. One pain point, two solutions and within 90 days you can have a new business going no matter where it is you have to relocate or move. Okay. Talk soon.
Thanks for investing time today learning how to land well in a new market and crush it.
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