When there is uncertainty in the real estate market, our worst instincts often take over and our referral business suffers.
We start acting out of desperation instead of logic. There are three actions in particular that I am seeing in this current market that are hurting much more than they’re helping. I’ll start this blog post by identifying those three things, allowing you to do a self-audit of your own actions. I’ll finish with one single task that’s guaranteed to be productive and set you on the right path to building a referral business.
Not Working: Yelling from the sidelines
There is a lot to be learned from social media and keeping up with industry news, but it’s too easy to lose healthy boundaries. The agents who are spending time leaving negative or combative comments on other peoples’ pages or discussing other agents’ behavior are only hurting their own success. When you see these negative comments or hear them in the wild, ask yourself: are these the agents with top-producing numbers? Are these the agents you admire in business and life?
Not only should you steer clear of being part of this group, you should steer clear of letting them get to you. There is too much to do that *is* productive to let this all-too-tempting wormhole get you down.
Not Working: Gravitating towards the new, quick fix
Here’s a wakeup call: there is no new app or lead source that is going to fix your business with a click of a button. Sure, they’ll promise you that and more. Someone may even cry miracle on a Facebook group or two. While technology can help you get where you need to go, it won’t drive you there. You still need the right tactics, communication style, and emotional skills in place. You still need to be putting in the hard work every day to maintain your relationships and work those leads into transactions and referrals. Until you feel like your business essentials are in the right place, do not (and I repeat) do not invest in these quick fixes.
Not Working: Too many cheerleaders and no coaches
Cheerleaders are great, and we all need supporters in our lives and businesses. However, it’s just as important to have an honest voice in your ear. I’ll give you an example.
One of our Coaching Club Members called me this week with an issue. She was having a bad day and was dealing with the loss of a particularly tough listing. I listened to her complaints and heard her say something of note, “he was just looking for a commercial, discounted agent.”
I stopped her right there. I told her to stop her excuses and look at the facts: she wasn’t the right agent for him. She needed to get out of her emotions and refocus with the reality that she will not be right for everyone.
She didn’t need a cheerleader to listen to her complaints and nod their head. She needed a coach and a reality check, too. Make sure you have someone you respect around you who will always tell you the truth. When we work in a silo, as we often do in sales, this person isn’t built into your team structure like with a typical corporate job. Seek it out and then make sure you lean on that person often.
What *Is* Working: The 80/20 Rule
In a particularly challenging market like today, you need to focus on the relationships you have. Then, you need to seek an emotional response from those relationships. That means that a simple text or Instagram message won’t do. You need to get out of your comfort zone to make phone calls and set up in-person meetings.
What do I mean by an emotional response? When you send a text, all you get back is an emoji or simple sentence. You don’t hear the emotion in their voice or hear the hesitations or pauses. Above all, they don’t have the chance to ask you about work or bring up real estate. All you need are short 3-5 minute conversations to truly nurture and grow your referral-based business.
My challenge to you: make five phone calls today. For a phone call to count, you need to speak with someone. It doesn’t matter for how long. Take notes on your Client Profiles and set times on your calendar to call again in two weeks. If you’ve pushed this process to the side, there is no better time than now to get it started again.
Making your daily calls to your Core Sphere is what I call a Success Marker. Success Markers are the actions you know work for you, and work well. Once you define your personal Success Markers, you’ll always have an action to swap in if you find yourself leaning into one of the above bad habits.The more you get consistent, the more results you will see.
Armed with this information, you should call your sphere to check in every two weeks. Make these calls quick and casual. Don’t even mention real estate! Use your Client Profile to find a reason to call. Maybe you want to check in since they’re a recent empty nester! Maybe their favorite sports team is playing in the finals. Finding a reason to call helps you pick up the phone and that’s what matters. These calls should feel genuine and personal. Every time you hang up the phone, take the time to plan your next step.
Aaron Hodson
Aaron Hodson is a keynote speaker, business strategist, and CEO of SellWell. He’s spent 25+ years in the real estate industry in various capacities — from selling homes, to becoming CEO of one of the fastest growing real estate companies in the world, to coaching high-level sales agents and executives. Fair warning: Aaron originally hails from New Zealand, so Kiwi-isms are to be expected.
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