What’s more important to you — sheer numbers, or referrals & repeat business? Transactional agents focus on the numbers while relational agents focus on building their business through referrals and repeat business by taking time to nurture connections. The truth is, if you want to achieve lasting success in our changing industry, it’s essential to nurture your relationships with your best clients.
82% of all real estate transactions come from repeat and referral business, and 25% of agents generate more than 50% of their business from repeat clients. This is why relational agents are experiencing massive success in their business. For them, the relationships they cultivate, continue to produce a steady stream of referrals that compound — year after year!
“The #1 threat to the real estate industry is being transactional.” –Brian Buffini
If you find that you fall under the transactional agent category, don’t worry, you are not alone. Many Real Estate Agents fall under the transactional alignment and lose touch with their clients once the deal is done. The best news is that it is never too late to shift gears. Relational businesses are more successful and ensure that you will always have a flowing pipeline.
Here are a few ways you can shift from a transactional approach to a relational one:
Generating New Business:
Usually a transactional focus would be solely reliant on cold-calling, online leads, etc. to create new business. While these avenues are still worth pursuing, tapping your sphere of influence and your past client base is a great way to foster connections to drum up business. Whether it’s been three months or three years, it is never too late to reconnect with a quick email, text message, or even a phone call. The excellent service you provide before, during, and after the sale will turn your clients into advocates for your business, so be sure to encourage them to refer you to their friends and family.
Give your clients the best experience by providing value every step of the way. From recommendations or even introductions to repairmen, plumbers, moving companies to a list of excellent restaurants in their new neighborhood, etc. you can be their go-to person for everything related to your transaction. Use your wealth of knowledge and experience to educate your clients about the market, answer their questions about the process, and allay any fears or concerns they have. Whether you’re currently working with them on a transaction or not, send them valuable information about home ownership or real estate-related topics each month to reinforce your expertise as well as your concern for your clients.
Building and maintaining relationships take a lot of time and effort, in life and your business. You need to have systems and processes in place to make sure that you are continually connecting with your sphere of influence, past clients, and at the same time exploring other avenues for new business. You can’t do it all. Transactional agents often find themselves burnt out and exhausted. You need to take care of yourself and your business without sacrificing time and resources for either. Building a team that includes a real estate virtual assistant that will support you and that you can delegate the responsibilities within your business that you do not need to do yourself is one significant way to achieve that balance. Furthermore, it will allow you to focus on the areas of your business that only you can take care of and give you the freedom to grow your business.
These are just a few of the shifts you can make in order to create a relational Real Estate business. Building your business on the foundation of your relationships with your clients helps to ensure that you’ll thrive regardless of the whims of the market.
Want to learn more? Visit us online at https://www.myoutdesk.com/ and schedule your Double My Business Strategy Session!