I just did an interview for Florida Realtor. They’re doing an article on the things that don’t work anymore in real estate sales. I thought that was a fascinating subject, and I came up with several sales strategies that we need to drop out of our ‘toolboxes’. Here are 2. (next few will be in future blogs).
What are sales strategies you see agents still practicing–even though they’re not getting results?
- No database/contact management
It used to be–we kept our leads on pieces of paper or index cars–if we kept them at all! And, we got away with it, because real estate was more of a ‘next business’–even though that’s never the best way to run it! Even now, the majority of agents don’t have a contact management system–and many don’t even have their leads and clients in a database. Why is this important? Because the agents who DO capture and keep their clients will beat out the others who rely on memory–or, worse yet, just use a ‘next’ mentality.
Managers: When do you suggest an agent start capturing leads in a database? When do you suggest they start using contact management, and create their ongoing marketing plans through it? Do you have an accountability system for these? (assuring they DO create that database in their first week in the business, and start using contact management to manage their contacts and marketing plans).
2. Love ’em and leave ’em mentality
I chose this next because it goes perfectly with the ‘no database’ mentality. I read that only about 1/3 of agents ever go back to the client they sold a house to! So, they concentrate on getting a new client. Yet, studies also show it costs 6-9 times more to get a new client than to keep an old one! What does this mean? That agents are wasting a lot of time trying to find more strangers to convince to work with them than to keep in contact with current/past clients and get referrals (much easier to do and much less expensive).
Managers: What does this mean to you? That your training needs to expand to client retention. Do you have that in your training? Do you consult with your agents regularly on their client retention plans? Do you teach them that client retention is as or more important than client acquisition?
Let me know what you think agents need to quit doing to thrive in this real estate climate. What have YOU quit doing because it was unproductive?
A New Resource to Inspire and Motivate You
I just took many of the sales and inspirational ‘quotes’ from my book, Up and Running in 30 Days, and put them into this ‘little book’. In it, I show 80+ sales principles with short explanations. They are the principles agents need to succeed–along with lots of motivation and inspiration.