I was having lunch last week with a client and we were discussing his current business model. This client primarily works by referral and spends his marketing dollars and time sending notes, making calls, and doing pop-byes. All great, but I asked him a question…“What are you doing to keep your real estate sales funnel full…with NEW people?” He looked at me and I could tell he was unsure on the answer. If your entire database is 50 people, it is a limited number of people who can use your services and refer you to others. What if your database was 100 or 200+ people? What would that look like for your business? This applies for Realtors, Lenders, and Title Reps. You have to always be adding new people into the sales funnel. Not doing so limits your business tremendously. Taking the right “action steps” to get new people is the challenging part. Here are some tips to make it happen!
The Pitcher of Water
I recently ran a half-marathon and as you can guess, I was pretty thirsty when I finished running. I guzzled down a water and a Gatorade like it was nothing! Now, imagine a large pitcher of water being used to pour into a glass that you drink. The more water you drink from the glass…less water in the pitcher. What happens when the water is nearing the end? You go fill it up with MORE WATER! Your real estate sales funnel is no different. If you never take time to fill up the pitcher, eventually you run out of clients and referrals. These are the same Realtors/Lenders/Title people who wonder why they have a stagnated business and do roughly the same production every year. Their sales funnel is only half full.
How to Add New Clients
The issue I sometimes have with systems that want you to work by referral only, is they are great at teaching “top of mind” strategies with people in which you already have a relationship, but light on acquiring new prospects especially using technology. With that said, there is tremendous value in the “work by referral” teachings, but lets add more people to that real estate sales funnel.
1.The “Mayor Campaign.” I saw this recently at a real estate convention. When meeting new people and having a conversation say:
“Hey, if you were buying or selling a home or had a friend or family member who was, do you have a REALTOR® you’d refer them to?”
Does is sound a little hokey? Yeah, but it is a very valid question. If they say “No,” add them into your database and market back to them. Fast way to get your database numbers higher and higher.
2. Add the Other Side: When you help someone buy or sell a home, add the other side of the transaction to your database. More than likely the Realtor representing that party isn’t doing enough to stay top of mind…but you can! Every Christmas I get a card from the listing agent of the home I purchased.
3. Client Appreciation Events: I’ve talked about these event previously, but when doing them, ask your sphere to bring a co-worker, friend, family member who might have a real estate need in the next 12 months. Add them to your database!
4. Push out the Content: Facebook, Instagram, LinkedIn, YouTube, Website, Direct Mail. Use these amazing tools to push out educational content and grow your audience. Attract the “right” people for your business and turn them into referral partners!
5. Farming-FSBO’s, Expired Listings, Online Leads, etc. Yes, these take time to cultivate, and you are working less than warm people. Agreed, not always the most efficient way to fill the real estate sales funnel, but people do it and it can work…very well. Many Realtors refuse to work these people, but there are plenty of clients to be gained.
Ready to Fill the Real Estate Sales Funnel?
As you can see, there are many things a Realtor can do to grow their database and potential customers. If your goal is to expand and grow a thriving real estate business, adding new people to your sales funnel is a must, otherwise you are left with a stagnant business. As you are planning your week, make time to do the necessary activities that leads to more people in the pipeline. Your bank account will thank you!
Ready to Work with Stewart Title
At Stewart Title, our focus is on YOU, the Realtor/Lender and how we can expand your business. We have more than ideas, we show you how to implement. Take a moment to fill out the form below or email me directly at firstname.lastname@example.org with any questions/needs you have.
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