We created these campaigns to help solve a rampant problem in the real estate industry. According the NAR 2017 Profile of Home Buyers and Sellers, 89% of home buyers and 85% of home sellers said they would at least probably use their agent again or recommend them to others. And yet, few followed through: only 12% of home buyers and 23% of home sellers used an agent they had worked with in the past to buy or sell a home.
Moreover, the typical seller has recommended their agent twice since selling their home. A full one-third of them have even recommended their agent three or more times! But has your business doubled or tripled? If you’re getting all these referrals, why aren’t people reaching out to you left and right?
Why are we losing all this sphere-of-influence business?
The simple answer is because we’re not doing a good enough job of showing our value. Many agents think that providing a good service once is all you need to earn repeat and referral business, but the truth is, it’s not even close to enough. The need to remind people of their value is the reason, for example, that Coca-Cola still spends money on advertising even though its product is so well-known that an entire region of the U.S. uses the moniker “Coke” to refer to soda in general!
Let’s think about this in terms of real estate. The latest studies are saying that it might be up to ten years before a client is ready to buy or sell their home again… can you really say that you’re staying in contact with that person consistently until that time?
And for referrals: a Consumer Insights Survey by Google said that 2 in 3 real estate searchers researched prospective agents online prior to working with them… when your client referred you to their friend or family member, and that person looked you up online, was what they found good enough to convince them to reach out? Statistically speaking, probably not.
While we certainly don’t need a marketing engine on par with big brands like Coca-Cola, we do need to consistently and constantly demonstrate our character and competence. This is called “omniscient marketing,” and it’s a fancy way of saying “staying top of mind.” It also has the added benefit of meeting your customers where they are.
The MVPs, delivered exclusively to Coaching Club members each month, are an easy, practically done-for-you way to implement omniscient marketing. Executed successfully, they will keep you in touch with your sphere and give them the tools they need to refer you.
Learn more about the benefits of the MVPs in this Coaching Club Session.