Video Existing Homes Sales Drop with Market Constraints May 2011 Existing Home Sales Featuring Lawrence Yun NAR Chief Economist, June 21, 2011
Real Estate and Referrals One of the best sources of business is referrals Few customers give referrals without prompting Most won’t think to do so, even if they lovedyour service The fundamental rule of sales is You have to ask to get
When Do I Ask? During the Listing Interview Ask for referrals even before you get the business! Try these effective words: “My goal is that at the end of the marketing and selling process, you will be delighted with our service and the price you received. We want you to become an advocate of ours by sending us referrals. That’s how our business grows. We will work hard to make sure that you are delighted both with the process and the product, and we have no doubt you will send us referrals.” Or try this short and snappy version: “I don’t make my living off any one transaction. I make my living off of your referral business. I don’t get that unless you are happy.” Finish with a pointed request: “If you are pleased with my service, will you refer me to your friends?” During the Sales Process Use this script once the customer is beginning to see results of your efforts: “Congratulations, your loan was approved today. Now you can really get ready to move. By the way, can I ask you something? You know that I have been doing a good job for you, and now that you understand how I work and the systems we use, we could use your help in referring us to other people who want to buy or sell a home. Do you know of anyone that may be in need of my services?”
When Do I Ask? Just After the Closing “I appreciated your business, and I look forward to doing business with you again. I also would like to help any of your friends or acquaintances who may be coming into the market or people in your neighborhood who may be selling.” “Working with you was a pleasure, and it’s important to me to make sure that you have been happy with my service. I have built my business on customer satisfaction. How would you rate my service to you? If you have friends, relatives, or associates who need real estate assistance, would you feel comfortable referring me? Do you know of anyone I should be talking to right now?” “Your friends are looking for the best service in real estate. I hope you will help them find it by recommending me. Would you please do two things? Tell your friends about me. And when one of your friends needs real estate service, pick up the phone and tell me about them. Would you do that for me?”
Other Ways to Ask Asking on your marketing materials. Add to your brochures, letters, back of business cards: “The highest compliment our customers can give us is to recommend us to a friend. We appreciate your referrals!” Update everyone who gives you referrals. Call and say, “I really appreciated your referring John Smith to me. I want to give you an update on how that’s going. But first, how’s your family? How is your new job?” Call again with another update when the sale is complete. Continue to show interest in people who send you business, and they’ll send you even more just because you showed you cared! Following up after the sale. “Hello, it’s Barbara Agent calling. How did the move go? Are you settling in OK? Is there anything more I can help you with? I’ll check in with you again in a month.” Then, in a month, call again. This time, ask for referrals, saying “I know we did a great job for you, and I’m hoping you will refer us to your new neighbors and work associates. Do you know of anyone who is planning to buy or sell a home?”
10 Common Mistakes Not Asking At All because: They know they won’t get them anyway Their clients don’t know anyone to refer They will upset their client Their clients are too busy to give referrals They don’t want their client to think they are begging for business or that they are needy. These are simply excuses! Asking Only Once Suggesting Instead Of Asking “Mr. Client, if you happen to run across someone who could use my product or service, would you give them one of my cards?” “Mrs. Client, if you know of anyone I might be able to help, I’d appreciate it if you’d tell them about me.” Waiting Until The Sale Has Been Completed To Bring Up Referrals By waiting until the last minute to bring the subject up, the client no time to think of whom to refer and they have mentally moved beyond the sale. Focusing On Their Needs, Not The Client’s To be successful in generating referrals, you must give the client a reason why giving referrals is in their best interest, not yours.What are your ideas on ways to do this?
10 Common Mistakes 6. Not Defining What A Good Referral Is If you want a quality referral, you must let your client know who you’re looking for. 7. Not Understanding The Psychology of the Referral 8. Calling the Referred Prospect The key is to get a personal introduction, not just a name and phone number. 9. Not Helping the Client Give Referrals Discover whom the client knows & know who you want to be referred to 10. Not Earning the Referrals
Meetings are Moving! Mondays at 10:30 a.m. Beginning on Monday, June 27, 2011 Why? To make it easier for you to arrange your schedule around Sandler Training!
Sandler Training Homework Time! Negative Reverse Selling Applications Go through the packets Role Playing