“You don’t have to re-invent the wheel, you just have to be better than your competitors…”
This message has been repeatedly shared by my mentor whose development company built over 350 homes per year before he sold to Lennar in 2005.
Given the enormity of his success, I’ve accepted this statement as foundational…
In evaluating the lifecycle of a real estate client or borrower, there are some critical challenges that repeatedly come up for many of my competitors. Either they are really good at communication during the lead generation and nurture phase, and not so good throughout the rest. Or, they are really attentive throughout the entire client lifecycle, but in doing so, let the critical tasks of lead generation and lead nurture fall to the wayside until they are starving for business again.
In evaluating the lifecycle of a real estate client or borrower, I realized that there were some critical challenges that are consistent for most of my competitors. Either they are really good at communication during the lead generation and nurture phase, and not so good throughout the rest. Or, they are really attentive throughout the entire client lifecycle, but in doing so, let the critical tasks of lead generation and lead nurture fall to the wayside until they are starving for business again.
Therefore, in identifying how to be better than my competitors, I concluded that 3 main factors had to be achieved:
1. Create consistent and value-added communication throughout the process
Almost every salesperson finds a way to bring enthusiasm and energy to new and nurturing leads. The true winners are those whose consistency in service and communication make clients feel the same level of importance throughout the entire process.
In our business, we choose to look at current client communication as part of our marketing strategy. Similar to the way that Disney employees are trained to be “Assertively Friendly.” It’s important that my current clients feel tended to and important, but also that there is still time for me to prospect and nurture new leads. Therefore, current client communication must be systematic and cultural across my team.
2. Change the paradigm.
People don’t buy into orders; they buy into ideas and purposes.
Regardless of your role in a real estate transaction, we all have expertise in the process that consumers don’t. I like to call this the “Expert Disconnect” where something so seemingly simple to us, is entirely foreign to a consumer.
Do you ever wish consumers would appreciate all the work that goes into the process rather than feeling violated and being resistant?
Educate them on what is happening and why it’s happening. More specifically, why it is beneficial to them.
3. Keep the big picture visible.
Make clients feel good about what’s happening by bringing them back to their “why”.
“Why” are they making this move, what about their future will is so exciting that they will persevere?
Yes, this process can be arduous, it can be stressful and it can be downright miserable at times. Helping clients to maintain an attitude of gratitude with a vision of why they are doing this goes a long way in building a group of raving fans who are ready to tell their friends how great you are.
The next time you have a client who becomes difficult during the escrow process. Evaluate your communication practices throughout the client life cycle.
Are you outperforming your competitors, or are you doing the same everyone else does?
To see how many lenders are using video to out-serve others and bring leverage into their business, click here.
