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Seven Ways To
Grow Your Real Estate Management Business |
The
easiest way to earn business comes from customers, clients, and prospects
that already know and trust you. Grow your real estate management business
with a referral engine that will help you carefully cultivate and nurture
your referral sources.
Going deeper or wider with clients you already have
The first place to start to grow your real estate management business is
with your current customers. Studies show that the opportunity cost of
adding or replacing a current client is six times what it would cost to
keep an existing customer. A client or customer that already trusts you
and is happy with your management is a great source to tap for more
business.
Do not expect property owners and advisors to know or understand all the
solutions your real estate management company can provide. Feed them a
steady diet of information about your services and the solutions and
benefits you can offer. Do not hesitate to share your successes with them.
When you or any member of your real estate management staff interacts with
a client face to face, or on the phone, make sure to be friendly. People
enjoy doing business with those they feel comfortable with. You will be
amazed at what you can learn about the issues affecting your customers
just by listening. Use this knowledge to cater to your property owners'
and their advisors' needs and desires, thereby making for a more satisfied
and happy clientele.
Create referral partnerships
Ask yourself this question:
Who do I know that already has the kind of customers that I enjoy working
with and does not compete with me on the basis of what they provide those
clients?
Look for businesses that serve the same clientele you do, but make sure
they do not compete with you directly by offering the same product or
service. You can create mutually beneficial relationships by sharing
leads, producing value added and cross-marketing workshops or seminars.
Once you have these relationships in place take steps to ensure that your
referral engine has plenty of fuel.
Seven powerful ways to keep the referral engine running
1. Ask for feedback. Once a year survey your clients and ask them to
provide feedback.
o What benefits did you get from working with us?
o How can we better serve you?
o What other services would be beneficial to you?
o Who do you know that might benefit in the same way?
o Can we use your name to contact them as a referral from you?
2. Stay in touch. Several clients find that an E-Mail newsletter is a
great way to show a client a fuller spectrum of their products or
services. One associate that markets telephone wire and cable
installations sends out a newsletter that includes tips on telephone techniques. In every issue he asks: "Do you know someone else that is in
the midst of a move that could use my advice?" The few hours a month of
work he puts into his newsletter yields a steady trickle of add-on work
and referrals.
3. Make it easy to refer you. Go with simple, elegant ways to pass names
along. If you and your referral partner both use Microsoft Outlook learn
how to send v-cards by E-Mail. A v-card is a contact record. When
received, your referral partner need only drag it to his or her contact
folder and categorize it as a referral. It is neat, clean and instant. If
you use a Palm Pilot or other PDA you can make infrared transfers of a
single contact, or many at a time, at the touch of the screen.
I always ask my clients and prospects if they know a particular person or
need a particular service to who he/she would like an introduction or
referral. Then I arrange an immediate conference call with the two
parties. If the referral is busy, I set up a telephone appointment. "I
wanted to call and connect you, with Bob. We have worked together?." Then,
I arrange a meeting over breakfast or lunch. Referrals made in person,
during a conversation open doors almost magically.
4. Create customized referral tools. Include in your invoice a stuffer
saying, "We grow our business on happy customers like you. Do you know
someone we can make just as happy?" Create handy information sheets for
customers and clients that detail what type of clients you are looking
for. Be specific. Go beyond the simple business card calendar.
5. Ask for testimonial letters. Follow a successful project with a call to
ask your client for feedback. Listen carefully to the positive terms they
use. Probe a little, gently fishing for a particular type of feedback.
Once you get it use these words, "I am so pleased we have made you happy.
Would you mind if I included your comments in the form of a testimonial
letter? I will send you a draft for your approval and/or amendments. Then
you may copy it onto your letterhead. Is that OK?" Almost everyone says
yes, and rarely do they change a word. It's fast, easy and it requires
almost no follow-up.
6. Say "Thank you". If you want to make a powerful impression send a
referral gift, before the referral turns into business. The referrer will
never forget it and will be eager to pass along new referrals.
Some people create simple ways to pay "commissions" for referrals.
If they do not wish to receive a gift or referral fee, a creative way to
pay "commissions" for a referral is to find out what that person's
favorite charity is, and offer to give a percentage of the first piece of
business which results from the referral, to that charity. An added
benefit is that charitable giving is tax-free.
7. Free client appreciation seminars or dinners. Run a seminar on a hot
topic and invite your clients to bring along their clients or prospects.
Remember, these must be well-thought out and well-planned affairs. You can
also invite a client or group of clients to a fine restaurant to share a
meal or a special event like the theater or sporting event, as a way of
showing your appreciation.
In addition to your existing clients do not forget about your previous
clients. Your previous clients are a substantial resource in building your
clientele and referral engine. Treat them the same way you would treat an
existing client.
A Real-Life Example
A Real Estate Agent once sold me a building and never contacted me after
the sale. Another Real Estate Agent that I had never worked with
communicated with me on a regular basis, sending information about the
services he provided, as well as information about the Real Estate market
in the area. When it came time to sell my building, to whom do you think I
gave the listing? I gave the listing to the broker who had been in contact
with me. The biggest mistake of the first broker was that he did not keep
in touch and follow-up with me. Do not make the same mistake of
disregarding your previous customer.
Start planning your referral strategy by implementing one or more of these
marketing tools. If you are unsure where to begin, ask someone who
understands your business model and industry, or call us, and take
advantage of the extraordinary power of referral based marketing.
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