What is the #1 source of business for real estate? I’ll give you a hint. It’s not email marketing, social media, or door knocking.
… It’s referrals.
Why is this? If I receive an email newsletter, I may open it. But truthfully, given the number of emails I receive per day, I won’t. Likewise, I may see an agent’s posts on social media, but I’m probably going to quickly scroll past them as I skim past the deluge of updates scanning for items from my closer circle of friends. And an introduction via door knocking — well, the personal touch is nice, but that seems like a lot of time and energy spent for a pretty low percentage return.
Converting Relationships Into Referrals As A Realtor
Hiring at Contactually right now is on fire…in a good way of course. We have a number of roles open and we’re actively recruiting for great talent for these roles. But besides recruiting for these roles, we’re also making sure that we also retain the top talent that we secure for these roles.
Apparently, we’re no different from other companies. LinkedIn just released a report on the Global Recruiting Trends 2016. In this report, 32% say employee retention is a top priority over the next 12 months.
As we go through this challenge with many others, we’ve increasingly come across that a main concern for brokerages is how they retain top talent. Through market challenges and trying to keep up with the changes in the industry, we definitely understand how this is a concern. Having top talent at your brokerage means that there’s an even bigger opportunity to grow and succeed.
After understanding this challenge, we’ve researched the 5 best ways to retain this top talent at your brokerage.
Here are the 5 Best Ways to Retain Top Talent at Your Brokerage…
In case you missed it…we’ve updated a few things
We’re always focused on large scale features to make your processes easier, but we sometimes lose sight of smaller wins. Our users are our livelihood, and we take into account even the smallest tweaks that can reduce the complexity in their businesses.
You’ve probably heard of some of the more notable product improvements we’ve rolled out, but here’s a quick look at all the improvements we’ve been working on. We’ve managed to get some very useful and intuitive updates built in for teams and individuals, along with a few changes to make Contactually easy on the eyes.
Contactually’s New Features Recap
It’s no secret that we are in the business of relationship management and while everyone has broadened their network reach through a digital presence, maintaining your network can become a full-time job. While it probably is a lot of work, if you have a little help with some automation, it becomes less of a pain and more of a delight.
Getting access to some type of software is half of the battle, knowing the right strategies to maintain those relationships with clients and how those can increase the demand for your services are points of success for your firm.
So, what are the right relationship management strategies that every lawyer must keep in mind?
3 Relationship Strategies Every Lawyer Must Keep in Mind
Unfortunately, you aren’t taught in law school how to build your book of business or how to get clients.
And most importantly, you aren’t taught how to grow your legal practice.
Like any other business, growth is extremely important for a law firm and solo-practitioners. Without growth, your firm could go the other direction into plateauing or failure. So what are some of the things attorneys must know to supercharge their practice?
3 Ways to Grow Your Legal Practice
I started listening to a new podcast called Hidden Brain by NPR. It discusses and breakdowns the hidden intricacies of the human mind. The one I listened to, that sparked this blog post, talked about motivations and how our brain feels when we are motivated. The interesting spin was that people generally don’t feel more motivated after winning or being rewarded, they feel much more motivated when they are so close to a goal that they can taste the victory. You can listen to it here.
This isn’t to be confused with rewarding top performers for exceeding their goal, instead it’s entirely related to internal motivations and “almost winning.” Winning doesn’t necessarily create more motivation, but instead more drive is created when we get close to a win.
So using this psychological theory, how can you motivate your top, middle, and bottom performers with “near victories?”
3 Ways to Motivate Top, Middle, and Bottom Performers on Your Team
Never miss a new opportunity
New client interactions are extremely time sensitive and we know how stressful this can be. What if a prospect reaches out in the middle of the night and you miss an opportunity?! Are you expected to stay up all hours of the night in order to respond? When you’re out enjoying life with your family and friends you don’t want to be worried about new leads. Trust me – no one likes that person who’s always compulsively checking their email…and now you won’t have to.
It’s important to initiate contact with a lead as soon as it’s submitted. The likelihood of a lead converting is seven times higher if they’re contacted within the first hour, and the window of opportunity starts closing in a matter of minutes.
When the stakes are this high, trust the Contactually/Zillow partnership to coordinate your efforts. We’ll instantly sync new leads to your account from Zillow and Trulia, so you can break through and build a dialogue quicker than ever before. We even take it one step further and allow you to designate which buckets your leads are sorted in, so you can organize, and prioritize without the manual lift.
We consider ourselves follow-up experts. Granted, sometimes these follow-ups are delayed, or they may not contain all of the right words — but we’re human.
We’ve written about how to write an effective follow-up email, generated templates for the best follow-ups, and what to do after a follow-up. Although these have been for a much broader audience and for best practices, we understand that advice isn’t a one-size fits all sort of thing.
In a consultants’ world a follow-up is essential in making sure guidelines for a project are correct, staying top of mind, and getting referrals into new clients. Following up is also a must for existing and past clients, it expands your network and cultivates the one you have currently.
With the influx of even more places to communicate, how should a consultant follow-up with clients? Knowing the right time, place, and how is extremely important. We’ll dive into the best practices on how to follow-up with clients.