As many can attest, the real estate career can be a series of trial and error at first with no clear road map of how to build your business. So we asked our Illinois Young Professional Network (YPN) alumni to take us back to the very beginning and share their tips and best practices in a “Success Tips” download, which is also available in podcast format.
This blog post is the third in a series we’ll share on the “YPN Success Tips” to help you start the new year out right.
Tip #3: Avoid the transactional mindset, think relational
You just began your real estate career and closed you’re first deal. Now you’re ready to move on to your next client to close another deal, and the next and so on. Illinois YPN Immediate Past Chair Jayme Ahlden Fay says just going from deal to the next deal is a big mistake she sees agents making.
“I think a lot of agents conduct their business models in a very transactional mindset.” says Jayme, RE/MAX Realty Associates Champaign. “I don’t think they mean to, but they lose touch with their clients and they have the move-on-to-the-next mentality. I made it a point to ensure my business is more relational than just transactional.”
She adds: “You invest in relationships with people, you help them make one of the biggest purchases of their life. Then they never hear from you again. It’s important to stay in touch.”
What is a “transactional” versus a “relational” mindset?
“Transactional is one and done,” says Jayme. “You help them buy the house then they don’t hear from you again—other than maybe occasionally a mailer.”
When you think of a relational mindset, you focus on how you can build ongoing relationships with your clients. How does Jayme do it?
“I track all my communication with my clients, so I know who I haven’t called recently that I need to call to just check in,” says Jayme. “And it’s not that you are calling because you want something, but you are calling to just say hello and provide value where you can.”
Don’t ignore past clients and closed deals
- Personalized follow up after the sale closes
- Handwritten notes
- Host client appreciation and holiday events
- Send mailers monthly
- Email and call clients on a regular basis
“I’m constantly staying in touch and looking for ways to provide value. Not just calling just to call, but to check in and be of service,” says Jayme. “Knowing spring time is coming up, a lot of my clients are doing renovations, so I ask ‘Do you need any names of contractor’s, or cleaning professionals for spring projects or cleaning? What can I do to help you?’”
Staying in touch can lead to referrals
Says Jayme: “Even if they aren’t thinking of buying or selling locally, maybe they know someone. Or maybe they are out of state or area, there is still room for referrals. You can help them by referring them to another good agent.”
Bottom line, always provide value
“As a new agent, bottom line, focus on the relationships that you already have,” says Jayme. “Put together an Excel file or use a CRM [customer relationship management] and just look for ways to have top of mind awareness and provide value.”