Back to the future day, it happens at the start of every month. You generate a list of every buyer who has bought from you that month in your entire career, and you call them.
You were probably taught to set one individual task against each consumer for their anniversary. When you have ten clients, what happens when you get to 500 or even 1000? Now you have 1000 tasks in the system. One day, you log into the system, and there’s a tonne of tasks of a different type. You lose faith in the system, and great work stops.
Instead, change the game. One monthly task is to pull up that list of people who’ve bought from you and call them. Reduce the resistance to doing great work. That one change shifts your results.
The lifetime value of a customer is critical for future success. When markets change, so too must you. 10% of Alexander Phillips' listings in August 2023 are sellers who bought from him in the last 12 months. Simple dialogue, ’Hi Hannah, thank you for purchasing from me this year; how are things with you? And how’s the house?’. You’ll find life goes on in the new world at speed.
If you just nailed that in your business, you’d be incredible.
What’s your formula for how you...
Generate your leads?
Win your listings?
Sell your listings?
Grow your team?
Grow your market share?
All great questions.
If it’s not documented, it can’t be done with precision every time. You’ll struggle to grow your people, train them, teach them and test them.
Power of STM Charts
How can you quickly teach a complex set of ideas so your team members can get the formula for success as quickly as possible?
That’s where STM charts come into play. Real Estate is a mature business. There’s a way to play the game and gain commercial success. There’s a difference between innovation that matters, stepped change that helps to evolve our practices, and wasted energy and effort.
When the goal is clear, there are no distractions. If you reviewed every listing you’ve won in the last 12 months, ask two simple questions:
How did you meet the seller?
What did you do to progress them to market?
You may have met them at an open, but you called them around new listings and sales, added them to your weekly results email, and that built the relationship.
The major areas of lead generation include:
Buyer work (work the trade-ins)
10:10:20 (build the relationship with the neighbours)
Market appraisals (what happens next to drive their dis-satisfaction / vision)
Past clients (lifetime value of a customer - generate referrals and facilitate their life stages)
Landlords (archived landlords, tenants, etc., their principal place of residence, bring another, buy another approach to overall lifetime value growth).
With each, you need the tactics.
Buyer work is facilitated by driving a minimum number of opens on a weekend, then doing great second appointments. You adapt to ask great questions: ‘Have you bought locally before?’ and ’What are your plans with the existing when you buy the next?’. Every buyer at every open has to be asked that question before they leave the open home. If you don’t, you lose 50% of the leads.
Then, we move to measurement.
As you finish the open:
How many buyers did we meet?
How many are owners?
How many are out-of-area owners?
How many are landlords/investors?
How many are first-home buyers?
And once you complete the callbacks, how many did you:
Book in for a market appraisal (MAP)
Listing appointment (LAP)
Or Buyer appointment (BAP) to see the home again?
All great questions. If I do an open for you, you’d expect me to fill out that open home results form and send it to you. If the results are poor, you coach quickly.
You don’t get the results if you don’t follow the system. The first time, it’s a mistake; the second time, that’s a decision.