Jun 4, 2021
The real estate industry is
experiencing a loyalty gap - the phenomenon that 80-90% of people
state they would use their realtor again, but only 13% of those
people used their previous agent. In today’s episode of The Real
Estate Sales Podcast, Jimmy is joined by Berkshire Hathaway
Homeservices CEO Chris Stuart to understand this issue and explain
how to grow your real estate business through
influence.
What are some of the challenges facing the real estate
market?
- What you focus on expands. Dedication to lead
generation might expand your market of new leads, but that means
your existing network doesn’t reap those benefits.
- Everybody knows how to find a realtor, so the
loyalty gap is not a representation issue, a service issue, or an
affinity issue.
So, why does this loyalty gap exist?
- In real estate, 90% of all transactions have a
real estate representation on both sides. People do not go through
the real estate process without a realtor.
- It all comes down to one thing: influence. How
agents do (or don’t) influence how customers make their real estate
decisions.
- When someone is making a real estate decision,
most people talk to friends, family, neighbors, and coworkers
before contacting an agent.
- To capitalize on this, the agent should aid
initial decision-making to have a seat at the table.
How do you establish influence as a
realtor?
- Demonstrate to your database that you’re a
trusted advisor in any situation. Are there cracks in the
foundation or water supply issues with their new home? You should
know how to help them.
- Create a business where you aren’t tethered to
a commission check, and quit expecting everything to come with a
check - build relationships instead of transactions.
- Build your network and connections into your
database. But don’t just leave it at that - add value to their
lives.
Read to establish influence:
- Chris’s book
Real Estate Influence
to learn how to leverage social
media and marketing intentionally as an agent.
- The best part? All the proceeds go to
Sunshine Kids, a nonprofit organization dedicated to helping
children with cancer.
- There are two fundamental premises to real
estate: be in the service of others, and be in the spirit of
accountability. When you need help, put aside your ego and ask for
it.
Want to get in contact with
Chris? Connect with him on LinkedIn to learn more.
Connect with Jimmy Burgess
on LinkedIn and Facebook, as well as his
YouTube channel.
If you like what you heard
today, we’d love it if you’d share a rating or review and then
subscribe to the podcast and tell others about it as well. You can
find The Real Estate Sales Podcast on
Apple Podcasts,
Google
Podcasts,
Spotify, and
Audible, and our website, The Real Estate Sales
Podcast.