Make Money From Your Power List (Part 1 of 2)

Make Money From Your Power List/ Inner Circle

Last week we talked about the most important asset in your business. The one place you can make more money from than any other part of your practice – your Power List. We also showed you that you will lose 10% of that asset for every month you don’t follow up.

This week, we want to give you 2 of 4 Systems you can put in place to consistently follow up with your Power List and generate more repeat and referral business. Check back next week for the second part – the other 2 systems.

System #1: Your Inner-Circle System™

Let me ask you: what’s the difference between a Ritz Carlton and a Motel 6? They both have a bed, bathroom, tv, coffee maker etc. However, the difference starts even before you get to the door. The Ritz, or any other premium hotel goes out of their way to make you feel special the moment you walk onto a property. 

That’s because the best hotels, and top businesses in general know that people love feeling “special”! They love to be treated like VIPs. They love to stand-out as a cut-above the rest.  They love to see their names in print.  

Napoleon Bonaparte once said…  “My Life Changed the Day I Realized that A Man Will DIE for a Blue Ribbon…”

It’s amazing how far people will go for recognition, and how they will respond to you when they receive it. And that’s just one reason why you should create a very special “Inner Circle Club” for your real estate practice. Your inner circle club is your unique way of recognizing people who support your business. It doesn’t need to take up too much of your time, and it doesn’t have to be difficult to manage. The whole purpose of this club is to make people feel SPECIAL, and to reinforce the supportive behavior that got them ‘into your inner circle’ (sending you referrals, online testimonials, former and present clients).

After all, this is the most important asset in your business – the very top of your Real Estate Success Pyramid.  You don’t even need to spend much money in the process. So HOW do you create your own “Inner Circle Club”? 

It’s actually very easy. The first step in the process is to think of a list of “special privileges and status” that you’re going to provide for those who send you referrals and support your business. Remember, your goal is to make them feel special. I’ve created a short letter below you can send to anyone who sends you referrals.  It outlines a few examples and benefits of your “Inner Circle Club”… Don’t forget to customize it (that means add services unique to you) for YOUR practice…  Part of making people feel special is making this unique to YOU!

Do you want to continue to receive business from your top 20%? Then you need to recognize them and show that you appreciate them!

System #2: Your “Personal Call System”

This might sound pretty straightforward, but not long ago, I read about a $71-millon dollar producer who uses this system as a dominant marketing advantage in her practice. 

I often talk about follow up being the cornerstone of your business. In reality, the top agents around the world are spending 60%-80% of their time focusing on the top 20% of their network. Their reasoning is simple. The people who have sent one referral will refer you again and again if you build the relationship. That’s where your Personal Call System with your Top 20% Inner Circle Club can really pay off.

Here are a few tips for creating your personal call system…

  1. Take the Top 20% of Power Players you have and divide it by 25.  That will give you the number of members you need to call each week to speak with each one TWICE a year.  For example, if you have 200 inner circle members, you need to call 8 each week to speak with the top percentage of your Power List every 6 months.  If you want to speak with each one at least quarterly, take your membership and divide it by 12 – to get the number you need to call weekly (in this example, that would be 16 people called each week).
  2. Build time into your schedule one day a week to make your calls.  It will only take you about 20 minutes a week if you have 200 people in yourTop 20% – that’s hardly a sacrifice to get more referrals, right?
  3. If you feel like you don’t have a reason to call – MAKE ONE!  It could be an invite to coffee or lunch. It could be to ask what they thought of your last real estate newsletter.  Or, ideally, you should know about the profession and hobbies of your inner circle members by keeping a note about each of them in your CRM. Then, find a topic about their favorite sport or hobby, and call to send an article you read online. Just ask them if they’re interested in reading it- remember, it doesn’t really matter if they want it or not. It matters that they know you thought of THEM.  Or get them a gift certificate to a local hobby or sports shop. Either way, you need to communicate with them in a personal way.  
  4. Continue to build upon your relationship momentum.  Over time, it will be like calling a close friend. You’ll always have something to say, or a reason for calling.

Don’t Miss the Next Two Systems…

If it works for a $71 million producer, it’ll work for you too. How ’bout it? There’s no reason not to start implementing both of these systems right away. And once you add the next two systems we’ll be covering next week, you’re already doing far more to grow your personal relationships than almost any other agent out there.

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