Over the last 10 years, I’ve been lucky enough to travel all over North America helping well over 15,000 Real Estate Professionals grow their businesses. Sometimes that means getting on stage, but mostly it’s behind the scenes working with some of the most successful and respected agents in the World.
And I’ve learned something from each one of them. I’ve had countless conversations about strategies they’ve implemented – some of which have been incredibly successful and others which have been great learning opportunities.
But… if those 10 years have taught me one thing, it’s that all of the top agents with successful lifelong careers, who don’t feel like they’re constantly chasing the next listing, have one strategy in common.
(Don’t get me wrong – they all do a lot of different successful things in their businesses, but there seems to be 1 thing that consistently gets more business for all of them.) Something that I constantly see overlooked by agents all over the World.
So what is it?
“…Focus on where the Money Is! “
I know, this may seem pretty simple but stick with me, because it’s constantly overlooked in favor of things like cold leads from Facebook, Zillow or Realtor.com, cold-calling, door-knocking, expireds and FSBOs. Plus, a lot of the agents who are focusing on the right thing are using methods that generally don’t work.
Your Invisible Asset
It’s pretty straightforward but it’s so overlooked that we’ve come to call it the “invisible asset” at the top of our Real Estate Success Pyramid (included below). That invisible asset is the Top 20% of your contacts and your Power List. These are the people who are already in your sphere and are most likely to do business with you.
Without a doubt, THESE people are the most valuable asset in your practice – even greater than your general Power List. How valuable? Agents tell me that harvesting these 20% produces up to 80% of their business (yes, it’s the old 80-20 rule). But most agents forget about these people. Most agents either never identify them, or never acknowledge their importance to the agents’ success. And as a result… they harvest only a small fraction of the business they could get from these folks.
And statistics back this up! According to NAR’s 2019 “Home Buyer and Seller Generational Trends” – 63% of clients choose to work with YOU because they know you or were referred!
If you haven’t done so already, build your Power List and figure out who your “invisible assets” or Top 20% are. Once you have your list built, it’s time to set up a system to follow up with your list successfully. (I say “successfully” because not all follow-up strategies are created equal.)
Building a Power List that Generates $$$
You’re probably thinking that building your list of contacts will be a long, tedious process… But what if I told you that you could make money while building your list? Would that make it better?
I’m going to share a system with you that other agents have used to generate business AND their Power List at the same time. By using a simple letter, you can reactivate your contacts, gather more information and ask for business at the same time. We’ve even included a template below.
Keep in mind – Your Goal is NOT Building the Biggest List… but Building the Most PROFITABLE List (The BEST List)!
- Start with your Highest Quality Contacts FIRST, and work your way down. You want to carefully select who goes into your database based on the “quality” of the contact. Ask yourself: “Do I have a real relationship with this person?”
- Start with names only (at first) if you need to…
- Your Follow-up to get additional information (ex: survey letter/email, request for information, etc.) will automatically bring you new business – you’ll be getting paid to grow your Power List. Most agents who’ve used it
We’ve put together a BEST List Checklist with 10 categories of contacts and plenty of examples to jog your memory so you can build a powerful list of responsive, business-generating contacts. Plus, we’ve added a follow-up letter you can use to reactivate your list and add to the information you have about your contacts so you can do a better job staying in touch with your most important resource. This reactivation letter is built to not only gather more information, but to directly generate clients.
Click the button below to download our BEST List Checklist and Reactivation Letter!
Remember, you’re building the most valuable asset in your business!
Successful Systems for Long-Term Power List Follow Up
Once you’ve built your list and started reactivating your contacts, you need to set up a system to follow up successfully, month after month.
I’ve seen this done a number of different ways throughout my career, and some options are time intensive or costly while others flat out don’t work.
Next week we’ll cover a handful of Follow Up Strategies for your Power List that I’ve seen agents succeed with all over the World.
We’ll also be hosting a webinar that covers the #1 system I’ve seen that generates the most repeat and referral business with the smallest investment in time and money.
If you’re interested, add your email to Download the Handout above and we will follow up with you when registration is live!