Make Your Market: Reconnecting for Referrals

*Prep for This Week’s Session* Test run the automated pieces of the presentation before the meeting (slides 23-24). Speakers for automated slides. Note: Each automated slide has in the lower right corner so it can be easily identified. Print Copies of the Apology Letter # 1 to be distributed at the end of slide 22. Order the With Your Help brochure from Weichertimail.com, under On Demand Printing, General Brochures - 1 per associate *Delete this slide before presenting *

Make Your Market Let’s recap all of the strategies we’ve learned so far in the Make Your Market sessions. Here’s what we’ve covered in the past few weeks…

Let’s hear some success stories about using the SOLD sign. Tell me how you’ve used SOLD signs to change public perception that homes are not selling. Call the neighbors when a home has sold to let them know you’re the one who sold it. Who has done that? Let’s hear some success stories about using the SOLD sign.

The “V” Tool Prices Rates Tell me about your success with using this tool to demonstrate to buyers that now is the time to buy. Prices Rates State: Has anyone used the “V” Tool from last session? What reaction did you get from your clients? Click to the next slide.

Targeted Marketing Plan for Lower-Range Buyers Marketing Plan Actions Resources Gather MLS sheets for the highest-value, lower end price range properties in your market area. This list will be used over and over again in the actions below. Your MLS Target Past Customers with Adult Children Who Could Be A First-Time Buyer Review your list of past customers and sphere of influence. According to NAR, 55% of first-time home buyers find their agent through a referral. Look for those who have children who could be ready to buy (i.e., just out of college and in their first job) – especially if they could get a great deal. Call up these customers and “catch up” – re-establish rapport, ask about their children and transition to: “I can’t tell you how many people I’ve spoken to lately that wished they were buying today, and that led me to thinking about your oldest son Bobby. Wouldn’t you love to see him in his first home? Let’s get together to look at the great values out there so you can see for yourself how affordable it is for first-time buyers. I would love to have gotten a deal like this when I was buying my first home. ” Use the highest value, lower price range list to share opportunities. Invite them in for a private consultation with your Gold Services Manager to discuss buying potential and financing options. Pure Gold List. Request at: PureGold@weichertrealtors.net www.WeichertOne.com, , Weichert Toolkit, Associate Calling Guide Your Gold Services Manager Target Renters: Strategy #1 Identify rental buildings/communities in your primary market area. Create property packages targeted to this group of potential buyers: Select three high-value, lower price range properties and print out color property highlight sheets on each. You may also want to take advantage of low cost options for marketing to renters through WeichertiMail.com. Print out the two flyers on Myth vs. Reality and Take the Plunge. Put them on top of the property highlight sheets. Write a personal note and invitation to discuss these opportunities and more. Put your note on top. Attach your business card to your note. Deliver these personally to people living in the rental communities to share with them the opportunities in the market area. Marketing Resource Center Direct or www.WeichertiMail.com home page, two flyers are at the top of the page “Own a Home for What You Pay in Rent” door hangers, (use where allowable) from Quantum Target Renters: Strategy #2 Access www.WeichertiMail.com Send a mailing out to renters (they have renter lists). The Neighborhood Activity Business Reply Card and the Real Estate Update Card are two good choices. Request the contact list. All phone numbers have been checked against the Do Not Call register (Quantum scrubs the list for you). Make a warm call to the renters to ask them if they received your card . . . ask about their plans for moving any time in the future. Offer your assistance. It’s a great time to meet so you can show them even more opportunities in the area. www.WeichertiMail.com What successes have you had with using these strategies? State: Who used one or more actions on the targeted Marketing Plan we reviewed last time? Click to the next slide.

The Move-Up Tool Have you had the chance to use this with trade- up buyers?

The Less is More Checklist Have you had the chance to use this with hesitant down-sizers?

Neutral Parties Have you used these sites when presenting an offer?

Last Week’s Session Attitude counts! Tell me one thing you’ve done in the past week to consciously adopt a positive attitude in a challenging or negative situation.

Today’s Make Your Market Session Today I’ll introduce a new tool you can use to re- connect with past clients. We’ll start with a question that takes us back…

Tell Me… Who is still in touch with… Your high school “class clown?” Your best friend in elementary school? Your freshman college roommate? The neighborhood children you played with?

What was the hardest part about re-connecting with this person? These are people who, for many reasons, hold a special place in your memory. Has anyone reached out to a person they haven’t spoken to in a long time? How did reconnecting with this person make you feel? What was the hardest part about re-connecting with this person?

Re-Establishing a Relationship It’s natural to feel hesitant about re-establishing an old relationship. Often times the initial act of reconnecting is the hardest part, until you reap the benefits of finding a renewed friendship.

Common Ways to Re-Kindle What are some of the most common ways you would use to re-kindle a previous social relationship? Phone Letters Email Social networking sites (Facebook, Linkedin, Myspace etc.) Any others?

Reconnecting in Real Estate Just as we’re busy in our personal lives and struggle to stay in touch with old friends, we’re also busy professionally and can’t keep in contact with all of our prior clients. We know that our prior clients can be a great source of future business.

Common Ways to Re-Kindle Of the most common ways we discussed to re- kindle a previous relationship, which would be the most personal for reconnecting with prior clients? Phone Letters Email Social networking sites (Facebook, Linkedin, Myspace etc.)

Social Networking Web Sites Email and social networking sites give us the ability to locate and reconnect with acquaintances or friends we have lost touch with. However, they are not the most personable way to re- establish a business relationship.

The Human Touch A personalized letter or phone call will provide the “human touch.” Real estate is a relationship business. When you’ve spent so much time helping a client with the biggest financial and emotional decision of their lives, a heartfelt letter followed by a phone call is the most personal way to re-connect.

Want Proof? Here’s proof that a personalized letter followed up by a phone call is highly effective…

Meet Patricia Rohan, A Highly Successful Sales Associate! Patricia used a reconnect letter to get in touch with past customers. Patricia sent 260 letters (and, of course, followed up with 260 phone calls). Out of these 260 letters, she re-connected with 11 past clients! Her secret: she incorporated 5 key points in her letter Patricia Rohan Burlington, NJ

The 5 Key Components Patricia Used to Reconnect Reminded past clients that it’s been awhile since she had been in contact. Acknowledged changes in the market and reassured them she could help. Moved the focus away from real estate and onto how she builds relationships. Invited her leads to contact her. Reinforced that she can provide all real estate-related information they need. Let’s look at this handout of a letter that you can customize. Click to the next slide to learn more.

Reconnect Letter 1. Remind these past customers that it’s been awhile since you’ve been in contact. 2. Acknowledge the changes in the market and reassure them that you can help. 3. Move the focus away from real estate to focus on building relationships. 4. Invite your customers to contact you. 5. Reassure them that they should feel comfortable reaching out to you regardless of the question.

Using the Letter In this day and age of email and texting, a letter may feel antiquated – but it is the first step in providing a personalized, human touch. A personalized letter also differentiates you – most people would use email or technology to try to re-connect. - As Patricia would tell you, the follow up phone call is invaluable to your success in getting referrals from this letter. You have a great reason to call - to ensure they received the letter.

Where to Find the Letter Go to Weichert University Click on the Myth vs. Reality Make Your Market logo

Also on Weichert University An alternate version of the letter for reconnecting with past clients Another version of the re-connect letter, for associates who haven’t had transactions yet A spreadsheet you can use to create a mail merge (mass mailing) Instructions for creating the mail merge

If people who you’ve reconnected with aren’t ready to make a move, does that mean you’ve wasted your time? Not at all…and here’s why. State: Today we are going to talk about referrals. How many of you received additional customer from a WLN lead in the past year. Instructions: Ask this question to the group. If people do get additional customers, be sure to ask them how many they’ve received over the past year. Go to the next slide.

These Past Customers Can Provide Referrals What % of buyers found their Agent through a referral? 63% of all buyers were referrals! Source: 2008 NAR Home Buyer and Seller Survey

Get referrals from people who aren’t ready to work with you Many people you reconnect with might not be ready to work with you yet but they still may know other people you can help. Ask them if they know anyone. Many people who aren’t ready to work with you will feel indebted to you about the time you’ve invested, especially if you’ve helped them in the past, so they’ll be more than happy to give you a referral. State: It’s also important to keep in mind that many buyers who call about a particular listing are not always ready to act right then and there. That doesn’t mean they don’t know other people who are ready to buy. Again, they will not always think to mention someone else to you, so ask them. Many people may feel bad because they think they are wasting your time, so because of this, they would be more than happy to refer you to one of their friends or family members. Remind everyone that regardless of when you are working with your leads, it never hurts to ask. Go to the next slide Remember:

How do you ask for a referral from your customer or sphere? Asking for Referrals How do you ask for a referral from your customer or sphere? What do you say?

Which is a better question to ask a customer? Why? Asking for Referrals Which is a better question to ask a customer? Why? Of all your friends and family, who do you think is most likely to be making a move next? Do you know anyone who wants to buy or sell right now?

The Better Question for Securing More Referrals Of all your friends and family . . . who do you think is most likely to be making a move next? You won’t get a “no.” You will most likely get a name You can continue with, “May I give them a call?” Don’t forget to ask for their contact information.

Securing Even More Referrals… Does anyone in your sphere have adult children who could be ready to buy a home? Here’s a new marketing piece you can use for these families…

“With Your Help” Brochure Use this brochure to help parents of adult children understand how they can be a part of their child’s first home purchase. To order the With Your Help brochure, go to Weichertimail.com, under On Demand Printing, General Brochures

Today’s Make Your Market Session Before we talk about the topic for next week’s session, do you have any questions about anything we’ve covered today?

Next Make Your Market Session Expireds are a great source of business. These sellers are already committed to selling. Next week I’ll introduce a proven method that will separate you from Brand X and convince expireds to list with you.

Getting Hired by Expireds Make Your Market: Getting Hired by Expireds Day: [day of week] Time: [start time] – [end time] Location: [meeting location] Note to Managers: Customize this slide with the day, time and location for your Make Your Market sessions.