Power Session 9: Agent-to-Agent Referrals Lead Generation 36:12:3 Power Session 9: Agent-to-Agent Referrals

Power Session 9 In this Power Session. . . Introduction An Untapped Resource Getting Started Prospecting and Marketing Focus Over Time Final Note Putting It All Together Page 1

Introduction Ground Rules Arrive on time. Form groups quickly. Power Session 9 Ground Rules Arrive on time. Form groups quickly. Limit side conversations. Turn off cell phones and pagers. Be comfortable. Respect time. Respect each other. Help each other. Respect confidentiality. Have fun! Page 3

Introduction How You Will Learn Learning Methods Manual Classroom Power Session 9 How You Will Learn Learning Methods Manual Models/Systems Exercises/Discussion Stories Classroom PowerPoint slides KWConnect videos Classmates/Instructor (continued) Page 4

Accountability Feedback Loop Introduction Power Session 9 How You Will Learn Accountability Methods Lead Generation Action Plan Accountability Partner/Program 1. Set Goals 2. Do Key Activities 3. Measure Results 4. Evaluate Process 5. Make Adjustments Accountability Feedback Loop Page 4

Introduction EXERCISE Where You Are Today Lead Generation Activities Power Session 9 EXERCISE Where You Are Today Lead Generation Activities My aha’s from these activities The most difficult part of these activities What I will do differently in the next 24 hours Time: 10 minutes Page 5

Introduction Why You Are Here Power Session 9 Why You Are Here Learn how to tap into one of the most overlooked sources of leads—other real estate agents Discover ways to ensure top-of-mind status with other agents Discuss tools you can use to screen and qualify other agents for referrals Cover a variety of ways to prospect and market to other agents (continued) Page 6

Introduction Power Session 9 Why You Are Here You are here! Page 6

Read, underline, and share … Introduction Power Session 9 Mary Charters’ Aha Moment Read, underline, and share … Page 7

Introduction What Will Make This a Great Training Experience Page 8 Power Session 9 What Will Make This a Great Training Experience Page 8

Source: “2006 NAR Profile of Home Buyers and Sellers” An Untapped Resource Power Session 9 Agent-to-agent referrals as a source of leads are often overlooked Only 4% of buyers and 4% of sellers found their real estate agent by referral from another agent How Sellers Found Their Agents Source: “2006 NAR Profile of Home Buyers and Sellers” Page 9

An Untapped Resource Doris Carlin on A2A Referrals: Power Session 9 Doris Carlin on A2A Referrals: Don’t leave money on the table Always ask if a seller needs help with the purchase of next home Ask if you can refer them if buying out of your area Page 10

An Untapped Resource EXERCISE Power Session 9 EXERCISE Estimate your answers now and follow up with actual numbers once you are able to analyze your database. How many real estate agents are in your database? How many of them do you touch on a regular basis? What percentage of your business comes from agent referrals? Time: 5 minutes Page 10

An Untapped Resource Giving and Receiving Power Session 9 Giving and Receiving Referral from another agent almost always a “hot” lead Takes less time than cold prospecting High pay, little effort Page 11

Pros and Cons - Receiving An Untapped Resource Power Session 9 Pros and Cons - Receiving Page 12

An Untapped Resource Power Session 9 Responsibility of Receiving and Accepting Referrals If you accept referrals, you must Respond to the customer immediately Love to work with buyers Want to provide solutions along with awesome experience Be committed to and capable of working with referred customer Know city and resources such as doctors, auto service, restaurants, etc. (continued) Page 12

An Untapped Resource Power Session 9 Responsibility of Receiving and Accepting Referrals Know builders of new homes and subdivisions Be patient and flexible Stay current on your market Educate buyers about local price Communicate with referring agent regularly and always pay the referral fee Page 12

An Untapped Resource Power Session 9 Pros and Cons - Giving Page 13

An Untapped Resource Responsibility of Giving Referrals Power Session 9 Responsibility of Giving Referrals If you give referrals, you must plan carefully Thoroughly interview customer to understand needs Thoroughly interview agents to find perfect match for customer Communicate level of service expected Follow up with customer Follow up with agent Page 13

An Untapped Resource A Win-Win Relationship Power Session 9 A Win-Win Relationship Having agents in your database means Valuable, lifelong relationships Colleagues with whom you can discuss ideas, challenges, etc. Page 14

An Untapped Resource Power Session 9 Reap the Rewards Page 15

An Untapped Resource More Reasons to “Tap In” Power Session 9 More Reasons to “Tap In” Real estate agents are plentiful and readily identifiable (1.3 million—2006 NAR membership) Agents “get it”—already understand benefits of referring Provides additional reason for attending events Opportunity to build relationships with agents around the country Can you think of more? Page 16

You Getting Started Mindset and Mindshare Power Session 9 Mindset and Mindshare Other agents are assets to your business, not competitors Be memorable! Achieve top-of-mind status with other agents You Other agents Agent Page 17

Getting Started EXERCISE Power Session 9 EXERCISE What makes you different or unique from all other agents competing for agent-to-agent referrals? Here’s an opportunity for you to differentiate yourself from other agents. Fill in the blanks about what makes you unique, and be prepared to share with the class. Time: 5 minutes Page 18

Getting Started Screen and Qualify Power Session 9 Screen and Qualify Identify what makes other agents “top of mind” with you Make sure customer comes first with them Prepare qualification questions to ask Page 19

Getting Started Sample Qualification Questions Power Session 9 Sample Qualification Questions What do you love about what you do? Which do you like better, listing homes or helping buyers? How long have you been in this business? What is your area of expertise? What geographic area do you serve? More examples on p. 19 Page 19

Getting Started EXERCISE Power Session 9 EXERCISE What important qualities do you look for in an agent to whom you would give a referral? The choice of the right agent for you and the customer is an important one. Circle three questions on p. 19 you think are the most important to ask OR add any questions you think are important that aren’t on the list. Time: 5 Minutes Page 20

Getting Started Mary Charters on Giving Referrals: Power Session 9 Mary Charters on Giving Referrals: Check with Team Leader Find a good fit for both agent and customer Page 21

Getting Started Know when to refer Power Session 9 Know when to refer When the customer has a buy and a sell and one of the transactions is out of town When the customer wants to buy or sell outside your geographic area and could be better handled by an agent from that area When an agent refers to you and you are not the right fit for the customer Pages 21-22

Getting Started Fee negotiation and referral agreements Power Session 9 Fee negotiation and referral agreements Negotiate the referral fee up front Some factors that affect this rate Market conditions Price range Number of referrals previously received from same agent Potential work/time involved Both parties complete referral form before meeting with customer Page 23

Prospecting and Marketing Power Session 9 Myth I don’t need to actively prospect or market to real estate agents. Truth You must regularly add to and contact the agents in your database to reap the rewards of referrals. Page 25

Prospecting and Marketing Power Session 9 Cultivate your agent farm Pick a narrow market and dominate it Agents are just another type of farm Prospect and market to them to cultivate relationships Page 25

Prospecting and Marketing Power Session 9 Myth Attending events takes time away from my business. Truth Actually, it’s smart business because you have an opportunity to enhance relationships and increase referrals. Page 26

Prospecting and Marketing Power Session 9 Prospecting: Meet them at events Attend events with a purpose Volunteer for visible positions at events Collect info on as many agents as possible Cost of attendance could be recouped from referrals Make a positive impression with all Page 26

Prospecting and Marketing Power Session 9 Mary Harker on attending events: Lucrative part of her business Great way to lead generate Break from your group and meet as many people as you can Page 27

Prospecting and Marketing Power Session 9 Market after the event Enter info you’ve collected into database Stay in the power position by making contact first Maintain systematic contact with them Consider using 8 x 8 and 33 Touch Personalize for the group Pages 27-28

Prospecting and Marketing Power Session 9 Myth People who know you don’t have to be reminded you’re in the real estate business. Truth People who know you and trust you are the most important group with whom to maintain regular contact. Page 28

Prospecting and Marketing Power Session 9 Rick Geha: Leverage your out-of-area Mets Regularly contact them Educate them on what you do Page 29

Prospecting and Marketing Power Session 9 EXERCISE Think of five of your out-of-area Mets you can contact about agent-to-agent referrals. Call one right now and see if anyone in his or her neighborhood might need an agent. HOMEWORK: After your session today, call the other four. Find an agent you might refer the lead(s) to. Report your findings during your weekly accountability session. Time: 10 minutes Page 29

Prospecting and Marketing Power Session 9 Prospecting and Marketing: KW White Pages Prospecting tool for finding and contacting other agents Gather contact info and implement 12 Direct plan Make sure you update your KW White Pages info to stay top of mind For Discussion: Courtney Yates story/KW White Pages information Pages 30-31

Prospecting and Marketing Power Session 9 Boyd Brown: Prospecting through Recruiting When recruiting, you are building a relationship with other agents, whether they join KW or not Anytime you come in contact with agents, keep in mind they are a source of referral business Page 32

Prospecting and Marketing Power Session 9 EXERCISE You have talked about many examples of ways to prospect and market to other agents for referrals. Can you think of three more ways you can accomplish this? Time: 5 minutes Page 32

Focus Over Time Power Session 9 Myth It costs too much to stay in touch with a large database of agents. Truth It costs too much NOT to stay in touch. Page 33

Focus Over Time Maintain the Relationship Power Session 9 Maintain the Relationship Stay in touch consistently over time The up-front cost of staying in touch is well worth it Not staying in touch means lost referral business Page 33

Focus Over Time Mike Mendoza on consistent communication Power Session 9 Mike Mendoza on consistent communication Began building a database of other agents he met Today that database is more than 7,000 agents strong Creates special marketing content aimed at getting referrals Page 34

Focus Over Time Power Session 9 Maintaining your agent relationships through consistent lead generation will result in more transactions. Page 34

… for 3 Hours Every Workday. Final Note Power Session 9 Stop leaving money on the table—make connecting with other agents part of your daily 3-hour lead generation habit! … for 3 Hours Every Workday. One Habit Page 35

Putting It All Together Power Session 9 Power Session Aha’s Your Lead Generation Action Plan Page 37-38

Putting It All Together Power Session 9 The 3-Hour Habit Time block 3 hours every workday before noon. No skipping. If you must erase, then you must replace. Allow no interruptions (unless they truly are emergencies). Page 39-40

Thank You for Being Here! Don’t forget your evaluations!