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Work By Referral? What They Won't Tell You!

By
Real Estate Agent with Jameson Sotheby's 471.005830

I'm wondering if you are where I was at the end of 2008:

  • Are you finding that your ‘sphere of influence' is no longer able to provide you with all the leads that you need?
     
  • Do you feel like you've been beating your head against the wall just trying to put SOMETHING together?
     
  •  Do you feel like you are struggling with old, worn-out strategies that have simply lost their effectiveness in today's economy?
     
  • Are you ready to make some dramatic changes in how you do business?

If you said yes to any of those questions, then you must join us on our next free webinar: 

Attract Clients To You Like Magic By Improving Your Lead Generating ‘Credit Score'
Wednesday, September 22nd
9:00 a.m. (Pacific) - 11:00 a.m. (Central) - noon (Eastern)
Click Here Now To Register 

If you had told me five years ago, that I would be writing this, I would have told you - right to your face! - that you were flat out drunk, crazy or delusional. I could not imagine that I would EVER say that "Working By Referral" doesn't work - because that was how I did business - EXCLUSIVELY! For over 10 years!

I worked my client base like a fiend! My clients all knew me as the "Calls, Notes and Pop-by Queen". My clients loved me; I loved them. My lifestyle was stupendous; I loved my career and all was right with the world!

But then in 2005, the bubble burst...

For THREE YEARS I beat the bushes until my hands were bruised and bloody. I attended networking events and passed out business cards like a fiend. I called my existing client base until they practically refused to take my calls anymore. (You know how that works, right? When you call, he's in a meeting - and you never get the call back.)

I didn't have a choice - my family depends on me to keep a roof over our heads and food on the table. I had been working by referral for over 10 years. So what else was I going to DO?

I was sure it was something I was doing wrong. But I was also sure that it wasn't for lack of activity. That's all I was doing! OK - I'll admit it. I didn't have anything else TO do!

I figured that if I talked to my peeps, they would level with me and tell me what I was doing wrong. I was prepared to take my medicine and make whatever changes they said I needed to be a better agent - what they needed me to do in order to serve them better. Whatever it took, right? 

It was either crack this nut or go look for another line of work.

And after so many years, what else was I going to do?  

So I made the decision to 'poll' my client base. I took a couple of my A+ clients to lunch. We eventually got to that tough spot in the conversation: "Could you please tell me why you aren't sending me your referrals anymore?"

Do you know what they told me?

They didn't KNOW anyone that was looking for real estate! 

They were genuinely concerned for me and my welfare. Without question, if they HEARD of any little thing, they would sure as heck let me know. But they just didn't KNOW anyone! It was a hard thing to hear. I don't know who was more upset - them or me.

It was then that I began to wake up and smell the coffee. I couldn't kid myself anymore. As hard as it was for me to admit, 'Working By Referral' just wasn't cutting it anymore. But if you step back and think about it - it makes such PERFECT sense:

  • People really do NOT want to talk about their 'genius' real estate purchase - now worth 60% of what they paid for it.
     
  • They do NOT want to admit to casual acquaintances that they are upside down on their mortgage and therefore unable to refinance in today's historically low interest rates.
     
  • Buyers don't WANT to admit that they are afraid they might lose their job next week - or that the little ding on their credit report is preventing them from qualifying for a loan. 

No - real estate is a topic most people definitely want to AVOID bringing up over dinner with friends. Real estate is NOT the hot topic at cocktail parties anymore.

NO ONE is talking about real estate over the office water cooler these days!

So, even though referrals still produce the highest quality leads (that hasn't changed!), how do you get them when no one wants to TALK about real estate? 

And if that isn't bad enough - today we need more referrals than ever just to get a deal all the way to closing!  

Join us on our next free webinar:

Attract Clients To You Like Magic By Improving Your Lead Generating ‘Credit Score'
Wednesday, September 22nd
9:00 a.m. (Pacific) - 11:00 a.m. (Central) - noon (Eastern)
Click Here Now To Register  

What you will learn will revolutionize your business and change your life!

So let me tell you the end of my story:

It wasn't easy - and it took me at least 9 months to really accept that 'Working By Referral' wasn't going to provide for me and my family anymore. But do you know how, when one door closes, another one opens? Well, for the past 18 months, Neil Venketramen has been my mentor - my Internet Marketing Guru. He has patiently walked me step by step through the process of how to connect with people and build relationships online. Yup! ONLINE!!

All those relationship-building skills that you learned Working By Referral? Well NOW you can put them to good use by building an online community! It's very different than what you are used to - I won't kid you about that. I know myself, I didn't see how it could possibly work.

But not only does it work - it works SPECTACULARLY WELL! How well?

In Oct '09, I left Baird & Warner and re-opened my doors as The M. Nack Team. In the first 6 months of 2010 alone, I exceeded my entire income for 2009. I now sponsor 2 of my former agents - they agreed to reactivate their licenses. They get all my "over flow" and are doing more business than most full-time realtors in this market.

So if you're wondering if this Internet Social Media thing works, I am living proof that it DOES. And if an 'old-timer' like me can do it, ANYONE can!

Trust me - no one understands the upset and turmoil going on in the real estate profession any better than me. Heck! I've been right there with you! And nothing would delight Neil and I more than to see you begin to restore the income and lifestyle you once enjoyed.

We look forward to seeing you on the 22nd

To Your Success!

Neil Venketramen

Mary Nack 

P.S. And if you are REALLY serious about turning your business around, have an ‘accountability' partner register along with you for the call - a friend that will hold your feet to the fire and make sure you complete the Action Steps you commit to! It will increase the value you receive ten fold! Just click "Forward" on the toolbar. Be sure to tell them to go ahead and register. After all, it's free! 

P.P.S. As long as you're waiting for the 22nd to roll around, how about going to http://RealEstateMarketingResults.com now and check out some of Neil's AMAZING videos? They're only a few minutes each - but the content is PRICELESS!

 

Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert

I do agree that people have less desire to talk about real estate now for the reasons you listed.

Sep 19, 2010 03:55 AM
Daniel J. Hansmeier
Rochester, MN

The Fall Showcase of Homes has brought a lot of renters to our Model this weekend and I feel we will close some homes because monthly payments are about the same as rent. With low interest rates you can buy more home. Our homes are quality built Energy Star homes with hardwood floors, solid wood doors, energy efficient doors, Anderson windows, etc etc. Not basic cheap homes but desirable homes at reasonable prices starting in the $150's

I think many people in Real Estate can't come to the conclusion these are the type homes people want in this economic climate. Smaller energy efficient with some upgrades. We have over 150 lots that went thru foreclosure that are 1/2 the price they used to be to build these homes on and only 5 minutes from Mayo Clinic.

I think many Builders are beating their heads against the wall by continuing to build the big fancy home of the past.

But thats just my opinion.

Sep 19, 2010 04:17 AM
Mary Nack
Jameson Sotheby's - Chicago, IL
Vice-President, Sales

Daniel - I agree with you 100%. There are definitely buyers out there for properties that are priced properly - although just what that is hard to gage these days. Last week, one of my REO's - which is listed at $70k - a couple of agents called me and said, "$70k!? You've GOT to be kidding!" One of them brought me an offer of $50k. But we had 2 other offers come in - all within 48 hours - and both those were over the asking price. Go figure?

The key to this market is price, price, price! 'Affordable' is definitely the buzz word of the market.

Thanks for sharing your thoughts.

mary!

 

Sep 20, 2010 05:02 AM