This is a true story of a Realtor who referred me a buyer a few years ago. The buy purchased a home for $250,000 and everything went smooth. The deal closed on time and everyone was happy!
About 8 months went buy and the buyer called me to apply for a new loan. They had decided that they had moved to far away from family and were going to move back closer. They Had listed their home, got a contract, found another home and were ready to close in 30 days. The new home was $350,000.
I said "great I will call (the Realtor from before) and send him the loan approval letter"
That is when it hit me like a ton of bricks! They said "That was his name"
Curious, I asked what they meant. They said they had tried to remember the last Realtor but couldn't so they chose someone new to represent the sale (double side 6%) and the buy (one side 3%). That is $26,550 in lost money! Could you use that income? I sure could!
They forgot the agent but remembered me. Why? Because I have an iron clad post closing follow up system and the agent did not.
Too many agents see this as a transactional business and not a residual business. That is why he lost $26,555 in cold hard cash!
Remember : IT IS NOT A MATTER OF IF THEY WILL BUY OR SELL, ONLY A MATTER OF WHEN!
Do you have a follow up campaign? Do you keep in touch with your database? If not, please don't try and figure up the lost commissions, you will just get discouraged.
Just another coaching tip from your friendly neighborhood coach!
Don't know where or how to get stated? Email me at tim@coachtimdavis for more information on a hiring a coach to grow your business!
Now, the cowboys are coming on so I must sign off for the night!
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Tim - Big Oops on the agents part. I have been in the middle of a transaction and the other agents client couldn't remember his phone number or website while he was traveling. But he remembered my website and gave it to his loan officer. He certainly won't remember this agent after closing without some solid follow-up. I bet he still remembers me. He is on my follow-up list.