Real estate is a numbers game. Commission splits, brokerage fees, closing costs, price drops, foreclosures, down payments, mortgage rates, negotiations etc…
Yes, real estate is most definitely a numbers game.
Real estate is also a people-pleasing, bend-over-backwards, ‘yes sir (or ma’am)’, smile and nod game. Agents get this. They deal with it directly day in and day out. However, for brokers, this part of the game often gets lost in translation. Instead, “What are the numbers and how do we improve them?” is the name of their game.
It seems as if brokers tend to their numbers just as agents tend to their clients: with loyalty and care. The difference is that broker’s numbers don’t necessarily warm up to glossy mailings or friend requests. No, no – these numbers are bit tougher to sway than that. Instead, numbers are penny-pinched and shaved. Unfortunately, for many brokers, this takes place out of sheer necessity.
Let it be known: I am, by no means faulting brokers. I understand they have to do whatever it takes to keep the doors open. In fact, I would even argue from their corner with the defense that in an economy that has been bobbing for air the past couple of years, how could the latter part of the game not get lost?
I am, however, suggesting that it is critical for brokers to adopt a shift in how they are analyzing their numbers. Their mindset can no longer be “What are the numbers?” but “Who are the numbers?” Fortunately, in real estate, the answer is simple: clients are your numbers, your investments.
Client retention rates are at frightening lows across the country. Clients don’t return to your agents or your company for a reason. What is that reason? Gary Vaynerchuk, author of ‘The Thank You Economy’ and keynote speaker at the RE/MAX International Conference this past month said, “Today more than ever before, the only way to succeed in business is by connecting with people. More importantly, the constantly evolving ways to connect with people.”
Agents are doing their part to become savvy in their connecting strategies. I can’t imagine Twitter, facebook or Craigslist are new words to you.
What are you doing to help your agents, to help your clients? How are you constantly improving your client retention rate? Are you making the home-buying process not only easy, but enjoyable for your “investments”?
I challenge you to analyze who your numbers are this quarter. Ask yourself who’s sign will they be sticking in their front yard the next time a move is in order? If you aren’t 100 percent confident it’s yours, why not?
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