SOI in Action

By
Education & Training with Sell with Soul

Yesterday, I got a call from a former client of mine. She was one of my biggest investor clients during the Denver real estate boom in the late 1990's, but has since left town and no longer invests in the Denver market. We stay in touch and she sends referrals my way when she can.

Anyway, she called asking for my help in appealing a low appraisal her brother received on his home he's trying to refinance.

No problem, I tell her. I pull the comps, confirm that the appraisal is ridiculously low and email her the information, which she forwards to the lender handling the refinance. The lender calls me, asks for a little more information, including a copy of the tax assessor's record, which I immediately fax to him. He emails me the low appraisal and asks for my input which I provide. I explain in detail why the comps the appraiser used are inappropriate.

He thanks me profusely and tells me I'm awesome. I smile.

From the time my client called me to the point I evaluated the appraisal for the lender, about 90 minutes passed. All in all, I spent maybe 25 minutes of my time. Piece o' cake to do.

The moral of the story... this is pure SOI in action. Do you think I'll need to constantly remind my former client that I LOVE Referrals? Uh, no. I'm her real estate resource in Denver, no question about it. Because I dropped everything and helped her out right away, she knows she's a high priority for me. She knows she's special. I don't have to tell her, I showed her. And I won't have to remind her.

This is pretty simple stuff. But what if I followed my buddy Dirk Zeller's advice and put her off until later in the day (or even tomorrow) so I could finish up my prospecting or other more critical work? I mean, isn't it way more effective to pester ten strangers than to take care of one person who has already proven to be a source of business for me?

What do you think?

 

www.sellwithsoul.com

copyright Jennifer Allan 2007

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Rainmaker
340,552
Ann Cummings
RE/MAX Shoreline - NH and Maine - Portsmouth, NH
Portsmouth NH Real Estate Preferrable Agent

Jennifer - "AWESOME" is right!  And you can surely bet that past client of yours will forever send you referrals.  And maybe now that lender will and your client's brother will as well.......nice job!

Ann

Apr 25, 2007 01:18 AM #1
Rainer
8,674
Scott Mosher
Northstar Realty Sales - Lincoln, NH
Loon Mountain Real Estate, Lincoln & Woodstock NH

Jennifer -

Thanks for the uplifting read this AM ... was about to move on to a blog I'd failed to comment on earlier when I realized I nearly did the same here. There's just way too much fantastic information out here from so many amazing sources, it's entirely too easy to get sidetracked. Of course...

As you mention w/in your Dirk Zeller link (yes, there are still some of us who truly DO read all that is posted and take it to heart), getting sidetracked is what many of us are good at and, oftentimes, it serves a higher purpose too.

All my best!

Scott

Apr 25, 2007 01:24 AM #2
Anonymous
Jeffrey Pasieka

Hello,

Well done!  I am a big fan of taking care of the client and/or "phone call" even if it is for something not related to obtaining a new deal so to speak....it will come back around to you in a good way for sure.  I compliment you.

 Jeffrey

Apr 25, 2007 01:26 AM #3
Rainmaker
152,928
Luke Constantino
Brooklyn/Manhattan Real Estate - Brooklyn, NY
Residential/Commercial Real Estate Brooklyn NY
Sounds like good sound advice. Thanks for sharing.
Apr 25, 2007 01:45 AM #5
Rainer
132,216
David A. Podgursky PA
THE PODGURSKY GROUP @ Re/Max Direct - Boynton Beach, FL
THE PODGURSKY GROUP - Make the Right Move!
good example that sometimes giving away some free advice can keep you in people's minds
Apr 25, 2007 01:47 AM #6
Rainmaker
543,593
Karen Rice
Davis R. Chant, REALTORS - Hawley, PA
Northeast PA & Lake Wallenpaupack Home Sales

Jennifer, you did your "Do" diligence!  ;)

siggy

Apr 25, 2007 01:52 AM #7
Rainer
29,394
Michael Roberts
Real Estate Professionals of Glynn - Saint Simons Island, GA
Jennifer,  You have recognized the importance of immediacy,  Paired with long term.  The melding of these two concepts although dimetrically opposed creates a great ying and yang which typically benefits those who approach business in this manner.  Good Job...
Apr 25, 2007 02:09 AM #8
Rainer
5,798
Ron Lipscomb
EXIT Realty - Juno Beach, FL
Jennifer - awesome post.....makes sense perfectly common.  hopefully in the near future, i'll be able to say more than 'awesome post'.....yet, i have to crawl before i can stand or walk.  ron
Apr 25, 2007 07:30 AM #9
Rainer
99,564
Ashley Drake Gephart
Drake Intel Group - Albuquerque, NM
My mentor/trainer has told me time and time again don't let a client call keep you from your schedule. I had planned one day to make some warm calls. No SOI's in the bunch when my client -past, present, and future- called and what could have been a 5 minute phone call turned into an hour. She was so upset with me for "not controlling the call". Needless to say I don't seek her advice anymore. That client has been loyal to me. I have done 5 deals because of him in under 18 months. That one hour phone call is well worth my time. Not to mention that is how I would want to be treated and how I will treat all my clients. They are not an interruption.
Apr 25, 2007 07:08 PM #10
Rainmaker
485,057
Jennifer Allan-Hagedorn
Sell with Soul - Pensacola Beach, FL
Author of Sell with Soul
Ashley - This is why I say we "soulful" types need to do our own thing. The "others" just don't get it. Great example! Any more? (I'm looking for material for my "soulful" course)
Apr 26, 2007 12:20 AM #11
Rainer
26,105
Toya Condelee
Exit Realty Results - Carson, CA

you know Jenni, I've read enough of your posts to want to buy your book. I like the expression of your soul and how you approach things in this business.

How can I get it? 

Apr 29, 2007 07:16 PM #12
Rainmaker
45,260
Carla Starkie
Aspen Home Mortgage, NMLS# 396174 - Colorado Springs, CO
Mortgage Loan Originator, NMLS #1013160

Hi Jennifer!  I have to say that my best referrals do come from past clients- especially my investor clients that really saw the value in my knowledge.  For my regular SOI I do have to ask for referrals.  For my investor clients, I NEVER have to ask for referrals.  If they ever run into someone who is thinking about investing almost all of them say, "Don't take another step without calling Carla.  You need to talk to her before you do anything."  I love it!  When you provide great service and people really believe that you help people, that's all you need.

But when you're new, I do believe that you have to ask for referrals until you get that group of advocates.

May 01, 2007 02:23 AM #13
Rainer
25,481
Caroline Carrara
EWM/Christie's-Las Olas, Real Estate - Fort Lauderdale, FL
That's a no brainer...you did the right thing...
May 03, 2007 08:33 AM #14
Anonymous
hmmm...

I still refer business to my attorney, dentist, doctor, accountant, insurance agent, stock broker and other professionals, even if their receptionist has to take a message and have them return my call at their convenience.

Yes, I am important to them. I have established relationships with all the professionals whose services I utilize. I even have their cell phone numbers. They have mine. But, they are professionals. They have other clients/customers/patients. They have businesses to run.

As professionals, their business responsibilities include more than just customer service. Yes, their business responsibilities may even include marketing and/or prospecting at some point in the day. However, they return my calls and address my needs / questions / concerns / customer service issues in a timely, respectable fashion. Otherwise, I would not continue to use their services.

Should real estate professionals be any different? Are you a business professional? Or, are you a 24/7 call center customer service rep?

Sep 26, 2007 08:34 AM #15
Rainmaker
485,057
Jennifer Allan-Hagedorn
Sell with Soul - Pensacola Beach, FL
Author of Sell with Soul

Good points and obviously, there are times I can't jump right on something. But when I can, I do. And, usually I can. If nothing else, I can respond promptly so that the caller knows they are important to me.

In my first year in real estate I got a ton of business because I was the first agent to call back. It's not a philosophy I decided to use, it's just how I am. Sometimes I actually have to stop myself from calling back to quickly so that I don't look desperate!!!!! But usually, it serves me well.

Sep 26, 2007 11:33 PM #16
Rainer
1,246
Bruce Richmond
Intero Real Estate - Palo Alto, CA
I have found the same thing. At first, I thought I was just distracting myself by managing non-sales questions instead of cold-calling or calling my SOI. Then I realized that, not only do I enjoy being able to help answer any question, but I learn things in the process. As a beginner in the industry, if I don't know the answer, I learn what it is by having a question to focus on. Best of all, the person who called to ask me a question, called me, not their neighbor who is a realtor. I'm delighted that they called me to ask a real estate question. It truely is SOI in action.
Oct 03, 2007 05:15 PM #17
Rainmaker
485,057
Jennifer Allan-Hagedorn
Sell with Soul - Pensacola Beach, FL
Author of Sell with Soul
Bruce - that's a great point. I LOVE solving the problems that arise in a real estate transaction - it's by far my favorite part of the job. And like you say, not only do you learn something, you also become the resource of choice among the people who know you!
Oct 03, 2007 11:14 PM #18
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