It’s real estate basics: over 60% of your business comes from people you know.
26 years ago, Jeff Lobb’s sphere would be about 30 people. That was his inner circle of people he knew very well.
In the years that followed, there were some hard lessons learned. Because he’s the first to admit that he neglected his sphere. He assumed that, because he already knew these folks, it was on them to send him business.
“I was totally wrong,” he admitted. “I’d drive through a neighborhood where I’d sold a house and then see another agent’s sign in the same yard. I used to get mad. But the fact is, that’s on me. It was MY fault.”
And he wants to make sure that real estate agents don’t make the same mistake today.
Here’s a question Jeff has asked as many agents he’s ever met: “What type of new business would you want?
Most agents answer the same way: referrals. They’re already built with confidence and trust. “As agents, we all want referral business, but we don’t work our sphere to get that business!”
Jeff has another example from the other side of the transaction. He sent an agent an out of state referral for his in-laws. The agent did a great job. But after the closing, Jeff was put into two different drip systems. “It was random stuff, like when to change my clocks and chicken recipes.” For seven years, Jeff has received these emails. But so much in his life has changed. Did the agent even know? Nope. “He’s done nothing to get to me or stay on top of my life. Why would I give him more business?” Jeff asked. “I’m in the database! He just chooses not to be human with me.”
While 88% of home shoppers said they’d use their agent again, only 24% actually do. Why?
Almost every person knows at least 2 or 3 agents. After the transaction, agents feel the need to continue to chase new deals and neglect the former clients. “You may put a client into a digital database,” said Jeff, “but if you don’t show up you won’t maintain that connection.
So what does Jeff do now to maintain his network and nurture those relationships?
“I use BombBomb for day-to-day communication, and then I use Revaluate Pro to scrub my database to create one list,” he told Adwerx. Then he constantly updates it by exporting his LinkedIn contacts twice a year. But he doesn’t say this is the best system of all.
“The best system is the one you will use,” he emphasized.