Episode Title: The One Mistake Keeping Real Estate Agents Stuck! (Ep. 905)
Release Date: November 24, 2024
Host: Krista Mashore
Podcast: F.I.R.E.D UP with Krista Mashore
Introduction
In Episode 905 of F.I.R.E.D UP with Krista Mashore, titled "The One Mistake Keeping Real Estate Agents Stuck!", Krista tackles a fundamental error that many real estate professionals make, hindering their success and growth. Aimed at entrepreneurs striving to distinguish themselves in a competitive market, this episode provides actionable insights into transforming a transactional business model into a transformational one, fostering lasting relationships, and establishing oneself as a community leader.
The Transactional Trap: Understanding the Core Mistake
Krista begins by identifying the primary mistake holding many real estate agents back: overemphasizing transactions over relationships. She states,
"They're making it way too transactional and not transformational." [00:00]
This approach focuses solely on the immediate sale, neglecting the potential for long-term relationships and community integration. By treating each interaction as a one-off transaction, agents miss opportunities to build a loyal client base that can provide referrals and repeat business.
Transformational Approach: Building Lasting Relationships
Transitioning from a transactional to a transformational approach involves cultivating meaningful relationships with clients. Krista emphasizes the importance of:
- Developing Trust: Becoming a trusted advisor rather than just a salesperson.
- Community Integration: Engaging with the community to become a recognizable and reliable resource.
"They are worried about just selling and then once they get that sale, they're on to the next." [00:30]
By embedding themselves within the community, agents ensure that clients think of them not just during a sale, but as a continual resource for information and assistance.
Content Strategy: Community-Focused Posting
A significant part of establishing oneself as a community leader is the content shared on various platforms. Krista advises agents to shift their content from self-promotion to community-centric information, including:
- Local Events: Highlighting upcoming events and activities in the area.
- Community Hotspots: Showcasing popular local spots and attractions.
- Family Activities: Providing suggestions for family-friendly outings and vacation spots.
"Start posting more about the community and being what I called a community market leader." [02:15]
This strategy positions agents as well-informed and engaged members of the community, making them the go-to resource for anything related to the local area.
Consistency and Long-Term Engagement
Krista underscores the necessity of consistent presence and long-term engagement. Citing research, she notes that:
"Research shows that it takes about 12 months for the time someone actually thinks about buying or selling." [04:50]
This insight highlights the importance of maintaining visibility and providing value well before clients are ready to make a move. Regularly sharing valuable content ensures that when the time comes, the agent is top-of-mind.
Providing Value Without Immediate Returns
Another cornerstone of the transformational approach is offering value without the expectation of immediate returns. Krista advises agents to:
- Understand Client Needs: Identify what clients are seeking and the challenges they face.
- Solve Problems: Provide solutions and information that address these needs.
- Establish Trust: Become a reliable resource that clients can turn to for various needs.
"You are not doing this to gain a client. You are doing this to become the trusted go-to resource." [06:20]
This strategy fosters trust and positions the agent as an indispensable figure in the client's life, leading to natural referrals and ongoing business relationships.
Community Involvement: Beyond the Sale
Engaging with the community goes beyond professional interactions. Krista emphasizes the importance of participating in community activities, especially during significant periods like holidays:
- Food Drives: Supporting local hunger relief efforts.
- Donations: Contributing to community needs during challenging times.
- Local Events: Hosting or sponsoring events that benefit the community.
"It's not just about making the sale right now. It's about making the connection and helping people within your community." [08:40]
Such involvement demonstrates genuine care for the community's well-being, strengthening the agent's reputation and fostering deeper connections.
Impactful Client Gifts: Creating Lasting Impressions
Krista discusses the strategic use of meaningful client gifts to reinforce relationships:
- Relevance: Choosing gifts that are useful and appreciated by clients.
- Memorability: Opting for unique and high-quality items rather than generic swag.
- Personalization: Selecting gifts that clients will cherish and display, keeping the agent top-of-mind.
"This is a very special, unique, memorable gift." [12:10]
She shares a personal example of gifting a custom-made family photo, which not only delighted her clients but also served as a constant reminder of her service.
Effective Follow-Up: Staying Top-of-Mind Post-Transaction
Maintaining contact after a transaction is crucial for securing future business. Krista outlines an effective follow-up campaign that includes:
- Regular Communication: Staying in touch through emails, newsletters, and social media.
- Personal Touches: Remembering important dates and milestones for clients.
- Community Events: Hosting gatherings that bring past and potential clients together.
"You've got to keep showing up, you got to keep adding value, you got to keep developing those personal relationships." [15:30]
She highlights that while many clients are open to reusing their realtor, the actual follow-through is low due to agents forgetting to maintain the relationship.
Conclusion: Becoming a Community Market Leader
Krista concludes by reiterating the importance of shifting from a transactional to a transformational approach. By focusing on community engagement, consistent value provision, meaningful gifts, and effective follow-up, real estate agents can break free from stagnation and achieve financial independence early.
"It's all about building community and building relationships." [17:00]
She encourages agents to implement these strategies diligently, assuring them that consistent effort will lead to substantial rewards.
Key Takeaways
- Shift to a Transformational Approach: Focus on building lasting relationships rather than just making sales.
- Community-Centric Content: Share valuable information about the community to establish yourself as a local expert.
- Maintain Consistency: Regularly engage with your audience to stay top-of-mind for future transactions.
- Provide Unconditional Value: Offer solutions and information without expecting immediate returns to build trust.
- Engage in Community Activities: Participate in local events and charitable causes to strengthen community ties.
- Choose Meaningful Client Gifts: Select personalized and memorable gifts that clients will cherish.
- Implement a Robust Follow-Up System: Keep in touch with clients post-transaction to encourage repeat business and referrals.
Notable Quotes
-
Transactional vs. Transformational:
"They're making it way too transactional and not transformational." [00:00] -
Community Market Leader:
"Start posting more about the community and being what I called a community market leader." [02:15] -
Providing Value:
"You are not doing this to gain a client. You are doing this to become the trusted go-to resource." [06:20] -
Meaningful Gifts:
"This is a very special, unique, memorable gift." [12:10] -
Effective Follow-Up:
"You've got to keep showing up, you got to keep adding value, you got to keep developing those personal relationships." [15:30] -
Building Relationships:
"It's all about building community and building relationships." [17:00]
Additional Resources
Krista invites listeners to join her three-day virtual event where she delves deeper into digital marketing strategies, innovation, and video techniques to help agents become the go-to, top-of-mind professionals in their areas.
"If you like it, do me a favor like subscribe, refer it to a friend and I will see you next time." [18:20]
Sign Up Here: kristamayshore.com/limitlesslistings
By implementing the strategies discussed in this episode, real estate agents can overcome common pitfalls, enhance their market presence, and foster enduring relationships that drive sustained success.