The One Mistake Keeping Real Estate Agents Stuck!, Ep. (905) - F.I.R.E.D UP with Krista Mashore

Summary

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.

Transcript

A (0:00)

This is one of the most overlooked aspects that real estate agents are doing and why they are failing. They're making it way too transactional and not transformational. What do I mean by that? They are worried about just selling and then once they get that sale, they're on to the next. They're not actually developing relationships, building a community, making it to where people actually know you, not just during the sale, but after the sale and they think about you and they want to refer you. It's like you actually kind of become a part of their family, a part of their friend network. So. So we're going to be talking about exactly how to do that in this video. First of all, it all starts with what you are posting. Are you just posting, look at me, I'm number one, just listing, just sold. Or are you posting about what's happening in your community? What are the great local hotspots to go to? What can people do on a Friday night? What are things that their children can do when they're off on vacation from school? Start posting more about the community and being what I called a community market leader. Anytime somebody thinks about real estate for their community, they should be thinking about you because you are the one that is the go to trusted resource. You're helping actually solve problems. People are going to Google things. You want to be like the own personal Google of your community, where you are giving people all the information, anything and everything that they need to know about the area. So it all starts with what are you posting? What are you talking about? Less about you, more about that. And pro tip, you've got to give it the time it takes. Research shows that it takes about 12 months for the time so he actually thinks about buying or selling for the time they actually take action. So that means that you want to show up well before they're ever thinking about buying or selling. So when people are doing research about the community, even from another state, are you showing up or is Zillow or somebody else? So you've got to be consistent, give it the time it takes. And no, it's not going to happen overnight. But I promise you this, if you do it regularly and you keep showing up, it will absolutely pay off. Number two, what can you give that's valuable to your consumer? First of all, you need to know who your consumer is, where they're at and where they want to go. What are they looking for? What are their needs and their desires? What can you give them to help them solve a problem without expecting anything in return? You are not Doing this to gain a client. You are doing this to become the trusted go to resource, somebody valuable that they look to to help solve their problems and get them closer to their desired result. If you can do this and do this often, they will start seeking you out, not just for real estate, but everything else as well. So who are you going after? What do they need? How can you serve them? And how can you have a valuable go to resource that they actually are excited about getting and keeping and resharing? And number three, it's the holidays right now, so what can you do to actually immerse yourself into your community and help them? Are there local food drives? Are there places where people are giving gifts or donations to help people who actually are in need right now? It's not just about making the sale right now. It's about making the connection and helping people within your community. That's what it's all about, making a connection within your community. And another great way to be remembered and to create community is by giving a gift that adds value. This is an example of gift that I used to give away. This is, yes, this is my family, but we had somebody in the community make this. Now what happens? Anytime somebody looks at this picture of their family or somebody important to them, they think about me. So the idea is, is that I'm not just excited about them and helping serve them during the transaction. I'm doing it over and over again. So ask yourself this question. What gift can I give that they're actually going to use? It's not like when somebody gives away cheesy swag T shirts that itch. What do you do? Yeah, throw them in the garbage and it has their big face and their logo on it. No, make the gift important and relevant to them, not about you. Something that they see all of the time. And I guarantee you it's going to help. And here's the deal. I know this works so well because I will run into people in my community who I've sold their house three years, seven years ago, and they say, krista, I still have that beautiful picture you gave me. And I look at it every day and I think of you. Also. People walk in the house and they go, oh my gosh, I love that photo. Where'd you get it? And they say, my real estate agent, Krista Bay Shore gave that to me. So now they're even telling their friends and family about me. But that only happened because this is a very special, unique, memorable gift. It's not going to happen by giving them some cheesy mug or even just a bottle of wine. That's the kind of gift that you want to give because it builds connection and it builds community. And number five, lastly, you want to make sure that once the transaction is over that you have a follow up campaign. They're seeing you in their inbox, they're seeing you in their computer, they're seeing you in person based upon community parties that you have and parties that you have from past clients. So don't let it in there. I promise you this. The statistic from the NAR about how many people would actually reuse their realtor is actually very high. But the number of people that actually do reuse their realtor is very very low. Why? Because people forget about you after the transaction. So you've got to keep showing up, you got to keep adding value, you got to keep developing those personal relationships and you got to keep showing up where they are looking, which is online and in their email. So this is all very helpful to help you be a go to top of mind agent. It's not just about the transaction, it's about building community and building relationships. Oh by the way, every single month I have a three day virtual event that you can take right from your own home and the cost is an investment that's less than a few cups of coffee. Where I talk all about digital marketing strategies, innovation and video. How you can be the go to top of mind agent in your area. And here's the thing, they're actually proven real techniques from an agent who has personally sold over 2,300 homes. I hope this is helpful. If you like it, do me a favor like subscribe, refer it to a friend and I will see you next time. Hey there. If you want to learn how to dominate your market as a real estate agent to sell more listings and stand out as the go to obvious choice, sign up for my virtual event just go to kristamayshore.com forward/lessless listings. Do me a favor. This is a three day virtual event. I'm going to teach you how to stand out in your marketplace. Go to kristam meore.com limitless listings and I will see you there.