Do you know the fastest way to build your clientele?
If you are a Private Money Broker, you may be paying HIGH opportunity costs by not maximizing your clientele.
With $77 Trillion sitting in bank accounts, savings, and retirement accounts in America, there’s no shortage of investable money. Additionally, 30% of all real estate is owned free and clear.
With all the real estate owned in America, can you wrap your brain around how much equity that is to tap into?
In short, there’s a whole of money out there that doesn’t know what to do with itself. It’s sitting in IRAs and 401ks and bank accounts, and it’s waiting to be deployed.
If you’re a broker, consider yourself an “Agent of Deployment.”
With all that money out there, you clearly can’t blame a “shortage of funds” for a stall in the deals you broker. Money is looking for a place to go where it can grow. Money wants someone to swoop in and take control of it, someone to place it where it can mature. But does money trust YOU?
How much of other people’s money do you have under management? That will dictate if money trusts you.
When you compare apples to apples (good broker to good broker), some are getting all the business while others are fighting tooth and nail to close only a few deals a year.
There’s a clear reason. The private money brokers who are getting all the business are active at one simple thing…
Is it a website or business cards or a suit or knowledge that makes the difference?
The #1 way to increase your business is to use 3rd party endorsements and testimonials.
This results in referrals. Referrals are the key! People will give you money faster if someone else told them to give it to you than if you ask for it yourself. Referrals are a strategic tool in marketing, and you need to start revolving your business around them if you want to stay in business.
Take a few minutes to consider the following 10 questions about how well you are (or aren’t) soliciting endorsements, testimonials, and referrals.
- Are you asking for testimonials from clients?
- Are you asking for referrals?
If not, create a way for clients to recommend people to you and your services. Have you ever notice that when we ask for video testimonies at the end of an event, we do it in front of a wall plastered with our logo? Can you get clients to fill out a simple survey on your services? Can you link your website to social media and ask your satisfied customers to spread the word? Are you actively promoting on social media in a way that people can easily share, retweet, and email your content to others?
- Are you following up to see if people need anything else after working with you?
Repeat clients are more likely to give referrals. Are you active on LinkedIn, keeping people you’ve worked with in the past engaged?
- Do your current clients know all the services you offer?
Don’t assume everyone knows the full scope of your business. We have content up all over–websites, emails, radio stations, etc.–and even a business as large as the Lee Arnold System of Real Estate has to constantly remind our clients of all the ways we can help!
- Are you asking people to hand out your cards to other potential clients?
Don’t assume that if someone is happy with you, they will pass your information on.
- Are you asking new clients how they heard about you?
If they give you names of the person who referred them to you…
- Are you recognizing and thanking the referrals you get?
It’s important to express appreciation to those who connected a client to you, helping to ensure that they do it again.
- Can you provide valuable content to your referral sources?
An email list with a roundup of (occasional) updates can be helpful to others in the industry. If you share unique content, people are more likely to remember your name, use your services again, and pass your name to others.
- Are you treating people you work with like allies/partners?
Let them know that you view them as a strategic partner and encourage them to see you in the same way. This creates an active channel to share professional referrals.
- Are you providing a remarkable service?
Do people WANT to refer you to others? If the answer is “no” (even questionably), then you need to address any glitches you have and plug informational holes by educating yourself with the latest industry knowledge (I suggest attending one of our Private Money Broker events, call 800-533-1622 to speak with a business consultant and find out which one is right for you).
Be on top of your game and referrals will role in.
With a proper, honest assessment of the questions above in mind, where can you improve? What do you need to focus on to gain a new layer of a client base?
The most important thing you can do is to ask.
Open mouth, open business.
To Your Success;
Lee A. Arnold