Transactional Agent vs. Relational Agent
There are two approaches to real estate: the transactional approach and the relational approach. Every day is a new day for the transactional agent who focuses all their attention on the next deal. For the relational agent, the relationships they cultivate continue to produce a steady stream of referrals that compound—year after year!
Do your habits match up with those of the transactional or relational agent? Download our free infographic to find out!
“The #1 threat to the real estate industry is being transactional.” –Brian Buffini
If most of your habits align with the transactional agent, you’re not alone! Many real estate agents are purely transactional; that is, they focus on the transaction at hand and lose touch with their clients after the deal is done.
Here are 3 Ways to become more relational…
Take a cue from the compounding effect. Working by referral relies on the compounding effect. If you want to build a steady, reliable stream of leads, it’s essential to build and maintain your relationships with your clients. Your clients become strong advocates of your business and refer you to their friends and family, thus limiting (and eventually eliminating) the need to make cold calls, etc. to drum up business.
Prioritize your clients. While it’s important to build relationships with all of your clients, the clients who have sent you referrals deserve extra personal attention. Leverage the stacking effect when you’re developing your marketing plan. Send your Marketing Flyers and eReports to everyone in your database, call your top clients more often and be sure to follow up your phone calls with a personal note. And, don’t forget to deliver Pop-Bys to your A+ and A clients when you’re in their neighborhoods.
Provide value. Buyers and sellers today are thirsty for information about real estate. Even people who aren’t currently in the market to buy or sell are curious about home values, mortgages rates and even tips about the latest decorating and home renovation trends. Give them what they want in your monthly marketing materials. Providing valuable information not only gives them the scoop on real estate topics, it also reinforces your character and competence, further reinforcing your role as their trusted advisor.
These are just three ways to become a more relational agent. Get in touch with a past client today and begin to build the foundation to a great relationship. And, don’t forget to remind them that you’re never too busy for any of their referrals!
Check out the How to Ask for a Referral resource.