It’s why we do all the bone crushing, attitude straining, heartfelt work. We work to create confidence and trust. When we succeed, people we know, refer people they know to us. Sweet success!
Flash back to January 6, 2007, Qwest Field. Tony Romo was the Golden Boy, maybe he still is? He worked his ass off all season. He led his team to the promise land – the NFL playoffs. Allegedly, they were contenders to win it all. Tony and team did everything right…almost. With 1:27 to go and 19 tiny yards from the end zone, all the Cowboys had to do was kick a no-brainer, chip-shot field goal, all Tony had to do was receive the snap and set the ball.
What’s my point? We’re the quarterback of our businesses. Referrals and recommendations is how we set ourselves up to score points. If we want to score and receive perpetual referrals and recommendations, we can’t fumble and flub-up on the goal line, we need to create a Tipping Point.
Here’s How Future Referrals-Recommendations Are Flubbed.
Qualified citizen calls Agent X and sez, “Hi, we don’t know each other, but our mutual friend, Robyn Brand referred me to you. She said you were a great agent and could help me sell my house and buy a new one”. Agent X gets giddy and does a happy-dance, woo-whoo, sweet Jesus, life is grand. Sadly, Agent X does not call and does not send a handwritten Thank You Note thanking the referrer for the gift.
Agent X does a fantastic job. New client is now a fan too. Yeah! During the transaction, Agent X does not keep referrer in the loop or informed on their success. Agent X keeps their appreciation and success a secret by keeping silent.
New client moves into their new home. Agent X returns to work, slaving away in heroic efforts to generate referrals and recommendations. Many times this takes the form of chasing strangers and suspects. Agent X wishes they could attract more referral-recommendations, but alas, Agent X has flubbed-up their future flow of referrals. Agent X isn’t nurturing, reinforcing and deepening their relationship with the Connectors and Mavens who refer them business. Therefore, business is always a struggle, a pattern punctuated with random happy-dances.
Here’s How Future Referrals-Recommendations Are Reinforced, Rewarded and Assured.
In Malcom Gladwell’s book, The Tipping Point: How Little Things Make A Big Difference, he refers to Mavens and Connectors. In our networks, Mavens are the people we turn to for details and advice, they study up as a hobby and know everything and what’s what. You know people like that, right? People turn to Mavens for advice like, “Who’s a good real estate agent?” Connectors are the people in our network who are socially cool and influential. People listen to them and take their advice. Advice like you should eat there, party here and use “this” real estate agent.
Referrals and recommendations usually come from the Mavens and the Connectors. If you want the Mavens and Connectors to keep referring you, know these two things…
Thing One: When people make a referral-recommendation they are putting their reputation and social capital on the line.
Thing Two: These people are human with human needs. We all want a sense of significance, certainty and and improved state of being. When we receive this referral gift, we should acknowledge, appreciate and reinforce the gift giver. If we do that, we’ll attract prepetual referrals.
Here’s 3 Ways To Create Referral-Recommendation Tipping Points.
- Call and gush appreciation all over them. They should be soaked. Dripping wet. Reinforce their wise decision to refer you by making a promise. Promise that you will make them look good, smart and cool for referring and recommending you. Keep your promise (duh).
- Tell them you’ll keep them in the loop and do it. (Mavens and Connectors like to be in the know.)
- Report progress and successes throughout the transaction. Of course don’t reveal any confidential information. Doing this will also position you to receive additional referrals because you are having in-person, on-purpose conversation with the very Connectors and Mavens who do the majority of referring and who already like and trust you.
Isn’t this activity the most valuable and productive form of contact and connection you can have? Nod your head.
Don’t Forget The Digital Referrals-Recommendations
It’s a new era. Remember, when someone ReTweets, Pingbacks, Diggs, comments and or shares your digital stuff, thank them and when possible return the favor.
Super Cool. Go Forth And Create Tipping Point Referrals-Recommendations.
It’s that easy my friends. Just takes creating a new habit. If you’re already doing this, sweet, rock on. In fact, if you do other things that are working, please share you whip-smart ideas in the comments. Everybody wins.
Austin tops the list of best places to buy a home
When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?
Looking at the bigger picture
(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).
That said, SelfStorage.com dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).
They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.
“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”
Average age of houses on the rise, so is it now better or worse to buy new?
With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.
The average home age is higher than ever
(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.
With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.
Prices of new homes on the rise
Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.
Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?
The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.
Why Realtors are vulnerable to these rapid changes
(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.
Note: We’ll let you decide which company plays which role in the image above.
So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.
1. Zillow poaches top talent, Move/NAR sues
It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.
Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.
2. Two major media brands emerge
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