Real Estate Referrals Could Be Killing Your Growth

 

Are you working your face off to try and grow your business and you just can’t seem to get any momentum? I’m going to tell you in this post why referrals could be killing your growth. Today I want to give you some power thoughts on how to really grow your business, a different way to think about how you need to be growing your business and what you need to be doing on a day-to-day basis.

The reason I believe referrals may be killing your growth is because I have seen this in both mine and other agents’ business. I will watch a sales person grow their business over a couple years putting a lot of work in and a lot prospecting. Then they get to a certain point in their business and become so busy that they quit doing the prospecting and solely concentrate on their past clients and referrals. These are very important to grow your business, but the problem is that you cannot grow your business just off referrals. Referrals only maintain your business. So, if you get to $100,000 or wherever the number you get to and quit trying to grow your business through new clientele, then you’ll get to a point where your business will plateau. I have seen time and time again. People get their business to a certain point and quit working as a new salesperson trying to get their new business up and going and getting the momentum that they need, and then they start working on the referrals and past clients. They are still working a lot and handling those past clients/referrals and helping those people do deals and they are doing well because they are making a good living, but they are not growing anymore. That’s where the philosophy that I have come up with is going to help you. You must have a balance between new clients and old clients. You have to have the old clients because that’s how you build the snowball of your business that continues to get bigger and bigger every year, but if you quit pouring the new leads into that snowball then it will stop and stay the same size forever or start to melt and become smaller. You have to continue pouring new clients into your snowball to keep the momentum going and let that snowball grow bigger.

On the other side, you can’t only do new clients and forget about your old clients. Then your business becomes a revolving door where your new clients come in, they buy, you do a deal, and they are out the other side. You never hear from or talk to them again. You don’t have a system in place to follow up and stay connected to that person forever. This is a huge mistake, and this is where my weekly email comes into effect. My weekly email acts as a net that catches everybody and keeps them close to me. Some people may go through that net and I may lose some, but it’s a good mechanism that captures most people and that’s what I want. I want to be most effective. I have a good balance in my business, and I am diversified between new clients and old clients. When I am doing my weekly email it takes me a half hour to an hour each week to take care of my past client, and I have the rest of the time to spend on my new clientele. That’s how you grow the business.

I don’t want to see you guys relying on past clients and referrals thinking that is how you are going to grow your business, it’s not. At the same time, I don’t want to see you only prospecting with no mechanism to keep in touch with your past clients. These are the two problems; agents who only deal with new clients and agents who only deal with past clients. I want to see you diversify yourself between both old and new clients. I want to see you put your weekly schedule in place and see your time block to fit both the old and new within your schedule. This should be in your weekly, monthly, yearly plan. Referrals are like little bonuses in your business, you don’t see them coming and then boom there they are. That’s what I love, whenever a client trusted me enough to send me a referral because they enjoyed the experience  they had with me. I want to treat that person like the same person that sent them to me, which is an extension of my family. Every past client, referral, new client is an extended part of the family and I am going to treat them as such.

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Ricky Carruth

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