Real Estate in Arkansas: A Relationship Business
Real estate in Arkansas is largely built on relationships. Consumers are becoming more knowledgeable with all the information they have available to them. So you need to be able to demonstrate value. Value is often measured in intangibles. It comes from forming a solid relationship and by being true, genuine, and honest.
Here are some tips to create a thriving & sustainable business – one relationship at a time:
Step 1: Building Bonds
Possibilities for creating connections happen everyday. When you find people you have something in common with, relationships are likely to sprout. They can occur over shared interests – baking, bike riding, hiking, etc. – or shared friends. Michelle Tillis Lederman, author of The 11 Laws of Likability says, “If you and I have someone in common or a common interest, that makes me like you a little more and want to chat more.” When we discover similarities, we form deeper and more lasting connections. People do business with people they like, so those connections may lead to business relationships – but they don’t have to start there.
Being visible and active in the community is the best way to find new business. You can pick up business from the local coffee shop, the grocery store, the gas station, doctor’s office, church, and more. Formal networking and referral groups for Real Estate in Arkansas, such as chambers of commerce or BNI, can also help you expand your reach.
Consider hosting a neighborhood barbecue or block party and provide each family with a neighborhood market analysis. This will allow people to approach you, get to know you and ask questions. As they spend more time around you, their comfort level increases. With a heightened comfort level and trust, they will be more likely to use your services or recommend you to their friends and family.
Step 2: Maintenance Mode
Congratulations! You’ve made the introduction and extended the handshake. Now, how do you keep this new relationship growing?
Get in touch at least 8 times within 8 weeks following an introduction. People need to be exposed to something eight times before they remember it – and that ‘it’ includes you. The forms of contact will differ from phone, email, postcards, etc. and should be tailored to that person. The content could include anything from a “thinking of you” card to mortgage information to a market comparison of the person’s neighborhood.
Real Estate in Arkansas can become boring to your prospects. Try adding some pizzazz to your blog post, email or social media page. Look up nontraditional holidays to celebrate. Promote a contest on social networks revolving around the ‘holiday.’ Invite your prospects over for a get-together to celebrate ‘National Chocolate Fondue Day.’ Send a thoughtful card in honor of ‘Send a Card to a Friend Day.’ Swap chili recipes on ‘National Chili Day.’ Silly occasions offer a vehicle for making a fun and memorable connection. A Realtor with a good sense of humor is more likely to have a positive reputation as someone customers want to work with.
However, be sure to balance the entertaining with the useful. Offer your prospects tips on buying, selling, energy efficiency, money-saving remodeling ideas, and more. Handwritten notes are also a great way to acknowledge birthdays, graduations, wedding anniversaries, a new baby, or even a pet’s birthday. But sometimes you may want to offer something a little extra such as yearly Easter baskets, subscriptions to ‘wine of the month’ club, etc. This helps keep the relationship alive and can lead to more real estate transactions.
Be sure to avoid becoming just a name on someone’s computer or paper. Put in some face time with your prospects. You can do this by holding an office open house, hosting a dinner, going for coffee, etc.
Step 3: Getting Down to Business
If you’ve built it, will they come? Certainly likability will help you win over some hearts, but just being the nice guy won’t get you to the closing table. You eventually need to get down to business.
Be sure to take your clients’ preferred communication style, values, emotions, and needs into account when serving them. The agents who are the most successful tend to look for ways to meet their prospective clients’ individual psychological and emotional needs in the sales process. In addition to this, also look for ways to make clear, explicit suggestions that advise a specific course of action. Agents who offer expertise tend to have higher success rates.
Housing data, sales scripts, and incentives can all be useful tools to a point. But relying on them too much can actually backfire. Too much information on Real Estate in Arkansas can make people feel overwhelmed, especially if presented with no explanations or recommendations. Sales scripts can be a useful guide to navigate various client situations but can also undermine interactions. Relationships are complex. People have unique personalities, life histories, and goals that don’t fit into one script. Be flexible enough to go off script and tailor your presentation to individual clients.
A considerate gesture can also go a long way and doesn’t have to cost money. Recommend someone who will offer them a good price. Take time to ask how someone’s doing after a surgery or family death. Refer their teenage child for a job. Gratitude is a powerful emotion that makes others want to reciprocate. However, to feel gratitude, others need to feel that your actions and concern for their well-being is sincere and not selfish or commission-motivated. So seek opportunities to reach out. But do it simply for the wonderful bond you’ll create.
Real Estate in Arkansas relies so heavily on relationships. I hope these tips and ideas help you in establishing and building yours!