Net Promoter Score, Your Clients & You

Net Promoter Score
Any real estate agent knows their business is based on referrals. Success is built on relationships – and our ability to make lasting ones is what creates a steady stream of referrals from past clients, business partners and our network of professional contacts.

But how do you actually measure the power of your sphere of influence?

One of the most recognized metrics is the Net Promoter Score developed by Satmetrix and published in Harvard Business Review  in 2004. Simply put – a company’s Net Promoter score sets out to measure how likely its clients are to refer them, and uses this score to determine future success. While customer feedback surveys can be lengthy and cumbersome, the Net Promoter Score only asks one question:

How likely are you to recommend me to your friends & colleagues?

Simple, easy to understand, and extremely powerful. Clients are asked to answer the question using a 0 -10 rating scale, with 10 being extremely likely to recommend and 0 being not likely to recommend. Everyone answering between 0-6 is classified as a Detractor, 7-8s are Passives, and 9-10s are Promoters.

Detractors are people that are unhappy with your business. Not only will they be unlikely to return or send you referrals, but they can also harm your reputation by writing bad reviews on Zillow or Yelp.

While Passives are happy with the service you provide – they’re unlikely to promote you or send you referrals. They’d be willing to switch to one of your competitors, and while satisfied with you as a real estate agent – they aren’t overly loyal and they aren’t helping your business grow.

And finally – your Promoters. These are clients that rate you as a 9 or 10. They’re repeat clients, they tell others about how great you are, and they actively send referrals your way.

Net Promoter Score Your Net Promoter score is the percentage of your clients that are Promoters minus the percentage of Detractors. So the number could range from -100 if all of your clients were Detractors to +100 if all of your clients answered 9 or 10.

What’s key here is that to grow your business – you need Promoters.

Imagine you have 2 clients: John & Jane. You helped John find his first home. He thought you did a great job, and loved that you found him the perfect bachelor pad with a great yard for entertaining. Then there’s Jane – a recent retiree looking to downsize. You help sell her family home at a price that gives her lots of flexibility for retirement.  

John posts an album of his new home on Facebook – tagging you as his REALTOR® and thanking you for doing such an awesome job. Turns out he has a lot of friends who are also looking to buy their first home, and he refers them your way.  While Jane felt you did a good job – she’s moving cities and quickly gets caught up in packing and finding her new home. She doesn’t bother leaving you an online review or sending any referrals – she knows there’s lots of great agents out there. 

Moral of the story? John is a Promoter – he’s championing your business and helping you grow by sending referrals your way. While Jane was happy with your work as her seller’s agent, her value as a client was singular whereas John’s value snowballed with each referral he sent. 
Whether or not you calculate your Net Promoter Score, it’s an important concept for understanding the power of referrals and how you create create your own self-perpetuating sales funnel. How do you ensure clients become your Promoters??

Building Referrals from Your Professional Network

Building Your Referral NetworkDo you have a vendor network? A list of business professionals that you refer clients to and that send referrals your way?

For most top producing agents, their professional network of trusted service providers is the most lucrative referral source. So, if you aren’t actively growing & strengthening your professional network – here’s how to do it.

Why Does it Matter?

Business owners understand the importance of referrals. They know referrals are the backbone of any successful business,  and they’re willing AND wanting to find referral partners. Better still, they understand the difference between a qualified and unqualified lead – and will send you  more profitable, easy-to-close referrals than referrals from past clients.

How to Get Started

To get referrals from professional service providers, start by making a list of industries. Don’t limit yourself to ones you already have contacts in – think outside of who you already know and do business with.  And don’t just stick to industries that are directly involved in the real estate transaction. Plumbers, contractors, florists, car dealers, even local restaurants can all be great partners. Remember – the point is to expand your network to find potential clients that you otherwise wouldn’t meet.

Find Partners

Now, in each industry – list a potential business owner/contact that could be your referral partner. Don’t know anyone in the industry? Ask clients who they currently use and trust, ask over social media, or do a quick search on Yelp for a highly rated business in the category.

Make Contact

Call up these potential partners and introduce yourself (if you don’t already know them). Explain that as a real estate agent, you’re often asked by clients for referrals for great businesses and that your building out your list of recommendations. Ask if you can meet to discuss potential opportunities and learn more about their business.

Build Rapport, Build Relationships

Remember, real estate is about relationship. Build rapport with these service providers & business owners – learn about what they do, their business history, who they work with. By understanding their business, you can send better referrals their way and they’ll send better referrals to you. If you want to build a lasting relationship where they’re actively referring their clients t0 you – it isn’t just about exchanging a business card.

Track

Just like all of your leads, you should track your referrals. Keep a tally of the referrals you receive, who sent them, time to close, and the purchase price. This way you can evaluate who your best referral sources are, and how you can better foster these relationships.

Don’t Let it Slide

Building and fostering relationships with trusted service providers & local businesses is not a one time thing. Follow up with your contacts on the referrals you’ve exchanged, invite them to your client appreciation events, send a holiday card, go for lunch. Looking to find new referral partners?? Call up the landscaper your last client was raving about or the new florist that opened down the street.

Have you built out your network of service providers? Who are your most trusted referral partners? 

How to Become a Local Real Estate Expert

How to Become a Local Real Estate Expert

Whether a client is moving across town or across the country, they’re going to need trusted advice about their new area. Everything from neighborhood profiles, school districts, the best local restaurants, recreation centers and commute times – they all factor into the home search process and settling in after finding the perfect property. This means that for real estate agents, becoming a local expert can differentiate you from the competition, increase leads and add new client value. So just how do you become a local expert??? Here’s our 5 steps.

1. Do Your Research

Before you can be recognized as a local expert – you’ll to have to do your research. Study up on neighborhood demographics and market reports to know the ins and outs of why people love the area, and what homeowners can expect from their property investment. Most of this info is available from your real estate association and municipal government. Local politicians, city planners, other real estate agents and people currently living in the area are all great resources too.

2. Be Involved

Getting involved in the community is key for becoming the area’s go-to agent. Join community associations, volunteer at charity events, attend festivals and shop local. Being an active community member helps you learn more about the neighborhood and make connections. Don’t forget to introduce yourself as a Realtor!

3. Get Connected

Align yourself with other professionals and great businesses in your local area. This network can keep you connected with what’s going on, add new value for your clients and drive more leads. If you’re still building your network, consider joining a business networking group. Already have strong local connections? Use these contacts to refer clients back and forth, or start a client affinity program to provide your clients discounts and specials from your contacts. 

4. Share Your List

Connect clients with the best home service professionals and local businesses by sharing a list of recommendations. After moving, clients always need the names of painters, plumbers, landscapers or even the best pizza joint. This is such a simple way to add more client value and help clients even after you close.

5. Keep Clients Up to Date

Do you send client newsletters, have a blog or actively post on social media? Make sure to include info about your neighborhood. Keep clients informed with market updates, community events or when new construction is planned. This is an easy way to show your knowledge, add value even after you close and establish yourself as a local expert. 

 

With ClientLinkt by QuickLinkt real estate agents & offices can share their list of trusted home service providers and local businesses with clients via their own custom-branded mobile app – helping them to increase client value, stay top of mind & drive referrals. 

The Three R’s for Success in Real Estate

Building Success in Real Estate

Being a REALTOR® is a tough job. You work long hours, face huge market swings and are constantly competing for clients. So how can agents rise above and have long-term success? It’s about the 3 R’s: Reputation, Repeat Clients & Referrals.

 

Reputation

As a REALTOR®, your reputation is the backbone of your business. It’s dependent on your sales history, how you approach potential clients, how you foster relationships with current clients and the interactions with your professional network – like mortgage brokers, lawyers, appraisers and home service pros. Think of every business dealing as a chance to grow your reputation. Make sure you’re also monitoring your reputation on sites like Zillow, Yelp, Trulia & RankMyAgent – positive reviews are great for generating word of mouth!

 

Repeat Business

Securing repeat clients is big business for any real estate agent. While the average REALTOR® has 21% of their business from repeat clients – those in business 16+ years average 41% of business from repeat clients. And that’s not small numbers when you realize that securing a new client can cost 7X more than retaining a past client. Whenever you spend time prospecting, make sure that you’re also allocating time to stay connected with past clients. Doing a quick check-in call, sending a market update report, having a client appreciation event or offering home maintenance tips are all simple ways to stay top of mind.

 

Referrals

For the average REALTOR® – referrals account for 21% of their business. Driving referral leads means you can minimize prospecting time, decrease advertising costs and generate a steady stream of highly qualified leads. To drive referrals make sure you’re providing client value even after you close – like sharing your list of trusted service providers or having an affinity program to past clients by offering discounts from your favorite local businesses.

Affinity Programs – A Secret Weapon for Client Referrals

The Secret to Client Referrals

Any real estate agent or broker will agree that the best form of lead generation is referrals from past clients. These prospects are not only highly qualified leads, but they also already know and understand your expertise and what niche market you serve.

 

Unfortunately, there’s just one problem. While most past clients say they’re willing to make a referral, few actually follow through – which leaves real estate agents in a difficult spot. How do stay relevant with past clients so they send referrals your way?

 

One of the ways we’re seeing agents and offices have huge success driving referrals from past clients is by having an affinity program. Realtors can negotiate rewards, deals or specials from local businesses to offer their clients – which creates new client value and keeps agents top of mind after closing – all helping to drive referrals.

 

Think about it. As a real estate agent, you’re a an expert in everything real estate. You know all the best moving companies, painters, landscapers & home decorators that can help your clients with their new home. These service providers love when you send clients their way, and your clients really appreciate your trusted advice. So, these are perfect businesses for negotiating deals for your affinity program with.

 

But you’re also a local expert. You know the best restaurants, boutiques, tourist attractions… even daycares and children’s activities. When clients move to a new area, it’s these local businesses that make them love their neighborhood and feel at home. So these types of businesses are also great candidates for your affinity program.

 

At the end of the day, providing more client value and staying top of mind after you close are how you’ll drive referrals from past clients and grow your business. Does your office offer a client Affinity Program?

QuickLinkt Solutions Wins SABEX Award for New Product or Service

Celebrate Success Gala2015 has been a big year for QuickLinkt so far. We’ve launched our referral management solution with over 10,000 real estate agents, released a new product – ClientLinkt, and been busy with significant feature upgrades to our platform. In recognition of this momentum, on May 14th we were awarded the Greater Saskatoon Chamber of Commerce Business Excellence Award for New Product And/Or Service.

 

The Business Excellence Awards (SABEX Awards) presented by the Chamber recognize businesses in the Saskatoon area that “have raised the standards for the community, industry at large and even the world in the quality of their products, services and economic and community contributions.” Businesses that are nominated for the awards go through a rigorous application process before finalists are chosen in eight different award categories. Finalist in each category are announced at a Nominee Reception, and winners are chosen at the annual Celebrate Success Gala.

 

In the New Product And/Or Service category, QuickLinkt was a finalist along with TCU Financial Group, Saskatoon Institute for Medical Simulation, SheNative Goods Inc and North Prairie Developments Ltd. With these companies spanning across a range of industries, the nominations displayed the diversity of the Saskatoon economy and how the Chamber supports organizations across industries.

 

For QuickLinkt, the nomination and award were exciting milestones. Not only was it rewarding to be recognized within the local community, but it was also exciting to represent the province’s growing tech industry at such a prestigious event. For company co-founder Dale Lemke, this year’s Celebrate Success Gal also served as a slight deja-vu – Dale won the award for New Product award back in 1996 with his company Display Systems International (you can see his Now & Then video here).

 

While there hasn’t been too much time to celebrate, we’d like to send a big congratulations to all of the SABEX award winners & nominees and thank the Chamber for their ongoing support. You can learn more about the Celebrate Success Awards here, or check out our fellow Award Nominees for New Product!

 

How to Ask for Referrals

The Best Way to Ask for ReferralsAs a real estate agent, our success is driven by our ability to create the most value for clients in their buying or selling journey. We spend countless hours ensuring that our clients are happy – and when we’ve done our job we pat ourselves on the back and wait for the referrals to flow in.

 

But despite the thank yous – unsolicited referrals don’t just happen. While it’s been found that the vast majority of clients are willing to make a referral, less than 30% will actually follow through.

 

So how do we ask for referrals without feeling pushy? Here’s our top 3 ways.

 

1.Use a Client Survey

Does your office send satisfaction surveys to past clients? If so, this is a great opportunity to ask for referrals from happy clients. Include a question at the end of your survey for clients to provide the name & contact info for anyone they know looking to buy or sell – it’s a simple way to ask for a referral when your client is already reflecting on the service you provide.

2. Ask During a Follow Up Call

Follow up calls to clients after they buy or sell is a great way of showing you’re truly interested in helping them, and not just collecting your commission. After checking in with how they’re doing, be specific when you ask. Outline the type of client you like working with and be genuine with why you’re asking for the referral. For example, you could say

“I’m really glad we were able to work together to find your new home. I always enjoy helping first-time buyers explore their real estate options, and I was wondering if you know anyone in a similar position looking to buy their first home?”

3. Be a Resource

Whenever you ask for a referral, you should always be providing value at the same time. Being a resource to clients after you close is a perfect way to ask for  a referral and stay top of mind. Share with clients a list of recommended home service providers to help them with their home, offer negotiated discounts from local businesses, or share updates on local events in their new community.

 

When it comes to referrals, always remember that a referral is the ultimate compliment from your clients. Provide clients with great service, provide value after you close, and then watch the referrals come your way!

With ClientLinkt by QuickLinkt real estate agents & offices can share their list of trusted home service providers and local businesses with clients via their own custom-branded mobile app – helping them to increase client value, stay top of mind & drive referrals. 

How to Evaluate Real Estate Technology

the best tech products

Today, as real estate agents we have an almost unlimited number of technology tools at our disposal. With products ranging from social media management to accounting software to e-signatures, it can be a complicated process to figure out what actually helps grow your business. But how do you evaluate new products and decide if the investment is worth it???

 

Unless you’re especially tech savvy – or want to spend days reading through product reviews – deciding on new technology can be a daunting process. Turning to your colleagues, broker or local association for advice is always a good idea, but how can you decide what’s actually the best option for you?  You only need to ask one question:

How will this create a better buying or selling experience for my Clients?

The fact is, as a real estate agent our job is about creating client value. We’re in the service industry, and therefore our decisions need to be based on what’s best for our clients and not which solutions have the most bells and whistles. At the end of the day, if a product doesn’t help our clients – it’s not worth the investment.

 

When evaluating tech, there’s 2 categories that products fit into: Client-Facing Products that our clients interact with and Internal-Facing Products that help us increase productivity so we can better serve our clients.

 

Client-Facing Products are solutions that our clients see. These tools help with buying or selling, and include virtual tour software, automated listing updates or live chat on your website. When evaluating these solutions, you should assess the technology based on how they help your clients in their real estate experience.

 

Internal-Facing Products increase productivity, allowing you to spend more time building relationships. These solutions include CRMs, accounting software or marketing automation tools. While your clients may not see these products, you should evaluate them based on the time you’ll save and how you can allocate this time to clients. If you can’t quantify your increase in productivity, then investing in these solutions isn’t worth it.

 

At the end of the day, any tech solution should help leverage our current strengths. We should be able to articulate how the product helps us build relationships, and not just provide a laundry list of features. As a real estate agent, what products do you find the most beneficial?

 

ClientLinkt by QuickLinkt enables real estate agents & offices to share their list of trusted service providers and local businesses with clients via their own custom-branded Smartphone App, allowing agents to add new client value while growing their brand. Learn more at www.clientlinkt.com

REALTORS® – How Do You Add Client Value?

what to do when you feel stuck

People do business with people they know, like and trust.

 

In real estate, this phrase couldn’t be more true. Clients don’t choose a real estate agent based on the letters after your name or the awards on your desk – and they definitely won’t be referring their friends or family because of them either.

 

The truth is that real estate is about relationships. Our ability to connect with clients on a personal level and build meaningful, value-added relationships is how we grow our business and separate ourselves from the competition. In fact when the National Association of REALTORS® performs their survey of home buyer & seller trends, the most important characteristics when choosing an agent are if the agent is honest & trustworthy, whereas the agent’s brand and designations rank low on the list. So while those designations are great for building new skills, they won’t necessarily grow your client list.

 

So just why are relationships so important? Buying or selling a home is not only a huge financial commitment, but it also coincides with major life events- like getting married, deciding to have children or becoming empty nesters. Therefore, as a real estate agent we can’t just focus on the sale but instead how we can advance our relationships. As Brian Buffini contends, “Delivering a premium experience… means nurturing, building and preserving your relationship with your client.”

 

If we think about how real estate has changed over the past 20 years, it’s no wonder that relationships are becoming more and more central to the success of any agent. With the rise of technology – especially searching for properties and neighborhood information online – an agent can no longer simply supply listings to their clients. If our only service is providing info on homes for sale or posting a property online, we become a commodity.

 

Instead, if we emphasize building relationships we ensure we aren’t forgettable. This means a paradigm shift from being a real estate salesperson to being a real estate consultant. Salespeople complete transactions. Consultants educate clients about the buying & selling process, connect clients with a team of professionals ( like mortgage brokers, lawyers and home service providers), and stay connected with clients after closing. While this paradigm shift means spending more time with each client, it also means your business can grow exponentially. Each client becomes your ally, brand advocate & marketing team – they come to you with real estate questions, they remain loyal when they buy or sell in the future, and they refer you to their friends, family & colleagues. How do you build value-add relationships with your clients? 

 

With ClientLinkt by QuickLinkt, real estate agents can increase client value by sharing their team of trusted home service providers & local businesses via their own custom-branded mobile app. This allows agents to provide more client value, stay connected post-close and strengthen their client relationships. Learn more about ClientLinkt here or contact sales@quicklinkt.com  for more details.

 

3 Steps to Generating Positive Word of Mouth

attracting an audience

Whether we like it or not, as a real estate agent our brand is no longer what we say it is – it’s what our clients are saying about us…. online. Long gone are the days when we could purchase billboards & newspaper ads and feel confident that we were putting our best foot forward. This means that if we don’t take a proactive role in building & managing our online reputation, we can be left in the dust.

 

While managing your online reputation may seem daunting, it’s the same thing real estate agents have been doing for years – generating positive word of mouth and building their referral business. So, if you’re not sure about how to manage your online reputation – here’s our top tips.

 

1.Have a Presence

90% of home buyers search online to find a real estate agent & search for properties. If you don’t have a strong online presence, you’re therefore missing out on 90% of your potential clients. Ensure that you have a profile on major directory sites – including those that are specific to real estate (like Zillow or Trulia) and those that aren’t industry specific (like Yelp, Google Places & Yahoo!).

2. Monitor What’s Being Said

Understanding what’s been said about you online can have a big impact on your sales funnel. Not only do online reviews and comments influence potential clients, but they also offer valuable opportunities for improvement. Set-up a Google Alert for your name & regularly monitor online review sites to see what’s being said.

3. Respond & Be Active

You wouldn’t go to a networking event, community fundraiser or open house and stand in the corner with your head down – so don’t do it online.  Post regularly, answer questions, engage with your audience and respond to online reviews. Help first – sell second!