FULL AUDIO TRANSCRIPTION:
Justin Stoddart 0:00
Hey, what’s up everybody Justin Stoddart here excited to be with you to talk about seven steps to more referrals. What an opportunity, this is going to be, you know, just yesterday, we released what I believe one of the most powerful diagnostic tools in real estate. And this diagnostic tool tells you your referral score from zero to 25, how your referral business stacks up against its potential. Not only does it does this tool, do that, but it also gives you the ability to know very specifically, why your score is such, what very specific areas you need to be doing and focusing on in order to get your referral score up higher, to get your to where you’re taking more money off the table, and you’re putting it into your pocket. So today, if you have not yet had a chance to get your referral score, here’s the exciting thing is that you’re gonna get a chance to do it. So I’m going to put in the comments. In fact, let’s do this here really quickly, inside of the chat, I’m going to put a link to your referral score, and I’m hoping that you can all see it here. We’re gonna give the opportunity for those who that are listening to the podcast outside of this, I’m going to ask you to do this, I’m going to ask you actually, to go to this website, which is bit bi T dot L Y, forward slash referral score. So super easy. BIT dot L y forward slash referral score. And when you go there, it’s going to give you it’s very, very simple. It’s a 10 survey questionnaire, 10 questionnaire survey. And from that information, you’re going to have the ability, again, to know not only how you stack up, but then we’ll be able to deliver to you very specifically where you need to focus on first. Okay, so if you haven’t yet done that, please do that. Excited to help you get your score. Now, let’s get back into the topic of today, which is seven steps to more referrals. Okay, so I’m going to walk through these seven steps, I could go much deeper on these, I’m more than happy to go deeper on these if needed. But we’ll do that in maybe in a private kind of breakout session at a later time. So just know that if you want to go deeper on any one of these, let’s just schedule some time. I’ll put also in the comments and the notes and opportunity for for you to do that. So that we have have that in front of you. So with that being said, let’s go ahead and dive right in.
Justin Stoddart 2:34
So step number, one of the seven steps is number one is to be warm. Okay, so oftentimes, we want to work in our warm market, yet our warm referrals turn off here. And our goals are up here. And so we try and close that gap by thinking, close that gap by thinking that we can go cold market now we probably can. But that’s not gonna help us to get more referrals. You and I both know that there is a difference between somebody calling you saying I was referred to you by so and so do you have time to come list my home? versus you having a list of numbers or a list of cold leads? And people are like no, how did you get my number? Now where did this come from? There’s a difference. So it encourage you with whatever it is that if you actually want more warm referrals, then I would encourage you to start to find ways to cut out the fact that you’re pursuing cold leads, and I want you to focus almost entirely, like take the time that you’re allocating to chasing cold leads, and put it towards some warm market methods. Okay, now, it might be difficult for you to do that, because you’re like, Well, I’ve got all these leads that I’ve got to follow up with, look, if you want to be cold market, then be cold market. But if you want more leads, then I need you to, to start to dedicate a little bit more time to that don’t feel all of your space with chasing leads, if leads aren’t actually what you want. So step number one is to be warm. Okay, so that’s step number one. Now, let me share with you, I’m just gonna ease out here. So you guys have these right in front of you. Okay, step number one, be warm. In other words, don’t try and create Referrals Out of cold lead sources, it’s not going to work. Okay? Step number two is going to be be systematic, okay? I’m gonna encourage you to review and upgrade the systems that you have in place to ensure that you are nurturing every contact that enters your world. It’s really difficult to get people who are coming into your world to refer you when you don’t stay in contact with them. Now, me and my team, we actually have five foundational referral systems that we help agents to execute on. So I’m going to write this down here, systematic and what are the systems that you should have in place? Well, we walk you through that people that work directly with us. You actually get not just us telling you what they are, but you get us actually setting up workshops directly with you to get them done. On, okay, but whatever, however you decide to go about that, whether you decide to hire us and be part of coaching plus, or whether you just decide, like, Hey, I’m going to audit my systems, I’m going to upgrade my systems myself totally fine. Right? There will be a different pace at which you implement that and getting help versus not getting help. But both are totally fine. Just know that, that these referral systems should create a consistent and elevated experience without you having to remember or recreate that experience. In other words, it should be, it should be very, very similar experience from client A to B to C, that didn’t rely entirely upon you doing it, because when it relies upon you doing it, unfortunately, it gets to the point where it’s inconsistent. And so when it’s inconsistent, that it doesn’t work, like the magic bullet in real estate and business period, is to be consistent, when you can be consistent, then what ends up happening is that you get results. And I need for you to have the success that you can that you know that you can otherwise have, that you that is your potential to have, you have to be consistent. And the only way for you to be consistent is for you to have systems in place that don’t rely solely upon you or any other one person. Okay? So step number one is to be warm. Step number two is to be systematic. In other words, it can’t be all in your head, it will not work. Okay, step number three, I’m going to beef up my font here, since this is gonna be a little bit bigger. So we’ll go 123. Step number three, is to be honest. You’re saying like, What are you talking about? Justin, I am an honest person. Here’s how I want you to be honest, as honest with yourself is that on average, only seven to 10% of your database will use your services or refer you in the upcoming year. Okay, let’s use 10% as a as an average number. Okay,
Justin Stoddart 7:08
so the words if you have, say, 100 people in your database, you know, the math, you’re going to have, you can expect 10 deals to come from that. Okay. So if 10 deals is not enough, and it probably shouldn’t be for anybody listening here. Right? If 10 deals is not enough, and you’re like 20 is more like that, or 30 is more like it, you need to be honest with yourself and realize, if I’m if I’m committed to working warm, that’s gonna take another 100 to 200 people to get 20 more deals. Okay. So I just have to be honest with ourselves of what that’s actually going to take. What the Guru’s have taught us about building a warm market business, is that it converts it about 10%. And that you better be prepared to add 100 people to your database and nurture them not just adding that is it, nurture them, water and fertilize the seeds, right, and we’re gonna have to actually put some effort into building these relationships. And they’re only gonna produce it at 10%. So we actually need to be really clear that, that, that that’s not actually going to maybe produce as fast as we otherwise would want it to. Okay. Now, the next step, step number four, is going to be aware. Okay, how do you say Be aware, recognize that certain professionals in your community can refer you warm, qualified referrals on a very consistent basis. So I know that we’ve been taught to think through the lens of the average person in my database can refer me one to two times a year, when you’re when you identify what we call upstream partners, in other words, people who are upstream from the real estate transaction. Okay? What ends up happening is that you realize that those people are having conversations all day long, with people who may very well need a real estate agent next. Now, the difference between this and the average consumer is that the average consumer isn’t having conversations that are precursors to real estate transactions. Okay. Now, you might ask yourself like well, who are those people interested in having a list of who I believe are the top seven industries from which you should be getting referrals on a very consistent basis just put in the chat again, if you’re if you’re watching this live you’re watching this video afterwards. Put in the chat. Seven industries there’s put the number seven will know what you’re talking about, that will allow us to send you a very specific resource that will give you what those seven industries are that you should be heavily considering as having as upstream partners, because those professions and those professionals because of what they do for a living have the ability to refer you on a very, very regular basis. Okay. So that is the next one is to be aware. Just be aware that maybe the model that you’ve been taught, which is to just cord, friends, past clients, etc, may not be the fastest way to get there. You may need to be honest with yourself and realize how much that’s going to take. And also be aware of the fact that there are other people that can help you even faster than people who are in your friend group. Okay, so those are the first four, how are we doing? If you’ve got questions, let us know. We’d love to answer them in the comments. Whether whether I catch them now or whether I catch them later. More than happy to answer those questions for you. All right, now, let’s, I’m going to move on now to the next. The next three points. Okay. Step number five, make sure I’ve got the right one here. Step number five, is to be curious. Okay. Be curious. The important thing about this step right here is that all too often we take the mentality when we’re approaching these upstream partners, these potential upstream partners is we think in our head, that, well, I’ll just treat them like I treat my friends and my family and my past clients, I’m gonna tell them oh, by the way, I’m never too busy for your referrals, already knows calls and pop buys. But there’s nothing wrong with that.
Justin Stoddart 11:20
When it’s when you’re talking about your friends, but when you’re talking about other business professionals, that model doesn’t work. That’s not what business professionals are looking for. They’re not looking for more friends. Right, they’re looking for deeper friendship at this point, right now you’ve come into their business world, they want to have business concerns taken care of, if they’re gonna give you any time, you better be solving a problem for them or for their clients. And so when you approach these potential upstream partners, I need you to be curious, don’t think about what you can get, don’t come in with a stack of cards, and a description of your, you know, of all the initials behind your name, and all the homes you’ve sold and all the things that you do differently for clients. Get curious about what you can give to them have the entire conversation, be curious about them their business, where they’re at, how they’ve got their, what their goals are, and what their plan is to reach those goals when you can get to that point, and more specifically, what obstacles are keeping them from getting to the next level in their business, when you can really begin to uncover that, then what ends up happening is that you start to receive those things, okay, you start to actually get from them, things that matter to them. And that’s how you keep their attention. You see, attention follows relevance. Everybody wants these professionals to keep us top of mind, or we want to be top of mind for them. Yet, we want to come in and talk about ourselves. They don’t want to they don’t want to have us in their minds, necessarily. They already have their mind filled with their own challenges, their own problems. The so the question then becomes, how do I get them? Like, how do I get in their brain? It’s simply by talking about what they care about. Okay. So again, step number five is to be curious. Okay, we’re moving through these pretty quickly, hopefully, you’re getting some value out of this. If you are, if you found anything that’s been a valued value to you thus far, do me the favor and put inside the comments, just put value that will help other people see that, hey, there’s value here as well. If you’re listening to the podcast after the fact, give us a review, right, skip down and give us a review on this. Now, before we get to step six. And Step seven, I do want to say this, I meant to say this at the beginning, that our coaching plus platform, which again is we don’t just do things, we don’t just tell you what to do and hold you accountable. We do it with you workshop style, we get the work done with you. If that’s of interest to you, we’ve opened up a few more spots in which we are accepting new clients. But we’re very limited on what we can handle because we go so deep with clients. This isn’t like a puppy mill, where we’re like bringing in 1000s of people at once. That’s not our model, that model exists. And it maybe works for some, it doesn’t work for us. We want to partner with you and your business. So if by chance you’re interested in seeing what a conversation would what it would look like to have us as your partners. In other words, we would be helping you to implement these strategies into your business. Just send me a quick message. Just say hey, let’s chat or even put it put in the comments. Whatever works for you. Right. So let’s chat if you’re listening to the podcast afterwards. I would encourage you to just find me on any social medium. Justin Stoddart just messaged me, hey, let’s chat coaching plus, right? I’ll know what you’re talking about if you say that, okay, so, point number six is to be giving. Okay? Now, we just talked about how in step number five, it was to be curious it was to actually uncover stuff that they care about. Step number six is that we’re going to be true to what we said we’re there for is to give value. Okay? The best follow up to any meeting isn’t just to say thank you. That’s effective. That’s good. But what would be better and even best what be to follow up and deliver value on what their current pain point is. Again, the whole purpose of the meeting isn’t to establish you and all about you and all yourself, you’re simply there to find out what’s painful to them right now. And then at that point to be able to follow up after that meeting was something of value, whether it be from your network, or whether it be from your knowledge bank, to deliver value to them, once you do that, you will have auditioned for the right to be part of their business. And here’s the key. If you want somebody’s business, you need to become a part of their business. So step number six has you auditioning for the right to become a part of their business. Okay? Follow up after that meeting, giving value to their business, okay. And step we’re done with that was step number seven is to be integrated. Okay, this is oftentimes where all the magic happens in scaling, growing and scaling, a warm market business. Is it fact I just got off the phone with some friends a short time ago. And they were saying, Well, how do you stay top of mind with these business professionals?
Justin Stoddart 16:14
How do you do that? How do you get them to remember you, and it’s not what you think it’s not that you’re going to pop by with a cute little giveaway every month, that might work for your friends, that doesn’t work for business professionals, okay, the way for you to be memorable to them, is to solve not just a problem for their business, but to solve a problem for them. Okay, to solve a problem for their clients more specifically, when you can get it to where you’re, you are regularly delivering value to things that their clients need, you are going to have a regular flow of referrals coming to you from that upstream partner, you simply need to integrate what you already know and do and have access to into that upstream partners client experience. And the amazing thing happens in that you are in a position to where you become a part of the conversations that they’re having with their people on a regular basis, which makes the referral flow happen very consistently. So again, these are the seven steps of getting more referrals, let’s go through them again here really quickly. Right. Step number one is to be warm. If you really want more referrals, I would encourage you to set aside some of your chase of cold leads reallocate that towards building warm relationships. Okay, I’m not talking about just friendly relationships, I’m talking about actually, he referral partner relationships. Number two, you need to put systems in place. Because by following this model, you’re going to start to get more referrals. And it behooves you to have all of that client experience and what you do and how you follow these people, not just in your head, you need to create systems, we believe in five key referral systems, our clients, we do those with you. But if you want to do them yourself, that’s great. Just know that it needs to be systematic, you need to be systematic. Okay? Number three is to be honest of how long it’s going to take, or how many people you actually need to court in order to add 10 more deals to your business this next year, it’s going to be 100. You don’t need to have 100 more friends in your database to get 10 more deals this year. Okay, just be honest with with the numbers. Number four is to be aware that there are other people in the marketplace that can help you more than the average consumer. Step five is to be curious, be curious about that profession. Those people who we’ve identified can help you more be curious about their business about what their needs are. Step six is to deliver value to those needs. Step seven is to be integrated, in other words, to add value to their clients. So those are the seven steps, I hope you’ve got a lot of value from this, I hope this has been helpful for you. If you would like a summary of this, if you’d like to have a cheat sheet not only of the seven points, but some key reminders for you. Again, we’ll just encourage you to put the word seven. In the chat, we’ll do a couple of things. We’ll give you two resources. Number one, we’re going to give you the summary page to this and we’re going to give you also the seven key industries from which you should be developing upstream partnerships. So we can just put that in the comments again, if you’re watching this live or the video after afterwards. And I mean, my team will follow up and get those resources in your hands. If by chance you’re watching this after the fact or you’re listening to it, I should say outside of a video broadcasts that I encourage you to just message me the word seven on whatever social medium you get your hands on, and we will send over those links as well. So appreciate you being a part of this. Again, our aim and our mission is To wake you up to the potential inside of you, help you to realize how much more potential is within you. And then to help you live in pursuit of that. Again, one of the key things that I said at the end of the broadcast, one way that we’re really helping people do that right now is helping them get their referral score, so that they know how much money they’re leaving on the table and what steps they should take first. So again, if you if you didn’t see that, we’ll be sure to put that in the comments as well. It’s the website is bit dot L Y, Ford slash referral score, fill that out, and we will send you your personalized referral score, how much money is currently being left on the table, and a couple of resources to help you start to close that gap. Take money off the table, put it into your pocket. That’s what we’re all about helping you live, give and serve abundantly. Thanks for tuning in. Everybody. Appreciate you being here. And in the meantime, Go Think bigger