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The best way to ensure that you are working with motivated buyers and sellers is to build relationships with and get referrals from professionals in other industries who are already working with these individuals.

Motivated Buyers and Sellers

We’ve all been around co-workers or employees who needed to be motivated all of the time It’s exhausting. Instead of wasting our time on people that need constant motivation, a better solution is to go find motivated people. 

As a real estate agent, that same principle also applies to our buyers and sellers. Trying to motivate them to buy and sell is exhausting. Instead, we should spend our time finding already motivated buyers and sellers.

When you have the right model, this process is simple and enjoyable.

The Right Model

One of the best ways to learn and understand the right model is to first identify the wrong model. And unfortunately, most real estate agents follow the wrong model. They follow the traditional rules of business networking, which entails getting someone to know you, like you, and trust you over a long period of time. Once this in place, the professional refers you because “he or she wants to help you.” This model produces slow and sporadic referrals. 

A Simple Referral Model

Rather than trying to get a professional to send you business because it’s good for you, a better solution is to have them refer you because it’s good for them and for their clients. Once you can make it to where they are bringing you, the real estate agent, up to their clients because it’s good for them and for their clients, then your referrals come easily and frequently. 

Three Keys to More Referrals in Real Estate

If you had to break down the Upstream Referral Model into three simple steps, here is what they would be. The first step is to identify who your ideal clients are, who is a professional that already has a relationship with that ideal client, and who can introduce you to that Upstream Professional. Second, you would want to uncover the specific needs of that Upstream Professional through a sit-down, consultative conversation. Third, you would deliver value around the needs of that Upstream Professional, including adding value to their client experience.

When you're ready, here are a few ways we at Think Bigger Real Estate can help you...

1. Get Your Personalized Referral Score™. Discover how much untapped commission dollars are available inside your sphere and professional network AND the first step you can take to capture this low-hanging fruit CLICK HERE

2. Join our free mastermind: Think Bigger Real Estate. Everyone wants to work by referral but what do you do when your goals outpace the number of your referrals received? To learn how to scale up your referral-based business CLICK HERE  

3. Schedule a conversation to explore what it looks like to work with us directly:
To get help becoming a top professional with a 7-Figure-Funded, Significant Life (growing a wildly successful enterprise without losing focus on what matters most (body, mind, heart and spirit) CLICK HERE

Transcript

Justin Stoddart 0:01
Real Estate Agents and property managers, if you haven’t yet thought about how valuable property manager can be to you as a real estate agent, then you’re really missing out on not just one opportunity, but potentially two opportunities. That today, we’re going to go deep on helping you to understand exactly, not just why this is a great opportunity, but how to actually pursue this opportunity. Stay with us, folks can be a great episode. So the big question is this, how do we those of us in the real estate industry with crazy amounts of ambition? How do we think bigger than the building of our own empires? How do we simultaneously see success and significance, income and impact? My name is Justin Stoddard. And this is the Think bigger real estate show. Guys, welcome back to the Think bigger real estate show excited to be with you today. I have a friend of mine, he’s out of the Tucson Arizona market. He’s a managing broker for an office out of Tucson and he also has a property management company. And today we’re going to be talking about kind of what he can teach us about how real estate agents and property managers can work really well together. But before we go there, actually, first and foremost, welcome to the to the Think bigger real estate show, Steve, it’s great to have you here.

Steve Rice 1:14
Thanks. Just appreciate the opportunity.

Justin Stoddart 1:18
Yeah, you bet. All right. So let’s start off by talking about what we’re seeing in the marketplace. Right. I think anybody that’s in real estate, recognize that this year is very different than last year at this end of the year is even very different than the beginning of the year. And I know in my market in many of the markets where I serve around the country, people have experienced because of an IT quick increase in interest rates. buyers don’t have the same buying power they used to therefore they aren’t able to or or are hesitant to offer, what oftentimes sellers are asking for their homes, which is causing this this true shift. You’ve got buyers and sellers that are that are kind of not yet coming together. You’re seeing that I’m sure, Steve, what what does it look like in the Tucson market in the overall Arizona market as far as how that’s impacting real estate agents?

Steve Rice 2:07
That’s fascinating, because over the real estate out of Tucson for over 20 years, the rate of change, change over the two months

Steve Rice 2:21
is faster than I remember. You can kind of see the writing on the wall but in the different then the it you know, right? Now seller, sellers are looking in the rear looking through the windshield. And together crates and with with all this opportunity, that’s why we’re working.

Justin Stoddart 3:05
Yeah, so I think, you know, you said it well, Steve, right sellers are looking out the rearview mirror. And buyers are looking out the front. And that puts them in kind of to two very different places. I like to use this metaphor, this analogy where you have if you’ve ever been on an airplane, and the pilot comes on and says hey, we’re it looks like we’re coming into some turbulence, everybody, please return to your seats buckle up, right, everybody has a chance to kind of like get ready for it. And people like you that have been in business for a long time, Steve could see the writing on the wall. Boy, we we accelerated really quickly, that way overheated too fast. There’s a correction coming, but you could see it coming. Whereas many didn’t necessarily know to go back to their seats and put their seatbelts on. Right? They just all of a sudden. In fact, I would say this mark is different in the sense that because interest rates went up so quickly, that it’s kind of like all of a sudden the plane drops 30 feet. And everybody’s head hits the ceiling. And it’s like, oh my goodness, what just happened, and there was no time to return to the seats. There was no time to buckle up. It was like hole man. It’s like the planes of chaos a little bit, right. And people are now kind of getting back to their seats, they’re buckling up a little bit scared little bit worried, knowing that the plane is not going down. Right. But at the same time there is there is this, this kind of sore top of our head of like, wow, what just happened right there. And so I think to your point that you know, you haven’t seen a real estate, real estate market change so quickly. I think many agents are feeling that right now. And so, again, why we’re talking today, right as to how can we find motivated buyers and sellers? How do we find people that that maybe don’t have the luxury of waiting until next year? Right? That they have to move they have to sell. That’s really why I wanted to bring you on with your expertise and property management to say, is it a good idea, right? Is it a good idea? For a real estate agent to have a relationship with a traditional property manager, and what benefits can come from that. So I know before you really created your unique model where you can kind of become one in the same prior to that, though, you saw value in those two professionals, networking and having a close relationship. Is that Is that accurate? Is that safe to say?

Steve Rice 5:21
We didn’t get into property management I didn’t manage. It was too. Great. And that’s really what we Ridge, our property management, division, get in front of people, you know, to signs of its market. People move to Tucson. In large part, we’re also university community there and they don’t know where to go for a while there was an opportunity Trinity find them how, at the right time with the lender? Yeah, there’s another dynamic that we’ve looked at two interest rates. So it’s key indicators, housing, affordability, what was happening to sound across the country, what interest rates were going up, but written. So in the Tucson to the national situation, rates were gone, like 27%, year over year, that puts a lot of strain on people pulls spot around is, okay, rent rates going up? Since rates rise?

Steve Rice 6:54
It’s so just to kind of take you to where we are in Busan, certainly, people are just kind of hunker down days. They just are going to happen. And again, for us, that’s an opportunity work and developing those relation ships. We work with partner with agents to do relationship building.

Justin Stoddart 7:27
I think I think I’ve and I think we’re having a little bit of audio audio problems, we’ll probably have to cut this little bit short. Steve, I apologize. I think it’s the it’s the iPad that you’re on. No worries, though. We’ll we’ll we’ll circle back. But here’s here’s some points that I caught that just wanna emphasize for those that are listening. Is that, yes, the the housing market is, is it a little bit of a shift, right, but you’re seeing that rent prices are going up is that what I understood is is that if a real estate agent could not benefit on as many transactions, buying, selling, but if they could find a way to benefit from the increased rental market, and actually partner with, you know, with property managers on that side, and actually learn a way for them to earn, right, like not just refer out because they’re a good neighbor, because they’re a good networking partner. But because it’s actually financially good for them, then that could be a real opportunity. So let’s let’s go ahead and transition to that really quickly. And I’ll try and interpret anything that sounds a little kind of fuzzy or broken. On my end, I’ll do my best to kind of read, kind of restate it for the audience, just in case they’re catching something glitches. So let’s talk a little bit about your model, Steve, which is, in fact, let me let me stop here for for just a second, fill in some of the gaps for those that are saying, okay, great, I find a property manager, a traditional property manager, how do I get them to send me business and at the at a very simple level, keep in mind that as part of my private coaching, we walk you through exactly the scripting to say, to create those partnerships. But if I could share with you an overriding principle, all too often when somebody recognizes that somebody can be a good referral partner, they come in with their hand out to try and get something in fact, one thing that that’s commonly said in the industry is, oh, by the way, I’m never too busy for your referrals. And that’s, that’s a great comment. It works awesome for your friends, and for your your, you know, past clients. But when it’s a new professional partner, that line doesn’t work very well it doesn’t work very well at all. And so what I would encourage you to do is rather than coming to say, hey, don’t forget about me I want your referrals is to come in and step in as a as a Pierce stepping as an almost as a business consultant. Looking at that, at that property manager to say how can I add value to your business? How can I really help get you more business help streamline your processes, like when you legitimately take an interest in someone else’s business, to try and really add value to them, it’s amazing how much that reciprocates. It’s amazing how much how much further you can get than by coming in to get. So it’s, again, kind of finishing off that particular topic is it if you’re interested in partnering with a traditional property manager, just figure to sit down with them and ask great questions and, and figure out how you can add value to their practice, find out what their pain points are, and deliver value to those pain points, and make their job and life easier. And if you can just live by that principle. It’s amazing how far you’ll go. So I’ll kind of put up put a punctuation point, but you know, behind that section of our of our show today, and Steve, I’d love to have you just talk quickly about this concept that you’re sharing with me, which is, rather than being just a referral partner to a property manager, you’ve actually developed a way that agents can become, in short, a property manager without having to do some of the stuff that people don’t like right the money side of it, and the tenant side of it talk to me a little bit more about that what that looks like.

Steve Rice 11:15
So the want to kind of preface this a little bit, we’re part of Realtors, and the pretty help other agents in the brokerage offer them. So if just a few words, homeowner to because that says the best time to sell, what are some of the offers that I want. So we can say let’s where we can market it for both for sale and put a tenant in that property? Well, the

Steve Rice 11:58
income that we just prop with the agent that and we also cultivate the relay stations chip with a couple of programs that we have

Steve Rice 12:12
when the tenant can opt out of that or benefit. So they can continue to work right that property to us to go find them. Looking for that opera tunity. So there’s a relation ship. But so creating an all they do is really have to refer that person.

Justin Stoddart 12:44
So if I understand correctly see for those that might have missed because of some of the audio glitches, is that as a real estate agent, when you’re meeting with people, you typically say, can I sell your home? And if not, I don’t have any other way to help you, right? And what you’re saying is that you’ve given people agents, the ability to say you can’t sell your home, great, we have another option for you. We’re going to refer you to a property management company so that you can keep the property rented out and you the agent are simply almost it’s kind of like a, like a referral arrangement to some degree, right? Where you’re simply referring property owners, to a property management company, it’s just one more arrow in your quiver, right. It’s just one more opportunity to serve people and help people on which you get compensated right in the past used to be that you just referred it and hopefully the referral come back the other way. But what you’re saying is now is actually compensate you for that will help. If you’ll help us to to add these tenants, there will be some recommend for that. I love it. I love it. Super interesting models, if I want to just if you’ll effect in the show notes, I’ll put how agents can get in contact with you how they can learn more about this because I think in this market, those agents that are the most innovative, on how to move forward will win. Right, we saw in 2008. That agents that went through that looking for the best opportunities rather than doom and gloom, you know, things aren’t like they were last year where they said, Okay, but what are the opportunities this year, when agents can really get their head around that and be looking for the opportunities coming out the other side of this when you know the herd has been thinned, and those that couldn’t be innovative and weren’t willing to be innovative, are gone, you’re going to have amazing opportunity to grow market share, which is super exciting. And I think that’s a way for agents to get get from A to B in a unique way. So I love what you’re sharing here. Let me just ask one more question here. Steve. You’re You’re a big thinker. You’re a guy who’s who’s doing some really cool things. You’re managing a large group of real estate agents. You’re also managing a property management company that can serve people around the country. Give us one tip one thing that you do to continue to grow yourself to continue to be a big thinker. What does that look like?

Steve Rice 14:53
Well, you might give you an answer that you wouldn’t go Being 65 years old, same kind of looking sounds like man, alright for new agents getting into the business, because the rate of change is significant, because there’s a certain part of what we’re doing as a bit of agent to maybe even consider that certain, this demographic, and that being baby boomers. Oftentimes we’re in properties that have a mortgage. If we have a mortgage at all, that, that move up mark, or move is not as big as who’s got to give us 3% mortgage to go to stay in place. Working on that I have a lot of passion for you is it has stay or aging in place, but it’s working with other people that are looking at date in my home, first with the upkeep give them an option for a reverse mortgage in their house. And we can put a property manager owner occupant property its relationship to a building those people offering something of that door open for any anything that we can bring an investor client in either property, keep those owners that are in the property as a tenant for as long as So think big. Yeah, that’s it 65 million. headcount?

Justin Stoddart 17:00
That’s pretty interesting. Really, on recap what you said there? Because I think it’s interesting. Yeah, when you look at the demographics, right, there’s a group of people, as you describe that are not right there, they’re retiring, right there baby boomers, and they’re looking for creative options to be able to age in their home, right. And you have some really interesting ways about going about doing that, if understood correctly, you can have you can either purchase the home from them and have them in as tenants and or connect them to a reverse mortgage, right, which, for those of you that haven’t really explored reverse mortgage for purchase, it’s amazing how much more buying power seniors can have through that amazing tool that they wouldn’t have otherwise. So yeah, coupling up a couple of these ideas can really cause you to not just think bigger, but be able to achieve bigger life by implementing some of these things. So appreciate it. Steve, I look forward to to continued conversations with everybody here that’s been thinking about how might I either a get, you know, really benefit from property managers, or be potentially even become one right to some degree, which you guys have done something really cool, which is you’ve given people the ability to take on the good side of property management without all the all the tricky side of it right, all the money side on the tenant side. So I think there’s a lot of people that are really interested in doing that. So a couple comments here that have come up, appreciate Theresa for share that she’s she’s she’s got some some some good stuff here on LinkedIn. Thanks for tuning in here. And Ethan Satterfield. Appreciate your comment about, you know, reverse mortgages. Yeah, I agree with you guys. Great stuff. So, appreciate everybody tuning in here today. And my final request of everybody are these three simple words and they are go think bigger. And I appreciate it very much, Steve, we appreciate you coming on helping us to think bigger, think differently, about how we can approach this really unique and I would say opportunity feel the real estate market appreciate my friend.

Steve Rice 18:57
Well, sorry about to be honest,

Justin Stoddart 18:59
hearing good ideas is not enough. You have to apply them in order to get the results desired. If you found value in today’s episode, then you’re really going to love the community of big thinkers and high achievers that we are building in order to help you to apply the principles taught today. If you’re not yet a member of Think bigger real estate on Facebook, go sign up now.