how does a person get over 500 referrals per year?

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Post on 09-May-2015

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Michael Maher is known as Americas Most Referred Real Estate Professional How did he do it? It starts with a system, key rituals, and digging deep into the relationship business. Ramzi Faraj dives deep and explains how the countrys most referred real estate agent uses The Generosity Generation To build a business, move from relationships to referrals, and from success to significance.

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  • 1.How To Go From Relationships to Referrals "Don't wait for a life changing event to change your life" (unless this meeting is your life changing event)

2. Begin With The End In Mind If there were only 12 words on your tombstone what would you want them to be, who would you want at your funeral, what would you want them to say about you?... What you want said at your funeral has everything to do with how you do business today. Your business should be a vehicle for helping you live and leave a legacy. You really need to dig deep and know what your Why is. 3. Where Should We Spend Our Time & Money We should NOT spend it on cold calling, door knocking, and advertising. This is trying to attract and close people we have never met. We can spend our time, energy, effort, and money on people we actually know, like, and trust. Think about who you sold in the last 6 months. The number of your relationships not the size of you advertising budget will determine your future. The more you give, the more you get as your relationships turn into referrals. If your goal is to get 50 referrals over the next 12 months then you need to give out 100 referrals. You need to start connecting people in your database to each other. It is not about who you know. It is about who you know, how well you know them, and who THEY know. 4. The Math 150=9,000 Assume 150 people in your database NAR estimates that the average person moves once every 5 years so that means one fifth or 30 people will be moving each year (if they sell and buy that is 60 transactions!). If you did 30 transactions last year you would be in the top 10% of all real estate agents nationwide. Now lets say each person you know also knows 150 people. 150 X 150=22,500 in your community. So if 22,500 and 20% of them are moving each year then 4,500 people in your community are moving and that equals 9,000 potential transactions. 5. Will You Attend? Huge Ad in the paper Jumbo Post Card Email Invitation Hand Written Invitation Personal phone call from him He shows up at your office in person So now you see why no one responds to the billboard, bus benches, or huge ads. You wouldn't respond to that and neither will they. 6. As go up the pyramid the more impact you have on the other person and the relationship grows stronger. The lower 3 levels are the informational zone, best used for informing or updating. The upper 3 levels are the influential zone if you are looking to influence, convince, or sell do it with Phone Calls, Events and Seminars, or One on One Meetings. 7. Handwritten Notes 7 Steps To a Power Note Use unbranded cards with a symbol or monogram that represents you. It's a personal note. No card with company logo... Use blue ink. It looks original and positive. Words-Use you, but avoid, I, me, my. Be specific in your praise. Identify and acknowledge a characteristic, a talent, a unique quality. Leverage the power of positive projection. Identify a personal characteristic you want to improve and express respect for others who possess that quality. (Happiness, wealth, balance, ect..) Write rightly-Slope text slightly upward from left to right. Read the book-Your handwriting can change your life by Vimala Rodgers. The power of the P.S. Use a P.S. as a call to action. Ask the recipient to take action such as e-mailing or calling. Write these notes to everybody you know, pick up a business card, look in your email, look in your database. Find a person identify a positive characteristic to acknowledge and write the note. Write at least 50 with a compelling P.S. this week and your phone will ring. 8. Phone CallsCall reluctance if you are reluctant you are being selfish and thinking about yourself. If you think about their needs and helping them it is easy to pick up the phone. 1st and 10 calls. You do these as soon as you get to the office each day. -people showing houses to that week, referral sources, cooperating los/agents, recent networking contacts, team members potential clients and so on. Why are you calling? Go into call with heart to help, they may need a recommendation for a vendor, job recommendation, or whatever. Take time after the call to send them what they need. When calling forget about thinking of how this person can help grow your business. If the conversation goes there great, but your objective is to assign yourself at least one action item when it over just like your one on ones. Focus your attention on finding something you can do for them by the end of the call. Hour of Power: At least 4 hours per week for focused phone calls to people in your database-those you have worked with in the past, networking contacts, friends, family, anybody you don't have to call, but should (does not include returning calls). Get Better: Rank your self after each call 0 to 10. 0 hung up on you to 10 like reconnecting with your best friend. You want people to see your number and be excited to answer the phone. 9. The Great Retrace Communicating with every person of a strand of referral sources. For Example: Joe refers Jeff who introduced you to Cindy who recommended you to Janet. You would call Cindy with an update on Janet. Then you would call Jeff to express appreciation for connecting you to Cindy. Then you would call Joe to let him know what has happened. There is enormous power to this subtle strategy. These are calls you can make in your hour of power. 10. Events & Meetings Attending a seminar or live event with someone. Attending a networking event. This is how you get ready for a networking event: Check out the website to find who is in charge of membership so you can call them. Ask chairperson 2 questions. If introductions will be formal or informal and the names of the top 3 or 4 people you should meet (the most influential people). Ask if she or he will introduce you to them at the event. Google those folks so you know what to say to them. At the event go with the spirit of helpfulness. People can smell a taker a mile away. Get there 30 minutes early. Wear your name badge on right side so when you shake hands it is thrust forward and easy to read. Introduce yourself to the meeting organizer and remind what they promised you. If they get busy don't pester just remind and say real politely you had mentioned I should meet so and so. Use FROG-acronym to help you focus on the other person and what kind of questions to ask. Ask about Family, Recreation, Occupation, and Goals.(what are you known for) Have an elevator speech for when they ask what you do? (consultant, negotiate, manage fears) Follow up strategy power notes to everyone you meet 11. 1 On 1 Meetings Most important hours of your week you need to prepare for them. DO internet research on people before you meet them. Once you're there remember FROG-about them not you. Ask what are their biggest challenges? You're there to help so you need to know what they need. Match their natural pace of conversation-if not a fast talker than slow down. End your one on one meetings with one or both of these questions. How can I help you and what can I do for you? So your action item is to leave every one on one with an assignment that you will get done by the end of that day. And a POWER NOTE to follow up. Take a gift to the meetings- A relevant book or maybe a download version as it will be cheaper Create a Networking Stack: Make a restaurant your home territory. Become a regular. Tip well 25%. Get to know the staff. Treat them like VIPS. Ask them about their kids, jobs, and hobbies. Use FROG Before you know it like Cheers where everybody knows your name. Then stack your appointments-have networking lunch, and then networking meetings at the same restaurant. Also strategically stack as they meet coming and going. Schedule people next to somebody who could help their business. 12. 3 Most Referral Generating Questions What is your biggest challenge right now? Do not guess how you can help the person. Do not assume. So what have you tried so far? Do not want to suggest what they already tried. Maybe tweak what they did or add to it and help them. So what are you going to do next? (Im not the expert you are showing respect the answer is deep down inside them.) I do not know. So have a conversation about what they are going to do next. Or they may self discover the answer themselves and talked their way through it. They solve it on their own because you are there they think you solved and tell others how great you are. They will reciprocate. How can I help you. Tell them I can move anyone from anywhere. Who do you know who is looking to move? Give them specific clients or things they can help you with. 13. A Successful Success Story When was the last time you made something good happen for a client? Homework write 12 success stories The Seven Steps to a Successful Success Story What was the clients name and situation? (Be specific about the problem or challenge) For example Josh and Jill were first time home buyers. What would have happened if you weren't involved? (What is the worse possible thing that could have happened? Josh and Jill could have bought the first home they saw(backed to a highway). How did you help them solve the problem? Educated them on what makes a good investment. What was the result? Be Specific. They Bought a great home that is a great investment. On cul de sac, desirable floor plan, and neighborhood that has a good history of appreciation. What did the client say or do to let you know you did well? Include their testimonial or that they referred me to Chris Hills another first time home buyer. Ask if you can use their picture in the success story as it makes it more powerful You will use these success stories in your marketing and follow up plan 14. The F Bomb The F word is: FOLLOW UP The F bomb is a system you will create for follow up on your one on one meetings. 7 Week series of power notes, direct mail pieces, emails and phone calls. At least four of you