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How to Double the Capacity of Your Realty or Mortgage Practice
Copyright (c) 2007-2023 Roger Vetruba
In our first installment of this three-part article, we looked at using video to create mortgage and real estate leads. In this installment we'll look at increasing referrals from both current clients and referral sources, such as tax professionals, insurance professionals, etc.
We also look at using video to save you time during the actual file. If you're already at your maximum amount of business, these steps will free up some time. If you're still able to handle more business, now is the perfect time to invest into honing your systems, so you can spend more time on sales and marketing.
First, why do others refer you? Do you really know? Sure, ok, I get that you're a "skilled professional" and "really nice" and maybe even extraordinarily good looking. Interview some past clients and you may be suprised. What do they see as your strong point? Referral systems trainer Brian Buffini did this, and found that his marketing was off target. What clients really identified as his strong suit was his negotiation skills. Once you have an objective assessment of how others see you, check your marketing. Does it reflect this?
This is important if you wish to hone your personal brand. If you don't have a personal brand, well, frankly, you're probably not making the income you could be. The good news is it's not tough to start, as your past clients will give you some great ideas on how they see you.
Generally, the rule of thumb for contacting your database is about once a month, but studies by Brian Buffini's organization show that referrals actually increase if you contact your database about once every 21 days – each three weeks. I've seen people do a weekly video tip each Wednesday and be very successful with it. Coming from a tech-savvy guy, I'll tell you don't rely only on email. Use email to stretch your budget, but at an absolute minimum, you need snail-mail in front of them four times a year, occasional phone calls to check in, and a few visits or client parties.
When you do use email, the best way to have an impact has two ingredients: tangible value to them, and a bit of you personally. This is video. It should be short and sweet, and easy to produce so that you do it consistently. Purchase a good quality webcam ($50-$150), and either sign up for a service like ours which has a webcam recorder over the internet (no software required), or figure out how to record directly to your computer and email it out. If you're good at improvising, you can have some fun and just make it up, and even edit a few cuts together, which adds value and excitement, and doesn't have to take much time. Both Windows and Mac have basic video editing software. You can also use a teleprompter similar to what news anchors use, and just set the webcam in front of the monitor. Our service (http://www.movoxo.com/) has one included in even the basic package, or you can google to find a webcam teleprompter to purchase inexpensively.
It's a hassle to get improvising right, but if you can do any editing whatsoever, this is far superior just because you will be more engaged, look better, and once you get used to it, it'll save you time. It doesn't need to be incredibly polished, but again, the content must provide real value.
Ideally, you should keep the videos to around three minutes, and for maximum opening, send it on a Wed or Thursday during the middle of the day, which is when people get the least spam (meaning they delete a bunch in the morning), and people tend to be more relaxed late in the week. Any big news can come in on Monday morning. If asking for a purchase, aim for the 15th of the month to coincide with payrolls. Consider inviting professionals on your webcam show and share databases – for example, an interior decorator.
What should you say? Headlines, mostly. The goal isn't to give your viewers the whole story, it's a brief overview and some possibilities. "Rates are up, so call me to convert to a fixed rate", or "values are softening so if you've been thinking of selling, now's the time". Most importantly, you absolutely must provide real value, or everyone will unsubscribe. I really like to provide websites that might help them. For example, "this week's internet tip is digg dot com, which allows people to sort of vote, or digg, something they think is significant". It's short, sweet, gives them something new, and they're obviously online. What does it have to do with being a realtor or mortgage lender? Nothing. It makes you human – and their friend. I also like point counterpoint on a local issue such as school ballots. If you do a good job with these, people will automatically forward them to their friends.
By the way, you can build a massive practice using just referrals. Virtually all of the top realtors and mortgage lenders in the country rely heavily on referral systems. Referrals generate better quality leads, and they're basically free, compared to advertising.
Last, we want to optimize some of your time during the actual sales process. This will provide you a glow of efficiency with very little cost. Here's the trick: record a few conversations that you have over and over again, and don't use the viewer's name. For example, if a client gets a video in the morning from you at 8:00 am that says "Hi there, I just wanted to let you know your appraisal came in. I'll be reviewing it today and will be in contact late today or early tomorrow and will be sure to get you a copy once I know it's correct. Have a great day!".
You didn't use their name. But if you're looking into the lens when you record that video, they'll think you recorded it just for them. You look like a star – and you use that video for every deal, for every client. You can add this into your CRM (such as Top Producer for Realtors) or even just keep a library handy on your drive to email. These help wow the client – and take none of your time, once you set them up.
So what next?
Here's your action plan: get a webcam, at any local electronics store, or online. Next, make a list of some of the conversations you have over and over again. List a few past clients to interview and refine your personal brand down to one key benefit such as "expert" or "negotiator" or "attentive". Play with the webcam, and give yourself a deadline to make your first video. You can get hung up on vanity, but remember – what people most want is to see you, and see you as a real person. Looking like a star is less important than sounding like an expert. Services like ours can help you with implementation and especially with getting more business. Whatever you do, take action, because knowledge isn't power. Just as "knowing" that eating right and exercising won't make you thin, it is action taken based on knowledge that yields results.
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Roger Vetruba is CEO of Movoxo.com, a dot-com specializing in communication tools and services. Roger has been a Realtor and mortgage lender since 2001, after a desire to work with more people than computers pulled him away from a successful career in video games and computer animation. The company provides co-brandable libraries of internet movies, and media tools to enhance sales on your website. Find more information at Movoxo.com or by calling 800-807-5216. More Tips, tricks and free reports are available at http://www.MortgageMovies.com/ or http://www.RealtorMovies.com/
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