Sphere Of Influence

Mike DevlinKeller Williams Realty Silicon Valley San Jose GatewaySphere Of InfluencePROSPECTING PEOPLE YOU KNOW Business PlanEstablish Goals. What is it that you want? Make a plan to reach each goal. Can you see yourself working the plan?Have you set deadlines? Scheduling is the key to getting things done. Put the plan into action. Are you working the plan? 2The 90-day Rule Whatever you are doing right now, today, will affect your business in 90 days. Don't get wrapped up in your sales and forget to prospect. 80% of your time should be spent prospecting when new. 3TimeThe most important function of a salesperson is to get clients.80% of time should be spent on this activity until busy servicing clients.40 hour week x .80 = 32 hours per week divided by 5 days = 6.4 hours per day.20 hour week x .80 = 16 hours per week divided by 5 days = 3.2 hours per day.We would be happy with 1 hour a day.4

Generate Leads with Your Database

No matter how you slice it, lead generation will almost always come down to a game of numbers.

Gary Keller, The Millionaire Real Estate Agent, page 136BREAKOUT CLASS TITLESLIDE Grow Your Business with KW TechnologyJuly 5, 2012If youve read The Millionaire Real Estate Agent (also known as The MREA or The Red Book), you will remember that your Lead Generation Model goes hand in hand with your Economic Model. Once you know how many appointments you need in order to yield the number of contracts and closings you need to reach your income goals, you figure out how many leads you need in order to generate those appointments.

In the MREA (page 136), Gary Keller advises, Build a lead generation plan that will generate more than you think youll need. Its a numbers gamealways has been, always will be.

6Generate Leads with Your DatabaseMREA Strategic Model for Generating Leads and Building RelationshipsHavent MetsMetsGeneral PublicTarget GroupYour ContactsAllied ResourcesBREAKOUT CLASS TITLESLIDE Grow Your Business with KW TechnologyJuly 5, 2012A database is much more than just a list of contacts: Its a living record of all your business relationshipscurrent and potential. Its also a tool to nurture and manage those relationshipsto schedule and track every interaction you have with each person in it.

You have different relationships with different groups of contacts in your database, and therefore you will communicate and market to each group differently.

All of the people in your contact database can be classified into one of two fundamental groupsHavent Mets and Mets. These groups are then further broken down into subgroups, as you can see in the MREA Strategic Model for Generating Leads and Building Relationships on this slide.

Havent MetsAs the name implies, Havent Mets are people you have not met yet. This can include the General Public as well as a Target Group that youd like to do business with, such as a farm. These people can provide you with new business and may provide you with referral business if they are in your target group and have received your branded marketing over time. So, you want to make sure that your Havent Mets know who you are and the value you can bring.

MetsMets are people you knowyour contactsthat can provide you with repeat, referral, and new business. Mets can be broken down further into subgroups including:Network Group: Individuals who know you because you have met them either in person or by phone. Might do business with you.Advocates: People who not only have done business with you in the past and will continue to do so in the future, but will actively bring other people to you to do business, as well.Core Advocates: Not only can and will do business with you, but they are well placedowner of a sports team, executive at a large corporation, a builder, etc. and will send you a steady stream of clients.Allied Resources: A very select subset of your Met Group who are in real estate-related fields. Individuals you expect either to do business with or to receive business leads from every yearusually, multiple times. Can and/or have done business with you (mortgage companies, title companies, appraisers, landscapers, etc.).7Generate Leads with Your DatabaseMREA Strategic Model for Generating Leads and Building RelationshipsHavent MetsMetsGeneral PublicTarget GroupYour ContactsAllied ResourcesYour Strategy Move people from outer circles to inner circlesBREAKOUT CLASS TITLESLIDE Grow Your Business with KW TechnologyJuly 5, 2012Your strategy is to generate leads and move people into the inner circles of this model by implementing systematic marketing plans.8MREA Strategic Model for Generating Leads and Building RelationshipsHavent MetsMetsGeneral PublicTarget GroupYour ContactsAllied ResourcesEveryone in your Met Group first goes into an 8 x 8 program, which is then followed by a 33 Touch8 x 8 33 TouchGenerate Leads with Your DatabaseBREAKOUT CLASS TITLESLIDE Grow Your Business with KW TechnologyJuly 5, 2012Keller Williams has developed systematic marketing plans, called touch campaigns and built them into eEdge so you can automate your lead generation and relationship building strategy.

First, lets talk about the 8 x 8 and the 33 Touch marketing programs:

An 8 x 8 consists of 8 touches over 8 weeks, and is used to begin a relationship with new buyer and seller leads. This program is a systematic way of establishing relationships with leads and cementing in their mind who you are and the opportunities your business represents for them. After people complete an 8 x 8, you then move them onto a 33 Touch campaign, which is 33 touches over one year.

This comes out to 41 touches in 14 months. With each touch, you make meaningful contact with these individuals via letters, cards, and phone calls, with an aim toward establishing yourself as the number one real estate agent in their mind. Remember, if you arent first or second in their mind, you probably wont get the business.

Research presented in the MREA reveals that when agents run a complete 8 x 8 program followed immediately by a 33 Touch program, they can expect to get two transactions for every twelve people in the programone repeat sale and one referral sale.

To be clear the 8 x 8 and 33 Touch programs have proven effective for converting leads to clients. For your Allied Resources, rather than include them on a touch program, youll have 1-1 meetings with them on a regular basis, as they are your closest, most personal and valuable relationships.

9MREA Strategic Model for Generating Leads and Building RelationshipsHavent MetsMetsGeneral PublicTarget GroupYour ContactsAllied Resources8 x 8 33 Touch12 DirectPut your Target Group on a 12 Direct campaign to create an awareness of your brandGenerate Leads with Your DatabaseBREAKOUT CLASS TITLESLIDE Grow Your Business with KW TechnologyJuly 5, 2012The 12 Direct program is how you work the Havent Met portion of your database. It stands for twelve direct mail pieces mailed out annuallyone piece per month. These could be emailed as well.

You will typically send 12 Direct materials to lists of people you havent met such as a geographic or niche farm. You may also send 12 Direct materials to other agents to generate referral business.

10MREA Strategic Model for Generating Leads and Building RelationshipsHavent MetsMetsGeneral PublicTarget GroupYour ContactsAllied Resources8 x 8 33 Touch12 DirectUse a wide variety of prospecting and marketing techniques to generate leads from the General PublicProspecting and MarketingGenerate Leads with Your DatabaseBREAKOUT CLASS TITLESLIDE Grow Your Business with KW TechnologyJuly 5, 2012The General Public group is just thatpeople you have not met and who dont know you. Instead of a touch program, you use a large variety of prospecting (i.e., you find them) and marketing (i.e., you attract them and they find you) sources to generate leads from this group. Activities can include cold calls, door knocking, launching a website, putting up signs, etc.

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Put MREA Model into Action with eEdge

Consolidate your contacts in one place

BREAKOUT CLASS TITLESLIDE Grow Your Business with KW TechnologyJuly 5, 2012Ask the learners: How many of you currently have your database in a contact management system? How many of you use a tool like MS Access or Outlook? How many use a spreadsheet? How many of you have your contacts information in all different placesphone numbers in your cell phone, email addresses in your email account, business cards in a drawer?

Your goal is to have your database in eEdge so that you can easily contact or market to anyone youve metor havent met but would like toin a purposeful, systematic way.

Well show you how to organize your database using groups in eEdge, and your groups will follow the MREA lead generation model categories.

Start by simply thinking of everyone you know and consolidate their contact information into a single location. An Excel spreadsheet is an excellent way to start. Doing so will save you time and hassle later on when you import your database into a contact management system, such as eEdge.

Fill in any missing information, and correct invalid information.12Put MREA Model into Action with eEdge

Break Out Your Contacts into GroupsAllied ResourcesBuyersHavent MetsSellersBREAKOUT CLASS TITLESLIDE Grow Your Business with KW TechnologyJuly 5, 2012Next, break that spreadsheet down into smaller files. This will help you:Import them more easily into eEdgeSend personalized and relevant marketing information to each group

Name each file so that it corresponds with the name of the group that youll assign it to when you import it into eEdge.

This slide shows some examples of how you might break out your groupsby the type of contact they are or the relationship you have with them, or by the name of the touch campaign youll add them to. You could also break your contacts down by specialty, niche whatever makes sense for your business.

Lets look at how to create groups in eEdge next.

13Put MREA Model into Action with eEdge

BREAKOUT CLASS TITLESLIDE Grow Your Business with KW TechnologyJuly 5, 2012From the eEdge myContacts home screen, click the Manage Groups link.14Put MREA Model into Action with eEdge

BREAKOUT CLASS TITLESLIDE Grow Your Business with KW TechnologyJuly 5, 2012Create groups in myContacts that match those youve broken your contacts into.

Note that you can create up to 25 unique groups, if you wanted to be more specific (e.g., investors, first-time homebuyers, distressed property owners).

Note to presenter, eEdge does not allow an apostrophe so Have Not Mets is same as Havent Mets

You are now ready to import your contacts into eEdge and categorize them into groups at the same time. Well walk through how to do that in tomorrows lesson, Day Five.

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Feed Your Database Every DayA Closer Look at Your MetsInner CircleBREAKOUT CLASS TITLESLIDE Grow Your Business with KW TechnologyJuly 5, 2012Once youve built and organized your database, make a commitment to keep feeding your database with consistent, daily, lead generation. You might be surprised at how easy it is when you start with who you knowthe network that is your Met group.

Think of the people closest to you as the Inner Circle of your Mets. They are your biggest champions. They already know, trust, and respect youtherefore, they are likely to be willing to help you. Because, after all, people like to do business with those they know, trust, and respect. Its only natural that your sphere is the place where youll begin to find leads.

Your Inner Circle is the group of people youll look to most oftenand reward most oftenfor help and support in referring business your way. In fact, the majority of your business during your first year in real estate will most likely originate from your Inner Circle. Then, start working outside your inner circle to other groups within your Met group.

Make sure that all of your Mets are on a touch program, and that theyre getting relevant, valuable information in their touches.16

A Closer Look at Your MetsHidden Circles found by Social MediaFeed Your Database Every DayBREAKOUT CLASS TITLESLIDE Grow Your Business with KW TechnologyJuly 5, 2012You will probably find that as you connect (or reconnect if its been a while) with people in your Met group, doing so can unveil hidden circles that you didnt even know existed. In fact, the ability to reconnect is the way that youll get the most out of your database.

Add every new person you meet to the database youve built, and put them into the appropriate group when you do.17Your Mets OnlineFacebook

Google+ Circles

LinkedIn

Twitter

Feed Your Database Every DayBREAKOUT CLASS TITLESLIDE Grow Your Business with KW TechnologyJuly 5, 2012eEdge allows you to import your contacts from popular social media websites like LinkedIn and Facebook.

Social media websites are also great places for you to identify Mets and in some cases Havent Mets that you may want to target. It is very easy to submit friend requests, meaning you have the potential of adding your friends friends to your network!

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Business Development CycleMeeting people.Eliminating rejection.Repeat.Promote

20Meeting people You are the product that must be sold to the consumer.People who dont know your product, will not use your product. People will choose you from among the hundreds of agents available because they know you, or at least know of you, and what it is you do for a living. Home-sellers and homebuyers most often use an agents services because they know, like and trust that agent.21Meeting peopleThere is a direct correlation between the number of people you meet and the number of transactions you close. If you are getting your name and face in front of a lot of people, you win. If you are sitting in the office expecting the business to come to you, you lose. If you want to do more business, meet more people.

22Understanding Prospecting Active prospecting, or making direct, two-way contact with potential clients provides the most leads per contact.Conducted via face-to-face or telephone conversations, active prospecting is valuable because you can gauge the prospect's interest and desire to work with you more accurately. Examples of active prospecting include door knocking, holding buyer/seller seminars, open houses and making telephone calls.23Understanding ProspectingPassive prospecting, or one-way contact, is a less effective method of obtaining leads. This includes paper mail, email, online or through publicity efforts. Examples include sending direct mail letters to members of your farm, developing and releasing press releases, or distributing electronic newsletters.24Eliminating rejectionThe fear of rejection causes most agents to avoid meeting people and, therefore, most of the failure in the real estate industry. For an agent to be successful in making new contacts, they must do one of two things, overcome the fear of rejection, or eliminate the rejection so they no longer have to be afraid. It makes more sense to eliminate rejection, by eliminating its cause, than to learn to live with it. 25Eliminating rejectionMost rejection is caused by the simple fact that when we interrupt people, to ask if they have a need for our services, we give them nothing of value in return. It is a win-lose situation. We win. The consumer loses. We have the opportunity to generate a lead. They have the inconvenience of having their private time interrupted.26Eliminating rejectionWhat is a win-win prospecting method? You, the agent, have the opportunity to meet a potential buyer or seller. The homeowner receives something of value. You both win!Something of value for the homeowner can be as simple as information, a unique handout or flyer, home maintenance tips, a calendar of local events or anything that would be perceived as a fair exchange for the use of the homeowners time.

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Dynamics Of Expanding SphereMake contact with 10 new people a day, 5 days a week, 50 weeks a year.50 per week x 50 weeks = 2,500 contactsDivided by 15 years = 166 transactions a year10% = 16 transactionsNot include expose to their sphere of influenceDynamics Of Expanding SphereYou know or come to know 100 people.They let you know of others wanting to buy or sell property.Say that each of them know as least 20 people.100 x 20 = 2,000 people in your sphere of influence.People move once every 15 years.2,000 divided by 15 equals 133 potential transactions.Assume that each listing or selling commissions is worth $7,500 to a salesperson. That's $15,000 potential per transaction.$15,000 x 133 transactions = 1.9 million potential yearly income from your sphere of influence.10% of 1.6 million is $190,000 per year! 5% of 1.6 million is $100,000 per year!Sphere of Influence in Real EstateDefinition: A group of people upon which you have influence because they know you. Includes family, friends, those with whom you do business, fellow organization or club members, etc. Increasing your sphere of influence should be an ongoing goal that will pay off in business over time.Also Known As: SOI

Finding an Agent The most common way for both buyers (40%) and sellers (38%) to find an agent is when a friend, neighbour or relative refer someone. This reinforces the importance of Staying top of mind with your past clients and sphere of influence, andAsking for referrals.2012 Profile of Home Buyers and Sellers (NAR)32Sphere of InfluenceYou already have a sphere of influence. You have family, friends, schoolmates, business associates, soccer buddies, etc. These are people that know you, and because of that, you have some influence on them.You should always plan to grow this group. This will become a huge source of repeat and referral business over time.

Sphere Of InfluencePeople would rather do business with someone they know and trust than with a stranger. Most people use the same accountant, car repair shop and doctor again and again.The same people who know you and like you automatically comprise a network that represents the strongest base of potential clients. Not only potential clients, but referral sources.

Sphere Of InfluenceWe encounter new faces visiting clients, attending social gatherings, and waiting in line for a cup of coffee.Always have your business cards with you. May want to carry notebook or so you can write down names and contact information. Wear KW career apparel and/or name badge.Business Cards1,000 cards handed out5% respond = 50 responses10% of responses result in a transaction = 5 transactions$10,000 commission x 5 transactions = $50,000Make contact the way you usually do.You could produce a nice letter in envelopes and mail via first class mail. If you're making a really large contact list, many of them will be people you usually talk to via email, text messaging or phone. Contact them the way you always have; split your list into groups by contact method.

Categorize by how you know them.

You want to have certain common types by which to identify contacts. If you're using Outlook, you can use the "Categories" function for this.You would have categories for Friends, Family, Vendors (doctor, lawyer, local grocer, etc.), Buyer Prospect, Seller Prospect, etc. The buyer and seller prospect categories are for those new ones you're about to get.

Plan ongoing contact and do it!Make a plan for how often you want to contact them. This can vary by type, such as family will not need a lot of follow-up, etc. Follow the plan and make regular contact. There's nothing worse than finding out a good friend bought a home elsewhere because they forgot about you.Do some quick list-building activities.Get involved in community activities, go to homeowner association meetings, give out your business card to the person behind the dry cleaner counter. If you go for coffee in the mornings alone, stop getting a table and sit at the counter. Strike up a conversation with the person next to you.Define and Rate Sphere of InfluenceA = someone likely to refer to youB = someone who with a little more contact with you, would refer to youC = QuestionableD = Delete

Send an Item of Value each monthWhat do you send to your sphere of influence? Is it something you would want to receive and find valuable? How many creative Items of Value can you come up with?

Make it a daily ritualCalling daily some people out of your sphere of influence is essential. Even one a day is OK. Call several times a day if you want your income to raise quickly.Decide when to make calls and keep at it until youve reached the people you were trying to call. Several weeks after doing this, it will feel a lot easier. Overcome your blocks to callingI dont want them to think I want something from themIm afraid they wont like meI dont want to be like a telemarketer

Overcome your blocks to callingIf you send an Item of Value , you are giving, when you chat with them and listen to whats going on in their lives, youre giving again. At the end of the call, say something like, Oh by the way, if you hear of anyone even whispering about buying selling a home, please give me a call with their name and number. Ill be happy to send referrals to your business, as well.

Overcome your blocks to callingAfter calling monthly (after mailing Items of Value) youll begin to know your sphere of influence and theyll know you. Youll learn which are As, Bs, Cs and which ones to delete. Youll be in their stream of consciousness; the first one theyll think of when they think of real estate. Dont be surprised if you get referrals in the first few weeks.

Making ContactAsk them if they currently have any personal need of a professional Realtor in either the area of buying or selling their own residence. Any friends, relative, neighbors or acquaintances that have a need of a professional Realtor? Don't use the words real estate agent. Professional Realtor sounds better.

Tips For Working A Sphere Of Influence1. Meet people. Whenever you talk with someone, let them know you are in real estate. Make it a habit to work it into your conversation."The only way people in my profession come to know about people buying or selling real estate is through people kind enough to let us know when they hear of someone. Could you help me out? Do you happen to know of anyone who might be considering buying or selling real estate ?"If the person says "no", give him or her a business card and say, "Here is one of my cards. If you happen to hear of anyone thinking of buying or selling real estate, will you keep me in mind?" If they say "yes" to this question, they have just committed themselves to helping you.

Making ContactDon't just give people a business card; make a specific request of them to help you. Rather than saying please send me some referrals, let your friends, relatives, acquaintances and contacts know that you are out to build your business. Make this a specific request of your sphere of influence and look them in the eye and ask can I count on you for it?

Making ContactWhen you see the same people again, they are going to have a sense of wanting to do something to help you. When they say Hey Susan, how is the real estate business going?, you have a response of Well, it's going all right. By the way George, I want to make sure that you still have my cards and my promotional brochure. Do you need some more ?

Making ContactMust hear from you six times prior to remembering you on a conscious level. If you mail to people six times, they still may not automatically refer people to you. Better to send professional letter and personal brochure to all the people that you know, and then follow up with a telephone call.

Tips For Working A Sphere Of Influence2. Put them into your eEdge Database. Keep a record of names, addresses, phone numbers, and personal data on each person for future reference. This file should be updated with personal data to help develop future conversations.3. Send each person a "thank you" note. In the note, write: "...I just want to say thank you for saying you will keep me in mind when you hear of someone interested in buying or selling real estate. I really do appreciate your consideration. Hope to talk to you soon."

Tips For Working A Sphere Of Influence4. Get back personally to each person within two weeks of the first contact and at least every 30 days thereafter. Try to accomplish the following in this order. A. Work to build a friendly relationship. This can be done by talking about them. Don't spend more than a couple of minutes or you will become a nuisance. B. Thank them again for remembering you. "I just wanted to say think you again personally for saying you would keep me in mind if you hear of anyone considering buying or selling real estate. The only way I can be successful in my profession is through people like you considerate enough to keep me in mind when they run across someone considering buying or selling real estate. C. Remind them of their commitment to you. "Since the last time we talked, have you run across anyone considering buying or selling?"

Tips For Working A Sphere Of Influence5. Get back in touch with each person, either face to face or via telephone, at least once every thirty days. Use each visit to build the relationship, educate, and to ask if he or she has come across anyone interested in buying or selling real estate since your last meeting. You will not get a lead unless you ask. Follow the format (a, b, and c) above.

Tips For Working A Sphere Of Influence6. When you get a lead from one of these people compensate them with gratitude and appreciation. Give each prospect referred to you 100% of yourself. Ask your customers and clients to thank the person who referred them to you. When someone gives you a lead shower them with gratitude. "You know, we never would have met if it hadn't been for Bob. Would you do me a favor and make it a point to let him know I was able to help you and thank him for introducing us?" And then to Bob say, "I wouldn't be successful in my career if it wasn't for people like you helping me. Thanks for your help. I appreciate it."

Tips For Working A Sphere Of Influence7. Never forget to stay in touch every 30 days. The best source of referral leads are past customers, clients, and people who have referred you to others. If you don't stay in touch they will soon forget you and the quality of your service. If you want to get and continue to get referrals from these people you must stay in touch at least once every 30 days. It is not their job to remember you, but your job to remind them.8. Evaluate each person in your sphere of influence and stop talking to those who haven't given you a lead within a reasonable period of time, maximum 6 months. Always recruit more people into your sphere of influence to replace the unproductive ones.

57101 Lead Generation Ideas101 Lead Generation IdeasMain IdeasConsider the many possibilities.Choose three methods.Create an action plan for each one.Identify an accountability partner.58101 Lead Generation Ideas101 Ideas to ConsiderGarage salesCar dealerFurniture salesMortgage companiesTitle companiesInspectors59101 Lead Generation Ideas101 Ideas to ConsiderAppraisersMoving companiesFacebookTwitterChamber of commerceAirlines60101 Lead Generation Ideas101 Ideas to ConsiderHigh school/Middle school/ElementaryPTAVolunteer for school tripsBandChoirSports/Booster clubs61101 Lead Generation Ideas101 Ideas to ConsiderTeachersPrincipalsDivorcesJudgesCharitiesHOA associations62101 Lead Generation Ideas101 Ideas to ConsiderRELO companiesGirl/Boy ScoutsRunning clubsBiking clubsSki clubsGyms/Personal trainers63101 Lead Generation Ideas101 Ideas to ConsiderNew home builder repsBuilding co-ownersHUDVABank/Short salesOpen houses64101 Lead Generation Ideas101 Ideas to ConsiderCountry clubsReal estate agentsNARCARGRI/CRS/WCRRealtor seminars65101 Lead Generation Ideas101 Ideas to ConsiderCollege alumni associationsMREI seminars for investorsFirst-time buyer seminarsUrban seminarsWeddingsMove-in parties66101 Lead Generation Ideas101 Ideas to ConsiderBefore-market preview partiesApartment pool areasgrabyour swimsuit?Apartment representativesParadesCity holiday celebrations67101 Lead Generation Ideas101 Ideas to ConsiderWhole FoodsNursing homesBunco/Poker partiesYour past work functionsPast spousesSingles organizations68101 Lead Generation Ideas101 Ideas to ConsiderCleanersStarbucksDoctorsMarriage counselorsCPAKW Regional Directors69101 Lead Generation Ideas101 Ideas to ConsiderKW Team LeadersKW MCAsTeachBillboardsShopping cartsPlaces of worship70101 Lead Generation Ideas101 Ideas to ConsiderCraigslistNewspapersLocal magazinesTheatersTVRadio71101 Lead Generation Ideas101 Ideas to ConsiderBack of your laptopRestaurantsNetworking groups/BNIFinancial plannersStockbrokersDoor knocking72101 Lead Generation Ideas101 Ideas to ConsiderExpired listings/FSBOsGo to the mallsProfessional building searchHorse showsCar showsFarm an area73101 Lead Generation Ideas101 Ideas to ConsiderHotelsHospitalsRental carsTaxisDairy QueensGoodwills74101 Lead Generation Ideas101 Ideas to ConsiderHair salons/NailsBlood banksGolf coursesBanks Gas stations Lamaze classes75101 Lead Generation IdeasStep 1: Your Top Three PicksChoose three methods best suited to you.You can try others later, but focus on these first.Make these avenues your top priority every day.76101 Lead Generation IdeasTime to ActTo accomplish great things, one must not only thinkone must ACT.The Beginning77101 Lead Generation IdeasStep 2: Action PlanCreate an action plan for each method.

78101 Lead Generation IdeasStep 3: AccountabilityFind a partner who cares about your success.Their job is to hold you accountable.79101 Lead Generation IdeasIdeas into ActionDecide which three methods best suit you.Create an action plan for each of them.Get support from an accountability partner.Online Customer Relationship Marketing Repeat business and referrals remain your most profitable source of business.Customer relationship marketing (CRM).Lifetime Value is the TOTAL dollar value every client and every affiliation brings to your practice over the lifetime of your relationship.80Lifetime Value The FIRST value is the Single-Transaction Value every client brings you. For most agents this is the Lifetime Value.The SECOND value is Transaction Multiplier value. A listing should bring at least two new buyers and another listing in the area.The THIRD value is the Repeat Business Value. The average home ownership in this country is about 5.5 years. The FOURTH value is the Referral value. Clients who are acquired by a referral are very high quality (i.e. they are easier to work with, easier to close, and provide the fewest problems), and they refer others just like themselves. 81Strategies to Build Referrals and Gain Repeat Business Communicate regularly with your past clients, and others in your sphere of influence. Take advantage of all available online and offline methods to express your professionalism and continued interest. At the end of each communication, always ask for a referral, and don't be bashful about it. 82Repeat and referral businessStrive to average at least one new referral client per transaction. Don't be shy. Make it your policy that closings are never truly closed until you have asked for referrals from all the players. Activate a business-building campaign after each closing that includes e-mails, faxes, phone calls, and follow-up-letters to the buyer, the seller, friends, co-workers, neighbors, etc.

83Follow-up is critical Your ultimate objective is to pull as many referrals as possible into the "Lifetime Marketing Cycle." This all-important cycle begins with lead generation and acquisition, moves on to prospect follow-up and conversion, and long-term contact and retention, which, in turn, provides more referrals. Effective customer relationship marketing calls for quick follow-up at each step of the lifetime marketing cycle. The biggest mistake you can make after asking for, and getting referrals is the failure to follow up with a series of targeted communications. 84Online Professional WorksheetCurrent PositionCompany Name, Title, Time Period, Description.Professional SummaryYour professional headlineYour primary industry of expertiseSpecialties you have in your industries of expertiseSummary of your professional experience and goalsPrior ExperienceCompany Name, Title, Time Period, DescriptionEducationSchool, YearsAdditional InformationWebsites, Groups/Associations, Interests