Real Estate Success by Sonny

Modern Day Marketing Concepts!

In today's modern real estate practice, understanding how to manage "key accounts effectively" is crucial for real estate agents and professional services companies. As agent competition in the industry continues to grow, REALTORS needs to maximize opportunities stemming from their interactions with past clients. Traditionally, the approach has been centered on simply asking for referrals, but this approach needs to be more balanced and more complex.

In my book, "The Architecture of the Real Estate Practice," I delve into innovative strategies for building relationships with past clients, encouraging them to willingly refer others from their sphere of influence rather than feeling pressured to do so.

The conventional method of asking for referrals usually sounds something like this: "By the way, if you know anyone looking to buy or sell real estate, please refer them to me." However, the approach I advocate differs, as explained in the following excerpt from my book.

In the book "Consultative Selling," there is a valuable discussion about managing multi-level positioning within a significant key account. In the world of real estate, a client's family and sphere of influence can be likened to what a large key account represents to a major business enterprise. The authors aptly convey:

"A consultative salesman must penetrate deeply and widely throughout his customer organization. He must become a master of the art of crossing organizational lines without making the organization’s leaders cross. Only by getting around can the salesman hope to identify the key power figures who influence or determine the decision-making process. Beyond knowing who they are, he must make himself known to them as a problem solver..." (1973, p. 32)

Similarly, for a real estate agent looking to tap into a client's sphere of influence, it's crucial to consider the client's family and associates, just as a salesman would work within key accounts to access individuals without alienating anyone. Understanding the dynamics of a client's family and their relationships beyond the immediate home environment is vital, as it is for a client's sphere of influence. Maximizing the potential from other family members and a client's sphere is essential for a successful Consultative Agent.

However, it can be challenging for a product-oriented salesperson to gain access to a client's sphere. Why? Because few people are comfortable turning over their valuable sphere of influence contacts to an aggressive product-oriented salesperson. They might be concerned about the aggressive sales tactics that could be employed, potentially causing embarrassment for themselves and their contacts."

My book contains insights and strategies that are not typically covered in traditional real estate educational programs. RealEstateBook.org

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