Agents are always leaving the business no matter if the market is great or rotten. In great markets, they leave because they move or retire. In rotten markets, they leave because they were never trained or they do not have the motivation to find the systems necessary for a tough market. Great markets make mediocre agents look great; in fact, great markets can even make mediocre agents profitable. It is only about eighteen months into a tough market that we find some of the mediocre agents do not have the necessary tools to create the needed activity to run a real estate business, whether as an individual agent or a whole office. These mediocre agents, of course, blame it on the market and fail to look around at other agents who are actively creating income by solving client’s needs no matter how bad the market gets. This phenomenon is natural and realistic. It should be expected and a plan should be created to handle it.
In this article, we will review just one great system for agent turnover. This system was one of the many responsible for increasing my net worth as a real estate agent. Both systems took advantage of the opportunities left after a good agent leaves the market place.
The orphaned client system is a fairly simple system. Simply talk with your broker (at any point in your career). Let him or her know that you are available to absorb the unsolicited clients that were left behind by a parting associate. The broker’s job is always to grow and gain market share, therefore he or she should be willing to see one of their current agents spend the money and time to make sure the company client is kept happy and continues to do business with the firm.
I must warn you that sometimes giving your broker this idea will allow him or her to implement the system! I have found this rarely happens as most brokers do not compete against their own real estate agents. Please ask your broker to allow you access to all of the closed files of any of the agents who have left the firm. Ask permission to transfer into your database the buyer and seller information from that agent. Add these people to a separate database and start the solicitation process.
The first solicitation should be by direct mail since you will find E-mail addresses are rare and sometimes phone numbers are frustrating. Though the letter will be prepared by you, please ask your broker to sign it. Here is the letter:
City, ST ZIP
My name is (insert broker’s name), and I am the broker/owner of (company name). I have noticed in a past file that you were the (buyer/seller) of the property at (address). The agent who handled this transaction no longer works for our firm, but we wanted to maintain the same high service standards that we are known for by our existing clientele. I have taken the liberty of assigning one of our top agents to your account. This agent, Walter Sanford, will be contacting you soon to make sure that your file is updated and all your needs are known to our office.
We offer many services that you may not be aware including helping you with advice on when it is time to refinance a mortgage or offering you unique inventories of investment property that possibly no one else will show you. We also have many services that clients utilize like our property tax reassessment service, free 48-hour phone value service, and introductions to team members and vendors you might find valuable in your ownership of real estate.
It is our goal to become a continued asset to your real estate making decisions and to develop a client for life. If you have any questions in the meantime, please do not hesitate to contact Walter Sanford with (company name). I have given him access to your file. Once again, he will soon be calling to make sure your needs are updated.
Thank you for being a past client of (company name).
As you can see, we are trying to use the clout of the real estate broker to get your foot in the door to find out a client’s needs. Once the phone call is made, the script is simple. All you will be doing is reintroducing yourself, reminding them of the letter, and asking them if they have any needs in the next 24 months. Furthermore, you will have an additional goal of updating their contact information and confirming that it will be okay for you to contact them on a regular basis. This orphaned client concept was extremely valuable for the start of my original business.
Our products have hundreds of these tested systems. Go to www.waltersanford.com/shop to obtain your set of systems that will make you wealthy, if slowly implemented over the next months and years.
Walter Sanford has been designing and implementing real estate systems for 30 years. One of the most successful REALTORS® and now wealthy from his systems, Sanford teaches his systems and strategies through his products, seminars, and personal coaching producing the best results in the industry. Do what works, do what is proven. Hire Walter Sanford. Call our office at 800.792.5837, email firstname.lastname@example.org, or chat with us online at www.waltersanford.com.