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Recently, Bridget McCrea of the Illinois REALTOR® Magazine asked me some questions on how to build a superstar referral system. Below is our communication exchange, and I hope it helps you!

In 2005, we, the real estate community, saw interest only loans with no money down. We knew the banks were going to own a lot of property. I started systems that built relationships with banks so our clients would be in first place when short sale and REO listings would be considered. Now, the market is hot in some areas and getting hotter in others. One of the many trends in this environment is the growing “for sale by owner” inventory. The FSBOs still don’t have a ton of equity but are sure they don’t need a REALTOR®. Each of my coaching clients is great in re-educating FSBOs on the fact that they probably can net the same with one of our customized marketing plans, but the indoctrination always works better with a relationship.

Going to bed late, waking up late -- the world is already at your doorstep so there’s no time to exercise. Maybe you will take a look at Facebook. Oops! Where did that 40 minutes go?

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.

Well, all the sellers are taking “happy pills.” There are more FSBOs, and they are tougher to talk to now. What are my coaching clients doing right now?

Recently, Bridget McCrea of the Illinois REALTOR® Magazine asked me some questions on how to build a superstar referral system. Below is our communication exchange, and I hope it helps you!

Effective real estate brokerage is simply doing the most profitable activities before you do the less profitable activities. One of the greatest mistakes is believing that all net profit producing activities should be done. The great agents – those who retire wealthy – learn quickly that most activities taught today in real estate will end in net profit but only very few maximize net profit. Since maximizing net profit is a special part of real estate to me (a part that I enjoyed and pursued), I’m going to lay out the 25 ways that I believe maximum profit can be obtained from your real estate business.

How do the pros do it -- take listings quickly and have high "sign-through" rates? There are so many strange opinions, but we're sticking to the facts. We only want to show the procedures that lead to a fast turn-around and terms that are saleable with a happy client.

As some trends die, others are born. Short sales and REOs are in their last days, and we need some inventory! Builders have been hurt. They are being careful, and the banks are not backing them like the "old days." We are seeing the "stirrings" with small and medium-sized builders. The builders will need contact (call, letter, email, or personal visit) to remind them that you are their friend and colleague in this business. It is always easier to talk to with a potential client when you are delivering value. You feel better, and they listen better. The reason our clients are so successful is that they have the best value propositions to the best seller demographics. Builders are no different. Offer value that eliminates the competition and causes the builders to talk about you, their new agent, at the golf course, at business dinners, etc. Begin putting together your local, small and medium builder list. I would recommend starting with a letter explaining the value that your builder services offer and your promise of future contacts.

You could have a seminar in your town where I could train you and your assistants! In addition to yourself, another who would benefit from such a seminar would be your lender. For years, I teamed up with my lender and suggested activities for him to make more money. One of those ideas was to bring in top real estate training talent. Each time, the lender received kudos from the attendees and earned more potential clients. You, the agent benefits from attending a seminar in his/her hometown rather than traveling across the continent. Below is a great action plan to share with your favorite lender so he or she can plan a great real estate event.