Recently, I conducted an informal poll on Facebook. I asked a simple question: In the past 12 months, have you bought a home, sold a home or moved to a different home (rent)? I was stunned by the response. In full disclosure, I have 1,070 “connections” on Facebook and, like you, I can’t call them all friends—but I’m aware of who they are, and they know who I am. The results point toward more referrals, recommendations and positive reviews while also generating more revenue.
My poll generated 323 responses within 24 hours, with 178 individuals responding that they either bought or sold in the past 12 months. Another 102 claimed they moved. If I was an agent, how many of those 178 buyers/sellers could I have persuaded and influenced to hire me?
Let’s look at the data. Leading CRM systems report that the typical agent stores 398 contacts in their database. Neighborhoods, as well as agent databases, are turning over at a rate of about 11% – 17%, even in this low-inventory market—and anywhere between 44 – 68 individuals in a typical agent’s sphere of influence or database buys or sells a home in a rolling 12-month period. Contrast that against a recent industry study stating that the typical agent sells between seven and nine homes per year, and it becomes very clear that “there’s gold in them there hills.”
So, where is the “breakage?” How can 44 – 68 homes get bought or sold by people an agent knows, yet were transacted with another agent? If we stick with Facebook data, it is reported that the typical American has between 10 and 14 REALTORS® in their “friends” list. I’m not sure if that’s “a lot” or “a little,” but I like my odds if I’m an agent when compared to the 16,000 or so agents in the local MLS here in Clearwater Beach, Florida.
What’s the groundbreaking discovery to change this reality more in my favor? It’s simple really, but not easy. In short, the way to mine your sphere, your Facebook lists, your database, etc., is about:
1. Being more likable
2. Being more intentional
3. Being more consistent
4. Having the right tools to help you
At MooveGuru, we’ve discovered that by providing valuable discounts and coupons (branded by the agent) for the goods and services people actually buy related to their home, they are more likely to refer, recommend and positively review the agent who provided that value. Simply put, if you can provide more consistent value than the other 14 agents fighting for their business, your chances of getting hired increase dramatically. If you’re looking for a totally free service to mine more gold from your connections, check us out at MooveGuru.com.
Frank Chimento is vice president of Revenue and Business Development at MooveGuru, and a 20-plus year veteran in the real estate industry helping agents and brokerages sell more homes, faster.