7-Step New Real Estate Agent Guide | Step #4 Focus On Who You Know
How to steadily get 7 deals per year with the people you personally know
The Average Tenure of Sellers In Their Home is ~7 Year’s
– NAR Profile of Home Buyers & Sellers, 2016
When we first got into the business we had no idea where to start. We knew that making our bed was a good idea but we didn’t know how to build a business. Thankfully we found our way with relationship marketing through RealOffice360™ or we don’t know if we would be here today!
So what is relationship marketing and how can you start today? It’s simple, its all about focusing on the people you know today. Whether or not they are looking to buy or sell real estate.
Now I know what you are thinking, what do you mean…talk to people NOT looking to buy or sell?
That’s right! And it all comes down to math as why this makes sense…let us explain:
The Average Tenure in a Home is 7 Years
According to the National Association of Realtors® the average tenure of sellers over the last decade has been roughly 7 years. This means that on average, sellers had lived in their home for 7 years prior to selling.
The Average Facebook User has 338 Friends
We have a lot of “Friends” on Social Media, 338 according to general searches on the Internet. If you think this is too many (we do) then we can use the number 150 from Anthropologist Robin Dunbar. Let’s assume that you have 50 close relationships that you could reach out to today.
50 Divided by 7 = 7
Here is where the magic happens! Let’s assume that your friends and family are average, ours certainly are! If they are average then we can assume that on average, those 50 friends will move every 7 years. Put another way, in any given year, 7 of my 50 friends will be looking to sell their home! WOW! While these numbers will vary based on demographics, income and lifestyle to name a few, they on average work!
How Do I get 7 deals per year with the people I know?
1. Start small, make a list of your closest friends and family, for example:
a. Your Spouse
b. Your Sibling
c. Your Best Friend
d. A Parent
e. A Parent-in Law
2. Add these people to your RealOffice360™ Database or your favourite real estate CRM
3. Have a first meeting with them, one per week is great
4. The ones you want to work with, consider setting them up with a HomeHub360™ App Account or offer to conduct a free market evaluation so they know their property value.
5. Do this consistently and watch the deals start to roll in!