Three pillars of an attraction real estate business
What could be better than owners calling you direct, asking you to come over and list their home?
The experience of working in real estate changes entirely when we go from hunting for business, to attracting opportunity. Owners who seek you out because of your market profile are more willing to take your advice, invest in marketing, take on board feedback on price, and generally do what needs to be done to get their home sold.
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Hunting for business, on the other hand, often leads to less desirable listings. You can easily end up finding the tricky owners who have difficult properties. The "I'll sell it if you get me a premium" types who might let you list their home but you'll have to work your absolute butt off to get them an offer they might consider. And even then, you'll need to drop your commission to get a deal done.
Conversely, when you operate under an attraction model, you get called in for more high-quality listings. Properties in sought-after suburbs, in high-demand price ranges, with owners who have genuine reasons for selling.
We call salespeople who have reached this upper echelon of real estate success: Attraction Agents.
You can reach this point too. Or if you are already there, you can stay there by understanding the three key pillars which form the foundation of an attraction real estate business.
Visibility | Reputation | Proficiency
And you need all three.
- Visibility ensures owners know who you are.
- Reputation helps you convert visibility to opportunity.
- Proficiency allows you to convert opportunity into income.
Any one (or two) of these qualities on their own are not enough to grow your income.
- You can have a great reputation, but if you aren't visible in your marketplace, you won't be on the shopping list for motivated sellers.
- You can be extremely proficient, but if you don't have opportunities to demonstrate how good you are, then you'll be a poorly paid real estate expert all your life.
- You can be extremely visible, but if you are bad at your job and damage your reputation, you will eventually run out of opportunities.
Most salespeople have a solid reputation and genuinely try very hard to do a great job, but they struggle with the visibility and proficiency aspects of the attraction model.
Let's break down these three key pillars, so you can build an attraction business and take your real estate career to the next level...
Visibility
GOAL: Make an owner's top 3 favourite salespeople shortlist.
Do owners in your marketplace know who you are? Do they see you as a successful salesperson? How would you go about increasing the number of owners who have you in their 'top 3' real estate salespeople?
Most owners interview 3 salespeople before going on the market. So you don't need to be the most visible salesperson in your marketplace initially. You just need to make it into their top 3. And remember, some visible salespeople are always busy destroying their reputation, so you just need to make an owner's top 3 favourite salespeople to get called in for an appraisal.
To achieve this, we need strategies to regularly reach a large number of homeowners in your target area with your marketing message.
