Buyers represented by a competitor purchase one of your listings. Five years later they want to sell and move. What are the odds their original agent has kept in touch with them for five years? What are the odds that you added them to your database and kept in touch with them for five years?
Who is going to get that listing?
If you said, "Whoever keeps in touch with the buyers probably has the best chance of getting their listing five years later," you would be right.
That is exactly what happened for Yolanda (not her real name). She took the Floyd Wickman Program ten years ago when she was just starting out in real estate. She remembers, "Floyd told me to add both clients from every closing to my database and keep in touch. So I have."
In ten years, Yolanda has collected 700 clients from over 300 closings. By eliminating those who are no longer living, or living in her market, she has narrowed the list down to 514 clients. Roughly 60% of them were hers originally, and 40% of them were brought to the closing table by a co-broke.
But, Floyd, is it legal to add a co-broke's clients to your mailing database?
Mailing things to people (past clients, potential clients, etc.) is not only legal, it is recommended. It is the smart way to build your Book of Business database and mailing list. If they bought one of your listings, they are now your client, too. Add them to your database whether you send out email campaigns or direct mail.
But, Floyd, won't the co-broke object? Won't they be offended? Won't I get blowback?
More real estate business is lost due to a lack of consistent follow-up than for any other reason. How many of you agree with that basic statement?
Even with the best of intentions, less than 20% of agents keep in regular touch with clients after a closing. And less than 20% of the 20% keep in touch for 5 years or more. Just by keeping in touch, you have no competition.
I asked Yolanda if she had ever heard from a co-broke who was upset by her keeping in touch. "Yes, when that buyer listed with me five years after the closing, their original agent called me and said they were her client, not mine. So, I asked the client if they had heard from their previous agent, and they said they had not. Ever. In fact, the client called that agent for me and that was the last I ever heard of it."
700 clients at the closing table over ten years. 500 still available. If you can't build a healthy repeat and referral-based business from 500 clients, you can't build a business.
The Floyd Wickman Team blog by Mike Pallin