It seems that some REALTORS® focus on quantity rather than quality. They go after the most amount of business, not the best type of business. This seems to be more so the case these days due to the tough market conditions. But taking the “quantity” approach may not be the smartest thing to do despite it seeming ludicrous to some.
That’s where the phrase “quality over quantity” and the other definition of the “80/20 rule” come in to play. You’ll find that 80 percent of your clients make you 20 percent of your income while taking up 80 percent of your time. You’ll also find that the other 20 percent make you 80 percent of your income and only take up 20 percent of your time.
Let’s dig a little deeper…
Imagine all of the “cool” and “great” clients you’ve worked with (or are currently working with) this year. Why are they “cool” and “great” (let’s call them “A” clients from now on)? Is it because they listened to and took your professional advice to heart; respected your time and efforts and they didn’t jerk you around or use you and then leave you out to dry?
You probably spent less time on the last three “A” clients than you did on the one that is still making you drive around in circles looking at houses that they’ll never buy or who’s property is listed for $50K more than market value and doesn’t want to ever adjust their price.
Do you get upset at those “non-A” clients – the ones who don’t listen to you or value your time? Then why do you still have them as clients and spend time and energy acquiring more of them?
Once you’ve established a core group of past “A” clients, focus on getting referrals from them and attracting the same type of clients. Remember…”birds of a feather, flock together”.
If your “A” client was a referral, make sure you thank the person who referred them to you and keep that relationship alive and well and ask for more referrals. And make sure that keep the relationship with your “A” client healthy and ask them for referrals.
If your “A” client found you online, make sure you ask them exactly where and how (e.g. Google search, keywords, blog post, social media site, etc). Then focus more of your energy on that medium so that you attract more of the same types of clients in the future.
And don’t be afraid to speak up! Don’t hesitate to say things like, “You guys were really great to work with. Thank you for trusting me and listening to my advice. I wish all my clients were as cool as you”.
Is it cheesy? No. Because it’s true and your clients will sense that and know you’re not blowing smoke… In fact, they will appreciate your comment (and compliment) more than you know.
Just imagine all the time you’ve spent on clients who fought you tooth and nail on everything you advised them on. Now take just half of that time and apply it in ways such as the examples above. Pretty soon, you’ll be able to respectfully decline those clients who don’t appreciate your time, energy or opinion and you will have a full book of those that do – the “A” clients.
Once you realize that focusing on acquiring the best type of business is better than acquiring the most amount of business, you will find yourself happier, less stressed out, wealthier and perhaps even with a day or two off to enjoy life.