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How We Built Our Seniors Real Estate Niche Part 4

By April 19, 2013 May 16th, 2019 No Comments

In Part 3 of How We Built Our Seniors Niche,
I discussed the steps that we focused on in order to get our highly
successful seniors real estate sales business off the ground. Here is a
quick review of those steps.

Step 1: Learn as much as possible about the challenges of downsizing seniors.

Step 2: Educate senior living counselors.

Step 3: Provide educational talks and seminars.

Step 4: Market to targeted neighborhoods.

Step 5: Branding ourselves as experts.

As
with any business, there is the start up phase and when done correctly,
the growth phase then follows. So in Part 4 of How We Built Our Seniors
Real Estate Niche, I am going to give you the insiders view of what
made our seniors real estate business tick. These are things that I
haven’t really shared much because so many people seem to get stuck in
the start up phase and never make it this far.

I want to
take a moment to congratulate those of you who are reading this and have
already laid the groundwork and can now attribute 10 or more sales each
and every month to your seniors division – you are a one percenter!
 It’s you who are probably dealing with the very stuff I will be sharing today.

 

The consistency challenge

When
business started to trickle in, we got really excited and life was
good! Our efforts were paying off and we began to receive consistent
listing referrals, opportunities for newspaper interviews, speaking
engagements, and strategic partnerships.

It wasn’t until the
trickle became a stream and then later a full on downpour that I found
myself focusing all my time on lead conversion, appointments, new
listings, and customer service and less and less focused time on
nurturing my all important referral sources.

 

My visits to senior communities became inconsistent and my attendance at networking events was scattered.
People noticed – they began to see me as the same ol’ real estate agent
they believed me to be early on – all about the deal – “Realtors are
all the same,” they would say. It took time, energy and effort in those
early months to convince them that I was NOT all about the deal and that
I truly was different. I wasn’t about to turn into “that” agent and
cause them to doubt my intentions. (My students now know why I am so
adamant about this piece in our trainings!)

Not only did I care
about these relationships, but I also knew that if I didn’t maintain
them, the referrals would dry up and I would be back on the real estate
roller coaster of lead generation, sales, and closings on an
inconsistent and unpredictable cycle – not good. No way – not going back
there!

The old saying, “Build it and they will come” – it’s true. The phrase that people need to know about which comes after that is, “Keep it maintained or they will leave.”

 

With
my husband and business partner’s help, I was able to structure my week
such that I had designated days where I was totally 100% focused on
maintaining relationships within the aging community and adding value
back to them. I did “pop-bys” made famous by real estate coach, Brian
Buffini, each week on Wednesday and my Thursdays were devoted to
networking groups, giving talks, or sponsoring events – period. Nothing
got in the way of that.

Chris handled any client appointments or
needs on my “marketing days” and we quickly realized that we needed help
to get it all done.

The customer service challenge

Even
with Chris and I working together in the business, we were having a
hard time with all the daily tasks of listing and selling. By this time,
we were taking 10+ listings month and they were turning quickly – about
30 days on market average. This meant a lot of contract negotiations,
signatures, home make-overs, client moves, and communication with
clients and our resource team members – all time sensitive.

Thankfully,
the negotiation processes belonged in Chris’s domain. He is masterful
at putting things together and facilitating agreement within the
parties. What he is not so great at – details. And as you already know,
real estate sales are chalk full of tiny little details!

Treating our business like a business. 

I
believe too many agents fail to recognize what they have as a business.
They run around like chickens with their heads cut off trying to be all
things to all people all the time. Believe me – I did it too and it is
probably the leading cause of burn out. No one can keep that up and do any significant amount of business effectively.
I said “effectively.” But then Chris and I have very high standards
when it comes to customer service and our reputation and we are willing
to invest in our business to maintain those standards.

Knowing our
strengths, Chris and I both knew that we needed help in the detail
department, so we hired our first “real” administrative assistant. We
had hired people before, but they were quick fixes rather than long-term
investments. This time we wanted someone to help us grow and expand
while offering the highest level of client care possible. Oh – and they
had to work effectively with seniors since about 50% of our business was
average age of 83 years old!

 

Not only did we hire an
assistant, we also hired marketing consultants, graphic designers,
buyers agents, and a runner – not all at once.
The assistant
was great with daily tasks like handling incoming calls and emails,
setting appointments, and preparing files, but that took the bulk of the
time. We knew that creating flyers and presentations wasn’t her highest
and best use.

The marketing firm we hired was a start up company
in town with an awesome writer and an amazing graphic designer – putting
them on retainer at $500 bucks a month was the best thing we ever did!
Our marketing was consistent and beautifully branded and they did
regular press releases that caused our names to be top of mind all over
our city giving us free press opportunities – credibility and validity
baby!

 

Darrel, our runner, was undoubtedly one of our favorite and least costly hires.
I found him by announcing to my Thursday 7am Kiwanis club that I needed
a part time person to help put out signs, deliver paperwork, and help
our senior clients out with small household jobs when needed. After the
meeting, my friend Darrel, a retired electrical engineer and avid
volunteer, came up and said he wanted to apply for the job. At 6 ft
tall, bald and wearing a felt cowboy hat, I virtually hired Darrel on
the spot. A gift from Heaven! He came in 3 days a week from 8am to about
noon and took care of all the signs, lockboxes, photos, deliveries,
pre-listing packets, and tedious tasks which freed us up to list, sell,
and nurture relationships. Bonus –  His wife was happy to have him out
of the house for a few hours a week!

Burnout is not an option

As
time went on and our seniors business increased to more like 60%, we
had to begin thinking about even more support for our downsizing
seniors. Not only that, I was tired. I didn’t want to
work weekends and evenings with buyers anymore – we had lots of them
because we had great listings. Leads were falling through the cracks and
I was basically taking only the easy ones and referrals. As I talk
about in 5 Consequences of Not Hiring Help, burn out is one of the top causes Realtors get out of the business and I wasn’t OK with that.

The
next hires as we saw it had to be coaches who could help us better
clarify what we wanted our business to become, buyer agents who
appreciated our senior clientele and who were willing to field all the
buyer leads, and someone who could help our beloved senior clients with
their downsizing needs – I no longer had time to do it all.

It would be these 3 key hires that changed EVERYTHING.

Stay tuned for Part 5
where I will share more about adding coaching support, buyer agent team
members, and a senior move management department to our thriving
seniors real estate team.

Read Building Our Seniors Real Estate Niche PART 1

Read Building Our Seniors Real Estate Niche PART 2

Read Building Our Seniors Real Estate Niche PART 3

Read Building Our Seniors Real Estate Niche PART 5

 

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