Realtor Commission Advance
Boost Your Income 80% by Focusing on Fewer Clients
Pareto’s law is as relevant in business as in any other field of social enterprise. The law says 20% of the activities cause 80% impacts. The top companies, including the best real estate commission advance companies, know this secret of numbers to their advantage. When the best real estate commission advance companies break down their revenue, they discover just about 20% of their clients give 80% of their income. The takeaway of this insight is crucial. You need to focus on about 20% of your clients for the long term and meaningful relationships. They form an important foundation for your business. So they need to be nurtured and attended to.
How to Identify the Valuable 20% Clients
You might wonder how you are going to find 20% of clients that are potentially the top producing clients. There is a powerful tool that the best real estate commission advance companies use. In fact, most serious businesses use this tool known as CRM or customer relationship management software. This is a wonderful tool to organize and access customer data to give greater insight into your business. You can attempt to gain a basic familiarity with this tool and then go on to pick the ideal CRM that works best for you.
You can set it up to access real data. It will help you identify the right leads and let you organize your client information. Your communication efforts will be refined and more impactful.
Your Dream Client
Before beginning to engage with CRM, you must have a clear idea regarding your dream client. Your dream client is the one who can be your ideal customer to support your business. This client probably excites you because they are proactive when it comes to purchasing. The client who is your dream client is active in participating in the business relationship.
You can create your dream client’s “avatar” or a profile to help you define your rating system. The avatar you now have is a summary of the dream 20% that you would like to engage with and deliver the most. The avatar represents a set of clients that determine 80% of your sales.
The best real estate commission advance companies know the parameters that define their dream clients.
Age is an important metric. It represents the age group that your product/service suitably addresses. Most of your dream clients could belong either to the newlywed groups in the 20s or 30s, or middle-aged individuals in the 40s or 50s. They could be retirees in the 60s and 70s.
The second metric to consider is location. Your dream client lives possibly in a specific state or region. You could further narrow down this metric to a specific city or neighborhood.
There are two other important metrics to consider – income and buying history. Your dream client’s income range would indicate how they match your 20%: 80% goal. This would further indicate your dream income and the number of additional clients to meet that goal. Buying history in the context of the best real estate commission advance companies could be either a first-time buyer or multiple buyers interested in investment opportunities.
You may next create a rating system to apply to the clients. This would help you identify the dream 20% of clients, and use existing client data and dream client profiles to build the rating system. You may use any rank or grade, such as alpha or numeric or any other. A sample ranking may look like this: Cold lead (0)/ Social media follower or newsletter sign up (1)/ interest expressed (2)/ old client (3)/ Matches dream client profile (4).
Similarly, you have the option to create a behavior-based ranking. Here’s an example: recently worked with me (5), met in person (4), responded to call (3), responded to email (2), newsletter signed up (1), no response for a long time (0).
Use Rating System for Updation
Its time you imported existing client information into your CRM. A spreadsheet is a convenient program to use for the export of data. The spreadsheet should include important information on clients such as name, email id, and phone number. You may also add a column for the client rating. The ratings can be assigned before or after the import, depending on your convenience. Keep updating the data stored in the CRM now with new leads coming in. This would help identify dream clients quickly. CRM has automation features to help with constant updates.
Sort Clients Using Rating
Once the client data is updated, you may use CRM to sort them on the basis of their rating. This would give you a clear picture of where you stand and what further steps you may take. It is important to communicate regularly with your dream clients. A high-quality lead should be contacted telephonically and should be met in person. A good communication strategy should help you retain the clients and add new ones as you move closer to your goal.
These are some strategies that have helped the best real estate commission advance companies to grow and prosper.
Just Advance Commission
Just Advance Commission helps real estate agents sustain and prosper with cash flow. Consistent cash flow is important to run their day-to-day business involving sale/purchase/market properties and other market research tasks. They would no longer need to operate with financial peaks and valleys. Real estate agents receive a cash advance against pending sales.