Shiny Coin Syndrome: Why Real Estate Agents Fail

Shiny Coin Syndrome: Why Real Estate Agents Fail

As a thirty three year veteran of the real estate industry, I have seen many agents who are so desperate for success, they focus on all of the wrong things. As a result, they never find success and wind up leaving the profession after a short run. I'm here to tell all agents that the key to success is to focus on current business and creating referrals.

One of the biggest mistakes I see real estate agents make is looking for the next shiny thing. As agents, we have seen hundreds of marketing strategies, lead generation tactics, and technology advancements over the years. And yet, many agents seem to think there's this “silver bullet” that will guarantee them success. There's not. The consistent and successful producer in the business is doing good work and fostering relationships.

When you focus on doing great work for your clients, you build a reputation as an outstanding real estate agent. When your clients are satisfied with the job you did, they will recommend other people to you. This is the power of referrals and it is paramount to any successful real estate business.

Referrals build your brand and allow you to grow your business organically. The key to generating more referrals is to really focus on your current clients. Make sure you are providing the best service and results to your clients with superior knowledge and ethics. When they feel they have been well taken care of, they will be sure to give you a glowing review.

At the same time, you need to make sure you are developing relationships with your clients. Share your stories, listen to theirs, and build a friendship with them if appropriate. When they can see you as a good person on top of an awesome agent, they will trust your advice more and be more likely to refer you to others.

The final key to growing your business through referrals is to make sure you are returning the favor. Whenever you receive a referral from one of your clients, make sure you are responding quickly and taking care of that referral. You certainly want to express your appreciation for the referral, but it is even better if your referred clients does by saying what a great job you did for them! Give your clients a reason to keep trusting you and referring more people to you.

At the end of the day, real estate success is about providing value and building client relationships. And more often than not, those relationships will come in the form of referrals. So don't waste your time chasing the next shiny thing. Focus on doing great work and the referrals will come.


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