How to Use the Law of the Harvest to Grow Your Business
For over 30 years, Brian Buffini has been one of the most respected and trusted leaders in the real estate industry. Join his latest Bold Predictions broadcast to learn about the real state of the market and how agents can use that data to increase their listings and win market share. You’ll also hear from Dr. Lawrence Yun, the Chief Economist at the National Association of REALTORS®, for his insight, advice and predictions on what’s ahead.
The number one priority for real estate agents should be lead generation. Everything they do should lead to their pipeline constantly being full. That will increase their chances of getting more listings, winning market share, closing more deals and boosting their income. Brian Buffini, the founder and chairman of Buffini and Company, calls this process “The Law of the Harvest.”
How Does ‘The Law of the Harvest’ Work?
These three components are critical for this system to work.
- The Soil — This is your database — the foundation of your business. It must constantly be fertilized and cultivated.
- The Seeds — These are the quality lead generation activities (calls, notes, Pop-Bys, networking, etc.) you do to fertilize your database.
- The Harvest — These are the referrals you garner from your lead generation activities.
As Buffini says, “Whatever you plant, will be whatever you get!”
Who Should Be in Your Database?
Buffini stressed that a database is not a contact list, but rather a list of relationships that you have.
For a relationship to be strong, he added, people must know:
- Who you are.
- What you do.
- Why they can trust you.
What Are the Three Stages of a Database?
It’s not just enough to have a database — you must know what stage it is at so you can take any necessary steps to improve it.
- Recession — You have lost touch with many of your contacts.
- Stagnation — Your business is just treading water and you are at a production plateau.
- Expansion — You have a steady pipeline of repeat clients as well as new referrals.
Where Do You Start to Build Your Database?
Make a list of everyone you know:
- Former colleagues
- Those you meet through hobbies, interests or places of worship etc
- Business associates
- Vendors you do business with
How Do I Prioritize My Contacts in My Database?
Spend some time and focus on the quality of your relationships when assigning them a category. Using a customer relationship management (CRM) system will help you keep track of these ratings and let you know when and how you should contact them in the future.
- A+ — These are your most important contacts. They have sent you multiple referrals.
- A — These contacts are the most likely to refer you.
- B —These contacts would refer you if you asked them to do so.
- C — These contacts might refer you in the future.
- O — These are your online contacts.
- D — These are the contacts that you should delete. (An example might be a contact that already has a real estate agent that they use.)
How Do You Connect with Clients and Leads?
When it comes to developing deep and meaningful connections with your clients, it’s important to be consistent, intentional and above all, genuinely yourself. Texts, emails and social media are great ways to connect but face to face is always best.
- Invite someone for coffee or lunch.
- Stop by their home or business with a small seasonal gift.
- Host a client party. (Check here for some great tips.)
- Co-host events with other businesses.
- Commit to attending industry and non-industry-related networking groups such as Business Network International (BNI).
- Introduce your clients to other professionals such as financial advisors, contractors etc.
- Volunteer in your community.
What is the Mayor Campaign?
After you meet someone and establish a connection, use this dialogue to see if they already have a real estate agent they use.
“Oh, by the way, if you were buying or selling a home, or had a friend or family member who was, do you have a real estate agent you would refer them to?”
If they do not, ask if you may reach out to them on occasion with interesting and relevant items of value related to the real estate market. Be sure to get all of their contact information so you can add them to your database.
“There are so many unclaimed potential clients! If someone says yes to you, be sure to stay in touch with them,” Buffini said. “If they say no, then delete them and move on.”
Take the time to fertilize your database well and you will repeatedly reap the rewards of your harvest.
Buffini & Company – We’ve Got You!
Buffini & Company’s coaches have already been working to establish systems and resources in place to help get their clients ready and positioned for a strong 2024 selling season. To learn more about how a coach can help you take full advantage of the extraordinary year to come, schedule a free Business Consultation.