Why Every Business Should be Built on Relationships
When it comes to financial success, research shows that emotional intelligence is key. According to a Carnegie Institute of Technology study, 85 percent of financial success is related to EQ: your personality and your ability to communicate, negotiate and lead. Only 15 percent of financial success has to do with technical knowledge.
It’s clear from these findings that building relationships is at the heart of good business. People would much rather do business with someone they like and trust than someone they don’t! This is exactly why, in our real estate training, we urge agents to really connect with their clients and make sure they know who they are, what they do and, most importantly, that they can be trusted.
The Law of the Harvest
The best real estate training comes from mastering The Law of the Harvest. Sow plentifully and you will reap abundantly! If you invest in relationships with your clients and build strong bonds with them, then you will reap great rewards for your business in the long run.
Think of your database as the soil
Before you plant seeds in the ground, you have to make sure the soil is fertile. When it comes to your business, this means sorting and qualifying your database to ensure it’s as healthy and receptive as possible. In the Working by Referral system, 20 percent of the people in your database will generate 80 percent of your referrals, so it makes sense to identify who those folks are so you can spend your time and resources wisely. Ask yourself: Who sends you multiple referrals? Those are your A+ clients. Who is likely to refer you in the future? Who might refer you if asked and shown how? Qualifying your database like this doesn’t mean you’re rating people on a personal level; you’re just determining who is best able to generate the referrals that will help your business to grow.
Sow the seeds of lead generation
Now that your soil is fertile, you can grow your business by sowing the seeds of lead generation. Strive to build and maintain strong relationships with those clients who appreciate your exemplary service and skills and act as your advocates in the marketplace. Keep in contact by doing pop-bys, sending items of value, writing personal notes and making calls to check in. Your consistent efforts to exceed expectations and go above and beyond will build the strong bonds that guarantee referrals.
Reap the harvest of referrals
When you prepare the soil and plant the seeds, you will reap an abundant harvest: referrals! Giving your greatest attention to your top clients means they will keep referring you to their best people, and you’ll build a thriving, long-lasting business that will withstand any disruptors the marketplace can throw at it.
Built to Last
In business, as well as in life, the closer the relationship, the more time you want to spend with that person.
When you build your business on relationships, you’re setting it up for years to come. An added bonus is that you get to work with people you want to be around and spend time with, as opposed to those people who are demanding, difficult to please and will never advance your business or send you referrals. It’s a win-win!
Learn more about The Law of the Harvest, Working by Referral and building lasting relationships with The Pathway to Mastery—Essentials. This training program from Buffini & Company dives into the fundamentals of exceptional business, helping you to build a business that lasts.