Jan 29 2024 27 mins 1
Introduction
- The speaker is Michael Fanning, a real estate coach with Windermere Real Estate. covering specifics on being Professional and going above and beyond.
- Fanning begins by noting agents are independent contractors without mandates on service levels. However, successful companies in other industries provide consistent service. Real estate agents should focus on professionalism and consistency.
- He states agents worry about getting paid less, but should focus on bringing value rather than the commission gap. The book "Go Giver" says your worth is based on how much more service you provide than payment you receive.
Avoiding Commoditization
- Fanning explains commoditization is when services become interchangeable and competition is on price rather than quality/features.
- Real estate agents experience this when clients see them as the same and focus only on commission prices.
- Fanning states agents should have a "value edge" to avoid being commoditized.
Moments of Truth
- Fanning introduces "moments of truth" - brief interactions when customers form impressions about brands.
- He outlines 3 key moments: the initial research phase (Zero Moment), first experience with service (First Moment), and experience after purchase (Second Moment).
- Optimizing these moments through marketing and service is key to winning customer loyalty.
Key Touchpoints for Providing Value
- Fanning gives examples of touchpoints agents can optimize:
- Having a consistent sales process
- Communication schedule and expectations
- Regular market research and conveying market expertise
- Professional website, voicemail, email signatures to build brand
- Strong negotiation skills to get the best deal
- Leveraging sphere of influence for referrals and resources
- Providing guidance through choices/consequences, not opinions
- Preparing for a smooth closing
- Staying connected post-closing for referrals and business from past clients
Conclusion
- Fanning concludes agents should run a professional business, use company resources, believe in themselves, and provide high service levels.
- This will create value during key moments of truth, build loyalty and referrals, and create an abundance mindset.
- With an exodus of agents, clients will migrate to those providing consistent quality experiences.
Michael Fanning [email protected]
