Month: June 2018

4 Types of Clients NOT to Work With | Mastroianni Consulting

In sales, leads are the order of the day. Converting them to a client is often a real challenge; one that takes time, effort and expense. This makes the idea of actually firing a client once you have one seem completely inconsistent. But all clients are not created equal. Sometimes, firing a client is not only the best option, it is absolutely necessary.
This article will examine the four types of clients that every salesperson has worked, or will work with, at some point in their career. In this article we will use examples related to real estate transactions, but the message is universal to all sales activities.

1. Abusive Clients

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Salespeople come into contact with a wide variety of people every day. Some clients will be more difficult than others, but don’t mistake acclimating yourself to a client’s personality with putting up with abuse. If a client is verbally abusive or consistently rude, that is a sure sign that it’s time for you to politely tell them that the professional relationship should end.

2. Dishonest Clients

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Clients who are dishonest can jeopardize your reputation and in a lot of fields they can also cost you your license.

In real estate, one of the most common ways that sellers are dishonest is when they lie or hide flaws with the home.

If you suspect a client is failing to disclose information it’s best to inform them of the possible consequences. If they continue to exaggerate or lie, it’s better to let them go than to threaten your reputation.

A note here for real estate agents; you are required by law to disclose all known facts. Once the situation moves from suspecting to knowing, protect your license and end the relationship. In some cases, if the issue is noticed by the buyer post-purchase, you and your brokerage could take the fall for it.

3. Time Wasting Clients

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As a sales professional, your time is your money. Time wasters are clients who can’t make a decision. They beat around the bush for an exhausting amount of time with no clear closing in sight.

These clients have no sense of urgency. They will make you take them to more than 15 showings over the course of several months and never make a decision. If they’re selling a home, the client will have you overprice their listing and work twice as hard to sell a house that simply won’t sell at their asking price. They will bring five different relatives to the showings and each will have a different idea of what the buyers should look for in a house. They will have a relative send you Zillow or Trulia listings that are either not on the market, incorrectly valued, or under contract already.

In all these scenarios, your time, energy and resources are being depleted on a client whose business may never come to fruition. Weeding out time-wasters will dramatically improve your bottom line.

4. Unrealistic Clients

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This type of client goes hand-in-hand with the time-wasting client. As an expert, your responsibility is to aid the client with your expertise and knowledge. Sadly, many clients do not listen to the advice offered.

A good example of this is an over-priced listing. If your client is expecting you to sell their home at a price that is completely unreasonable and won’t listen to your counsel, it may be time to tell them another agent may be a better fit.

Ending the Relationship

Making a decision to end a relationship with someone who potentially could be paying you a fee, can be a difficult one, but one that should be made sooner rather than later.

Let’s look at some scenarios:

• If you deem the client relationship to be taxing, ask yourself if the behavior can be corrected. Can you talk to the client transparently? Will they take your advice if you do talk to them?
• If you’ve tried this approach and there hasn’t been any improvement, it’s time to speak with your supervisor, manager or broker. They may step in, or they may suggest that the client works with another salesperson. They may also decide that the best option would be to release them completely.
• Once a decision has been made, invite the client to a face-to-face meeting and politely present your reasons. If you are able to refer the client to someone else who you feel would be a better fit, it would be a good idea to have them there at the meeting. Use facts from your ongoing working relationship to explain why you think the client may be more successful with another salesperson.

It may sound counter-intuitive to cut ties with a client that you have put a lot work into, but the reality is that all of the time you were wasting on this client can now be allocated towards clients who will actually be profitable in the end.

~Sourced in part from a blog at formsimplicity.com

Other articles that may interest you:  
How To Build A Robust Referral Network | Mastroianni Consulting

5 Ways To Improve Your Client Communication | MASTROIANNI CONSULTING
10 Keys To Having A Great Reputation | MASTROIANNI CONSULTING

How To Build A Robust Referral Network | Mastroianni Consulting

Referrals are the lifeblood of any business; the barometer of the business’s success. They are especially crucial for small businesses who rely heavily on word of mouth advertising. But, how do you go about building a robust referral network?

In this article we will discuss eight ways to identify and grow your referral network.

1. Be referral-worthy
Mediocrity will never build a strong referral network. You need to provide a level of service that makes it easy for people to refer you. Remember, a referral is also a reflection of the standards of the person giving the referral. To be referral-worthy, you need to become known for being a person of high standards and integrity. The higher your standards are, the more willing people will be to refer you.

2. Identify friends and family who know a lot of people
Those in our inner circle who have a large social network are natural ambassadors and can be a great source of referral business.

3. Clients – past or present
Ask them for a testimonial. Provided you have demonstrated value, they will usually be happy to comply. Another method is simply by asking for customer feedback or reviews and then turning that feedback into a testimonial on your website (with their permission, of course). Testimonials are powerful examples of the social proof of your expertise.

4. Chance encounters
Be prepared when meeting new people through chance encounters by having ice-breaking opening lines ready to go to initiate a conversation. Wear a name badge or logo-branded clothing that will prompt someone to inquire as to what you do. Offer them a business card if they have questions or want to keep in touch.

5. Professional, business and service contacts
These indispensable contacts are the people that you meet while conducting your business. They are an excellent source of referrals who, in turn, should also be the recipients of referrals from you. Over time they will become your strategic business partners.

6. Get involved!
Join an association, organization, community or hobby group. Contribute your expertise, make friends and give back. Make a difference!

7. Identify friends and family who live out of state
These connections can be anywhere. The wider the sphere, the larger the pool for referrals. Simply let them know that you are part of a referral network and can assist their friends and family with trusted referrals.

8. Show gratitude
Be thankful. Be humble. And stay in touch!

Building a robust referral network begins and ends with excellence, authenticity and a firm commitment to exceeding the expectations of the referrer and the person being referred. Be genuine, care, do great work and don’t be afraid to ask for business.

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Mastroianni Consulting is a consultancy firm serving the needs of Realtors and their Clients. Dedicated to Excellence, they provide support services that assist real estate agents to grow their businesses. For more information and to learn how we can help you become more successful, please contact one of our Client Care Specialists.

You can reach us at (636) 220-7481 or clientcare@mastroianniconsulting.com

Other articles that may interest you include:  The Importance Of Professional Networking | Mastroianni Consulting
Highest and Best Use of Time | MASTROIANNI CONSULTING
Words To Earn Client Loyalty | MASTROIANNI CONSULTING