Hey future 4X’ers!! Thank you once again for joining us. I am so happy you are here. Thanks for listening over and over again. I hope we continue to provide value to you every single time you tune in. You deserve it because you are here.
This episode is going to focus on developing and understanding – WHO YOUR IDEAL CLIENT IS….
Hi, I’m Kelly Johnson, founder of the 4X formula and the big question is this: How are real estate agents like us able to create a constant stream of commissions and a constant stream of leads while enjoying life without wasting big budgets on branding, without working crazy hours, without worrying where the next deal’s coming from in today’s real estate market. This podcast is here to reveal the answers.
I remember a time when I first started in Real Estate and I was obviously in survival mode every single day, every single hour and every single minute. I think I actually became comfortable with being stressed out all the time, if that makes any sense. At the time, I didn’t even own a home and I was a licensed Real Estate Agent selling people homes.
I was 28 years old. All I ever knew was struggle. I had tried many, many, different kinds of jobs since graduating high school and was just kind of floating through life. So who do you think I felt comfortable working with? Other people who were struggling. Who else? I totally related to these people. I had zero game plan. NO road map. Just simply survive….get through the day, week or month.
So I actually advertised in the paper in the classified section (this would be something like Craigslist today) RENT TO OWN….I thought that there was a lot of people that were renting that would like to buy…Baduh….
But there is a reason that they are renting. We did manage to help some people. I got really good at the financing aspect of deals and started to learn what the lenders wanted and how to prepare Buyers. Out of necessity – creativity can blossom sometimes. Anyway, I was constantly pounding this square peg into a round hole. Every deal was so much work. SO much time. So much stress. SO much aggravation and a lot of deals fell apart.
If someone had a desire to own a home. I felt that I would do everything that I could to make that happen for them. I worked with everyone. I mean everyone. I didn’t care. Anyone with a pulse and a desire. These were my character building years for sure. Who was my ideal client? Anybody. I would not give up on a deal. “Never say die Johnston” was my name.
Finally after about 3 or 4 years of banging my head against the wall, I realized that I needed to work to attract a better client. I realized it but I didn’t know where to focus for that. I didn’t really know how to make the transition. I had no mentor. I never even thought to try to get a mentor. I didn’t know who to turn to. They were all my competition after all. My manager was not a trainer.
Have you ever gone fishing? At the river or lake that you go to, do you know where the fish are? Do you which bait to use to attract those fish? Do you know if you even want those fish? Is it simply the thrill of catching the fish or do you want to actually get dinner? Have you ever struggled to put a worm on a hook? Used the wrong lure? What about casting? Oh my goodness. That is a skill in and of itself.
So imagine me on a boat in the middle of a lake with minimal equipment trying to catch some sort of fish in the lake. I just got in the boat….started rowing …..somewhere…..then decided to look for my fishing gear……found whatever was in the boat…..not much there and then began trying to figure out how to catch dinner.
This is literally how I started my real estate career.
Ok. So do you all understand who you absolutely can’t stand working with? Have you ever had any problem clients? Have you had any situations where you have experienced that you honestly believe that someone is absolutely insane? Have you ever experienced situations where the client has made you feel small or they communicate in a lot of ways that you have no value to them? Have you every run into a situation where the client is constantly controlling everything and you have had to take your hands off the wheel?
I have.
I learned after a lot of soul searching that it was my fault. I was the common denominator in all situations. Life is about choice.
Let me ask you this. Have you ever fired a client?
I have.
It was the most empowering experience that I have ever felt. It was awesome.
You can do that when you have enough business happening. When your day is spent DEALING with the business more than attempting to ATTRACT the business then you can do that. But the attitude that you need to cultivate is that you are in control of your business. That is the best feeling in the world.
There are so many different types of personalities that you will run into. Some people will aggravate you. Some people will drive you crazy with their questions. Some people will stir up anger emotions. Some people will cause you to roll your eyes every time they talk about their feelings. Some people will intimidate you. Some people will treat you like a “necessary evil” or a “door opener” or an “information source” or “the problem solver” and they always seem to have problems and guess what……It’s all up to you. Only you. It is you. Not them.
Your mindset in all of this is responsible for how you deal with these people.
First of all, you have to do a check on yourself….know what I mean?
Check –
- AM I thinking outwardly?
- AM I ensuring that I am getting the best result for these people?
- IS this really important to them…if I take the situation and think about from their perspective given that personality trait, would that be really important to me?
- Have I served these people to the best of my ability and set up expectations appropriately so that they are properly prepared for every possible outcome?
- AM I totally responsible for this person’s happiness? Are these the type of people that will never be happy? Are these the “I’ll be happy when…..people?”
- Have I given these people the level of service that they require. Everyone is different.
- If I ask these people to refer me to other friends of theirs would they? Would they do it unselfishly?
- If I ask these people to refer me to other friends of theirs would I want them to?
- Are these clients that I would love to have over for dinner?
- Are these people really hard to please and if so, do I get compensated in proportion to the “pain in the butt factor” that I experience when dealing with this client type? IF so then buck up and quit wining. This is what you signed up for.
- Are these people an A+ – A – B – C or D (elete) client type?
Who is your favorite client? What is their personality type? Where are they at in their lives? Family make-up? Occupation? What are their interests?
What product type do they buy and sell?
What price point seems to be where they buy and sell a lot?
Is there a lot of business happening in this genre? It may be a good or bad thing.
Is this business, product, and client type comfortable for me because that is very close to where I am at in my own life? Is this a good thing or a bad thing? Is it limiting me? Is it empowering me? Does this serve me or hurt me?
Back the fishing analogy. Imagine going fishing with someone who absolutely knows what he is doing. Where I live we have two different rivers and 2 lakes nearby and there is a booming fishing business happening. I have gone on some fishing excursions with these pro’s and it is absolutely amazing! They put the bait on for me….they cast the rod, and they know where the fish are. They know where they congregate. They know where the secret spot is on the lake or river where we have the best chance of catching a fish. They know the right bait. These guys make a lot of money for this knowledge. They know that if the people on the boat catch more fish…..then there is a better opportunity for tips and return customers. See the difference.
I want to be your fishing guide on this journey. Let’s help you analyze where the best market is for you to begin to work with your ideal client. I encourage you to do something thinking about this. Do some research on this and make a decision where you need to focus.
I hope this podcast was valuable for you today. As always, we are constantly looking for 4x’ers who want to become 4X agents employing the 4X Formula to create their dream Real Estate business. Stay Tuned…its coming soon.