When my long-time transaction attorney
refers me to another of his clients, recommending that my (and our team's) expertise, imagination and knowledge can add significant value to the client’s real estate portfolio, I immediately know 3 things;
- The individual referring me believes we can accomplish the goal, and that he’s doing his client (or friend, associate, partner) a favor by making the introduction;
- I (we) come in the door with pre-endorsed authority and expertise.
- We’ll have a fair opportunity to understand the client needs and wants and determine if we really can solve the problem or create the result for them;
Wouldn't you much rather start a new business relationship under those circumstances than a cold call or a networking contact?
My friend Jay Abraham asks;
"Why would your clients give you referrals? They don’t want to be your sales-person do they?"
Jay says they want to help a friend, family member or associate make a better investment, acquisition or financial decision. If you have authority and expertise, and both you and they recognize you have authority and expertise, then they want to brag about you. They want to do a favor and confer a benefit on the other party.
If you’re as good as you think you are
(or as good as you should be) your clients want their friends, business associates, partners, family, attorney, Dr. and Dentist to benefit from your expertise, and your client wants to enjoy the physic reward of doing them a favor by referring you.
, here’s what Jay recommends you do;
Set the stage by recognizing in your own mind the value and life changing benefits you bring to your clients. If you haven’t thought about those factors, instead of the fee and how fast you can make the sale, you’re letting yourself down, because what you do with the expertise, skill, judgment, knowledge, energy and enthusiasm I believe you have,
really has that much impact on your clients.
What do I mean by the effect on the life of the client?
An example is the equity investments we make for our nonprofit institutional clients; They certainly want to preserve capital, achieve current earnings to support operations and long-term capital growth and insure the continuing life of the non-profit. In addition – and maybe even more important are the effects – some life changing – on the individual exec’s involved. The non-profit’s investment officer need no longer wake up at 3 AM wondering if the capital he deployed is safe – the CFO can be confident the cash flow will be there as forecast – the CEO can concentrate on the institutional mission – research, philanthropy, teaching, helping the underprivileged or solving the great medical mystery.
The value to the non-profit is clear;
Safety of Capital
Income to support goals
Security for the Institute and the eventual beneficiaries of the philanthropy
Time to contribute to improving the community
Those impacts that can be life changing for the client exec’s;
Peace of Mind
Opportunity to achieve career goals
Freedom of Time
More from Jay;
Who are your ideal clients?
How do they benefit when you serve them well?
What are their wants and needs?
What benefits does the competition provide – better than you?
What is the biggest problem you solve for your clients?
And, do you want more clients like the very best client you have?
Put yourself in a position to get more referrals;
Start viewing your clients as dear and valued friends.
Pick the best prospects to provide referrals based on your relationship with them and the success you’ve had in serving them.
Ask for referrals – The best time is when you’ve just successfully closed a profitable transaction!