How Well Do You Know the Fundamentals of Working by Referral?
In order to succeed in any business, you must learn to master the fundamentals.
While tactics come and go, the fundamentals are the core business principles that will never change — and that’s why it’s important to stay current with great real estate training, no matter where you’re at in your career.
To put your knowledge of the fundamentals to the test, try this quiz. See how many you get right!
What is the purpose of a Pop-By?
- Visiting a client’s home and hanging out.
- Avoiding conversation with your client.
- Thanking the client for their business with a small gift and brief chat.
- Giving an expensive gift.
Answer: C. A Pop-By is an unexpected extra that should be a staple of your real estate lead generation strategy. The point is to thank the client for their business with a small yet useful item (think coffee cups, snacks, wiper fluid, etc.), while also cultivating a relationship. If they aren’t home, simply snap a picture of the object on the porch and send it to them saying you stopped by. However, beware of the “plop-by” — stay standing during the meeting and avoid going inside. The visit should be short and sweet, and will often lead to a referral.
What is the recommended goal-setting formula?
- W.I.S.E.
- S.M.A.R.T.
- The Buffini Method
- S.H.A.R.P.
Answer: B.The S.M.A.R.T. goal formula stands for: specific, measurable, attainable, realistic and time-bound. It is the best way to structure income and personal goals so that you achieve them in a timely manner. We made this goal-setting worksheet to help you stay on course.
Why should an agent rank their database?
- To identify top-referring clients.
- To know who to Pop By, write and call.
- To track the status of a lead.
- All of the above.
Answer: D. These are all reasons to rank clients in your database! The client rankings range from A+ to D, which stands for “delete.” There’s also an O category reserved for online leads — your goal is to convert them to Cs, and ultimately into A+ clients. Referral Maker® CRM allows you to rank clients according to this system and helps you accomplish all of these activities mentioned above.
An Item of Value gets sent to your entire database.
- True.
- False.
Answer: False. A mailed Item of Value should go to your A+, A or B clients (basically those who send you multiple referrals). For agents with larger databases, we recommend narrowing it town to your top 100 people. Everybody in your database will receive the eReport that goes out on the 15th of the month.
How much should an agent be saving for taxes per paycheck?
- Nothing.
- 5-15%
- 20-30%
- 35-45%
Answer: C. Self-employed individuals must always account for taxes. Aim to pay yourself a regular salary, and take out 20-30% of that to put toward taxes. Prioritize the 70-10-10-10 formula: live on 70% of your pay and save 10% for retirement, 10% for your reserves and 10% for charitable giving. Use this financial planning worksheet to map everything out.
Now these questions might seem simple here, but in practice, they can be a lot more difficult to master. With busy schedules and deals right and left, it can be tough to master these crucial fundamental practices like goal setting and relationship building.
That’s where real estate training can help. Buffini & Company has real estate training programs that cater to every career level. If you’re a new agent, 100 Days to Greatness® can help you establish a foundation. More seasoned agents may opt for The Pathway to Mastery®—Essentials or Advanced.
There’s something for everyone — compare real estate training courses today and find out which one will take you to the next level.
