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Why it's the clients you choose not to deal with that count
Every poor quality client robs you of the opportunity to win a target client - it's the silent cancer destroying many brokerage firms.
The wrong prospects:
•Take a lot more time to convert
•Don't follow instructions
•Have a low probability of settling e.g. change their mind, fail to be approved, etc.
•Are less loyal than target clients - because you don't really suit each-other.
•And worst of all, will probably refer you more non-target clients!
One poor quality client will typically eat the profit generated by 3 quality clients.
Saying no to a non-target lead can be difficult:
•We try and convenience ourselves and make excuses for their behavior
•How do you politely say "no, I don't want to deal with you because I think you're a time waster"? Its hard.
What to do:
•Clearly communicate what types of clients you want, what your core experience is, what you want to do, etc. Do that on your website, email signature, ads, social media, everywhere. The aim is to do two things: 1) attract target clients and 2) detract non-target clients. Number 2 is just as important as number 1.
•Pre-qualify. Get financial information upfront. You can then look for a few things; (1) does it meet credit parameters (2) is this my bread and butter - or is this something I know little about (3) do they need what I'm able to provide. At that point you might say to them; "I'm not the best person to help you but I know who is". Refer off non-target work to another broker.
•Introduce a fee. If you feel that it will take more time, they will ask more questions, they may not proceed, propose a fee for service. You can set the fee depending upon whether you actually want to win their business or not.
•Listen to your gut. I find that we make excuses for poor quality clients and focus on the possibility of winning them. But 99% of the time, our gut feeling is correct.
•If you settle a long for them, remove them from your marketing list e.g. delete postal, email and phone from your CRM so no one accidentally contacts them.
Warning: if the prospect as referred to you and the person or business that made the referral is important, bad luck. You have to deal with the prospect. But that's a training issue - you must educate your referrers about the types of clients your experience and business suits best.
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By Stuart WemyssEvery poor quality client robs you of the opportunity to win a target client - it's the silent cancer destroying many brokerage firms.
The wrong prospects:
•Take a lot more time to convert
•Don't follow instructions
•Have a low probability of settling e.g. change their mind, fail to be approved, etc.
•Are less loyal than target clients - because you don't really suit each-other.
•And worst of all, will probably refer you more non-target clients!
One poor quality client will typically eat the profit generated by 3 quality clients.
Saying no to a non-target lead can be difficult:
•We try and convenience ourselves and make excuses for their behavior
•How do you politely say "no, I don't want to deal with you because I think you're a time waster"? Its hard.
What to do:
•Clearly communicate what types of clients you want, what your core experience is, what you want to do, etc. Do that on your website, email signature, ads, social media, everywhere. The aim is to do two things: 1) attract target clients and 2) detract non-target clients. Number 2 is just as important as number 1.
•Pre-qualify. Get financial information upfront. You can then look for a few things; (1) does it meet credit parameters (2) is this my bread and butter - or is this something I know little about (3) do they need what I'm able to provide. At that point you might say to them; "I'm not the best person to help you but I know who is". Refer off non-target work to another broker.
•Introduce a fee. If you feel that it will take more time, they will ask more questions, they may not proceed, propose a fee for service. You can set the fee depending upon whether you actually want to win their business or not.
•Listen to your gut. I find that we make excuses for poor quality clients and focus on the possibility of winning them. But 99% of the time, our gut feeling is correct.
•If you settle a long for them, remove them from your marketing list e.g. delete postal, email and phone from your CRM so no one accidentally contacts them.
Warning: if the prospect as referred to you and the person or business that made the referral is important, bad luck. You have to deal with the prospect. But that's a training issue - you must educate your referrers about the types of clients your experience and business suits best.