The Critical Role The Law of Reciprocity Plays in Attracting Realtors

business strategy leadership marketing strategy Dec 12, 2018

Today's Business & Life Tip, this video may sound familiar to another one that you’ve listened to, but trust me this one is a little bit different to the subject matter of pursuing real estate agents and bringing value to them. I want to go a little deeper and a little bit more specific.

When I first started pursuing real estate agents I had access to a library of one-page business tips that were written by a partner of mine by the name of Bill Hillestad and they were very well written, brilliant business tips for real estate agents back in like 1995. I started delivering these business boosters (which is what we called them) to the real estate agents offices every single week in an effort to catch their eye and to start to bring value to them. This was an effort to stimulate the opportunity for an in-person appointment.

There is something very important for you to be considering and you’ve heard of it before, it’s called the “Law of Reciprocity.” The law of reciprocity is something that a guy by the name of Dr. Robert Cialdini coined and he did extensive research on. It is something that we examined in great depth in the Leadership 360 Program.

What is valuable to real estate agents? one thing is certainly of value and that is helping them grow their business as well as helping them make more money.

Many of the things that you have learned and access through various forms within mortgage, including these videos, seminars that you may go to, the audio interviews that you may listen to, etc are completely applicable to real estate agents. Especially when you start delving into subject matters like time management, leadership and life balance. These are subject matters that cross-over into any industry.

You should be reading that type of material or hopefully hiring a coach to coach you on that of that type of material. As you learn that type information through seminars, books and coaching programs, turn around and bring that value to your real estate partners.

You could do it in a form of typing up some education material or you could just repurpose information, like this video. You can go on on the internet check out TedTalks that would be valuable on subject matters that are applicable to real estate agents. You can say “Hey, I found this video and I thought it would be really valuable for you to watch it and I’m excited about having a cup of coffee with you and talking you a little about how we might implement this together in our business.”

This is the type of stuff that makes you irreplaceable when you’re truly positioning yourself as a partner to your agents rather than just somebody who’s looking to get referrals from them. This was the cornerstone of my success, it was how I was able to get a lot of business from real estate agents as a loan originator because I wasn’t looking right on anyone’s coattails, I was looking to form masterminding groups and cooperative alliances.

This is definitely a different market though that we are moving into and it is not as easy as it once was. You’ve got to get out there and work and bring value and this is one of the ways to do it.

I hope you found this business and life tip to be helpful to you. We’ll have more coming your way soon.

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