Summary

Justin Stoddart emphasizes the importance of acquiring real referrals in real estate, which are more valuable than internet leads. He shares a personal story about de-cluttering his life, drawing a parallel to eliminating ineffective business practices. Stoddart suggests building a network of 24 professional partners, including asset and home service professionals, who can refer clients. He calculates that each professional could introduce a client quarterly, potentially yielding nearly 100 referrals annually. Stoddart advises agents to focus on productive activities, replace ineffective strategies, and leverage technology to streamline the process of building a professional referral network.

Action Items

• [ ] Go through past deals and identify where your business is coming from, then focus on replacing less effective tactics with more of the strategies that are working well.
• [ ] Look at the 30 professional categories provided and identify which professionals you can reach out to and provide value to, then have a coffee meeting to discuss their ideal clients.
• [ ] Consider the Pro Insight software solution to help build and manage a professional referral network.

Outline

De-Cluttering Your Business for More Referrals

• Justin Stoddart emphasizes the importance of getting real referrals from clients who already trust and like you.
• He shares a personal story about his daughter Maisie wanting another chicken, highlighting the emotional attachment to past experiences.
• Justin describes the process of de-cluttering their yard, including giving away a chicken coop to Habitat for Humanity and disposing of other unwanted items.
• He draws a parallel between de-cluttering his personal life and the need to de-clutter business practices to focus on productive projects.

The Power of Professional Partnerships

• Justin introduces the concept of having 24 professional partners, including asset professionals like tax professionals and home service professionals like plumbers.
• He explains how these professionals are often in the know about life events that trigger real estate needs.
• Justin calculates that each professional could introduce a client once per quarter, potentially resulting in 48 referrals annually from asset professionals alone.
• He also mentions the potential of 48 referrals from home service professionals, totaling nearly 100 referrals per year.

The Importance of Focusing on High-Value Activities

• Justin points out that many real estate agents spend too much time on activities that don’t yield significant results, such as chasing tire kickers.
• He suggests focusing on professional partners who can refer clients at the right moment, rather than relying on personal sphere referrals.
• Justin emphasizes the need to replace ineffective lead generation strategies with those that are more productive.
• He advises agents to identify which lead generation activities are not serving them well and to replace them with strategies that bring in more referrals.

Building a Professional Sphere for Referrals

• Justin outlines a step-by-step process for building a professional sphere of referral partners.
• He advises agents to review their past year’s closed deals to identify where their business is coming from.
• Justin stresses the importance of saying no to activities that are not productive and focusing on those that bring in referrals.
• He suggests having coffee meetings with potential professional partners to understand their business and ideal clients, and to position oneself as a valuable referral source.

Leveraging Technology for Efficient Referral Generation

• Justin introduces Pro Insight’s technology solution to help agents build a professional sphere more easily.
• He explains that the software allows agents to construct a wealth advisory team and leverage Pro Insight’s training for professional partners.
• Justin invites agents to reach out to him for more information about the technology and its potential benefits.
• He concludes by encouraging agents to adopt the strategies discussed to maximize their referral business and focus on high-value activities.