Justin Stoddart emphasizes the importance of a team approach in generating referrals for real estate agents. He uses the analogy of a football team to illustrate the power of collaboration. Stoddart suggests that agents should expand their network beyond personal contacts to include 30 professional partners, each with their own 300-person database. This strategy could potentially increase the referral pool from 300 to 9,000 potential clients. He offers weekly network coaching calls to train these professionals on identifying real estate opportunities. Stoddart highlights the benefits of leveraging professional relationships, which convert at a higher rate than personal contacts, and encourages agents to specialize and surround themselves with other specialists for better client acquisition.

Action Items

• [ ] Tune in to the training session on how to train professional partners to identify real estate opportunities.
• [ ] Consider how it would be to have 30 professional partners trained to refer real estate opportunities.
• [ ] If interested in learning more about this approach, send a message or comment to connect with Justin.

Outline

The Power of Teamwork in Real Estate

• Justin Stoddart emphasizes the importance of having a team to generate referrals in real estate, comparing it to a football team where everyone works together.
• He shares his personal experience attending Oregon Duck football games with his sons, highlighting the team spirit and the power of collective effort.
• Justin explains that real estate agents often work in isolation, trying to generate referrals from their personal networks, which limits their reach.
• He proposes a team approach where agents collaborate with other professionals, such as tax professionals and contractors, to expand their referral base.

The Benefits of a Team-Based Approach

• Justin discusses the potential of having 30 professional partners who have relationships with property owners, increasing the referral pool from 300 people to 9000.
• He explains that when real estate changes hands, many professionals are involved, creating numerous opportunities for referrals.
• Justin offers weekly network coaching calls to train professionals on how to identify and refer opportunities, leveraging the expertise of an independent third party.
• He highlights the financial impracticality of training 30 professionals individually, emphasizing the value of the training program.

Training Professionals to Identify Opportunities

• Justin provides a glimpse into a training session where a tax professional is taught to identify real estate opportunities among her clients.
• He explains that by asking a few additional questions, the tax professional can uncover potential real estate moves, benefiting both the professional and the agent.
• Justin encourages agents to consider the value of having professional partners trained to find opportunities, rather than trying to do it themselves.
• He emphasizes the importance of specializing in serving specific demographics and surrounding oneself with other specialists to enhance credibility and client value.

The Role of Tax Professionals in Referral Generation

• Justin introduces Shay, a tax professional, to demonstrate how she can add value by asking the right questions about real estate transactions.
• Shay shares a sample question to ask clients about their real estate plans for the upcoming year, positioning herself as a tax advisor rather than just a preparer.
• Justin highlights the benefits of asking such questions, including the ability to offer introductions to top-level professionals and elevate one’s professional sphere.
• He explains that by making introductions to high-quality professionals, agents can significantly increase their referral conversions.

Elevating Professional Status Through Collaboration

• Justin discusses how Shay’s proactive approach can transform her from a tax preparer to a tax advisor, adding value to her clients and professional network.
• He emphasizes the importance of being a holistic professional who can offer comprehensive services and introductions to other specialists.
• Justin compares the conversion rates of personal and professional spheres, showing that professional relationships can yield more consistent referrals.
• He encourages agents to focus on building strong professional relationships to grow their business through effective referral strategies.