Have you ever felt the need to do something nice for someone who has helped you – even if they haven’t asked you to? Social psychologists call this feeling the Law of Reciprocity and it’s one of the most powerful influencing methods in business and is the very core of any successful Real Estate Agent.
Reciprocity is a great way to attract more listings, but many agents tend to focus their attention and dollars on lead generation services that promise the moon and never deliver. The harsh reality that many agents refuse to believe is that converting multiple leads into motivated clients takes months of nurturing.
The key to nurturing these leads and converting them into lifelong clients is learning to build relationships with each lead. If you’re taking the time to cultivate strong relationships with everyone you work with, the law of reciprocity will be your greatest ally. You’d be able to attract the quality leads you’ve been chasing, spend more time on the leads that have the greatest ROI, and create more opportunities as you build and develop a strong database.
The Law of Reciprocity – Defined
Reciprocity is one of the six principles of persuasion that highly successful businesses and real estate agents swear by. When we give to others without expectations of anything in return, other feel obligated to reciprocate. It can be as simple as offering to pay for their coffee, holding the elevator for someone or offering to go the extra mile, bring out an emotional response of gratitude. The overwhelming feeling of gratitude motivates humans to reciprocate.
3 Types of Reciprocity
Financial Reciprocity: paying for coffee, covering an expense, others feel obligated to return the favor
Emotional Reciprocity: compliment people and making them feel good and feel obligated to reciprocate the emotional feeling
Material Reciprocity: physically helping someone (jump starting their car) and they want to reciprocate
Whether your clients are a young family looking for their perfect starter home or retirees in search of the perfect retirement home, your clients are people taking an enormous risk to pursue their vision of prosperity.
Relationships you build with the people in your database are the foundation to your businesses success. Buyers and Sellers in search of a home are people who have dreams, hopes, and passion. You’re not selling homes, you’re selling an experience!
If your client is motivated to buy or sell, it’s because you have built a relationship of trust with them, not because of your superstar sales skills! They put the trust in you to help them achieve their real estate dreams!
Your focus should be on these three key areas:
- Motivation: Search for ways to motivate and inspire your database and local community with positive messages, connect with local influencers and successful people in your community.
- Knowledge: Write consistent blog posts, create infographics and tips for buying or selling real estate.
- Financial: Find other professionals in your industry who can help your prospects save precious dollars on their current wants and needs!
By implementing a drip campaign, you can routinely schedule email delivery to targeted clients in your database. You need to stay top-of-mind with your clients and it will lead to a greater contribution of referral business!
With consistent relationship building efforts, word will spread about you and your brand and you’ll create more opportunities than you can handle!