Photo from h.koppdelaney
One of the easiest ways to double-end more sales and dramatically increase your commission income is to have synergy throughout your business. The definition of synergy is:
The interaction of two or more agents or forces so that their combined effect is greater than the sum of their individual effects.
Synergy is about maximizing your efforts in such a way that they leverage each other for additional profit. Unless you really plan things properly, it’s hard to achieve maximum synergy in your business. Most real estate agents cast a wide net when marketing their businesses. They go after sellers, buyers, investors, renters and folks looking for almost every type of property available. A sale is a sale, right?
Well, this strategy has zero synergy because one prospect cannot be leveraged into two sales.
To explain, let me share a little bit from my business. Most of you know that I worked exclusively with investors. Every lead generation advertisement attracted investors. In fact, I built a rather large database of investors. These investors were looking primarily for a specific type of single family home that worked well for the investment strategy we specialized in. As time rolled on, the top listing agents in my area would call us when they listed a property meeting our client’s investing criteria and we were able to sell their listings rather quickly.
Sounds good on the surface, doesn’t it?
What would have happened if I had started to market to attract sellers who owned the specific type of single family home my clients were interested in acquiring? Do you think it would have been possible to double-end most of our sales? Of course it would. This is because I would have had synergy between prospects responding to my marketing.
This could have been easily accomplished by splitting my lead generation advertisements between investors and sellers meeting our investing criteria. In essence, I would have built two different “targeted” lists of prospects with 100% synergy. Think about how easy a meeting with a seller would be…
“Mr. Seller, I have a very large database of pre-approved investors who are looking for homes meeting your specific criteria. In fact, we typically can sell a home such as yours with one email to our database. If you’d like us to setup a tour of your home this weekend sign here”
How could a seller say no to this? They couldn’t and that’s the point. Had I used synergy in my business, I believe we could have completely controlled both sides of a majority of sales for homes meeting our specific criteria. This would have provided more revenue and income with less work because we would have doubled our revenue on each and every sale.
“Think like a man of action, act like a man of thought?” Henri Bergson
When you take time to think about this, you’ll see it’s very powerful.