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you are a real estate agent a financial planner a mortgage lender or an insurance agent and you said things like i don't get enough referrals how can i get better referrals how do i get more real estate referrals how can i get more and better referrals from my sphere of influence how can i get more referrals from my clients well we're going to cover that in a whole lot more coming up [Music] everyone my name is rick silva the creator of the one referral away coaching course for real estate financial planners insurance agents and mortgage lenders so in the beginning of the video you heard me say things like how do i get more referrals how do i get better referrals i don't get enough referrals the referrals i get aren't that great let's just say this first it's your fault it's your responsibility if you want better referrals you have to teach your clients teach your sphere of influence teach your power partners teach your center of influence how to send you more and better referrals it's your job to teach them the number one tool you use to teach them is called the prospect profile and i'm going to show you the one i've been using to close thousands and thousands of sales and to help my wife close over 680 sales in the last nine years in our land banking business so it is a form of real estate it's called land banking again closed over 680 deals all referrals no leads i don't work with leads i don't believe in leads leads take too much time to close there's too many tire kickers too many people asking for discounts i want referrals where they're ready to go let's dive right into the prospect profile so you'll see all kinds of lines here in front of you we're going to break this down and go over each one uh one at a time and the importance whether it's a client now most people are taught hey when you make a sale you you go up to your your person you just made a sale to hey do you have any friends or family members that i could potentially help when they give you a name and number they give you a lead it gives you nothing now you're cold calling we want to teach these people how to send highly qualified clients who are ready to go so whether it's a past client current client or a cpa financial planner estate planning attorney your sphere of influence when they start sending you uh names and numbers we want those to be qualified on a silver platter so they're easier to close let's look at the screen prospect profile first thing on the list is name now if there's any interesting type of pronunciation we want to find that out so when we're talking to the person we say their name properly it's pretty simple the city they live in because it's possible that they live out of the area you service you want to find that out right away and if it is an area you don't service refer them to somebody else you can build you can get referrals fees from that do they have kids now the importance in what we do with land investing is if they have kids we're going to talk to them about the pains of the expense of raising kids college fund all that good stuff so if you're working in any in the world of investments and they have kids we want to drop in the cost of college if they don't have kids we don't do that so we can now tailor custom tailor our presentation to the client if they don't have kids let's not talk about college are they married if you're gonna present make sure the husband and wife are there if they're married even if they say yeah my my wife doesn't have any ser i've had many many women saying my husband has no say until the very end of the presentation and they say i have to talk to my husband so you want to get anybody who needs to say yes you want to get them on the presentation credibility assessment and credibility assessment goes into what an abc client is and i'll cover that on another video of how uh how they're seen by the referral source and i don't want to go too far down the road but you want to know the credibility they have with the referrer we want to know what they know so far what have you told them uh have you have you just said hey you got to talk to this you got to talk to rick but you haven't told them anything else or i told them you're the only real estate agent they should talk to and they're looking forward to talking to you we just want to kind of know where what they've been told what type of type of investor are they methodical strategic independent or sophisticated i'll go over a little bit more detail on that shortly so here's a different type of a prospect profile again pronunciation community model goes into something regarding land that i don't need to explain to you here just something that i use i like to know where they live transactional familiarity have they purchased homes before do they currently own a home do they own multiple homes you just kind of want to know what they know about the real estate world we discuss stakeholders uh what generation are they now this worked a lot better before covin our only choice really is to do a lot of this virtual and i i moved 90 of my business virtual so i can't go too far down this road because it's virtual and if it's face to face it's small groups of masks and all that good stuff but we want to know their age range so we know how to present to them i want to know their roughly their age in my business to know what type of land partial to recommend in your business it might be if somebody's in their 50s 60s or 70s maybe they don't want a two-story home so you we're just learning about the client getting as much information as we can before we make contact now just to digress for a second most people get a referral and just start banging the phone not only do i get this filled out and if i don't get this filled out by the way i will not make contact because i don't chase leads so if this isn't filled out by the referrer about the referee then i just let it go so we want to get this filled out because it helps with the close ratio obviously we want to get contact information if they have email and we want to know about their children so i'm just showing you a different type of prospect profile call it college savings if they have kids if they don't have kids or if their kids are older we're only dealing with legacy this is strictly for those of you involved in investments we want to know what they do now in my business about 80 of the 650 to 700 real estate transactions we've done about 80 percent are done with old 401ks so i like to know what they do if they're engineers they probably have multiple old 401ks by the way to digress again after this gets filled out before i contact the referee i go on linkedin and facebook and i want to see what type of pictures they post so i can see what kind of interest they have see if they like to travel what their hobbies are where they live if you see a lot of pictures of them and their kids they're into their children in the family some people don't have a family or aren't in the family we want to learn about the people this is step one is get the prospect profile filled out step two is facebook and linkedin do recon before we make contact what type of investor are they methodical strategic dependent or sophisticated i'll go over that in a second uh what types of languages so we have a mortgage lender who has sent us 60 to 65 deals in the last four years that we've closed she speaks spanish so whenever we need a translator she does it now when we get referred clients from other people and the preferred method of communication is spanish we bring the mortgage lender in she does the translation and we pay her a referral fee now with land we can pay referral fees because it doesn't fall under respa so we can compensate for that educational background uh it's it's very good to know uh what they what schools they've been to because if you can do anything you can to build a commonality there to break down the barriers and get in closer with them the sooner the better now i was an engineering recruiter years ago so i had done staffing with people from stanford mit carnegie mellon and i would be able to come up with stories that related and the only way i can come up with the reloadable stories is to do recon about the person it's very interesting in our world those who you think won't those who you think can can't you'll see the person driving the mercedes and they have 50 bucks in the bank then you see the person with a broken down pickup truck deal in three homes and have 300 000 in the bank so try never to prejudge that's one of the biggies trying to have a prejudge and then credibility assessment goes back to the abc client i'll put a link to a video for that we also want to try to find out that upper right hand corner some people are motivated by pain and loss you'll be talking to them on the go oh my god i had an opportunity to buy this house and this house and i listened to my friends i didn't i didn't buy it because they told me not to and i lost a ton of money that that would be motivation by pain some other people you paint a picture when you have this investment just imagine the vacations you can go on you can retire early you can retire with more some people are motivated with pain some of them motivated by pleasure you can only find these things out by talking to their trusted advisors the different types of investors this is just a real brief on that a methodical investor one that automatically puts away x amount of dollars per month without thinking about it strategic is somebody who does their own due diligence believes in paying extra to get the best deals meaning they're willing to hire an expert to help them the dependent they don't do any due diligence they just react to hot tips they buy low sell high that's a speculator those are the types of people that i generally do not like to work with a little bit more on the know-it-all level and you don't have to work with everyone and then sophisticated someone who has a million dollar liquid or more through investing and then a really cool funny we have here dirt because i'm involved in land how much debt do they have uh inflation affects people differently how are they investing to overcome that are they looking for retirement are they looking to save on taxation these are these are older slides i just plucked them out real quick if if somebody has children under 15 how we would customize the presentation as an example would be here's the average cost of raising a child here's some discussions about inflation so if people just have money in the bank they're losing money to inflation so we want to talk about how our investment beats inflation the cost of education the cost of college wow it's crazy when we were all kids we used to think a million dollars was a lot of money and hopefully you're not in the world where you think a million dollars is a lot of money because if you look at the just the cost of health care i mean by the time i retire i'm paying way over a thousand dollars a month how long's a million gonna last not very long and i don't want to sit at home and not be able to travel or do whatever i want buy a new car every few years i don't want to be strapped because i didn't make proper investments when i was younger so these are the types of motivators we use when we talk to people and obviously then we talk about healthcare expenses again these are some just some old slides i pulled out it's cost way more than this now as you know so hopefully this helps again the importance of the prospect profile is if you're getting number one i see people real estate groups all the time and they're working they go i was talking to a client i did all this i showed a bunch of homes and then at the very end they said how much will you discount your your fee how much are you making i want to negotiate the fee i want to knock you you both both of you down one percent um or right at the last minute i'm gonna go with my neighbor or you show them a bunch of homes and they disappear every single time i asked the agent it was a lead see leads are people who don't know you they don't trust you if you're real estate mortgage financial planner or insurance agent and you teach your past clients your current clients and then your sphere of influence your power partners your center of influence your circle of influence whatever you want to call it if you're a real estate agent mortgage lenders cpas estate planning attorneys you teach them how to send you highly qualified referrals so yes you would take this form and send it to all your referral partners and teach them how to send your referrals and in return you take one of these and you have them teach you how to fill it out so you're sending them better referrals when you're receiving better referrals you now can work less and make more and when you're sending your referral partners better referrals they're happy and then they're going to put in more effort to send you better referrals i hope this helps prospect profile if you need help building your referral network go to one referral away and check it out i do one-on-one coaching i have networking courses hope you enjoyed it take care see you soon bye [Music]