Guest Vlogger, Russ Laggan Asks: Are You Milking the Cow or Creating a Cash Cow?

Guest Vlogger, Russ Laggan Asks: Are You Milking the Cow or Creating a Cash Cow?

VIDEO TRANSCRIPT:  I know what you are thinking right now. What the heck did Russ just say? Yes, I did! Those who know me well know that the sillier the thing I start out with, usually the more powerful the point that’s going to be made, so stick with me. Get your toes off the floor right now so they don’t get smashed too much. As a real estate broker for so many years now, I’ve always seen the new-home-world try to “milk” the real estate cow, so to speak, for business in order to gain buyers for their homes and communities. Don’t get offended, it’s my perspective…and the perspective of many in my position. Also, don’t feel alone. The title and mortgage world does it even more shamelessly, so don’t feel too bad.

Now I know it’s not completely fair to lump you all in one basket. I have met some rock stars that truly get it – people I want my team to know and work with. They get what it takes to stop the milking and start feeding the cow to convert it into their Cash Cow. Did you catch that? Stop milking the cow and start feeding it. The great news is that making the shift from milking the real estate agent community to feeding it into a true Cash Cow is super simple. This starts with a very simple, small shift in the way you think and approach this community. You might not even know that you are doing this. You might even say, “We don’t do that”. Think about your interactions with real estate agents. Think about your ultimate goal. What’s the end result you are working towards with them? You may answer, “Getting them to bring their buyers”, “getting them to show up”, or “getting them to know we are here”. All of these are actually great results to have with your marketing dollars and efforts. It’s just not starting from the right mindset in my perspective, nor will it ultimately get you the results you really want.

Here’s the solution, simple and clean: The ultimate goal isn’t to get business from the real estate community! It’s to build a rabid fan base out of the agents and brokers. You’ll never do that if the goal is getting business. The goal is to build relationships, to build rabid fans, to be their go-to person when they have ANY new home question, and even their resource with non-real estate questions. You can be an amazing resource for so many things that have little to do with selling a home to their buyers. Do you know any good paint contractors? Roofers?  Plumbers? Heck yeah, you should!! That’s a priceless resource you have at your fingertips. More importantly, if you have a strong relationship with agents and brokers, they should know you have the goods. They should call you when they need a good referral. You should be their go-to person for more than just buying a home from you. The key is to focus on delivering VALUE to the people you touch, to become a resource and support system for them. You should become a tool that they use when they need it. Are all of your activities focused on getting business or building a relationship? Here’s the dirty little secret. If you milk the cow, you’ll only get a little. If you build relationships, you’ll have Cash Cows!

I’m not talking about feeding them food and drinks and throwing parties. I am talking about adding real value to their business. Ask these questions to see if you are milking the cow or feeding a Cash Cow:

  • Do agents call me with questions other than about my homes?
  • Do I see them regularly or just when they come to me?
  • Do I contact and communicate with them about stuff other than my community?
  • Do I have any managers or brokers calling to have me at their meetings?
  • Do they know my name when I see them out in public?
  • When was the last time I referred a seller to them? Yes, you should be referring OUT to general real estate agents! Think of your sphere of influence from your friends and family in addition to your buyers who may need to sell their existing home in order to buy one of yours.
  • Is my goal to build a relationship or to get business?

Facing the reality of your mindset and telling the truth to yourself is the first step to making the shift from milking the cow to feeding the Cash Cow. Start small with simple steps based on your answers from the questions above. Pick one and make a difference this month in this one area. Then next month, adjust one of the others. In seven months you’ll have shifted your whole mindset and started feeding the Cash Cow!

 

Russ Laggan is a consultant, coach, real estate trainer and speaker. Russ has been a hands-on leader in the real estate industry running top producing offices. When he was selling real estate agent, he averaged approximately 130 sales per year. He also owned and flipped a real estate company and most recently managed a team with 28 offices, 22 managers 900 realtors in 9 states across the Southern half of the United States. Russ is the designer of the Spheramid System™ and has used that system to train multiple agents who are ranked in the Top 10 Nationally. When Russ isn’t coaching, consulting and building his virtual real estate team, he can also be found forging knives, building bass guitars, racing his car or bikes and making furniture for his wife of 24 years. Contact Russ: Russ@spheramidsystem.com or 813-541-0155.

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