I came up with this as I was speaking to a referred listing prospect. It might be hot air, but I think it makes sense.
- Reputation. This is where it starts. Reputation is the cornerstone for an agent or company. The good will of the public and our peers is a prerequisite to succeeding in our industry. If your name isn't trusted, you have no chance of making inroads in a competitive market. Unknown is OK, distrusted is fatal. Known and trusted is the best. The goal of anyone in our industry is to get their good name out there.
- Referrals. Referrals are the barometer of a known and trusted name. It isn't just marketing; anyone can "buy in" with advertising and mail, but long term success is ensured by the number of people who were given your name by others.
- Revenue. Paydirt. Touchdown. A good reputation yields referrals, and referrals create income. Since I started the company in 2005, I have monitored the number of referrals I have gotten over time. It is gratifying to observe that we have had more referrals thus far in 2010 than 2005 and 2006 combined, because we have been at it longer and are passing the test of time.