Building a real estate business that spans over decades and market shifts takes more than hard work. What is the philosophy of the real estate business owners that manage to build a legacy? What’s the importance of building a reputation and how can you avoid staining it? And most of all, how do you build a safety net when you have slow months? In this episode, we are so excited to have the Grandmaster himself Terry McDaniel, on the show. He shares how his journey started 42 years ago and how he build a business from scratch.
A lead from the internet in my opinion is not a lead, it’s a response.- Terry McDaniel
Three Things We Learned
Don’t rely on coming up with the right answers on the spot
Potential clients have sometimes tough questions for you, you can’t come up on the spot with the right answer for everything. Some conclusions your prospects have are illogical from the beginning and you can’t fight that. But for the ones who are looking for solutions, you should have a script otherwise your answers won’t be satisfying.
Keep a clean reputation
Don’t do anything that you wouldn’t want to see in the newspaper. A reputation is hard to clean. Your job is to serve people and sometimes the best decision is not selling right now. You might lose some quick money but you win the respect of a prospect for life.These people will contact you when they are in need and refer you to others as well.
Have a safety net
Sometimes the clients you think you have in your hands will walk out and do business with someone else. You have to have a safety net, leads that you constantly nurture and communicate with. You never know when you touch someone on a personal level, even with a simple gesture such as a box of chocolate.
The real estate business is a people business, you won’t last in this industry for long unless you look at your job as a server of others. The best way to attract both sellers and buyers is to maintain a clean reputation. To do so, you have to work in the your client’s interest, even if it’s against yours. Sometimes the home shouldn’t be sold right now because the demand is low. This kind of attitude will get you remembered by your prospects and when the time is right for them to sell, you will be their agent.
Terry McDaniel started his real estate business from scratch 42 years ago. He was long enough in the real estate industry to see how the technological advancements changed the game what it takes to build a long-lasting, successful business. Terry graduated with top honors from the the University of Wisconsin graduate business school and he is an active member in the Community Presbyterian Church.