I gave the 10-minute tax talk as my answer to the referral trigger about how to distinguish who is the right match.

With the 10-minute tax talk, I assess each potential new client's tax situation and decide if I want them as a client.

My tax practice is primarily focused on high-net-worth entrepreneurs, so the call is crucial to focus on the clients I desire to add to my firm or recommend other tax professionals who can meet their needs.

Prior to this, potential clients would contact my answering service, who would schedule them into my calendar. As a result, there were missed appointments and clients who were not a good fit for me.  The solution to identifying the right clients would require a prescreening element. This idea inspired a 10-minute tax talk.

The prescreening process does not appeal to all potential clients, but most appreciate the time I give to listen to their issues and offer solutions whether I work with them or not. In addition, I’ve received multiple referrals from non-client callers.

What I see quite a bit, especially in this "seller's market", is 2 pronged - will I reduce my commission and/or why do I need an agent to sell my home...

My value proposition is strong because I know the market, I know to stay in my lane of expertise, I know the value of time and money - theirs and mine and my desire to serve is a driving force and a big part of my WHY - I am not the stick-a-sign-in-the-yard-and-forget-it agent.

There are instances, certainly, when I have reduced my commission, for strong and/or repeat clients, when a client is between a rock and a hard place or I have given some to help parties meet in the middle, but never if it is demanded. 

As to why a seller should use a REALTOR, my team will tell you that I think everyone should stay in their lane. I wouldn't cut down a tree or rebuild your carburetor (things I have actually done when I was young, broke, and not a business owner) or pull your child's wisdom teeth.  It saves everyone time, frustration, pain - and in the case of real estate, it could lead to legal problems.  When I started in real estate, the purchase and sale agreement was 6 pages and now it is 8.  Every single addition was made because someone got sued.

Before I knew the value I bring, honed my skill and treated my business like a business, I'd say that the commission charged was the 'industry standard' and I would have to check with my broker.

The Multipurpose Trifold Handoff - one of the referral triggers asked us to share an example of a handoff – a marketing piece for us to share with a client -- that you created to use during a 7-Minute, and use now with prospects. My handoff is a branded trifold. Onside outlines the health insurance plans available and all the supplemental options a client can include like dental, vision, short-term disability, short-term life insurance, etc.

The other side has all my relevant contact information. I customarily use it when I do speaking engagements and conferences so it was natural for me to give it to everyone during my 7-minute presentation. Since I've used it multiple times it occurred to me that it might be easier for my PowerCore team to share it with others if I sent it as a PDF file.

Well, that really got my creative juices flowing because it made me realize other ways I could use it. Now I included it with the welcome letter I send all new clients and suggest they share it with anyone who may need my assistance. The next thing I started doing is using it with my connection on LinkedIn by sending it to anyone who requests a quote.

I have over 20,000 connections on LinkedIn and I love that this group is very articulate so I get responses like please send more information (guess what I send)? Or "I'm not interested but I'll keep your information" so I send the trifold and say this should make it easy when you are ready. I also get responses like "I have insurance now but may need you in the future", and "I'm a recruiter and my clients need your service." I see these as opportunities to share my trifold hand-off. Even when ideal clients say they are not interested I respond by saying "if you ever need me or know of anyone who needs assistance finding health insurance please reach out, I've attached my contact information to make it easy to share".

Before I started sharing the trifold mostly all those interactions ended with one or two touchpoints which were ineffective. I realized 'No" often means not now but maybe later and I also realized people need me to make it easy for them to find me.  Since peoples' circumstances change they may need my service in the future but they won't contact me if they can't remember me. If they are like me they filed the handoff under health insurance and can easily find it when they need to.

I KNOW IT IS WORKING because prospects call me and say "I saw your information on Facebook" or "my friend gave me your contact information". That one simple handoff has help me to create an online marketing force. 

What system do you have to model the culture you have chosen for your business?  Our culture is seen in our logo which is a simple "EK" followed by a greater than symbol.

What that means is that we strive to give a Greater Than experience to our clients and their customers.  We work to give an easy, efficient and enjoyable experience to anyone we are working with in the sale or purchase of a home.  We commit ourselves to Schedule Integrity - each client's time is important.  We commit ourselves to maintaining an experienced and responsive staff--their loyalty translates to customer loyalty to our referral partners.  We commit ourselves to being on the cutting edge of technology.  Our systems are the best in the marketplace.  

When I am asked about choosing a deductible for vehicle insurance- its important to consider whether one has the money set aside to come up with the designated amount to repair their vehicle and if it’s actually worth it carry a higher deductible.  Many financial syndicates will say- carry $1000 deductible- it’s the best savings.  Depending on the coverage – this may or may not make sense.  

Comprehensive coverage- coverage if one hits a deer, thier car is stolen, their car is vandalized, hail damage occurs or glass damage occurs.  This one of the cheapest coverages on a policy.  The difference between $1000 deductible and $250 deductible- could be less than $3/month. In my personal opinion- this minimal savings - wouldn’t be worth carrying a higher deductible.

Collision coverage- coverage if someone is at fault to fix their vehicle- is one of the more expensive coverages on an auto insurance policy.  Carrying $1000 deductible can make sense- to keep premiums lower- but one must have that $1000 set aside- in order to prevent a financial burden. 

Choosing a deductible- can’t be painted with a broad stroke brush. 

In the insurance industry- its easy to sell just on price- everyone wants a good rate.  Its important to keep the coverage selected in mind- does it make sense for the customer too?

One Referral Trigger question answer that has become an integral part of my communication with prospects and customers is

"What materials are you going to use?" 

When I meet with customers now I try to answer this question before it becomes a question on their tongues. I lay out a plan for their roof as quickly as I can and give them their options for what materials THEY would like to use. I give them all of their options and let them answer the question of what materials we are going to use before they even have to ask it. 

It often looks like a conversation like this:

1) Your current roof has 3 tab shingles. I would recommend going back on with an architectural shingle! It takes you from a 25 year / 60mph wind rating  shingle to a 50 yr / 130 mph wind rating.

2) If it is an insurance claim, they typically pay for 3 tab shingles,  I let the HO know that they may pay a small upgrade charge, and we can install architectural shingles which includes a better warranty. 

3) We mostly use Owens Corning Products - However we have access to whatever shingle is needed to do the work! If doing a repair, I let the HO know that we will do our best to get the same shigles, however it will not be a perfect match

A Referral Trigger answer that has become part of my communication with prospects is the "Give an example of a handout you created to use during a 7-Minute." one! I have a website worksheet that, once completed, enables my prospects to have a checklist to check their website against. It answers questions like, "What do I need to have a mobile-friendly website?" and "How often should I update my website?" I've had a good response to it - people like having that information written down. 

An example of a Referral Trigger answer that has become an integral part of my communication is my ability to make my clients feel comfortable in front of a camera and to deliver results that are far superior to phone videos. I realized that many of my clients were apprehensive about being on camera and their hesitation was causing them to hold off on scheduling sessions even when they knew how important video could be to growing their business. I didn't realize that clients needed to hear the effort I would make to put them at ease and the steps I would take (for example, sitting behind the camera so they could make eye contact with me) to improve their performance. My response before was that the client would be fine, because I knew I would make sure they were comfortable. After talking about what sets me apart from others in my industry, I realized that clients need to hear this and it has made a huge difference.

Receiving a gift from a family member, friend or even employer, depending on the type of loan, is a wonderful thing for many borrowers. This allows my clients the ability to reach that special closing day with less financial strain. It is also rewarding for the person giving the gift to show they care. One answer I share often is how funds should be gifted. I do this upfront so my clients can provide the least amount of documents to make the process smoother. In the past, I would not share this information, because the question was not asked. Now, after observing a few instant transfers across multiple accounts and the lengthy process it took to meet the required condition. I now do my best to explain in detail before it comes up with the simplest method so that the smoothest process is acquired with the least amount of documentation.    

A previous referral trigger asked about a question I receive frequently that has more than 1 answer and then asked to identify different situations that would cause different answers. The question I frequently get is "what kind of account will save me the most in taxes?" 

Part of the Referral Trigger stipulated that I could not say, "it depends," which was my go-to response to that question. I don't review 3 different scenarios with every client or prospect, but I will begin the discussion as follows:

"If you expect to pay LESS taxes in retirement, then we can explore pre-tax accounts that can give you a deduction, NOW. If you expect to pay a HIGHER tax rate in retirement, then we can explore Roth or Roth-LIKE options, that will provide you with tax-free income in retirement."

The Right Amount

When I get asked about emergency funds, lots of varied information is available when you Google, so this can cause confusion and thus stop people from moving forward.

I recommend 3-6 months of basic expenses reserved for emergencies.  This then begs the questions, should I have 3 or is 6 months better?

I tell  both prospects and clients that you want to have a good cushion agains life happening, but it really comes down to stability and risk tolerance.

If you have a stable job that is secure, a three month cushion is likely adequate, but if you are in a job that is commission only, six months may be better if you have a really bad period of business.  Either way, if you have a low tolerance for risk and it will help you sleep better at night along with lower your stress level, then upping the amount is a good idea to give you greater peace of mind.

The best answer to a referral trigger that has helped me is a handout. I give a handout that highlights the difference between Medicare advantage vs. Medicare supplement. I give this handout to my clients because it breaks down the fundamental differences in coverage options. 

My client was turning 65 and was overwhelmed with the amount of options he had. This helped ease his mind when selecting the appropriate plan to meet his needs. He never asked this question but providing him the information, it made his experience transitioning to Medicare very pleasant.  He was able to narrow down a plan option after going over the handout, in addition to my answering all of his questions.

The value in multipurpose referral triggers would help not only address a solution to a problem but likely lead to further business for your core group and even your own business. I am just beginning at powercore, but I can already see the value of the questions and generating answers to them. I will use these questions I receive to generate sales and marketing materials. I can use sample books for my work product to give customers ideas of services I can do for them. Inquire about basic questions and concerns of my customers to produce referral trigger answers.