The Pareto Principle states that 20% of the efforts create 80% of the results. Certain industries, like culture, economics, and mathematics, preach it as gospel. There are a ton of applications for this rule. It also applies to sales.
In various verticals, 20% of your clients drive 80% of your commissions. Some companies might have a handful of clients that are so crucial to their bottom line that to lose them would mean disaster.
In real estate, sometimes you have to take a step back to connect the dots to find your 20%. Agents have a wider book of business than most salespeople. Unless you are working with investors, you might only work with an individual client three times over the course of your career. But that doesn’t mean that you don’t have a 20%. Think about clients that have sent referrals your way, or clients that have gone out of their way to sing your praises, expanding your brand via word-of-mouth marketing.
Special attention needs to be paid to these VIPs. The more personal the attention, the better. Hopefully you learn a lot as a result of working with them, and any time you glean something that makes them tick, make sure to record it. Create a master document for your 20% and record everything you learn about them. You can also make a note in your phone’s contact list.
This might seem like a strange thing to do, but when you are constantly working with new prospects, and your sphere is in a constant state of expansion, these premeditations become necessary. Unless you have a mind like a steel trap, social record keeping will always be of benefit to you.
Then when something comes up that pertains to one of their interests, you are poised to reach out and have a meaningful conversation. Any salesperson knows that following up out of the blue to just try and stay top of mind can be awkward. It comes off as very self-serving, and it could actually drive away your precious 20%. When you take an interest in the client outside of your professional relationship, it makes the conversation much easier, even enjoyable. It shows them that you care about more than their money. Often times your business will become secondary to your friendship.