Take a second to picture yourself standing in the checkout line of Walmart. What type of customers do you see? Now take a second to picture yourself standing in the checkout line of AJ’s Fine Foods. What type of customers do you see? Both grocery store chains satisfy the need of their customers however their Ideal Client is arguably much different. Why would this be important? How is the perception of YOUR current Ideal Client benefiting your business and similarly? How could creating an Ideal Client propel your real estate investing career into the vision you have for the future?
More importantly, what is an Ideal Client for YOU and how do you create one for your real estate business? A targeted audience creates clarity and makes for more efficient marketing and networking opportunities. In turn, this maximizes your marketing efforts as there is clarity as to EXACTLY what you are looking for.
Having the ability to work with Ideal Clients YOU connect with is the best recipe for creating a solid foundation and sustainable business model.
TYPES OF IDEAL CLIENTS I believe you should have an Ideal Client for each facet of your business. Ideal Clients have values, purpose and goals that align with yours creating an optimal relationship. For example, we all have Motivated Sellers as an Ideal Client. Many times your Ideal Client is simply a Motivated Seller and the relationship is a one-time transaction. An Investor as an Ideal Client appreciates the value of what you have to offer and will consequentially take pleasure in participating in a transaction without question. Various Vendors can also be considered for being an Ideal Client. For example, is your painter flexible, reliable, affordable all while performing ROCK STAR work? Then, there are other Ideal Clients in which you connect with on a deeper level than just business. For example a Business Coach or Professional Mentor will assist in your personal and professional breakthroughs. But you must first come clean regarding your personal biases, beliefs and perceived limitations.
DIG DEEPER Now that you have awareness to create an Ideal Client in each area of your business let’s dig a little deeper. For example, which one of these Motivated Sellers hits your sweet spot: • Probate Process? • Past Due Property Taxes? • Families facing Foreclosure? • Couples going through a Divorce? • Retiring Investors with a portfolio of houses? • Out of state owners who are tired of being a Landlord? • Millennial’s in pre-foreclosure with their residence purchased within the past five years? To grow strategically requires you to be proactive by defining the general characteristics of EACH of your Ideal Clients and actively pursue and serve the population you choose as ideal.
BENEFITS & REWARDS Rewards ripple through your business as a result of creating your Ideal Client Profile. Targeting your Ideal Client allows you to profit in a variety of ways. As you continue to grow your business with this focus of your current clientele, great things begin to happen. You begin to be recognized as a Market Leader resulting in accelerating and enhancing your relationships, prominence and compensation. You will be able to streamline your business and start to work ON your business and not IN your business.
UNINTENDED CONSEQUENCES On the flip side of this phenomenon, the cost of ignoring the existence of your Ideal Client can result in severe unintended consequences. Debatably, most of the busy work that you experience on a daily basis is a direct result of not formulating an Ideal Client Profile. This lack of clarity allows individuals you are in contact with to set their tone in harmonizing the vision and experience you have for yourself and your business. When you are constantly seeking out new clients anywhere and everywhere, essentially anyone with a heartbeat, you are simply not focused. In turn, you will be either easily discouraged or distracted by the next new shiny object. You find yourself chasing high-maintenance, low-return real estate opportunities. Business seems tougher than you want it to be and you’re not reaching that profit number you are envisioning you in your head. This establishes a spinning wheel effect that is not conducive to reaching the goals you have for yourself.
NEXT STEPS So how do you know who your Ideal Clients are and how do you find them? You start by reviewing your current business model and broadly defining the various participants. As real estate investors we ALL have Motivated Sellers, Title Company, Lender / Investor, on our Ideal Client list. Yet, I would place a Handyman on my list while you might be a Handyman! By reviewing the accompanying questionnaire, you will start to hone in on the Ideal Client Profile that you would like to attract into your life and business. Complete an Ideal Client Profile for each aspect of your business. Allow yourself the freedom to be to be totally honest and paint the BEST picture possible! Imagine the kind of person you would want to work with and help achieve mutual personal and professional goals and describe that person in the space below.
1. What are the attributes of people who inspire you? Motivated, courageous, tenacious? 2. What words would you use to describe them? Passionate, committed, excited? 3. Who are they? How old are they? Where do they live? What do they wear? What do they think? What do they believe? 4. What are their qualities and characteristics? 5. How much experienced is necessary for them to be an Investor or Vendor in your business? 6. Do they see your value as a conduit to reach their goals? How do they treat you? 7. What do they tell others about you, your products, your services, and your business? 8. How often does your Ideal Customer refer new business to you? And what kind of business do they refer? Quality referrals or opportunities? 9. Now allow yourself to see – how your ideal clients value you! Are they willing to be affiliated marketing partners? Will they help co-promote your goals and objectives? Now that you started to define your Ideal Client in one area of your business you have started to attract them! Look deeper into the vision of your relationship with the Ideal Client you described earlier, and consider what you would want them to expect of you.
Understand that ideal relationships are a two-way street that require you to be ideal in return.
Again, this is your vision, so don’t put anything on the list that you don’t want your clients to expect of you. And create the PERFECT PROGNOSIS!
Creating this Ideal Client Profile in each area of your business and nurturing the relationship developed by providing ideal service in return will be the foundation necessary for you to turbo-charge your real estate company to the next level, and then into the stratosphere!
For an example of our own client profile: email me at firstname.lastname@example.org