Industry leader Kendall Bonner explains how agents can leverage life events to build a strong client pipeline that can withstand headwinds.
Industry leader Kendall Bonner’s first book, The Motivated Mover Method, is new, but the ideas it discusses were born 11 years ago. That’s when eXp team leaders hired a coach who insisted that growth could only come by casting a wider net.
So Bonner set aside her previous focus on niche services and started farming in the neighborhood, hosting more open houses and calling on expiring properties. But Bonner found herself exhausted and frustrated, feeling like she was simply reacting to the market rather than ahead of it.
Kendall Bonner
“I entered red ocean territory, and I didn’t know it at the time, but then I realized that everyone in the real estate industry was being taught the same thing, and it was like, ‘Oh yeah,'” she said. “About six years ago, I met Chris Drayer from Revaluate. He sent me a white paper he wrote around Data D (specific life event categories) where agents can build a niche.”
“I read that [paper]”I thought, “That’s certainly true.” “I was already working on two data Ds early in the business: debt and defaults. I had built a niche around these two Ds and had a steady pipeline,” she added. For the first time, I was exhausted trying to cast a wider net. [and] The business was harder for me than before. ”
So Bonner refocused his niche and began teaching other agents how to find their niche by understanding the life events that create motivated clients. She says these clients typically don’t have real estate on their mind at the beginning of a life event, but through targeted marketing, agents can start building connections long before a client is ready to sign a contract.
“Most real estate professionals don’t properly market to life events, which ends up drawing prospective buyers and sellers in front of them long before they even consider themselves buyers or sellers,” she says. “For example, people who are going through a divorce don’t immediately start thinking about or get excited about whether to be a seller or a buyer, even though we all know that a real estate transaction is likely to take place.”
She added, “But if we start marketing in a way that speaks to them…that’s the real magic.”
The Motivated Mover method identifies 14 life events (also known as data D) that are required for a spark transaction.
Family and Lifestyle: Diapers (Newborns), Diamonds (Engagement/Marriage), Divorce, Death, Downsizing and Diploma (Graduation) Financial and Health Pressures: Debt, Default (Pre-Foreclosure), Diagnosis (Changes in Health), Damage (Property Damage) Career, Dreams, Opportunities: Desk (Relocation), Dream (First Home Ownership), Discretionary Rights (Investments and 1031 Exchange Buyers) and Obligations (Military Moves)
Bonner said officials can find these D’s by constantly checking demographic reports such as the U.S. Census, scrutinizing public records such as divorce filings and default notices, and simply paying attention to what people are communicating about their lives through social media and conversations.
“People are always on social media talking about how they’re having a baby or about someone dying, and they’re broadcasting their life events,” she says. “And my position is that most agents spend too much time broadcasting their own brand instead of listening to the signals of other people’s broadcasts.”
Bonner suggests that once agents are comfortable with what the data shows, they can start building connections with complementary business partners and vendors. Are you focused on serving new families? Connect with your local OB/GYN network. Are you passionate about your senior? Partner with a senior living care coordinator. Are you good at navigating difficult family relationships? Talk to a divorce lawyer who can recommend your services.
“Connect with experts who are also accessible to your future clients,” she said. “There are so many adjacent parties connecting and serving the same group of people that it can become a huge pipeline of referrals. Most agents think about agent-to-agent referrals, but the real power lies in referrals where you don’t have to pay a referral fee. You just transfer trust between you and another vendor for the same client.”
Bonner said he hopes his book will help agents be more proactive about their businesses and realize that even in a tight market hit by headwinds, there are still plenty of opportunities for growth.
“If you pay attention to the D, it actually comes with a relevant timeline. Some people might take three to six months, some might take 12 months. But either way, it’s scheduled within the next 12 to 18 months, giving you a steady pipeline instead of going month-to-month,” she said. “I think every agent is busy with their job every month, but that doesn’t have to be the case.”
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