“How much does a Good Reputation cost?”
May 8th, 2007 by Rich JacobsonFor real estate professionals, as it is for many different sales-oriented businesses, there are a gazillion different plans, programs, and systems available that you can employ to market yourself. You could invest a nice chunk of change for a high-end website, complete with all the latest and greatest visual bells and whistles. Or, you could spend a ton of money for a personal coach to slap you around and to make sure you’re managing your time wisely. You could even buy a Hummer and convert it into a moving billboard to promote your image/services.
But of all the marketing and promotional tools at my disposal, by the far the most effective and lasting, is my reputation.
Five of the transactions I’ve enjoyed so far this year have come from repeat clients. These were all people who purchased homes through me, and valued my services enough to entrust me with the sale of their homes.
A potential client calls me out of the blue, asking if I would be willing to help sell his home. A good friend of his knows of me, and says I have a good reputation; someone he can trust.
Reputation. It isn’t something that’s easy to achieve. It doesn’t happen overnight. It requires consistent behavior and performance. It takes a long time to earn and develop. In some markets, it can take years and years.
Unfortunately, a good reputation that takes years to cultivate, can be easily destroyed in less than a minute.
With one word or one action, an entire lifetime of good reputation becomes questionable or suspect.
When my kids were little, they used to watch all the Veggie Tales videos. One was entitled, “Larry Boy and the Fib from Outer Space.” In the story, a character named Junior Asparagus tells a lie. Each time he’s confronted about his indiscretion, he lies to cover it up. This ‘Fib’ that starts out very small, gets bigger and bigger as the video progresses. Pretty soon, the ‘Fib’ is GIGANTIC, totally out of control, and about to destroy the town!
That’s the way it is in real life. We start out telling little white lies. The lies become larger and larger, and turn to grey. Pretty soon, the web of deception is HUGE and pitch black. A career is ruined.
One small compromise leads to another small compromise. Pretty soon, compromise becomes a consistent practice, a way of life. A lifelong reputation is destroyed.
How well do you protect your reputation? What checks and balances do you have in place? When temptations present themselves (and they will and do, daily), what keeps you from giving in to compromise? What ensures that your reputation can never be bought?
A good website? $ 1000 start-up, $ 75 per month
A business coach? $ 3000 annually
A good reputation? Priceless.
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Tags: kitsap business reputation, silverdale real estate, silverdale real estate blog
HaHa. Not a laughing matter, but very tastefully put. I’ve used the “Priceless” line with everything except my reputation. Amazing how much time, effort, and money I’ve spent on the internet…
Rich,
You are absolutely right! This is easy, fascinating and has great articles. Thanks for the heads up and good luck on this site.
Very nice post Rich.. I can’t lie .. my face gives me away everytime.. so I have no choice.. I have to be honest at all times.. this means I can’t cheat so I’m always fair.. to everyone.. and if I do those two things consistently I find I can look at myself every morning in the mirror without regret… my reputation is my greatest asset
Rich,
Too true! We are on board totally with this sentiment. There will never be a time when we give up our integrity for any reason. Thanks for sharing your really special insight – as always.
Well stated. I tried to keep that in mind and I do try to conduct myself ethically and respectfully. If I ever stray, you have my permission to whack me on the side of my head.
Taking care of people and to treat them as you like to be treated always pays in the long run!
Sarah – serve people ethically, honestly, and relentlessly, and the money will always follow!
Maggie – I like the way you put things…that our reputation proceeds us and tells people about us ahead of time!
Ann – you’re right. After everything is said and done, it’s who and what we are that makes the difference!
Tony – You’re much too kind, but thanks. There is not enough said in today’s business cliimate about reputation and good strong work ethics…
Keith – Ripple effect. Well stated. What we do and how we do it has more of an impact than we think…
You said a mouthful Rich. Reputation is everything and does not develop over night. It takes time to build. Many times we are faced with decisions on how to handle a difficult transaction. In those situations we should always consider the lifetime value of a client and the ripple effect of our actions. Who will our actions touch.
Rich – Wow but wow…you hit the nail on the head!!!
This is an AWESOME post and should be required reading for every person on this earth.
Priceless in correct!
Rich – this post is terrific, and when all is said and done, we always only have WHO we are – our honor, our integrity, our inner code. Reputations cannot be bought with marketing and/or coaching – they’re what’s deep inside us. I have a great number of personal referrals and repeat clients – I so enjoy that, and I can sleep very nicely each night.
Great post and very well done!
Ann
Rich, nicely done. At the end of each day I’d like to think that I can sleep soundly because I handled myself with integrity. Our reputation gets there before we do and I want to make sure it’s saying nice things about me!
I remember Larry Boy!
) I work in partnership with my Dad, and we try to keep people first … money somewhere down the list. The money will come if you’ve done your job. It’s the people that are important, and the people that will lead to future business. If you’re worried about “now money”, there might not be clients later.
Wow! How very true! Great article!