THE BLOG

The Key to Attracting Motivated Clients in a Competitive Market

Aug 27, 2024

As real estate agents, we're always in a hurry—rushing to meet clients, close deals, and generate leads. But sometimes, the best way to speed up your success is to slow down and rethink your approach. You’ve seen it before: the same old marketing pitches plastered on billboards and online ads. "Need to buy a house? Call me!" or "Looking to sell your home in XYZ neighborhood? Give me a call!" These messages don’t differentiate you from the competition. In a crowded market, standing out requires something different—a strategy that compels immediate action. Enter the MOFIR.

What Is a MOFIR?

MOFIR stands for "Make Offer for Immediate Response." It’s a strategic approach designed to trigger instant engagement from potential clients. The goal is to create an irresistible offer that speaks directly to a buyer or seller's immediate needs, compelling them to reach out to you right away. The MOFIR framework is built around four essential components, known as the "Four O's":

  1. Obstacle: Identify the current obstacle in today’s market. It’s crucial to focus on "today’s" market—not last year’s, not next month’s. Every market shift presents new challenges for buyers and sellers. Understanding these challenges is the first step in creating a compelling MOFIR.

  2. Originate: Brainstorm and originate solutions to the identified obstacle. Think creatively about how you can solve these problems for your clients. Your solution will form the basis of your MOFIR.

  3. Offer: Put your MOFIR out there. Talk about it constantly, and in every format possible—online, in print, during client meetings. This should be the singular message you broadcast to the world.

  4. Open: Be open to change. Your MOFIR isn’t set in stone. Markets change, and so should your offers. Reinspect and tweak your MOFIR regularly—at least once a month or quarterly—to ensure it remains relevant and effective.

Why MOFIRs Work

You’ve probably noticed that the most successful agents in any market have something that sets them apart. Often, it's a powerful MOFIR that drives their success. Take the classic "Your Home Sold Guaranteed" offer, popular from 2015 to 2018. This offer addressed sellers' fears about their homes sitting on the market, making it a highly effective MOFIR at the time. The promise of a guaranteed sale prompted homeowners to reach out, and even if they didn’t go for the guarantee, it got them in the door.

Creating Your Own MOFIR

Let’s consider today’s market. Buyers are currently grappling with higher interest rates. What if your MOFIR was an "Interest Rate Reduction Program"? The offer might look something like this: "Buy and sell with me, and I’ll give you 1% towards a rate reduction." This type of offer addresses a real, immediate concern for buyers and compels them to inquire. Once they do, you have the opportunity to explain the program and convert that inquiry into a client.

Don’t Miss Out: The Importance of Communication

Some agents might argue that maintaining relationships is their primary strategy. While relationships are indeed crucial, they’re not enough on their own. You can’t maintain a deep relationship with every person in your database. But if you have a strong MOFIR that resonates with someone at the exact moment they need it, you increase your chances of landing the deal.

Here’s a real-life example: I recently signed a client with a "No Strings Attached" offer. They could cancel the contract at any time if they weren’t happy with my services. When the client informed another agent that they were choosing me, the agent said, "I would have done that too." But the point is, they didn’t communicate that offer upfront, and they lost the deal because of it.

The Takeaway

In today’s competitive real estate market, you can’t afford to be just another agent with a generic pitch. Slow down, think strategically, and create a MOFIR that speaks directly to the needs of your target clients. Whether it’s an interest rate reduction program or a no-strings-attached contract, make sure your offer is compelling enough to prompt immediate action. By consistently communicating your MOFIR, you’ll not only stand out in the market but also speed up your path to success.

Remember, it’s not just about staying in the game—it’s about winning it. And with a well-crafted MOFIR, you’re well on your way.

 

Click here to watch Brent Hanson discuss more about this topic.