Top Real Estate Strategies Email Newsletter

Interview with a Top Producer:

Tricia Fox

Speaks Out on Creating
An Amazing Real Estate Business

Keller Williams Fox Realtors Chicago, IL
2003 VOLUME: $50 Million
Average Sales Price: $894,000
Years in the business: 10

Sandy Dixon: How and why did you get started in the real estate business?

Tricia Fox: My very first job was as a teacher, which eventually led to ownership in a chain of day care centers where I not only gained experience as an entrepreneur, but as a real estate investor as well, since I was involved in purchasing sites for the centers. Becoming a Realtor was a natural transition for me.

Sandy Dixon: What is your primary source of business?

Tricia Fox: 70% of my business comes from repeat and referral business. This business is about building relationships and we make a concerted effort to stay in touch with our clients.

Sandy Dixon: What core element have you found to be essential in building your business?

Tricia Fox: Approaching my business with an attitude that I am planting seeds and not ‘doing deals'. This business and sales in general, is all about building relationships. I also found the techniques I learned in IBM sales training years ago to be instrumental when I first began my real estate career and still use them to this day.

Sandy Dixon: Can you share an example of how you've used the IBM sales techniques to your advantage?

Tricia Fox: Within 6 months of starting in real estate, I got my first, big listing…over 1 million dollars. The seller told me he had three other listing appointments scheduled after mine. I erased that comment from my mind and proceeded with my listing presentation…asking the right questions at the right time…one of the things I learned in my IBM training. I approached the appointment as a structured sales call with an opening, features and benefits statements and a trial close. I left that day with the listing!

Sandy Dixon: Congratulations! What did you learn from that experience?

Tricia Fox: That sellers and buyers make the decision to work with a sales person based on the individual, not the commission percentage or any dazzling marketing proposals. I used the same sales technique when I was proposing a 6% commission to a seller, when other agents were settling for a lower commission of 5%. When the seller inquired as to why I was asking for the higher amount, I responded “if I can't negotiate my own commission, how can I negotiate the sale of your expensive home?” After getting the listing papers successfully signed, I asked the seller why he chose me. He said it was my enthusiasm!

Sandy Dixon: How do you stay in touch with clients?

Tricia Fox: We try very hard to maintain a personal touch, so consequently we send a lot of handwritten notes and like to personally call our clients. We don't use e mail a lot to communicate with clients, however we do send out a mailing once a month. Our quarterly newsletter generates a great deal of interest because we share information on recently sold and just listed properties, which is always of interest to homeowners.

Sandy Dixon: What ‘out of the ordinary' services do you provide for your clients?

Tricia Fox: I specialize in high rise condominiums here on the Gold Coast and we throw a cocktail party when we get a new property. The purpose is for not only marketing and visibility, but to bring residents and clients together. People love attending these gatherings and are always asking us when we're throwing the next one! It's a great way for people to stay in touch as well as meet new neighbors. Another popular thing we do is to give a move–in home cleaning service as a thank you gift to our buyers, which they really appreciate.

Sandy Dixon: I notice you mention ‘we' a lot. Do you have other people working for you?

Tricia Fox: I have one part time assistant who helps me with my marketing activities, virtual tours and brochures. In addition, I work with 4 other independent brokers who assist with listings that are not in my geographic area and who provide back up for showings and when I go on vacation.

Sandy Dixon: Do you find it difficult to take vacations with your busy schedule?

Tricia Fox: I make vacations a priority and my husband makes certain that we go somewhere where I am not readily accessible - like cruise ships!

Sandy Dixon: What mistake do you see newer agents making in their business?

Tricia Fox: They don't view their career as running a small business and often times fail to adequately prepare financially for the start up costs and the length of time it takes to start generating commissions. If they are underfinanced, agents can come across as being desperate and may lose credibility and business.

Sandy Dixon: How about veteran agents - what do you feel they could do better?

Tricia Fox: No question about it, become more technologically savvy. The younger agents have a high proficiency level with all the electronic communication devices and understand the impact technology can have on their business. If veteran agents are going to stay ahead of the curve, they need to learn to embrace these powerful tools.

Sandy Dixon: What do you feel is an ‘across the board' mistake agents make - regardless of time in the business?

Tricia Fox: Not having a well-defined sales and marketing strategy in place. If you fail to have a plan for your business, it tends to take on a haphazard approach and that too, affects one's credibility. Another common area that agents tend to ignore is learning about new things - whether it's sales training, marketing ideas, technology or industry related information, it's critical to keep current in order to be as successful as possible.

Sandy Dixon: Would you like to change anything about your current business?

Tricia Fox: Yes, I'd like to work less hours and make more money!! I'm hoping by making technology play a bigger part in my business, that I can come close to accomplishing that.

Sandy Dixon: Can you share some final thoughts with others who are aspiring to the success you've created?

Tricia Fox: This business takes strong perseverance. Remember to always be a professional and do quality work - don't take shortcuts. Maximize your time in front of clients and minimize your time behind the desk - it's all about relationships! And lastly, be willing to walk away from clients who are too difficult or ‘over the edge' - surround yourself with solid clients, who will bring with them solid business and solid referrals.

And another important resource:

Did you know that a majority of respondents have taken positive reaction after reading a newsletter?

Approximately 75% have saved articles for future use and visited a company’s Web site after receiving a newsletter.


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