Building A Referral Business That Crushes Big Tech-with Justin Stoddart-EP 123

During this episode of the Lab Coat Agents Podcast, host Jeff Pfitzer talks to Justin Stoddart, host of the Think Bigger Real Estate Show, in which he interviews top business minds in real estate. Justin is the author of The Upstream Model, an international best seller. One of his favorite things to talk about is building a referral business that crushes big tech competitors. You need to hear his insights!   Episode Highlights:  Justin talks about his career journey and personal background. He was raised by entrepreneur parents who introduced him to the world of real estate. After a few initial struggles, Justin realized that he had to be strategic about his business. What does upstream mean in business terminology? Justin targeted those professionals in the marketplace who were dealing with his future clients.  How would you coach someone to approach financial buyers?  Justin explains the difference between financial advisors and real-estate agents.  It is best if you get referred by someone. “All of us are being pressed by big tech platforms; We all need to raise our value proposition,'' says Justin. Justin talks about the white-collar crowd, the financial professionals, and lenders.  When house hunting, people should think about financing first. Justin says this often does not happen. In all professions, everybody covers the WHAT, but you should really think about the WHY behind it. Make a list of all the people that you can coach and make a list of people with whom you can go to coffee or lunch with, this will help you to analyze how big your referral channel is.  Justin recommends adding layers to a business so that it adds value to the customers. How do you get customers to see a difference in you? The Think Bigger Real Estate Show started as part of his value proposition in real-estate. Justin realized that if he can have a conversation with bigger thinkers than him, he can grow as a person.  “You are the sum average of 5 people whom you spend time with”, Justin recalls a famous quote. Be dynamic, don’t be a fixed product, advises Justin. “If you have the hunger, go find the right resources,” suggests Justin. Justin advises listeners to find the people who motivate them. 3 Key Points: What does upstream mean in business terminology? Justin built relations with professionals like architects, interior designers, land developers, real-estate agents who were in relation with his future potential clients. What is one of the biggest mistakes that people make when they approach somebody who has the potential to give good referrals? Why do big tech companies win? It is because they are more convenient, and they reduce complexities. Resources Mentioned:  Lab Coat Agents  | Website | Facebook | Facebook Group | Twitter | Instagram  Jeff Pfitzer   | Instagram | LinkedIn | Twitter Justin Stoddart  | Website | Free Training | Facebook | Podcast | Instagram (DM  ebook) | The Upstream Model | Free book  Follow Up Boss (Sponsor)