Two decades after David Banks of Falmouth, Maine started RE/MAX By The Bay, he and his team have surpassed $100 million in sales volume for three consecutive years.
A feat previously unthinkable in the Maine real estate market.
How did Banks achieve such an accomplishment? Since the real estate agency’s inception in 1994, Banks put a premium on fostering a collaborative environment; one in which everyone shares the same goals.
“We felt the positive momentum of surrounding ourselves with like-minded, ambitious, and forward-thinking people,” said Banks. “This laid the groundwork for how we would run our business going forward.”
As with many Maine businesses, RE/MAX By The Bay is a family affair. Banks’ son Michael, one of David and his wife Donna’s three children, helps his father run the business.
Banks and family make their home in Falmouth, a community the family takes pride in being a part of. And as Banks realizes, it’s paramount to establish positive relationships with the community in which he does business.
Fostering relationships with clients leads to growth, as much future business is based on referrals and word of mouth. People tend to ask their friends and relatives for advice, and their trusted word can matter more than any flashy advertisement, Banks understands.
“Your employees, your co-brokers and your clients are what make you successful. When we meet people for the first time, it is typically very easy to make connections and find out that we have mutual connections in the community,” explains Banks. “This makes it even more critical that we are accountable to our clients, because reviews and referrals are critical to our future success. So often people come to us and say they’ve had a relative or a friend or a co-worker work with us, and they comment how great the experience was.”
And what keeps people coming back is Banks and his group’s commitment to providing the customer with the best experience.
“Our emphasis on customer service and client experience is what sets us apart and why people so readily refer friends and family to us,” says Banks.
This extends to how Banks and his team approach their relationships with other local businesses as well.
“So much of our service revolves around connecting clients with trusted contractors and other service providers. We value our relationships with other businesses in the community, and are always on the lookout for new partners who can continue to improve our level of service,” says the Maine real estate veteran.
And in Maine, business owners are community leaders – a fact that can’t be ignored.
“There is no anonymity in this community, and the things you do, positive or negative, will follow you and your business. Reputation and goodwill are critical to success in Maine where everyone is connected to each other in some way,” says Banks.
It’s a unique feature of doing business in the state. Because of the deep connections established between Maine’s business leaders and the residents of the state in which they do business and call home, a positive reputation within the community is essential to survival.
In addition to being renowned in the real estate field, Banks has earned a positive reputation for his efforts to give back to the community. He donates a portion of his commission from each sale to the Children’s Miracle Network and to the Center for Grieving Children, two charities that are personally important to him and his wife.
So, what does the future have in store for Banks and RE/MAX By The Bay?
Banks recently sold part of the business to two colleagues, though he retained the RE/MAX By The Bay name and his personal team. By making this move, he is able to focus 100% of his time on clients without the added stress of running a large brokerage.
Following this move, Banks and his team are focusing on smarter growth and increasing efficiencies.
“We want to continue to improve our customer service while selling even more properties. Growth can cause an organization to lose focus on what it does best, and we want to do the opposite,” says Banks.