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Great tool to have at your fingertips.
Friday, July 16, 2010
Thursday, July 8, 2010
Why NOT to work harder...Follow me! Update July 2010
I have been sooooo pleasantly surprised over the last couple months. I've tackled my top goal - say NO to people who just want to waste your time.
I never wanted to say 'no' because I felt like I was turning down money or, more importantly, I would make a bad name for myself. Turns out, THAT'S NOT TRUE!
I've turned away specific types of clients (we all know what kind that is for our own businesses) and stopped working with others. You know what happened? I'M MAKING MORE MONEY! And, I have more time to procure new, viable, profitable, relationship worthy clients.
Its been unbelievable. Most costly lesson I ever learned and I'm glad I learned it at 26!
Anyone else have updates on their business?
I never wanted to say 'no' because I felt like I was turning down money or, more importantly, I would make a bad name for myself. Turns out, THAT'S NOT TRUE!
I've turned away specific types of clients (we all know what kind that is for our own businesses) and stopped working with others. You know what happened? I'M MAKING MORE MONEY! And, I have more time to procure new, viable, profitable, relationship worthy clients.
Its been unbelievable. Most costly lesson I ever learned and I'm glad I learned it at 26!
Anyone else have updates on their business?
Monday, June 28, 2010
Don't get caught in this marketing trap...Set your listings up for success!
To some, this may seem like a 'duh' post, but I think it deserves some attention from since I've seen many local agents getting stuck in this marketing trap.
So...you've got a new listing. You're marketing it as much as you usually do and all of a sudden you have a seller asking you, 'Well, are you doing 'this and that' for marketing?' 'I want you to put the listing on these 20 websites, run an ad in this magazine and then hold an open house every weekend.'
Now, you've got to jump on it and start doing what they are telling you to otherwise you might lose the listing, or you will at least look bad in the process of telling them no.
I've seen many agents get themselves into this bad position.
Here's what I recommend:
Create a marketing plan that you include with every listing presentation (again, may seem pretty simple to most of you). This includes a marketing plan based on the commission rate paid.
This enables you to tell the seller what you are going to be doing for your fee. It sets the precedent. That way, if they come back and start making all these outlandish requests 2 months in, you have something to go back to that was already agreed upon. This could also be an interesting way to negotiate into a higher commission if the seller decides they want more services.
This basic procedure can help save you from a bad situation. You don't have to tell a seller 'no' just because; you can tell them 'no' because your marketing plan was already agreed on. This may save you the cost of some big expensive ad in a magazine that won't sell your clients home and probably won't get you any leads.
You're suppose to be the marketing expert when it comes to real estate. Make sure you present yourself that way. Don't let the seller start dictating expensive requests that lack ROI for both parties.
So...you've got a new listing. You're marketing it as much as you usually do and all of a sudden you have a seller asking you, 'Well, are you doing 'this and that' for marketing?' 'I want you to put the listing on these 20 websites, run an ad in this magazine and then hold an open house every weekend.'
Now, you've got to jump on it and start doing what they are telling you to otherwise you might lose the listing, or you will at least look bad in the process of telling them no.
I've seen many agents get themselves into this bad position.
Here's what I recommend:
Create a marketing plan that you include with every listing presentation (again, may seem pretty simple to most of you). This includes a marketing plan based on the commission rate paid.
This enables you to tell the seller what you are going to be doing for your fee. It sets the precedent. That way, if they come back and start making all these outlandish requests 2 months in, you have something to go back to that was already agreed upon. This could also be an interesting way to negotiate into a higher commission if the seller decides they want more services.
This basic procedure can help save you from a bad situation. You don't have to tell a seller 'no' just because; you can tell them 'no' because your marketing plan was already agreed on. This may save you the cost of some big expensive ad in a magazine that won't sell your clients home and probably won't get you any leads.
You're suppose to be the marketing expert when it comes to real estate. Make sure you present yourself that way. Don't let the seller start dictating expensive requests that lack ROI for both parties.
Tuesday, May 11, 2010
Why NOT to work harder! Follow me... STEP 4 - Branding
**Read Intro Blog post here**
So what, your a ___________. There are thousands of other people/businesses that are just like you. What makes you different/better? That's what your branding (and marketing) needs to portray.
Take Realtors, for example. Depending on your area, there are thousands of them competing with one another. Does any one stand out to you? Me neither. They all try to be alike instead of trying to be different. Different is what is going to make you stand out and get more business. Blending in is going to keep you constantly struggling.
So, let's stop trying to be like all the other Realtors, marketing companies, insurance agents, home inspectors, lawyers, accountants, etc. Let's be different.
To be different requires some work and risk taking (why most don't do it). You truly have to be better/offer a better product, not just 'say' you do.
TC is going to be offering a 'Guarantee' on their marketing programs soon. That's different. How many marketers will actually guarantee that what they tell you to do will work - to the point where they will give you your money back? Not many. And when you think about it, any product or service that you pay for should always come with some kind of guarantee.
Granted, I can't tell you how many clients I get that tell me what their marketing plan is and just want me to implement it. And I do, and they usually never commit to it, aren't consistent, claim they have run out of money, etc. and then nothing happens.
That's the flaw I see in my business. I'm letting someone who has limited knowledge in marketing develop their own plan. I need to advise them better, instead of appeasing them. It will only help both parties. Unfortunately, most businesses try to cut costs by developing their own marketing plan and they aren't catching on that it's actually costing them more this way.
To sum up...Let's be different. Be outstanding at what we do. Make people come to us. Our brand will speak for itself.
So what, your a ___________. There are thousands of other people/businesses that are just like you. What makes you different/better? That's what your branding (and marketing) needs to portray.
Take Realtors, for example. Depending on your area, there are thousands of them competing with one another. Does any one stand out to you? Me neither. They all try to be alike instead of trying to be different. Different is what is going to make you stand out and get more business. Blending in is going to keep you constantly struggling.
So, let's stop trying to be like all the other Realtors, marketing companies, insurance agents, home inspectors, lawyers, accountants, etc. Let's be different.
To be different requires some work and risk taking (why most don't do it). You truly have to be better/offer a better product, not just 'say' you do.
TC is going to be offering a 'Guarantee' on their marketing programs soon. That's different. How many marketers will actually guarantee that what they tell you to do will work - to the point where they will give you your money back? Not many. And when you think about it, any product or service that you pay for should always come with some kind of guarantee.
Granted, I can't tell you how many clients I get that tell me what their marketing plan is and just want me to implement it. And I do, and they usually never commit to it, aren't consistent, claim they have run out of money, etc. and then nothing happens.
That's the flaw I see in my business. I'm letting someone who has limited knowledge in marketing develop their own plan. I need to advise them better, instead of appeasing them. It will only help both parties. Unfortunately, most businesses try to cut costs by developing their own marketing plan and they aren't catching on that it's actually costing them more this way.
To sum up...Let's be different. Be outstanding at what we do. Make people come to us. Our brand will speak for itself.
Friday, April 23, 2010
Target Your Marketing & Watch Your Profits Grow!
Instead of just marketing to the masses, how about you take the time to fine tune both your database and your farm.
Database: Sort your database into A+'s (those who know a lot of people and are very likely to refer you), A's (would refer you if they knew someone who needed your service/product), B's (may remember to refer, may not), C's (not likely, but they know/have worked with you).
Now, spend most of your database marketing budget on the A+'s and A's. This is were most of your leads are going to come from anyway. My ideas, market to the A+'s and A's 1-2 times a month, B & C's maybe only once every 3 months. Also, spend a little more money to get the A+'s something unique at least once a year.
Farm: Instead of just picking a neighborhood or certain streets to market to, how about we do some research. Find out how often the turnover is in the area, and then only market to those who fall within those parameters. If houses tend to sell about every 7 years, market to those who have owned their home for 6+.
These are just a few easy ways to save yourself money and generate more results. Being sure to include a Unique Selling Proposition (USP) and/or value added content also is an important factor that I will discuss in future posts.
Database: Sort your database into A+'s (those who know a lot of people and are very likely to refer you), A's (would refer you if they knew someone who needed your service/product), B's (may remember to refer, may not), C's (not likely, but they know/have worked with you).
Now, spend most of your database marketing budget on the A+'s and A's. This is were most of your leads are going to come from anyway. My ideas, market to the A+'s and A's 1-2 times a month, B & C's maybe only once every 3 months. Also, spend a little more money to get the A+'s something unique at least once a year.
Farm: Instead of just picking a neighborhood or certain streets to market to, how about we do some research. Find out how often the turnover is in the area, and then only market to those who fall within those parameters. If houses tend to sell about every 7 years, market to those who have owned their home for 6+.
These are just a few easy ways to save yourself money and generate more results. Being sure to include a Unique Selling Proposition (USP) and/or value added content also is an important factor that I will discuss in future posts.
Wednesday, April 7, 2010
Don't Just Track Your Marketing...Track YOU!
What are your conversion ratios? Average Listing to Sale Price for a Seller? Buyer? DOM for a Seller?
These are all things that you need to know to make yourself better. It's not just about whether your marketing works, it's about whether YOU WORK! You can have the greatest marketing, but if you can't do anything with the leads once you get them, what good is it?
Plus, you may find out you're REALLY GOOD! If you are, why aren't you marketing that to your sphere or farm? That's something most agents don't do, and would make you stand out from the crowd.
When most consumers look at marketing material they ask the question, "What's in it for me?" If you can get there home sold faster, for more money, you just answered that question for them and gained yourself a new client.
These are all things that you need to know to make yourself better. It's not just about whether your marketing works, it's about whether YOU WORK! You can have the greatest marketing, but if you can't do anything with the leads once you get them, what good is it?
Plus, you may find out you're REALLY GOOD! If you are, why aren't you marketing that to your sphere or farm? That's something most agents don't do, and would make you stand out from the crowd.
When most consumers look at marketing material they ask the question, "What's in it for me?" If you can get there home sold faster, for more money, you just answered that question for them and gained yourself a new client.
Thursday, March 25, 2010
Why NOT to work harder! Follow me... STEP 2 & 3 - Setting Fees & Systems
**Read INTRO BLOG POST here**
Fees
Setting your fees is a fairly straight forward process. I encourage you to really think about how much of your valuable time goes into each task and make sure your fees represent a fair amount - for both parties involved. Resentment, one way or the other, can ruin not only a transaction, but a future relationship that could generate referrals.
Mine are set and ready to go. Service & price packets are updated.
As a real estate agent, it should be somewhat easy for you. You can decide on a per client basis if you are willing to work for less than 6%, or you can create a services list for each commission rate (I've done this for other Realtors and it seems to work well). At 6% you will do this; At 5.5% you will do this; and so on... This way your client doesn't have a false impression in their head that you are doing all kinds of services, for less money.
Now, on to systems...
These are SO important! Build your systems to handle a high volume of leads, and the leads will come. Don't build any systems at all, and they won't!
I'm going to be working on developing systems for the following areas:
Now, instead of scrambling to pull together a Listing Presentation, you just print out your comps, attach them to your pre-made listing presentation and walk out the door.
Your buyer packets are set with all the information that you know your clients will need. No more forgetting to metion certain topics.
Your marketing is running seamlessly in the background and constantly generating you leads.
When you have systems in place they act as a strong foundation for your business. You will seem more organized, less frantic and your clients will notice that. Talk about value added!
Programs to help with your systems...
A lot of agents I know use Top Producer. They love all the options, pre-made plans, etc. It is great, but does require setup and someone willing to learn the in's and out's (I already know them...hint, hint). If you don't take the time to learn it, you'll never get your money out of it. That goes for any CRM program.
If you're looking for something that can help you with CRM and you don't mind setting up your campaigns and systems on your own, consider Zoho.com. It's a great system and offers a FREE VERSION! If you need more than the free version offers, you can upgrade to a $12/month or $25/month version (as a Realtor, I don't think you will though).
---------------------------------------------
Off to work... If you have questions, please don't hesiatate to ask.
Fees
Setting your fees is a fairly straight forward process. I encourage you to really think about how much of your valuable time goes into each task and make sure your fees represent a fair amount - for both parties involved. Resentment, one way or the other, can ruin not only a transaction, but a future relationship that could generate referrals.
Mine are set and ready to go. Service & price packets are updated.
As a real estate agent, it should be somewhat easy for you. You can decide on a per client basis if you are willing to work for less than 6%, or you can create a services list for each commission rate (I've done this for other Realtors and it seems to work well). At 6% you will do this; At 5.5% you will do this; and so on... This way your client doesn't have a false impression in their head that you are doing all kinds of services, for less money.
Now, on to systems...
These are SO important! Build your systems to handle a high volume of leads, and the leads will come. Don't build any systems at all, and they won't!
I'm going to be working on developing systems for the following areas:
- New Leads
- Past Clients/Sphere
- Marketing Campaigns
- Social Media/Blog Marketing Plan
- Transaction Coordination
- Short Sale Processing
- New Leads (8x8)
- Past Clients/Sphere (33 touch)
- Social Media & Blog Marketing Plan
- New Listing Setup
- New Pending Transaction Setup
- Client Presentations/Packets: CMA, Buyer, Pre-Listing
Now, instead of scrambling to pull together a Listing Presentation, you just print out your comps, attach them to your pre-made listing presentation and walk out the door.
Your buyer packets are set with all the information that you know your clients will need. No more forgetting to metion certain topics.
Your marketing is running seamlessly in the background and constantly generating you leads.
When you have systems in place they act as a strong foundation for your business. You will seem more organized, less frantic and your clients will notice that. Talk about value added!
Programs to help with your systems...
A lot of agents I know use Top Producer. They love all the options, pre-made plans, etc. It is great, but does require setup and someone willing to learn the in's and out's (I already know them...hint, hint). If you don't take the time to learn it, you'll never get your money out of it. That goes for any CRM program.
If you're looking for something that can help you with CRM and you don't mind setting up your campaigns and systems on your own, consider Zoho.com. It's a great system and offers a FREE VERSION! If you need more than the free version offers, you can upgrade to a $12/month or $25/month version (as a Realtor, I don't think you will though).
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Off to work... If you have questions, please don't hesiatate to ask.
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