In today's market, there are two truths at play, in my opinion:
- Because of the high demand for housing, there are numerous opportunities for innovative real estate salespeople.
- Because of the scarcity of merchandise, it's difficult for individuals who get lost in the crowd to find their way out.
So, what are our options for resolving this? How do you get from the second to the first group?
One of the things I'll be presenting at my forthcoming BluePrint event is how to GROW your business in today's harsh market, where many agents' businesses are declining instead. I'll cover eight topics at the event, but for today's blog, I'd want to focus on the first – and possibly most crucial – of them all, which is to...
Create a daily approach for attracting new clients that is repeatable and scalable.
That's correct... It's all about your marketing here! I'd like to see you perform five things if you want your growth to be geometric. They're known as the...
Five Ways To Succeed
These are the following:
- Direct Marketing to Your Database for Direct Sales and Referrals
- Getting Rid of Your Geographic Farms
- Massive Open Houses
- Invest in Internet Marketing (Zillow, Google, Realtor, etc.)
- Increasing social media awareness and serving as a trusted advisor
Each is beneficial on its own, but when you combine all five, you will thrive (well, that was a stretch, but honestly, combine all five).
This blog will be spread out over two weeks since I'm going to break each one down in detail to give you as clear a path as possible. For the time being, let's concentrate on the first two, starting with...
Market To Your Email List
Never undervalue the importance of trust. People who already know you, like you, and trust you are on your database. Even if none of them are trying to buy or sell a home, each of them has their own database of individuals who know, like, and trust them.
It should come as no surprise that agents who actively seek out referrals earn 4X to 5X as much as those who do not.
Maintain communication with your database, but never in a way that appears to be only for the purpose of generating leads. Being both a buddy and a local instructor is the greatest way to do this.
Begin with a customised video to get their attention. This is far more than a standard text or phone call. They're considerably more likely to respond if they can see your face. Inquire if they'd like to receive updates on their home's valuation every three to six months. What person wouldn't desire that?
Demonstrate how much you value them. Send gift cards to anyone who refers you, or just give them to the first few individuals who respond to your Facebook post. If you take care of your sources, they will take care of you.
If you want to provide a little more of an incentive, consider establishing a formalized referral program.
Farming By Location
Working on a farm of 500 to 10,000 dwellings requires geometric expansion.
It's fine if you haven't even established a farm yet! It's simple to expand your farm quickly or acquire neighbouring farms when done correctly. The first step is to pick a good location. Look at the trends over the last few years (not just the last 12 months) to see if you can identify a farm with a 6 to 8% turnover rate. If that's not an option, consider going even further back in the data. History has a habit of repeating itself.
Make sure you've set aside enough money to send out numerous mailings per month. They'll obviously need to look nice, and shipping out a thousand or more papers per month isn't cheap - but it'll be worth it. Identify some of the kickouts, or those who aren't interested in working with you for whatever reason (whether it's because they have another agency or something else). It's pointless to waste your money or bother them if they aren't interested.
Sending out proof pieces that show how you sold a home is a smart mailer tactic. Too many agencies simply state "SOLD" without providing all of the relevant data that demonstrate the creative work that went into it.
Your farm has the potential to become a lot of fun as it grows. Monica Carr's company focuses on community events. She rents out food or ice cream trucks to her community several times a month, throws sushi and sake evenings, or throws some other kind of party. The neighborhood benefits from free food and wine, Monica benefits from listing appointments, and everyone benefits from getting to know one another better. The majority of what you're doing is using these events to send emails. Emails are free, but mailers are not.
Here's something to keep in mind... Geographic farming is all about getting listing presentations. It all boils down to that, so make sure you've prepared your presentation and are ready to go.
Taking A Look Towards The Future
Consider joining me and hundreds of other successful agents in Anaheim for BluePrint if your business isn't moving in the correct direction and you know you'd benefit from a deeper dive into the 8 Drivers of Geometric Business Growth (and a lot more).
Part two will be released next week.