As I work with new agents, they always seem to be looking for a new way to build a better mouse trap. Some of them have a hard time grasping the basics. There are just a few basics that any agent can follow and have a very successful career.
#1 Contacting your sphere of influence.
This can give an agent their highest return on real estate marketing investment. If I was only given one tool in my real estate marketing tool box, I would pick this one. I make commissions all year long from staying in touch with this group. Direct mail, email, phone calls, personal visits, lunch appointments, social events, holidays and the list goes on and on.
When you are reviewing your budget please put this at the top of your list. 100 people will cost about $600 a year for a direct mail campaign. What budget ? You can’t be in the real estate business without a budget. So start there. When I interview a new agent we discuss budget. It lets me know as a manager what we have to work with. If your budget is $5,000 or more a year then this is no biggie. If your budget is $0……….Don’t laugh……. some agents have a budget of almost nothing but they are in the business. Well I say go get a part time and make $600 to have at least a direct mail campaign to 100 people. The flip side is when an agent has a large budget and they spend spend spend on everything but a direct mail campaign to their sphere. It makes me want to pull my hair out.
My sphere of influence usually needs me every five years. But they can send me referrals all year long. So for 100 people you have the ability to make 10 to 20 closings or referrals. Some don’t use me because they are out of state but they call me for advise and I refer them to another broker and get paid. It is a beautiful thing.
So if you are spending spending spending on all this other crazy stuff, just stop it. Make a plan of action to start a direct mail campaign. Just listed post cards and just sold post cards are the very best because they show your sphere what you do. SELL REAL ESTATE !!! I am not cook so I don’t need a recipe card. I don’t need a card reminding me to change my clock back for daylight savings. I do want people to know I sell real estate.
Real estate marketing basics. Get a data base of family, friends, neighbors, spouse’s freinds and relatives, past customers. Then start a just listed / just sold post card campaign to them. Call them. Go see them. Email them. Work your sphere. Have a party and invite them. If it is in your budget. You want them to think of you when they think of real estate.
oh yeah. You have to give great service as a real estate professional or you are waisting your money and their time.
More to come on working your sphere and the basics. Start your plan right now !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! and send me a referral for Lake Norman, NC
Rick, I agree that marketing to your sphere gives you the greatest return. I hesitated at the start because I was not sure I wanted my friends in my business. Then I discovered it was easier to talk to them about Real Estate than just about any other subject. Everyone is effected by Real Estate and they want to know what is going on with the value of their largest investment. Since I am their friend they trust what I have to tell them. Now when the topic of real estate comes up, it is easy for me to ask them who they know that might be buying or selling real estate. I explain that even if they don’t need my services directly, they are helping me by referring me to someone they know who does.
Comment by Jeff Davis — June 11, 2008 @ 5:25 pm