Marketing is a critical part of any real estate business.
Great marketing will supply you with a steady stream of fresh leads and new
customers. A well thought out marketing plan will help you win more listing
presentations.
Unfortunately, many agents struggle with marketing.
Here’s a possible reason: Realtors don’t know the difference
between Marketing and Branding.
To understand why you need to focus on Marketing and not Branding, watch this video by Donald Miller. He’s the author of Building a Storybrand – Clarify your Message so Customers will Listen.
Focus on Marketing NOT Building a Brand
As a small business owner, you don’t have enough money or
time to create your own brand.
This is the opposite of what most gurus tell you. If you listen to the hype you should be on social media all day documenting your life and building your personal brand.
There are more than 8,000 Realtors in Columbus, all trying
to brand themselves on Facebook.
Do you really think you can set yourself apart by posting
pictures of listings, open houses, and happy buyers at the closing?
What Makes Your Marketing GREAT?
Let’s go back to Donald Miller. Here’s a simple tip that
will make your marketing great …
Lessons Learned
3 rules to help you become a better marketer:
Spend at least 80% of your budget and time on marketing instead of branding. Posting pictures on Facebook may create emotions, but there’s no reason for the reader to contact you.
Don’t confuse your customer with a clever or cute message. Explain the problem you solve and give them clear instructions on how to contact you.
Always include a strong call-to-action. It’s not enough to put your name and phone number on a postcard. Tell them exactly why they should call or text you.
How to Become a Better Marketer
I can help you master the marketing game to get more leads,
close more sales and earn higher commissions.
Agents who join our brokerage get full access to our
proprietary marketing system which has consistently generated $15 million in
sales per year.
Click here and schedule a confidential meeting to find out how you can join and become an expert marketer.
Could you improve your business by listening to successful
people?
I am sure you could. Unfortunately, you don’t have enough
time to listen to hours of podcasts, watch educational videos, and read every
new business book on the market.
Here’s how I can help …
Over the next few editions of AGENT INSIDER I will introduce
you to thought leaders that inspire me. I will pick topics they published and
summarize them for you, so you can implement them in your business.
Let me start with Adam Contos. In the past he was with the
Marine Corp, ran a Swat Team, and developed the Safety Training For Every
Realtor (SAFER).
Now, he’s the CEO of RE/MAX.
In his podcast he challenges listeners to begin every day by choosing to do the things that will set them up for success. The podcast is called Start with a Win.
In a recent episode Adam explained the 5 reasons why
Realtors or other businesses fail.
Top 5 Reasons Why Realtors Fail
Success is not happening by accident. The key to becoming
successful is taking a look at your failures …
1. No System To make your business predictable you need systems to generate leads and to provide high quality service. You may get lucky with some friends or family hiring you to list their home, but without a system you won’t attract new clients consistently.
2. No Accountability If no one holds you accountable you will not achieve your goals. While employees have a boss, who tells them when to show up and what to do, as a business owner you need to be accountable to yourself. Find an accountability partner or hire a coach.
3. No Action Without consistent implementation nothing’s going to happen. Did you ever listen to a motivational speaker explain a new marketing strategy that would help you get more clients? But you never got to implement the strategy? You can’t be just watching – you have to start doing!
4. No Follow-Up The majority of business comes from repeat customers and referrals. It’s much easier and less expensive to stay in touch with previous clients than buying internet leads or door knocking a neighborhood.
5. No Value Many sellers don’t see value in your service, so they ask you to lower your commission. Do you know how to explain and deliver value to a seller? What’s valuable to people is helping them with their challenges. No value means you are a commodity – just another Realtor – and sellers will choose the lowest bidder.
I am sure you heard these 5 reasons before. Treat them as a
reminder and keep them top of mind so your business will thrive.
Click here to listen to the full (20 minute) episode or go to Itunes or Stitcher and search for Adam Contos or Start with a Win.
PS: If you did not have a chance to complete my survey or if you simply forgot about it, click the button below!
As a productive agent you
are probably busy with clients. It’s prime home buying season after all. This
is only going to take a minute …
I need your help shaping the future of AGENT INSIDER (this email
newsletter), so I can send you exactly the information and advice you are
looking for.
Here’s a
short 6 question survey. Please click the button and complete it right now – it
only takes a minute.
Let me know if the AGENT INSIDER helps you in your
business. I don’t want to spam your inbox. I also don’t want to waste time
creating content no one reads.
As always, I wish you a
productive and successful week!
We help struggling agents become top producers (without sacrificing their personal lives). Give me a call or text at (614) 395-7375 and let’s help build you into a top producer!
It’s Tax Day – an unpleasant day if you still owe money to
the IRS.
To make your day a little more enjoyable I’d like to share my thoughts on Opportunity Zones (OZ), and how you could build a profitable business around this tax incentive.
What Are Opportunity Zones?
Opportunity Zones are low income census tracts. Most of the
OZ’s are in areas that could use investment to improve the economy.
The Tax Cuts & Job Act created an incentive to invest capital gains in OZ’s. It works like this (for specifics go to IRS.gov or talk to your tax advisor):
If you invest capital gains in a business or project in an OZ,
the tax owed on the capital gains is deferred for up to 10 years.
After 5 years you get a 10% discount and after 7 years a 15%
discount on the capital gains taxes you owe.
If you sell your investment after 10 years, the gain from
the investment is tax free.
This is a long-term incentive. It allows investors to defer
paying capital gains taxes and profit from tax free gains in the future, while
supporting economic development in low income areas.
Who’s Interested in Opportunity Zones?
During an OZ event at Columbus Realtors, Mark Lundine from the Economic Development Division of the City of Columbus said he never got that many calls on a single program from investors looking for projects.
There’s a lot of capital gain out there. And investors are looking for projects to put this money to good use, to pay lower taxes and to do something good for our community.
How Can Agents Profit?
Even without your own capital gains to invest Realtors have
a unique opportunity to develop a profitable niche around this tax incentive.
As a Realtor you should specialize in finding projects. This could involve land development, older buildings for redevelopment, or simply properties for companies who want to move their business to an opportunity zone.
Here’s a map of all OZ’s in the State of Ohio. Figure out how you can market to property owners in the designated census tracts, possibly list their properties or represent investors.
Tip: According to this article by Zillow home values in OZ’s have skyrocketed by as much as 25%.
Will you pursue this opportunity? Reply or comment and let
me know.
Referrals are the best source of leads for your real estate business. You are endorsed by the referrer, there’s no competition, and referrals are basically free.
A Referral Business Takes Effort
Referrals and repeat clients have been 60 to 70% of our
sales every year since 2012.
This is not a “set it and forget it” lead source. You have to invest time, energy and some money to GROW your business with referrals.
Below you will find strategies to run and grow a referral-based
business compliments of three of the most recognized real estate coaches in
America.
6 Modern Referral Strategies by Tom Ferry
Tom Ferry promotes different tactics for lead generation. In this video he talks about 6 modern referral strategies – some you probably never heard of. Check it out …
The Buffini Referral System
Brian Buffini leads a huge coaching organization for Realtors and small businesses. His system is completely based on referrals.
The approach is simple: “A consistent level of contact
with and care for the people in your database will lead to a steady stream of
repeat business and referrals to their friends and associates.”
Buffini’s system uses a combination of direct mail, email,
phone calls and Pop-Bys along with targeted dialogues and hand-written notes to
create a stream of high-quality referrals.
I recommended Michael Maher’s book “The 7 Levels of Communication” many times. It tells the story of a mortgage broker who helps a real estate agent rebuild his business through strengthening relationships.
Watch this video interview to learn more about his book and the philosophy behind the Generosity Generation.
Should You Rely Exclusively on Referrals?
Many agents tell me they rely on referrals only. That may be
true, but most struggle to grow beyond $2 million in sales a year.
I don’t believe you should build your business exclusively on referrals. If your livelihood depends on a single source of leads you put all eggs in one basket. And if that basket goes away you are out of business.
