I asked this question, on LinkedIn, two weeks ago. Here's what I heard:
Danilo Bogdanovic
Real Estate Consultant, Realtor, Blogger, Social Media Consultant
Best Answers in: Lead Generation (1)
Here are top 3:
1) Focus on strengthening your relationship with past clients (not just
increasing the frequency of your drip campaign). You'll be amazed how
referrals will increase.
- Rather than decreasing your marketing efforts, increase them. But
make your marketing more cost-effective and increase your ROI by
focusing on what works and stop doing what no longer does.
- Get involved in your community and do something you like to do. You
will meet new people and network while doing good within your
community. You'll feel better about yourself while getting your name
out in your community.
Clarification added 8 days ago:
(sorry for the typos/grammar...typing while on the way out the door to a meeting)
I do a lot of work with buy-and-hold
rental home investors, many of whom are able to come into Phoenix with
all-cash offers. Poor me, I know.
But: I've been spending a lot of my time, lately, thinking about
"triangle-trade" strategies -- old-style funding mechanisms that we
were happy to forget all about when money was easy.
So picture a buy-and-hold investor with 100% equity who wants the
best deal he can get when he sells his former rental home. Why not do a
lease-purchase instead of a straight sale? The investor can help his
buyers accumulate a down-payment, perhaps working with them to improve
their credit score at the same time. The investor gets a higher
purchase price, the buyers get a lower monthly payment, everybody wins.
Or how about selling with a contract-for-deed? There are a lot of
people out there with great incomes but lousy credit -- more every day.
If an investor -- or ordinary homeowner with equity -- is willing to
take on the risk of a carrying back note, the home can sell at a
premium over its market value.
Buyers are not in short supply. Workable deals could be, going
forward. The Realtors and lenders who can make things happen are the
ones to watch.
Links:
Web 2.0, 3.0, blogging, Facebook, Twitter, etc etc. I'm a big fan of all that.
But sometimes nothing beats picking up the telephone. Expanding your
"sphere". And by "sphere" I mean people you REALLY know, not your 486
Facebook "friends" and the 1,132 people you follow or follow you on
Twitter.
Use those tools to MEET people. You know, REALLY meet them. As in face-to-face, shake hands, establish a relationship meet.
People are still buying and selling homes. Every day. But there are
many more buyers "on the fence". Meet people, educate them. They're out
there clamoring for it.
Links:
Write a series of blog posts on buying Short Sales and Pre-foreclosures in a local market using all the right keywords but also with decent readable content. Be consistent and Google will begin spider for authority. Have a point of conversion on site that is easy to find and fill-in. Become an advocate for the buyer and an expert on the whole messy process and see what shakes.
Great question Brian! I say focus on the
fundamentals - look for face to face opportunties. Aside from social
media sites such as LinkedIn, Facebook or Twitter, the next step is to
organize a TweetUp, encouraging face to face interaction - but with
folks OUTSIDE of your business sphere.
I strike up more conversations with folks standing in line at the
grocery store - goofy yes, but we have something in common - the long
wait!
Links:
Dru Bloomfield
Real Estate Professional in Scottsdale, Arizona, Blogger - AtHomeinScottsdale.com
My first answer is to find several
avenues for acquiring buyers, and to do them over and over,
consistently. Choosing ways to connect with people needs to jive
internally or it does not come off as authentic. The actions really
need to be something that an agent believes in and ENJOYS doing.
I also believe that having 2-3 primary modes of touching potential
buyers is paramount to long-term business success. For me, that
currently includes buying leads (yes, unpopular, but works for me), web
2.0 (blogging, being very active in social media), and volunteering in
my community (really started as a way to give back).
Keeping touch with past clients and our sphere is critical too. In this
market, they are almost afraid to ask how we are doing for fear our
response will not be positive. Reminding them we are in business is an
easy way to start a conversation..... and right now, everyone really
does want to know how real estate is doing.
Links:
My best source of business is referrals from my past customers. I would like to keep it that way.
Keeping in touch is more important than ever. With all the bad news out
there, people even need to know that agents are surviving and thriving.
Links:
I'll echo Jay, when I say that I'm working on getting back to the basics.
There will be less mass marketing and more direct mail.
There will be less Web 1.0 (well none) and more Web 3.0
There will be less non-met focus and more Met focus.
All of these things will help, but the most important thing is for me to exactly what Gary Keller says about our sellers ...
"They have to be IN the market not ON the market."
Leading with revenue, working from a point of "value" and building myself in that manner.
Blog, write, blog, write, stay out of
the office and avoid the negative complaining of other agents. I know I
sell more real estate because I limit my exposure to negative agents.
Market to prior customers. Its easier to keep customers we have than find new one's.
Links:
I think buyers are still to be found in all the places they've been found before.
A great, FINDABLE online presence is good.
Home buyers seminars attract new buyers.
Since rates are low again it's probably a good time to start
targeting apartment complexes; particularly high end ones with high end
rent. Once renters find they can own a condo or house for less then
they're paying in rent they will become buyers.
Links:
Brian, the theme we see here is personal
relationships, referrals and diligent follow up. I stress the latter
because it's often the most important. It's one thing to use tools like
a site or otherwise to generate new buyer leads; it's another thing to
benefit from using them. Commit to timely follow-ups and personal
interaction while under promising and over delivering and you cannot go
wrong.
One of my REALTORs in Reno, NV often bought a surprise housewarming
gift for first-time clients after closing. If they needed a dishwasher,
he'd have one delivered. If they didn't like a room color, he'd have a
bucket of paint and drop cloth sitting in the room waiting. It was this
"above and beyond" reputation that won him my business - my friends had
already done three transactions with him and referred me.
For me, he showed up on a Sunday and helped me unload a moving truck.
It was a painful short sale (I was buyer) requiring two appraisals
(rural area - ranch estate and dirt roads) and various delays and he
helped every step of the way. To make matters worse, the well broke
suction a month after closing and I discovered a false well report
passed off as current by the seller; he made them right and split costs
w/ seller's agent for new pump, well deepening, etc. Despite the
hassles, I proceeded to give him my listing when I sold that property
for $100K profit 18 months later. I still refer clients to him 5 years
later. Small personal gestures beyond the bottle of branded champagne
show you care and that significantly increases your referrals and
repeat business.
A good loyalty program is Homeminders.com and a cheap way to keep
your brand top-of-mind with clients. This could be one of those "gifts"
you provide clients and a useful tool they use to remind them to change
filters, clean the spa, etc.
Vicki Lloyd is a client of mine and I cried when I didn't hear her
yell Goomzee.com ;-) Actually, you will need lead capture tools like
ours to help collect new buyer leads and reduce missed sale
opportunities. The work starts with the tool, however, so be committed
to follow up on leads same day, ideally within the first couple hours.
Go get 'em! Happy holidays and to all, a prosperous 2009.
Links:
Mark Hankins (startnow@flacorps.com)
Lawyer & Owner, Florida Incorporators, Inc., providing fast & affordable formation of Florida Corporations and LLCs
Best Answers in: Government Policy (4)... see more
Get in touch with some of the local real estate investors who find tenants using bandit/snipe signs. Arrange for them to qualify prospects for FHA purchases and pass them along to you when possible.
The best way to get more buyers is to do
what is counter-intuitive during a recession. When people make cuts,
normally one of the first things to go is marketing budgets - bad idea.
While everyone cuts their marketing budget, this leaves a market that's
less cluttered by others messages and more open to yours.
However, this doesn't mean go and spend a ton of money on newspaper
ads or television spots - it means find new ways to better market
yourself.
Take advantage of social medias like this site, Twitter, start a
blog, get on facebook. Basically start interacting more with people.
The more people that know you; the more often you'll get referrals
or you'll be the one they think of first; the more buyers you'll get.
I think that for every negative there is always a positive. The challenges that Realtors face with the foreclosure and credit crunch saga brings more opportunites to the real estate professional once we divulge our expertise. These are times when we have to understand what opportuniites are there for us. Timing is everything - time does not do anything for us - it is up to us who do it so everyday brings its challenges itself. We all thirst for answers and those answers will rely on creativity, perseverance, and the power to exercise our expertise in the real estate field.
Missy Caulk
Associate Broker Keller Williams Realty- Ann Arbor
Best Answers in: Commercial Real Estate (1)... see more
Brian you know what I think, PPC. We
should talk maybe you can hook up with some Realtors in CA near you and
help co-pay the system.
Of course you know I use Tiger because it is sticky and I have plenty
of leads in M I C H I G A N.......................enough said.
First off, let me tell you that as an active agent, real estate professor and author that I'm not a wierdo, but I swear by Feng Shui. While all agents can run ads, cold call and beat the streets, most agents who don't succeed haven't got the right mind-set, or energy. Feng Shui helps get all that energy flowing in the right direction. Thanks!
Links:
My plan is to be very visible and easy for buyers to find. More blogging, probably some twittering, continue to participate in my community's activities, wear my name badge everywhere, do some open houses, etc.
Links:
Thank you for asking such a good question as I enjoy the ideas being proposed in the answers. I really feel the market will improve as the bail outs start to focus on mortgages. Homes are the key to the economy and they will figure it out eventually. We Realtors need to blog, social network and utilize all tools available on the internet, as that is where our future clients are looking. Print media is dead; look at the Times and Tribune!
Links:
Pay off someone who will give you all
their buyers! Ok, you know my answer. The best way to get more buyers
is by having a quality website with a great lead capture and lead
conversion system attached to it. Even in the downturn, most buyers are
going to start their search on the Internet. He who captures and
converts the most leads win! Of course I have all the answers
ehomesrealtynetwork.com.
Another great way to find buyers in this market is seminars. This
is not only easy to do, it's very rewarding. I love helping first time
homebuyers find their new home. They listen and are extremely
appreciative of your hard work!
Links:
Rick Schwartz
Realtor, Sales Executive, World-class Sales Trainer
Best Answers in: Business Development (1)... see more
The key isn't in the specific techniques
- there are dozens. Some are new, high-tech ideas, like blogging,
social networking, e-newsletters, updating your website frequently and
some are more traditional like holding open houses, taking as much
floor time as you can (yes - it can be boring in a down market but
bring your laptop and do your e-based stuff), calling your sphere of
influence, physical networking groups, etc.
The key to finding more buyers is to take the various techniques
that you want to do - and do them. Make a list of what you are going to
do. Schedule time on your calendar every day, block it out and do your
marketing/lead gen activity. If you don't schedule time to do it,
you'll only work on them "when you have a spare moment" - which, for
most people, never happens.
Our business is really quite unique if you think about it. 100% of
people need a place to live. We help people find places to live so
everyone is a prospect at some level. The fact is that well past 99% of
those people have are people we've never met - so our goal should be to
meet as many of them as you can.
I look at everyone as a potential client or referral source. I
don't accost people but I always talk to strangers - not about real
estate, but I always am either wearing a baseball cap with the name of
my company on it or I have my Realtor badge on. It's amazing how many
times, people say "Oh - you sell houses?" I ask other customers in the
grocery store if they know where things are or I sometimes I'll ask
someone taller than me to reach something, or I'll comment on how
crowded the store is.
I never pay for gas at the pump. I always use a credit card and
choose "pay inside". I sign the receipt with one of my imprinted pens
and leave it on the counter. I do the same in restaurants or anywhere
you pay by credit card (darn those electronic sig tablets).
None of these are brilliant ideas that are going to generate a ton of
sales immediately but my point is that you have to be marketing all the
time - except when you have day off - which is very important to plan
also.
Faith Sloan
Sr. Web Technologist Consultant at Idaho Power Company
Best Answers in: Business Development (1)... see more
I believe that The Future of Advertising
is NOT Pay Per Click (PPC). Why, because it is no longer cost-effective
in my opinon. The costs has skyrocketed.
The new way of advertising where you can get BUYERS in front of
your product and brand yourself is what is called, Cost-Per-View
Advertising or CPV.
There is a company that is moving fast in this area. Noobing L.L.C.
was created in August 2008, and the Overland Park, KS based marketing
and advertising company is already carving a foothold for itself in the
internet marketing world.
Part of the Noobing’s strategy is to generate interest over its
very unusual name. Its creators have taken a page from the books of
successful businesses such as Google, Yahoo, and Twitter, and from
oddly named music festivals such as Lollapalooza and Wakarusa—in its
bid for bucks.
I spoke with the Director of IT and he communicated to me that
Noobing is a high traffic advertising venue that raises the Alexa
rating of all it’s advertisers. I am using them for advertising my own
products and services. When you come on board with Noobing, you give
yourself the option of placing your websites in front of a captive,
BUYING audience for 30 seconds or more at a time. It is like an online
commercial in my opinion but at the fraction of the cost and also at a
fraction of the cost of Google Adwords and others like it.
Links:
Jillayne Schlicke
Forward-looking educator in the real estate and mortgage lending industry
Hi Brian,
The buyers are all out there......They are waiting for home values to come down further.
The best thing Realtors can do is to stop trying to delay the deflation
of home values at the upper (Washington D.C.) levels of leadership.
The more the Realtor industry tries to stop declining home values,
the longer it will take for the buyers to come off the sidelines.
Stop complaining about the market. Stop complaining about the economy and be excited that housing and rates are at a fantastic low. Then people will listen to the benefits of buying now.
Draw close alliance with lenders…all the
while knowing that the average home owner relocates every five years.
Then position yourself to list their old home, and help them find a new
home at the appropiate time. Obtain your list...and "go to market."
FORREST GRAVES networking@alltel.net
In a word "Internet"
