According to a recent study by the National Association of REALTORS(R), if you are the first real estate professional that the prospect contacts, then you have a 66% chance of getting that customer — regardless of the market conditions(1).
So, what does this mean to you?
Let’s take the next ten real estate prospects who contact you. If you are the first real estate professional each of those prospects has contacted about their specific real estate interest then you can expect to get between six and seven new customers. This assumes, of course, that you’re at the top of your game when the contact is made.
Conversely, if the prospect has already spoken to at least one other real estate professional before connecting with you then your success with that prospect drops to 34%.
Whether you’re selling widgets, real estate, or peanuts on the corner, your success is always influenced by numbers. So, by just playing the numbers it would make sense to somehow increase the number of real estate prospects who contact you first before any other competing agent. By being first you automatically increase your chances of success by a whopping 94% (the increase from 34% to 66%).
This Set of Strategies Places You #1
on a Prospect’s Speed Dial
Being #1 means you are the first real estate professional that the prospect calls when the time comes to buy or sell a house. While it has been said that the Internet changes everything in business, what has not changed are the rules of business. Off-line or online, the one fundamental truth is that most people use the first real estate professional they contact. So, it is more important than ever — particularly in a tough real estate market — for a modern real estate professional to build and leverage a “hybrid marketing strategy” that combines the speed and cost-effectiveness of the Internet with traditional, off-line real estate marketing strategies. Such a system can GUARANTEE customers contact you first.
Email Marketing:
This Strategy Keeps Competitors #2 … Where You Want Them
Register Your Own Professional Domain Name
For heaven’s sake, DO NOT use a free e-mail account such as johndoe@hotmail.com, johnsells@aol.com, susansells@bellsouth.net, markshouses@yahoo.com … you get the picture. The pocket change you save each month with a free account can cost you thousands in commissions. Here’s why:
Free email accounts tell prospects that you’re not serious about your business. A free account also lends very little to your goal of “branding” your real estate services in the marketplace. Spend $5 a month for your own professional domain name and make the right impression on your prospects and clients.
“Brand” Your Services With Your Email Address
Once you have set up a professional email address you should make sure your email address appears on EVERYTHING that might be seen by a prospect. Every flyer, every email signature line, every business card, etc. Your email address should definitely be part of your overall “branding” strategy.
Use An Email Auto-Responder
I use an “auto-responder” in my email system for my business that automatically sends a short email to anyone who sends me an email. This serves two purposes: First, it lets the sender know that I received his or her email.
Second — and more importantly — the message in the auto-responder email conveniently includes a short sales message and a link to a video about my company’s services. I never know who might see that email and need my online marketing services. Best of all, this marketing message costs me NOTHING and operates automatically 24/7! Send an email to me at mel@melcooper.com and you will see what I mean.
Publish Your Own Real Estate Email Newsletter
You are receiving this eNewsletter because you either 1) Gave me your explicit permission to send it to you, or 2) I’ve done business with you at some point in the past and I wanted you to have this information with the option to continue receiving future eNewsletters. Either way, I have placed myself at the top of your mind — at least while you’re reading this email. I’ve even put my picture in this eNewsletter in case you’ve forgotten what I look like.
How to Get Started Using Email Marketing
A consistent, well-written email marketing campaign has a better chance of impacting your business in a positive way than many websites I’ve seen. I use Constant Contact as my email marketing service because it’s cheap, easy, and gets the job done effectively. Click on “Try It Free” to learn more.
What Email Marketing Is NOT Intended To Do
The purpose of your real estate eNewsletter is NOT to sell the recipient something. The goal is to start and maintain a conversation with readers who want your information. In exchange for delivering valuable real estate information you will get something in return. One day your readers will need to buy or sell a house and you will likely be the first agent they contact. Remember, people do business with people they know and trust. That’s YOU!
Finally, you can “opt-out” of receiving my eNewsletter by clicking on the SafeUnsubscribe link at the bottom of the email and that will be that. Or, you can continue to receive this eNewsletter, benefit from it (hopefully), and keep me in mind if I can help you with your own online marketing strategy including our new Video Home Tour service.
Website:
Why This May Cost You in Lost Commissions
Poorly Maintained Websites Leave a Bad Impression
The damage done to your business by a poorly designed and maintained website can be very high. In many cases you won’t even know when the damage has been done. In fact, there is nothing worse than visiting an “orphaned” site … one that has obviously not been updated in many months.
Here’s a Better Idea
If you cannot afford the time and expense of maintaining your own professionally-designed website then my advice is to not have one at all. That’s what I said … skip the website and invest your time and online marketing dollars elsewhere.
Here’s an Even Better Idea
Leverage your real estate company’s website and domain name instead of bearing the cost of your own site and domain. Unless your company’s site is REALLY bad and poorly maintained, you may be better off leveraging that site rather than your own.
But If You Insist!
If you must have your own website — separate from your broker’s site — you should invest in a professionally-designed site that reflects your professionalism in the real estate business. A cheap-looking website designed by your nephew is worse than wearing a cheap suit or scruffy shoes. Whatever you do, keep the site updated and current at all costs.
Blogs:
You Become the Real Estate Expert … and the One Prospects Call
If you cannot afford the cost of your own website you should consider publishing your own online blog that deals with your local real estate marketplace. One thing that most people value is expert information. Therefore, the information in your blog must be valuable and NOT a sales message. The more valuable the information is perceived to be then the more you will be thought of as an “expert” in the real estate business.
Establish Your Credibility
Blogs can be EXTREMELY useful in establishing your credibility as a real estate professional. Use your blog to discuss the pros and cons of various neighborhoods, mortgage financing, city ordinances that effect homeowners, and much more. The key is to “get published” online and make it possible for prospective home sellers or buyers to get to know you. At the end of the day, people do business with people they know and can trust. You might as well be the person who gets the business.
Make Your Name “Pop-up” in Search Engines
Blogs are frequently indexed by the major search engines. This fact makes it more likely that your name will pop up when a prospect is searching online for real estate advice. There is currently a TREMENDOUS untapped opportunity for real estate professionals to capture home buying and home selling prospects. In fact, only 6% of home buyers and 2% of home sellers found their real estate agent through the Internet as recently as 2003.(2) Prospects are already using blogs and email channels to research information which gives real estate professionals an excellent opportunity to fish for more business and make themselves known.
Effective Marketing Alternative
Blogs serve as a much more effective marketing alternative if you can’t be bothered with the time and expense of maintaining your own website. Blogs are easy to maintain and, if used correctly, can deliver extremely valuable information to prospects. When the time comes those same prospects will likely remember where they got their real estate information.
How to Get Started With Your Own Blog
You can set up a blog site for $0 using any number of online services. I like WordPress because the site makes it easy to set up a blog in minutes and offers a variety of professionally-designed templates if you’re artistically-challenged.
* * * * * * * * * *
Excerpts of this e-newsletter were taken from “Real Estate Rainmaker: Guide to Online Marketing” by Dan Gooder Richard. You may order this book online for your own professional library from Amazon.com by clicking here.
(1) Source: National Association of Realtors(R), Profile of Home Buyers and Sellers, for 2003.
(2) Source: NAR 2003 Profile of Home Buyers and Sellers
