Monday, December 21, 2009
Friday, December 18, 2009
Wednesday, November 18, 2009
Monday, November 16, 2009
Friday, November 13, 2009
Thursday, November 12, 2009
Monday, November 9, 2009
Sunday, November 8, 2009
Wednesday, November 4, 2009
Monday, November 2, 2009
Automate your email marketing and increase sales
Developing and managing your contact database is a crucial part of any salespersons career and needs to be at the top of your priorities. It continues to amaze me that many of the agents I interview do not have a contact database or if they do it is not updated and current. Think of all the lost opportunities those agents missed out on and how that business could have helped grow their careers. The National Association of REALTORS conducted a survey a few years ago asking home buyers and sellers if they would work with their agent again and 80% responded yes, they would. However, when they asked experienced consumers who were buying their next home if they worked with the same agent as their last transaction 75% said no, they did not. The #1 reason they gave for this change was that the agent never stayed in touch with them after the transaction.
Think about how much business those agents would have earned if they just stayed in touch. Not just direct sales but all the referrals of friends, family members, co-workers and so on. If your database needs work get it fixed now! It’s never too late to get started and the rewards will more than offset the work. Once you have it up to date and start managing it every week by adding your new clients then you can start automating your contacts by putting in place a drip email campaign.
What is a drip campaign? It is having an email sent every month featuring or highlighting a service or product that you provide that may be of interest to your clients. This needs to be branded with your photo, email and phone number along with any other contact information. The best systems are automatic in that once you upload your contacts and select your mailing campaign you are done. It just goes out each month automatically for a predetermined number of months. There are others that require you to select the message you are sending each month and therefore require more involvement on your part. I like the automatic systems best, the less maintenance involved the better.
There are several companies that offer excellent email drip marketing products for low or no cost. Constant Contact - www.constantcontact.com is very popular and many companies have developed custom templates for their sales agents to use on this site. Sharper Agent - www.sharperagent.com is another company that offers monthly drip marketing campaigns. Search around and do your homework before committing to a service that has a cost involved. Some companies offer drip email campaigns for free to their agents such as William Raveis Real Estate – www.raveis.com which sends information out monthly on their company products and services and brands it to the individual agent.
Getting control of your contact list and automating the process of staying in touch will strengthen your relationships and help you achieve the level of success that your business deserves.
Think about how much business those agents would have earned if they just stayed in touch. Not just direct sales but all the referrals of friends, family members, co-workers and so on. If your database needs work get it fixed now! It’s never too late to get started and the rewards will more than offset the work. Once you have it up to date and start managing it every week by adding your new clients then you can start automating your contacts by putting in place a drip email campaign.
What is a drip campaign? It is having an email sent every month featuring or highlighting a service or product that you provide that may be of interest to your clients. This needs to be branded with your photo, email and phone number along with any other contact information. The best systems are automatic in that once you upload your contacts and select your mailing campaign you are done. It just goes out each month automatically for a predetermined number of months. There are others that require you to select the message you are sending each month and therefore require more involvement on your part. I like the automatic systems best, the less maintenance involved the better.
There are several companies that offer excellent email drip marketing products for low or no cost. Constant Contact - www.constantcontact.com is very popular and many companies have developed custom templates for their sales agents to use on this site. Sharper Agent - www.sharperagent.com is another company that offers monthly drip marketing campaigns. Search around and do your homework before committing to a service that has a cost involved. Some companies offer drip email campaigns for free to their agents such as William Raveis Real Estate – www.raveis.com which sends information out monthly on their company products and services and brands it to the individual agent.
Getting control of your contact list and automating the process of staying in touch will strengthen your relationships and help you achieve the level of success that your business deserves.
Thursday, October 29, 2009
Wednesday, October 28, 2009
Tuesday, October 27, 2009
Laziness and jeans in the workplace
Dress for Success! That was the mantra in the workplace once upon a time and I for one believe it still holds true. Unfortunately far too many real estate salespeople think that jeans, flip-flops, shorts and other casual wear is appropriate daytime dress code. How did we ever get to this point???
As a consumer my expectation is that the person I am interviewing and hiring to represent me in a real estate transaction will show up in a business suit or dress outfit with dress shoes. At the least men will have a tie, slacks and sports jacket and women a dress or suit with dress shoes. If I trust the single largest investment in my life to someone they better look and act the part. I want a professional not a lazy agent who doesn’t take the time to respect themselves or their profession.
Harsh words? yes and true. Would you trust a stock broker that shows up in gym shorts? A doctor that’s wearing jeans and flip flops at your appointment? A banker that has on a t-shirt and jeans as you sit down for your mortgage application? There are so many sales agents out there that feel it is perfectly acceptable behavior and come armed with all the excuses to defend their behavior: “It’s what we do on the shoreline”, “My clients are more comfortable with this look”, “I’m just not comfortable in a suit and tie”, “It’s not how business is done anymore”
The list of lame excuses is endless and they are just that - excuses. If someone is paying me 6% of the sale price of their home or a 3% fee for representing them in a purchase they deserve to see a professionally dressed sales person. Think of how you would feel if a person in jeans, polo shirt and flip flops put their hand out and asked for $8000 to represent you? Be honest, how would that make you feel? Remember what your mother and father taught you, first impressions are lasting impressions. You only get one chance so why blow it?
Think of your wardrobe as a component of your sales tool chest. It’s just as important as that laptop computer or electronic tape measurer. When you are in sales you are always on display and always working. You never know when that call will come asking for your service or who you will meet while out running errands. Dress to impress. You may not think people care but they do and creating that professional image will bring more business your way and increase your reputation and referrals.
Same thing goes in the office. Respect your broker and fellow agents by dressing appropriately. The lame excuse of “I’m off today and just had to run in for a minute in my jeans” is no excuse at all. The respect your peers have for you and the opportunities for referrals will increase if you look professional. So kick off those flip flops, slip into a nice suit and get that listing you’ve been after!
As a consumer my expectation is that the person I am interviewing and hiring to represent me in a real estate transaction will show up in a business suit or dress outfit with dress shoes. At the least men will have a tie, slacks and sports jacket and women a dress or suit with dress shoes. If I trust the single largest investment in my life to someone they better look and act the part. I want a professional not a lazy agent who doesn’t take the time to respect themselves or their profession.
Harsh words? yes and true. Would you trust a stock broker that shows up in gym shorts? A doctor that’s wearing jeans and flip flops at your appointment? A banker that has on a t-shirt and jeans as you sit down for your mortgage application? There are so many sales agents out there that feel it is perfectly acceptable behavior and come armed with all the excuses to defend their behavior: “It’s what we do on the shoreline”, “My clients are more comfortable with this look”, “I’m just not comfortable in a suit and tie”, “It’s not how business is done anymore”
The list of lame excuses is endless and they are just that - excuses. If someone is paying me 6% of the sale price of their home or a 3% fee for representing them in a purchase they deserve to see a professionally dressed sales person. Think of how you would feel if a person in jeans, polo shirt and flip flops put their hand out and asked for $8000 to represent you? Be honest, how would that make you feel? Remember what your mother and father taught you, first impressions are lasting impressions. You only get one chance so why blow it?
Think of your wardrobe as a component of your sales tool chest. It’s just as important as that laptop computer or electronic tape measurer. When you are in sales you are always on display and always working. You never know when that call will come asking for your service or who you will meet while out running errands. Dress to impress. You may not think people care but they do and creating that professional image will bring more business your way and increase your reputation and referrals.
Same thing goes in the office. Respect your broker and fellow agents by dressing appropriately. The lame excuse of “I’m off today and just had to run in for a minute in my jeans” is no excuse at all. The respect your peers have for you and the opportunities for referrals will increase if you look professional. So kick off those flip flops, slip into a nice suit and get that listing you’ve been after!
Monday, October 26, 2009
Take Control of your schedule and build your business
I remember starting out in sales and the feeling of excitement that came with owning my own business and setting my own schedule. I was master of my destiny and could work whatever 80 hours a week I chose to build my business. The only setback was that I spent most of my time managing the business I already had and not developing new leads. There never seemed to be enough time in the week to get those phone calls in and prospect for new clients and this was having a negative effect on the bottom line.
As a business owner the most important appointment you can make each week is with YOU. Set aside at least 1 hour of each day and write it in your appointment book as a business development meeting. Use that time just for prospecting calls and let everything else wait until that time is up. This is key, if you allow interruptions from phone calls, emails, text messages and friendly coworkers sidetrack you then your business will continue to suffer for it. Make sure nothing disturbs this time. It is an appointment with the most important person in your world - you.
Sound simple? It's not. Forcing yourself to set aside this time and keeping those appointments will prove very difficult at times but the results will be worth it. Imagine what your business will look like a year from now? Two years? Learning to take control of your time and prospect weekly will have a dramatic effect on your life and is critical to building a successful sales career.
As a business owner the most important appointment you can make each week is with YOU. Set aside at least 1 hour of each day and write it in your appointment book as a business development meeting. Use that time just for prospecting calls and let everything else wait until that time is up. This is key, if you allow interruptions from phone calls, emails, text messages and friendly coworkers sidetrack you then your business will continue to suffer for it. Make sure nothing disturbs this time. It is an appointment with the most important person in your world - you.
Sound simple? It's not. Forcing yourself to set aside this time and keeping those appointments will prove very difficult at times but the results will be worth it. Imagine what your business will look like a year from now? Two years? Learning to take control of your time and prospect weekly will have a dramatic effect on your life and is critical to building a successful sales career.
Sunday, October 25, 2009
Update your contact database now and increase your referral business
Do you have a contact database? Is it in Microsoft Outlook, Excel, Top Producer, Lead Trax or some other program that will allow you to easily manage and export that information? If the answer was no to either of these questions you are letting dozens of referral leads and new contacts slip past your business. Referrals are the best sort of business in sales since the person being referred is already presold on working with you and expects that it will be a positive experience. A crucial part of managing your business is managing your SOI - Sphere of Influence.
Everyone has an SOI and it usually contains at least 150 contacts including friends, family, people you do or have done business with, past school mates, past clients, past coworkers and so on. Your SOI contains people that know and trust you and would be more than willing to give you a referral if only you would ask. This group likes you! Show them it’s mutual by staying in touch with them on a regular basis.
If you don’t have your contact list together now is the perfect time to get started. Reach out to them and let them know that your are updating your contact list and that you would like to verify their email address, cell phone, home phone and address. It is also a great opportunity to ask for a referral - Who do you know that is thinking of buying or selling?
This is a lot of work in the beginning and you should set a goal to finish it within a two to three week timeframe. Once it is completed it is a simple matter of updating it with new contact info on a daily basis. Or not so simple? The truth of the matter is that most of us create the list and then let it wither by not updating it. Set aside 15 minutes at the beginning or end of each day to do your updating. Develop this habit and soon it will be a part of your daily routine and your business will grow from it.
Everyone has an SOI and it usually contains at least 150 contacts including friends, family, people you do or have done business with, past school mates, past clients, past coworkers and so on. Your SOI contains people that know and trust you and would be more than willing to give you a referral if only you would ask. This group likes you! Show them it’s mutual by staying in touch with them on a regular basis.
If you don’t have your contact list together now is the perfect time to get started. Reach out to them and let them know that your are updating your contact list and that you would like to verify their email address, cell phone, home phone and address. It is also a great opportunity to ask for a referral - Who do you know that is thinking of buying or selling?
This is a lot of work in the beginning and you should set a goal to finish it within a two to three week timeframe. Once it is completed it is a simple matter of updating it with new contact info on a daily basis. Or not so simple? The truth of the matter is that most of us create the list and then let it wither by not updating it. Set aside 15 minutes at the beginning or end of each day to do your updating. Develop this habit and soon it will be a part of your daily routine and your business will grow from it.
Saturday, October 24, 2009
Keep your pipeline filled with new business by not breaking your 90 day cycle
Prospecting is the life blood of real estate sales and doing it often will grow your business and ensure your long term success. The problem is that prospecting can be hard work and many of the activities are repetitious and the results are not always immediate. This usually means that once you start working with clients the prospecting activities will stop until your business dries up and you are forced to start over again. I have seen this time and again and it is a frustrating cycle that keeps your business from reaching it true potential. With a little self discipline this can all be avoided and your business will flourish and wealth will grow.
Keep to your 90 day cycle. Now matter how busy you become with clients never stop prospecting for new clients. The prospecting activities you do each day for the next 90 days will feed your pipeline of business in the 90 days that follow. Sure, now and then you’ll get an instant response/transaction and that’s one of the rewards of consistent prospecting but most of it will take follow up and persistence. Schedule time each day in your calendar just for prospecting. This is your appointment with your business and it is critical that you keep it. Take that time to build your dream
Keep to your 90 day cycle. Now matter how busy you become with clients never stop prospecting for new clients. The prospecting activities you do each day for the next 90 days will feed your pipeline of business in the 90 days that follow. Sure, now and then you’ll get an instant response/transaction and that’s one of the rewards of consistent prospecting but most of it will take follow up and persistence. Schedule time each day in your calendar just for prospecting. This is your appointment with your business and it is critical that you keep it. Take that time to build your dream
Friday, October 23, 2009
Repetition = Recognition, market your brand and grow your business
In real estate YOU are the brand. People work with you because they like and trust you and then refer their friends and family for the same reasons. Your job as CEO of you inc. is to get your brand in front of your contacts and the public at large as often as possible. There is the old principle of having to contact people a minimum of 8 times before getting a response. This barely scratches the surface in today's information overload society. In order to get a return on your marketing you need to be in front of your contacts a least 18 times a year and even more with the general public. Everything you spend marketing dollars on should be reinforcing your brand and driving consumers to your business. Have an ego it's ok, in fact it's a benefit in sales. Don't hesitate when investing in media that will get you in front of as many consumers as possible. Whether its billboards, websites, print, cable, or radio they will all generate the recognition your business needs to grow. Take advantage of free media. Market yourself to local reporters as a resource for stories they are working on and enjoy the recognition, it comes from repetition...
Thursday, October 22, 2009
Build your contact list and build your sales career applying the 5/25 rule
Referrals are the lifeblood of your sales career and growing your contact list and prospecting them will increase your referrals and grow your business. The 5/25 rule will grow your list and provide more opportunities to work with new clients. The concept is simple but the application of it takes commitment and hard work that many find difficult and give up on quickly.
5/25 rule = Make 5 new contacts 5 days a week providing your contact list with 25 new prospects per week. Now here's the hard part, the new contact has to be someone you have never met before and who now has your contact info and you have theirs. This means you need to go out of your way to engage total strangers in conversation and make that interaction a positive one for both of you. I warned you that this is difficult but the rewards are worth it. Imagine if you only achieve 3 out of the 5 per day. That's 720 new contacts per year! Just think, within 3 years you will have over 2000 contacts to prospect for referrals and direct business. The average agent when asked how many people are in their contact list will say around 200 and their referral business reflects that number. If you have 2000 contacts and prospect them for referrals on a regular basis your business will keep growing and growing.
TIP: Wear your name badge identifying you as a real estate professional everywhere you go. It's a great ice breaker.
5/25 rule = Make 5 new contacts 5 days a week providing your contact list with 25 new prospects per week. Now here's the hard part, the new contact has to be someone you have never met before and who now has your contact info and you have theirs. This means you need to go out of your way to engage total strangers in conversation and make that interaction a positive one for both of you. I warned you that this is difficult but the rewards are worth it. Imagine if you only achieve 3 out of the 5 per day. That's 720 new contacts per year! Just think, within 3 years you will have over 2000 contacts to prospect for referrals and direct business. The average agent when asked how many people are in their contact list will say around 200 and their referral business reflects that number. If you have 2000 contacts and prospect them for referrals on a regular basis your business will keep growing and growing.
TIP: Wear your name badge identifying you as a real estate professional everywhere you go. It's a great ice breaker.
Wednesday, October 21, 2009
Apply the 10% rule and increase your listings activity and sell them faster
The 10% rule is based upon the premise that in any given month 10% of the inventory in a town will sell because it is perceived as a good deal compared to the rest of the active inventory. In a market like we are in driven by price it is critical to have your listing positioned competitively.
The question is - How do I get my clients home in that group?
First start by researching how many competing listings are currently active in that town that are comparable in size. In order for your client's home to sell this month it needs to be 10% below the competition. It will then be perceived as a deal or bargain and go under contract saving your clients months of carrying costs. Naturally your clients may resist reducing the price of their home so make sure this conversation takes place in person and that you present them with your research. If they are still unwilling to do a reduction ask for a 10 day reduction and market it as a 10 day sale in your open house ads and online. The worst that can happen is that they get more traffic or an offer
The question is - How do I get my clients home in that group?
First start by researching how many competing listings are currently active in that town that are comparable in size. In order for your client's home to sell this month it needs to be 10% below the competition. It will then be perceived as a deal or bargain and go under contract saving your clients months of carrying costs. Naturally your clients may resist reducing the price of their home so make sure this conversation takes place in person and that you present them with your research. If they are still unwilling to do a reduction ask for a 10 day reduction and market it as a 10 day sale in your open house ads and online. The worst that can happen is that they get more traffic or an offer
Tuesday, October 20, 2009
Product vs Commodity - educate your clients and get it priced to market
Most sellers don't really understand how the real estate market works and feel that the price they think their home is worth is what a buyer should pay. Sure they get the fact that negotiations are involved and that's why they all want to start higher than what they think it is worth to get that wiggle room. This is a mistake as it prices the home out of the market and ends up costing them more money in the long term once you add up carrying costs and minus out the reductions that may not have been necessary had it just been priced right from the start. That is why it's so important to educate your client on the difference between a product and a commodity. Real Estate is like the stock market and values fluctuate based upon supply, demand and the economy just like stocks. Sure there are other factors that can play in like speculation, crazy lending and such but supply and demand is usually where it all begins. Doing your homework and providing a thorough market analysis will show the client who their competition is, what price point is moving, and where they need to position their home in order to be competitive and achieve their goal of selling the home.
Monday, October 19, 2009
Consumers are tired of hearing "Price Reduction" educate them on "Market Positioning" and show them real value
A large part of our job is to educate consumers & clients on how real estate transactions work and what influences the outcome of their transaction. This is not always the easiest thing to do especially when things are not going their way or living up to their expectations. The market we've experienced for the past 2+ years has been especially difficult for our sellers with decreasing home values, tighter lending and buyers sitting back and waiting. It seems that most sellers have been 6 months behind the market with pricing and buyers are 6 months ahead of the market in pricing expectations.
What do we need to do to help our selling clients achieve their goals? Get it priced right for the market! Pricing is always the issue and if it's priced right it will sell. We know this and internally the seller knows it's true but may be unwilling to give that reduction because they haven't heard a good reason to yet. Telling them "You have to reduce, you've had 8 showings, 2 open houses, 4 ads and no offers" will usually illicit a defensive response "You need to do more open houses, run more ads, etc".
Take a different approach. Whether it's a new listing or an existing one have a conversation about "Positioning" their property in the current market.
Is it positioned correctly? How many homes are for sale in their town? How many are similar in Square footage? How many in style? Price?
Show them what their competition is and how their home compares in pricing position. Are they competitive? or are they just another tree in the forest? Do they understand the difference between a product and a commodity? Have them do a search for a home as a buyer in their market town for the size property that they have listed and let them experience the results first hand.
Talk about carrying costs and add up theirs with them. Extrapolate those expenses 3 months out, then 6 months, then 12 months and compare that to the amount of reduction needed to position their home competitively.
Price positioning is marketing and taking the time to educate your seller on positioning their commodity for the market will set you apart.
What do we need to do to help our selling clients achieve their goals? Get it priced right for the market! Pricing is always the issue and if it's priced right it will sell. We know this and internally the seller knows it's true but may be unwilling to give that reduction because they haven't heard a good reason to yet. Telling them "You have to reduce, you've had 8 showings, 2 open houses, 4 ads and no offers" will usually illicit a defensive response "You need to do more open houses, run more ads, etc".
Take a different approach. Whether it's a new listing or an existing one have a conversation about "Positioning" their property in the current market.
Is it positioned correctly? How many homes are for sale in their town? How many are similar in Square footage? How many in style? Price?
Show them what their competition is and how their home compares in pricing position. Are they competitive? or are they just another tree in the forest? Do they understand the difference between a product and a commodity? Have them do a search for a home as a buyer in their market town for the size property that they have listed and let them experience the results first hand.
Talk about carrying costs and add up theirs with them. Extrapolate those expenses 3 months out, then 6 months, then 12 months and compare that to the amount of reduction needed to position their home competitively.
Price positioning is marketing and taking the time to educate your seller on positioning their commodity for the market will set you apart.
Sunday, October 18, 2009
Brand yourself/Brand your business
You are the "Brand" in real estate sales. Yes, it is smart to affiliate your business with a well known brokerage or company name but at the end of the day consumers are going to work with you because they like and trust YOU.
A healthy Ego is a good thing in sales and you should not be afraid of showing off your skills. I cannot count how many times I've had agents tell me that they don't do billboards, car wraps, web sites, full page ads and so on because they feel it cheapens their image or they don't believe it works. What nonsense, the real reason is they are cheap and unwilling to invest in their business. The top agents embrace every form of marketing and invest heavily in their business, but what do they know?
You should be investing 20% of your earned income back into your company and the majority of that revenue should be spent on branding your image. Create your brand name and have it on everything you do, postcards, letterhead, ads, website, billboards, etc. Some companies provide branding services to their agents free of charge but if your company doesn't, look for a local marketing firm and make sure you talk to at least 3 before investing in their services. Don't try to create your logo and marketing image on your own. You are great at sales, stick to what you know and hire a professional to do the rest. Remember, you get what you pay for and the results will show it. Imagine the opportunites a branding campaign will bring to your business and the revenue to you and your family.
Ok, enough preaching, let's envision what your business will look like once it's branded and marketed -
Your brand will be on all your correspondence, mailings, handouts, business cards, signs and anything else you choose to invest in.
Your brand will be tied to your website, driving traffic to you and helping you capture more clients.
Your brand will be in all local marketing; newspapers, billboards, car wraps, magazines, brochures, cable and more.
Your brand will become well known in your local marketplace because of repetition and continuity, driving more clients to your business and in turn increasing your revenue and your ability to invest in more marketing for continued growth.
Treat your business like a business. Brand yourself and create a marketing budget and watch your business grow.
A healthy Ego is a good thing in sales and you should not be afraid of showing off your skills. I cannot count how many times I've had agents tell me that they don't do billboards, car wraps, web sites, full page ads and so on because they feel it cheapens their image or they don't believe it works. What nonsense, the real reason is they are cheap and unwilling to invest in their business. The top agents embrace every form of marketing and invest heavily in their business, but what do they know?
You should be investing 20% of your earned income back into your company and the majority of that revenue should be spent on branding your image. Create your brand name and have it on everything you do, postcards, letterhead, ads, website, billboards, etc. Some companies provide branding services to their agents free of charge but if your company doesn't, look for a local marketing firm and make sure you talk to at least 3 before investing in their services. Don't try to create your logo and marketing image on your own. You are great at sales, stick to what you know and hire a professional to do the rest. Remember, you get what you pay for and the results will show it. Imagine the opportunites a branding campaign will bring to your business and the revenue to you and your family.
Ok, enough preaching, let's envision what your business will look like once it's branded and marketed -
Your brand will be on all your correspondence, mailings, handouts, business cards, signs and anything else you choose to invest in.
Your brand will be tied to your website, driving traffic to you and helping you capture more clients.
Your brand will be in all local marketing; newspapers, billboards, car wraps, magazines, brochures, cable and more.
Your brand will become well known in your local marketplace because of repetition and continuity, driving more clients to your business and in turn increasing your revenue and your ability to invest in more marketing for continued growth.
Treat your business like a business. Brand yourself and create a marketing budget and watch your business grow.
Saturday, October 17, 2009
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