DON’T SPEND MONEY UNNECESSARILY IN TODAY’S REAL ESTATE MARKET
By Dean Moss
Remember when you were a new agent? Man, to get your mug on your own custom newsletter, your picture on your business card or even a yard sign. Or, how about those Just Listed postcards that would scream, “I’m a Realtor now!”
Back in the day, it would be all about running those print ads, doing open houses every week, putting up promotional flags like they have in front of those crazy used car dealerships. I wonder how much it would cost to rent one of those inflatable Godzilla lizards – “A Monster of a Deal!”
These days, the return on these expensive investments isn’t what it used to be. So, today, in this lazy, crazy, hazy Summer of 2008, you have to spend more wisely. Pinch those pennies, work smarter and get good results.
Now, more than ever, virtually everything a successful real estate practitioner does must be measurable, effiecient and cost effective. Promotion, promotion, promotion should turn into prospect, prospect, prospect.
Here are a few other “p” word tips, from a KW office roundtable we held recently for some of our most highly energetic agents:
1. Prospect prodigiously.
No matter how long you’ve been in the real estate industry, this is the most cost effective way of making contact and converting business, and you only have to spend time and phone minutes.
2. Price properly.
Testing the waters with your client doesn’t work today. Remember, if they don’t want to listen to your advice on how to price to sell, they might not really want to sell. If this is the case, why are you there?
3. Promote for measurable results.
Most Web marketing allows you to measure its effectiveness. Page views, clickthroughs, bounce rates and referral links all keep track of how you’re doing.
4. Picky, picky picky.
Be particular about the clients you work with. As a real estate practitioner, you are a professional. Its just like being a doctor, a lawyer or an accountant, but often without the same level of respect. Toxic clients can sap your time and your energy – refuse them before they do.
5. Placate your clients – never!
Never, never, never give in to the temptation to hold that unadvised open house, price too high, change listing copy. If you truly feel it is the wrong thing to do, then stand by your guns on the important stuff and help your clients achieve their dreams.
6. Press the flesh.
Never underestimate the importance of person-to-person networking. Groups like BNI and LE Tip work wonders in getting your name and credentials out there. Also, church groups, civic or charitable groups and some chambers of commerce can help. However, don’t stretch your time too thin by volunteering on too many committees.
7. P-know Web 2.0.
Know which products or techniques work on your Web site. Maximize use of these products or items, and eliminate those gadgets that cost money but don’t provide a return on your investment. There are a million new web gadgets being offered every day. Your job is to find the two, three or four that provide the best results for the dollar, and use them.
8. Persistently blog.
Nothing else I know of gets you out there, helps you network internationally and forces you to know your product and your business, than writing and sharing with others. The cost is absolutley free, which mains blogging a no-brainer.
Dean moss is a Realtor with Keller Williams Fox Realty, serving the Chicagoland area. Moss is also team leader of Dean’s Team, which is made up of four licensed real estate professionals, Moss is a veteran in Chicago real estate, and a leading Realtor in his area since 1994. He can be reached at 888.770.8326.