Who started the thing where new agents should go after buyers? Sure, right now there are lots of buyers in the market, but it isn’t always like this.
And, there is a truism in real estate: If you list, you last.
So, let’s get you some listings before you stereotype yourself as a strictly buyers’ agent.
Do it right
While shooting a bunch of arrows into the air may result in you eventually hitting something, a planned, disciplined approach to lead generation works far better.
This means choosing which methods you will use, planning your marketing approach carefully and scheduling a time to perform the necessary follow-up.
Most important of all is that, should you seek advice from your colleagues, ignore the unsuccessful among them and definitely pay close attention to anything offered by the most successful agents.
You’ll often hear this approach to real estate lead generation referred to as “geographic farming,” and for good reason.
To be successful requires certain farming techniques, such as choosing a fertile plot of land, planting marketing “seeds,” and having patience while these seeds germinate.
Then, you need to nurture them along.
To find that fertile plot of land, research. While there’s no consensus among the experts, many suggest that you start with an area of about 500 homes. Ultimately, it comes down to your budget – how much money you have for marketing – that will determine the size of your initial farm.
To narrow down the choice of area, agents use different techniques. Some choose an area based on its current sales activity.
“Look for movement,” suggests Martin Bouma with The Bouma Group in Ann Arbor, MI in an interview with Gary Keller.
Others choose by home price point. For instance, if you know how much you want to make in gross commission income, it’s easier to hit your target if you’re consistently listing homes in a particular price range.
Bouma suggests that you research each area of interest to determine how many commission dollars were earned last year (by all agents) and then determine if any particular agent dominated in listings. If the dollars are high and competition is low, go for it.
Ok, so you’ve chosen your ideal geographic farm – now what?
It’s time to start communicating with these people. Again, how you’ll do this depends on how much money you have to spend on marketing.
If you aren’t crunched for money, consider using “things that people will hang on to,” Bouma suggests. He mails 4-page market reports in a color-magazine-like format.
- Introduce yourself as the area expert
- Announce just listed or sold homes in the farm area
- Advertise an open house that you’ll be holding (hopefully, someone in your office has a listing in the area and they’ll allow you to hold it open)
- The advantages of buying over renting (for the tenants in the area)
- An invitation to contact you to learn what’s happening with home values in the area (ideal for absentee owners)
- Offer a CMA
“If I was brand-new I think I’d do it every month,” suggests Bouma.
More important than how often, however, is that you reach out consistently. Gary Keller calls consistency “the magic pill” and Bouma agrees: “I just keep reaching out in a bunch of ways, consistently.”
“The medium is the message”
In the 1960s, Canadian professor Marshall McLuhan studied the media as a way of understanding society. He coined the phrase “the medium is the message” to describe how the medium is as, if not more important than the message, because of its enormous influence on how the message is perceived.
What medium (or mediums) will you choose for your message?
While digital messaging can be inexpensive, it’s also hit and miss in its effectiveness. This doesn’t mean you shouldn’t do it. Consistent blogging and social media use coupled with direct mail, however, is the bullseye you should aim for.
Postcards, capture the recipient’s attention instantly making them less likely to be thrown away than something sent in an envelope.
If you’re a door-knocker, consider printing up your message on door hangers. You can blanket an entire neighborhood (up to 400 homes) for less than $200.
“Having the right attitude is probably more important than any other factor,” when trying to become a top listing agent, according to Phoenix mega-agent Russell Shaw.
Get started now, send out at least 100 Free Home Market Analysis postcards from the Free Offer Series to an area where you want more listings.
Need help targeting the perfect niche of buyers or sellers? Use our mailing list tool to create the ideal list (it’s easy) or call our support team for assistance at 866.405.3638!
PLUS: When you have time…here are 4 free ways we can help you STILL CRUSH IT in 2018!
1. Become a Listing Legend Free eBook.
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
2. The Free 2019 Real Estate Business Plan.
Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan – Click Here
3. The 12 Month Done-For-You Strategic Marketing Plan.
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Listing Inventory, Geographic Farming, and Sphere of Influence – Click Here
4. The Free Online ROI Calculator.
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! – Click Here
Also…check out these cool tools
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