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Sunday, November 24, 2024

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    Never will you find a cardiac surgeon dispensing advice about gynecological problems. Nor will you likely find blog posts on pet websites counseling readers about DIY home projects.

    Yet, many real estate agents have the notion that they can be everything to everyone. Those that typically sell single-family homes think nothing of listing a condo. Those that list mobile homes don’t hesitate to take on a luxury home listing.

    While this may be ok for your bottom line, it does a real disservice to real estate consumers. In all other professions they have a choice of specialists.

    Fence Sitters Series

    They can consult a divorce attorney instead of a bankruptcy lawyer. When they need a root canal, they see an endodontist not an orthodontist and they can take their Porsche to a mechanic who specializes in them.

    Remaining a real estate generalist is easier. It’s safer. After all, you don’t want to miss out on even one deal by narrowing your business focus, right?

    What’s unique about that?

    It’s unfortunate so many real estate agents harbor a reluctance to break away from the herd. The truth is, however, if you always follow the leader you will always be behind.

    Then, there’s that lump in the gut when you think of closing off your business to some parts of the real estate industry and narrowing your focus to only one or two specialties.

    This move away from being “a jack-of-all-trades but the master of none” is necessary if you’re to become the best in the market in your niche.

    Seth Godin, blogging master and best-selling author, suggests that real estate agents should consider “micro-specialization.”

    Choose a niche and work to dominate it.

    Step away from the Herd

    “… you’re either the best in the world (where ‘world’ can be a tiny slice of the environment) or you’re invisible,” Godin continues.

    He says that to become “visible,” requires “… being Draconian in your choices. No, you can’t also do a little of this or a little of that. Best in your world means burning your other bridges and obsessing,” Godin says.

    Scary thought, right?

    Let’s look at a scenario:

    You’re an agent in Las Vegas, chasing after every lead that comes your way – single family homes, duplexes, condos, whatever, you’ll take it. Your website even proclaims as much – “I can help you will all your real estate needs!”

    If you consider yourself the average agent, you make about $45,610 a year, give or take a few dollars, according to Daniel Bortz at Realtor.com.

    Life Event Series – Downsizing

    Suppose you decide to step away from being “average” and that you will specialize in listing and selling high-rise condos. Last year, 607 Las Vegas high rise condo units sold, with an average sales price of $598,728.  This represents a commission of about $17,962 per side (based on 6 percent total commission).

    As a generalist, how many of these condos would you have listed or sold? Be honest. The average Las Vegas agent was lucky to have listed one or two in an entire year.

    The specialist that targets the high-rise condo market with a laser-like focus and dominates the brand as the niche expert in the area increases his or her chances of taking more than a handful of those sides from other agents.

    Let’s be conservative and say that you only close one of these condo-deals a month. Even on a 50/50 broker split, you’d be making nearly $9,000 a month in GCI, give or take a few dollars and nearly $108,000 a year – almost three times what the average agent in the Las Vegas Valley brings home.

    Remember, our scenario is based on conservative estimates. Your mileage may be a lot better.

    The bonus is that the more you enforce your condo-specialist brand, the more condo leads you’ll get and folks that want to buy or sell high-rise condos will seek you out.

    Imagine selling 5 of these condos a month.

    If you’ve been casting as wide a net as possible in the hope of reeling in the maximum number of leads, consider setting yourself apart from other agents by claiming a niche and dominating it.

    Absentee Owner Series
    Send the Tired of Being a Landlord postcard from the Absentee Owner Series to a targeted list of Absentee Owners in your area.

    Need help targeting a specific niche of buyers or sellers? Use our Demographic Search 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 some helpful resources we’ve made available to support your success.

    1. Become a Neighborhood Brand

    Become branded in a specific neighborhood with a 12X15 marketing piece sent automatically each month to an exclusive carrier route. Watch this video to learn more or Click Here.

    2. The Free Real Estate Mailing List Guide

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    The Real Estate Mailing List Guide outlines the top tools for generating targeted prospecting lists including Baby Boomers, Empty Nesters, Investors, Lifestyle Interests, High-Income Renters, Move-Up Markets, and more. The Guide also defines done-for-you marketing campaigns to match these markets. –Click Here

    3. The Free 12 Month Done-For-You Strategic Marketing Plan

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    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, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here

    4. The Free One-Page Real Estate Business Plan

    This image has an empty alt attribute; its file name is Business-Plan-3D-Book-New1-270x300.png

    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

    5. Become a Listing Legend Free eBook 

    This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

    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

    6. The Free Online ROI Calculator

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    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

    7. The Free Real Estate Marketing Guide “CRUSH IT” 

    This image has an empty alt attribute; its file name is CRUSH-IT-Guide-3-d-298x300.jpg

    The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted prospect list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here

      As various states ease lockdown mandates and life starts to at least minimally resemble what it used to look like, the real estate market is on track to be far better than many had assumed.

      No, we probably won’t see the fiery spring real estate markets of yesteryear, but the housing market may just prove to be the bright spot in the economy.

      Things have changed, however, from buyer preferences to how homes are shown. Have you vegged out enough on Netflix over the past few months or are you ready for the new world of real estate? 

      We’ve found a couple of niches that we think will be especially worth your time and effort to pursue in a post-lockdown real estate market. One of these is landlords, aka “absentee owners.”

      Who are they?

      “There are about 8 million individual landlords in the U.S., those who typically own between one and 10 properties,” according to Diana Olick at CNBC.com.

      She goes on to state that these landlords “manage half the rental properties” in the U.S., with 48 million tenants.

      Many of these landlords bought their properties between 2012 and 2014. Sure, the big guns (institutional investors) bought then as well, but almost half of investment properties were purchased by the individual landlord – the “Mom and Pop” investor.

      Then, in 2018, the share of small investor activity in the housing market soared to 60%, according to Core Logic’s “Home Investor Report.”

      Most of the homes these smaller investors buy are starter homes, by the way – in huge demand in the current market, as you well know.

      These investors are prime targets, right now, for listing opportunities. Your audience, then, will be landlords who bought investment properties between 2012 and 2018.

      Absentee Owners Series
      Their pain points

      The COVID-19 pandemic created a perfect storm of unemployment, closed businesses offering zero jobs to replace those lost and a government financial rescue program that isn’t seeing cash flowing to landlords.

      Your audience of absentee owners doesn’t include the REITs with numerous rental properties and quite deep pockets.

      Again, they’re the small investors, many living paycheck-to-paycheck, just like the rest of us.

      Their biggest pain point right now is how, without rental income, they’ll make their mortgage payments without begging for forbearance and facing a huge payment when it’s all over. That is, if they qualify for forbearance.

      In California alone, it’s estimated that 85% of tenants can’t pay their rent in May, according to SpectrumNews1.com.

      The news site also claims that “… banks don’t have an obligation to help landlords.”

      Even if they are granted forbearance, there are other expenses involved in owning rental property, such a maintenance.

      Frighteningly, nearly 60% of small landlords “…said they did not have access to any lines of credit that might help them in an emergency,” according to a March survey conducted by Avail, a rental platform software company.

      Direct Response Reports

      Ouch.

      Thankfully, you can help these people.

      What’s in it for you?

      I think it’s safe to say that those landlords who bought their property at the bottom of the market (after the Great Recession), and haven’t borrowed against it, are sitting on a ton of equity right now.

      And the facts bear that out.

      Alcynna Lloyd at HousingWire.com claims that the average real estate investors who bought their properties in 2012 “… have seen their home equity climb by 261%.”

      That pencils out to an average $141,000 in equity.

      Imagine being the one who delivers news like this to landlords who are going deeper and deeper into debt the longer the pandemic goes on.

      The best approach

      Other investors find the absentee owner niche quite lucrative. Because of this, there’s a very good chance that your prospects will have received at least one “yellow letter” from an investor/flipper.

      Absentee Owner Series

      The yellow letter is a direct mail piece that is either written by hand (or created to appear to be handwritten) on a sheet of that yellow, lined paper from what is often called a “legal pad.”

      This technique supposedly brings results for these investors, which is why so many of them use it.

      Direct mail is the best approach to potential clients in this niche and a letter is a perfectly acceptable marketing piece – at least for the first touch. Do yourself a favor, however, and don’t use yellow paper. Make your letter professional and valuable.

      The first step to take when approaching this niche, however, is to determine which area of town you’ll farm. Then, order an absentee owner list.

      If you decide you don’t want to use a letter to introduce yourself, there are several other approaches to consider:

      After you’ve decided on the medium for your introduction, all of the above are well-suited as follow-up material. Which brings us to the next step: Schedule a direct mail stay-in-touch campaign. It doesn’t matter if your “touches” are monthly or quarterly, as long as they are consistent. Don’t give up if you don’t hear back from these prospects after the first few mailings.

      Right now, many absentee owners are second-guessing their role as a landlord. Many are quite motivated to get out from under the financial burden.

      Their pain points are very real, very urgent and you offer the ideal analgesic: sell now.

      Absentee Owner Series
      Send the Renters Make You Crazy postcard from the Absentee Owner Series to a targeted prospect list of Absentee Owners.

      To learn how to create your list of Absentee Owners in your specific zipcode – Watch This Video (below) – Then click here from a desktop/laptop to create your own list.

      Need help targeting other niches of buyers or sellers? Use our prospect 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 some Free resources we’ve made available to support your success.

      1. The Free Real Estate Mailing List Guide

      The Real Estate Mailing List Guide outlines the top tools for generating targeted prospect lists including Baby Boomers, Empty Nesters, Investors, Lifestyle Interests, High-Income Renters, Move-Up Markets, and more. The Guide also defines done-for-you marketing campaigns to match these markets. –Click Here

      2. 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, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here

      3. The Free One-Page 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

      4. 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

      5. 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

      6. The Real Estate Marketing Guide “CRUSH IT” 

      The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted prospect list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here 

      Turn on the marketing “light bulb”

      It’s a safe bet that the percentage of real estate agents who come from a background in marketing is quite small. Therefore, it’s understandable that marketing can be a challenge.

      Fortunately, learning by example is an effective way to overcome this lack of knowledge. Let’s take a look at the following four common real estate marketing blunders so that you can avoid making them in the future.

       Marketing Mistake 1: The lack of a plan

      Planning isn’t as interesting or fulfilling as doing almost all things in life. So, we get it that creating a marketing plan isn’t something you put at the top of your to-do list.

      But, that’s marketing mistake number one. Just as you caution your buying clients to enter the process prepared, with a plan, so too should you, when marketing your business.

      Even a rudimentary plan can help keep you on track and on budget, but the more detailed the plan, the better it will perform.

      The Real Estate Marketing Planner Free Download

      A powerful 12-Month-Guide that strategically defines what marketing to do when is our Free Real Estate Marketing Planner. It includes weekly strategies for Four key market segments including, Niche Marketing, Listing Inventory, Geographic Farming, and Sphere of Influence.

      Please take advantage of this Free 12-month Marketing Planner, go here to download.

      Marketing Mistake 2:  Not understanding where the money is

      One of the biggest myths about homebuyers is that the largest group of them are first-time buyers.

      You’ll find this misinformation online on agent websites, sites trying to sell stuff to agents and even news stories.

      “ … the majority of people looking to purchase a new home are first-time buyers.”

      NAR tells us that first-timers make up only 33 percent of all homebuyers (and that number is down from the previous year). Therefore, diversify your marketing dollars to include target markets in addition to first-time home buyers. Some of the other top target markets include Baby Boomers, Move-Up Market, Lifestyle & Interests, Empty Nesters, High-Income Consumers, and Investors.

      Notify the move-up market to turn to you for help. (Available in the Move-Up Market postcards section)

      Marketing Mistake 3: And who are they?

      NAR breaks buyers and sellers into generations and Gen X (born 1965 to 1976), according to the association, makes up the largest home seller pool at 27 percent.

      In reality, baby boomers (between the ages of 54 and 72) in the market far exceed that number, at 43 percent. NAR, however, cuts the generation in half, making it appear to be a smaller group of consumers.

      But, since both generations own homes and are likely to move, a smart agent will target both.

      When you understand where the money is, and vow to strategically target those with it, everything else marketing-related, from the social media platforms you utilize to your content, falls into place.

      Marketing Mistake 4: Going it alone

      Assist an Empty Nester Achieve an Important Transition (Available in the Life Event postcard section)

      Marketing involves a whole host of talents that most real estate agents don’t possess. Sure, you may be an ace photographer or may have studied graphic arts in college, but an agent who has all of what it takes to market his or her business would be a rarity, indeed.

      There’s not a thing wrong with outsourcing your marketing needs, be it from the creative side (writing, photographing, videography, etc.) or the hands-on side (managing bulk or email lists, website work and social media management) or the design side by trusting in an industry marketing expert like ProspectsPLUS! for all of your real estate marketing materials.

      Your job is to generate the leads required to make deals. Save time and frustration by hiring experts for the rest of the work including turning to industry expert marketers, such as ourselves, for marketing materials that speak specifically to the market you are targeting.

      We understand the possible fear of committing the appropriate budget for this important area of your business. First, outsourcing marketing tasks is tax deductible (as are marketing materials). Second, it frees up more of your time which, in turn, means you’ll be working more on the money-making activities.

      Offer decision-making assistance to baby boomers (Available in the Life Event postcards section)

      Time for you to go after the “current” largest target market, Baby Boomers!
      Send at least 100 Downsizing, Retiring Soon postcards from the Life Event 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 have an INVINCIBLE 2019!

      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 One-Page 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 game-changing tools!

       Three Click Postcards – Just snap a home photo & create a postcard all from your mobile phone

      MLSmailings.com – Automated Just Listed, Just Sold Postcards

      Market Dominator System – Become a neighborhood brand & achieve 20% market share

      Want to Refer a friend or colleague? Refer them, Here. THEY get a Free $25 Gift Card and YOU become their hero. BTW, you also get a $25 Gift Card too (now that’s what I’m talking about)!

      Our business flourishes from recommendations (similar to yours). We truly appreciate when you leave a review – Review us here 

       

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