Basic Marketing for Realtors by:Kevin Wright
One of the most critical things a real estate professional can do is marketing
. You can be a proficient negotiator, know your scripts like the back of your hand, and know all the information about your services, but if you don't know how to market yourself in real estate, then you're at a big disadvantage. Real estate marketing is the most important aspect of generating sales and referrals, yet so many agents market themselves very poorly or in the wrong way. Marketing is all about connecting with other people; therefore you need to know your customer well. Research your customers and their needs.
Statistics show that a customer needs to see your ad or hear about your service seven times before acting upon it. For example, you can't just send out mail to a broad number of customers. Marketing needs to be targeted and consistent in order for it to be effective. Marketing requires repetition; you will have to market over and over again. Pepsi for example, continues to market their name time and time again to instill in customers minds that they are the best choice for a beverage. You need to understand your customer, particularly what they need and don't need. If you don't understand your customer, then how can you help them? Study your customer base; know everything there is to know about them, including both sellers and buyers.
You need to differentiate yourself from the competition. Be different and unique in your approach. What is it that you do, that is different from other agents? Develop a targeted marketing campaign that separates you from the competition. You want to remember that people don't buy from salespeople. People buy from friends and people they feel comfortable with and trust. You want to make the client comfortable with your services while maintaining a professional role in the process. Remember that marketing needs to be repetitive. You can never do too much marketing because it needs to be frequent and anticipated. If a customer has received your marketing material time and time again, then it's expected from them and your name becomes well known. Also, if the marketing material is personal, then there is a much greater chance that people will look at it. This is exactly what you want because when a person needs your type of service, they will have you in mind.
Networking with other top agents in your area is important to the success of your business. In doing so, you will be able to reach more buyers and sellers. It is estimated that approximately 80% of homes are sold through brokers and agents. One of the main reasons is that top agents or producers have a larger Sphere of Influence (SOI) than other agents. A Sphere of Influence refers to a group of people, which you have some influence over because they know you. This includes, friends, family, organizations and clientele. It should be a continual goal to increase your Sphere of Influence, which will pay off in the long run.
The greatest way for you to make the biggest impression on your prospective clients is to use a pre-listing package. Using one will set you apart from other agents. This package introduces you and your company to the client and explains to them how you are best qualified for all their real estate needs. It also educates the client on the home buying and selling process, which many agents neglect. The aim of this package is to establish rapport and make the client feel comfortable with your services before the appointment. It is imperative that each and every one of your clients receives a package immediately after the initial contact is made, so they have chance to review it. It is also a nice touch to include pertinent disclosures that you need them to sign, such as the listing contract so it can be reviewed beforehand, and then less time will be spent at the appointment going over disclosures.
Even though, marketing is extremely important, you need also need to be well scripted. Every top real estate professional is well scripted, and this is one of the main reasons that they are confident and get listings. When you give your listing presentations you usually say the same thing to each client so it's no different in preparing exactly what you want to convey. This will enable you to be more confident in your approach. Always be confident when you give your presentations because people respond well to confidence. Sellers need to know if you have what it takes to get their home sold. By following all these strategies your business will grow to unimaginable heights. Not only will you increase your sales and listings, but you can double your referrals as well. I would like to leave you with my three important tenets of real estate, which I hope you incorporate into your own business:
1. List the property at the right price the first time - By using the Comparative Market Analysis (CMA) you will be able to determine the best selling price for the seller's home based on the current market conditions.
2. Reduce the price immediately if necessary - Depending on the market conditions you may have to reduce the selling price of the home. If you find that the home is not selling due to the price or market conditions don't hesitate to notify the seller immediately to remedy the situation. You are the real estate expert and it is your job to get their home sold.
3. Never discount your commission - If you discount your commission you are devaluing yourself as a real estate professional. Although, there are many agents who will cut their commission in an instant, it is important that you and your client know what you're worth.
Good luck and much success!
About the author
Kevin Wright is a real estate marketer, business coach and mentor. He has assisted many real estate agents build a profitable business in a short period of time by using a proven system. This revolutionary system can be found at
http://prelistpackage.com
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