Realtors – the Key to Your Success
Realtors the Key to Your Success
Realtors the Key to Your Success
The real estate community in your service area represents a huge opportunity for you. Realtors can help you acquire new accounts, defend your existing customer base and position yourself as the energy expert in your community. I just spent a week at the Triple Play Realtor Convention in Atlantic City as a representative for the NORA-funded Partnership for Realty and Oilheat Success (PRO$) program for FMANJ, and I saw first-hand just how much opportunity there is for dealers who can cultivate Realtors and turn them into supporters of not only oilheat, but of their individual companies.
I've spent the better part of my career working on oilheat outreach programs targeted at Realtors. I've also been on the other side, developing marketing and communications support from the corporate office of one of the largest real estate chains, and I've seen an awful lot about how Realtors act and think. Read on for some insights about how you can get the Realtors in your community on your side.
Why Focus on Realtors?
The real estate office is the place where the rubber meets the road when it comes to prospective home buyers making big decisions about oilheat. The right relationships within your real estate community will earn you referrals and will give you first crack at new home buyers. Having no relationships will keep you on the outside of the deal and won't allow you to positively influence the outcome. Conversions often occur at the point of the home transaction, and you want to make sure you're a part of the conversation.
And it's not just the fear of doing nothing that should drive you to launch outreach efforts. It's that Realtors are a largely untapped resource in our industry. They are a potential source of new business for you and they keep you connected to your greatest vulnerability losing an oil-heated home to another fuel and they directly influence homeowners, who are your ultimate targets. Plus, they are open to your message and your information but only if you treat them right and give them the tools they need to do their job.
Know your Audience
Here's what I've learned about spearheading Realtor outreach efforts across the country:
Many Realtors have worse perceptions about oilheat than homeowners Realtors deal with more homes each year than a typical homeowner, which means they're much more likely to come across a problem with an oil-heated home. One experience with an oil tank leak can cloud judgment very quickly and have long-term ramifications.
Realtors aren't anti-oil, they're pro-"sell the home quickly" Realtors don't care much about the heat source unless it causes a problem for them. They care about selling the home as quickly as they can for as much money as they can. And that's where your interests overlap. You can help Realtors sell oil-heated homes easier, faster and for more money. And for that, you'll stand a much better chance of keeping that home heated with oil.
Realtors act differently depending on the Real Estate Market Boom markets like we saw in the early 2000s had lots of Realtors and a lot of activity. There is good opportunity in a booming market, but Realtors are less hungry for information when business is good. Today's slow real estate market is the perfect time to launch an outreach effort. A slow market allows the true real estate professionals to shine and weeds out the "fringe players," those part-timers who can sell during boom times but aren't experts in the business. A slow market means you'll find Realtors hungry for information and for any advantage to get ahead. They want a local dealer in their back pocket to offer a new homeowner special move-in services or special pricing.
How to develop an effective program
Make your outreach a priority This may seem like a no-brainer, but rarely do dealers make a commitment to Realtors as they would to other projects. To really generate long-lasting impact, you've got to give your outreach due priority. That's not to say it should take the place of your marketing and communications efforts to acquire new customers, but it shouldn't be relegated to a "when I have time" activity either.
Align your sales team If you don't have someone internal to serve as the point person for all of your Realtor efforts (most dealers don't), it makes the best sense to use your sales team to be the primary points of contact with Realtors. Provide your team with the key points of information, Realtor specials, product focuses that you want, so they are working with Realtors with a consistent message. Ask yourself questions such as what is my primary message, what three things do I want Realtors to know about my company, and what is the advantage for a Realtor to work with my company instead of someone else? Once you've determined what your answers are, align your sales team around them.
Not all offices are created equal, so identify priority targets You will be targeting anywhere from 25 offices to upwards of 1,000 offices, depending on the size and reach of your company. Not all offices are equal in value to you, and you'll want to figure out which offices are worth your time and effort. Focus on offices that a) do the highest sales volume, b) are in target areas where you either want to grow or are most vulnerable from competition and c) are known office chains. This is a good starting place, and as you get deeper into the market, you'll learn more about which offices are worth focusing on and turning into "preferred Realtors" for your company.
Get involved with your associations This can be a great way to reach a lot of Realtors at once and to position your company as the energy expert of choice in your market area. Virtually all Realtors are members of their local real estate association, and you would do well to become a member. Associations offer their affiliate members a variety of networking and relationship-building opportunities. Get to know association leadership, and go from there. Consider pitching association leadership on an oilheat class for Realtors or get them to publish an article in their newsletter such as "Make Your Listings More Energy-Efficient" that positions you as the energy expert for the realty community. You'll also want to explore trade show and networking event opportunities with the association.
The broker is the key to unlocking the office - The broker sets the tone for the entire office. If you get the broker to support/endorse you, you can really "own" the office. Individual Realtors should be cultivated, but getting the broker on your side gives you a good chance to cultivate all the Realtors in the office instead of just one. That's why we focus on getting brokers to endorse our program and have them invite us in to speak with all of the agents instead of targeting individual agents with our message. It's also how to create lasting impact. In an industry with high turnover, brokers are more stable and are more likely to run an office for years.
Focus on what Realtors want, not what you want to tell them Realtors won't be interested in everything you have to offer, so don't try to sell them on all your products. Keep the focus of your Realtor outreach efforts tied to issues related to real estate. When you are invited to speak to an office, talk about the things Realtors would find helpful. For instance, you might talk about the special services you provide to homeowners getting their home ready to sell. If you're a certified energy auditor, you might want to talk about how energy audits can increase the value of a home. Focus on what's relevant to the Realtor, so you'll earn their trust, gain their referrals and defend against move-outs.
This should provide you with some good food for thought as you decide your pathway to growth in 2010. I would be happy to talk with any dealer who is looking for additional guidance and support in launching a program this year.
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