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Building Your Business Success
<<<Part Two>>>
So how do you become the 20% of the
agents that do 80% of the business? We briefly mentioned how
to go back to the basics of building your business: sphere
of influence, direct target marketing, farming, and general
advertising... but what works best? Top real estate agents
in any market will agree that name recognition and branding
are probably the 2 most important starting factors for
developing your business. If people don't know who you are,
or how to get hold of you, then you are going to be out of
business.
After you have developed your Annual Action Plan and know where your business needs to focus, you need a strategy to build your name and brand awareness. The key to becoming the 20% is focus! You have to know whose business you want to target. No business becomes successful without knowing their client, or intended client, before aggressively targeting their marketing success. Do some homework: Look at your market area and extended market area. Most communities are planned and have distinct divisions for markets. Plan to work an area that you are familiar. Yes, you can work other areas too, but concentrate your business on a specific target area. Once you have established yourself as 'the' expert in your market area, you can move to other areas and conquer other markets. Advertise vs. Expense: If you look closely at your market, you'll probably find that you can concentrate on your success with little expense and a big return - big enough to keep you in business and develop your market expertise. With multiple media markets vying for your advertising dollar, you have to be selective and spend your dollars where you can have the most impact. A $500 full page ad in your local homes magazine may seem like a good investment, but you are only targeting buyers who pick up the publication and home sellers who want to see their home in print. Be selective! A $250 investment in door hangers and letters from you, introducing you as a real estate agent offering a multitude of services for homeowners can have a much larger return... but you have to mail your letters and follow-up with door hangers to your target market. Advertising in a magazine is waiting for the hope that the home or services you are offering outshines the other agents in the rest of the magazine. A personal letter and door hanger, introducing you as the "local real estate professional" is more personal, targeted, and established. Real estate is sales, and unlike opening a 'subway' or 'hallmark', people are not going to likely come into your store because they are hungry or need a card. You have to search for your business, cultivate your contacts, remind everyone that you can only continue to do business with their help and support, and you have to take control of your business. If you want to do the 80% of the real estate business, you need to work 80% of the time toward building your business. Typical target marketing direct mail response is 1 to 3% - so, if you send 1,000 letters, a 1% return is 10. Out of those 10 who express interest, your conversion rate should 20 to 50% - even if it is low, you now have 2 qualified clients from 1 targeted direct mail campaign. Now, do your follow-up in your target market with your door hangers, going to each home a letter was mailed. Your personal contact should be 10 to 20%, where you still give them a door hanger with your services and some business cards. The other 80 - 90% you leave the door hanger. Your hanger response should be 5 to 7%, but you will also gain ground floor knowledge of your target market as you walk from one home to another in your market. You will be able to see first hand the neighborhood, its ups and downs, and you will truly be more of an expert than just driving through...
Get a sample letter for your direct mail campaign.
FREE SAMPLE LETTER Need help developing your business plan? HERE IS ONE FOR FREE (If you need help, contact a Sellstate Broker) |
WEBSITE OF THE WEEK
Create your own surveys for your website! This free survey builder lets you customize your own survey and track the results from your web visitors. You can create anything as part of your survey - 'Rate my services' or 'What is your favorite style of home?' - you have the control and you can track your results to help adjust your business to your customers' needs. 'Become the best!' TM Personal TECH TIP SECRETS FOR SUCCESS  Using MS Office® Adjusting your Calendar CLICK HERE
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FAQ: Frequently Asked Questions Q: How do I create a folder? A: 1. right mouse click where you would like the
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 © copyright 2007 Sellstate Realty Systems Network, Inc. All Rights reserved. Sellstate Personal Business Mastery Newsletter provides advice and suggestions for improving the real estate related client/customer relationship and development of fundamental skills that are becoming a real estate professional. Following the advice of any real estate professional is considered 'advice' and does not ensure personal success. Sellstate provides training and advice to real estate professionals to assist their real estate careers. Any advice given is based on real estate experience and systems that have been put into place as the primary and fundamental structure of business development. Subscribing to or use of Sellstate Personal Business Mastery Newsletter does not certify success; however, the advice and suggestions given as part of the Sellstate Personal Business Mastery Newsletter and training can increase the ability for real estate success, procurement of listings or real estate sales, and further develop the skills necessary for a professional real estate career. |
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