While many agents are struggling there is a lot of opportunity for top agents to gain market share. One consistent pattern I am seeing among struggling agents is that their level of service has stayed the same or dropped and their marketing is almost non-existent. When business volume gets a little tight in your market it is not the time to cut back on those two items.
Last year I made a goal of doubling my business. Most people thought I was crazy. In order to be successful I developed a plan that included three parts to it.
- I marketing plan that will bring in the needed level of prospects to gain the additional business and that will target the communities I want to focus on.
- New systems to handle the additional business efficiently.
- Hiring an assistant to relieve me of the paperwork demands, to allow me more time with my clients.
- Improved clients services, to demonstrate added value above and beyond what they may get from other agents in the area.
- Personal improvement. (Losing weight, going to the gym)
- Increasing family time. Balance is critical in our lives.
A little over a year ago I began increased my personal marketing.
- I purchased large signs at the two largest shopping centers in our community.
- I expanded my websites
- Sponsored community events
- Co-sponsored a soccer club and the high school soccer team.
- Sponsored the sports depart and the local private school
My listings all get:
- Large sale sign at curb and a lock box. (Beginning this summer electronic lock boxes).
- Virtual tour
- Single family homes and luxury condos get their own website with domain name.
- Advertising on about 20 websites
- Regular open houses and broker's open houses.
- Featured at regional monthly REALTOR® meetings
- Picture ads in the weekend newspaper.
- Flyer boxes at the curb
- An in-house assistant to work with the listing through closing
- Also available for an additional marketing fee:
-
- Professional staging or staging consultation,
- professional photographer (although mine is pretty good
- Besides the basic virtual tour you can have added a style designer and floor planner
- Home warranty package
If you want to win the battle for the hearts, minds and business of clients, they need to find you first and they need to see the value in choosing you. In a tighter market you need to improve to compete. To improve you need a plan and the drive to execute it.
Good Luck and have a prosperous 2008.
Hmm... I lost 10 pounds, cut out half or more of the sugar ...need to excercise more.
And tired.
I got a lot on my plate right now. Not too much...just enough. I like it like that.
Okay...need to work...Seems I have three files to finish up :)
Great job. I esp. appreciate the fact that you are improving without sacrificing the things that are important. How has the personal marketing paid off? I am a bit of a sceptic, but I would love to hear what it's ROI has been for you.
Keep up the good work!
I agree in a tight market, all agents are being competitive. What makes us stand out from the rest is what we can offer.
Sally - Thank you for helping me with those files.
Brandon - You can not sustain a steady business with steady growth without personal marketing. It is a process. I have tried different things and am constantly evaluating what is working and what is not.
Michael - We also have to get that message out. Sellers see my personal marketing and want to see that for their home.
Randy,
Good list. Good job. You are a man on a mission.
Qeustion: I don't see mention of Realtor.com. Do you Feature or Showcase listings?
Randy, yes, I constantly strive to increase my service. There are many things that can be done at little or no cost that will "wow" the client and keep the steady stream of referrals coming in. Good for you on your continued success!
I never will ever cut my service. The only way would be if they wanted me to work for free then I guess I'll cut the crap:)
Randy - Increasing value in the way we are viewed by our cleints is critical. Sure, some are looking for a bargain - but when/if that doesn't work out they will have learned a hard lesson and know what they need - and that is pretty much your list.
Good post. People need to understand value added... my services have gone up, my listings have gone up (sales are ok too) and my comissions have about douobled...
I believe that we subconsiously improve the qualify of our service to the buyer or seller consumer through experience. We develop the ability to focus on what we can predict to work for a particular needs assessment.
In this market, it's important to offer services and skills that we know works and not be trying new stuff.
Bottom line is, we need to be paid for what we know and not what we do. Once a customer even attempts to want services or procedures that we know are not appropriate for the goal, we need to leave them in our dust and focus on clients that respect our experience and abilities.
Thanks for sharing your plan to double your business. I look look for a post on the ROI.
We are always thinking of ways to increase of services we offer to our clients. Thanks for sharing your plan.
Mike - I do post them on REALTOR.com (an oversight)
Brian - The clients who repeat especially notice the new stuff.
Neal - Cutting service is a kiss of death, especially in a tight market. Cutting overhead is good if it does not hurt service.
Excellent information! Whether it's an up or a down market trend, the basics are always the same -- very informative.
Li Read, RE/MAX Salt Spring
Great post - Since it's Fathers Day I'll keep it brief. Great Customer service begins with finding the time to focus on the your most productive efforts to be successful in your profession. Finding time is challenging. OneCall Home Showings was created with a simple mission - provide our REALTOR clients a system that gives them more time.
OneCall Home Showings actually enhances the level of customer service you provide to your clients. Most importantly, with the new found freedom from your cell phone you can spend quality time with family and friends.
To see how OneCall Home Showings can help you please visit www.onecallshow.com
Randy
Great post. A lot of companies make the same mistake. When business is slow you increase marketing, not cut back.
Randy-I'm amazed at the number of brokers who have cut back considerably on their advertising. It seems they are doing their agents a disservice by not keeping them in front of the public. Buyers and sellers still need us. I personally am as busy as ever and it may be because I am still out there for the consumer to find me. Great post!
Steve - I am finding more and more clients seeking out the top agents. In a changing market they want a professional.
Perrin - That is great to hear. Best of luck the rest of the year.
Lenn - I agree that we need to bring in what works and not waste. I am also trying new things in my marketing and in my services. I am always looking for the things that make me stand out from the multitudes.
Vickie - So far I am on track and seeing steady growth.
Mindy & Jay - Not everyone is looking to improve. That is why those of us in the discussion will probably out pace the market.
Li - Thank you!
Scott - I will look at it. Normally I would delete solicitations on my blog post.
Terry - Absolutely
Cindy - I am seeing the same thing with many companies. That is a plan to fail.
I gues you have to keep up your service if you want to stay in the game
Great read!
RP,
We stay busy because of referrals and our reputation..
I admire you for setting clear goals and just look at the results---Congratulations on a job well done.
I couldn't have said it better myself. Now is the time to make yourself stand out. In Coconut Grove I used to get several real estate flyers a day in the mail. Since the market has turned I get only one or two a month.
Randy, have not seen you blog lately. This is one of my best months I have had in 10 years because of my past marketing efforts and the fact I stress pricing it right is the only way to go in a market like ours. I will no longer take an over priced listing and wait for reductions.
I have started my own blog www.neworleanscondotrends.com and helpping a client get her corporate rental market business off the ground. I am moving into new neighborhoods to keep my interest level up. Many agents stick to what they know. I want to learn what I do not know.
I have to say the nice thing about our business is our ability to do nationwide networking. Our business has seen a huge increase due to bank turn downs. Good post and Ideas thank you
Sounds like a good plan. We are ramping up what we can. Most of our past business was referral. Now, with no one wanting to buy or selland very few needing to buy or sell, we are very slow and are having to become creative to get our business back. We will be canvassing neighborhoods next week to keep in touch. Thanks for the post
Great tips, we too, have added to our services and marketing instead of cutting back. Many former top agents in our area are not making it anywhere near their old levels because they forgot what to do in this market.
Randy - this is wonderful advice for not just new agents, but seasoned ones as well. I saw an agent in my town almost double her business just by sponsoring community events. Amazing what a little thing can do.
Sounds like you have a good plan in place, I hope you are seeing a nice increase in business.
Randy - Looks like you are a man with a plan to succeed, good to see it was a balance one. You tok into account the client, yourself and your family. Best wishes.
More and more, I'm finding that Buyers are interviewing agents and you really have to prove your value -- every day. As for some of the sponsorships that you're doing, I think that is a wonderful idea.... and probably on my goal list for 2009. Thank you for the post!
Randy, I think this is definitely a time where you should be increasing your service...simply because there are a lot of agents out there cutting back. It's an opportunity to take advantage of...to shine if you've never shined before.
I am taking this time to shine!! Thanks for sharing & have a great week!
Unusual - I remember a few years ago an speaker at t business forum stating that more millionaires were made during the great depression than at any other time in history.
Linda - There are so many opportunities out there. We just have to identify them and follow through.
Jennifer - Success is not just money. If you are making money and your family life is in the toilet, you are not successful.
Kerry - It is a win-win.
Yvette - I hope you write about your successes.
I have never worked harder or provided more services and expertise, without much change to my business - YET. However, I'm positioning myself to be ready when the market turns by doing many of the things you mentioned, and I have no doubt my payoff is on the horizon.
Randy whether my business is up or down I always plan on doing more, because that is the only way to increase business. And cutting back when business is bad is one of the worst things that we can do in my opinion, so I am glad to see that you are of the same mine set and keep on pushing ahead.
Randy, you've got it right! When the going gets tough, advertising more and increasing your clients properties exposure is the way to go! Cutting back will only cut your revenue back and furthur hamper your ability to move the properties.
We're increasing here but not spending much money doing so. Blogging the listings and buying URLS for them. So far so good.
Margaret - I am also the busiest I have ever been. When the market takes off again, I know I will be hiring more help.
George - What we are describing is a pattern of professional behavior. That is what all good professionals do. I am glad that many of us are here on Active Rain. It gives us a great place to associate with the glass is half full crowd.
Chris - Thank you. Why would a seller want an agent who is not properly marketing their home? They definitely will not be giving referrals to them.
Monika - I am spending more and I am also shifting money. Stuff I did in the past that has not been effective is now being replaced by with better more effective ways of spending time and resources.
Randy ~ I can see you have put a lot of thought and effort into this plan. It is great that it is bringing you more business. Congratulations.
Randy, you have a great marketing plan! I have being increasing mine as I learned and find new ideas that work for me.
Randy- Certainly cutting back on the services we offer our clients, is a sure fire path to reducing our business. On the flip side, however, if we already provide a full plate of services, adding more, and possibly redundant services, will not necessarily increase our business.
Increasing our exposure to the public and real estate community, will probably have more direct results. You have taken the right steps in expanding your web presence and playing a larger role in your community. Taking an active role, in AR, is another step in the right direction
Thanks for the reminder Randy. I need to hear that others are doing well, working hard and having success and, I'm hoping for the same results.
It is funny... when times are tough, pull back on the marketing to save money. If times are fat, the marketing isn't needed... so pull back on the marketing to save money.
Yep, that is the ticket.
What a great plan Randy! It's definately not the time to cut back on marketing. Thanks for the motivation
Wow, two stars in 24 hours! Nice job, keep it up! Love reading your stuff, it gives me food for thought.
Great..hope you exceed your expectations..bet you will...if you fail to plan, you plan to fail and you certainly have geared your engine to take on the market...Congrats !
That's what I've been doing too and it's paying off mightily. Good job!
Hey there...good stuff. I featured you in the Mortgage Pro Week In Review.
Randy -- You have a lot of really solid concepts in your post to include you have written goals, developed an action plan to attain those goals, and I bet you have a mechanism to track the success of each effort. You should coach!
Great job as usual Randy. Ray Crock founder of Mc Donald's wrote in his autobiography that when business is good advertise, when business is bad double your advertising. You are right on track with your approach to this challenging market. So how do you like the electronic lockbox? Our agents in Tehachapi got theirs about 18 months ago and they can not believe they ever worked without them. The expense was a hard pill to swallow in a down market but now that they can actually show their clients showing reports (or lack of them) they think they are quite useful. Now if we could only convince them that it really is not necessary to call for an appointment to show a vacant house and that it is their responsibility to read the lockbox log once a week to make it a more effective tool.
Since business is a little slower than normal, I'm able to give my active customers more attention. I don't know if that's enough, but as I continue to learn, it's becoming more obvious to me that customers are neglected by realtors as soon as the transaction is closed.
Really good post here in Las Vegas I all ways see agents slacking on there mnarketing and then they wanna cry whine about business not being ass good as it should be. I can truly say what I get from this business is as much as I put in.I can't complain
Right on man. I also upped my marketing and while business isnt booming in Santa Monica real estate, I'm still making a good living.
I have a bit more about this on my blog at my web-site: <a href="http://www.santamonicarealestatesearch.com"> Santa Monica Real Estate
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Great post.
We are actually expanding at a time when most 1031 exchange Qualified Intermediaries are contracting. We take the position that now is the time to grow and expand and get ready to enjoy a greater market share once the market has rebounded.
It is too easy for most companies to panic or worry and cut back to "play it safe" but then they end up losing market share or perhaps not even surviving. The larger companies or publicly traded companies have to cut back in order to report quarterly profits. Many of our competitors are required to cut back by XX% because their parent company said so even though they are still profitable.
It's time to grad the bull by the horns and go get YOUR market share.
Joan W. - Thank you
Venancio - That is what we all need to do to keep moving forward.
Marilyn - Even if we have what we consider a full plate of services there is always room to tweak and improve. Some things do not increase the cost, but give you a competitive edge.
I have decreased unnecessary spending and increased advertising that generates a high rate of returm.
We do everything we can to sell our clients home. No additional charges. We feel as full service Realtors we are required to do it all!!!
Renee - I find that hanging with successful agents and folks in general make a big difference in staying motivated.
Lane - Having so many competitors thinking that way is making more for the others.
Wayne P - We all need a boost in our motivation from time to time.
Marlene - I was surprised.
Sally & David - Thank you
Kathy A. - Congrats to you
Joey - Wow, Thank you!
Scott - I have to admit, I do not track as meticulously as some folks. As busy as I have been, I find that I have to prioritize a little.
C.J. - We have not started the electronic boxes yet. They will be coming in another two months. I am looking forward to them. I hear many agents complaining, they are also the same agents who do not have a website, do not blog, do not advertise and are not very busy. The top agents in the area all seem excited about them.
Elizabeth - That is an area, I am trying to improve also. Thank for pointing that out.
Makea - If my business suffers, I can only blame me.
Simon - A good web presence is critical in this day and age.
Bill - That is my plan also.
Dee Dee - That is a sound business decision.
Katy - I do have to balance between what is my role and what is the client's role. It is a team effort.
thanks for the post Randy. It is interesting to see how other realtors market. I definitely agree with you. I have increased my marketing as well. Best of luck.
We do most of our advertising on free web sites that way it keeps are cost down.
Michael - I am planning to be here for many years. That is not possible if potential clients do not know who I am.
Chris & Jenita - Keeping cost down is a good thing. I do a lot of free and inexpensive things also. Active Rain is a perfect example of that.
Randy - you're exactly right. It's all about value. We do need to show our prospects why we're valuable to them.
Sharon - If they do not see the value they will go elsewhere.
Ross - We can never stop improving what we do.
Hi Randy, I'm a little late in responding but I just wanted to let you know that I really enjoyed reading what you had to say.
As a real estate professor, coach and agent I couldn't agree more. In fact, I go nuts when I see someone pare back on services because of the market. Indeed, that's when we need to invest more in our businesses....people don't seem to get it.
I applaud you for all the extra things you implemented...some of them, such as the large sign and the sponsorship made me take note so that I can share it with my new agents/students.
Thanks and take care!
Tamara Dorris, "The Real Estate Therapist"
www.Topprotech.com Free Report: www.WealthyRealEstateAgent.com