Picture in your mind a bucket–but not an ordinary bucket. Think of this bucket as one you must keep full–full of leads so that your real estate business doesn’t dry up.
The good news: directly above this bucket are 10 faucets. We can call them “lead faucets.” The bad news: many Realtors don’t use them.
That’s unfortunate, because each lead faucet has powerful potential. And just a little tinkering can mean a steady gush of leads that will keep your bucket filled to the brim.
Let’s look at these 10 ‘faucets’ and how to create a fire hose-strength flow.
1. Past clients–Vital because their referrals come with an implied endorsement of your services. Put past clients into two categories: A – Those who’ve given you referrals, and B – Those who haven’t given you referrals. Set a reminder system to stay in touch with each regularly with cards, calls, small gifts, etc.
2. Internet–A must if you plan to stay in business. Put your focus on responding to the site visitors. Can you respond in 15 minutes? If not, fix it so you can.
3. Interactive Voice Response (IVR)–The hotline numbers buyers can call to learn about properties. Again, ignore technology at your peril. (Incidentally, I have a client who landed 11,298 calls from his hotline number in 2005. His secret? An irresistible call to action.)
4. Sphere of Influence (SOI)–The more you think about your SOI (basically your family, friends and acquaintances) the larger it gets. That “acquaintances” category, for example, should include everyone you’ve met. Think how you interact with those you meet casually–develop the effective 10-second “elevator” speech for them.
5. Signs–Revisit your signs. How can you make them more effective with more eye-catching color and contrast? Do they include an IVR hotline number?
6. Direct mail–It can be expensive, so find out what’s already being sent in the area you’re considering. The two keys here are differentiation–will your mailer stand out and will the offer and the call to action actually produce desired results?
7. Broadcast radio and TV ads–Yes, some may be too expensive. But don’t rule it out completely. Both radio and TV have massive reach and there are deals out there. The key is, if you do go with these mediums, use them regularly. Frequency beats reach–so don’t buy for just a one-shot deal.
8. Print ads–Give them a fresh and thorough inspection. What’s keeping them from really grabbing your target audience by the collar? Often, they lack contrast and that prevents them from being noticed in the first place. Don’t forget to add muscle to your call to action.
9. Prospecting–Absolutely essential. It’s one of just four real dollar-producing activities a Realtor can do. The trick is to schedule time everyday to do it–usually in the morning because it’s the most controllable time of the day.
10. Networking–Choose where you network carefully. There are literally thousands and thousands of groups out there. Be strategic by examining what potential business they bring to the table.
Bob Corcoran is a nationally recognized speaker who is the founder of Corcoran Consulting, an international consulting and coaching company that specializes in performance coaching and the implementation of sound business systems.http://www.CorcoranCoaching.com 800-957-8353 Info@CorcoranCoaching.com
{ 4 comments }
I think the first 4 on the list are the best working models for my own personal business.
90% of buyer are looking online before they meet an agent face to face or even go to an open house. I would strongly urge anyone looking to gain a better market share to figure out how to capitalize off the Web. It’s very cheap if you do the right things (just like this blog!!)
Thanks for posting!
I agree with the first comment…There are so many ways to network with people online. Utilizing all the free tools available on the internet like blogs can definitely put you at an advantage over other real estate businesses.
I would suggest that direct mailing is not a good idea anymore. The ROI is just ridiculous when you consider the ROI of permission email marketing, email newsletters, etc.
There may be a future in direct response mail marketing, but I sure haven’t found the right offer yet.
I’m a little surprised that it would be included here, because without the right list, the right timing, the right offer, the right carrier, and the right follow-up, direct mail is a loser right now.