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Other Added - Mortgage Marketing: Take Aim on Your Marketing Efforts
During a recent holiday break the family and I went to a great hotel near Mombasa in Kenya. With 4 young kids the attraction was that the facilities were all-inclusive so constant requests for ice-creams etc were not a problem! So what was so great about it?Well I’m always on the look out for examples of great and poor business models and ideas, so here’s the key thing that stood out … the huge number of people who had been there before. One couple I spoke to had been there for the last seven years in a row wit
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You never get a second chance to make a first impression. It's a saying so true that it has become clich? -- a phrase used by suit salesmen and purveyors of shampoo -- but it's a saying that should serve as a motto for your booth staff.A trade show is a non-stop series of beginnings. Every moment -- from the second the doors open until they blink the lights signalling the end of the day -- is a moment where you could be meeting customers for the very first time.If all goes well, these crucial first momen
Okay, maybe this sounds like an old saw - create relationships with real estate agents and watch business come to you. So what's the problem? Well, the probelm is that you may have contact or an acquaintance with agents, not a real relationship; and the reason you don't have a relationship is that you are focusing your efforts on too many agents - not targeting your efforts to the ones that are the best fit for you business.
So Many Real Estate Agents, So Little Time
Regardless of what state or city you live in, there are tens of thousands of real estate agents competing for business. To a loan officer, this may sound like a great ratio for business, but as you know, not all agents are created equally.
If you take the total number of property sales in your area and divided it by the number or real estate agents, it would appear that most agents sell about three properties a year. Could that possibly be true? If it were, there would be a lot of starving real estate agents. Obviously it's not an accurate average. Some productive agents will close on hundreds of properties, while others will be lucky to sell just one.
Establish a Profile
Of course, you don't want to focus efforts on those agents that are likely to sell just a handful of homes during the year. You want to focus your efforts on agents that meet your criteria in a number of ways - you want to focus your marketing efforts on real estate agents that meet your demographic.
- Years in Business - How long an agent has been in business is important. A new agent may be highly motivated to work with you, but they may not have much experience marketing, they may not have much referral business, etc.
- Marketing Budget - How much money annually will the agent spend on their marketing efforts? If they can't afford to market their business, they may not have enough volume to make it worth your effort.
- Sales Volume - What is the average monthly sales volume of the agent? You want to focus on someone who has a strong and growing client base.
- Type of Buyer -Some agents work with specific buyers - first time buyers, retirees, investment buyers, etc.
- Employment Type - Does the agent work full-time or part-time?
- Realtor Type - Is the agent a listing agent, buyer agent, or both?
- Values - One of the most overlooked components of a relationship is finding someone who shares your values, especially as it relates to your business.
The mo
Look for people who exhibit leadership qualities on their own – without specific training. Have you noticed someone who knows how to apply his strengths and work on overcoming his weaknesses?Is there a person whose skills and character haven’t been utilized to help the company grow and succeed? If there’s someone in your organization who consistently lends support to everyone else, you may be overlooking a highly qualified leader.You might need to interview your staff to find out what their inner thought
So Many Real Estate Agents, So Little Time
Regardless of what state or city you live in, there are tens of thousands of real estate agents competing for business. To a loan officer, this may sound like a great ratio for business, but as you know, not all agents are created equally.
If you take the total number of property sales in your area and divided it by the number or real estate agents, it would appear that most agents sell about three properties a year. Could that possibly be true? If it were, there would be a lot of starving real estate agents. Obviously it's not an accurate average. Some productive agents will close on hundreds of properties, while others will be lucky to sell just one.
Establish a Profile
Of course, you don't want to focus efforts on those agents that are likely to sell just a handful of homes during the year. You want to focus your efforts on agents that meet your criteria in a number of ways - you want to focus your marketing efforts on real estate agents that meet your demographic.
- Years in Business - How long an agent has been in business is important. A new agent may be highly motivated to work with you, but they may not have much experience marketing, they may not have much referral business, etc.
- Marketing Budget - How much money annually will the agent spend on their marketing efforts? If they can't afford to market their business, they may not have enough volume to make it worth your effort.
- Sales Volume - What is the average monthly sales volume of the agent? You want to focus on someone who has a strong and growing client base.
- Type of Buyer -Some agents work with specific buyers - first time buyers, retirees, investment buyers, etc.
- Employment Type - Does the agent work full-time or part-time?
- Realtor Type - Is the agent a listing agent, buyer agent, or both?
- Values - One of the most overlooked components of a relationship is finding someone who shares your values, especially as it relates to your business.
The m
Knowledge is a philosophical concept defined by Plato as a belief supported by an account or an explanation (Blair, 2002). Under the context of knowledge-view of an organization, the definition suggests that knowledge comes from firm’s increased ability to make use and sense of available information to create value for the shareholders (Leiponen, 2006). There has been a significant growth in the knowledge-based school of thought, which suggests that generating and retention of knowledge can have positive effects on th
Establish a Profile
Of course, you don't want to focus efforts on those agents that are likely to sell just a handful of homes during the year. You want to focus your efforts on agents that meet your criteria in a number of ways - you want to focus your marketing efforts on real estate agents that meet your demographic.
- Years in Business - How long an agent has been in business is important. A new agent may be highly motivated to work with you, but they may not have much experience marketing, they may not have much referral business, etc.
- Marketing Budget - How much money annually will the agent spend on their marketing efforts? If they can't afford to market their business, they may not have enough volume to make it worth your effort.
- Sales Volume - What is the average monthly sales volume of the agent? You want to focus on someone who has a strong and growing client base.
- Type of Buyer -Some agents work with specific buyers - first time buyers, retirees, investment buyers, etc.
- Employment Type - Does the agent work full-time or part-time?
- Realtor Type - Is the agent a listing agent, buyer agent, or both?
- Values - One of the most overlooked components of a relationship is finding someone who shares your values, especially as it relates to your business.
The m
One of the hardest things I had discovered running my company was drafting an Employee Manual. Also added to the stress was the fact that if you made a mistake someone could sue you and you might lose all your hard work and money that you had earned thru blood, sweat and tears as an entrepreneur. You will need an employee manual for your company to protect yourself; but where do you start?Here is a sample Outline, I prepared for our franchise company, which can help you. After you have addressed all the issues
- Years in Business - How long an agent has been in business is important. A new agent may be highly motivated to work with you, but they may not have much experience marketing, they may not have much referral business, etc.
- Marketing Budget - How much money annually will the agent spend on their marketing efforts? If they can't afford to market their business, they may not have enough volume to make it worth your effort.
- Sales Volume - What is the average monthly sales volume of the agent? You want to focus on someone who has a strong and growing client base.
- Type of Buyer -Some agents work with specific buyers - first time buyers, retirees, investment buyers, etc.
- Employment Type - Does the agent work full-time or part-time?
- Realtor Type - Is the agent a listing agent, buyer agent, or both?
- Values - One of the most overlooked components of a relationship is finding someone who shares your values, especially as it relates to your business.
The m
This article relates to the Training competency, commonly evaluated in employee surveys. It comments on the value of training to both the company and its workforce. The Training competency investigates how your employees perceive the available training opportunities and quality of training. Growing an organization's internal knowledge base is crucial to the success of any business and ensuring a growing knowledge base means investing in the training of your employees. A Gallup poll conducted in 1998 reported that eigh
The more information you have about your target, the better you are able to focus your efforts. Instead of taking a "shotgun" approach to your marketing, you can take aim and focus on the people that will make the most difference to your business.
Work Your Profile
After you have a better idea of your target agent, you still need to find ways to market your efforts to the target audience. One great tool for getting a list of prospects is working through title representatives.
Just as in the same way that agents get a farm kit listing from title reps, you can get a list of agents that meet your demographic. You may have to take the time to explain what you are looking for a few times, but eventually you'll get the information that helps you focus your efforts on the best prospects.
You can also contact real estate offices in your area. Keep your eye on real estate magazines and guides. Contact agents that meet your criteria and get their email or web address.
Make sure that whatever method of prospecting you use that you capture email addresses for those prospects. Sending emails is a great way to prospect quickly and cost effectively.
Your time is precious - when you use your time to focus on your ideal target market, your marketing efforts will pay off in business success - both for you and the real estate agent.
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