Transcript Innovative Marketing for Buyer Representatives

Module 2
Determining
Your Market Strategy
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Determining Marketing
Strategies
strat·e·gy (străt'ə-jē) n., pl. -gies.
A plan of action intended to accomplish a specific goal.
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Nine Deadly Truths That
Could Kill Your Business
from…
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Nine Deadly Truths That
Could Kill Your Business
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5.
Most customers call only one agent.
Predatory giants have declared war on
your customer.
Roller coaster sales cycles create feast
or famine.
Focusing on sellers is no longer
enough.
Profits will continue to be squeezed.
From “Real Estate Rainmaker” by Dan Gooder Richard
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Nine Deadly Truths That
Could Kill Your Business
6.
7.
8.
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Advertising property drives prospects
to the competition.
Prospects are taking a longer time to
be ready.
Database and demographic aging
demand customer replacement.
Geographic farming doesn’t work
anymore.
From “Real Estate Rainmaker” by Dan Gooder Richard
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Let’s Think Creatively
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No Right or Wrong Answers
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Let the Juices Flow
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Think “Out of the Box”
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Without lifting your
pencil, link the dots
with no more than 3
straight lines that
cross through all nine
dots.
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Laws of Marketing
from…
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The Law of Leadership
“It’s better to be first than better.”
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Is there a service or product you can be
the first in?
Why did 65% of buyers hire the first agent
they met?
Are you “fishing upstream?”
From “The 22 Immutable Laws of Marketing” by Al Ries & Jack Trout
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The Law of Category
“If you can’t be first in a category, set
up a new category.”
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Could you be the first Luxury Home,
Condo, Equestrian, etc. Buyer
Representative?
From “The 22 Immutable Laws of Marketing” by Al Ries & Jack Trout
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The Law of Mind
“It’s better to be first in the mind
than first in the marketplace.”
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Become “top of mind” through frequent,
consistent marketing.
From “The 22 Immutable Laws of Marketing” by Al Ries & Jack Trout
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The Law of Perception
“Marketing is not a battle of products;
it’s a battle of perceptions.”
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Do buyers perceive that you care about their
needs and provide the services they want
most?
Even if you’re “fishing upstream”
are you using the right bait?
From “The 22 Immutable Laws of Marketing” by Al Ries & Jack Trout
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The Law of Focus
“The most powerful concept in
marketing is owning a word in the
prospect’s mind.”
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Example: Allan Domb is “Condo King.”
From “The 22 Immutable Laws of Marketing” by Al Ries & Jack Trout
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The Law of Focus
Allan Domb,“Condo King”
#1 Ranked Salesperson
NAR 2000
What word do you own or want to own?
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The Law of Perspective
“Marketing efforts take place over
an extended period of time.”
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“Owning a word” or being “top of mind”
does not happen overnight.
From “The 22 Immutable Laws of Marketing” by Al Ries & Jack Trout
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The Law of Failure
“Failure is to be expected and
accepted.”
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Dump the stinkers & try again.
Do you measure marketing results? How?
From “The 22 Immutable Laws of Marketing” by Al Ries & Jack Trout
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The Law of Resources
“Without adequate funding an idea
won’t get off the ground.”
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Money, Money, Money, Money.
Can your budget handle it?
From “The 22 Immutable Laws of Marketing” by Al Ries & Jack Trout
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Think Creatively
Decipher the
hidden meaning:
WRitING
Put it in writing
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Think Creatively
SOMEthing
The start of something big
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Horizontal Marketing
Making Contact
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Horizontal Marketing
Definition:
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Marketing to New / Un-referred prospects
Purpose:
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To make the phone ring TODAY.
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To develop cold leads.
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To Initiate relationships.
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Horizontal Marketing
You
Consumer
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Horizontal Marketing
Examples of Horizontal Marketing:
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Newspaper ads
Home magazine ads
Open houses
Floor time
Direct response ads
Cold calls
Other
ideas?
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Top 5 Initial Contact Sources
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Personal contact by salesperson (17%)
Open house (17%)
Newspaper/home magazine ads (17%)
For sale sign/brochure box (17%)
Walk in (9%)
From NAR’s Home Buyers & Sellers Report
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Open House
Strategies
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Open House Goals
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Seller’s goal?
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Listing agent’s goals?
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Sitting agent’s goals?
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Open House Property Selection
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Select appropriate properties for
your market
Whose listing is it?
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Yours
What
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Your company’s
else?
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Another company’s
Access & visibility
Curb & interior appeal
Best day & time?
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Advertising & Announcements
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Newspaper ad
Pre-open house announcement signs
Door hangers/post cards for immediate
neighborhood
Snail mail / E-mail to neighbors &
interested parties
Other ideas?
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Open House Set-Up
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Registration procedures / Questionnaire
Property information
Neighborhood information Who’s
got
City information
another
Competing property info
idea?
Personal / Company info
Schools
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Open House
Key Points & Questions
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Focus on their needs and problems.
Working with another agent?
Differentiate yourself.
Bringing up some of the “Hard Issues”will
differentiate you and lead to more
follow-up appointments.
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Open House
Key Points & Questions
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Motivations for looking.
Why this home?
Special needs?
New to town?
Approved for financing?
Schools, distance to work, transportation, etc.
If the prospect is being “exclusively represented,”
the Code of Ethics precludes you from
asking these questions.
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Open House Follow-Up
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Set counseling appointment
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Where?
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Yard Signs
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After closing place a “Buyer Side” sign:
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“Acquired through…”
“Purchased with the help of…”
“Buyer Represented by…”
“ABC Realty Represented the Buyer of this
Home. Let us represent you too.”
Buyer’s permission required.
Verify with your local ordinance-as most will only
allow for one “for sale” sign.
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Direct Response
Marketing Strategies
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Handpick the Customers You Want
Focus on the Customer’s Problems
Translate Your Solutions Into Offers
Turn Your Solution into a Premium
“From “Real Estate Rainmaker” by Dan Gooder Richard
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Direct Response
Marketing Strategies
Example:
Home
magazine ad
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Direct Response
Marketing Strategies
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Make Your Offer Valuable
State Your Offer Clearly
Limit Time or Supply
Everything Must Contain a Response
Offer
Constantly Test Offers
“From “Real Estate Rainmaker” by Dan Gooder Richard
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Direct Response Report
Gooder Group, Fairfax, VA.
703-698-7750
[email protected]
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Direct Response
Marketing Strategies
Example:
Homes
magazine ad
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Let’s share ideas
What are you doing to convert the
Horizontal Buyer Prospect to the initial
counseling session?
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Vertical Marketing
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Vertical Marketing
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Definition:
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Marketing to build on existing relationships
Purpose:
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Repeat business & referrals
Keep you “Top of Mind”
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Keep clients raving about you
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Nurture relationships for life (& beyond)
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Vertical Marketing
You
Your past client
Your past client’s
neighbor
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Vertical Marketing
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Examples of vertical marketing:
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Sphere of influence (SOI)
Past clients
Agent to agent referrals
Professional referrals
Company orphans
Other
ideas?
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Think Creatively
Moving
Moving in the Right Circles
Moving
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Spheres of Influence
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Who’s in your Sphere?
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Past clients
Family
Friends
Business & Social relationships
Who
else?
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Class Brainstorm
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How are you…
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Contacting them?
Asking for business?
Asking for referrals?
Let’s
share
ideas
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Contact
Christina Martinez, Ranked #10.
“Without exception, I prospect
every day from 10 a.m. til
noon. From 10 to 11 a.m.
I call past clients and ask for
leads. From 11 ‘til noon I call
the leads.”
Realtor Magazine, Sept. 2001
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Agent to Agent Referrals
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Local:
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Outside your geographic market
Outside your specialization
Buyers you can’t or don’t want to serve
Former buyers who want to list
Buyers posing a conflict of interest
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Agent to Agent Referrals
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In state colleagues
Out of state colleagues
Out of country colleagues
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Agent to Agent Referrals
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How?
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Personal contact
How
Ads
else?
Networking
Teaching / speaking
Attending professional designation classes
Attending conventions & hosting booths
Involvement in REALTOR® Association
activities
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Agent to Agent Referrals
Curtis Hall’s Agent to Agent Campaign
March
Series of unique post cards sent out
March – June to 4,000 out of state agents.
Goal: to generate referrals for summer relocations.
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April
May
June
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Author Industry Articles
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Other Professional Referrals
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Who?
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Attorneys
Accountants
Insurance agents
Bankers
Lenders
Builders
Who
else?
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Other Professional Referrals
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How?
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Clubs
Face to face
Letters of introduction
Speaking
Other
ideas?
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Company Orphans
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Who are they?
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Former clients of a licensee who has…
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Left the company
Moved away
Retired
Changed brokers
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Company Orphans
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How?
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Use company files (with permission)
Contact former agent (if possible)
Pay referral fee (if still licensed)
What if you know a colleague who
is leaving the business?
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Transaction Phase Marketing
Ask for referrals from
buyers & sellers you are
currently representing!
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Keeping and Being in Touch
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Keep detailed records
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Contact management software
Clients & referral sources
Update regularly
Set up referral “Family Tree”
$ell it when you retire
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Keeping and Being in Touch
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Contact management software
Databases
Web sites
Email marketing
Toll-free phone number(s)
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