Gary Elwood
Author Archives: Gary Elwood
Gary Elwood
8 Solutions to Keep 2009 from Going Down in Flames
First, thanks for reading. And responding. This blog would be nothing without you.
Second, thanks for your leadership. Your courage. Your honesty. Credibility. Tough love. Thanks for being a real estate agent who upholds the standard. Who excels at winning. And winning right. You inspire me.
Third, you’ve got a rough road ahead of you. But you don’t need me to point that out to you. I only want to give you solutions. My main motivation in writing this post is to give you an early Christmas present. An idea…a direction…that will hopefully guide you to success in 2009.
So, here’s a list of 8 solutions to your current economic, real estate woes. Hopefully these will keep you from pumping a ton of money into something that returns little to nothing. When you’re finished, let me know what you think.
1. Start from scratch.
Halt the progress, purge all your current baggage and re-evaluate what you are trying to accomplish. You need a clean slate for 2009.
Andy Grove said “Insanity is doing the same thing over and over expecting different results.” You’ve got to get the fundamentals down. But once you do that…tackle new opportunities.
2. Think like a king.
You probably haven’t been doing enough of this lately. But you need to think like a king. Or queen. Someone who is in charge. Who’s sovereign. Someone who’s responsible for results. Someone who won’t let the vision go dormant or accumulate complicated layers. Who rolls heads when there’s trouble. [Go ahead. You can do it.]
3. Create a dedicated team passionate about real estate.
Your career is so important that you dedicate your life to it. You depend upon it. Your family depends upon it. Charities depend upon it. All of your resources should place it at the same high priority. Otherwise, you dish out a half-baked product.
4. Create a unique selling proposition (USP).
The book Made to Stick demonstrated that an idea spreads when it is simple, unexpected, credible, concrete, emotional or a story. Or a combination of all the above. Southwest Airlines “exists to provide the lowest airfare.”
Why do you exist? What makes your business better than the other ones out there? Let’s spell it out: USP.
5. Filter and test every idea through the USP.
Every idea you come across must live or die based on how it sizes up to your USP. R&D suggested Southwest offer chicken Caesar salads on the flight. The CEO asked, “Will that help us provide the lowest airfare?” The answer was no.
6. Define metrics.
What will determine success or failure: Sales? Houses sold? Listed? Buzz? Penetration? Recall? Website visits? All of the above?
7. Determine an economic engine.
Low maintenance ideas require little to no funding. High maintenance ideas require more funding. You need to decide if you want any idea to be a low or high maintenance idea…and then build strategies and creative to match the revenue required.
8. Meet a new person everyday.
Via social sites like Twitter or LinkedIn or flesh and blood events, get to know more people this year. At a minimum, make a goal to meet 365 new people in 2009.
Deep and wide relationships cultivates success. Especially if you get to a point in 2009 that you feel like you can’t make it, somebody will be there to lift you up.
Merry Christmas.
Leave a comment if this post was helpful or if you have anything you’d like to add. And if you like what you read, subscribe to the Real Estate Marketing Blog.
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Why Breaking This Childish Habit Would be an Ugly Mistake
It’s often not until your child is grown that you appreciate some of their childish habits.
Take persistence, for example. If you have children, especially teenagers, you know that sometimes you may give in to their demands just to be able to get on with your life. The same tactic works quite well in the business world.
Professional Negotiator Peter Stark tells the story of a son who is a master at asking for something over and over again, from many different creative angles, until he accomplishes his goal.
“At one time,” Peter explains, “my son’s major life goal was to own a Nintendo 64 game. He asked for one almost every day for a period of two years.
“His creative questions included, ‘Could I buy it with my own money?’ and ‘Could I buy a Gameboy until I can get the big version that plays on the television?’
“He also asked why other parents I respect bought their kids a Nintendo 64. The questions went on and on.
“I even told him, ‘Nintendo is a dead horse in our house, and if the horse is dead, you should get off it!’
“Refusing to give up, my son creatively asked the following great question: ‘Dad, is it important to you and Mom that I can make quick decisions in complex situations?’ When I said ‘yes,’ he came back with, ‘Great! I think Nintendo 64 helps kids make quick decisions in complex situations.'”
After two years Peter relates that his son finally got his Nintendo 64.
Your Turn
By looking at this example, can you see why persistence is such a successful tactic? Do you understand why hanging in there is so important?
If not, think about this: 45 percent of leads turn into a sale for someone. You want that person to be you. So hang in there–even when you want to lavishly wet yourself.
Leave a comment if this post was helpful or if you have anything you’d like to add. And if you like what you read, subscribe to the Real Estate Marketing Blog.
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Negotiation Tips for the Obscenely Timid Agent
Does the thought of negotiating make your throat go dry? Palms sweat? Heart hammer your rib cage? If so, you’re not alone.
But never develop the chops to handle your own in a boardroom and people will eat you alive. Your clients will scold you. And you’ll have a Pollyanna negotiating reputation…which doesn’t result in more business.
In other words, if you neglect to build your negotating skills, your real estate career will be short. Fortunately for you, you can solve your problem–rather quickly I might add–by mastering these six fundamentals.
1. Start with a Fair Price and Offer
There’s no question that significantly overpricing your home will turn off potential buyers. Likewise, making an offer that’s far lower than the asking price is practically guaranteed to alienate the sellers. It might seem obvious but asking and offering prices should be based on recent sales prices of comparable homes.
2. Respect the Other Side’s Priorities
Knowing what’s most important to the person on the other side of the negotiating table can help you avoid pushing too hard on hot or sensitive issues. For example, a seller who won’t budge on the sales price, might be willing to pay more of the transaction costs or make more repairs to the home, while a buyer with an urgent move-in date might be willing to pay a higher portion of the transaction costs or forgo some major repairs.
3. Be Prepared to Compromise
“Win-win” doesn’t mean both the buyer and the seller will get everything they want. It means both sides will win some and give some. Rather than approaching negotiations from an adversarial winner-take-all perspective, focus on your top priorities and don’t let your emotions overrule your better judgment.
4. Meet in the Middle
Can’t decide who will pay the recording fee? Can’t agree on a close-of-escrow date? Arguing over cosmetic repairs? Splitting the difference is a time-honored and often successful negotiation strategy. Pay half the fee. Count off half the days. Fix half the blemishes.
5. Leave It Aside
Politicians and corporate executives are famous for their “for future discussion” agreements. If you have a major sticking point that’s not material to the overall contract (e.g., the purchase of furniture or fixtures), finish the main agreement, then resolve the other difficulties in a side agreement or amendment. This technique allows both sides to recognize and solidify basic areas of agreement, then move ahead toward a fair compromise on other terms and conditions. Summarizing the points of agreement in writing is another helpful strategy.
6. Ask for Advice
Successful REALTORS® tend to be experienced negotiators. They’ve seen what works and what doesn’t in countless real estate transactions, and they’ve established a track-record of bringing buyers and sellers together. Consult a trainer about negotiating strategies, win-win compromises and creative alternatives.
Leave a comment if this post was helpful or if you have anything you’d like to add. And if you like what you read, subscribe to the Real Estate Marketing Blog.
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8 Irresistible Reasons Why Pre-Foreclosures Can’t Live Without You
For a while there–middle of last year to be exact–I was on a foreclosure/pre-foreclusure streak. I gave you a quick and dirty guide to working foreclosures. I pointed out the most common cause of pre-foreclosure failure. Followed up by a very similar guide to the 2 lethal mistakes you can make when working foreclosures.
Now, I’m going to add that list.
Why? Foreclosures haven’t gone away. In fact, there’s no end in sight to the foreclosure nightmare. And don’t forget this: working pre-foreclosures is less about padding your pocket and more about helping another human being. I can’t stress that enough.
So, when approaching pre-foreclosures for the first time use these ideas to prove to them that you are truly their to help can save their home:
- You aren’t out to fleece them. Just the opposite. You want to help them save equity. Credit. Face. And you must mean it. You must have a heart. That means listening liberaly and talking conseratively.
- You can sell their home. Goes without saying, but some people need to be reminded.
- You are a legal expert: You know all the contracts, forms, disclosure statements backwards, frontwards, inside and out. If they did it solo–or worse, not at all–chances are high they’d miss something.
- You are a professional: Like a doctor or lawyer, you’re an expert. You live and breathe this stuff. Ask them how many people would defend themselves in a court of law? Or, how many people feel confident performing surgery on themselves? Tell them this is your bread and butter.
- You are a master of the market. You know the market and can price the homes competitively. Explain to them the importance of pricing right the first time and the danger of over-pricing. The last thing they want to do is waste time.
- You are a expert on financing. You know how to pre-qualify, qualify and point prospects in the right direction for financing. But with those who want to buy pre-foreclosures, in my experience, have normally got the cash. Let them know people with ready money can buy their home.
- You are a specialist: You can handle criticism, objections and demands objectively and professionally…a must when trying to persuade someone to buy a home that is close to foreclosure.
- You are a negotiator. You know how to balance offers, counteroffers and negotiate contingencies that often will drive a FSBO bananas. Offer your batting average for selling homes at full asking price. If you’re good, they’ll think you’re a genius.
- Finally, you are a network. Develop a list of the tasks that must be completed before closing, including all the inspections, insurance, permits. Then explain to them you know all the right people and could have everything arranged in an afternoon. They’ll get the point.
Now remember, working pre-foreclosures is a sensitive issue. But if they’re highly motivated, lightly but persistently hold their feet to the fire for the next couple of weeks, emphasizing the above points. As the frustration builds, their tipping point will get lower and lower. Eventually they’ll accept your offer and thank you for helping them.
So tell me…have you been working pre-foreclosures? Any success? Any tips to help improve this list? I’m looking for ways to make the first encounter a lasting impression.
Leave a comment if this post was helpful or if you have anything you’d like to add. And if you like what you read, subscribe to the Real Estate Marketing Blog.
6 Unprofessional Tips to Make Your Real Estate Blog Soar
Critics. You gotta love ’em. They’ve got a warning or harsh comment for anything that doesn’t align with their worldview.
Perhaps I should call them naysayers. Or old school diehards. Maybe taskmasters. Gruffy, but lovable.
Whatever name I give them, however, one thing is true: the hair on the back of their neck stands on end at anything that sniffs of unprofessionalism.
Take blogging, for example. A real estate critic–if you can get him on a blog–will write articles on open houses, listings and the market. He sticks to the party line like Mr. Banks in Mary Poppins: “Precision and order/ That’s all I ask.”
He gasps at a misspelling. Shakes his head at grammatical mistakes. And soils his pants at the mention he should consider writing about his daughter’s first day of school.
I have to confess: Todd Carpenter’s great article People Really Do Want You to Tweet About Your Cat inspired this blog post. In particular what he said about his Twitter topics of discussion during Connect 08–namely antics at an after party, who he wanted to go to lunch with and tequila drinking etiquette:
“Unprofessional? Yes. Absolutely unprofessional. That’s the point really.”
So what’s unprofessional behavior got to do with real estate blogging supremacy? Quite a lot. Let me show you how through these 6 tips.
Tip 1: Get Personal
If you’ve been exposed to social media at all, you’ve definitely heard this concept: Let your hair hang down. But it’s more than that. It’s about personality. Breaking the mold. Letting your spirit come through.
If you like stallions, mention stallions in your blogs posts. Draw stories and metaphors from your loves and passions. Show people you love something more than real estate. And land. And the economy. And money.
2. Be Vulnerable
Last year I wrote about the heart attacks Jet Blue lawyers probably had when their CEO publicly complained about his own company. That’s honesty. That’s vulnerability. And it’s credible.
Why is being credible and vulnerable important? Because of the soft stuff: Your reputation. What people think about you. That stuff compounds, even though we can’t track it. Stockpile whuffie and money will eventually arrive at your doorstep.
Tip 3: Display Passion
I love to see people who are enthusiastic. [Except maybe Anthony Robbins.] You can’t help to get hooked to their drive, their urgency, their energy. Look at Jay Sekulow or the guys at the Motley Fool. Their is no doubt they are alive. And love being alive.
The result? Their enthusiasim has drawn substantial followings.
Decide to be something more than a warm body in the blogosphere. Decide to be life. A light. Do it now.
Tip 4: Make Worry-Free Mistakes
At some point you are going to forget to dot an i or cross a t. Don’t worry. You may upset your English professor. You may drive Jim Cronin away. But like the late copywriter legend Gary Halbert [work safe video] said a long time ago, “You’re going to piss some people off no matter what. Ignore them. They’re not your audience.”
Tip 5: Fail Often
Jeremiah Owyang tells a story about his first presentation he gave for a client when he started working for Forrester Research. The presentation bombed. The client poo-pooed him. And his boss scolded him.
This would drive some people to want to live under their bed with a bottle of vodka and sleeping pills. Not Jeremiah. He failed. But he was okay with that. Why? He got over it and vowed never to do it again.
Moral of the story: Lunge out of your comfort zone. And learn. Growth will naturally follow.
Tip 6: Apologize Profusely
For the longest time I thought that people who apologized were sissies (what about you?). Apologies stank of weakness. Hmf. I thought it was enough I felt really bad on the inside. Problem is, no one can see your heart. Or hear your thoughts. You need to apologize. And loud.
Furthermore, when you do screw up, admitting you wronged someone will build magnificent bridges between you, that person, your base and their base…because your entire little affair will probably be blogged publically.
Nobody likes someone who stiff chins it and never admit he’s going the wrong path or said the wrong thing. So, get in the habit of asking for forgiveness. This is almost as productive and life-changing as the habit of gratefulness.
Conclusion
While this list isn’t exhaustive, I think it definitely sums up what four years of experience in blogging has taught me–sharing personal experiences on how to be a better professional will make you rise to the top.
The cascading formula is simple: Jakob Nielson wants you to write articles. Brian Clark wants you to add value. Todd Carpenter wants you to be personal. And I want you to be unprofessional.
Go on. Soar.
Leave a comment if this post was helpful or if you have anything you’d like to add. And if you like what you read, subscribe to the Real Estate Marketing Blog.
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How a Cocky, Obsessive CEO of GE Can Make You a World-Class Blogger
To say Jack Welch is cocky is a gross understatement. Legend has it that some twelve years after he joined GE, Welch announced at his annual performance review his plan to become CEO.
And that was in fact just what the brazen, young engineer did. In 1981, Welch stepped into the roll of GE’s youngest Chairman and CEO ever.
During the first five years of his tenure, Welch cemented his reputation and eliminated employees ruthlessly, earning the title “Neutron Jack”–the people vanished but the buildings remained. From 1980 to 1985, he cut 112,000 jobs.
What was his hang up? Welch was obsessed with dismantling nine-layers of bureaucracy, cutting inventories, shutting down factories, reducing payrolls and cutting lackluster product lines.
He had a ferocious desire for efficiency. And profit.
Introducing the Most Successful Manager of the 20th Century
Some criticize Welch as mean-spirited and petty. Brutal. Apathetic. Others claim he’s quick to judge. Says he used limited information to size people up. And write them off.
But one thing can be said about him: he was successful.
During his 20 plus year tenure, GE’s market capitalization rose from $13 billion to $400 billion. Revenues grew from $27 billion to $127 billion. And earnings grew tenfold.
In 2000, Fortune magazine said Jack Welch was “Manager of the Year.”
The Key to Jack Welch’s Success
What was the key to his success? Certainly more than one factor contributed to his success. But if I was to name one singular and solitary reason for his dominance I’d say it’d have to be his philosophy to cut any businesses that GE couldn’t be #1 or #2 in.
This concept was a simple way to make quick, sound judgments. And to remain focused, lean, fast and competitive.
Ideas, projects or business that couldn’t meet this criteria were thrown on the trash heap. Welch was obsessed with keeping GE trim and in fighting shape. Fat nor sloth were welcome.
How can this idea help you in blogging? Easy. Figure out what market you can enter where you are guaranteed to be #1 or #2.
Why This Is So Important
You have to think about this deeply before you tackle a project like a blog. Otherwise you are doomed to fail. You are doomed to fail for three reasons: lack of audience, lack of discipline or lack of motivation.
Almost everyone you know–including yourself–has failed at blogging. When I say fail I mean they have everyone has at least one languishing or dead blog in their history.
If you don’t, I think statistically you will in the next five years.
Part of the reason behind the failure rate behind failed blogs is because know one is listening. Or you’re not very good. Or you simply don’t care.
When you use Welch’s principle this is what it does: it gets you to focus. And it has one other unintended affect. It demands discipline.
Watch blog launches by successful bloggers and you’ll get the sense that not only did they take Welch’s principle in to consideration–but they in fact live or die by it.
I believe that Greg Swann did this when he launched Bloodhound Blog. And the truth probably holds for Real Estate Tomato Blog. These bloggers launched blogs they were fairly confident they could dominate as #1 or #2.
The same is true for Future of Real Estaet Marketing. Before Inman and Joel Burslem launched his blog there was…well, no one. Lots of tech blogs. Political blogs. Cultural blogs. Some social media blogs. Blogs on real estate marketing. But no blogs dedicated to the impact technology is making on real estate–it was the first.
What If I Can’t Always Be the First?
Real Estate Zebra, well, not the case. Even in May 2006 Daniel Rothemal had a monstrous mountain of competition already on the playing field.
But he defined himself pretty narrowly. You can see this in his zebra manifesto. And no doubt he’s worked pretty hard.
Domination demands positioning yourself to win. And hard work.
So. Wanna start a blog? Or resurrect a languishing one? Or overhaul the lackluster yawn-fest you are working so hard on now?
Then decide what you can write about and dominate the #1 or #2 spot. This may mean launching into a field completely new for you. So do your research.
Regardless, you’ll have to study your market. And then plan.
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What Barack Obama’s Acceptance Speech Can Teach You About Marketing
Do you know who David Axelrod is? He’s Barack Obama’s chief strategist. And he’s the man who Barack owes for winning the election.
Barack made this clear during his acceptance speech last night. He said, “To my chief strategist, David Axelrod–who has been a partner with me every step of the way, to the best campaign team ever assembled in the history of politics–you made this happen.”
It’s amazing what you learn about real estate marketing from a political campaign. And it’s even more amazing what you can learn from Barack’s acceptance speech. And what it can do for your marketing success. So let’s see what we can learn about real estate marketing from Barack’s acceptance speech.
Consumers Are in Control
I don’t think there was ever any question in Axelrod’s or Obama’s mind about who they needed to win over. Even during his acceptance speech, Barack Obama said “you” more times than we. And during his campaign, that was clear. He surrendered the message, the conversation, to his voters.
In the same way, you need to surrender your message and your conversation to your prospects and clients. How do you do this? Listen and respond by giving your prospects and clients what they asked for. It’s as easy as that.
Brilliant Storyteller
Outside of his excellent skills as an orator, his smooth, seamless delivery, Obama can tell a story. He can weave the hard issues of life into a personal drama that just about everyone can relate to.
Take 106 year old Ann Nixon Cooper. Her story arced over a century with a generous amount of pain, hardship, misery and progress to finally see the day when she could not only vote–but vote for a black man. Over 60 years ago, this was impossible for two reasons–she was a woman and black.
Like a legend, that story will attach it’s self to the Obama presidency. And spread. Because it’s a story we believe. And it’s a story we respond to. Create a believable story and people will follow you.
Created the Common Enemy
Obama knew the problems that plagued America. And not only the country, but the government. Whether he’s right or not, that’s another story. But he defined the problem in such a way that people responded. And responded in droves.
In his speech, Obama cataloged petty, immature, partisan politics, selfish, greed-driven markets and utter ignorance of the widespread suffering on Main street as the poisons that ruined our country.
In other words, he created an enemy. A common opponent apathetic, fatigued people could rally around. People rally quickly when threatened. Think Pearl Harbor. 9/11.
Find the enemy in your own market demonizing people…and communicate a plan how you plan to exorcise it to the people who are demonized and you’ll win big fans, rock star like status.
Used Social Media Wisely and Liberally
On Obama’s website, you could easily sign up for every single social media site Barack was on: Facebook, Twitter. You name it.
While he didn’t use social media directly in his acceptance speech, he did, I believe, use what he, Axelrod and their team learned from what voters were telling them via the social media sites.
How do I know? The sole purpose of social media is relationship. Connection. Listening. And responding.
It’s impossible not to learn anything about how people are feeling about your market, city or state when you listen to them. And social media allows you to talk to an impressive swath of people at all times of the day.
Think about it: This is cheap market research.
Free tools you can use to find potent stories, discover the problems that plague them and give the consumers the control that will ultimately make you a person they can trust. And a person they want to work with.
Your Turn
How do you plan to give consumers control? How do you plan to use social media? Do you have any brilliant stories you share in your marketing? Do you have a common enemy in your market?
Leave a comment if this post was helpful or if you have anything you’d like to add. And if you like what you read, subscribe to the Real Estate Marketing Blog.
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The Cult of the Real Estate Agent
13-Question Acid Test to Spot Homes That Will Never Sell
It’s hard enough to get a referral after a successful sale. Expired–forget it.
To make matters worse, the economy’s tanked and it’s an election year. (Is the election almost over?) So, selling a home can seem near impossible at times. And wrenching a referral out of it like pulling teeth.
And it doesn’t matter if you are a rookie or seasoned veteran. Some homes just won’t move and never produce a referral. Even if you use critical strategies like these.
But here’s the real kicker: if your signs stays up a long time in somebody’s yard, or someone else’s sign replaces yours, the neighbors will feel you did not do your job, and they won’t quite trust you. Even if it wasn’t your fault the home didn’t move.
And like the seven natural laws of real estate prospecting, this is just a natural law in real estate, too: Homes that are on the market longer than 60 days are earmarked as problem homes.
However, a home that stays on the market too long gets a bad rap, but unfortunately, so do you. It can turn into a referral nightmare.
It gets even worse if your picture is on the sign in the yard. And if you have two such homes at once, it could get really ugly for you.
So, the idea is to spot a potential problem home during the listing presentation. (There’s good reason you don’t want to win every listing presentation.)
What you want to know is if the home is something you want to add to your inventory. Or not. Here are the 13 questions you should ask yourself before taking a listing:
1. Is this a home you would not object to buying yourself?
2. Does the home show well?
3. If not what can be done to improve the salability (and is the seller ready to take those steps)?
4. Are the sellers’ expectations and timeframe reasonable?
5. Are the sellers motivated?
6. Is there a sense of urgency?
7. Is there a need to sell? (More space? Relocation?)
8. What are the positives of the home?
9. What are the negatives of the home?
10. Are there any structural issues that need to be addressed?
11. Will the sellers address the negatives prior to listing the home?
12. Will the sellers agree to price the home in-line with the neighborhood comps?
13. Will the sellers list with you, at your commission rate and terms?
If the answers to the above questions are mostly “No,” then why bother taking the listing? You are just setting yourself up for acquiring a bad reputation.
To do so will ensure an unhappy relationship with unreasonable demands until the term of the listing expires. And a dismal career to boot.
You don’t want a dismal career, do you?
Leave a comment if this post was helpful or if you have anything you’d like to add. And if you like what you read, subscribe to the Real Estate Marketing Blog.
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10 Critical Strategies for New Real Estate Agents in Any Market
The President of the United States gets 100 days to prove himself. You get less. A lot less.
But like the President, what you do in the early days of your new career will largely determine whether you sink or swim.
This is a time of opportunity for you. A chance to start fresh. A new beginning. But it’s also a time of vulnerability. You’re a stranger in a strange land–with just a few dollars in your pocket.
The stakes are obviously high.
Failure in the early days of your career can spell the end of a promising business. So this post is not just about exploiting opportunities and advancing your career. It’s also about preventing failure.
Therefore, your goal should be to arrive at critical mass as rapidly as possible. If you succeed in this, you’ll free up precious time to focus on business development.
Follow these 10 critical strategies and you will inevitably exploit opportunities, prevent failures and advance your career.
1. Promote Yourself
First and foremost, make a clear break with your last job. Quit it if at all possible. Part-timers are crummy real estate agents.
Then, hit the ground running. Announce to everyone you know–including your old boss and co-workers–that you are a real estate agent. What you want is immediate traction. This means reworking your network.
Furthermore, learn everything you can about real estate. And start sharing that information. On a blog. In a newsletter. At networking events.
And most importantly: watch out for people who want to hold you back.
2. Accelerate Your Learning
If you aren’t a reader–become one. Fast. If you aren’t a learner–get over it. You’ll need to become one if you want to succeed in real estate.
Now, if you have trouble learning or find reading boring, do this: view it as an investment. Imagine every hour spent learning is a possible $100 down the road.
Furthermore, to be systematic about learning, you’ll need to define your learning agenda. You’ll need to find the best sources of insight (this could be designations, coaching, conferences or mentors. Or all of them). What’s always helped me when I want to learn something is to adopt a learning plan. This will work for you, too.
3. Match Strategy to Situation
Always diagnose the business situation you are entering before you create a strategy. Is it a hot market or a sluggish market? Urban or rural? What are the challenges and opportunities? Should you play offense or defense? What are the right skills needed to lead?
Also, understand the history, the people and the culture of your market. This can be some of your best clues on how to succeed in your market.
4. Nail Down Early Wins
While there are a lot of ways to build credibility, early wins is certainly one of the best.
What is an early win? Great thing about early wins in real estate is that you get to define them. An early win could be getting a buyer for a piece of property your company’s best salesperson has been having trouble selling. Or it could be as small as meeting key leaders in your city.
Early wins involve rewards not just for your clients or co-workers–but for you, too. But whatever the win, make sure it’s a tangible result. Something you can measure.
5. Negotiate Success
How do you build a productive relationship with the people you work with–whether clients or co-workers? There are several do’s and don’ts.
First, the do’s. Take responsibility for making every relationship work. Clarify expectations ealry and often. Negotiate times for action. Aim for early wins important to your clients and co-workers. Pursue relationships with people your clients and co-workers respect.
Second, the don’ts. Never trash the past. Don’t avoid communicating with your clients or co-workers. Never surprise them. Never approach them with problems only. Never run down a checklist. Never try to change the people you work with.
6. Get Alignment from Key People
Think of yourself as an architect for your business. You’re the one who’s responsible for making sure your business is productive, effective and efficient. And that the important people in your business–the one’s who are going to help you succeed–are behind your strategy.
This includes all the obvious people: your boss, partner, manager and co-workers. But believe it or not, this also includes your spouse. He or she needs to be on board with you are doing. Otherwise, expect grief.
7. Build Your Team
I can honestly say that the number one way to grow a business is to build a team. In other words, delegate work. Rock star agents probably not so much, but other successful agents move rapidly to add people to their team because they realize they can accomplish more when they have a group of people working as one on a compelling vision.
8. Create Coalitions
Sooner or later, you will need the support of peers–whether you like them or not. That’s why it’s so important to identify supporters and opponents, and then figure out how you can influence them.
This might mean you’ll have to humble yourself and act kindly toward someone you can’t stand. If that makes you want to hurl, think about this: one act of kindness now could lead to a strategic advantage in the future. One act of defiance now could lead to a stonewall–and a critical failure.
9. Keep Your Balance
This is the real estate killer–unending work. Seven day work weeks. Midnight closing times. Going into the office on holidays. Allow this to happen and you will burnout, or worse, lose your family.
Take stock, set limits on your business and be disciplined. For example, you could have a goal for a four-day work week. Or a four hour work week. Whatever your plan, stick to it.
10. Develop Everyone
If you follow the previous strategies you should be well on your way to reaping a rewarding real estate career. However, you’re not done.
Don’t forget about the people around you. Make it a plan to develop every member on your team into a leader. Help those in your peer or mastermind group to grow. Help client’s achieve success outside of buying or selling a home. Ask yourself: whose life can I accelerate?
If you want more help on making that transition between jobs, read Michael Watkins The First 90 Days.
Did you find this article useful? If so, leave a comment. And if you like what you read, subscribe to the Real Estate Marketing Blog.
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Why Your Advertising Never Works (And What to Do About It)
Has this ever happened to you?
You spend the weekend hunched over your computer writing and designing a postcard to announce a new listing. On Monday, you spend one hundred dollars to print the postcards. On Tuesday, you spend an additional fifty to mail them.
But nothing happens. What gives?
The Reason Your Advertising Doesn’t Work
The reason your advertising doesn’t work–whether it’s a billboard or email newsletter or postcard mailing–is simple: you never test.
Testing, especially for you DIY real estate marketers, is critical if you want to find out what works. And make it even better.
But all good tests start at the same place: a good test strategy. You must know where you are going before you begin the trip. And to do that, you must ask the right questions. Otherwise, at the end of the test, you are lost in an ocean of data.
To avoid that conundrum and to stop wasting your time and money, follow these four critical ways to test.
Creative
Creative tests involve experiments with the copy, cover treatments, envelope size and envelope copy. These tests tend to be the easiest to conduct. And offer a popular way to increase response.
A common test is to write two entirely different pieces of copy. One uses fear and the other uses pride. And the whole reason you went after these two emotions is because you’ve studied your prospect and profiled him. (Remember, writing is one of the best skills you can practice and hone.)
Another common, easy creative test is envelope copy. Try one envelope with a teaser like, “You will never sell your home, unless…” and the other envelope with no copy at all. If you find out the teaser copy pulled in more response, then roll it out to the rest of your list.
Or test and refine the teaser copy. Your call.
Offer
Most real estate marketers go after offer tests after they’ve tinkered with the creative. These tests involve promotions–or a combination of promotions–to increase response.
An example of differing offers can be as simple as “Sign with me and I’ll let you use my moving van” or “Sign with me and I’ll pay your moving costs.” You’re looking for what motivates people–service or money.
Offer tests help you understand what drives response and are an efficient way to work your list of prospects.
One thing to watch out for when conducting an offer test: make sure you account for the full cost of the test. Examine how the test impacts your profit and loss in the long run. That means don’t forget to include all costs for owning a moving van, if that’s your offer.
Timing and Frequency
Another big question real estate marketers like you need to ask is “When and how often should I mail/email/advertise/etc.?”
The answer to that question will help you to determine if an aggressive pay-per-click campaign or ad placement does better in getting more customers for a small investment. Or it will give you the value of an incremental mailing.
Do you get more response when you send out an email on Monday morning or Monday evening? Do you get more response when you email them twice a week for three months or once a week for six months?
Those are the kinds of questions you need to ask.
Keep in mind, you need to wait to the end tests before making a judgment on your test. Especially when it comes to long-term tests. If your incremental mailing is six months, wait six months.
Lists
Testing lists is a basic must-have in your marketing plan if you want to acquire new prospects and clients. But the questions you need to ask aren’t as cut-and-dry as the previous tests. You’ll need to think deep on this.
For example, which zip code responds better to an appeal on prestige, success or fear? What neighborhood will accept a flat-out advertisement versus a more editorial style advertisement?
However, investing time in figuring out the right questions to ask will reward you well. In addition, you must experiment with just a portion of a list until you find the right combo of other factors. Once you do, then roll it out to the rest of the list.
Conclusion
Asking the right questions is the key to effective testing. And once you find out which list responds to the right copy, creative and offer you’ll become a rock-star real estate marketer.
Did you find this article useful? If so, leave a comment. And if you like what you read, subscribe to the Real Estate Marketing Blog.
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