Spring market is here and that means being super busy and trying to create new inventory. The last few years inventory has been an issue in our area causing it to be delightful as a seller and sometimes frustrating as a buyer. With the goal of creating more inventory for buyers to choose, there are several strategies Realtors can use to make it happen. Farming is something many Realtors do, but few have a great level of success. There are many reasons for the failures, but I want to discuss great farming strategies and the layers they come in to help you maximize time, money, and energy to gain more exposure in your farm.
I was meeting with someone last week and he said: “If Title Companies stopped bringing bagels and donuts to Realtor offices, bakeries would go out of business!” We had a chuckle but the more I thought about it, I agreed with him. In many markets around the country, the Title Insurance Sales Rep behaves and is seen as just that…the “order taker/bagel pusher.” It is time to change the mindset of the real estate agent and start adding real value. I can’t tell you how many times I offered a marketing solution, taught an agent a valuable lesson in real estate technology, or helped them in their business and they said–“Wow, I didn’t realize Title Company people offered this help for agents.” Ever have this happen to you…or never happen to you? So how should the Realtor view their Title Insurance Sales rep? As an order taker/bagel pusher or more? Much…much more.
Real Estate agent partnerships form constantly. Partnerships with lenders, Title Companies,inspectors, etc. People form these partnerships because they believe by doing so it will improve their business and make their life easier. Sometimes this is true, other times it is not. This is more true than in the Northern Virginia/Washington DC area. Here “Joint Ventures and MSA’s” (Market Service Agreements) are a large way that many of the Title Companies gain their business. Title Insurance Sales Reps play a different role here to their agent and lender partners. I have been in this area since 2012 and working like mad everyday to overturn how Title Sales people are viewed by real estate agents and mortgage lenders. This brings me to an email I received from a mortgage lender client. *snippet
Back in Phoenix, AZ I used to work with a guy that talked about how Title Insurance Sales Reps used to “Bamboozle” his loan officers. “Bamboozling” is when the gorgeous sales rep(see right) would come into the office and offer nothing of “real value” except for her stunning looks, in which the loan officer would “ohhh and ahhh” over her then send her business. Does that still happen in the Title business today? Yeah it does, not as much as it used to since the market downturn of 2008. Having said that, there is still a good Title Insurance Sales rep trick that happens ALL the time. In many cases you might not even realize that it is happening.
This blog is at “request” from a Realtor I work with. I also constantly get questions about Farming a Real Estate subdivision. Should I do it? Does it work? How long does it take to “work?” What do you send to the farm…how often? Do these questions sound familiar to you? Farming Real Estate subdivisions has been around a long time. Other than calling or talking to your friends and family this is how most agents got their business. Technology has greatly changed how Farming is done though. It isn’t about putting the large ad in the local paper or sending out the recipe or sports schedule to a large neighborhood and waiting for the phone to ring. It is A LOT more than that. As I have said before, generic and vanilla messages are thrown away. Thats what you do right? Farming in Real Estate is MUCH more than that today. There are many strategies to envoke a response from a homeowner. Here is a great way to get set up and started…and get LEADS.