I recently had a top Realtor attend one of my classes. I followed up like a good Title Rep and she ignored my email, as she gets bombarded all the time (as any top producer does). I let it stir for a few days then gave her a phone call. During the conversation, she stated she liked my class and got a lot out of it…BUT she is loyal to another Title Company where there is a joint venture. I kept her on the phone asking her business questions about what she direction she was trying to go and how Stewart Title could assist. She agreed to meet. We met the next day and she was very happy with the services we offer and the relationship we bring. The JV Title Company didn’t help her with her business. As we spoke in a coffee shop about her business needs, she explained that in her third year in business, she had done 31 buyer deals and 8 listings (in the first 8 months of the year). Very impressive! Though she was happy with her business growth, she said that her largest fear in real estate was…
Let’s start off with a statistic. Roughly only 5.6% of all real estate leads covert to clients on the first phone interaction or meeting. Very low number. That doesn’t mean that the other 94.4% of the people don’t buy or sell real estate over time (they do) but with conversion numbers so low it is easy for a real estate agent to give up early in the process and move on to lower hanging fruit. I don’t necessarily fault agents for doing that as your time is important, but I can tell you from experience…you are leaving money on the table. Lots of it. As a Title Sales Rep, it is very similar as we talk to agents and lenders and if we don’t get their business pretty quickly, we tend to move on. Mistake! When it comes to converting real estate leads or any type of lead, the real money is in the follow-up process. Here is why following up is so important and how agents can expand their business at a rapid rate.
Do you have a real estate marketing budget? Do you track where your marketing dollars go and what sort of ROI (return on investment) you are getting? Surprisingly, many Realtors either have a “loose budget” or they aren’t really tracking the return on those marketing dollars spent. So, in today’s blog I want to cover a real estate marketing budget (monthly), what are some of the best things to be spending your marketing dollars on to get a high ROI, and the allocation of those funds. I realize that every Realtor works a little differently, and there are vast ranges in marketing budgets. To make it easy, lets say your marketing budget is between $1500-$2000 a month. If your marketing budget is a lot less than that, don’t worry, the information below will still be helpful.
When I first got into the Title Insurance business back in 2005, I learned quickly that sending out blast emails to promote my business or services was part of the game. Same for Realtors and Lenders, to promote events, listings, real estate news and more. But what if someone on your target list or sphere decides to do the worst thing ever…UNSUBSCRIBE! Ahhh! Crazy right? Who would Dare to unsubscribe from your awesome emails? Was it something you said or did? When it comes to real estate email marketing there are always people who choose NOT be apart of what are you are doing. The problem is that Realtors get mad when someone chooses to unsubscribe. I used to get irritated as well when this happens, but you shouldn’t. You should be Happy! Lets chat…
The end of the year is fast approaching and now is the time when Real Estate agents start business planning and setting their goals for the next year. Before you do, you need to look at what you did this year. Did you make your goals for 2014? Perhaps you set your goals too high and they were not realistic, or maybe you didn’t follow your plan all the way through in order to reach those goals. This is when YOU, the Real Estate agent looks back and evaluates your business model going forward, then formulates a plan for 2015. The issue you ask? Implementation! Ideas always look good on paper right? Real Estate goal setting is important going forward in 2015. Here are 5 things to do that will help you achieve more in the new year.
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.
The new year is upon us. Out with the old and in with the new. So…did you make your goals in 2013? If so…congrats! If not…why not? Perhaps you set your goals too high and they were not realistic, or maybe you didn’t follow your plan all the way through in order to reach those goals. What are your 2014 Real Estate goals? Do you have any? Sorry for starting this off with a ton of questions but this is a very important time of year. This is when YOU, the Real Estate agent looks back and evaluates your business model going forward then formulates a plan for 2014. The issues you ask? Implementation! Ideas always look good on paper right? Now is the time to start doing what you are saying. So, I want to cover what I feel are good 2014 Real Estate goals, then I will add what I am pledging to do to help YOU grow your business and become a more savvy agent. Here they are:
Everyday when I meet with Real Estate agents and Mortgage Lenders in the Northern Virginia/Washington DC area I get all kinds of questions…mostly Real Estate Marketing questions. All the time I hear them say…“I wish there was 1 thing that could streamline your Real Estate business since Realtors and Lenders are so busy!” At the same time, they have issues remaining top of mind and prospecting for more business in effiecient ways. There are various ways and programs available to help YOU streamline your Real Estate Business going forward. Realtors need to realize that their data base is their Data-Bank...and treat as such. Here is the 1 thing that will help streamline your real estate business.
To begin…the Title Company you currently use in the Northern Virginia/Washington DC area ( if not already Stewart Title) is probably not a bad Title Company. I’m sure that they provide decent to good service and have knowledge of their title and settlement services. More than likely they are very good at taking your purchase contracts/refinance orders and close them. The settlement people maybe even bring you gifts, baseball tickets, food, and you might even know their kids names. On top of that, they will do mobile closings for your clients who can’t make it to your office. All sounds great…that is why I don’t want you to feel bad when you switch Title Companies to Stewart Title and Escrow. Here is why…
Every single Real Estate agent that has ever existed was a brand new agent at one point. They paid their money for Real Estate school and passed their tests and BAM they were Realtors! Ok, that’s great but now what? What do I do now to get clients? Ever hear the phrase “Jack of all trades…Master of none?” That can easily be any new Real Estate agent (and experienced) if they don’t know know how to get started in their Real Estate career. Here are DCTitleGuy’s Top 5 tips that can help any brand new Realtor get through the learning curve as fast as possible and start generating business right away.