by Bernice Ross
Inman News Features
What makes a top-producing agent different from one who has low or moderate production? One important difference is where they “aim” their marketing efforts. A common pattern I see in agents who struggle with production is a lack of clear focus in their marketing. To improve your marketing effectiveness, consider implementing the three following marketing strategies in your business.
1. Let go of being a “generalist” and become a “niche specialist.”
Virtually all top producers have one to three specific “niches” they service. Business outside their niche is referred to other agents who are better qualified to service their lead.
John Aaroe, who for many years “owned” Bel Air Estates and Beverly Hills as his personal niche, often told new licensees about his personal experience being a generalist rather than having a specific niche. When he first started in the business, he was running all over town trying to service the leads he had developed. He was working very hard and not making much money. This all changed when he decided to specifically concentrate on high-end estates in Bel Air and Beverly Hills. Leads he developed outside his niche, he referred out. He also trained himself to be the “expert” on every high-end property in his niche. Because of his expertise, agents almost always invited him to help them price the property. This meant John’s clients saw the best listings first. In addition, it was very common for agents to “co-list” with him in order to increase the likelihood of a sale. In contrast, agents who try to be “everything to everybody,” often lack the detailed product knowledge necessary to really dominate a given niche. More importantly, their lack of information about potential pitfalls can cost their buyers and sellers thousands of dollars.
2. Customize your marketing efforts to your specific niche or geographical location.
Look on the Web or at your local real estate newspaper advertising. Agents almost always target specific listings, but they rarely, if ever, target a specific niche. For example, if one of your niches is a geographical farm, does your Web and print advertising reference your niche? If not, consider using a phrase such as,
“Your Real Estate Resource for (and name your geographical niche)”
In every ad you run, specifically mention the niche you service. The same is true of your Web site. If you haven’t already done so, type in the areas you service to see if your Web site comes up on the search. If not, you may be wasting your money on a Web site that really doesn’t work. To improve your Web placement, make numerous mentions of your niche(s) on the first page of your Web site. The more times you use the phrases referencing the niche, the higher the probability visitors will find you on the Internet. Another alternative is to discuss specific Web placement strategies with your Web hosting company. If they don’t have someone who can assist you with improving your Web placement, consider finding a different online host.
3. Stop wasting money on advertising that doesn’t work.
Do you track where your leads originate? If not, now’s the time to start. You could literally be throwing away tens of thousands of dollars if you’re not tracking this important data. When agents begin tracking which advertising vehicles generate the most business, they’re often shocked to learn that up to 80 percent of their ads generate virtually no business. For example, many Realtors waste money on expensive print advertising. If the agent doesn’t have their own 800 number or call capture system, these leads usually go to the floor broker. Unless the agent receives the call, the lead they paid to generate is lost. To avoid this money-wasting trap, aim your marketing efforts at the two or three primary resources that consistently generate leads. If your farming efforts aren’t generating listings, stop farming. If your newspaper ads never produce leads, stop wasting your money.
— Bernice Ross is an owner of Realestatecoach.com
and can be reached at [email protected].