By Gian-Piero Furfaro
As a Realtor, you are in full control of your own business development.
How do you get leads? Should you print flyers? How do you market yourself? By planning ahead you can set aside money for future goals and increase total income. I know this is easier said than done, but I have compiled some tips that should get the creative juices flowing.
Create a business plan: If you are new at this, write some goals about how you plan to attain them. Try to be realistic with targets because you can always revise them later. Review your business plan at set intervals. New people may want to do this more frequently, but you should end up with a yearly plan, subject to quarterly adjustments and monthly reviews.
Flexibility counts: What methods did you employ to increase business? What worked? What didn’t work? Be honest with yourself and look for areas of improvement. Don’t be afraid to try new and untested methods.
Understand your product: Think long and hard about: what you sell, what opinions you provide, the services you provide to different clients and any niche areas or special skills that set you apart. I find that people listen more when you speak to them instead of at them; know the difference. The art of listening is the key for any successful sales professional.
Invest not expense: Look at your current expenses – not so much as costs, but from a marketing perspective as an investment. If you invest, it must have a return. If there is no return, eliminate the expense if possible. When you invest in a strategy, allow adequate time for success. For example: blanket e-marketing is a long-term supportive investment. So if you place an ad on Google, don’t expect the phone to ring the next day.
Budget: Try to calculate a set budget for the year. If not, set aside a percentage from each sale to be reinvested until you have attained the planned yearly budget.
Balance your methods: There are far too many marketing avenues to consider as a Realtor. Some swear by social media; others by cold calling. Spending too much time on one activity will detract from other potentially more profitable methods. Combinations work quite well.
Get out there! Use your personal tasks as an opportunity to build on more prospects. The trick is not to “hard sell” the hairstylist cutting your hair. Tell people you are a Realtor, discuss the market, discuss news and highlight positive changes or niches. Follow up with videos as a communication vehicle for your message. Don’t brag or try to get them to sell their home the same day you meet them.
Frequency counts: There is a reason why commercials repeat the product or service name many times during the spot. People will forget what services you provide, so gently remind them often, connecting through various mediums.
Door knock: I can hear the groans. Remember your goal is not to get a listing agreement that day. It is most likely a meet and greet or follow-up. Use this opportunity to introduce yourself and make sure to concentrate your marketing efforts in that area again so they remember you. The more often people see you, the easier it is for them to trust you. Take the opportunity to make mental notes of mortgage terms, family needs, neighbourhood gossip or other houses for sale in the neighbourhood.
Focus on a small targeted area and expand: As an example, use one letter-carrier route for unaddressed ad mail through Canada Post, door knock the route, attend community groups, create a relationship with local business and co-advertise, create advice sessions, advertise online locally using Google or community e-zine sites, use a tele-listing service, and go to open houses or view newly listed homes in the community. Keep it focused! Higher concentration in a smaller territory will yield better results than a larger territory infrequently. Why? People forget or get lost in the noise of other Realtors promoting their own services.
Get creative: Try to come up with other methods of building awareness. This is your life and you have full control to make the best of the tools you have at your disposal.
Stay motivated and work towards your goal by focusing on one deal at a time. If you haven’t noticed already, you will find most communities have a dominant Realtor. Just because they are dominant, it doesn’t mean that everyone will use them for their next real estate transaction. Microsoft and Apple are world recognized brands, but people still use Linux.
There will always be an opportunity for increasing your business. Farm areas become dominated as listing signs go up. When someone sells their home, they don’t necessarily remember each Realtor they have received a card from, but they are more likely to remember the Realtor who listed four houses earlier this year. Sometimes owners just go on the assumption that since Realtor A has sold many properties in the area, they are more easily trusted. To break through the noise, you need to be visible and gain trust through personal contact.
Gian-Piero Furfaro is the Richmond Hill branch managing broker of Right At Home Realty The brokerage employs more than 2,400 Realtors and has offices in Toronto, Oakville, Burlington/Hamilton, Mississauga, Richmond Hill and Durham. www.rightathomerealty.com.
