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Posts tagged ‘flyers’

5
Jun

Dum Da Da Daaaaa! Where Do Clients Come From?

meeting client picI know you’re dying to find out the results. Earlier this week I sent out a simple message to my agents…”The results of my little survey are in BUT you will have to attend tomorrow morning’s meeting to find out where clients come from. The methods were highly unscientific but the results will be mildly informative (hopefully) and, with any luck, generate some worthwhile conversation”. The heading was also a bit catchy…Dum Da Da Daaa!

I have to admit that I was rather curious too. A few weeks ago I pulled the last 120 deals from our records. I wanted to know two things; Where did the agent meet the client AND how long did they know them before they bought or sold their house. I had a feeling what the top response would be but I was more curious about other responses. It took me some time to contact each agent and ask the questions but in the end I was able to categorize the responses into twelve clear groups. We had a full house at our meeting to unveil the results. Now, if you know me then you know that reading them off is NOT something I do well. I prefer the pomp and circumstance of an event, even if the results aren’t all that exciting so we played the “Realtor Feud” game, pitting the Red team against the Blue team in an epic battle (not really) with the winner getting bragging rights for the day.

Obviously the results will vary but I thought it interesting that the top four responses, representing 67%, came from the people we know the most; past clients and friends. I suppose that makes sense, after all, our past clients and friends know us the best. We are still picking up clients from people we don’t know as well. That’s a good sign and evidence that traditional methods of prospecting work. Flyers, news letters, open houses, sign calls and walk-ins accounted for 15%, family and neighbours accounted for 10%, clients coming from social media and web accounted for 6%, and professional referrals (people you are associated with in business such as referral companies, lawyers, accountants) accounted for 3%.

So the next question is how quick did agents buy or sell homes? Well not surprisingly (again) agents had long-lasting relationships with friends, past clients, family and professional referrals. Social media and web-based clients had the shortest relationship time followed by signs calls, open houses and walk ins. This indicates that clients coming from these sources have done their research and are in the active buying or selling process.

The take away from this little bit of non scientific research is that you need to prioritize your inbound clients. Past clients and friends are on a slow drip campaign when it comes to touching base and follow-up. Online leads, open house and sign call clients are ready and able so deal with them quickly. I believe this little test is further proof that a solid CRM system is a mandatory tool for our business. I would encourage all Realtors to evaluate where their clients are coming from and prioritize their contacts.

mark mclean is the Broker/Manager at the Bosley Real Estate Queen St W office and President-Elect for the Toronto Real Estate Board. The opinions expressed here do not reflect the opinions of TREB or Bosley RE.

21
Apr

What’s My New Tattoo Say?

Ok, before you start wondering, I don’t have any tattoos. At least none that I will admit to. But if I did, I would want to make it memorable. It would have to have meaning, after all, It’s going to be with me for a while. There are a couple of phrases in my life that I use a fair bit. The first is “never give a job to someone that you aren’t prepared to do yourself”. That one came from my grandfather. The second one is “play the long game”. To me this one has a great deal of significance. It kind of puts everything in perspective. If you have lofty goals you need to put a plan together. Rarely does someone have an idea that becomes an instant hit. Even the people who are known as overnight successes got there by planning. It’s never luck. The saying reminds me that the things I do today may not pay off right away BUT will contribute to my overall success.
So here is another phrase I’m going to add to my list. “Move the Needle”. Sure, its similar in nature to playing the long game but I feel has more teeth…more direction. Think of it this way, every morning you wake up with a goal to make minor advances to various aspects of your life that will, essentially, help you achieve ultimate success.

For example, you want to be the top agent in your neighbourhood within 5 years. That’s your long game. You have already made a plan on how to get there. Visit open houses, send flyers or newsletters, get known, door knock, prospect, and create a business Facebook page, etc, etc. The next thing that should be on top of your mind when you head into work is to think of something that you are going to do that will get you that much closer to your goal. For instance, you have decided that part of getting known in the neighbourhood will require you to send out a monthly e-newsletter to your prospects. So to move the needle for the day you are going to talk to a local retailer and ask if he wants to include a coupon into your newsletter. What I’m trying to get at is a thought process that asks you to make minor, and positive, tweaks to your daily plan. That’s “moving the needle”.
I have a lot on my plate in my professional life. So everyday I come into work with the hope of achieving three goals each day; create one good piece of content for our company, do one thing that will advance my office and the agents that work here, and finally, consider new ways to better the overall health of the Toronto Real Estate Board. Seems simple enough.

mark mclean is the Broker/Manager at the Bosley Real Estate Queen St W office and President-Elect for the Toronto Real Estate Board. The opinions expressed here do not reflect the opinions of TREB or Bosley RE.

10
Apr

What Does It Cost To Farm A Neighbourhood?

farming So you want to be a Realtor? Well most books you read out there will tell you that you need to farm a neighbourhood. Hey, I’m not saying that rule is written in stone because in this day and age you can prospect from your social groups or by targeting a particular age or demographic through tools like Facebook. But there are advantages to working one neighbourhood…especially one that you live in. Obviously you are familiar with it. People see you out and about (maybe with your dog) so there maybe some recognition. You go to the local stores and of course you tour properties in the vicinity to gain expert knowledge. Your geographic farm is only as big as you determine, but the realities are that the bigger the area, the more expensive it is to farm it and promote it. I like to tell new agents that you should target one or two buildings or about 500 homes before taking on more. So, last week we did a little noodling in our office about just how expensive farming can be. We outlined the action and the cost associated with it. Here’s what we came up with;

farm 2

farm 1

As you can see there is a healthy mix of the good old tried and true techniques that I believe should not be disqualified. They still work and provide the public with name recognition. They include newsletters, flyers, local paper ads, door knocking, cold calling. Add into the mix some ideas, like joining local BIA’s and neighbourhood committees, holding buyer or seller seminars and sponsoring kids teams and you have the making of a fairly substantial marketing program. On top of those more traditional approaches, social media has given the savvy realtor even more tools. Agents are creating neighbourhood channels, websites and Facebook groups, to speak with authority about what’s happening in the area. They are using video to promote local attractions and businesses and are tweeting out the latest gossip. They aren’t mentioning that they are Realtors right away though. It’s a round-about marketing technique that aims at gaining trust before asking for the business. It’s about proving to buyers and sellers that you are more dialed in to the nuances of the neighbourhood than the next guy.
You do all these things are for the sole purpose of networking (prospecting in real estate parlance). For the most part the things that you do take more time than money, but when you are starting off, you’ve got nothing but time.
Add it up and you have an idea on what it’s all going to cost you. About $20,000 per year. That falls in line with our company’s belief in spending about 10% of your earnings on marketing. The cost associated with the actions we came up with were based on actual costs that agents in my office spent and we tried to limit the size of the farm area to 1000 doors. Obviously there are some economies of scale in farming. For example, the cost to produce a video isn’t going to change depending on the size of your farm but the cost of gifts, newsletters and flyers will. There is one other factor to consider and that is location. A billboard in Rosedale (one of Toronto’s most affluent neighbourhoods) is going to cost a lot more than one in Kingston Ontario. Don’t let these numbers scare you. In a perfect world you would accomplish all this and more. For now though it’s important to recognize that some of the best things you can do is get out there and shake some hands. That’s the most cost-effective farming you can do!
Is there any downside to geographic farming? Sure. a Client you’ve taken out a bunch of times decides to look across town and thinking that you don’t know anything about it hires another agent. The best defense is a good offence so while you are out, let the clients know that you are familiar with all the neighbourhoods of the city.

mark mclean is the Broker/Manager at the Bosley Real Estate Queen St W office and President-Elect for the Toronto Real Estate Board. The opinions expressed here do not reflect the opinions of TREB or Bosley RE.

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