I wanted to share this video which has actually improved my credibility in my market. Few people understand social networking and completely miss the point of social networking. There's different kinds of marketing. I classify them as
Direct Response Marketing
Branding Awareness
Communication Marketing (information marketing)
Neither one is better than the other one. They should be taken into consideration equally and pay enough attention to them. If I could start all over again and had a chance to focus on one type of marketing, it would be direct response marketing. It is the hardest one to master, but once it's running it is effective and requires little or no time. Agents who've learned how to use Direct Response marketing will not be seen holding open houses since they understand that they can get 10 times or more leads with a small ad than they can sitting 6 hours getting to know the neighbors.
Branding is expensive and unless you are a big company I wouldn't worry about it too much (yet). There are some that say branding is a waste of money and you can't trace back results like you can with direct response marketing, but how can you argue that the best franchise (McDonald's) built their business on branding?
There are lessons to be learned and this is what I call the paradox of life. People can't live in a gray area. To most, one of these methods has to be better. In some cases it is, but the problem is that the context must be taken into consideration.
Communication marketing Social networking is changing the way we do business. Some have caught up and some are still blind and overwhelmed by Facebook, MySpace, Twitter, etc.
In order to understand communication marketing, you must first understand and adopt the mentality that "you must first give without want." The purpose of communication marketing is to position yourself as an expert, that's it. If you are keeping your secrets to yourself, that's as good as having the cure for cancer and not telling anyone about it?
Let me tell you how I use social networking sites. I do a combination of all three types of marketing, but most importantly I'm putting my face out there for people to know that I exist (branding if you will).
I wrote a blog "Photography and Selling Homes" and it got such a good response that I can now use it to show potential sellers that I am an expert in my field. I have other experts agreeing with me and that's better than me bragging about myself.
Shane - It's a catch 22. If you don't market you must spend a lot of time prospecting. More time prospecting = less time providing service to your clients. Marketing is tough and it requires learning. I wouldn't recommend you start placing ads and figure out how to market.
I've spent thousands of dollars on education, but I started with a cheap $49 ebook and it was well worth it. I didn't have the money to advertise when I first started but if it wasn't for my marketing I wouldn't have any of my clients.... I hope you listen and take this as friendly advise. Best of luck to you!
Andrew - Just like homebuyers want to buy properties with no money out of their pocket, most real estate agents I know are just not willing to invest into their education or their business. For most agents, spending $200 to send out postcards to farm a neighborhood or do Pay-Per-Click advertising is not worth it. If they only knew huh?..... Thanks for your comment
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Great job in showing us how to take it to the next level and be on Top 10 %