Michelle,

We do our very best to source all our business. We also track the type of business, listing vs. sales for example and which of several counties it comes from, that sort of thing just to name a few.

Great point.  We track everything.  Every dollar is held accountable.  I'm amazed by the number of people out there ready to sell us the next "sure thing" for marketing.  I like to play with the ones that tell us we only need to make one sale for it to pay for itself.  I tell them that I'll sign up for free, and pay them after the first sale.  Since it's such a sure thing they have nothing to worry about.  They usually excuse themselves from the conversation after that.

Great idea with the highlighters.  Knowing which marketing dollars are working for you and which aren't is very important!

I usually ask the person. A lot of times they will tell me without me asking ('I was referred by ...').

Very good points Michelle, thank you for posting.  It caused me to think about where my calls DON'T come from too as that's a good place to cut back.

Great points.  When I get an email or a phone call I always ask the caller or writer how they found me if it is not obvious.  With my web sites I like to know which one they came from because they are all linked together and I am not always sure which on they found first. It is so important to  know if each marketing dollar is doing it's job.  

Good post!  I think you need to give your marketing ideas atleast a year to see if they work.  With that being said, every January I track where my business came from.  I add more money to the marketing that worked and stop the marketing that didn't. 

It is amazing to think that agents don't track where business comes from...I think your thoughts on tracking will benefit many.

  Good Idea...BUT....if you are doing this with phone calls\opens and ask the caller..."how did you learn about this listing?" you may find out as often as not that you will get a response like...read it in a magazine and you will not have put it there.  (I can talk smart in that for a few decades in another lifetime I owned a marketing agency.)  There are sooooooo many ways to reach consumers, U beleive the last number I heard for the number of times they need to be reached before they take action was somewhere around nine....soooo..they could have seen it on several websites, in the newspaper, on a yard sign, etc. Consumers just aren't all that reliable when it comes to sourcing. There is no one medium as effective as the use of more than one...you can use various levels of frequency in them and people will believe you are everywhere all the time...and that's the best thing.   Good Luck !

With the right Character and right energy combines with passion and optimism, Business is EVERYWHERE. Reach the STARS!

You need to track campaigns or else you are running blind.  I'm reluctant to run any ad unless I can track the results.

Great post. It's so true. Right now, it's a tie between my mailers and the internet!

Hats off to Richard!  That is a critical point, too.

We've tracked sources on an Excel spreadsheet for years - also go deeper: if they found us on the Internet, what took them to the web, or what were they searching for there.

One of the great exercised that my coach, Amy Ensinger, had me do was to trace each client back through as many sources as possible - i.e., Buyer was referred by friend who was referred by another friend who found me through Unique Homes, etc. 

My business is such that, every client, I ask. About 15% (tops) come from online. That is not bad however. Yellow pages is a joke.

Too late.....I use tracking phone numbers, email accounts even web addresses that identify where every call and contact comes from.  The important factor is using the right blend and obviously as you stated use more of the right one.  Nice service post.

It's the best idea to track what works and what doesn't. Even if something is free, how much of your time is it taken away from you that you could use more effectively? If there's a cost, is it a justified cost? Asking consumers how they found you is a great way to find out. I woud hope everyone does this. Exposure is the primary objective, in a quality way that doesn't break the bank unreasonably.

Sharon 

Michelle,  I know where most of my business comes from .  Besides my friends, family and past clients it is the internet (through my blog and website).  That is where I've put my efforts for the last two years.  That being said, if I want to generate MORE business I need to create another marketing strategy, like a FSBO program or developing a "farm"... or whatever.    

I know where all my leads are coming from, and I also keep a running spreadsheet of all my transactions since I started real estate.  It's interesting to see how things compare month to month in any given year, but also where all my business came from.

My first year, all 16 of my transactions came off phone duty in the office.  I haven't done phone duty in almost 6 years now.  60% of my current business is from internet leads, which I have broken down to where they came from on the internet, verse 40% from friends, family, and referrals.

The Company I work with actually keeps track of all the "where did your clients come from" information for me, but I love getting that list each year, it really helps when you get the call to "Advertise again" with some companies, I can take the information out and say "Look, I have the data right here that says your advertising didn't work for me, sorry."

Yes it's very important to track. Otherwise you are constantly being $!9.95'd and $99.95'd to pieces and you have no idea what any of the advertising and marketing money you spend really got you at all.

It never hurts to ask...when I receive a call from out of the blue, I always ask...

good points...

there are too many people not dissecting their plans and reevaluating...spreading money all over the place doesn't create a cohesive and consistent plan of attack

Okay--so this post initially caught my eye b/c we share the same last name.  BUT, I am so glad I read it.  I think I do a pretty good job keeping track of where leads and transactions come from.  However, your post inspired me to get in to the office today and really track my most recent strategy with Sellers, I actually followed-up today, and I now have a listing appointment for tomorrow.  Go figure!  And I would've just let a hot lead slip away.    Thanks, Michelle!

Thanks for all your comments - I hope that this blog and the string of comments helped just a bit.  Several of you already track your business, that's GREAT.  Others, found this something they need to improve on.  Lisa, the comment before this one actually generated a listing appointment from it.