Six Marketing Strategy Caveats for Real Estate Agents

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Six Marketing Strategy Caveats for Real Estate Agents

Marketing Plan As a hard working real estate agent, you may find it easy to get wrapped up in the hype of a new marketing method that promises quick payoff with possibly little cash (or even a lot of cash!)

With so many choices, so many ways of marketing listings and yourself, you may feel compelled to dump what you've been doing and jump right in to something new. Tread lightly, make sure you have a plan in place moving forward. Here are some simple tips for use when you are contemplating trying something new:

1) Have a plan for the plan.

Before you do anything else, map out how you intend to execute your new plan and how you intend on measuring results. Develop an entry and exit strategy for your marketing plan. Think of a few ways that you may be able to make slight adjustments along the way to maximize your effectiveness.

2) If it isn’t broke, don’t fix it.

If what you've got going is working well, why change? I admit it's good to try new things, but be careful not to abandon what you've already got. The saying goes, you don't know what you've got until it's gone applies.

As an alternative, test different approaches for a small segment of your marketing list. I believe that 10% is a good number to test on. Use 10% of your time and capital for experimenting, the other 90% for things you know work well. Run a campaign and gauge the results. If successful, apply this tactic to increasingly more of your list while not forgetting what already works.

3) Measure your results to determine what works best for you and your situation.

It is imperative with any marketing campaign to accurately measure results. How could you possibly make a good decision as to what is and is not working if you don't have accurate figures?

Developing a Marketing Strategy 4) Marketing isn’t just about the numbers.

Remember that sometimes a successful marketing campaign may not work immediately. Patience is virtue, stay the course and give your plan time to play out. Premature stops or changes can ruin something potentially good, and you may never know about it! Even if you don't get more money from your campaign, ask yourself if it is helping in another area such as increasing the longevity of your business, or helping your clients in a big way.

5) If it sounds too good to be true, it probably is.

If you read testimonials on a marketing method, please take them with a grain of salt. Testimonials are dime a dozen, can be fabricated and doesn't give you an accurate gauge of true success. Unless you actually KNOW someone who has had success, don't trust testimonials. Use common sense when gauging something new.

6) Try new things, but don't abandon past marketing efforts that you know get results.

The 10% rule mentioned above works well. Spend 90% of your time and money on campaigns that you know do well, use the other 10% for experimental work. This allows you to try new ideas without breaking the bank.

Helpful Links:

¤ How to Write a Marketing Plan

¤ Write a Marketing Plan

¤ Develop a Marketing Strategy

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Chris Brunner is an aspring real estate agent/investor and owner/developer of
GreatFX Business Cards, a top destination for online printing services.

GreatFX offers thick card stock paper, photo-quality color, free glossy or matte coatings and eco-friendly soy-base inks & reyccled papers. Stop paying too much for cards. Sharpen your image, design business cards online today!

Posted by Chris Brunner - GreatFX Business Cards on 11/27/2009 12:42 PM

Comments (106)

Marketing Plan Caveats in the Offline Marketing Channel

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106 Comments on Six Marketing Strategy Caveats for Real Estate Agents

NOV

2009

Great Post! Lot's of info and good tips for us new Agents!! Thanks.

C-

Hi Chris;

I do appreciate your post with very important information, thank you for sharing.

Chris,

I did flag this for a feature. I would like to offer that I reviewed a law firm's business processes this year as a favor and will tell you that a highly successful law firm depends on marketing just like a highly successful Realtor. Thanks for your contributions to Active Rain.

what a great post. good information. Too often we jump all over the board and then wonder why nothing seems to work!

Chris - great advice for all of us. Social media has nearly completely taken over our marketing and time recently. There are many experts who speak of returning to old school. Great post!

Chris - solid advice. Stick with what works while finding other areas to add to it.

NOV

2009

The more I'm in this business the more I realize that sticking to the basics is the way to go. It's still a people business and always will be. Buyers and sellers want to work with a person they, get to know, like and trust. And this is best accomplished by meeting people and getting referrals. Staying focused is so important. Thanks for this article.

Hi Chris... it sounds to me like you have identified a winning formula for marketing!

#4 is huge. I've been pitched by people with expensive marketing ideas and the "one deal pays for it" come on. The problem is that many of these ideas are just overhead creators and not solid reliable things to incorporate.

You know in the old days we would try everything and didn't really analyze the way we must today. The economic downturn has caused us to think about our marketing decisions and cut out those that don't work...vanity spots mostly. It's not a bad thing.

Chris,

I'm a believer that all marketing works to some degree...if done correctly. I am amazed at some agents though, who just toss a website up and believe that traffic is just going to magically appear.

Rich

Chris,

We ALL need to read this, given the proliferation of option available. Jumping from one new method to another without time and evaluation does us no good. Thanks for the tips.

Chris, It is easy to get caught up in something new that promises a lot. Great reminder to not let your proven ways suffer. Keep juggling!

Excellent insight. Do you have much advice in the way of lenders?

Thanks for this post. Lots of good thoughts.

Hi Chris,

I like #3 and I need to focus on #6... Thanks for the reinforcement.... ;>))

Chris -

Great points. Practical information. I am also going to check out your "helpful links". Thanks for the post.

Because it did work and still does, I believe that a lot of agents are getting back to the basics. Mixing that with social media hopefully one can find a happy balance to market themselves and their properties. Thanks so much for great advice.

Chris,

Great blog especially for newbies. I agree with If it isn't broke, don't fix it. It is also very crucial to track your marketing and see where you business comes from. For example if you use domain names get one name with several extensions and track where you are using these and what the results will be.

I like a post that makes sense. Instead of spend this, spend that, make a left turn at broke, etc.

Chris,

Good post! Lots of good advice and information to think about.

I totally agree and no 4 rings sirens in my ear. I hate the pushy salesmen that call and tell me I need their service or product. I am sure another wave of those will arrive soon!

Thank you Chris for the great information!

Thanks for the post. I am getting ready to sit down and map out my strategy for the new year, I'll keep some of these tips in mind.

Good information and advice. However, I am seeing many Realtors leave the business because the follow the definition of insanity, trying to do the same thing over and over again expecting different results. If it doesn't work, fix it.

I believe in marketing and for me it works. BUT there really are no "new" tricks. Also notice the use of the word WORK!

Good post.

Chris Gee, the steps involve old fashioned common sense - I like that

Chris,

This is a tremendously helpful post...and I am GLAD it was featured. You make some really great points....I am a firm believer in # 3 & 6. My plans however, need some direction....

I have subscribed to your blog!

Thank you all such much for the comments and positive feedback. Today more than ever it is imperative to stretch your marketing dollars as far as you can. This means little to no waste on crap strategies that don't work and only end up lining the pockets of the person who fabricated it.

Remember the 10% rule: 10% of capital to experiment, 90% of capital on what already works.

Excellent post! I think it is especially important to continually do that evaluation of what is working since there are always throngs of salespeople ready & eager to sign us up for more, more, more new & "great" ideas.

Operating real estate office manual for your local unique market... if it's working for you, don't think every market is the same and using the same marketing "shooting irons". Saving time, making good use of time still the key in everything you do for diminishing returns on effort, financial resources. Great post!

Thank you for reiterating the things we should already know and follow.

Hi Chris, It seems that many offices do not have an effective way to measure results - such as a newspaper ad.

Chris great strategy ideas. I agree that we all need to try new things but need to remember not to abandon the ideas that have brought us revenue and business in the past.

Good info, unfortunately many of us do not market consistently if at all. Its scary for some and most are afraid of losing money. It's a skill that needs to be cultivated over time.

Right - every week there is the random call or many e-mails that promise great results for only $19.99 a month - or $39.99 a month .... not all such good results.

Hoping for that magic bullet, potion, or pill. When in reality hard work, discipline and a smile from lady luck will make the difference.

Chris, thanks for the excellent tips on how to have an effective marketing strategy.

Chris, great advice, we do tend to get bored with what we are doing and change it up just for the sake of change. Monitoring is always good.

Chris - This is solid information for both new and seasoned agents to follow. I find #3 to be one of the most important steps. If you can't measure your results you have no way of knowing what your ROI or determine which marketing campaigns are the most sucessful.

#5 -- how true, how true!! Good blog, and thanks for the time you took to compile this list.

Nice post, Chris! Many of us have been lured into scams or even legitimate proposals that cost us dearly but we were unable to maximize the use of because we had not planned how to follow up once the bounty became real. Imagine, 90 leads in 60 days, but too busy with coursework and other matters to grab that immediate contact with each one as it came in! Sound familiar?

Plan, plan, plan... and then carry that plan out!

Aloha,

Waikiki Bob.

Great post - When I begin my RE career I was not told about controlling your marketing dollars. There is gimmick after gimmick and after the first year of spending/wasting money I figured out how.

I agree with the others that #3 is very important and I tell every new agent don't get caught up in some hype with a marketing gimmick do what works for you! As for testimonials I just pick up the phone and call. Most agents in a non-competing market have no issues talking with you.

Hi Chris,

Sound practical advice! Every year I check my numbers to see where my business is coming from (it is consistant - personal referral, past clients and marketing to a particular community). My marketing continues to reflect contact with these 3 areas.

Chris - very timely ... great tips and timing as it is that time of year when we start to review and prepare for the new year

Thanks Chris for the post today. I liked it, lots of good tips here.

Patricia/Seacoast NH

Hi Chris, I like your caution about testimonials. I hired a concrete guy this summer who had photos of his beautiful work. After the guy had done two jobs, I realized that those pictures had to be of some else's work.

Chris, I love your posts. Full of great stuff, just like this one! I like your 10%-90% rule. That's great advice. As mentioned above, I think SO much time is spent on Social networking that we forget that a bit of "back to basics" is important.

Love your post....consitency is the key.

Spend 90% of your time on things you know work. This is great advice. It seems like such common sense that you have to wonder why sometimes it's forgotten.

NOV

2009

Awesome - new and a feature already! And certainly worthy of a feature! I'd love to re-blog it too! thanks:-)

Thank you, Liz and to everyone else who has commented. This is actually 3 features in a row for me. I am loving AR and I have much more to contribute in the future. Thank you especially to the ambassadors for your assistance and kind words of encouragement. Please subscribe to my blog to keep up on future postings, I feel I have a lot to offer the AR community.

No kidding! wow - 3 features in a row - I'm humbled! lol..........and Sold ~ so I've subscribed :-)

Chris - great post. I especially like the 'If it aint broke, dont fix it' which is a tough nut for me to crack. While we have done well under our plan I am always looking rather than trying to build upon a proven plan.

A fully optimized website will always yield you the most bank for the buck. It also makes sense to go after clients from the beginning of there search. After all 80% of buyers start there search on the web.

Sterling Chase Realty

Sage advice, Chris. A comprehensive annual business plan helps keep one on track. I love your suggestion to keep 90% tried and true, while allowing 10% for experimentation with new ideas.

I love the post. Years ago I read a book, entitled "Everybody's a Coach" co-authored by Ken Blanchard. The ideas were similiar to yours. Have a plan, keep going back the basics, once you've figured out what works for you, keep refining it. Thanks again for the reminder.

Chris

It is very important to know what works and doesn't work and to give it some time to work.

I'm thinking of adding a new outreach method, but am reluctant to put the effort into something I'm not sure of. Your advice here about how to approach a new system makes a lot of sense.

I like the 10% ratio for new ventures. Both in time and money, it is a good safe amount. Also the patience advice. I am sometimes quite impatient and need to heed that~ Good job on 3 features already!

Great food for thought... and more thought.

Thanks for the article. It's good to read something like this to remind me to do the right things

Great post and a great reminder to all agents: treat your real estate business like a business!

Chris---This one might have to get printed off and taped up by the phone. Some of these telemarketers are really good at what they do and very convincing. As you say, 'If is sounds too good...". Thanks for the timely reminders!

Great post and a lot of great tips. Sometimes I think we feel like we need to revamp our marketing. But like you said if it isn't broke, don't fix it. If it works, leave it alone. I have learned this lesson in the past. Thanks again for the post.

This, along with your links, gave me some great ideas for a marketing plan for listings.

Utterly lame! Although, I'm sure the author is a very, very nice man.

Here's the BIG problem... most agents looking at new marketing ideas are FED UP with what they're currently doing. If they were CONTENT with their current results, they WOULD NOT be looking at ways (and spending money) to boost their business.

This post does nothing more than CELEBRATE mediocrity, status quo, and subtily reinforces FEAR to try something new. "Ohhhh, beeeee carefullllll" "Oh, be sure to measure", "Oh, if what you're doing is working for you don't stop". PUKE! Puke as in, I'd rather have you HOT or COLD!

Brother Chris, if people felt their staus quo was WORKING... they wouldn't have their nosees wide open, sniffing out what could be BETTER!

Listen readers... if you have it in your heart to DO BETTER... I mean DRAMATICALLY better... you are absolutely correct to SEEK ANOTHER WAY! And seek it with ethusiasm and gusto! It doesn't take much to measure that YOU'RE BROKE... YOU'RE NOT PROVIDING LIKE YOU KNOW YOU SHOULD... YOU GOT INTO REAL ESTATE TO SCORE BIGGER THAN YOUR LAST 9 to 5! Measure that!

Sure, look both ways before you cross the street so you don't get run over as you run to greener pastures! And make no mistake about it... my yard IS GREENER (even in the dead of So. Cal. winter!) Why? Because I do things my neighbors don't do: I lay seed in generous quantities. I use fertilizer and turf builder. I water at night so it stays longer and goes deeper. That AIN'T what my neighbors do - at all! Be BOLD. Be BRAVE. And amen to you wanting to get OFF the chicken farm! Amen to you, better results seeker! Amen! (Umm, I am typing this on a Sunday mornin'. smile)

Kevin Scott: Thank you for your response, I appreciate your opinion of my "lame" post. As passionate as you seem to be I am surprised to see that you have not paid for a membership here at Active Rain. You must get all the benefits without paying, that explains why you can afford to blow money on concepts that don't work.

As an experienced small business owner myself, I know what it feels like to take chances on new ideas. I know what it feels like to press forward, to attempt to be the absolute best that you can be. I know what it feels like to stretch my marketing dollars down to the last penny.

I don't celebrate mediocrity in marketing or business in general, rather I support a conservative method for long term success. One that uses FACTS and METRICS to determine success. One that doesn't expect to gain temporary or overnight success, rather one that is paced and steady, one that is viable for the LONG TERM.

In my opinion, what you say is irresponsible and wreckless. I appreciate that you have the greenest grass on the block, but what success have you had in business using your methods?

Thank you again for posting your opinion, I'm thankful for every word you typed and hope that you will comment more in the future -- and also buy a subscription to ActiveRain.

This biggest mistake I see in marketing is giving up too soon to jump on the latest bandwagon, and the second biggest mistake is blindly following what you think everyone else is doing.

Chris - I am glad this got featured. It seems every time the market takes a dump, there are new and inventive ways of bilking real estate practitioners on those 'magic bullets", the 19.99 a month secret ingredient that magically, everyone can implement and become a multi-gazzillionnair overnight.

I find both, the easy availability of gurus of this type and the fact that so many subscribe to what they preach a purely American phenomenon, and not just when it comes to marketing. A trip to a book store is a stark reminder that we are looking for easy fixes to complex problems, as you wade through an oversized 'how to' section, and pick up a 200 page promise to make your life GREAT in 10 simple steps, written by some schmuck who supposedly slept in his car for a year contemplating greener pastures until he discovered the secret... (no offence to people who sleep in cars, just the secret seekers).

The reality is in any industry - there are no equally successful people, and there are no tricks, tips or strategies that will work equally well for everyone. Two people with the same tools will always achieve different results, and as common sense as this banal utterence is - too many of us forget it, especially when times are tough.

Your post is a great reminder of that. Off my soap box...

Kevin Scott - watering your lawn at night encourages mold and disease. So that green you are looking at - I wouldn't touch it.

All good points to keep in mind. Often we forget what is obvious.

That's a great article. I've met, and probably fell in the trap myself, quite a few Realtors who do so many different things that none are done well. Stick with what works and slowly add in others as you become aware of them. Consistency is the main ingredient in marketing. That's rule number 1!

Inna Hardison: Thanks for the great response. I think you are right, the self help guru phenomenon is primarily contained to America. Why is that?

Because there is no denying that America is a culture of instant gratification... that you get what you want NOW and not tomorrow or five years from now -- hence the real estate bubble and the so called credit crunch we see happening. And now, instead of you running up your credit card debt, the federal government is doing it for us in the form of bailouts and entitlements printing money faster than we ever have before.

"There does not exist an engine so corruptive of the government and so demoralizing of the nation as a public debt. It will bring on us more ruin at home than all the enemies from abroad against whom this army and navy are to protect us." --Thomas Jefferson to Nathaniel Macon, 1821.

Now this is what I'm talkin' about... popcorns in the microwave, and the microwave is on hi! Good points Chris... I've worked closely with realtors for about 25 years... I've never seen one fail if they just had a plan, stayed focused, and worked the plan... until this last year.

The biggest mistakes I've witnessed are those who keep changing their plans. They don't know what works because they don't work it long enough or consistently. Then they abandon that plan for a new one, then they keep repeating the process.

René Fabre: Thank you so much for your feedback. 25 years experience doesn't lie, and fact is you've seen agents come and go but the ones with holding power are the ones who maintained a focused, steady plan of attack. What we've seen in the last year is a once in a lifetime type of thing (if history continues as it has) ... there will always be casualties in this type of situation. The ones who survive are the ones who adapt to the ever changing world around them while not abandoning their core principals.

Solid marketing advice, Chris

This seems like a really good post and a good series. One problem is when things are slow you need to do something and there are so many options it is hard to figure out the right one.

I plan to have a plan... Someday.

And the minute I find something that works, I'm going to stick to it.

LOL Bob above... yes very good points. We all know but forget. Nice to see all packaged up for us..

Great post, Chris, and congrats on the three features ~ awesome

Great post. Measuring results is one of those very important things we know we should do but most will not do. I have gotten caught up in trying out expensive marketing ideas in the past, but have been burned a few times and am having good success now with my blogging. The cheapest marketing I've ever done. I'm much more careful about, as a friend of mine likes to say, "shiny objects". Right now is the perfect time to prepare your 2010 business plan.

I really liked your first featured post on website planning as well. Keep the posts coming. Thank you.

GREAT POST THANKS FOR THE TIPS.

Wow - Chris, not only was it a very useful post, but it was definately a good defense that you mounted of your post. I am glad that you h ave decided to join us on activerain! We will definately be better for your being here. Now - about some business cards... I will be in touch!

Thanks Lise. Feel free to email me at support@greatfxbusinesscards.com, or give me a call at the number listed here and we can discuss your printing needs (I do more than just buisness cards.)

Amazing work, Chris. You are not even an agent yet, and you are contributing so much. Looking forward to learning from you. And congrats on the features.

good post and thoughts-- andre

Some real good common sense stuff. I think it comes from Springfield, MO. I grew up there.

NOV

2009

Thanks Chris. This is like spring training and getting back to the basics of what we all need to do regularly.

Mike Henderson: Correct, I am in Springfield, Missouri. I'm sure the big small town has greatly changed since you were last here! =)

Great post. These are great tips for anyone in the business!

Nice reminder for all of us Chris, thanks!

Chris, sometimes we all just need a reminder of simple things that we sometimes overlook in the rush of things. The only thing that I would like to add to the list after developing your business plan, USE IT or CHANGE IT!

Hi Chris...Great Post and Welcome to AR, you'll love the sharing that goes on here.

You might add Setting Goals to your list, I try and fellow my goals and then lay down a plan on how to achieve them..

Cheers, Congratulations on your Features right out of the Gate.

Chris,

Your post was good common sense put down on in writing. I do think the 90%-10% split depends on the agent, the market, etc. I think your comment about instant gratification is key here...

Many marketing strategies won't produce instant results, they take time to grow and develop. It can be very challenging for new agents to decide what strategies to pursue. I recommend a mix of marketing strategies to achieve desired results: Like a shotgun vs rifle approach.

Shotgun- Hits a lot of people with your message and normally returns a low response rate. (Mailers)
Rifle- Aimed directly at 1 target and normally gets a higher response rate. (Calling FSBO's)

The old saying "You have to spend money to make money." is fairly true, but agents be careful of companies marketing to you to use their marketing service. You think you're the only agent they are selling to?

I get calls from SEO companies offering to help me rank my website higher on the search engines all the time. The 1st questions I ask them are: "How did you find me?" (the answer is always my website- so I guess I don't need your help after all) and then "What keywords did you use to find me?" (they then give me a keyword list that I don't really care about because it's not my target audience). Learn your business, stay persistent, and use good common sense and you will survive even in rough times.

Thanks again Chris.

Chris,

A very timely post, since many of us are now doing 2010's RE budget!

Thanks!

James Wells: I do agree that 90-10 could depend on the agent/market however as a general rule of thumb that seems to work well, not just for agents but anyone in business. I like your shotgun/rifle analogy. Thanks for a well formulated comment.

Measuring your results is important and it can be difficult if you changes too many things at once so careful planning is always key

Perfect timing in planning for 2010. Congrats on your feature.

DEC

2009

Chris,

Just because someone has a great deal of success with one method of marketing does not mean that the same will work for you equally well. We all operate with some difference. I believe you need to stick to what works for you and be true to yourself.

Nice job with this article Chris! I am always looking for ways to improve my marketing along with repeating what I already know works:)

I agree local markets vary and what works for one may not work for another. If at first you fail, try try again!

DEC

2009

I hope #4 is the truth,, and hope is not a marketing statergy....but I have been here on AR and in a year have not gotten a lead

Dana Devine: Sorry to hear you haven't gotten leads from AR. What about local search rankings, have you seen an improvement there?

These are all great tips. Thanks for sharing

Hi Chris,

Congrats on the feature! Thanks for such informative posts! Even if you don't get a lead directly from AR, your name is out there again with every comment, plus the information is fantastic...like this post!

all the best...

DEC

2009

You've really been writing some great posts lately so I've subscribed to your blog! Thanks for sharing your insights.

MAR

I agree with and need to ... create a plan for the plan. Thank you for taking the time to put this together!

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Chris Brunner - GreatFX Business Cards

Springfield, MO

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