Spending my advertising budget on what works

My suggestion is every Realtor should invest in a yellow cat sculpture and place it on a street corner next to their Broker Sign.

... the yellow cat will bring new leads daily ...

Interesting statistics that probably parallel a lot of other markets.  Spend your money to attract business.  If you don't get business then it isn't working.  Simple logic. Wonder how long it will take print media to figure this out.

Tammy: Tracking your results from all marketing and advertising is not only smart, but profitable.

Ty

Tammy - That's the way to do it girlfriend.  I do the same thing with all my prospects because it is absolutely vital that I know where my business is coming from and that is where I need to focus my marketing time and efforts.

For me, the bulk of my business comes from referrals from my SOI (nearly 60%) and so I have to be working my SOI because they are my lifeblood.  In just the past couple of months, my internet leads have surpassed my leads from my first time buyer workshops but my leads from my farming are still my second source of business.

Good morning Tammy.  Oh, yes, now that you spell the word for me 'classified' I totally understand. Gotta keep those clients happy and yes, someday they may 'get it.'

Tracking business is the best use of your time and $$$$$$$.  Smart managers/brokers understand.  Glad you are one of them.

Oh, I forgot to ask,  'Did your snow melt?'  Every time I see that poor cat I want to invite him inside even though I know he is not real.

I still have a snowman on my front porch.  Hopefully I can put him back in the garage in March as our winters last longer than yours.

Make it a great day!

Mary

Tammy  Tracking results just makes good business sense - that's why you can afford a billboard

Tammy - That's the only way I do my workshops.  I have four Realtors friends who work at two different agencies and I only do my workshops with these four Realtors.  Having said that though, my numbers from my workshops having been slowing dropping for the last two years.

These days, my top three sources for leads and business are 1) referrals, 2) farming high-end apartments and 3) internet.  My internet leads are primarily from my website and my AR blog.  While I have received a few leads from other sources, I don't have any closed production from those other sources, just my website and AR.

Tammy,

I agree its smart to track your business. Why waste money on things that don't work.  The business constantly changes.

Tammy - Of course, I will agree that targeting first timers is a great way to increase your business, I've been doing that for 8+yrs and its certainly working for me. 

In farming for attendees to your workshop, both you and your Loan Officer need to work your SOI's.  Target your clients who have adult children who are either living at home or renting somewhere.

I want to also suggest maybe farming some of the large apartment complexes in your area.  Focus on the higher end complexes where the difference between the rent and a house payment isn't that great.  I use a small inexpensive piece of direct mail that appeals to the fact that renters here in Los Angeles and Ventura counties can probably own for what they're paying in rent and I have proof of that to support my marketing.

I have a Realtor friend who only farms tenants who are renting SFR's in a particular area.  He gets the list of non-owner occupieds from title and just works those properties religiously.  It's been successful for him.  However, you might want to be careful with that one, you don't want to be targeting the tenants of your previous investor clients.  I suspect in a small community like yours, you have a large number of investor clients you and your agents have sold to over the years.

Good luck Tammy and let me know how it works out for you.  Have a good day and stay warm.

Hi Tammy: I see that little cat paw print in the snow next to your figurine, LOL.

I rarely do any print advertising anymore. We have a local paper for our neighborhood in Land Park, and I often advertise in the quarterly edition that lists the other Land Park agents. But only because I don't want a client to look at that page and wonder why their favorite Land Park agent isn't on it. Not because it brings me any business.

Buyers are looking online these days. Almost 100% of my marketing efforts are geared to making that first great impression, and to get that potential buyer motivated enough to make an appointment to see the home. You still have to get those buyers INSIDE the house. So that's what I gear my marketing to accomplish.

Tammy...You are obviously on top of your business.  It makes perfect sense to keep track of where your business comes from, and spend your marketing budget when it does the most good.

Hi Tammy, I agree newspaper advertising is not the way to go these days although many big agents in our town advertise weekly in our real estate pull out section.  I think they want to keep their presence in the forefront.  For me it just isn't worth it.