Are you just throwing marketing dollars away?

Wanda - great post and to the point...waste time you waste money!

When I joined my first real estate firm, we had to interview with the managing Brokers and present a cohesive and realistic marketing plan for our first year with the firm.  This was an excellent exercise and I have been so glad they required it, because it laid the foundation for the rest of my business.  However....just having a marketing plan isn't enough.  You need to make sure it's an APPROPRIATE marketing plan for your local area and target market.

A successful marketing plan for a person focusing on buyers within one geographical area of the country may not be the most appropriate marketing plan for someone focusing on shortsales in another part of the country. This may seem logical at first, but I can't tell you how many people I see simply following the wrong marketing plan for their target market and geographical area.

So my advice to someone who's just starting out or who is trying to put together their first marketing plan is, don't just follow someone else's plan.  There are a number of people out there (via webinars, training seminars, books, etc.) offering what they call "THE" marketing plan, guaranteed  to bring you all the success in the world.  Some are good and some are even better, but unless it's an appropriate plan for your area, you'll just be wasting your time and money, as Wanda forewarns. 

Best of success to all!

You have to have a plan, otherwise you don't know where you are going.

Wanda- I totally agree. Many agents waste money on ineffective marketing or lack thereof. Also many agents don't spend any money on marketing and then wonder why they don't have any business. Katerina

Wow, Wanda what a great post.

I found "THE" best source of information about marketing for Real Estate Professionals is the NAR Profile of Buyers and sellers. Unfortunately, hardly anyone reads it.

Anyway I asked the NAR research division if I could use their marketing data and present it in a format that agents will read. They said "YES" . . .

You can download this free report here:

great insight and points... we need to think about how our dollars grow or out they go

Wanda this has always been the crux of being a successful agent.  A marketing or business plan is essential but, it is also important to know what is working.  Plans need changing every once in a while and when mine seems to loose steam, I get right on it. 

Ann

I always going to feature this one myself of course somebody beat me to it. Congratulations on the Gold Star. Great post.

Wanda,

I agree.  It really is important to have plan of action ... if you don't ... you're wasting your money......

Lori Cofer

I am constantly looking at works and does not work so that I can try something else.  Of course, some programs take a minimum of 12 months of consistent contact before your efforts are rewarded.  You definitely need to have a plan though so that you do not waste your time with unprofitable endeavors.

Wanda, there has to be a plan!  I used to just do a bunch of random marketing things but have found a system now that works.   pippa

My broker was very excited about my idea  a couple years ago that he should put Lead Source                          on our Listing/Closing Checklists.

Was glad to see my new firm already had that implemented.  How else does a broker know what is driving customers to his agents.  Put it in print

Hi Wanda,

In my humble opinion a marketing plan is a must if you do not want to waste your money.  Then tracking your return on investment to see what works and what needs to be revamped or removed.

Good post and congratulations on the feature.