Ramp Up Challenge
As the real estate market adjusts, many agents begin to cut costs and minimize or stop all together their advertising. In actuality you SHOULD be marketing, if not ramping up your marketing. Think about it, more and more agents are leaving the industry - even heavy hitters from a year or two ago (I can't wait to see the statistics of how many didn't renew their licenses for '08), more agents don't have the advertising budget like they used to. I have significantly noticed how many less mailing's I receive, how many fewer advertisements are around, how many less flyers are floating around, etc. etc. Why not take advantage of this great opportunity, by increasing your marketing, or if you are starting out in this industry, create a marketing plan and implement it.
Therefore, I am starting the "RAMP UP CHALLENGE ‘08". Here is how it works:
•1) Download the RAMP UP CHALLENGE '08 Worksheet. (visit: Our website, read more on the Challenge, and DOWNLOAD the Worksheet-FOR FREE)
•2) List All Products/Ad's you pay yearly or monthly for.
•3) Start Crunching Numbers! In the COST column, you want to put what that service cost you in 2007, in the RETURN column, you want to put the amount that you MADE from clients that you can directly relate to that service, the BALANCE column is already configured to calculate the sum for you! (also, the worksheet is configured to give you totals at the bottom!)
•4) Any Product/Ad that didn't bring you ANY business that you paid for, instantly cut that service. These are just wasting you money! Now I should note, that if you have been using the product/ad for less than 3-6 months, then keep it...you have not given it enough time to work for you.
•5) Look at your remaining services/ad's: Which ones are costing you money, and which are making you money? Now I'm not going to be the one to say cut every service that's not making you money, but you do need to look hard at the ones that aren't bringing in the cash money! HOW much are they costing you? Maybe you can reduce the amount of ad's your doing with the provider or if it's a product, maybe you can change service plans, so that it costs less...and possibly turn into a positive investment.
•6) Similarly, you also need to look at the products/ad's that are making you money! Maybe you can ramp up these productive ad's/products...maybe they have a bigger package you can purchase or maybe there is added services by buying a different packages that will bring you more exposure and therefore more $$$.
Agents come to me all the time stating that they would love to change their marketing plan or their website, etc. etc. but they can't afford to because funds are low or for some other reason. There are many products out there for real estate, and all promise to bring big results or to make life easier...but with anything, you need to evaluate YEARLY to make sure they are cost effective. If you cut out all of those misc. products that are not making money but are costing money, or that are not up-to-par with your expectations, then you will have the money to purchase that new custom website or marketing package. Marketing is the same as websites go...there is no ONE SIZE FITS ALL package....well actually there is, tons of products out there like that, but to be truly effective in your marketing and business overall, you need to have something that is built towards your specific needs, and clients needs, and your general market area needs. A true marketing professional will evaluate you, your clients needs, and your market area to determine what will be best or what is needed in that area. This will help you tap into markets or clients that you never knew existed.
Let us know how this challenge worked for you! If you have questions regarding this challenge (such as our opinion on the services that you pay for or use) let us know, we're here to help!
Best of success in 2008!
David Fox
The Real Estate Tech Desk
"Technology & Marketing Solutions for Real Estate"
410-274-4871
http://www.defpc.net/
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