1. Have a strong database. This is not something you do during a specific market; you should be working on this all the time. Past Clients, Friends, Family, Associates, Clubs, Referral groups, the list goes on and on. Having a strong Sphere of influence contain in some type of contact management software is vital to your business.
I know Realtors who do no other type of adverting for business other than the database they work with. They run businesses doing 100+ deals a year completely of referral, no internet, no postcards. They take the time to contact the database regularly, they book lunch appointments at least one per week with past clients and friends. They buy of course and just connect, no business unless it's brought up by the other party.
Organize your database, call each person and ask them if they feel comfortable referring you to others, if not remove them from the database, you only want to spend time with people who like and support you.
2. Get website up, with listings and lead generation as the focus. Blogs are easy to setup, hiring a developer to create a lead capture form. 80% of buyers start looking on the internet. In this market, having people who want to buy a home is a little better than having someone who wants to sell it. Respond to any leads quickly preferable by phone. Focus on getting face to face meeting; develop the relationship, most people work with the first agent they connect with. Be that agent. Use PPC and Natural Search Engine rankings to draw traffic.
3. Join a business referral group like BNI( Business Network International), or join a local community group like Rotary, Kiwanis or Kinsmen. You need to make contacts and lots of them. The BNI groups are great; they allow only one person from each industry and the sole purpose of the group to generate business for each other.
4. Get your vehicle detailed and wrapped. Using your vehicle as a travelling billboard is one of the most cost effective advertising mediums I have found yet. It's cost a couple hundred dollars, last for 5 years, and is displayed everywhere you drive.
5. My suggestion last suggestion is postcards, using them for just listed, just sold, free Home Evaluations, hit your farm area over and over and over. They are cheap; you can hire a responsible teenager to deliver them for .10 a postcard. Don't expect an immediate response; You'll need to hit the same area at least 7 times to start seeing results but it will start to grow your business. Once new leads come in add them to a lead database, when they become clients add them to the main database and ALWAYS stay in contact with them.
I'd love to hear what your suggestions are!
PS: you can watch my Free Video Tutorial on Internet for Realtors 101, click here.
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Thank you for the great tips Ryan. You definetly have the know how in this market.