When a real estate agent looks at the MLS update every day and there are no new listings, it’s like being at the crap table on a losing day! The thought of spending more money is a “tough thought.”
The saying “out of sight, out of mind” comes to mind quickly, in reference to real estate calls. The thought from agents about cutting back or stopping for a period of time will always surface. With some, there is no marketing money remaining.
Let’s say it as it is. This is a prime example of real estate being a “survival of the fittest business.” We can talk about methods that do not cost money, but one needs to reach the masses. Networking to small groups takes time to produce a lead.
Offline marketing is the most expensive method, with the exception of networking, cold calling and door knocking. Calling is annoying to many homeowners; and door knocking is a lifelong process. Remember, real estate prospecting is a numbers game. That could be a hundred miles of walking.
Market to the masses or grow old marketing. Out of sight, out of mind will happen to you. You must be visible to survive in this extreme sellers’ market.
If your name has been branded in an area, and no one sees it consistently any longer, “THEY WILL FORGET IT.” Those who market will pick up that ball and run with it.
I’m noticing area offices that recruit every week and will hire anyone with a pulse and a license (the emphasis is on license!) I’m seeing marketing pieces in the newspaper with the faces of 40+ agents and a total of 6 listings.
We cleaned house last year, and our team is a small team of productive agents. I DARE NOT CUT BACK ON MY MARKETING. Every monthly mailing has a couple of calls and, from it, a couple of new listings. That’s slim, but I dare not stop. There is residual business that comes from each listing, and that covers the mailing and some profit for me.
It’s always a “crap shoot,” and with every check written to the post office, the thought of “out of sight, out of mind” flashes past me. It passes quickly, and that’s the bottom line.
I wonder how others think about marketing selections. What methods are others using? There can’t be much offline marketing, and online marketing is not always free. Usually, nothing free is worth doing.
Those who cut-back on marketing and/or eliminate it completely will be out of business. This is how the market controls agents who are not survivors.
Weather the storm as well as you are able. The market will change, and maybe you will approach it differently during the next cycle. Always prepare for the worst because it WILL arrive.
Just a very long thought for the moment…..