I simply refuse to focus on all the negative energy out there! Is this not the best buyer's market in years?
Are there people making money in this market today? You bet. I would welcome the opportunity to learn from those of you who are the high achievers. What are you doing that makes you successful?
What houses are selling? Who is still focused on getting listings from "non-distressed" buyers? Are you getting leads? The big question, are you following up on those leads?
A great deal of my background is in the medical device industry. HUGE competition, budget money for capital medical devices...very limited. But I see some dramatic differences in dealing with the "selling mindset" of Realtors versus other industries. I also see some shocking similarities.
"The leads are not good." I think that anyone with sales management experience has heard this from sales people. It reminds me of the "Glengary Glen Ross" movie with Alec Baldwin. I have heard the same comments in both good and bad markets. Every market cycles, the bad will get better and the good will get worse. I can tell you one thing. The best sales professionals rarely complain about bad leads. Why is that?
In my business, with The Real Estate Book we have a primary goal of providing leads to our clients. We do a great job. I have offered a very simple guarantee. The Real Estate Book will provide the lowest cost per lead, compared to any other kind of advertising that our client is doing. The shocking truth is that many do not have a quantifiable way to track leads at all. There is a great deal of "guesswork" and "imagination" out there regarding just what business strategy is actually producing the best results...and at what cost per lead or cost per sale?
Have you heard the term, "Success leaves traces"? What is really producing the best return on investment and how do we quantify it? The more important question however is WHY is something working or NOT working?
I had a meeting recently with one of my very good Realtor clients. She is a great person and is a valuable client to us. My mission is to help her put more money in her pocket as a result of increased sales. I take that very seriously. In tough markets like this, more than ever, we MUST be focused on helping each other achieve the best results possible. Long story short, money was spent on advertising and leads were generated...but NO follow-up was ever conducted by this client!
This is frustrating. Who loses in the end? Not me. I was paid a fair price to put her ad in print AND on line. Not the Realtor. I guess someone will sooner or later buy one of the many listings she has and put a commission check in her pocket.
The people who loose the most in this scenario are the buyer. They had interest in a potential dream home or investment property that may have been perfect but were ignored. The seller, in a high inventory market loses the most. They hand over control of the sale and MARKETING of their property and don't even realize that the perfect buyer "may" have just passed them by.
Did you know that it takes about 4 sales in a local area to positively or negatively affect that market? Perception is a big part of the sale and the market perception. When the market was great, there was a great deal entitlement on the part of the real estate professionals. At the same time the press started to speculate. "When will the bubble burst?" This perception became reality.
We now need to focus more than ever on basic PROFESSIONAL SELLING SKILLS. All leads must be cultivated. Yes we must qualify customers, but how well do we listen to there needs and solve their problems? How do we not only worry about OUR brand, but actively PROMOTE the listings that we are given?
There is an investment in advertising. That investment is wasted without it being part of a comprehensive plan to cultivate each and every lead that is developed from that advertising. Advertising is even more important in a market such as this. Advertising must SELL. Many times it does not, and the results are poor. Before I close, ask yourself these simple questions:
Can you write 12 headlines that tell others about why my business is unique?
Can you list 5 ways that you provide value to your client?
What 10 advantages do you offer over your competitor?
What 5 things should a client look for when shopping for a Realtor, buying a home or listing a home?
What is the ultimate benefit in a client doing business with you? Is it unique?
What is the benefit of that benefit to YOUR client? What is in it for them!
If anyone would like a copy of the tool that I use to help my clients with the development of their advertising, sales and marketing, just drop me a line and I will send you my tool for free. I am happy to help anyone with an interest.
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