A reminder for wise minds.

There is a lot of noise about 70% of buyers looking for the house on the internet, but does that means 70% business comes through the internet. Answer is no. Marketing companies call daily to sell the keywords trying to offer the easy solution to get that business. Realtors spend a lot of time following up with cold leads and not getting anywhere or may be some where after a while. Some may differ in their opinion but the reality is different according to the NAR findings in 2006 listed in their homebuyer and seller profile report.

Referrals by friends and family 45%

Used agent previously to buy/sell a house 13%

Visited open house and met agent 7%

Walked into the office 4%

Internet 7%

Are Realtors spending 45% of their resources on the internet to get this 7% business? Are they spending enough time and energy on their past clients and circle of influence. According to the above report, this is where most of the resources should go.  These are the two largest categories bringing in 58 % of the business. Even in today's age of technology sticking with the basics does works.

http://www.namneet.com

http://www.royahomesales.com

 

 

3 Comments on Where to spend the resources to get the highest return?

In my experience, my most valuable resource is my time. Many agents want to take the route of getting more business by paying for it in the form of ads, etc.

I find that just getting out in the world and meeting people gets me my best results. I walk farms, wear branded clothing and make a point of going to events where there will be lots of people.

Frankly, getting out there with folks is just more fun too... so your getting even more out of it than business, your getting a good time. 

05/01/2007 05:12 AM by Robert Whitelaw, Broker, CEO, Realtor®, ePro (Whitelaw & Sons Real Estate Services)

Face to face is highly under rated. Perhaps we are over looking the obvious. Got to work the people you know and they'll tell two friends and so on and so on...

05/01/2007 05:41 AM by Allison Stewart REALTOR ®St. Cloud Florida (Florida Pines Realty, Inc)

Good points.  I devote most of my resources to maintaining contact with my database.  I send a lot of correspondences to them and it has paid off with over 60% of my business last year being referrals and repeat customers.

I couldn't say loud enough that if you focus on your sphere of influence you will succeed.

05/01/2007 05:46 AM by Steven Shewell, The Mortgage Maverick (Primary Residential Mortgage, Inc.)

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