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Don’t Just Spend Money, Invest It!
Attention Newbies: Congratulations, you have just received your real estate license! Now you’ve become prey for the many vulture companies out there that will guarantee you 5 “qualified” leads a month for merely $300 a month! Guess what? If it sounds too good to be true, it usually is.
As a real estate agent, you should be able to grow your business for the cost of your cell phone bill. As a matter of fact, you can claim 5 listing appointments (or more) a day for free if you so choose to apply yourself and pick up the phone. Also, remember rule number 1 in my guide for new agent marketing: DON’T SPEND MONEY TILL YOU HAVE MONEY TO SPEND. It’s also a good idea to only spend money you’ve made in real estate sales on your real estate sales marketing.
Okay, okay. So I said “Be prepared to spend some money” in a previous blog post. Let me rephrase that; be prepared to invest in your business. In the Real Estate Biz it’s very possible to grow your business with very little investment at all. Actually, if you view your Multi-list subscription and E&O as “fixed costs” then it’s possible to grow your business without spending any more money than you would in your normal everyday life. But if you want to grow your business more quickly while maintaining contact with your past clients you’ll need some steady marketing.
When it comes time to invest some money in marketing, you should expect results. If you invest in an advertising campaign and you can’t pay for it with the leads it generates, then it is not worth the investment. An investment helps you make money. You should not break even or lose money on an investment. You should also remember that new marketing typically takes 30 to 90 days to show results. If you’ve hit day 90 and haven’t seen a lead, then it’s probably a good idea to cancel that marketing plan.
Dustin Nulf
Keller Williams Realty
cell: 412-496-8811
www.dustinnulf.com
dustinnulf@kw.com
***If you're an agent who is focused on long term gains and interested in keeping 100% of your commission, give me a call or shoot me an email because I want to talk to you! ***
Keller Williams Keystone Realty - Gettysburg, PA
ABR - www.realty-insights.com
Good advice, being new is so difficult unless you have a ton of capital to work with. Set aside money from each paycheck for investing in your business.
Jan 14, 2010 06:16 AM
Keller Williams Realty-Hoover - Birmingham, AL
You don't know how much I appreciate any lessonon marketing. I greatly appreciate your insight on what is your threshhold on pay off time on each marketing scheme. I made a blunder first 3 months in to this business by giving into Spanish yellow pages, after $300 out of my pocket, learned my lesson quick... I am being very careful about making marketing decision on where I want my dollar spen and who I want to target. Internet marketing is where I am concentrating the most and that to on FREE websites...
Thanks,
Jan 14, 2010 06:26 AM
Keller Williams Realty - Pittsburgh, PA
Thanks Dave and Beena. Good to see that I'm blogging about something worthwhile :)
@ Beena: free internet marketing is the way to go. my next blog is also about the #1 lead generator (listings)
Jan 14, 2010 06:52 AM
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