After years of spending money on advertising I have come to an obvious conclusion. That advertising dollars are better spent on actions that have the highest odds of getting you leads. I often tell our agents that our number one job is to generate leads. I also tell them that the number one product we sell is trust. Our clients may buy or sell a home maybe 3 to 5 times in their lifetime and it can be a very emotional purchase or sale for them. We have to have their trust in order to serve them best.
In order to get the most out of advertising dollars, we have to spend our money wisely. After some research I have come the the conclusion that there are some simple odds that prove themselves true on a yearly basis. These odds of lead generation were spelled out very clearly in a book called ""
1. When advertising to complete strangers your typical odds of putting money in your pocket are 1 in 14
2. When you receive a lead as a referral from someone, your odds can increase to about 1 in 7. This is typically because the person giving the referral has some level of trust with the person they are referring to you.
3. Leads from someone you have done business with can lower your odds to 1 in 2. This is because you have done business with this person and they already have a level of trust with you in this type of sale.
So when we select where your long term advertising dollars go we should choose those actions that will give us the best odds. I can't tell you how many agents I have met that have no drip campaign to their sphere of influence. Keep in touch with anyone who you have successfully sold product too. Continually remind your friends and acquaintances that you are a Real Estate Professional. Spend your money wisely and good selling.
Mike Meyer - Obvious Choice Realty