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An interesting N.A.R. Statistic

By
Real Estate Technology with Altos Research 72732

The National Association of Realtors says...

"Less than 20% of all realtors have an annual marketing plan.
Of the ones that complete their plan, 80% are multimillion dollar producers".

I believe this was statistic was from 2006...but it still holds true today.  In fact, most would have to agree that with today's market it is so much more critical to have a marketing plan.

If you have a plan....GREAT!

If you don't...stop flying by the seat of your pants...stop doing business by accident.  Take one or two days to create a plan.

I will layout a plan in a future blog...in the meantime if you want help getting started contact me through AR.  I really enjoy marketing and have been fascinated with for years.  In college I amjored in Business with a focus on advertising/marketing.  I continue to study and test makreting strategies every week - all geared for the real estate industry - both online and offline.

Things to think about...

  • Define Your Target Market (is it a niche or general market)
  • Our wants drive the majority of our purchases...what does your TM want?
  • What is important to TM
  • How do they prefer to get their information (online, print (i.e. publications), direct mail, etc.)
  • Your list...how iwll you get a "quality" list
  • Frequencty * Visibility * Consistency * Recognizability (is that a word?)

Good luck and Get 'er Done!

Happy Sales,

Jeff
A Marketing Maniac

PS  Area 6 "Elevate Your Status!" of The 7 Critical Areas of Sales Success will be posted soon

Comments (12)

Thom Abbott
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale

Jeff....great post. I would say I've got a plan, but it's not as defined as it needs to be. My partner (both business and life) has a hard time grasping the need to plan, and then stick with it. So I've got the following about both our desks:

Create The Plan          Preperation

Work The Plan             Patience

Stick with The Plan     Perserverance

Don't know where I got it/came from, but look at it every day!

May 17, 2008 04:34 AM
Jeff Graves
Altos Research - Sunnyvale, CA
More than just beautiful market trend reports

The Thom and Ray Team - that's great!  Having the right plan and sticking with it are key.  Keep on looking at yoru message and keep on the persistence part of it and you'll see the rewards.

May 17, 2008 05:02 AM
Sam Miller
RE/MAX Stars Realty - Howard, OH
Knox County Ohio Real Estate Specialist

Jeff - I agree that very few agents have either an annual marketing plan or an annual business plan.  What still amazes me though is the number of agents I meet at different conventions and events who do not operate off of a financial budget.  Most agents don't plan to fail...they simply fail to plan.

Sam

May 17, 2008 05:03 AM
Jeff Graves
Altos Research - Sunnyvale, CA
More than just beautiful market trend reports

Sam...You are absolutely right.  I know agents "know" they are self employed...and thus in "business" for themselves...but I don't think they look at it as a real "business" - but more of a "career/job/what I do" mentality.

Actually, when you think about it...how many in real estate have a business background?

Thanks for your post

May 17, 2008 05:10 AM
Jason & Deanna
Breckenridge, CO

Jeff, Deanna and I dont' have a specific marketing plan in place. We sit down at the beginning of every year and and formulate a budget. Then we decide what is working and what is not working in the pay advertising areana. We contiue with the things that are working and discontinue any bad ROI or non producing things.

We also talk about new things we want to do ourselves and with our SOI. Last year it was blogging and boy that has paid off. This year it was going after expireds and creating a newsletter.

I understand the need for a specific marketing plan especially for folks that need direction and reference. For us it is about agility and sticking to what works. Great post!

May 17, 2008 05:21 AM
Jeff Graves
Altos Research - Sunnyvale, CA
More than just beautiful market trend reports

Jason...thanks for the post.  Although you don't have a "Business Plan" per se - because you are reviewing what works, what doesn't work and what to do differently...I would consider that a plan of sorts.  You are actively analysing your business and making necessary adjustments.  That to me is a type of plan.

The problem are those that don't.  They don't do what you do, they don't plan at all.  I've been in this industry since 1985 and way back when...the business was much simpler.  Today...it is so competitive agents need to be actively planning.

Mahalo for your post

May 17, 2008 05:31 AM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Jeff, this stat doesn't surprise me. I have a plan and like a budget it is a guide line. It is in flux, but at the end of the year, I evaluate my business and what didn't work I drop and what did I do more of. Thanks for this.

May 17, 2008 01:46 PM
Alan Kirkpatrick
Austin Texas Homes - Round Rock, TX
Alan in Austin

Jeff:

This is an inspirationaly post. I have started my plan several times, it is time to finish it. I am a new realtor. We have been investors for about 10 years but it is a new day now so I need a great plan. Thanks for the post.

May 18, 2008 07:59 AM
Sam Miller
RE/MAX Stars Realty - Howard, OH
Knox County Ohio Real Estate Specialist

Business planning, budgeting and setting goals can all work in harmony with each other.

May 18, 2008 12:20 PM
Bart Whitmore
Keller Williams- Louisville - Louisville, KY
Real Estate Agent

I have a degree in business, time to put more of it to use, thanks for the reminder.

May 18, 2008 12:44 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

That's so far the bigest problem. No plan. Know that I need to have one, and so far still don't...

May 18, 2008 02:31 PM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

Very wise and I can tell you I know exactly what is spent on each years advertising for the business and how much I will be spending on each home that I have listed. I spend a lot of time working these numbers and tracking them, if something didn't work the year before, then it is eliminated from the budget and the money is spent somewhere else that hopefully will create more than is spent.

May 18, 2008 05:31 PM