How I Changed Directions In Marketing To Blow Past My Local Competition

By
Real Estate Agent with Joe Manausa Real Estate 8508880888
https://activerain.com/droplet/5kbR

I recently changed the signature portion of my blog to include a video of me with Barbara Corcoran, the popular star of ABC’s Shark Tank. All of a sudden, several Rainers reached out to me to see how I was able to get her endorsement. So today’s post includes the answer, but it goes much further to explain my new approach to marketing that is blowing the doors off of my local competition.

For our readers who do not know me, I’m an agent in Tallahassee, Florida, a relatively small market that is isolated by hundreds of miles from large metropolitan markets like Atlanta, Orlando, and Tampa. But that hasn’t stopped me from selling more than 500 homes per year and making the top 100 out of 1.4 million agents in the entire country, according to the Real Trends & the Wall Street Journal.

When people want to know about my endorsements from national celebrities and the rapid growth in sales that I have been fortunate enough to receive, the answer is really the same. It all started with a change of direction in marketing that I made nearly three years ago.

Have You Ever Considered Adding Radio To Your Marketing Mix?

When it comes to marketing dollars, even though print advertising has gone by the wayside, there are more options than ever for a real estate agents especially digital, outdoor billboards, TV, and radio: and all of them cost significant money.

I was fortunate enough to meet a gentleman by the name of Matt Wagner back in 2015, and he asked me why I was not taking advantage of radio. Normally, I would have blown him off and continued on my chosen path, but Matt is very well known among the highest producers in our industry, and I wanted to learn more.

Matt has worked with hundreds of the most successful real estate agents in the industry for over 15 years, and he explained that effective radio and TV advertising, when done correctly, had helped double and even triple the listing volume of the top agents in the industry. In fact, more than 75 of the team leaders recognized in the 2019 Real Trends Report (as published in the Wall Street Journal) of the top 250 teams in the US and 4 of the top 10 names are using radio and television to put them in front of home sellers.

Here are a few but powerful statistics about the power of radio that I did not know at the time I met Matt:

  • 98% of all U.S. adults across the U.S. tunes to radio each month, as do 99% of all A25-54s — Nielsen’s Audio Today 2019
  • Radio reaches +53.6 million more adults each month than search sites/apps defined as Google, Yahoo, Bing, and others — Nielsen Audio Today 2019
  • Radio reaches +66.7 million adults each month more than social media sites/apps defined as Facebook, Snapchat, Instagram, Twitter, and others — Nielsen Audio Today 2019
  • Radio dominates the daily reach of audio ad-supported listening options. Radio’s daily reach of 73% is 10x that of Pandora, 18x that of Spotify, and 24x that of Sirius — Edison Share of Ear 2019

So what do all these statistics mean?

Virtually everyone who is in a position to buy or sell a home has a car; what do they do in the car? A handful listens to anything except radio. Radio advertising provides a way for you to stand out as different from hundreds even thousands of other real estate agents and share WHY you are different as opposed to all other real estate agents in your market who rely on consumers to go online and research them when it comes time to sell their home (remember people look at homes online when they want to buy, they look for realtors when they want to sell their home).

Why not just run on social media since it's cheaper? Proctor and Gamble, one of the largest advertisers in North America tried this - they dropped their advertising budget on the radio almost entirely and shifted it to digital ads - their discovery? A painful financial lesson when their response dropped off the table and they learned that radio tells the story that drives consumers to the internet where it's easier to click on an ad after the consumer knows them and trusts them.

So what were Matt’s clients doing right? Why aren't more agents on the radio? What is the difference between highly effective approaches and ones that fail? Here is what Matt shared with me about working with hundreds of agents and helping more agents earn over $1,000,000 GCI they can directly attribute to radio and TV advertising (and now you can add me to his list):

5 Tips For Ensuring Your Radio Campaigns Succeed

ONE. Radio and TV rates are based on the number of listeners each station reaches and the demand on the station, so rates are going to vary. A good advertising schedule on a station targeting the right audience is going to require $1000 a month in a small market to $3-5,000 in a mid-size to semi large market, and $10,000+ in a major sized market.

Marketing budgets typically represent 10% of the company’s revenue, so look at your P&L. If you are grossing $30,000 in revenue each month that means you have approximately $3,000 a month you can affordably invest in an advertising medium like radio. Why a year? Fact is only 6-15% of people will buy or sell a home in a given year - that means 85-95% of the people that will hear you don't need you right now.

If you had a little sticker shock when you read the paragraph above, well then, welcome to the club. It was a significant commitment on my part to “jump” into radio, but I have never looked back.

TWO. The fact that you are on ActiveRain means that you already know that you need to have a strong web presence. I certainly felt that I always did, even before meeting Matt. But the big marketing change on moving to radio meant that I was going to be more aggressive in my search for sellers, so that means my homepage needed to change as well. As we say down south, don’t go hunting for bear with a bb gun! I’m now hunting for sellers, and I’m making the adjustments to my homepage to hold the answers that they seek.

THREE. Have a team: People expect when they reach out that someone will contact them immediately if they don't it's lost. Our standard during working hours at Joe Manausa Real Estate is a response within 2 minutes of receiving the lead. Radio and TV when it works right will generate lots of activity so somebody needs to be prepared to respond quickly. A solo agent without a team can't be everything to everyone. How can you go on listing appointments, show buyers homes, and still respond to the incoming leads that radio produces? If you think prospective customers will leave a message, don’t waste your money on the radio!

FOUR. Don’t be like an ignorant FSBO, get help choosing the right station. This can be challenging because every media rep will tell you their station is #1 because they are salespeople and that's their job. This is why I strongly advocate for working with a professional. Just as in real estate, FSBOs think they can do it on their own. Some do, most fail, and all get less than they’d get with a top producing real estate agent. This is true in making media buys too. I don’t have the time to figure out the right radio station nor do I have time to negotiate contracts. That’s why I hired Matt, and my growth is a testament to his value.

FIVE. Do what works. I spent the first 21 years of my life being told not to cheat off the smart kid sitting in front of me in school. What I’ve learned in business is that I should always copy what the smart kid is doing! The fact that Matt works with hundreds of agents around the country means that I do not have to invent an ad concept, I can just do what other successful agents are doing. My messages were effective from Day 1 (because it was only Day 1 for me, these messages have been working in other markets for years).

We have used a variety of messages in our radio spots over the years, but there is a formula that works every time. I always laugh when I hear my competition try radio, they are just like FSBOs. They do not know what they're doing. Their message is always the same: “hire me, I’m great.” Matt has helped me prepare a far stronger message, and it typically is in the form of an endorsement (remember this post started with a question of how and why I have a Barbara Corcoran video endorsement).

Matt introduced me to Bob Pittman, the CEO of IHeart Media who ran Six Flags, AOL, Century 21 and now runs IHeart, the largest radio company in the world. He said "The ultimate way to advertise on the radio is to use the big personalities, the 'influencers'. Why? People trust people they already know.

Conclusion: In short, if you have a team, have built enough cash reserves to view radio as an investment, not a lottery ticket (ie you expect quick returns), it can be a very effective means of growing your business. You can click on this link to find Matt’s website if you are interested (and no, I do not get paid if you hire Matt). I am happy to endorse Matt Wagner because his business has helped mine grow at a far faster rate than I could have done on my own. If you talk to Matt, tell him you want Barbara to endorse you too!

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Topic:
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Location:
Florida Leon County Tallahassee
Groups:
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Hyper-Local
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Ambassador
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Featured in the group:  BARTENDER, MAKE IT A DOUBLE.

Jul 27, 2019 11:56 AM #8
Rainmaker
1,170,970
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

Seems we have uncovered a secret group of past radio people here Chris Ann Cleland Debb Janes EcoBroker and Bernie Stea JD hiding in the rain :).

Jul 27, 2019 12:27 PM #9
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Joe- Thank you for answering our question!!! You have been proactive and it is paying off. You have to know your market and your budget!  The best advice you gave is don't be like a FSBO...hire someone to guide you through this. 

Jul 27, 2019 12:57 PM #10
Ambassador
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

                          

                                    Thank you, Joe. 

Jul 27, 2019 06:57 PM #11
Rainmaker
4,991,208
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Joe Manausa I love the Barbara Corcoran video marketing tool.... very powerful.... champions promoting champions...

Jul 28, 2019 04:33 AM #12
Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Joe Manausa -  I like your point about cheating off the smart kid.  Always follow best practices.

Jul 28, 2019 07:33 AM #13
Rainmaker
3,129,914
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Great post! I can see why Kathy chose to highlight it this week!

Jul 28, 2019 07:55 AM #14
Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Joe and i am glad Kathy has you in her Sunday blog to direct me to it this Sunday morning.

Jul 28, 2019 08:26 AM #15
Rainmaker
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Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Joe Manausa ,

I'm thrilled Kathy Streib featured your post in her "Ah-HA" moments for the week. Powerful video and certainly made a difference in your marketing!  Great advice..hire someone to guide you through the process..... don't be a FSBO!!

Jul 28, 2019 09:47 AM #16
Rainmaker
1,079,009
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

Joe

I would love Margaret Rome, Baltimore Maryland to read this - she has been doing radio for years.

Jul 28, 2019 10:34 AM #17
Rainmaker
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Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Joe Manausa -  You make a lot of good points but (I hope you don't take this the wrong way) I am most impressed with your testimonial from Barbara in your promo video. Nice!

Jul 28, 2019 10:49 AM #18
Rainmaker
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Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

One needs to invest money to get your name out there.

Billboard, TV, newspaper, radio. If all fails try voodoo.

 

Jul 28, 2019 11:03 AM #19
Rainmaker
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Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

There's plenty to learn from your post. The agents who take your advice will likely blast right over their competitition, because so few will be willing to invest that much in marketing.

It's the mindset. When you think of marketing as an expense instead of an investment, it's hard to part with those dollars.

Jul 28, 2019 11:14 AM #20
Rainmaker
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Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

You are so right Marte Cliff , it was a big step for us to take ... and I'm glad we did.

Jul 28, 2019 11:18 AM #21
Rainmaker
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Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

I have not tried, nor ruled out Voodoo Sam Shueh 

Jul 28, 2019 11:19 AM #22
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

 

Hi Joe Manausa Just read this, thanks to Margaret Goss.  Just called both of your numbers and each time spoke with a lovely person named Zach. When you have time, I would love to talk with you.

Jul 28, 2019 01:20 PM #23
Rainmaker
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Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

Hey Margaret Rome, Baltimore Maryland I received your message. I'm traveling to Europe right now. I sent my mobile phone number to you, how about we talk when I get back 8/12/2019. 

Jul 28, 2019 05:10 PM #24
Ambassador
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Joe Manausa Safe travel and enjoy. Let's talk when you return. Thanks for the message.

Jul 28, 2019 05:30 PM #25
Rainmaker
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Ron Tissier
Chapman Hall Premier Realtors (404) 580-9069 - Atlanta, GA
Defining Homes. Defining Lifestyles.

Great post Joe Manausa and kudos to your success!  For many in a large, competitive market like mine here in Atlanta, radio/tv marketing costs are and can definitely be prohibitive.

There is one Broker here that did the Barbara Corcoran endorsement tv spot a few years ago.  A brief 30 second spot that ran a couple of times but no idea of it's "payoff", if any for that Broker.

The only ones doing any radio spots here are the IBuyers with deep pockets and venture capital backing, i.e. Offer_ _ _ and Open_ _ _ _.  Even with that, the two still haven't taken hold here.

If you can share, what is Barbara Corcoran's fee to do the spot endorsement?

Cheers!   

Aug 26, 2019 06:56 AM #26
Rainmaker
1,170,970
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

Thanks Ron Tissier , in fact there was an agent in Atlanta using BC and doing more than 2,000 sides per year. Now there is an Atlanta that is doing very well with radio and I believe tv too. To answer your question, the BC fee is very reasonable because it was put together by a marketing organization run by Matt Wagner (his info here) that put a lot of agents together to do it as a pool or sorts. Talk to Matt about Atlanta, it might have the same impact on your business as it has had on mine.

Aug 26, 2019 07:02 AM #27
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