You Already Own a Goldmine; Why Rent A Used One?

By
Real Estate Agent with Big Block Realty 858.232.8722 CA BRE# 01261476

Sphere of Influence

Database

CRM

Whatever you call your collection of relationships, that is your best lead source. That is where you concentrate your resources to prospect for gold. Your resources being time, energy and money. The is of course, referrals.

Why would you turn your business over to a lead generation company? That's the same as renting a goldmine being used by many and abandoning your own perfectly good exclusive one. Once you become beholden to a third party source, you no longer fully own your business, they do. They control the flow and they can charge you whatever they want as they do. They are like drug dealers, a free taste or a cheap one, then as you get hooked, boom! They raise prices and you're too invested to cancel.

I get it, some of you have had success with buying leads, but I know many that spent tens of thousands only to discover the majority of their leads were sold and resold and they were not the first to call on that lead. Many "leads" were just people that completed an online form to gain looky-loo access, and were not ever true leads. Many agents lie about their success with leads, they can't admit to the utter failure the experiment was.

Many hotels saw the "wisdom" in dialing back their advertising when Expedia.com started doing all their marketing for them. At first it was free, then for a fee, suddenly, Expedia was calling the shots to the beholden hotel chains, telling them what rates to charge and when. Expedia creators also created Zillow, see the pattern?

Having a license means you own a business. The one who controls the flow of leads and coverts those leads to closed business is the Rainmaker and the  one that controls your business. Be the Rainmaker of your business. 

Building relationships with each current and sold client, staying in touch after the sale, builds the most valuable gold you'll ever prospect; ADVOCACY!

 

Posted by


Thomas J. Nelson
REALTOR®, CRS, RCS-D, CDPE, e-Pro, Certified Military Home Specialist, Luxury Home Specialist, Author, Keynote Speaker and  Podcast Host 

Serving Coastal San Diego from Carlsbad to Coronado, Downtown, Balboa Park Area,
La Jolla/UCSD & Mission Bay Park Areas
I Offer Rebates to Veterans
& Active Duty

Facebook l Linkedin
Website I About Me
Search For Homes

(858) 232-8722
             call or text me
                      email me

 

RCS-Divorce     Southern California Chapter of Certified Residential Specialists (CRS)

 
 
Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, medical advice or financial advice.  For legal advice see an attorney.   For tax advice, health or financial advice see a tax attorney, certified public accountant, or other qualified professional.

Comments (22)

Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Two things I preach to agents - you DO own a business (treat it like one!) and your sphere IS your business! YOU have to stay in touch and keep that business rolling. I don't know why on EARTH seasoned agents pay for leads. I've never understood that. 

Excellent post, Thomas!

Apr 02, 2022 08:37 AM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Well said Debe Maxwell, CRS and so true!

Apr 02, 2022 08:54 AM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Debb Janes EcoBroker and Bernie Stea JD -yes! Staying in touch is the no so secret... "secret formula".

Apr 02, 2022 08:55 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Great analogy, Thomas!  When I saw your headline I thought you might be referring to homeownership.

Apr 02, 2022 09:51 AM
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

We talk the same talk Thomas!  I learned way back when that it's all about building and maintaining relationships.  It's been so awesome to work with folks many times over.  Love your analogy!

Apr 02, 2022 01:35 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

The easiest people to work with are those that already know you.  I just got a call a couple of days ago from someone in my sphere that is looking to buy a home. 

Apr 02, 2022 03:18 PM
Kathy Streib
Cypress, TX
Retired Home Stager/Redesign

Love it Thomas and very well said!!!!  Place your focus on building upon what you already have and have invested in. 

Apr 02, 2022 05:52 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

You make excellent points about business generation, and where to find it, Thomas.

Apr 02, 2022 06:17 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

CONGRATULATIONS Thomas, on having this blog FEATURED in the Old Farts Club group!  

Apr 02, 2022 06:17 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

You guys feel like you know whatever more than I do about Ben.

Apr 02, 2022 11:54 PM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets

Laura Cerrano I have to ask....HUH?!?


That is quite the random answer that I can't make heads or tails of...would love to know what you meant to say.

Apr 03, 2022 09:26 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Real estate is a relationship business. We need to be willing to stay in touch, reach out, help with non real estate related things, etc. While there are people who seem to do well with online leads, I'd prefer not to go that route.

Apr 03, 2022 05:07 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

This is such great advice, we all have a gold mine that we can draw from and network with.

Apr 03, 2022 06:31 AM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Thank you for what's become a "double-feature" with your great honor Myrl Jeffcoat 

Apr 03, 2022 09:27 AM
Dorte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Thomas,

Good customer service is also important and does not cost that much. Do a good or great job every time and people will give you another shot, if they need your services again. They may even put in a good word for you with their friends.

Apr 04, 2022 06:17 AM
Ben DeHaven
Haven Realty & Investments - Winter Haven, FL
Proudly serving Winter Haven & Lakeland, Florida

Great post thank you for sharing with us this morning Thomas!

Apr 04, 2022 07:33 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Thomas:

Well said and all so true. Such a good analogy!

We all have relationships we can build on and it doesn't really take all that much time to reap the benefits.

Jeff

Apr 04, 2022 12:49 PM
Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

I was not aware of the connection between Expedia and Zillow.  I wish I knew that before our MLS willingly gave all our data to them.  Realtor.com actually had a booth at the International Builder Show in Orlando this year and so I asked them what is their object with the booth?  They replied "We want the builders to know they can get leads directly without going through a Realtor." I replied "As a Realtor, I resent that a company with Realtor in their name would take that position!"

Apr 06, 2022 08:46 AM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Good for you for speaking up Jim Paulson - yeah NAR betrayed us when they sold REALTOR.com, now we do not own our own branded website and you saw first hand what that results in.

Apr 06, 2022 08:58 AM
Jim Paulson

Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets and it get's worse . . . Here is a screenshot from one of my listings on Realtor.com . . . I added the highlight and the notes in red . . . 

Apr 06, 2022 11:36 AM
Sarah Layton | Copywriter & Inman Star Contributor
Best Real Estate Writer, a Layton Media brand - Bradenton, FL
I provide real estate content marketing services

You know I used to say that having a real estate license makes you a business owner but now I think that is a false narrative that breeds bankruptcy.

 

Having a license just makes you a person with the legal right to do something. It doesn't mean you have a proprietary offer. It doesn't mean you offer a uniquely valuable solution to an existing problem in the marketplace. It doesn't mean that you know how to deliver a specific desired result or outcome for anyone.

 

The reason this industry is in crisis is because agents are trying to act like their license IS the business when its actually worthless outside of the courtroom.

 

Without a proprietary offer that solves a specific problem for a specific audience you don't have a business you have a piece of paper.

Apr 08, 2022 11:17 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Congrats on the gold star, Thomas, this post is definitely feature worthy!

Apr 21, 2022 11:06 AM