ActiveRain January Challenge: Some Effective Practices
The sponsors of the ActiveRain January Challenge have asked blogger members to share some of the recommended practices that they have used during their careers in real estate.
Regardless of the marketing that you do to generate contacts, you need to have a database where you can keep all of the contact information and to update the information with every additional contact. Maintaining this information is a daily challenge for you or your assistants. Personally, I used Top Producer for many years and had contact records for over 10,000 people when I retired.
Your database is a key element relating to your ability to send mass emails or direct mail to specific segments of your contacts. If you have team members, you will want to have the ability to share the contact records with them.
Every home buyer prospect without available mortgage financing should be referred to one of your trusted local mortgage loan officers. And, their feedback should be added to your contact records.
One of my personal practices was to also pre-qualify prospects to identify problem issues. I liked to compare my estimated cash requirements and my estimated mortgage payments with the actual figures at settlement.
A very helpful practice is to set up MLS searches for your home buyer prospects. These searches can be easily updated as you gain more information about their needs.
I worked with a number of real estate investors and it is very important to fully understand their needs. Some investors have the ability to handle major repairs while other can cope only with cosmetic issues. Investors often love to take advantage of foreclosures and distress situations and you need to fully understand those market segments if you wish to retain them as clients.
Effective marketing practices are not the same in many communities. You will have to determine what best works for you. For many years, newspaper advertising was the most effective way to generate prospects. As you know, that is no longer the case in many areas. Email marketing and direct mail does work in most communities. Your challenge is to make sure your content generates the needed activities.
If you want to take on major projects, you need to be able to put together a team that will meet the needs of your client. I will share an example. A mortgage lender had taken over a new 22 story condominium complex with over two hundred units as well as a large recreation complex. There were many construction defects and they needed a full marketing staff. We got the contract for the construction management and marketing. I hired a former president of the local builders association to direct the construction repairs and one of my skilled associates put together a marketing team. This was a very successful project.
I've been retired for several years, and my retirement was funded by years of success in real estate. You will also want to fully fund your retirement accounts.
On a personal note, several members have asked about my wife. Dolores fell at home and then needed a hip replacement. She is still at the rehab facility for physical therapy until she is well enough to come home. It has been a challenging process.
Longwood Gardens, Kennett Square, Pennsylvania USA IMG 7685
Canon PowerShot G11 Camera
Photograph by Roy Kelley
Roy and Dolores Kelley Photographs
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