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ActiveRain January Challenge: Some Effective Practices

By
Industry Observer with Retired

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

Posted by

Roy Kelley, Retired, Former Associate Broker, RE/MAX Realty Group

Gaithersburg, Maryland  

Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Roy - as you state in your post - designing, then monitoring and maintaining a database is crucial in order to maximize ones business.   Spot on.  

On a side note, thank you for the update on Dolores' condition.  

 

 

Jan 31, 2023 11:28 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Maintaining the database is key - keeping it up to date and full of real contacts rather than a bunch of junk contacts! On another note, best wishes for Dolores for a quick and full recovery.

Jan 31, 2023 11:29 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Some excellent tips for new and seasoned agents. The database is key and when thinking of winding down it can be a very saleable asset.

Jan 31, 2023 11:59 AM
Aura Alex
Seattle, WA
Retired Real Estate Pro

Hi, Roy.

Those are WOW photos you shared!

I remember the pain of learning how to use Top Producer and realized how essential it was in keeping records of my clientele. The database is like a GPS for my business (any business). And I am thankful for this tool.

You are a perfect example of your commitment, dedication, and wisdom that led to your comfortable retirement. Thank you for sharing your valuable experience through your post.

My warm thoughts of good wishes to both you and Dolores. 

Jan 31, 2023 12:22 PM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Hi Roy solid entry post!  I too used Top Producer for many years and it was my gold mine!  Having that data base is SO important.  You really tell the story from the old ways of marketing to the new ways of marketing.  I also want to say thank you for mentioning that it's important to fully fund ones retirement account. Many agents forget or don't understand the importance of this critical action to take - consistently.

Wishing Delores all the best ❤️

Jan 31, 2023 03:40 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Roy Kelley - your history in business has proven that with the right plan, consistency, and hard work, business is never hard. You could write a book on your success stories. Having 10,000 in a database was quite an accomplishment. You must have done a lot of networking and follow-through too!

This is a great testimony to your success. 

Jan 31, 2023 05:47 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

This is great advice!  I never built up a huge database to market to since I mainly worked my sphere.

Feb 01, 2023 04:26 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Those are excellent practices you have provided, Roy!  And, that photo knocks my socks off!

Feb 01, 2023 01:07 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

CONGRATULATIONS Roy, on having this blog FEATURED in the PHOTOS group!

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Feb 01, 2023 01:07 PM
Jane Chaulklin-Schott
TEAMCONNECT REALTY - (407) 394-9766 - Orlando, FL
TeamConnect Luxury Homes - Orlando, Florida, 32836

Great and informative post, Roy.  Yep, I remember when I originally started with Top Producer...  Loved your flowers and so nice to see your awards for your photos on Facebook.  Happy to hear Dolores is safe and healing.  Thinking of how you must miss your CHEF when she is away.  

Feb 01, 2023 09:22 PM
Roy Kelley
Retired - Gaithersburg, MD

Myrl Jeffcoat 

Thank you very much for the feature recognition. It is much appreciated.

Feb 02, 2023 09:28 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Roy- your suggestions are welcomed by all, I'm sure because of your experience. Building and maintaining a database is so important. You cannot rely on just one source. 

I hope Chef Dolores is recovering well in rehab. Please give her my best. 

Feb 03, 2023 12:39 PM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much for your comments. It is always good to hear from you.

Feb 04, 2023 07:30 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Feb 04, 2023 06:39 PM
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning Roy. I like the way you categorized your database to make the most of any situation. And, by now I am hoping Chef Delores is feisty enough to offer some recipe hints to the kitchen at the rehab center. It would be an improvement as you indicated earlier. Enjoy your day and next read.

Feb 05, 2023 05:02 AM
Roy Kelley
Retired - Gaithersburg, MD

Kathy Streib 

Thank you very much for the feature recognition. It is much apprciated.

Feb 05, 2023 05:11 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Roy Kelley  You always give wonderful advice and so glad Kathy Streib  Featured this post as I missed it - Please send my best wishes to Dolores and make sure you eat well  

Feb 05, 2023 09:33 AM
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

Thanks for sharing such good solid information. All agents should follow it to a T.

Sending good energy to Dolores as she heals. I also had a fall, but was more fortunate - just some hardware in my leg rather than a hip replacement.

Feb 05, 2023 06:47 PM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

You definitely give us a role model to follow in this industry. Always love your flower photos as well.

Feb 06, 2023 05:11 PM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much for your comments. Your feedback is always welcome.

Feb 07, 2023 05:54 AM