I get asked a lot of times where agents see the highest return on their investment and what the best business practices are for implementing those things. It all begins with a sound marketing strategy; and because so many agents want to grow their business but are on a limited budget, I have compiled a short list for where to get the most out of your marketing efforts.
- Past clients – Over 80% of your past clients would use you again if they knew where to find you. They may have forgotten who you are because you don’t keep in touch, or they may have called the company you used to work for because you failed to notify them that you had changed companies. Get them on a monthly mailing and work in some phone calls as well. You will soon see a return on your investment.
- SOI (sphere of influence) marketing – Friends, family, and your acquaintances all want to do business with someone they know as well, so get them on a follow up campaign. NOW. They already know, like, and trust you, so getting their business is relatively easy.
- Social Media – Get social. Not only does your social network not cost you a penny, but if you can build a group of loyal fans you will be able to get business from it. Look at what other successful agents are doing to get interest and engagement in the social scene and put your own unique twist on it so that you too can have an active social presence.
- New listing postcards – Have a new listing in a great neighborhood? Get the word out on it now. If you think this won’t bring you new listings, think again. Take a look around some of the neighborhoods that sell frequently. You’ll notice that one agent has a lot of them. That’s because they took the time to market current listings and the sellers want to take advantage of all the buyers already calling that agent.
- Partnering with a REVA – When you partner with a real estate virtual assistant to take the administrative load off your shoulders it frees you to get face to face or on the phone with potential clients. Working directly with clients is where you will make your profit, and if you are spending 6 or more hours a month on administrative tasks you are not only not making money, you are losing money. On the conservative side, if those 6 hours were spent working with 3 sellers or 3 buyers you have just lost $4500 if each home had a commission of $1500.
Investing time and money in your business is going to bring a return and the best way to do that is to get in front of people as much as possible. Where will you invest in your business to get the most out of your marketing budget and time? Leave your answers in the comments below!
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