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1.
Not operating their business like a business
Too many agents fail to recognize that they are operating a small business. As a result
they do not implement business practices and principles.
Or equip themselves with the
proper marketing skills or tools to help them achieve their full sales potential.
2. Having no marketing plan
If asked, I think most agents would agree that a plan is important, yet few have a written plan.
Studies show that businesses with written marketing plans out sell their competition by
24-30 percent. I suggest start your marketing plan by doing an assessment of where
you are today and where you want to be in 2-3 years? Then set measurable goals and
objectives, for example how much commission do you want to make in a year.
How many new listings will you need to meet your commission target?
3. Believing that just getting their name out will bring in lots of new clients or listings
Sorry to tell you, but most people don’t care about you, they only care about
themselves and what’s in it for them and how your services will meet their
needs and desires. For your marketing to be effective at attracting new
clients, you have to tell them what’s in it for them. A key rule of marketing
to remember is that all your marketing messages must give your prospects
strong relevant reasons and benefits as to why they should select you as their agent.
Take a look at all your marketing materials, if they are not incorporating this rule,
you're probably wasting your money.
4. Not clearly defining their target market or ideal client
By identifying your ideal client and target market it becomes much easier to decide where
and how to focus your marketing. Write down a specific description of your target market.
It could include things like income, occupation, a specific neighbourhood, group or
organization. Clearly defining your target market will attract more new listings and clients,
while saving you money and wasted efforts.
5. Believing that the market is so hot, they don’t have to market themselves
Sure this is true today, but do you have a crystal ball to see what the market will
be like in 1 or 2 years? We all know markets go through hot and cold spells, but
if you wait to start your marketing when the market goes cold, you will be making
a critical mistake.
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Your Real Estate Business
IT'S IMPORTANT TO SAY THANK YOU TO
THOSE THAT GIVE YOU REFERRALS
Two week ago I was having lunch with a client that owns a flower shop.
I mentioned to her that I have real estate agents as clients and she started relating a story to me.
Apparently she has given two referrals to her agent and has never received anything in return,
not even a thank you card. Those two referrals resulted in two listings and her agent earned
significant income from them.
I can tell you my client was quite upset at the lack of a thank you. She told me
that she will NEVER give another referral to her agent or do any business with her again.
Referrals
are the life blood of successful agents. The next
time someone gives you a
referral make sure you show your appreciation with a thank you card or gift. The more
you give, the more you'll get!
JUST FOR LAUGHS
A broker was dismayed when a brand new real estate office much like his own
opened up next door and erected a huge sign which read 'BEST AGENTS.'
He was horrified when another competitor opened up on his right, and
announced its arrival with an even larger sign, reading 'LOWEST
COMMISSIONS.' The broker panicked, until he got an idea. He put the
biggest sign of all over his own real estate office. It read: 'MAIN ENTRANCE'
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