Realty Times August 9, 2001

Eight Ways To Galvanize Your Business
by Bernice Ross

Is your business in a stall? Feel like putting the blame on slow markets, the economy, or your own company? How about taking a good hard look in the mirror and telling who you see that you are going to take control of your business. Here are eight ways to get things going:

  1. Use active, rather than passive or reactive, marketing techniques to build your business. "Passive" techniques include any real estate activity where you wait for the business to come to you, i.e. floor time, open house, or farming by mail with no personal contact. Open house and/or mailing, when followed up with phone calls or an in-person contact, are "active." The key is to take charge of making your business "happen" rather than hoping it will come to you.

  2. Focus on "right now" business. Take each of your current leads and categorize them as "red hot" (will do business with me in the next 7 days," "hot" (will do business in the next 30 days), "warm" (will do business with me in the next 30-90 days) or "cool" (may do business in 90 days). Your "right now" business are the two "hot" categories. Focus your attention on your "hot leads" and turning your "warm leads" into "hot leads." You may keep in touch with your "cool leads" by calling once every few weeks, but don't waste your valuable time showing them properties or doing CMA's. Instead, focus on getting your "hot" leads under contract and converting "warm leads" into "hot leads."

  3. Prospect expireds and FSBOs. Like it or not, other than referrals, these are two primary sources for "right now" business. If you're nervous about competing for recently expired listings, prospect "expireds" that are at least 60-90 days old. These individuals are probably still interested in selling.

  4. Call at least five of your past clients and/or your sphere of influence today. Follow up with a handwritten note reminding them you build your business through referrals. Rather than having to constantly prospect for new leads, it's much easier to keep in contact with those who have done business with you in the past or who have referred you business. Make a point of contacting them personally at least four times a year. Also, be sure to send them some sort of written material once monthly whether it's an email newsletter or a postcard letting them know you appreciate them. When they do give you a referral, send them a thank you note immediately, as well as a small token of your appreciation.

  5. Get "attached" to giving best possible customer service to every person you work with rather than "being attached to the outcome." In other words, your role as an agent is to provide your buyers and sellers with the best information and resources possible. You're not attached to whether or not they list or sell. Instead, you want them to make the best decision possible. It's OK if they ultimately end up not selling or buying. If you provide the best service possible, they not only want to do business with you, they will also want to refer their friends as well.

  6. Know your market area cold. Sellers and buyers often choose who represents them based upon how active an agent is in their given area. They're seeking an agent who can tell them exactly what's on the market in their price range, knows where to find the best "deals," as well as the benefits and drawbacks of different locations. Become the "expert" in at least one segment of the market whether it's working with probate, a specific geographical area, or people from a specific profession, is a great way to put niche marketing to work for you.

  7. Build your business around your passion. If you like cooking, make special treats to give to people you would like to have as part of your referral base or for your open house guests. If you love to golf, spend time on the golf course to meet people who share your passion for golf. Instead of forcing yourself to make cold calls or knock on doors, do something you love where you can meet others. People who are passionate about what they do are naturally "attractive" to others. When you orient your business around your strengths rather than your weaknesses, it's surprising how much fun (and how much business) can show up!

  8. Get out of the office and talk to people about real estate. For example, go have lunch by yourself and sit at the counter. Make sure you're wearing a company "polo shirt" or a name badge and strike up a conversation with the person next to you. Walk your dog and make sure you're wearing your something that shows you're in real estate. If you walk slowly or sit down, people will walk up to you and start a conversation just to pet the dog. (By the way, if you don't own a dog, borrow a friend's!)


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