TIPS FOR BREAKING INTO A NEW MARKET PLACE

There’s no magic involved, just a process and hard work

Real estate agents often ask me how do I break into a new market place and how can you help?

And the answer to this is, like anything else in business, it’s not magic, there’s a system to follow and you need to be prepared to do the work.

Is the market place worth your time?

The first step you need to do is identify if that area is worth your time and effort. How many sales happen each year in that market place? What is the average sale price? How many agents are already working in that area?

If you managed to get thirty percent of the sales in that area what would your income look like?

Build a marketing piece

Assuming the new market place has the potential to generate a good income, the next step is to build a marketing item to allow people to opt into your marketing list.

This might be something like a monthly market report, a quarterly investment report or a quarterly postcode book. Whatever you create you need to make sure it provides value and information about what is happening in the market on a real estate level.

Subscribe residents (Have a good script! We’ve got one for you)

Once you have your marketing piece you then need to go about subscribing residents to receive this, wether that is via email or post.

This might be calling all the people who live in the area and saying something like “Hi Mr Smith, it’s Steve here from Identity Real Estate, some of your neighbours have requested to receive a copy of quarterly market report so they can stay up to date with real estate values and I’m just calling to confirm that you would like to receive one too”.

Follow up the marketing with simple questions (the goal is to get face to face)

Once people have received the report then follow them up with a few simple questions like, did you receive the report? What did you think? What does that mean to the value of your home? Did that change what you think your home might be worth? Can I price your home? I’m in your street this week on Tuesday and Friday, which day would suit you better?

Why it works

The more people who opt-in to receive your marketing, means you have more leads to work with. The more leads you have to work with the more chance you have getting face to face with them and turning them into market appraisals. The more market appraisals you do the more opportunities you will have of listing more homes

Who is moving in

A few other things to consider here is that every month people move in and out of your market place and 10% of people who buy a home sell it within two years so you need to be contacting these people and opting them into your marketing.

Consistency is the key

Your marketing needs to be consistent and you always need to be calling people who live in the area, leveraging off your marketing to get a face to face appointment.

Review (The dot point version)

  • Do your research on the market place
  • Build a marketing piece
  • Opt-in people who live in the area to receive your market piece
  • Follow it up with questions designed to get you a face to face appointment
  • Add new residents to your opt-in list
  • Maintain consistency in your marketing

IS YOUR BUSINESS UNDER MARKETED?

Is your real estate business under marketed?

A close friend of mine recently purchased a business. When looking at the business he asked questions like, how many customers do you have and what does your marketing plan look like? They had about 5,000 past customers and didn’t really have a marketing plan, when new customers contacted them, they sold them products. And there was no follow up or marketing.

My friend purchased the business and set to work on building a simple marketing plan. Every month he emails the 5,000 past customer’s information about new products and specials. And once a quarter he posts them a flyer.

To grow the database he added opt-in forms on his website. And in exchange for peoples opt-in they receive product related videos tips via email. In the first three months he increased the sales with his marketing by four hundred percent.

Going back to my original question, is your business under marketed?

Ask yourself these key questions;

  1. How many people do you have in your database that have purchased or sold a home with you?
  2. How many market appraisals do you have sitting on the inside of your database that have not yet listed their home?
  3. How many buyers do you have in your database who would sell their home when they bought one?
  4. When was last time your emailed or posted something to these different categories in your database?

If you don’t know the answers to these questions your business may be under marketed and you could be missing out on business which could easily be yours.

If you would like to make a time to talk to us about how you could improve your marketing plan please below to book in for a marketing consulting session.

BOOK IN A MARKETING CONSULTING SESSION

KEEPING YOUR SOCIAL MEDIA PROFESSIONAL

There is no doubt that social media is one of the most powerful tools in our marketing arsenal these days, but the same things that make it so positive are also the things that can be disastrous for you and your business if incorrectly used. So how do you remain professional on social media while still using it to its best advantage? Here are our top three tips!
Be your best self
It is important to be genuine on social media and to be presenting an honest version of you and your brand, but that doesn’t mean social media should be a free-for-all. Simply put, there are some things that potential clients or employers don’t need to know and you should remember that everything you post will reflect on you. Filtering yourself before posting anything questionable is much simpler than having to try to readjust someone’s first impression of you down the track.
Who is reading this?
As always, with any type of writing or marketing, you should be considering who your audience is and the type of language they will best respond too. It is preferable to stay away from topics that may isolate or upset your specific readership and try to always be diplomatic if you are on the receiving end of any negative comments or posts.
What is my goal?
Thinking about what you are trying to achieve with your social media can be the simplest way to ensure you stay focused and professional. When you are about to post something, simply consider whether or not it fits in with your goals, creates a strong network and reaches people far away, and then decide whether to push the button or not. If what you are about to post is not consistent with your goals, stay away.
And always remember to proof for spelling and grammatical mistakes before posting to save yourself from any mistakes.
Ultimately, common sense is the key to keeping professional on social media. If you think about honesty, who your audience is and what you want to achieve with your social media profiles, you will be up and running effectively in no time.

WHO ARE YOU LISTING TO?

Understanding the needs of your buyers is crucial to the success of your marketing strategies.
Most properties are listed and promoted to highlight the type of lifestyle they suit, meaning most interested buyers will know if the property could be perfect for them after seeing marketing materials. However, buyers often have hidden agendas. Questioning their reasons for purchasing the house can give you insight into their true wants and needs – for example, perhaps they have a new job in the area or costs are important. Unfortunately people may not always trust you have their best interests at heart; you need to gain their trust by guiding them in the right direction.
Home buyers
Asking unobtrusive questions about their dreams for the future, family and lifestyle can often give you an understanding of their needs. Suggesting how a property could cater for such needs might sway an indecisive customer who probably can’t see the benefits straight away. Having such a big investment to make often causes people to hesitate until they really know what they want (and they may not always know the answer). Your job is to help them find exactly what they need!
Investors
Investors operate with a different set of criteria but sometimes they lack understanding of important information, such as expected rate of return for rentals and potential for resale later on. All too often investors try to buy in their own suburb, which is not always the best option. But they typically won’t mind if you make a suggestion that might better suit their needs. Taking a bit more time to think about what your customer really needs can go a long way in finding them the perfect property; it’s especially important since investors are likely to be repeat customers.
Make sure you keep an eye on market trends, too – you will find yourself filled with a wealth of knowledge that is incredibly valuable to all of your clients.

WHY YOUR BRAND IS SUCH AN IMPORTANT SELLING TOOL?

If you watch old westerns on TV, you’ll often see cattle branding taking place. This was to prevent other ranchers stealing from a herd and to help identify the animals when they were running free. If you think for a moment, these are a couple of valid reasons for making sure your business branding is effective! Your brand helps instantly identify you and can work to keep customers loyal, rather than have them stray into your competitor’s territory.
Careful and consistent branding of your business helps gain new, as well as retain current customers. Through building a story into your brand, you let people know what you stand for, what you offer, how you do business. The best brands are then placed into an individual’s sub-conscious to instantly reappear as the solution to a problem or need, the obvious choice when a course of action is to be taken.
Therefore, if you want a soft drink, Coke might instantly flash to mind; if you’re planning to fly to the UK, Qantas could be there; if you have a pest infestation, it might quickly be Rentokil. Of course, there are always other options; everybody’s mind won’t make the same choices. However, effective branding works like efficient SEO actions – it puts your name high up there in the search list results!
To create that brand, it’s about a lot more than simply having a “look” or creating a memorable logo. It’s a memory-hook, onto which is hung the information about your organisation, people, company or products that makes a positive action from a customer more likely when the necessary circumstances arise. It’s like the technique offered by many memory-trainers to help increase name recall. They recommend the use of mind pictures to remind you of names, even using a complete scene with a set of triggers to help remember a series of linked people. A powerfully created and delivered brand message can achieve the same kind of results.
Taking the time to clearly decide the key messages that your brand should represent, and then finding the hook to skewer this information into the minds of those who need to know, results in powerful and positive long-term brand recognition – and the associated actions you are really seeking. This same process can work equally well for major corporations, local companies and self-employed individuals.