Bonitamedia’s Weblog

Creating a lasting impression for small business

REALTORS and Marketing… How to differentiate yourself from thousands of “experts”

You know, there are many great and innovative things being done in today’s real estate world. The truly great REALTORS all have similar traits… They focus on their core competencies (listing and/or selling). They have chosen a particular marketplace to serve (first-time buyers, investors in single-family, commercial, rental and so on). They spend their working hours learning more about the business of real estate by surrounding themselves with like-minded peers. They mentor (but only a couple of students – they don’t take away from their expertise).

When the agent grows beyond the point of being able to handle the workload alone, an assistant is hired or duties are sub-contracted out, allowing them to stay focused on their main skill set (see above). The real estate market has been hit hard by many things – credit crunch, a massive collapse in values, consumer fear and much more. The way I see it, this is such a great opportunity for REALTORS to capitalize, grow their business and earn more money now than ever before. Let’s look at REALTOR marketing from a few angles and see if your business (real estate or not) can benefit from this…

First, Warren Buffet once said (paraphrased) “When people are scared, be greedy. When people are greedy, be scared.” This statement is very profound. Of course hindsight is 20/20 (those that know me know my thoughts on the collapse of real estate values – been preaching it since 2004) and everyone realizes now that all investments are subject to fluctuations in value. Real Estate IS NOT a short-term investment, however, if you are well-positioned to buy now, the cap-rates on rental property are looking much more favorable. REALTORS need to be catering to investors and first-time buyers. Listings are fairly easy to come by right now. However, not to differentiate yourself in business is virtually suicidal (William Bernbach). Try something different. LOOK FOR BUYERS! They are out there. There are agents making more money in SWFL today than in 2007, when prices (and commissions) were twice what they are now.

Leo Burnett said “The greatest thing to be achieved in advertising is believability, and nothing is more believable than the product itself”. Read that again and again, Then think about the product. What is the product? Is it the property? No – You are the product. Your marketing must be believable. Here is a great example. Back when I was in the industry, I was at a conference having a drink with a well-known real estate motivational speaker. A woman sat down next to him, introduced herself and handed him her card. His initial reaction (to put it mildly) was absolute shock. She was obviously in her ’50’s, but her card had a picture of her that was either 15 years old or had been so retouched you couldn’t recognize her. Truth in advertising my friends…. Lie about your looks and you have immediately broken the trust of your client. This has to be the single biggest mistake I have ever seen.

Of course, another pet peeve is pictures of you and your pet. Don’t do it – your client doesn’t know your pet, may not like your pet, might think your pet is ugly – whatever the case. You are promoting your services as a professional REALTOR, not a dog groomer or kennel service.

One last point before some ideas that do work… Professional REALTOR Associations. Every REALTOR must belong to the local Board. There are many clubs and other organizations available to join as well. Remember what you are good at. Use your time wisely. Before joining these other organizations, ask yourself exactly how this will benefit your business. Know the reasons, track them, and move in a different direction if it doesn’t work as expected. I have never met a top producer that spends any significant time at these other organizations. Most attendees are either affiliates (generating business with REALTORS) or agents that aren’t busy enough and would prefer to be social. If your goal is to be the best, consider how much time you invest here.

That being said, what works? First – look back at your client. Write down a profile of your perfect client. Age range, lifestyle, married, kids, etc… In most cases, you will find your prospects are educated and spend time on the internet. I would suggest stepping out of the typical marketing box for the internet and look at things from a new angle. First, don’t make the focus of your website “View All Listings Here” – boring! Every buyer knows every agent has access to the whole MLS system. They also know you, the REALTOR, knows how to locate their type of home faster. Your client is spending more time researching the area they are moving to. Chris Griffith in Bonita Springs, FL has a great angle that has been quite successful. Her Blog is not soley about real estate. She promotes what it is like to live in Bonita – from the perspective of an everyday person. Information anyone looking to move to the area wants. Not facts and figures, the EMOTIONAL aspect of living there. Linda Davis in Gales Ferry, CT uses a similar approach. People buying from these two do so because they reach an emotional connection with them even BEFORE meeting them. That builds a level of trust and loyalty that won’t be broken by the typical facts & figures REALTOR. Using a different angle, Chadwick Saunders has developed a unique niche catering to the short-sale marketplace and has branded himself as the expert in short sales. His clients not only realize he can deliver on the investment side, they also develop a personal relationship with each client, making him one of the most successful REALTORS in southwest Florida today.

Each one of these agents has developed a brand, an image and done so without spending thousands of dollars in every real estate publication known to man. Yes – you need to advertise your listing. But remember, just like an investment portfolio, you ad dollars must be spent in different media. Outdoor, out-of-home and internet are by far the most productive because they are different. Print, radio and TV will bring you calls, but are they the calls you are truly looking for? Be true to yourself, and that will carry over to your clients. Spend the time necessary to create a marketing campaign that will promote you and your core values/competencies. Consider hiring a consultant to assist with your brand (ask how by emailing me at jon@mobile-exposure.biz).

Finally, your emotions are easy to read. Believe 2009 will be prosperous, and it will. Believe it will be slow and you will surely fail.

Happy New Year!

Jon

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January 2, 2009 - Posted by | Business tips, Marketing in SWFL, SWFL Hodge Podge | , , , , , , , , , ,

1 Comment »

  1. Oops. Bad timing. I put a photo of my cat on my blog today. 🙂 That aside, thanks for the nice mention! And success to you in the New Year!

    Comment by Linda Davis | January 2, 2009


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