Don’t Waste Your Money

I’ve known numerous agents, including myself, that feel it’s necessary to spend money on marketing, lead generation, client relationship management tools, etc. especially when they’re first starting out. What most agents fail to understand is that focus spent in the wrong place is time wasted. After all, you could already be working with the people that know, like and trust you.

There will always be some internet based platform to provide leads to you for a certain zip code. But if you don’t know how to convert those leads then it’s money down the drain. Here are a few areas where you can save some dough by being smart and focusing on the right things that will help grow your business!

NEW AGENTS

Avoid Long-Term Business Investments

This is especially important in the beginning when you’ve spent all the necessary funds on being a licensed agent. It can be frustrating trying to build your business and feeling like the latest business management tool will help you stay organized and productive. But what is wrong with an Excel spreadsheet to track your business calls with contacts or, even more basic, a pencil and paper? When you’re trying to scrounge up to make sure your bills are paid, don’t fall victim to these seemingly quick fixes to business problems.

Confidence Goes a Long Way

If you practice scrips and role play enough, you’ll build confidence in having conversations with potential clients. This isn’t something that’s natural for most people, especially when starting in an industry you aren’t familiar or yet comfortable in. Know how to guide the conversation to get the result you want and you’ll reap the benefits in the long run. Most people don’t need to be impressed, they just want someone they can trust and will best represent them in their real estate transaction. If you’re not confident in what you’re saying to them, how can they be confident that you’ll do a great job representing them?

ALL AGENTS

You Don’t Need Fancy Marketing

I know coming from someone that’s worked in the marketing field her entire career, I flinch at telling people they don’t need fancy marketing. But the reality is you don’t need fancy marketing. Simple drip campaigns can be enough to stay in front of and top of mind with your SOI. I didn’t realize it until I started working with agents on their marketing that getting caught up in the nitty gritty of colors for a logo or font for your name can deter your focus from what’s really important to your business. This isn’t going to be a make or break decision as to whether someone will do business with you.

You Don’t Need to Buy Leads

Unless you have a team with a lot of agents that you need to provide leads to, you don’t need to buy leads. And even worse is when you don’t know how to convert the leads you’re paying to get. You have plenty of potential business with the people you know and the people they know and so on. So the only reason you should be buying leads is if you have others you need to feed leads to. No one can convince me otherwise unless you have hard numbers to prove that buying leads wins out over anything else you could be paying for in this industry!

The bottom line is that you’ll get hit by companies to spend money a million different when you’re a real estate agent. Always take time to think about what you’re spending your money on before you commit to anything additional and weigh what is better for you and your business.

Why would you pay for leads?

 

It always surprises me how many real estate agents buy leads from 3rd party vendors. I often follow up with a few questions when I hear this from an agent:

  1. How many leads are you getting per month?
  2. How much are you paying per month?
  3. How many of those leads are you actually converting?

I take a pretty firm stance on buying leads. DO NOT DO IT! There are numerous reasons as to why you shouldn’t pay for leads, but I’ve listed a few below.

  1. Any lead you receive is also getting sent to other agents regardless of what you’ve been told. These vendors are in business to make money and they know they can get away with sending the same leads to multiple agents because not all agents will contact every lead.
  2. Why should you pay for leads for your own (and other agents) listings when you’re providing the listing to generate those leads? All these companies do, and do it very well, is market their brand, website, etc. to consumers. Consumers can find better listing information on an agent’s site so why feed the beast that’s taking you and your livelihood for granted?
  3. How much time do you spend lead generating? If you solely rely on these big businesses sending you leads and you have to drop everything you’re doing to try and be the first to contact said lead, is it really worth your time?
  4. With social media as prevalent as it is today, there’s no reason agents shouldn’t be using it to build their businesses. Take money spent on leads and use it someplace you can fully target who your ad gets in front of to further drive traffic back to your website.

So how do you get leads if you don’t pay for them? Well, it takes some effort and a little bit of money, but why not put it all towards your Sphere of Influence. These are the people that know, like and trust you so why not nurture those relationships to gain their business as well as their referrals? Seems simple, right? Well unfortunately not many agents are doing it, which is an even bigger reason why YOU should!

I’ll have more about building your Sphere of Influence and nurturing them in the next post.

SigTAATrans