What Plagues Unsuccessful Realtors?

What Plagues Unsuccessful Realtors?

Practice a Successful Realtor System

To serve my realtor clients as best I can, I needed to know what successful agents do and what unsuccessful agents don’t do. What I’ve learned about agents, I can apply to my own real estate marketing service.  You can never be too good.

frustrated realtorAs the realtor in the video below talks about, you need leads. Other realtors say it’s a numbers game. Make more connections and you reach more people. But who are the best 20% of prospects who will create your commissions and how do you capture them as clients?

Connect via Facebook, Linkedin, and Twitter and offer up great content that makes them feel good. Everyone selling a house will go online and visit realty websites. It’s so quick and easy, why wouldn’t they go online?

Word of Mouth + Social = Powerful Brand

Your neighborhood word of mouth network might die out too often, meaning your time consuming, physical ground work is wasted.  With a great Google and social media and advertising presence you can keep those fledgling leads alive. Power up your brand in their minds, and use all channels strategically — show up on their smartphones too.

Take a look. Here’s why many realtors don’t become successful:

  • don’t build enough leads
  • don’t have a system of identifying the top 20% of great prospects
  • lack the funds and marketing campaign to take it to a profitable level
  • expects broker brand/website will build enough leads
  • don’t prospect enough therefore don’t get wind of people who might sell
  • it’s a numbers game and they don’t get enough leads
  • procrastination — never taking chances and leaps of faith
  • don’t follow up
  • don’t take care of their clients – poor relationship and customer service skills
  • don’t treat the customer like a good friend
  • poor communication skills — don’t get their value proposition across
  • don’t maintain a friendly, courteous relationship with all contacts
  • lose confidence after some frustration such as losing a sure sale – better to be overconfident, optimistic and resilient
  • believe the job is too tough when they really haven’t made the decision to be great at it
  • react slow to seeing opportunities and acting on them
  • don’t use their imagination to generate a wider approach to collecting leads and making contact

Contact me today gordcoll5@rogers.com for a review of your online presence and about a new content strategy.  Now’s the time to ramp up and accelerate your digital marketing and lead creation.

PS, remember that digital marketing including Adwords is a bargain (this graphic shows how you can create a lead for less than $2!)

vancouveradwords

No Comments
  • dale
    Posted at 20:34h, 07 October Reply

    Hi there,

    Amazing site. Just found it and am finding so many interesting things.

    A couple of questions regarding conversion rates (leads to sales) in the Vancouver area – what would be an average conversion for a new home subdivision and for pre sale condominium development that are running online advertising (70% and print advertising (30%). I know there are so many variables that it would be hard to be completely accurate but one must start with some benchmark to judge against.

    Hope this isn’t too broad a request and am interested in any and all answers.

    Thx

    Dale

    • Gord Collins
      Posted at 22:01h, 07 October Reply

      Hi Dale,

      Thanks for your kind words. Your question is a good one and really opens up what works in real estate marketing and what doesn’t. As you said, the lead to sales conversion rate does depend on other factors. The quality of the lead source, your promotional material, your web site content, social engagement, and then the value of the property you’re selling all come into play in the conversion rate.

      Basically, it comes down to what you’re spending and how good your supporting promotional material is. At $200 a month, you might get a few poor quality leads (window shoppers) and no conversions, but at $3000 a month, you’re getting much better quality leads and conversion depends on the quality of your marketing and sales techniques.

      I don’t think agents refer to typical conversion rates. I think they look at conversions to marketing spend. And of course, if you’re advertising on Kijiji and local free home magazines or the Vancouver Sun, you’re getting poor quality leads. Certainly no Chinese buyers are going to be reading those sources.

      If you’re an agent or broker, marketing is a bargain. This graphic above shows how cheap a lead is on Google. For less that $5 per quality lead, plus your quality marketing strategy, you can convert well. If you convert 1% of leads to sales, you’re creating a $20k to $50k in commission from less than $500 investment, but depending on your ability to close.

      There are poor quality keyword phrases that realtors are bidding up (e.g., vancouver home prices) but it could be these phrases are used by rich foreign investors.

      Dale, if you’re a realtor in greater Vancouver, you’ll get all the conversions you need by upping your ad spend to $5000/month and building a great digital marketing strategy. That’s what catapults the conversion rate and generates big commissions.

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