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6 Fundamentals of Marketing

Jean Jones of ProspectsPlus  recently gave an excellent presentation to our real estate office on the fundamentals of marketing and how to use the marketing and lead generation materials available from ProspectsPlus.  I encourage you to check out the cost effective and wide variety of marketing materials, personal brochures, postcards and more.  Contact Jean Jones directly for more information at 623-544-1205 or email:jjjjones99@aol.com.

Here are the six fundamentals of marketing Jean shared with our office:

  1. Budget.  Every business needs a budget and a method to track your expenses and return on investment.  See my post on the Real Estate Business Plan to download supporting forms and budgets.  A good rule of thumb is to invest 10% of your gross revenue back into your marketing budget.
  2. Consistency.  The 3-7-27 law of prospecting states it takes 3 contacts for someone to recognize your name; 7 contacts for them to associate your name with your business; and 27 contacts for them to feel comfortable doing business with you.
  3. Work High Priority Activities.  Identify what your high value and priority activities are, schedule them and just do it!  In sales, your key results areas include: Prospecting, Trust & Rapport Building, Identifying Needs, Presenting Persuasively,  Answering Objections, Closing the Sale and Getting Referrals.
  4. Specialize. To compete and win, consider being the best in the world at one thing.  What is your target market, niche or specialty?Understand the demographics within the geographic area.
  5. Psychographics.  To further target your efforts, you've got to determine not only who buys (or will buy), but what makes them want to buy or sell and with you. Psychographic variables are any attributes relating to personality, values, attitudes, interests, or lifestyles.
  6. Data-Mine.  A high percentage of properties sell to someone who currently lives within 10 miles and has lived in the area for at least 5 years.  Are you leveraging the power of data-mining through the use of just listed and just sold postcards, door-to-door canvassing, calling, and farming?

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