Feel like you are you spending too much on marketing?
In many a real estate business the largest part of the budget is allocated to lead generation whether by design or by accident. This comes in various forms, websites, print media, paid advertising online and offline as well as direct mailings and social media, to name a few. The avenues to spend time and money to generate leads is almost endless and with regularity there are people who are calling on us to take advantage of something different.
There is no doubt to be successful we we must promote our services to those most likely to be in need of them. Sadly what is often overlooked is the cost of lost leads. Leads generated that don’t get the attention needed to convince them to do business with you is an extremely costly way of doing business.
Each time a lead steps up and says “I’d like more information” we must connect with them, quickly. Speed is important as with today’s on demand world if we don’t get a response from one person we onto the next.
How about those leads that aren’t yet ready to do anything Studies show it can take 7 touches or more to convert a lead to a prospect or a sale. How many of us are going back after the first few times to ask for the lead to do business with us? Sometimes just one extra touch can mean thousands of dollars or more in revenue for your business. In Gary Keller’s best selling book The Millionaire Real Estate Agent he details a simple easy to follow plans to keep connected with leads as well as those that we’ve done business with.
There are mixed messages on using social media to market real estate services. Personally I’ve found it helpful for TMC and many of our clients also are finding benefits inadding this to their marketing plans. Keeping up with the latest and best ways to use it can be confusing and time consuming.
I’ve just signed up for Social Media Marketing Camp and thought you would enjoy it too. It’s online and free – and features four real estate social media experts who use Facebook to find new clients and market and sell homes. Take a look here:
Plus, when you sign up you will get a copy of the Real Estate Social Media Guide (excellent)!
If more time for lead generation and follow-up is your challenge, considering hiring an assistant, a Transaction Coordinator or partnering with someone to help you get the most of the dollars you spend on advertising and marketing.