3 Fatal Mistakes Killing Your Real Estate Profits, and How To Fix It In 24 Hours.
How do you succeed in market after market with nearly 100% success? You take out all the guesswork. — Ryan Levesque
Chances are, you’re using some “tried-and-true” marketing techniques to help you get listings and attract buyers. Whether it’s taking out ads in the local newspaper, asking for word of mouth referrals, or putting your name and face on a grocery basket, a lot of techniques taught to real estate agents have very low return on investment. But still, a ton of real estate agents are spending ridiculous amounts of money on them with no results. Why? I believe it’s because most agents have been shown what to do, but not how, and most importantly WHY. Especially with digital marketing.
I am going to show you the three most common mistakes Real Estate Agents make with their marketing, and how you can avoid or fix these mistakes in your business.
Mistake #1: No Strategy.
No matter how attractive you are, it’s likely that your name and face on an ad is not enough to get a cold stranger to entrust you with one of the biggest purchases of their life. It is critical that you spend time studying, researching, and analyzing where to place your ads, what type of copy will get strangers to become qualified leads, and how to consistently convert those leads into sales. This is not just a marketing strategy. This type of detail requires a complete overhaul of your SALES strategy. And there is NOTHING more important to your business than your sales strategy.
How to fix Mistake #1: Customer Research
- Create a customer profile. Who are your ideal buyers/sellers? Where do they shop? What do they watch? What sites do they visit? Details, details, details.
- Interview 10+ people to understand your customer’s primary problems and concerns. Ask some questions on Facebook or Twitter, your network will answer a lot of your questions immediately.
- Audit your current marketing based on the information you learned from your customers. Are you spending your marketing money where the customer spends their time?
Mistake #2: No Effort.
No ad by itself will instantaneously create sales. If that were the case, every agent with a postcard in your mailbox would be filthy rich. Good ads that CONVERT requires an agent to put in the work to ask the right questions. This work will allow you to “hack” your competition to see what’s effective, implement it in your own campaign, and use those results to double up on what works.
How to fix Mistake #2: Competitive Research
- What are the #1 agents in my area doing to market themselves?
- What techniques, copy, or ad placement is my competition using that can be mimicked for my business?
- What are they NOT doing that I can use to one-up my competition?
Notice a theme? Research requires time and effort. Be honest with yourself, are you putting in the right amount of effort with your marketing, or are you pushing “Boost This Post” on Facebook and expecting the leads to start rolling in?
Quick Rant on Facebook Ads
A lot of the agents I’ve talked to are quick to say “Facebook ads don’t work! I’ve tried them and they didn’t do anything for my business, except take my money.” I smile, nod and agree (after all, one of the number one rules in sales is always agree!), but then go on to showcase examples of agents that are creating 11x ROIs with Facebook ads. (Here’s another example of a Facebook ad that cost $60 and brought-in 50 leads!) After showing the proof, the question becomes: What doesn’t work: Facebook ads, or YOUR Facebook ads?
Mistake #3: No Sales Funnel.
So, you’ve done the research. You know what what your prospective buyer/seller leads would want from agent like yourself. You know what your competition is doing, how they’re doing it, and what you can “hack” from them. Now what?
Use this information to build a sales funnel. What’s a sales funnel? I’ll explain in a bit, and will a bit more time on it, because it’s incredibly important.
I see the same mistake from agents time-after-time. I visit their website and there’s either a “Free Home Value Estimator” or an application that allows you to search their listings. While these are not bad, it could not be more ubiquitous. Now that you’ve done your research, you are armed with the data to target your customer’s specific wants/desires, and can use that data to build a relationship with them to provide EXACTLY what they want. Remember, no matter how attractive you are, real estate is a very emotional decision. You need to build a relationship. This is where the sales funnel comes in.
Think of your sales funnel as a strategy to build a relationship with your customer that will convert them from a lead to a sale. The first step of a sales funnel is offering something of VALUE. This is what will separate agents that get results, from agents that waste their money. There are SO MANY free home value estimators and MLS-linked sites to search listings. Why would anyone need to use your site to do it? What can you do to be different? You’ve asked your customers what would provide VALUE for them, now provide it in a way only you can.
Maybe your buyer leads have said that it’s hard to find an agent that they can trust. Offer an article that explains the “10 ways to know if you have a trustworthy real estate agent.” Maybe your seller leads have said that they want to sell, but don’t know how to raise their home value quickly. Give them the “5 ways to maximize your home value in 30 days for under $1k” You don’t have to guess what they want! Your customers will tell you exactly what they need from you in order to get their business. All you have to do is ask.
Now, once you’ve offered up this value in exchange for their information, you have a QUALIFIED lead to follow-up with. A QUALIFIED lead is important. A qualified lead will filter out the tire-kickers from those who are ready to take action. If they’ve taken the time to give you their information in exchange for a VERY specific solution to a VERY specific problem, they’ve already let you know what you can do to sell them. All you have to do is follow-up, build a relationship based on the solution that you’ve provided, and move them toward a sale. The art of following-up is so important that it deserves an article of its own!
How to fix Mistake #3
- Look for the trends in your customer research data. What is the common problem?
- Create a solution for the problem. This can be done as an e-Book, article, or webinar. Be creative!
- Create a landing page that gives away the solution for FREE in exchange for their information.
- Write a follow-up sequence to build a relationship with the qualified leads.
These are the exact steps used as the foundation for many real estate agents that are generating massive profits for their business. Not sure if you can do it on your own? I will help you execute every step of this process, including completing the customer research, building your landing page and sales funnel, and running Facebook ads for your business. Since you took the time to read this article, it lets me know you are serious about taking your business to the next level, so click this link, and I will give you a special discount on this package.
Even if you choose not to work with me, you can use these steps to start getting real results.