Note: If this is of interest to you, check out our zero-risk / guaranteed success pilot program.
Timeframe: Big benefits the first week; progressively smoother & larger yield with time. Substantial transformation within 3 months.
First, let’s define the problem with a bit more rigor: What, exactly, is a real estate business? Typically, it goes in phases, which are:
- Survival – you eke out a few deals from your friends & family.
- Social networking (real world and online) – this is the base of success. If you’re good at it, this alone can turn into a career in high-value areas (i.e. Los Angeles, where I am). Also, competence creates confidence – as you close more deals, you simply get better at it. Most agents stop between steps 2 and 3 here, content for a solid income and easy pickings with wide margins, but don’t have much direct control of their careers. Note that referral generation / relationship marketing can and should be optimized with software (like us, Swift Marketing) or some form of active database management.
- Niche direct marketing success – your expired marketing, listing farm mailers etc. are rock solid and producing with dependable, repeatable numbers. At this stage, you can calculate each 1,000 radius mailers yields you 7-11 net conversations (.7% to 1.1%), of which some don’t convert but you get a handful of at-bats, which yields a few listings. Websites, online ads, probate marketing, divorce marketing are producing results (closed paid transactions). Tip: There’s a nadir when you first start spending money on marketing that occurs between steps 2 and 3, which is why more agents don’t transcend to step 4. Getting your marketing repeatable, systemized, and being willing to spend money to make money isn’t for rookies – it takes attention to detail and/or a good team.
- Personal branding retention. This is the final stage of a real estate business unless you get into brokerage, investment, or some other avenues. In Los Angeles, “Bizzy Blondes” did this perfectly – making a salable business that can turn into a cash cow without the original owner’s involvement.
Ok – great. I’m in stage (1-4).
How does that help me automate my real estate business?
The needs vary by stage above, but there are some consistencies. First, the types of actual tasks:
- Creation of leads. Most agents spend 85% of their time on sales and marketing – getting the deal. We’ll focus on this.
- Conversion of leads into active transactions – CMAs etc. for Listings, helping buyers find properties or delegation to junior agents if you’re further up the hierarchy.
- Fulfilling the actual transactions – often handled by a TC (Transaction Coordinator)
- Client self-duplication, i.e. growing your database – active referral generation / relationship marketing.
Let’s start with the money – because the rest is solvable easily when you’re closing deals.
Note: I’ll assume you can close. If not, nail your scripts so they’re so ingrained, they pass through feeling fake and into a real genuine conversation. Lean on your team – i.e. with my team we’ve closed $X million in sales over 150 transactions. Also, make no mistake: your website is a big trust-builder, for the friend of your friends. Granted, you’ll get your mom’s listing no matter what, and that best friend – but what about her/his referrals? Your website should demonstrate expertise and commitment, and truly give some value.