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Pulse is a recurring column where we ask for readers’ takes on varying topics in a weekly survey and report back with our findings.
When a real estate agent is building a business from scratch, there are a host of options for marketing — and just as many questions to answer. How much should they spend? Who should they target? Should they focus on listings or buyers or develop an unusual niche?
The uncertainty doesn’t stop as that agent scales up to team leader or broker. They’ll need to make big decisions about marketing budget, focus, branding and more. They may end up spending too much time and money trying to implement marketing methods that simply don’t work.
As Marketing and Branding Month keeps on truckin’, we wanted you to weigh in: What’s the biggest marketing mistake agents make?
Here’s what you had to say:
- The biggest mistake agents make is following the herd. So many agents assume that other agents’ marketing is profitable simply because that agent is successful. More often than not, that assumption is wrong, so “following the herd” causes agents to waste massive amounts of time and money.
- Not having a marketing plan at all.
- The biggest mistake is to stop marketing.
- No database or CRM.
- Paying for leads.
- Chasing multiple options and implementing a one shot and assuming they will get results.
- Fall victim to easy outs.
- Not marketing consistently and not doing the research to become the marketing expert for areas they choose to market. You have to study everything about the area, including future growth, new businesses opening, closings, challenges in the area and their local market in general. To provide excellent customer service it’s important to become knowledgeable, which therefore builds confidence.
- Being afraid to reinvest marketing money into their business.
- Not knowing it is a business.
- Lack of consistency
- Agents attempt to market to their entire MLS region, instead of “old-school” geo farming. The issue is that they can’t afford to properly market a large region. They should pick a few of their favorite neighborhoods and target market them. The results will give a faster ROI. Agents need to understand that their toughest competitor is ignorance, not other agents. I’m not saying people are stupid, but what I am saying is that the “ignorance factor” cost them in lost opportunities. In order for anyone to do business with you, you have to overcome the three tiers to the “ignorance factor.” The three tiers are:
- They have to know who you are.
- They have understand how they can benefit from your product or service.
- When they find they have a need for your product or service, they have to know how to contact you.
If you don’t focus you marketing efforts to overcome the “ignorance factor,” it will be impossible for anyone to do business with you. Simply put: Agents get paid to meet people — period. They more people agents can meet, the higher the probability agents will trip over some income-producing opportunities. The flip side of that coin? Agents get paid for folks to meet them digitally. Use regular video and audio episodes syndicated on social media and other resources for audio podcast syndication. Bottom line? The only time any agent will find success before work is in the dictionary! Real estate sales are the highest-paying hard work and the lowest-paying easy work you’ll ever find.
What did we miss? Please share your thoughts in the comments section below.
Editor’s note: These responses were given anonymously and, therefore, are not attributed to anyone specifically. Responses were also edited for grammar and clarity. Inman doesn’t endorse any specific method and regulations may vary from state to state.