I just started at Coldwell Banker in West Hollywood. What are some creative ways to generate leads in a competitive market?
Hi @Richard Rountree - congrats on getting licensed and jumping into sales.
While creativity is great and can open a lot of doors, what I've learned about being an agent in Los Angeles is that success in real estate comes down to two things: developing new relationships and outworking your competition.
If you're not pushing yourself to form new relationships, nurture those relationships, and do everything in your ability to be the first person they think of when you talk about real estate, then you may not be doing the right thing.
If I were you, I'd go door-knocking tomorrow and start introducing yourself to the neighborhood. Start getting into the habit of telling everyone you meet that you are in real estate. Spend some time to get your online presence setup and automated (FB page, Twitter, Trulia, Zillow, Realtor.com, etc), but don't spend a whole of time on it.
Start attending networking events, collecting business cards and adding them to your database. Start building your process for managing leads and systematizing your daily leadgen activities (door-knocking, calling your sphere, writing letters, setting up new online leadgen campaigns, etc).
Go out and form a relationship with a title rep, two mortgage brokers, two developers, two architects, two handymen, two interior designers, a divorce attorney, a probate attorney, two escrow companies, and a transaction coordinator. You will need all of these relationships at one point in time and they'll also be a good referral base if you can return the favor.
Start attending your farms HOA and city council meetings, and participate.
Design and mail out a local newsletter to your farm each month.
Become active in your farm's school district by volunteering for a few events a year.
Organize community yard sales and other events that are aimed at improving the area.
Starting calling listing agents offering to help with open houses.
At the end of the day, you should be talking to people, face-to-face, as much as possible. LA is a tough market, but every market and every business (you are now in business) has its challenges.
There's no magic bullet or special marketing that will give you a long-term advantage. If you had a ton of cash, you could buy a ton of leads; however, without real relationships intact, it would be difficult to build a sustainable business.
I hope this helps!
I like the newsletter idea.
You are in a competitive market, so the actual question becomes how can i differentiate myself and be seen uniquely in my marketplace so that people pay attention to me?
Joshua has some excellent ideas and is a true hustler, and I think more of the answer has to do with how you come at the market. So lets agree on a few things:
1. You are unknown in this market
2. You have limited resources to market yourself
Build it and they will come is a nice saying but not true, and so the purpose of marketing is not to promote yourself, but to get and attract leads. Joshua's tactics are mostly push marketing, and the problem is that people love to buy, but hate to be sold.
That approach is very difficult because you are
- pushing up against natural sales Resistance
- every other Realtor is doing the same thing
There lies the problem: Marketing incest. Everybody doing the same things, going to the same meetings, and taking the same advice.
Richard, to keep my post short, do two things most agents do not think to do:
1. Position yourself as an authority and expert
2. Advertise with purely direct response lead generation
To position yourself, pick a small piece of the market. First time buyers, trade ups, dentists, investors, whatever.. but PICK ONE. Understand that it is infinity easier to be a big fish in a small pond.
The fastest way to being known and trusted, is to shrink down and target your efforts. If you work only with dentists for example, you write a book titled Home buying secrets for dentists. If you work only with investors, then you write a book called Investing in West Hollywood - New strategies for the smart investor.
And you work that target market. Publish a newsletter, go to their meetings, whatever you do,m you are their go to guy. Targeting your focus like this allows you to craft advertising that speaks directly to that market in a way that resonates with them.
As well, your limited resources now have a chance of really doing something. 10 gallons of water will soak 10 people, but barely mist 1000. You need to be smart about how you attack this.
Watch this video at 46:30 in. https://www.youtube.com/watch?v=zDSj6vpBkWI
He shows you how to setup and collect leads in a way that most others are not doing.
Hope that helps, and if you want to download a free copy of my book, just see my signature.
Some creative ways to generate leads...
Send out 3D Mail (Like mini trash cans, bank bags, etc.) to expireds and FSBOs.
Send out over-sized postcards via USPS's Every Door Direct Mail (EDDM) to an area you want to farm and offer a free home seller's guide.
Setup an Angie's List account and have clients (when you get them) start leaving you reviews. Once they leave a review, be sure to ask if you can use it as a testimonial.
Use Free Standing Inserts in newspapers.
Hold seminars for potential home sellers.
Get the book Local Online Marketing by Claude Whitacre so you can get to be in the top searches when some searches local real estate.
Ideas are endless...
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