Agents - What Marketing Is Working For You?

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Agents - What Marketing Is Working For You?

Colin SmithBusiness Member
Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes

This seems to be an elusive answer on the web and answers can greatly vary from site to site, especially if the source is really trying to market themselves to begin with. Let's keep this discussion about our non-investing clients / retail clients.

What are you doing to attract listing leads?

What are you doing to attract buyer leads?

What has been working well for you?

What has not been working well for you?

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David Hunter
Residential Real Estate Agent · Cleveland, OH · Member since 2008 · 579 posts · 225 votes
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Talking about non-investing clients...

It's an oldie but a goodie... Farm an area with postcards!  Why, because it works!  You just need to offer something of value to get potential home sellers to raise their hand.  That's why we offered a free home seller's guide.

Also, had great response from a 3-step 3D mail campaign to expired listings.

We also got listings from Angie's List (actually a really great source).

Buyer leads?  Well, we didn't actively market to get buyers.  They just came with the listings.  That's why you should always concentrate on getting listings because that's where the money is.

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  • Colin SmithBusiness Member
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    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
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    @Barry Herbst

    Thanks for chipping in Barry. That is pretty cool you get all your business from referrals! How long have you been in the business for?

    Also, where did you get most of your leads when you first started?

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  • Barry Herbst
    Real Estate Professional · New York City, NY · Member since 2015 · 55 posts · 14 votes
    11y
    Originally posted by @Colin Smith:

    @Barry Herbst

    Thanks for chipping in Barry. That is pretty cool you get all your business from referrals! How long have you been in the business for?

    Also, where did you get most of your leads when you first started?

     Hi Colin,

    I've been in the business for 3.5 years and started after college, so all of my leads were primarily from friends from college, fraternity, Greek Life etc, looking for rentals. I also networked a lot, and still do. Meeting people is the life blood of the business :)

    Best,

    Barry

    1Reply
  • Dan MackinBusiness Member
    Real Estate Agent · Erie, CO · Member since 2014 · 1k+ posts · 512 votes
    11y

    Quick update. HOAs can be a pain, but apparently they will also pay your advertising bills for you. The licensing costs are now being covered by the HOAs. They offered to do so since I am putting in the work to stage the event. Since people are generally seeming to separate themselves from their neighbors the boards think it is worth the money to run these movie nights to get everyone out of their house. So my new numbers excluding the equipment are going to be less than $50 for 2 showings. I'm quite ready to see what comes of these events. Here is the flyer for reference if anyone wants a template.

    720-466-3378
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  • Colin SmithBusiness Member
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    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
    11y

    That is awesome!!!

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  • Colin SmithBusiness Member
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    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
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    @Qulia Brunson

    Hey Quilia,

    I just talked to Trulia over the weekend and they sure made it sound like a good deal to buy their seller leads. I realize not a lot of time has gone by since we last talked, however, I was curious to hear how its going for you.

    Have you converted any leads into listings?

    What are the quality of the leads?

    Are you getting as many leads as they promised?

    Thanks!

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  • Colin SmithBusiness Member
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    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
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    @Dan Mackin

    Hey Dan,

    How did your movie night go?

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  • Dan MackinBusiness Member
    Real Estate Agent · Erie, CO · Member since 2014 · 1k+ posts · 512 votes
    11y

    Not as well as I wanted to, but I am chocking that up to a few things. Overall though people did show up which is all I can hope for. First night there was about 20 kids and a few adults. Second night there were between 40-50 people with about half kids and half adults. I did get to meet some folks from the neighborhood and they responded well. They liked this method of marketing much more than the typical ways which was nice to hear. Overall response was good, but I am going to change a few things for the follow up showing next month which will only be one night so I can get a bigger crowd with half the work.

    1. Get announcements out sooner. Since the HOAs took a little time to get back to me the announcements didn't get out until the week of which is less than preferred. 

    2. Post signs up around the neighborhood

    3. Leave flyers on doors

    4. Talk to people I see out walking

    5. Bring more snacks for the kids - I almost had enough

    6. Have slightly better signage before the show - Showing my info on the screen is not possible with the ambient light

    I will try these things over the next month before the next showing and compare the two. For me this is a long term game. I don't plan on having instant listings or anything, but I do want my name to be easily thought of when people do think about listing in this neighborhood. As I said, those who did come were very grateful that I did the event so that's heading in the right direction.

    720-466-3378
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  • Colin SmithBusiness Member
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    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
    11y

    Very interesting! I'm sure getting the announcement out last minute certainly impacted the turn out. I would say overall it was a success with the turnout you did have. Having your name be at the top their mind is what it is all about when it comes to listings. 

    Definitely keep us up to date as you prepare for your movie night next month! And if you get any leads out of it, do let us know there too. I hope it wasn't all for nothing.

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  • Qulia Brunson
    Real Estate Broker · Charlotte, NC · Member since 2014 · 76 posts · 21 votes
    11y
    Originally posted by @Colin Smith:

    @Qulia Brunson

    Hey Quilia,

    I just talked to Trulia over the weekend and they sure made it sound like a good deal to buy their seller leads. I realize not a lot of time has gone by since we last talked, however, I was curious to hear how its going for you.

    Have you converted any leads into listings?

    What are the quality of the leads?

    Are you getting as many leads as they promised?

    Thanks!

     Hey Colin,

    Funny you ask this now because my last weeks experience wasn't too good. They are delivering on the number of leads I get. In less than two months ive gotten 23 leads which is more than expected. My issue is that they are not quality leads. I had 4 leads last week but only one of them had a phone number that actually worked. They all have email addresses and I reached out that way but haven't heard anything yet. I prefer to talk to people so id rather have a phone number but at least with the emails I can put them in a drip campaign. Haven't converted any yet but I'm certain that two leads will become listings.

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  • Colin SmithBusiness Member
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    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
    11y

    @Qulia Brunson

    WOW! That is certainly more leads than they said you would get. That is awesome! 

    At the same time, I am not surprised that many of the them are junk leads. You know people will always put in bogus info just to get what they want out of a website and then move on. I too would rather talk to people than email because you know they will likely delete it before ever opening it.

    What excites me the most is that you're saying you think you may already have two listing out of this so I have a couple questions for you.

    -What makes you certain that you have converted those two listings?

    -Of those two, did either of them give you bogus phone numbers or did they both give you real phone numbers?

    -How quick were you to follow up with them after receiving the lead?

    -Is this something you would recommend other agents to sign up for?

    Thanks!

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  • Qulia Brunson
    Real Estate Broker · Charlotte, NC · Member since 2014 · 76 posts · 21 votes
    11y

    I'm certain that the two leads will become listings because I was able to actually talk with them and build rapport. Both sellers are planning to list within the next 3 months. I try to follow up with all of the leads within 30 minutes or less if my schedule permits. That way it's fresh on their minds that they just clicked on my ad. 

    As of now I can't say that I would recommend this to other agents because of the quality of leads. I'm hopeful that I will convert leads out of this but not everyone is as patient or confident. I'm still new to it though so this thought could change soon hopefully as soon as I threaten Trulia to give me better leads lol. Glad I could help!!

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  • Colin SmithBusiness Member
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    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
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    @Qulia Brunson

    Haha. I don't think threatening Trulia will be able to do much for you.

    Here is my thinking... Let's say that you have a one year commitment for both zip codes which means this will cost you $2400 total. Let's also say that of the two leads you have now, you convert 1 of them, and then get no other listing for the entire year. In my market, if I charge a 3% commission at an average list price of $225,000 then I will make $6750 off that one listing. $6750-$2400 = $4350. I would be more than happy to sign up today if that truly is the case.

    With the quantity / quality of leads you are receiving, do you think you'll be able to get at least one closing from each zip code during this 1 year trial you are on?

    Also, I find that listings can often times lead to buyers as well. So one listing may actually mean 1-3 closings.

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  • Colin SmithBusiness Member
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    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
    11y

    For anyone who has been following this thread, I was curious to hear updates on how things have gone for you lately? 

    For me personally, I have been trying to do more open houses and I am definitely finding more clients that way. I also send out about 1000 "Just Sold" and "Just Listed" post cards to same people twice (so 2000 total over 2 months) and about a month after I stopped doing that I had 1 person call me on them.

    @Qulia Brunson

    Have any of your Trulia leads turned into listings yet?

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  • Colin SmithBusiness Member
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    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
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    @Dan Mackin

    Have you done your second movie night yet? Have you received any good leads from doing these movie nights?

    0Reply
  • Qulia Brunson
    Real Estate Broker · Charlotte, NC · Member since 2014 · 76 posts · 21 votes
    11y
    Originally posted by @Colin Smith:

    For anyone who has been following this thread, I was curious to hear updates on how things have gone for you lately? 

    For me personally, I have been trying to do more open houses and I am definitely finding more clients that way. I also send out about 1000 "Just Sold" and "Just Listed" post cards to same people twice (so 2000 total over 2 months) and about a month after I stopped doing that I had 1 person call me on them.

    @Qulia Brunson

    Have any of your Trulia leads turned into listings yet?

    Hi Colin,

    I havent received any listings from Trulia yet but I still have the leads on my marketing campaign. They receive my newsletter each month, which is targeted towards sellers and I plan to update them on their current home value every two months.  I've done a few open houses and I agree this is a great way to gain leads. An agent in my office actually gained a listing from an open house! Lets continue to keep each other updated, everything may not work in every market but its good to hear what people are doing!

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  • Colin SmithBusiness Member
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    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
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    @Qulia Brunson

    Hey Qulia,

    I am really surprised nothing has panned out to a listing yet. But that is interesting to hear because Trulia truly does make them out to be some amazing thing...

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  • Qulia Brunson
    Real Estate Broker · Charlotte, NC · Member since 2014 · 76 posts · 21 votes
    11y
    Originally posted by @Colin Smith:

    @Qulia Brunson

    Hey Qulia,

    I am really surprised nothing has panned out to a listing yet. But that is interesting to hear because Trulia truly does make them out to be some amazing thing...

     Yes they really do!! The original account manager really hyped up the expectations but I got a call a couple of weeks ago from a new account manager (probably had something to do with the Zillow merger) who explained everything more realistically. He said only one of his agents has received a listing within the first two months of using the service. He also gave me a clear picture of what the seller sees when your ad is displayed. Which is an ad that asks if they'd like to be contacted about their current property value. According to him agents can convert these property value inquires when the value they provide is higher than the value Trulia provides. Obviously this may not always be the case and some people may truly only need the property value and have no intention to sale, but it is good to educate them on the fact that Trulia/Zillow is not always accurate. 

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  • Colin SmithBusiness Member
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    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
    11y

     Yes they really do!! The original account manager really hyped up the expectations but I got a call a couple of weeks ago from a new account manager (probably had something to do with the Zillow merger) who explained everything more realistically. He said only one of his agents has received a listing within the first two months of using the service. He also gave me a clear picture of what the seller sees when your ad is displayed. Which is an ad that asks if they'd like to be contacted about their current property value. According to him agents can convert these property value inquires when the value they provide is higher than the value Trulia provides. Obviously this may not always be the case and some people may truly only need the property value and have no intention to sale, but it is good to educate them on the fact that Trulia/Zillow is not always accurate. 

     Well 2 months I may not be completely surprised about, however, did your account manager tell you how many listings agents usually receive within their required 1 yr contract?

    Also, it sound like to me you're better off telling clients their home is worth more than what Trulia says it just so you convert it to a listing. Then after a couple months go by, just keep dropping it down to a more realistic price to get it to sell. At least that way you get the listing or minimally how your account manager made it sound if you want to get listings. What are your thoughts with this strategy? Seems a bit wrong to me to give them an over inflated price on their propriety. I suppose you at least give them the opportunity to sell high at first.

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    11y

    At my old brokerage I received Trulia and Zillow leads.  I did not pay for them but my brokerage did.  I did not convert a single lead from either sources.  In fact I could not even get leads from those sources to call me or email me back. I think both sources for leads, at least in my market is just a waste of time and money.

    My business is primarily referral based, which is not too bad. I have been considering establishing a farm. I also get several inquiries a month from BP and I have converted a few of those. I will say most of the people who do contact me off BP though are pretty novice investors who do not know too much about how real estate relationships work. For instance I had one wholesaler who contacted me recently and wanted me to run comps for them and do CMA's. They had no intention of buying or selling with me or even sending me referrals. I told them I would be more than happy to do those things if they wanted to pay me for them, as I usually charge banks $50 for a BPO. They thought that was utterly ridiculous. I thought it was equally ridiculous to do it for free lol.

    [email protected]301-893-4635Podcast Guest on Show #192
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  • Dan MackinBusiness Member
    Real Estate Agent · Erie, CO · Member since 2014 · 1k+ posts · 512 votes
    11y

    @Colin Smith - I have not gotten any direct leads from the movie nights yet, but have definitely become more known in the neighborhood which is the first step. I have another neighborhood interested in using my equipment as well so I'd say there is good potential in it. Definitely a long term plan. Since the cost per showing now is $30 - $50 and a few hours of my time I think it is very worth the investment. The last showing had somewhere around 60 people, but I did meet plenty of others who couldn't come since their kids were not quite old enough yet. They were very thankful for me putting it on and were excited for when they can join.

    720-466-3378
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  • Colin SmithBusiness Member
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    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
    11y

    That is interesting to hear. I seems to me that 19/20 people say that zillow and trulia leads are a complete waste of money. Then there is that 1 person who said its a big part of their business. Also I see on Zillow these other agents that have 50+ or even 100+ recently closed sales and I wonder... is it because they figured out how to effectively use their Zillow or trulia leads?

    A referral based business is idea for sure, but for those of us who don't have a referral system in place yet, we have to come up with alternate means of generating leads.

    That is junk for a wholesaler who wants to use you for comps with nothing in return. I have made a personal rule with myself that I no longer meet with people who want to wholesale because almost none of them succeed and they are always very new to REI. At the end of the day it's usually a complete waste of time so I no longer even try. I have had a lot of success with finding new clients to flip properties from BP on the other hand. A fantastic source of business!

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  • Bill Bodziak
    Real Estate Agent · Bloomfield Hills, MI · Member since 2014 · 117 posts · 30 votes
    11y

    Great idea with the movie nights, Colin! Congrats on the turnout. I have been using Zillow for about 4 months now. I spend about $100 per month in a solid community that borders a college town, high income city and low income city.

    I typically get 3-4 call per week and have converted 3 into clients, one being an investor---so is it worth it? YES.

    I get a lot of calls from first time home buyers, which I don't mind because they are fantastic referral bases to all their peers.  

    Zillow charges on how many impressions you get. Since, there are 3-4 other realtors sharing the space on the page I show up in about 1 in 4 property searches in that city (about 5,000 out of 23,000 impressions).  

    I have a great Zillow who rep who keeps me posted on where I stand on various waiting lists and will maximize your marketing $$$. Let me know if you would like his info.

    @Qulia Brunson @Colin Smith

    Keep us posted with those movie nights! I might give that a shot. Thanks for sharing!

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  • Colin SmithBusiness Member
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    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
    11y

    @Bill Bodziak

    That was actually @Dan Mackin who did the movie nights, not me. 

    Thank you for sharing about zillow. I really appreciate it and it is good to hear someone who thinks its worth. What is your reps name and number? I'll definitely give him a call. Also, do you find that you need to call those leads within 5 minutes to convert it to a client, or if are a little slow on the follow up have you still been successful converting them?

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  • Bill Bodziak
    Real Estate Agent · Bloomfield Hills, MI · Member since 2014 · 117 posts · 30 votes
    11y

    My bad, great job @Dan Mackin!

    @Colin SmithI usually call pretty quick--definitely within 10 minutes, if they don't answer I send a text and a simple email asking if they would like to tour the property. The nice thing about Zillow is the lead is yours if they click to contact you, the lead doesn't go the rest of the agents advertising in that area. They come in at all hours....I had 2 at 8am this morning. One is a land contract shopper and the other a first time home buyer. I already have the first scheduled showing for both of them....

    Mike Heavey is my rep. Let him know I referred you. There are a lot of internal changes going on since the merger....

    206-757-4935

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  • Colin SmithBusiness Member
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    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
    11y

    That is great information. Thanks for sharing! It seems almost everyone on real estate forums seem to think that zillow and trulia are a waste of money. So its relieving to hear someone who is making it work.

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