Hey Realtors - if you’re making three or more of these mistakes, you’ll need to make some big changes to stay in business!
1. Not building a high quality team.
To be a truly prolific in real estate, it’s vital you build a core team of vendors and professionals who are really good at what they do. Of course you’ll want to do business with a great lender, very adept title and escrow people, and even pest inspectors, home inspectors, handymen, movers, etc. Referring great people to your client to serve their needs is a fantastic way to add value and ensure they have a good experience.
2. Not holding themselves accountable.
Especially for new agents, it’s important that when you go to work every day you know exactly what activities you’ll be doing. Part of that success is a solid marketing plan and a time management skills, but the real winners hold themselves accountable to follow those plans. For that reason you’ll want to carefully track all of your marketing activities and measure results. Only then can you discern what is working and what is not, and make the appropriate shifts.
3. Not treating it like a business.
Remember that as a Realtor, you don’t just have a job; you’re building a business. Yet many real estate salespeople forget this and fail to draft a business plan, a marketing plan, strategies for growth, schedule their time properly, and plan their finances accordingly.
4. Not utilizing tech
Dedicated professionals understand that technology is a big part of the client experience so it should be embraced – not seen as a threat. Therefore, they stay up on the newest relevant tech developments and serve as a guide and educator for their clients when it comes to that aspect of their job. Of course this doesn’t mean they waste time on social media or very niche tech that won’t help their clients- quite the opposite.
5. Including a Call To Action on all ads and marketing.
A surprising number of real estate professionals make this mistake. They pay big money and put a lot of effort into developing their website, blog, social media accounts, flyers, radio ads, etc., and then send them out into the world. But even if that marketing does reach the intended audience, there isn’t a call to action – a place for them to go or something for them to do.
Asking them to sign up for updates, subscribe to an email newsletter, call for more information, schedule consultation, or request a free eBook or report are great Calls to Action that will actually capture leads and boost your marketing results exponentially.
6. Not developing a marketing plan or tracking results.
If you’re a new agent, it’s essential you make a detailed marketing plan that maps all of the avenues you’ll use to reach potential clients and bring in new business. But don’t forget to track those results and document your findings as you go. That will allow you to reevaluate your marketing plan every 90 days, making changes based on what is working well and what is a waste of time.
7. Not taking advantage of training and education.
Without fail, the professionals I see who make the most money and have the greatest success constantly invest in themselves; reading books, listening to tapes and podcasts, going to seminars, and even tirelessly perfecting their craft - sales – and their knowledge of their product, real estate in local markets.
8. Not creating systems.
Like the old saying goes, “If you don’t know where you’re going, you’ll always get there.” So successful pro’s build a detailed business plan and execute that plan with discipline. They also create systems so minor tasks can be automated and important functions of serving the client are never missed. But instead of making things mechanical, systems free them up to focus on personal relationships with their clients and give them more time to be a better business person and human being.
9. Not specializing.
When you start out in real estate, you may hold the perception that you should chase all types of business and never turn down any deal. But in reality the most successful Realtors specialize in one area of expertise. That may be luxury homes, first-time buyers, short sales, or selling homes in a particular neighborhood. Of course you’ll help other clients, but focusing on one thing helps you establish expertise and differentiates you from the competition.
10. Not savings and budgeting.
Realtors can make a great living and easily earn a six-figure income if they work hard and do the right things, but one downside of that earning potential is the time lag inherent to the business. From prospect to paycheck, serving a client and closing a deal could take months. So make sure you budget and work with a solid nest egg of savings so you won’t be financially desperate when you go to work.
Clients may pick up on your motivation for short-term profit instead of thinking long-term about adding value and filling needs, which is when great business usually starts rolling in.
11. Not making prospecting your #1 priority.
When you sit down at your desk with your To Do list every morning, do you start with the easy items?
If you want to be successful, you better start with the most important activity any Realtor can undertake – prospecting. Working to generate new leads and business each and every day is the #1 way to not only survive but also thrive in this business.
12. Not separating YOU from your business.
As much as Realtors work, it’s hard for them not to not take their work home at night. As difficult as it will be to turn off “work mode” the top-producing Realtors know there needs to be a healthy separation between work and personal life. Scheduling time for family, exercise, self-improvement, and relaxation and down time is essential if you don’t want to maintain a high level of energy and focus instead of burning out.
While I can't save you from all of your mistakes, I CAN help you with a critical piece of your success: online marketing that brings in new clients. Contact me at firstname.lastname@example.org for more information!
According to recent data, there are 2 million real estate licenses issued throughout the United States. Of course, not all of those licensees may be actively selling real estate, but no matter how you slice it, that’s a lot of home sales professional –
In fact, there were roughly 5.5 million residential home sales in 2017, which comes to only 2.75 transactions per real estate licensee. Needless to say, there’s A LOT of competition among Realtors!
But the good news is that there’s a huge potential for earnings in real estate, too. In fact, closing an additional one, two, five, or even ten deals this year could mean that you have the most lucrative year of your career!
And with more people than every migrating online and to social media use, an effective online marketing campaign (combined with a whole lot of commitment and hard work) is more important than ever.
To help you shape the best online marketing plan possible, here is some data about online Realtor marketing. Look for part two of this report, where we cover the consumer online and social media use as it pertains to buying or selling a home.
We hope that this information helps you make it a great 2018!
Social media use:
What kinds of content should Realtors post on social media? As a general rule, stick to the 80/20 rule – posting 80% general content but no more than 20% targeted advertisements and sales messages.
When it comes to social media use to get business, female Realtors are leading the way. In fact, 74% of female real estate agents use social media professionally, compared to only 67% of male Realtors.
Which social media platforms are Realtors using professionally? According to surveys, Facebook leads the way with 80% of respondents active on that social site, followed by LinkedIn (29%), Twitter (28%), Google+ (32%), YouTube (12%), and Pinterest (21%).
Interestingly, there is no data (yet!) on Instagram use among Realtors, but smart real estate salespeople better get on board with the social media account designed around image and video sharing.
That’s because Instagram is by far the most popular social media platform among Millennials, who make up about 35% of the home buying market now – officially the largest buyer segment of any demographic - and will continue to grow. (Baby Boomers are second at approximately 29%.)
The typical Realtor spends only 5 hours or less every month on their website and social media marketing.
Compared to other, Real estate and Los have:
10% more Facebook accounts
20% less Twitter accounts
5% more YouTube channels
Blogging and creating content:
Numerous studies point to the fact that consumers are looking for authentic voices to educate, inform, and guide them through their real estate decisions. In fact, 76% of consumers believe the content that average people share is more honest than paid advertising from brands.
For that reason, 78% of real estate agents who currently update a blog regularly acquired at least one client from that blog last year, and 90% of U.S. consumers say that mortgage and real estate blogs are useful.
Data reveals that Realtors who blog and post written content regularly see 55% more visitors to their site and get 4.5x more leads than Realtors who don’t.
Realtors who are 29 years old and younger are most likely to maintain a real estate blog, with 17% doing so. That demographic is also most likely to plan on starting a blog in the future.
One of the most popular blog topics among all real estate websites is neighborhood and community profiles, which perform remarkably well with search engines like Google.
Email marketing is crucial for Realtor marketing plans, as well. Email is the best way to elevate general marketing on social media to more focused and personal one-on-one conversations with your audience.
In fact, studies show that a client a real estate agents gain through email is 6x more valuable over their lifespan than one gained through social media!
Email marketing for Realtors yields an average 174% total conversion rate (compared to just 50% for other marketing) and boasts a 3,800 ROI – bringing in $38 for every $1 spent.
Do you have your own personal website? Or do you rely on a semi-customized agent page or website provided by your company? There are merits to both, and no one “right” answer, as long as your website provides the essentials for client acquisition.
In fact, only 72% of agents have their own website, and they spend a median annual cost of $761 to build and maintain their site.
28% of Realtors either use a company website, or a very small percentage have no website.
Where do website leads come from online?
22% Company website
15% Personal website
10% Social media
According to research, company websites do offer more leads than personal sites or just social media pages.
However, that doesn’t account for the quality of those leads, the ability to form deeper connections and lasting relationships with those leads,
Nor does it factor in the addition of a great and frequently-updated blog or other social media integration on a personal website
72% of real estate agents surveyed said that they are still unsatisfied with the number of leads their website generates.
Room for improvement:
But there is still a lot of room for improvement when it comes to Realtors tapping their social media marketing potential.
Despite the high number of Realtors who do have social media accounts, there is still a blurred line between personal and professional use, and many real estate salespeople aren't well versed in social media marketing.
Consumers are searching for and viewing videos more than ever. However, only 15% of real estate professionals are using videos for marketing, and only 5% are active on YouTube.
In fact, only 55% of Realtors say that they’re “comfortable” using social media, while 10% are “uncomfortable” and 9% don’t use it at all.
In fact, the real estate industry ranks lowest in social media engagement of any major industry, with an average of only 0.45 interactions per week on social media.
Only 9% of real estate agents advertise their listings on social media.
Only 43% of real estate agents use social media for prospecting, and only 64% - or two out of every three – use social media for marketing.
According to industry studies, these lead sources are more important than ever for Realtors in 2018:
Social media +83%
SEO (Search Engine Optimization through optimized content) +85%
Email Marketing +79%
Compared to these, which are fading in importance:
Trade shows 22%
Traditional advertising 4%
Direct Mail 16%
Need help with your online marketing, ensuring that you make 2018 the best year of your real estate career? Contact Norm Schriever at sales@REMbulletin.com for a free marketing analysis.
Right now, there are about 315,000 licensed mortgage professionals in the U.S., as well as countless more lenders working for banks, credit unions, and other financial institutions.
And while there were about 5.5 million purchase loans and over $2 trillion in mortgage originations this year, banks are looking to take on a bigger share of in-house origination in 2018. Combined with gradual rate increases that dry up the refinance market, and competition will be stiffer than ever for lenders.
So how will you make 2018 your best year yet?
It’s critical for lenders to have their online marketing strategy firing on all cylinders this year and beyond. The good news is that marketing for real estate professionals offers a huge Return on Investment, with thousands of dollars to be made every time you earn a new client. Additionally, mortgage professionals are in a unique position to market to two broad audiences, both home buyers in the general public and Realtors, who can offer steady referrals.
In this white paper, we’re going to cover the six essentials of online marketing for any loan officer or mortgage broker.
Implementing these correctly and efficiently will ensure that you have your most profitable year ever in 2018!
Here are the six pillars of digital marketing every mortgage broker and lender needs:
1. Social media campaign It’s important that you offer your social media audience content on a daily basis. But instead of just more white noise, post things that interest, engage, and help your social media followers. That can include your custom blog posts, images, and videos, but also industry news, events, Q and A’s, testimonials, how-to guides, tips, etc. Always try to post something of value and you can’t go wrong. Make sure you also ask a lot of questions and solicit opinions via social media to foster engagement.
Of course, you’ll want to mix in some advertising and sales messages, but these should only constitute about 20% of your total social media messages.
Which social media platform should you advertise on? They each offer distinct advantages.
Facebook is by far the largest social media platform on the planet, with so many users (1.39 billion) that it would be the largest nation on earth if all its users formed a country.
Twitter has the best chance of a post going viral and reaching huge numbers in the world outside your immediate circle of friends and clients.
Instagram was made for images, and it now has 77.6 million users in the U.S. alone – 27.6% of our population. Instagram boasts a 4.21% engagement rate, 58 times higher than Facebook and 120 times more than Twitter and is the social media of choice for most Millennials - a great way to reach potential home buyers under 30.
LinkedIn is an ideal place for loan officers to connect with Realtors and other high-end professionals.
Pinterest is often ignored by real estate professionals, but it's the 4th largest driver of internet traffic worldwide, and 93% of all Pinterest users use the site to plan or make purchase decisions!
2. Blogging Your audience wants to hear from you on a regular basis with information and analysis that's substantive, and that's where a blog comes in. By writing blogs that educate, inform, discuss options and benefits, and cover industry news, you’ll soon become the trusted go-to mortgage authority in your area.
Search engines like Google are looking for custom, well-written, and helpful content around certain mortgage keywords, too, and that is actually what your potential clients are searching – and where you’ll soon appear high in the rankings.
Too often, real estate and mortgage professionals are active on social media but they only post links to content on someone else's website, page, or blog. It's critical that you write and produce your own content, too (or have a great marketing company do it for you).
Studies show that if you blog consistently, your website and social media pages will receive 55% more visitors and 88% more leads than lenders in your area who don’t blog. Likewise, 78% of mortgage pros that blog regularly have acquired at least one client from that blog, and 90% of U.S. consumers say that mortgage and real estate blogs are useful.
3. Custom images and graphics There are about 30 billion posts shared on Facebook every day – and that's only one of a handful of wildly popular social media platforms in existence. Getting your business to stand out and gain attention among that tidal wave of social media content is a daunting task. Luckily, you have a secret weapon in your online and social media marketing: images.
Images have a huge advantage over messages that only contain text: when you scroll through your Facebook or social media feed or open an email, you can choose NOT to read words – but your eye automatically takes in the visual of an image. In fact, scientists have found that our brains process visual content 60,000 times faster than text. And with 40% of the population responding better to images than text alone, visuals are a part of marketing you can’t ignore.
Articles and blogs with images receive 94% more views than those with just text.
98% of posts with photos receive more comments and posts with links have a 200% higher engagement rate.
4. Email marketing The goal of any marketing funnel is to attract an audience via social media and then convert them to a more focused one-on-one conversation via email. Therefore, regular email newsletters, educational pieces, special offers, surveys, etc. serve as the perfect complement to social media and other marketing.
In fact, email messages are 5x more likely to be seen than social media messages, and 72% of consumers prefer promotional content via email instead of through social media.
Even better, a client you gain through email is 6x more valuable over their lifespan than one gained through social media. Email marketing for loan officers grants an average 174% total conversion rate (compared to just 50% for real estate marketing) and a 3,800 ROI – bringing in $38 for every $1 spent.
5. Video marketing Did you know that YouTube reaches more 18-49-year-olds than any cable network in the U.S.?
We watch 100 million hours of videos on Facebook and other social media platforms daily, and in 2017, 74% of all Internet traffic was video!
Video marketing gets more clicks, likes, and shares. Video also makes a more immediate and lasting impression. According to Forrester Research, just one minute of video is the equivalent to 1.8 million words to the human brain – about the same amount of content as about 3,600 web pages filled with text!
However, according to research, only 15% of real estate professionals are using videos for marketing, and only 5% are active on YouTube.
6. Lead capture system Any efficient marketing funnel includes a way to tie all of your social media, website, and email marketing together. A lead capture system attracts a large audience to your platform, offers something of value for free, and then gives you a chance to connect with them via email or even by phone.
Lead capture systems for Realtors are often home search functions on their website. But for mortgage professionals, landing pages that offer free giveaways, eBooks, reports, guides, and other items of value serve that same important purpose.
What's the current state of online marketing for home loan professionals?
According to surveys, the average loan officer or mortgage broker spends only about 3.7 hours every month on their online marketing (which is understandable – you’re all very busy!).
But 72% of real estate pros say that they’re dissatisfied with the number of leads they get from social media and their website.
In 2017, Millennials comprised about 35% of the entire home buying market. Going forward, that number will increase significantly, making them the largest demographic in the market for home loans.
Mortgage professionals are also falling way behind real estate agents in online marketing, with 91% of Realtors using social media to some extent and most having home searches and email newsletters.
According to data by the U.S. labor bureau, Realtor.com and others, the typical mortgage broker also makes about 21% less annually than the average real estate broker in the United States!
Loan officers and mortgage brokers have some catching up to do, starting with their online marketing in 2018!
This special report is brought to you by The Real Estate Marketing Bulletin.
Do you need help with your online marketing? For customized, affordable, and extremely effective online marketing services, contact Norm Schriever at the Real Estate Marketing Bulletin at sales@REMbulletin.com.