Great News for the Triangle!

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Money Saving Marketing Tips

Often, new agents come to me with their license, and say, "now what?"  Or I will have some of my experienced agents come to me while there is a lull in their business and ask me for some new marketing ideas.  Also, most of us are looking for ways to save.  So take a look at the money saving marketing tips below.

Print Marketing

• Create a neighborhood newsletter (mail it or walk it)
• Mail hand written notes and thank you cards to your clients
• Update your business cards with your social profiles
• Direct mail with neighborhood comps
• Create or sponsor a local business or resource guide
• Create t-shirts, pens, etc. and give them away to clients and friends
• Get a vanity plate for your car
• Carry with you at all times your business cards, and hand them out

Email Marketing

• Send an email inviting your network to you social profiles
• Send emails with rate updates and info (work with your in-house or local lender)
• Send a weekly email with the local weekend events (attach a coupon for a local business attraction)
• Send a monthly email newsletter
• Create a drip email campaign, focusing on your niche (offer tips and advice)
• Send out seasonal homeowner reminders and safety tips
• Send flash animated birthday or holiday cards (jibjab or Zingding)

Blog or Website Marketing

• Do a video/podcast blog series on specific topics or your niche (example:  http://hotpropertyblog.blogspot.com/)
• Offer a free IDX search tool
• Add Facebook Connect to your blog
• Create a local special interest landing page (i.e. schools, non-profits, farmer's market, etc.)
• Offer client Q & A via a contact form, highlight it in your sidebar
• Post articles about others on your blog or have a guest blogger (local businesses, interesting people, neighborhoods, etc.)
• Create an ebook, require name and email address for free download
• Most importantly, comment back timely and create dialogue within posts

Facebook Marketing

• Create a profile and import your contacts
• Send daily birthday wishes
• Comment or like 305 posts from the Newsfeed daily
• Update your status with something fun and something of value once a day
• Create a Facebook page for your business
• Post helpful and relevant resources from your FB Page
• Leave comments on local business pages or groups (NO SPAM)
• Comment on others' status updates
• Create a past client photo album with testimonials (tag those clients to the albums/photos)
• Create Animoto slide shows or a photo album for listings and post them to your page

Twitter

• Create a Twitter profile
• Use the "find People" feature to find people you already know on Twitter
• Tweet homeowner tips
• Tweet funny, inspiring and engaging experiences and information
• Tweet local market info, updates
• Break news as it happens
• Tweet local event information
• Tweet your blog posts

Each of these are great ideas to help with your marketing efforts, and they cost little if no money.  So get to work!

Brandon L. Penny
bpenny@fmrealty.com
http://www.facebook.com/fonvillemoriseydurham
(919) 402-1201

What a new agent should ask when interviewing a company

As a manager of a successful real estate company and office, you know the ins and outs of the business and what one company may offer versus another in your market area.  So sometimes you forget that not every new agent knows this.  I was recently interviewed by a new agent who had not even received her license yet.  I got a reminder of what a new agent wants to know on their interview.  I was so impressed by this new agent's thoroughness in the questions she asked. 

I am going to list her questions and discuss the importance of them in the hopes that any potential new agents, or agents looking to choose a new company, will find them helpful.

1. Are all agents scheduled for floor duty, and if so, how often?  This is important to give you an idea of how often you will have the opportunity to find new business.  As a new agent, you don't walk in the door with business.  Having opportunity to find new business is important.  Floor duty is also a great chance for you to hone in your skills in talking with people about real estate.  An equally important question to follow up with is, "How many floor duty leads are converted to actually closings in your office each year?"

2.  Are phone leads, walk-in customers, and referrals given to the agents on duty when those leads come in? If not, how are they distributed?  Again, just as with our first question, this is important as a new agent for you to get you off the ground and running.  It is also important to know how leads are distributed in the office.  Is this something that is done fairly?  What can you do to earn this kind of business?

3.  Does the firm pay for the typical agency ad, where listings are showcased, or are you required to pay for the space occupied by your listings?  Does the firm pay for any portion of personal ads?  Does the firm have a bulk mail permit?  As a new agent, you are spending almost $1500 just to start in the business.  You have to pay for pre-licensing, board dues, MLS dues, license fee, etc.  It's expensive, so knowing what fees are associated with your company are very important.  It is also important to know that your company has a progressive approach to the marketing of their listings as this will be a huge selling point when you go on your listing appointments. 

4.  What commission rate does your firm offer?  Are commissions paid on a sliding scale, with the percentage you earn increasing as you bring more income to the firm?  This is absolutely an important question.  Obviously, what portion of money you take home is going to be important to anyone.  Although, this is not the most important part of a particular company, you need to be with a company that has competitive commission plans.  You have to way the pros and cons of what a company has to offer it's agents and what the net commission split is to the agent.

5.  Are commissions paid immediately upon closing?  Lot's of agents, especially new ones, may go a month or two in between closings.  So when they do have a closing, they need that money to pay their bills.  You want to be with a company that has a very quick turn around between the time you hand that commission check and and the time that money enters your bank account.
6.  If the firm is part of a franchise, what percentage of each commission earned is retained as a franchise fee?  This again goes back to the fees associated with your company.  Is your company privately held or is it a franchise?  You need to know the costs associated with your company before choosing to affiliate with it.

7. Who pays for stamps, photocopies, and basic office supplies?  As a new agent, expenses are going to be very important to you.  If one company offers you a 70% split, but you pay for all of your copies, office supplies, stamps, marketing efforts and more, your net split really isn't 70%.

8. Does the firm charge agents a flat monthly fee, or a percentage of certain expenses? What about Errors and Omissions insurance?  You can see the recurring theme of the costs associated with doing business for the company in this agent's questions.  I appreciate the detail and thought that went into them.  Does your office have a desk fee.  Do you pay monthly or annual E&O coverage?  Or are these fees built in the transaction fees, so it's a pay as you need them kind of fee?

9. On average, what is your company's turnover rate with provisional brokers (new brokers)?  This is a great question because you want to know what the likelihood of you lasting in this real estate business.  Are you going to be associated with a company that has a proven success rate with building a new agent's business? 

10. On average, how long does it take most newbies to make a sale/purchase? (I know RE is what you make it...but I guess what I'm getting at is how long is it before I am able to start earning an income?  Is it 45 days?  90 days?  What does your firm aim for?  Going back to the expenses associated with getting into this business, you have spent time, money and now you are going to have to wait to earn income.  How long this takes you, is going to be extremely important to your ability to survive until that first paycheck and survive in this business. 

Remember, you are interviewing this company as much as they are interviewing you.  You must go beyond the surface and ask detailed questions.  Know the company before you choose to affiliate with them.  Don't just rely on what they tell you.  Good luck!

Brandon L. Penny
bpenny@fmrealty.com
http://www.facebook.com/fonvillemoriseydurham
(919) 402-1201

FM Durham Tech Bytes: Time to get Uncomfortable

I was recently talking with one of my agents about setting up a social media strategy for their business.  This agent was basically starting from scratch.  Every suggestion I would make, they would have some sort of excuse for why it wouldn't work, or why they couldn't do it.  I kept digging and digging with this agent until I got to the core of their push back.  They were just uncomfortable with the technology, and they felt awkward doing it.  This is something I find to be common in a lot of agents.

In our office, I am known as the guy to go to with technology questions.  One would think I was very comfortable with technology.  This could not be further from the truth.  When it comes to technology, I stay uncomfortable.  This is because it is constantly changing.  Tools, apps, platforms, devices and even the strategies involved to make them proficient change so rapidly you can't possibly know all there is to know.  So why go crazy and get overwhelmed before even trying?

The solution for my agent, and many agents out there is just to get uncomfortable!  Here are a few tips to help you do that:

• Identify your content strategy...what do you have to offer?  What do your clients need from you?
• Use dropbox to store your files in the cloud, or Oxygen (our new cloud-based storage) for our agents
• Start using a social media dashboard like Hootsuite to manage your social platforms
• Trim the fat on your social platforms & unfriend or unfollow those that don't add value to your network
• Friend or connect with at least 3 new people on your social platforms
• Engage on your social networks.  Start by liking and commenting on at least 3 posts on Facebook, then give two recommendations on Linkedin
• Stop playing Angry Birds on your iPad and put it to use in your business.  Try creating a listing presentation on it and using it on your next appointment.
• Create a 30 second video and upload it to youtube.  It can be for a listing, or to tell a client story.

These are just a few suggestions for you to start getting uncomfortable with technology and to start doing business today!  Good luck!

Brandon L. Penny
bpenny@fmrealty.com
http://www.facebook.com/fonvillemoriseydurham
(919) 402-1201

Communication is Key!

One of my biggest pet peeves is when someone tells me they are going to do something and they don't.  Interestingly enough, the number one customer complaint about real estate agents is that we don't follow-up.  Most of us are great at following up on leads, because if we don't, that will cost us new business and money.  Failure to follow-up with past clients costs us referral business.  If you are serious about increasing your production, you may want to think about how well you follow-up with your clients. 

Following up with sellers is one of the most important things an agent can do.  Unfortunately, this is one area in which agents tend to drop the ball.  When you first get a new listing, you are excited and it is easy to stay in touch.  But what happens when that listing doesn't sell?  Do you dread contacting the seller like most agents do?

Here are some tips for preventing this from happening to you.  First, at the beginning of the listing, tell the sellers that you will be updating them weekly by email or privately on one of the social networking sites such as Facebook with the following items:
The number of showings in a given week

1. The number of property views on the websites your company syndicates to
2. Any broker feedback about showings
3. Any new listings in the same market area that compete with their listing
4. A list of properties in the same market area that have gone under contract
5. A list of properties that have closed in the same market area and their closing details

Some sellers insist on being contacted by phone.  This is fine.  Leave a message on at their home when they are at work, or try Slydial to leave a message on the mobile phone.  The main point is doing the follow-up.  If the seller really needs to speak with you, they will contact you.  And if they do contact you, REPLY IMMEDIATELY.

Remember, do what you promise and follow-up regularly and you will have a happy seller and hopefully more referrals!

Brandon L. Penny
bpenny@fmrealty.com
http://www.facebook.com/fonvillemoriseydurham
(919) 402-1201

FM Durham Tech Bytes: Content Calendar

I remember when I first started using Facebook to market myself.  To run a really effective Facebook business page, you need a lot of great content and diligent management.  This task felt daunting to me.  There was no way I was going to have enough time to run a decent business page.  This is the same feeling expressed by many of my agents when they first start to market themselves on Facebook.  I feel that organization and planning really helped me to reduce my fears of failure, and this is exactly what I coach my agents to do. 

Successful pages have a continual stream of new, interesting content that creates fan engagement and hopefully attracts new users to the page.  My advice for managing this process is to set up a content calendar that maps out every new page post you will do for the month ahead.  If you want to keep it simple, start by downloading a Microsoft Word or Excel calendar template.  Then type in the content you plan for that day. 

Here are a few ideas you may want to include in your content calendar:

• Market stats
• Slideshow video of your listings
• Post photos or videos from a local event
• Link to articles from the local paper
• Post holiday greetings to your fan base
• Link to blog posts or articles you are writing on your business site
• Link to articles relevant to the real estate or mortgage industry
• Information on community events and things to do
• Videos on various topics related to the home buying or selling process

Also check out these successful Realtor run Facebook business pages for additional content ideas:

• The Carolina's Finest, Jessica Riffle Group
• Amy Shair - Remax Real Estate
• Team Ludlow Realty

If you want to take things a step further and make your life a lot easier, try tools like TweetDeck, Hootsuite or Roost Publisher.  This way you can schedule your posts in advance and have them posted to your page at specific dates and times.

With with these helpful hints, you should be ready to get to marketing with Facebook!

Brandon L. Penny
bpenny@fmrealty.com
http://www.facebook.com/fonvillemoriseydurham
(919) 402-1201

FM Durham Chalk Talk: Liz Schoeneberger

This week we are going to talk with Liz Schoeneberger.  First and foremost, Liz is a wonderful wife and mother to two awesome sons, and an all around wonderful person to have in our office.  But Liz is also a SUPERSTAR agent for Fonville Morisey and our Highway 54 office in Durham.  She is clearly plugged into our current market and her business is on fire!  Please watch the video below and see what Liz has to say!



Big thanks to Liz for sharing.  And stay tuned for more videos from SUPERSTAR real estate agents coming soon!

Brandon L. Penny
bpenny@fmrealty.com
http://www.facebook.com/fonvillemoriseydurham
(919) 402-1201

6 Power Prospecting Tips

I wrote a recent blog post about being in the "Danger Zone."  This post discussed how hot the real estate market had gotten, and that agents should not lose focus on your prospecting while working through their transactions.  Without prospecting you have no future business.  Today, I want to give you a few powerful prospecting tips so you can keep that momentum going! 

1. Your Job:  You need to make sure prospecting is your job.  If you have been in real estate sales for a while, and had any success, you know that this is the part of your job that can take you to that next level.
2. Same Time:  You need to be doing your prospecting or lead generation at the same time everyday.  You will end up making excuses for not doing it and you won't be as affective.  You need to make it an appointment that you do everyday.  Put it in your calendar as a recurring appointment.
3. Role Play:  Pick a role play partner.  Maybe even find a prospecting partner.  Then I want you to role play at least 3 times a week.  This way both you and your partner can critique each other allowing you to improve each time you practice.
4. Mental Attitude:  What are you thinking about just before you make that call?  Are you thinking about the rejection you are going to get?  You need to have a positive mind-set.  You need to go into the call really feeling that it will be your next appointment.
5. Numbers:  You need to track your numbers.  You need to know how many contacts you are making to get the leads that you need. 
6. Get Up:  When you are making your calls, don't sit slouched over in a chair at your desk.  Stand up and make the calls.  I like to walk around when I am making calls.  It gets the blood flowing and allows me to speak with more energy. 

You know what the best part of prospecting is?  It's free!  It doesn't cost you any money to do it.  Agents should be spending 1-3 hours a day on the phone calling past clients, sphere, expireds, FSBO's, and notice of defaults to get listing appointments.  So pick up that phone and get to work!

Brandon L. Penny
bpenny@fmrealty.com
http://www.facebook.com/fonvillemoriseydurham
(919) 402-1201