In this, increasingly digital era, more and more real estate leads are acquired online. Managing all of those online leads, in addition to those coming in from more traditional sources has become the Achilles heel of real estate agents. If your agents are not automating their follow-up, your brokerage is at a disadvantage. Enter the real estate CRM. In recent years, real estate CRM’s have become a dime a dozen and while all promise to simplify the path to success, some may not be the best match for your needs. Brokers are busy and it’s hard to find time to hunt for that diamond-in- the-rough CRM to help their agents be more productive. Here are some ins and outs of selecting one that will help your agents make the most of their time and never miss an opportunity.
The Not So Obvious Value Of Real Estate CRM’s At this stage in your career, you realize that a CRM is invaluable when it comes to agents keeping track of leads, clients and referrals. You also expect that a CRM will help them manage their to-do list, calendar, and progress of their transactions. Obviously, this is all important because it helps prevent them from dropping the ball and losing business. What you may not realize is that the capabilities of a truly valuable real estate CRM will reach far beyond those basics. Here are some not so obvious benefits of an ideal CRM:
What To Look For In Your Real Estate CRM One of the biggest problems with real estate CRM’s is that there are so many of them out there with varying features and benefits. It can make choosing one a bit overwhelming! But investing time in selecting a CRM can pay off for your business in the end. To end up with a successful solution, it’s important that you study what they have to offer and how easy it will be to implement and use. Opt for a free trial if one is available and see if it can work in harmony with your business. But before you even start your search, develop a clear cut list of what you want to get out of the software. Here’s what capabilities we suggest you prioritize in your search:
Final Thoughts on Real Estate CRM’s Offering your agents a way to organize and manage their leads will help them be more productive and your brokerage be more successful. No time to vet them? A CRM is often one of the many benefits your brokerage receives by affiliating with a larger brand. When Weichert looked at the world of real estate CRM’s many years ago for its agents, for example, no one off-the-shelf CRM addressed all the follow-up processes and systems that Weichert felt its agents needed to be most productive. So it developed its own proprietary CRM, WeichertPro. Not only does it contain all of the capabilities mentioned above but goes a few steps further:
WeichertPro CRM is just one of the many tools offered to our affiliates that support their growth and success. If you’re interested in plugging your business into the suite of tools and resources that Weichert offers, contact our team at https://www.weichertfranchise.com or 877-746-2067. Original content posted on https://www.weichertfranchise.com/blog/real-estate-crm-options-making-your-head-spin-heres-how-to-choose/
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Gen Y, more commonly referred to as Millennials, have now become the most populated generation in the USA, surpassing Baby Boomers. That means that they are one of the largest demographics of home buyers and sellers and are in the crosshairs of real estate agents and brokerages eager to build a profitable business. However, the buyers and sellers of Gen Y are unique in their interests, priorities, and especially their behaviors when it comes to buying and selling real estate. Selling to this tech-addicted generation will require you to be savvier than the competition and to do things a little differently than you did when you were starting out as an agent. Here are three useful tips that can help the modern broker prepare their agents to sell homes to Gen Y.
1. Ad Content That Doesn’t Sell! Millennials grew up in an age of digital marketing with its ever present ad mechanisms, making them somewhat impervious to more blatant forms of advertising. In fact, the more that you try to directly sell members of this generation, the less effective you will be. That’s not to say advertising is ineffective here, but the style and nature of the content has to be more helpful, relevant, or entertaining and less overtly service focused. Millennials respond to creative that is more visual and will be attracted to video content using mediums such as Facebook newsfeed ads. And don’t forget Instagram. Offer free and convenient tools to help, like an online mortgage calculator, or a downloadable neighborhood or local school analysis. The more free tools, tips and services you can offer in your ads, the more likely this generation is to trust your agents, and your brokerage. 2. Supply Your Agents On-Going Training Now, more than ever, the technology and platforms that are used to reach buyers and sellers are complex. Furthermore, they are forever evolving and shifting in popularity. If you want to enable your agents to close deals with the Millennial set, you’re going to need to provide them with ongoing training on topics like social media, mobile marketing and digital marketing, in general. This is an area where big name real estate brands sometimes have an advantage. Weichert for instance, has both proprietary technology and processes that make marketing to Millennials (and everyone) less complex and more efficient. Add to that the training provided by Weichert training teams and its ongoing University approach, and you leverage a powerful educational infrastructure that keeps you and your team on the cutting edge. 3. Enable Prompt Follow-Up Growing up in the most technologically advanced era in human history has had many effects on Gen Y. One of the largest is their increasing desire for instant gratification. This means that when a Millennial expresses interest in buying or selling a property, or has a question about a property or a town or neighborhood, they expect to hear from an agent right away. In fact, agents that fail to follow-up with a lead within 30 minutes or less, will usually fail to convert that lead. They simply won’t wait to hear from you. What is your system for getting immediately back to leads, however and whenever they come in? Do you pass the 30 minute rule, even in the off hours? Brands like Weichert have systems in place that help the agent both get leads and automate the follow-up. Once a lead comes in, Weichert has a call center that handles pre-screening and forwarding, putting incoming leads into the hands of a live agent within minutes. Accepted leads are then fed directly into the brand’s proprietary CRM. As a broker you need to consider tightening up your lead response times and follow up to be sure you’re making the most out of your opportunities. How To Plan The Future With Gen Y As an experienced real estate broker hoping to attract business from the country’s largest demographic population, you understand that your agents require advanced technology and training. You also know that trying to supply all of that tech and training on your own can be a challenge. If you feel that you could benefit from a system of tools and access to the most advanced training programs for selling to Millennials and any consumer category, think about teaming up with Weichert. For more information about our proven strategies and resources go to weichertfranchise.com or call 877-746-2067. Original content posted on https://www.weichertfranchise.com/real-estate-crm/3-tips-for-selling-homes-to-gen-y/ As a dedicated broker with a desire to grow your team and increase their production, you can’t afford to ignore the importance of follow up. Whether a lead is purchased or organic, it will require prompt, consistent, and personalized follow up if it will ever transition from a contact to a client. In fact, statistics show that for every 100 leads that an agent acquires, only 1-5 of them convert to business. If you and your team of agents are ever going to reach your goals, every lead will need to be treated like a VIP.
The Value Of A Lead To really set the stage for how important follow up is, it helps to remember that a lead is so much more than just a lead; it is a lifetime opportunity. It is an opportunity to close multiple deals with that buyer or seller, and everyone that they refer to you. As a broker, you already understand that point because you have paid your dues and served your time as a real estate agent trying to build a business. You also know that it is far more expensive to find a fresh lead than it is to acquire deals from an existing client. For all these reasons and more, facilitating follow up by offering training, tactics and tools for your team, should be high on every broker’s priority list. The First Follow Up Should Be the Fastest In today’s fast paced world, it is more important than ever that a lead receives contact within 30 minutes of “raising their hand” by phone or online. It is not uncommon for qualified leads to fall through the cracks because they don’t receive the immediate and necessary attention they deserve from overwhelmed agents. In fact, a Harvard Business Review study concluded that nearly 71% of all qualified leads are never followed-up with because it can be so challenging to execute without the proper tools and systems in place. Yet, the fact remains that the faster they get a response, the more likely those leads are to become a client. For example, Weichert, understanding these lead dynamics invests in a highly sophisticated national lead processing center which screens all calls and web queries, then transfers qualified leads to local Weichert agents across the country within minutes. With so many agents competing for leads, it is this kind of turnaround and responsiveness that really maximizes the engagement rate within a brokerage. Keep Clients Close The commitment to consistent follow up should not waiver after the sale–or even if a sale is not made. To extract as much value as possible from each client engagement, there should be continued communication on birthdays and anniversaries, as well as, newsletters, market updates, and other valuable content. This is one place that a Client Relationship Management tool (CRM) can really be valuable. By using a CRM to keep track of these relationships and creating a schedule to maintain that consistent, regular contact, your agents will get in front of more and more deals without having to work harder than necessary. As an example, the WeichertPRO CRM empowers agents to achieve success by nurturing their leads with automated, yet personalized emails, easy advertising of new listings, Open Houses and more. All of this having the effect of reducing the number of potential sales that slip through the cracks. Regular promotion, planning, and timely follow up are all part of the WeichertPRO CRM’s wheelhouse, making it an invaluable tool for both agents and brokers alike. Strike a Balance Between Automation and Conversation. The founder of Weichert, Realtors®, Jim Weichert, will tell you that selling real estate is nothing if not personal. He is famous for saying that “people buy people before they buy your product or service” and it’s that people-first philosophy that pervades everything Weichert teaches their affiliates. So by all means, use the latest technology and real estate CRM systems to stay front of mind with your clients and to follow up with regularity. But making these automations as personalized as possible, and supplementing them with actual personal contact, is the key to effective follow up, and building your business for the long haul. A national call center and proprietary CRM are just two parts of a full suite of systems and programs available to Weichert affiliates. If you are looking for a blueprint for success that you can plug your business into, contact Weichert Real Estate Affiliates, Inc. at 877-746-2067 or go to weichertfranchise.com for more information. Original content posted on https://www.weichertfranchise.com/blog/never-miss-an-opportunity-again-to-lack-of-follow-up/ Hungry for a sale, an agent blankets the neighborhood with Open House signs and then waits eagerly for a bite. Their efforts may drive traffic to their Open House and perhaps even bring the gold prize—a qualified buyer. But the question remains: Did this Open House, while effective, reach its full potential?
Even in this digital age when buyers rely so heavily on the Internet, the open house remains a cornerstone of real-estate sales and prospect marketing. At Weichert, Open Houses are deep rooted in our “people first” philosophy. Statistics published by NAR in 2017 show that 73% of homebuyers visit at least one Open House prior to purchasing.* Weichert open houses, specifically, attracted nearly one million potential buyers last year.** If you have the means to assemble a pool of buyers and sellers in one place where you can directly interact with them and sell them your value vs. your competitors, why wouldn’t you want to make the most of that opportunity? But as every broker knows, a great open house event requires excellent conversational skills and a positive attitude. But more importantly, for it to be successful, it requires careful preparation, execution and follow-up. The question is whether the full potential of this type of event is being realized by your agents and for you the broker. After all, this isn’t just finding a buyer for the property being held open, but this could help you connect with your next client(s). If you haven’t recently examined how you and your agents are promoting, conducting and following up on data from open houses, you might want to consider it. As a start, take a few tips from the team at Weichert Real Estate Affiliates, Inc. who coach and train brokers across the country every day on best practices for open house management. Let’s focus on how promotion plays a large role in Open House success: Promoting Your Open House In the performing arts it is often said that “less is more”, but when promoting your open houses, actually more is more! More signs, more brightly colored balloons, more promotion starting at least a week ahead, and in more places. Traditional methods like postcard mailings and supermarket community board tear off’s should all be already part of your arsenal. Knocking on neighbor’s doors and door hangers are also part of this. The real estate coaches at Weichert teach a philosophy of keeping it personal, so there’s nothing like a phone call or personal note to get a response from the hotter prospects in an agent’s sphere of influence. But what about the digital world? Promotional strategies that do not fully include digital are leaving behind an increasingly large segment of buyers, especially millennials. Here’s a quick checklist of activities you should consider for promoting your open houses online:
Use the Open House Management Features of your CRM Most brokerages employ a real estate CRM of some type, but many just use it to send out invites or enter contact data for only the hottest prospects. If your agents are guilty of this, or your CRM lacks robust features around open house management, you may be leaving money on the table. Weichert, for example, has a proprietary CRM which provides an open house management environment that is simple to use before and after the Open House for both promotion and follow up. Weichert also has an Open House sign in tool that feeds the CRM for follow up by agents. Contacts can be tagged for immediate or subsequent follow up and all contacts are instantly available to the agent for future marketing initiatives. Reminders and easily customizable email templates and graphics round out the capabilities that diligent associates will use to improve the reach of this open house, and all future open houses. Good Open House Promotion Pays Off Open Houses require a lot of planning, but if you do it right, the upside is tremendous. We can tell you from experience, a comprehensive, energetic and positive attitude toward open houses and having a structured system of executing them makes all the difference. The opportunity is there, you just need to know how to harness it. For more information on how Weichert gives brokerages a winning edge in all aspects of real estate, call our team at 877-567-3350 or visit our website at www.weichertfranchise.com *2017 National Association of REALTORS® Profile of Buyers and Sellers. **Based on a private study by Weichert, Realtors. Original content posted on https://www.weichertfranchise.com/blog/the-open-house-in-2018-promotion/ One of the best things you can do for your agents is help make their job easier. The more your brokerage is able to offer them, the more valuable they will be in the eyes of their clients and the more valuable you’ll be to your agents. That’s great for business and great for agent retention. But where should you start? Brokerage Differentiation 101There is clearly a wide variation in the quality of service provided across our industry. As an independent broker, being able to offer a unique set of capabilities, track record of success, or partner relationships will help set you apart in your market. Even if these capabilities are not exclusive to you, presenting them in the right way to potential buyers or sellers, makes all the difference in how your agents and your brand are perceived. Consider the following:
Want to offer your agents more? From proven systems, to real estate brokerage coaching to effective marketing tools, Weichert has so much to offer to complement your existing business and help you differentiate your brokerage. To learn more about the advantages of becoming a Weichert Affiliate, contact 877-746-2067 or go to www.weichertfranchise.com . Original content posted on https://www.weichertfranchise.com/blog/differentiate-your-brokerage-and-help-your-agents-stand-out/ Do you feel drained at the end of the day with a dozen important things remaining to be done? Do you leave tasks half-finished as you respond to an endless stream of urgent interruptions? Are you sacrificing time with your spouse and children? As a hard-working broker, you manage all types of tasks every day and may work long hours to accomplish them, from creating a marketing campaign to training new agents. Developing a work-life balance all comes down to using your time wisely. It’s easy to say but surprisingly hard to do, especially for brokers.
Here’s a few tips on how you can have the business you want, along with the lifestyle you deserve, from the experts at Weichert Real Estate Affiliates. Principles of Broker Time Management Time management is learning to accomplish more tasks in less time. It means better productivity and more quality time to renew and recharge. In turn, scheduling your time provides a more nurturing work-life balance that helps avoid broker burnout. There are a few main principles of broker time management that will have you working more productively with more time for yourself and your family:
Daily Goals – The Most Powerful Part of Your Day One famous dissertation on time management says you should write down 6 important goals you want to accomplish each work day. Whether your number is 5, 6, or 10, taking that 5 minutes each morning to define your priorities for the day is probably the single most important thing you will do all day. Then as you accomplish each goal, cross it off your list to give yourself that feeling of accomplishment. Don’t get overly upset if you fail to achieve your full list, but make sure you follow through the next day. Delegation The temptation to take on certain tasks that you know you will do better than anyone else is strong and common. Yet if you never allow someone else to challenge themselves at this, you will be forever obligated to do it yourself. As a brand representing hundreds of brokers across the nation, Weichert experts will tell you that the most successful brokers have managed to be almost 100% strategic in their tasks and have delegated tasks they never thought they could. Today pick one time-consuming activity that “I have to do myself”, and train someone in how to help you with it. They may stumble at first, but with patience and consistency, it is you who will run faster in the end. All The Right Tools The promise of so much technology and electronic capability is to do things faster and more efficiently. Unfortunately for too many brokers, technology promises have been offset by technology complexity and cost and brokers we see are either not using their tech properly, or at all. And yet when you and your team are properly trained and fully utilizing modern systems like real estate CRMs, online lead generation and marketing, or even just using Microsoft Excel better, you achieve a level of organization and time management you can only dream of. You don’t have to be a computer geek. You just need to be willing to learn or leverage learned resources to be sure that the promise of the technology you use, is realized. Trust But Verify (Regularly) Even if your team is trained and motivated to use the systems and tools you have in place, establishing regular operational checkpoints is a must. This is an activity you can’t delegate. Having a look into how critical systems and initiatives are performing in the brokerage, provides you the critical insight you need to make larger, more far reaching decisions. For instance, you may find that agents are interpreting data in your open house management system in several different ways, causing problems with follow up. Or that the whole system simply doesn’t work the way you need it to, leading to an important strategic reinvestment in a new CRM. As you grow, your verification activities should rise as well. Insist on the lower level process and tech reviews, but conduct your reviews with your team leaders. Hold them accountable for metrics at the lower levels while you up-level your view. A Little Discipline Saves a Lot of Time You don’t have to run your brokerage like a military operation, but a little discipline is certainly necessary. Having proper processes and systems in place that you don’t have to invent or constantly change is a big part of time management, success, and achieving that elusive work-life balance. Don’t spend time thinking about things that can be automated. Save that thinking time for the bigger strategic issues you really need to put thought into. Management Systems. Digital Tools. Selling Systems. These are all things the team at Weichert can offer your business that you can plug into. If you think this could benefit your business and put you on the path to growth call 877-567-3350 or visit weichertfranchise.com for more information. Original content posted on https://www.weichertfranchise.com/blog/time-management-for-real-estate-brokers/ You were probably a top agent for years before you opened your own brokerage. You had a gift for understanding and relating to people and you’ve got real estate sales down to a science. You’ve mentored new agents and worked on solutions to close complicated transactions with other seasoned agents. You understand how a brokerage works and the daily ins-and outs of business management. Despite this, you may be frustrated with the rate of your growth, and the seemingly endless effort required to achieve it.
A key part of a successful brokerage is having the right infrastructure in place. It’s a challenge to build without a good foundation. While some of these may sound familiar, it never hurts to assess where you have solid resources and what areas you still need to strengthen. Let Your Agents Sell Perhaps the most difficult transition for new brokers is the move from awesome salesperson to business and people manager. The urge to continue in your most familiar role is both strong and sometimes seems financially necessary. If you are really going to be successful however, you have to fully embrace the additional and different responsibilities that come with being an established broker. This involves business management operations and strategies that have nothing to do with selling, such as building and utility management, employment laws and legal issues, technology usage, agent and office management, contract negotiations and of course, recruiting. The message here is simple but bears repeating: while you can train and coach your team for higher productivity, leave the day to day selling to your agents. Hire Support Staff and Contractors It’s hard to do everything well. And you probably can’t afford to put an employee on the payroll for every specialty need you have, at least initially. Instead, hire specialized support staff to set up and handle business systems you are less familiar with or need assistance with occasionally. For instance, initially bring on a part-time bookkeeper and office manager who can help with daily administrative and business tasks. A marketing specialist or consultant can provide brand expertise, manage social media content, keep your website fresh and promote your business. Develop good relationships with outside contractors for other work that you may not want to bring in-house. Regular meetings with a trusted accountant sets up correct financial systems your bookkeeper uses and advises you of tax and employment issues. Your computers, network, data security and marketing technology, should be in the hands of a trusted IT company who is responsive to your needs. Develop Operational Policies and Procedures Often brokers do not take the time to formally write out their processes and procedures. This document avoids confusion and misunderstanding with your agents and support staff. Detailed topics should include employment contracts, general office policies, records management, trust accounts, broker relationships with consumer (agency, facilitator, etc.), as well as ethical policies, grounds for termination, safety and crisis information. You’ll also want procedures related to marketing and promotion to ensure your brokerage is represented consistently in the market and in compliance. Get Cutting-Edge Technology The right equipment and software takes time to research and test, but is so crucial to the success of your agents and brokerage that a regular review of these systems is critical for brokerage management. Technology is at the core of your ability to get and manage leads, track transactions and schedule appointments. Sometimes having a trusted partner for technology selection and training can be a huge relief for the busy brokerage. Stay Compliant Brokers must keep up-to-date with local, regional, state and federal real estate laws, but also understand employment laws and follow legal hiring practices to stay in compliance and avoid liability issues. While the local MLS will provide many standard sales forms to help you stay in legal compliance, other forms may be needed for special situations. That’s where a real estate attorney who is a trusted partner in your brokerage business operations comes in handy to provide non-transaction related legal assistance and advice. Practice Good Business Management Having a business plan is essential to any successful brokerage. Make sure you write one every year, which includes your sales goals and budget plan. Consult it frequently throughout the year and make adjustments to your activities accordingly. There’s a lot involved in running a successful brokerage. While many choose to go it alone, affiliating your brokerage with a system that’s already built and proven can take a lot of the guesswork out and give you a strong line of support when you need it. Plus, it frees up your time to attend to many of the areas noted above. Weichert is the perfect example of this. Our service teams have worked with hundreds of independent brokerages to help them to work more efficiently and grow their businesses. From writing a business plan to recruiting strategies, Weichert provides business solutions that are proven and are designed to promote brokerage growth. Plus, they provide the technology resources you need to compete, including a world class CRM system, sophisticated lead generation system, online market continual online and live training opportunities, paperless transaction management, an online marketing design center and more. There’s no part of your real estate business that we can’t help you with. If you think you could use a partner on your road to success, consider the team and the brand at Weichert. You can call us directly at 877-746-2067 or go to www.weichertfranchise.com. Original content posted on https://www.weichertfranchise.com/real-estate-lead-generation/does-your-brokerage-infrastructure-stack-up/ Running your own real estate agency and brokerage is a big step for most real estate agents, and one of the biggest decisions you’ll need to make along the way is whether to partner with a real estate franchise or go at it alone. Here’s some insight on your options.
What are the benefits and drawbacks of maintaining an independent brokerage? Choosing to go the independent route has both pros and cons for brokers. The main attraction is having complete autonomy – you aren’t answerable to anyone other than yourself. You can control the development of your own brand, find your own clients and you don’t have to pay any franchise fees. Sounds great, but being autonomous means that the burden of your success is entirely on your shoulders. All training, marketing strategies, recruitment, retention and growth is up to you. You are the deal doctor, the office counselor, the janitor, the first to arrive and the last to leave at night. It’s also up to you to research the latest and greatest lead gen technology or CRM and build and maintain your brand – a big task in a tough economy and a competitive property market. Trying to keep up can leave you feeling burned out and the investment required to stay ahead can end up costing you much more than a franchise fee in the end. What are the benefits and drawbacks of a real estate franchise? As you might expect, this can depend a lot on who you choose to partner with. While there will always be tradeoffs, affiliating does not have to mean “selling out” or giving up your business to big brother. With the right brand, you can tap into the power of a national system, but hold on to the great things you are already doing in your local market. Yes, affiliating with an established real estate brand usually means sharing your individual brand with the brand of the franchisor. In most cases this is a benefit, as the brand of a good franchisor will be more powerful and far-reaching than that of an independent agency. Our experience is that most brokers welcome this as part of the other benefits they receive by affiliating. You will still do business with the people who know you, but you will be able to open the doors to people who don’t. Control of your business typically remains in your hands, depending on the policies of your franchise agreement. A system like Weichert’s for example, was conceived by an independent broker, for brokers. It offers a full buffet of training, systems, sales and marketing tools that have been used successfully by hundreds of offices across the country. They are available for you to plug into your business to help you grow. We know they work, but at the end of the day it is up to you how to integrate our programs and systems into your business. Of course there are inevitably franchise fees, ranging from 6 to 10 percent depending on who you sign with. In the end, you must weigh the opportunity to improve and grow your brokerage vs. the time and dollar investment it will take to do it on your own. Ask yourself these questions: Can I get where I want to be on my own? How do the costs compare? How long will it take me to do it myself? Am I happy with my work/life balance? Am I effectively competing in my market? Can affiliation help me stay ahead? Can it help me reach my goal faster? Is The Weichert Franchising System The Right Opportunity For You And Your Brokerage? Critical to getting the most benefits out your affiliation with a real estate franchise is committing to the right franchise partner. Different franchise opportunities offer different operating models which can lead to different results. Some large, well known real estate brands for example, offer little more than their logo and branding to their affiliates. The Weichert Franchise System couldn’t be more different. Our affiliates are taught a system for success which includes all the elements of the modern brokerage including lead generation and technology for example. The Weichert system is a real estate franchise opportunity developed by real estate agents and brokers with the flexibility to work within each brokerage’s needs, rather than offering a less effective one-size-fits-all solution. We offer access to the most sophisticated national lead collection and screening technologies in the country to support high-value lead generation for your brokerage. Our formula for growth combines effective online and offline marketing tools with expert, one-on-one real estate coaching and training, and even a proprietary real estate CRM which integrates your brokerage and fosters our complete lead lifecycle methodology. This franchise offering is part of a practical, hands-on partnership that brings continual innovation and support to each franchisee and keeps your business moving towards your goals even in the toughest times. For more information on The Weichert Franchising System or the benefits of partnering with us through our real estate franchise opportunities, please contact us today. Original content posted on https://www.weichertfranchise.com/blog/franchise-vs-independent-real-estate-brokerage-finding-right-fit/ Best Real Estate Coaching Programs, online real estate marketing techniques, Real estate CRM, real estate franchise, real estate lead generation, Running a real estate brokerage has its share of expenses. Payables—large or small—are a necessary part of doing business. Expenses like rent, office supplies, insurance, furniture etc. are easy to understand and manage. What is less obvious are the investments in marketing, advertising and technology that many brokers spend thousands or even tens of thousands of dollars on each month. The temptation to periodically cut these expenses requires a much more considered analysis that can’t be based completely or even in some cases, primarily on pricing. Conversely, you shouldn’t drop precious budget dollars on every new shiny thing that comes on the market.
Necessity Of Large Expenses You must build and advertise a reputable brand to draw clients to your listings, competing with more well-known franchised brokerage names. Brand building for the independent brokerage can quickly eat away at your budget, especially when figuring all your advertising expenses. According to data published in 2012-2014 by the Association of Real Estate License Law Officials, U.S. real estate agents and brokers spent approximately $8.9 billion on residential advertising in 2015. That’s a substantial amount of money, yet an important expenditure if you are to compete for listings and credibility in your local market. Let’s not forget our need for technology, and its ever-increasing role in real estate. Other than general IT set up and maintenance, customer relationship management (CRM) is a large, yet crucial, cost of doing business that can help streamline much of the real estate process in a busy brokerage. CostOwl reports that in 2018 inhouse CRM costs range from $100 to $1,000 per user plus maintenance, support, updates and potential customization, while web-based CRM systems run $50 to $100 per user every month with lesser fees for smaller brokerages. Expense Analysis Revisited As you know, with some business items, using a less expensive version works just as well and saves money. But this isn’t necessarily true for larger purchases. Of course, you want to spend money that provides the most value and significant benefit to your brokerage. It’s always a good idea to consider your bottom line when factoring in a new or recurring expense, but there is a difference between purchasing a store name brand to save money on office supplies versus buying a bargain basement real estate CRM technology because it has a lower up-front cost. In the case of a CRM for example, between increased labor in transferring data, lost production time and price of a new system, it’s more cost effective to choose the right CRM system for your brokerage from the start. One that provides high value, and is right for your operation, rather than choose a system based primarily on price. When you are part of a franchise, such as Weichert, you typically have the added benefit of a CRM that they’ve already vetted or customized. The Weichert CRM, for example not only provides top tier real estate features such as contact management, marketing automation, open house management, and mobile app access, but its internal workflow has been designed to echo the best practices brokers and agents are taught on their roadmap to success. Your ability to integrate a CRM into your operations is just as important as the CRM feature set and this is not an area to pinch pennies. Look At The Whole Picture Why be penny wise and pound foolish, as the saying goes? Look at the whole picture of expenses in a way that incorporates a wider view of their utility. Once you’ve made these decisions, give these expenditures a chance to prove themselves. Advertising mediums can be tagged to understand how much additional sales you are getting from expenditures on each. Technology can be judged to large degree on the utility it provides to you and the feedback of your team on its usefulness and ease of use. Budgeting more for items that can have big payoffs in the long run, such as specifically targeted brand advertising or an efficient CRM system can increase the brokerage’s long-term income and reduce their operating costs in a way that more than offsets the cost of the advertising or system. Gain Access To Systems That Work At least some of the headaches’ associated with expense management and analysis can be helped by having some deep, expert experience in your corner. Having the resources of a franchise system behind you can save you tremendous time vetting options and more time being productive. Not only do you instantly gain a brand name that matters, input from your coaching team and fellow franchisees about many of the most agonizing expenditures you face is always just a phone call away. Could your brokerage benefit from this? Learn more at weichertfranchise.com or call 877-533-9007. Original content posted on https://www.weichertfranchise.com/blog/stop-seeing-red-smarter-view-brokerage-expenses/ As a broker, you have carefully built your brand through targeted advertising and marketing. You have strategically calculated a marketing plan to funnel quality leads in a variety of markets to your agents to help them close more transactions. Your website, social media presence and other digital marketing is part of your overall plan. But how much time do you spend chasing these leads? The time you have invested should not outweigh the amount of leads generated.
Buyers and Sellers Want More Today’s market is different than even five years ago. Buyers and sellers want more value out of a brokerage. Specifically, they crave quality information. No longer are buyers and sellers content to sit back and roll with the fact that an agent has years of experience in real estate and has closed a certain of number of sales in their neighborhood. Instead, they want specific information presented to prove that agent’s expertise. More importantly, prospects expect a high value from the material they receive. Tempt Prospects with A Giveaway One way to stop chasing listings and build your brokerage into a lead magnet where prospects come to you is through the value of a giveaway, such as a short, easily accessible video, e-book, infographic, quiz, guide, handout, resource or checklist or free home inspection for new listings. Create a giveaway that builds value and tempts prospects to give up their name and contact information to get the free material. The material should be well written and designed and present your brand as an authority to build long-term trust and add monetary value in the eyes of your prospects. Create A Relationship The point of the giveaway as a lead magnet is to alter your prospect’s mindset to be predisposed to use your services. The topic of your materials should be clear-cut, easily read in no more than 5 minutes and address a distinct topic that provides specific answers. The prospect should feel a relationship with your brokerage after reading the material that prompts her/him to act. Know Your End Goal To decide the topic of your material, you must know the end goal, such as increased revenue or list building. The market segment you are going after is also important. What real estate pain point are you addressing in your giveaway that will turn prospects into hot leads for the desired target market? For instance, luxury sellers may be interested in top-notch staging tips and resources. Speak to the desired pain point and prospects will more readily give up their contact information. List Building Management A well-calculated giveaway campaign can bring in hundreds of leads. It does no good to attract leads and build your marketing list if you don’t have a good CRM system to organize your marketing efforts. Is your CRM up to the task? Review your current system to see if it stands up to others on the market for functionality and number of contacts. Now may be the right time to upgrade your CRM system if you’re just not getting the value out of it that you need. Weichert, for instance, offers a CRM system to its affiliates that is directly tied to the best practices and processes we teach for lead generation and follow up. It is integrated into our national lead network and provides efficiencies in lead handling that are unsurpassed in the industry. Lead Magnetism Doesn’t Happen Overnight. Brokers know that there is no silver bullet when it comes to generating leads. A variety of tactics executed regularly is what works to improve your lead generation in less time. But it’s hard when you are doing it all on your own. That’s why franchise affiliation is often a great solution for brokerages. By plugging into their resources, you are able to leverage their expertise and marketing materials to be able to compete effectively in all of these ways, including having a CRM to properly manage and close incoming leads. For more information on how Weichert can turn your brokerage into a lead magnet, contact Weichert® today at 877-533-9007 or go to https://weichertfranchise.com . Original content posted on https://www.weichertfranchise.com/real-estate-lead-generation/need-lead-magnet-give-something-want/ |
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