Word-of-mouth is gold and social media is the vessel we use to promote it, but how exactly is it accomplished? As businesses we are always looking for ways to lower the cost of acquiring new customers. It’s simple economics, the lower the acquisition cost the more sales (and money) we make…simple right? Not exactly. As with most things it’s easier said than done, but if you make it part of your daily customer/employee interaction to give your customers something positive to talk about you go a long way to influencing a higher rate of word-of-mouth, let’s call it your ROE or "Return On Experience."
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1. In person and not by phone nor email
Your specific response concerning the amount of your consulting fees can create a negative response.
Watch this short video of an example of how a professional real estate consultant handles phone calls. Notice that they do to discuss their fees on the phone.
A real estate consultant needs more facts to determine how much time and effort is required to help the prospective client. It may be wise to look a real estate property before disclosing fees.
Doctors, lawyers and CPAs do not quote their fees on the phone or by email. Can you effectively buy a house or commercial property by phone only? Prospective clients must know, like and trust you before they become a client. If you are using an internet dating service, do you want to meet that person before you get married?
Here is the 3rd installment of Dan Kennedy's Renegade Millionaire video. This video is testimonials from clients. www.renegademillionaire.com/video/3
Okay guys, here is the second installment of the video on Attraction Marketing wiht Dan Kennedy.
If you didn't view the first video, not to worry because this video should really speak to each real estate professional. Here is why. Mr. Kennedy states, "Stop focusing on selling stuff for income, instead on getting customers to build equity"
This statement applies to our industry in so many different ways. Remember to take notes as Dan asks--Trust me this video alone maybe your business's savior.
Quick question, can anyone tell me what is our industry's fence and what happened to that fence?
Well here is the link. www.renegademillionaire.com/video/2
I thought a little break from the industry specific debate was in order. Dan Kennedy, for those of you who are not fimilar with him is a GAINT when it comes to marketing.
How are you attracting customers? What tools are you using to fill your pipeline?
This link should take you to his introductory video. www.renegademillionaire.com/video/1
This free video is filled with alot of good information.
My purpose to introduce this video to you ..... is to suggest that the best method
* to recruit brokers to be an ACRE and also
*to recruit agents to consult for brokers
Is to know what motivation will produce the best results
Ten minute video that will surprise you about what motivates us.
I have recently gotten to know a real estate professional named Michael Pannell that has made a big mark on Dallas real estate through the use of the Internet. His team generates 220+ deals per year and 97% of it comes from organic search engine clicks. He has now expanded into San Antonio and Houston and there is no sign of him slowing down as long as he can keep generating solid internet leads. When I learned about this I became incredibly interested to learn more about his business and I sat him down for a little Q&A to find out how he created this monster business.
Q. – What made you focus your business so heavily on the internet?
A. – I noticed that the trends were leaning towards the internet. I had a website up but was not getting very much traffic to it. Everything in the market was changing and I had to change my ways of advertising to get business.
Q. – What did it look like before?
A. – Before focusing on the internet, our business was all local advertising. We once a week (over the weekend), put out bandit signs all over the metroplex and just sat at the office the next few days and took phone calls. This was back when lending was much more lax and almost anyone could get approved. We were advertising for new homes. So we basically took phone calls, drove the clients around to the different builders and then once the client decided on the perfect home, the builder rep signed them up
In 2011, Texas real estate broker David Winans took issue with the low standards of real estate licensing, noting that becoming a real estate agent requires less education (and we would add less continuing education) than a manicurist. Even if a real estate professional takes on more education than is required, as an industry, standards are low – any Jim Bob Jackson that can retain a few facts after a few internet courses can weeks later be handling peoples’ largest investments and assets. Would you trust a stock broker who went to school for a few weeks? No, and that is a much smaller investment amount.
Today I’m speaking with a group of small business owner that want to know about how to develop a marketing strategy that truly allows them to differentiate what they do from others.
Professional Consultant ? is that redundant ??
Maybe just Consultant.
How do ACREs market they are different?
How do they brand themselves?
Is the market confused by a menu of real estate consultant compensation options?
Are we just sales people with an extra arrow in our tool chest, in case the consumer does not first buy the high commission?
Do ACREs have a higher quality of service? Do consumers believe?
Bigger question .... Are ACREs different?
Your guidance please, I am clicking through the website of the Real Estate Consulting Institute and can not find a mission statement.
Just discovered this signature by-line on a Ron Stuart email:
“You can have better outcomes and financial advantage by engaging a fee-paid advisor, instead of a commission salesperson, to assist with property transactions. Activity-based service fees, instead of a percentage of the property price, favour your equity and encourage full disclosure, transparency and harmonized interests!”
Could not have said it better!
In a down economy, most businesses suffer. Some adapt and some fail. In hard times, most professionals look around them and wonder what happened to the pipeline they had so carefully built over the years. Many look like the fisherman above and feel like there are plenty of fish but they just aren’t biting. It is at this point that many give up, but for the resilient leaders of the bunch, it is a different story.
Home Buyer Dallas Real Estate Commission Rebate Programs are Offered by NetOffer, Inc.
NetOffer.com has offered Home Buyers a Commission Rebate of 2% since 2005. Any property listed in the DFW area MLS system (NTREIS) is qualified as long as the Buyer Agent Commission is 3% which is the typical commission offered to Buyer Agents.
One year ago, I had lunch with “Bob” my brother’s real estate broker (Hmmm) who charges $250 per hour to learn more about consulting.
He was ahead of the curve. For 15 years, this has been his business model.
“Bob” has no other compensation model, except he does sometimes make a commission when his clients have picked a property to buy.
His business was down last year, but he is paid something for his efforts because he does not work on contingency of a closed transaction.
Let me tell you a brief story.
As the evolution of real estate brokerage changes, consumers will become educated. Property owners and buyers may choose traditional brokers because they do not know a reason to choose a consultant. ACREs need to briefly and concisely tell prospective clients two important explanations.
There are two WHY? stories
We need to tell the reasons that the industry is changing.
Also, we need to have a company or personal Why?
Our seminars are staring with CitiBank and we will need Acres to give the buyers too. They have decided to give thie qualified buyers a credit card with the money neccessary to pay for your services as the limit. I posted
on the grad exchange and acive rain. I could use "some love" on Active Rain at http://actvra.in/jLw
Thanks in advance
Over at Inman Next, Chris Smith stirs the cauldron up with a post entitled, “It Is No Longer A Relationship Business – Here’s Why“: