7February2010
Posted by Jerry Kidd under: Sales Tips.
I was asked to complete that sentence the other day by a woman who had just received her real estate license and hadn’t yet made the choice of what brokerage to join.
She wanted my take on what I would do to be successful in today’s real estate market. That’s a really good question, but at the time she asked it, I wasn’t able to give her the proper answer due to a time restriction, so I told her that I’d post the answer here today.
To answer this, I have to go back and review the mistakes that I made in my early career and also look at my successes. I made plenty of mistakes, but had relatively few great successes in terms of the impact that they had on my career. Let me explain that further. Some of my mistakes were potential game ending ones. Like not really prospecting for business. Like flitting from one business generating scheme to another without giving anything an honest try. Like deciding that I knew better than those who were trying to guide me. And, as I said, there were plenty of others.
Some of the successes were as follows: I was incredibly fortunate to start with a Manager and a brokerage that gave me the opportunity, gave me the training, gave me the space to screw up and then gave me the chance to learn and grow. Thank you Michael Fassio and Merrill Lynch Realty (Merrill Lynch sold their real estate brokerage to Prudential Real Estate Affiliates in the fall of 1989).
Another success I had was when I received my first commission check nearly 6 months after beginning my career, I spent the entire check on a PC, monitor, printer and some database software. I then spent the next 30 days learning how to use it. This was no small event. In January of 1987 when I bought that computer, there was only one other computer (to my knowledge) being used by a real estate agent in all of Sonoma County, California. None of the real estate offices had one for that matter. So, what I did flew against the conventional wisdom of the time and all of my friends thought that I was off my rocker.
As I said, I spent all of January 1987 learning how to use the computer in my business. The time spent nearly put me out of business in the short haul, but that computer knowledge turned out to be the best investment in myself that I could have made. In short order I was able to set up a prospecting database and client tracking system. That spring I was able to connect my computer to the MLS. We take that for granted now, but at the time, you had to go to the office and wait your turn at a terminal for MLS access. Being able to access the MLS from home at 6 AM in my robe was a huge competitive advantage.
I was set up at home to prospect and track expired listings and to prospect and track FSBO leads. Seemingly overnight my career was off and running and I have never looked back.
So to my original point, what would I do now if I was starting over? My first step would be to find a broker that I felt could give me the training and support that I would need. Michael and I knew each other before I got my license, and we also had the bond shared by Viet Nam veterans. We had an easy way of talking with each other. So, find the broker that you can connect with as your very first step.
Next I would determine just what my goals are in terms of income and then determine how many sales I needed to make to get that income. First, you have to determine how many prospects you would need to get 1 sale. The numbers of prospects are different for each of us. Over the years I have heard 100 prospects will equal 1 sale. Lately I have heard people saying it’s 200.
So, let’s just do worst case scenario. Say it takes you 300 prospects to make 1 sale. And lets say 1 sale equals $5,000.00 to you after your split. And let’s say that you wanted to make $100,000 in your first year. So, 300 prospects times 20 sales gives you a whopping 6,000 prospects that you need to contact in that first year.
If you divide 6,000 by 50 weeks, you come up with 120 prospects a week, which looks like 20 a day, 6 days a week. That’s a tall order in any one’s book! Every day, you have to contact 20 new people and add them to your database. Then follow up with them. Then create a transaction. Then close an escrow (Oversimplification I know, but I am trying to make a point)
So, once you know your numbers, you can get started. Buy a computer. Something that can send and receive email, surf the MLS and run some sort of contact manager software. Mac or PC, your choice (Our antiquated MLS systems require PCs to access their databases. I have been assured that this year that will change. We’ll see)
Get a Smart Phone. I don’t care which one. Get one on the network that works best in your area of operation. Pay no attention to hype or ads. Ask your friends what they use and if they like it. Make sure that it will sync with your computer so that you always have your calendar and contacts with you.
Now, here is the biggie...learn how to use both of those tools. Most of us can’t use more than 25% of the capabilities of our technology tools. You are starting out…take the time to get it right, learn how to use the tools.
Next, I would join Facebook, Twitter and LinkedIn and have complete profiles on each of these networks. This is how you are going to meet the 20 new people every day. Learn how to search for and connect with people that want to do real estate transactions. Use your computer database to keep track of the vital info on each of your new prospects. Listen to what they say and when appropriate, jump into the conversation with useful advice, fun things and educational information. Keep the self promotion to no more than 10% of what you do or say on these networks.
Hold open houses whenever possible. Even though you will meet more prospects in a shorter period of time by using social networks, there is nothing better than meeting people face to face. Especially people who are out shopping for houses!
Follow up with hand written notes, emails, pokes, tweets, phone calls (be sure to observe Do Not Call and do not mail laws).
There’s much more to this, but I am very confident that the steps that I have outlined above would give that new agent a great start. If she’ll stay focused and do this, and not give up, she’ll be rookie of the year!
What do you think?
About the Author: Jerry is a 23 year veteran of the real estate industry and has done it all from listing and selling, to managing single and multiple offices. He has been the IT Director for a major SF Bay Area company, and has also been the Training Director for another major SF Bay Area company. In addition to writing this blog, Jerry is the Principal of Jerry Kidd Training and Consulting, specializing in showing real estate professionals how to utilize today’s exciting social tools to create and nurture relationships with home buyers and sellers. Visit http://www.JerryKidd.com to learn more about the training and consulting services offered.
31January2010
Posted by Jerry Kidd under: Sales Tips; Social Media.
I was reading Chris Brogan’s post on “Slicing Your Social Media Pie” over at American Express’s Open Small Business Forum on Saturday, and it got me to thinking about our business.
Chris asserts that “There are three basic components to social media: listening, creating, and communicating. That’s it. Listening is how you find out what people are saying about you, your competitors, your community, and whatever else matters. Creating is where you make blog posts or shoot video, or build upon ideas that show you’re a thought leader in the space. Communicating is a mix of commenting, responding, reaching out, and taking part in community.”
He goes on to share that he slices his “pie” as 20% Listening. 40% Creating and 40% Communicating. In other words, if you spend 2 hours a day on your social media tasks, 24 minutes should be on listening, 48 minutes on Creating and 48 minutes on Communicating.
I think that is excellent advice and here is how I would advise Realtors® to go about accomplishing it.
Google Alerts – for Listening
One of the best FREE ways for you to hear what others are saying about you, your competitors, the market, a neighborhood or anything else that you can think of is to create a Google Alert. Head on over to http://www.google.com/alerts/ and fill in the simple form. You don’t need a Google account, but you do need to find the confirming email that Google sends and click on the link it contains before Google will start sending you alerts.
So what is a Goggle Alert? Here is what Google has to say: “Google Alerts are emails automatically sent to you when there are new Google results for your search terms. You can also choose to have your alerts delivered via feed to the feedreader of your choice (e.g., Google Reader or add the feed to your iGoogle page). We currently offer alerts with results from News, Web, Blogs, Video and Groups.” You can have up to 1,000 alerts. Each alert has a link to the content that Google found so you simply click on the link to read what it found. In other words, you have set Google up to automatically search Google for you.
This gives you the opportunity to keep your finger on the pulse of what people are saying, both good and bad. Once you know what is being said, you can respond accordingly.
Blogs – for Creating
One of the all time BEST tools available to a Realtor® today has got to be a blog. A blog allows you to create your own customizable “home base” on the Internet. You can store and display all of your past sales, your current listings, any documentation, forms and check lists that you’d like current, past and future clients to have, and it can all be done by anyone with only a basic knowledge of computers. You can link your blog to your current static website, but you could also get rid of that website (and the monthly bill it generates) and put the content that it contains that is yours on your blog. And there are many free choices for you: Blogger, RealTown Blogs, Realtor.com Blogs and my personal favorite and the one I heartily recommend, Wordpress.com.
I know that writing content can be difficult for some, but if you are listening you will be presented with many ideas for content. Even so, some people would rather have others write the content for them, so here are a couple of services that will do that for you. (Note: I am an affiliate for both of them. This means that should you buy their services I will earn a commission. It won’t be enough for me to make a living on, but it will help to defray the costs of running this blog).
The first can be found here: http://budurl.com/LeadBC. For v$29.95 a month (at the time of this writing) they will produce 20 articles that you can insert into you blog after you do some minor changes like adding your name and location. These are real estate specific and will give quite a bit of content for about a dollar a day.
The second source is here: http://budurl.com/brtb. For $57.00 per month they will create a daily blog post for you and actually place it on your Wordpress or Blogger blog. Again, this is real estate specific content.
facebook and Twitter – for Communicating
The final piece of Brogan’s pie is communicating back. A large part of what makes social media marketing work is the act of engaging with people. One of the finest tools available today is facebook. With over 350 Million users worldwide, it would be the third largest country in the world, behind China and India, if it were a country.
Join facebook and fill in your profile completely so that you are able to be found by people that you went to school with, that you worked with, that you served with and by people who live near you. Search facebook for the same groups of people and connect with them. Then engage in the conversation. Don’t talk about yourself from a self centered approach, instead talk with them about their lives and then some about yours. Be interesting, fun and educational. Provide value in your commentary so that people look forward to what you have to say.
Do the same with Twitter. Here you are limited to communicating in short burst of no more than 140 characters, so this will force you to get good at saying a lot in a little space…it can be done!
Once you are engaged with people on facebook and Twitter, it’s an easy and believable step for them to visit your blog when you invite them to do so and you may find that because they feel that they know you well from your facebook and Twitter interactions, that your referrals from them will increase.
And that my friends, is the Holy Grail.
About the Author: Jerry is a 23 year veteran of the real estate industry and has done it all from listing and selling, to managing single and multiple offices. He has been the IT Director for a major SF Bay Area company, and has also been the Training Director for another major SF Bay Area company. In addition to writing this blog, Jerry is the Principal of Jerry Kidd Training and Consulting, specializing in showing real estate professionals how to utilize today’s exciting social tools to create and nurture relationships with home buyers and sellers. Visit http://www.JerryKidd.com to learn more about the training and consulting services offered.
24January2010
Posted by Jerry Kidd under: Buying Technology Tools; Computer Security; Cool Freebies; Social Media; Uncategorized.
I had a minor disaster at my casa last week in which I lost all access to a VMWare Fusion Windows XP machine. Fortunately it was quickly resolved by using a backup. That started me thinking about what I have that is NOT backed up.
All of my computers use backup drives that are physically connected to my computer. They run continuous backups and are available to move my data to another machine if I need to do so. Or, they can be used to restore missing or corrupt data.
I also use MozyHome as another way to back up data. So in theory I am covered, right?
Not so quick. What about my social sites like Twitter and Facebook? It turns out that I have not been backing those up. What if my account at either site got trashed or even worse, cancelled? How could I recover my friends lists or pictures or the content that I have posted?
To put that in perspective, at Twitter I am following over 4500 people and over 4300 are following me. Trying to restore those lists without having a back up file would be impossible. The same holds true for my Facebook account where I have over 600 friends, many Notes, a few pictures and so on.
In my research to solve this problem I ran across a service that I am using and thought that you might like to know about it too.
This is a cloud based backup service that will use your login information to go to your Twitter, Google Docs, Wordpress, GMail, Facebook, Zoho, Delicious, Flickr, Basecamp or Photobucket accounts and perform daily or weekly backups of your data.
The service acts as backup program and does not actually store your data on their servers. Instead, the data is stored on the Amazon S3 Web Services Cloud, which in my opinion was a really smart move on their part. To understand why I say this, click here to read more about Amazon S3 web services.
You can also download your data to your local computer once it has been backed up. This now gives you 3 copies of your data. The original is on Twitter, Facebook, etc. But, you also have a copy on the S3 cloud and the one on your hard drive. The chance of all three failing at once are very, very small.
Finally, until January 31st, you can get an account for free. Hmmm, sounds like a good deal to me. Better click on the backupify logo in this post or just click http://www.backupify.com and sign up.
About the Author: Jerry is a 23 year veteran of the real estate industry and has done it all from listing and selling, to managing single and multiple offices. He has been the IT Director for a major SF Bay Area company, and has also been the Training Director for another major SF Bay Area company. In addition to writing this blog, Jerry is the Principal of Jerry Kidd Training and Consulting, specializing in showing real estate professionals how to utilize today’s exciting social tools to create and nurture relationships with home buyers and sellers. Visit http://www.JerryKidd.com to learn more about the training and consulting services offered.
