Have you ever found yourself in the feast or famine cycle? Where you get so busy handling your existing buyers and sellers that you back off the marketing (feast). Then your buyers and sellers buy and sell leaving you with no customers and no income (famine). So you turn on the marketing again until you get too busy and then start the cycle all over again. This cycle is caused because you are providing your services but not running your business.
I’m in the business of buying and selling houses – not marketing!
This is something I have heard many real estate agents say (and I am sure you have heard it too), which has always struck me as a little funny. First, because I wonder how an agent expects to sell a home without marketing and second, because the business of buying and selling houses is not the business that a real estate agent is in. Sounds like a funny thing to say to real estate agents doesn’t it? Buying and Selling homes is the product/service that your business provides. Your business is about Marketing.
When I say “marketing” I don’t mean just the sending of postcards or emails to promote listings (although those are essential tools and a great opportunity for cross promotion). I am talking about marketing your real estate business. This means a plan involving networking, email newsletters, website, blogging, social media, cross promotion on listing materials, direct lead generation tools such as text messaging, virtual tours, call capture and neighborhood farming with print materials. Marketing is the business you are in because marketing activities bring the buyer or seller to you instead of another agent.
Marketing isn’t just a one off action, it is a habitual activity that needs to be performed on a regular and recurring basis. Without a marketing plan filling your sales funnel with new leads, nurturing existing leads and converting ripe leads your business is going to rinse, lather and repeat the feast or famine cycle over and over. When properly done real estate marketing will generate leads that keep your sales funnel going and keep your business out of the feast or famine cycle.