Coaching is all the rage. In fact, this time of year is often regarded as musical chairs prime time for coaches when it comes to the game of football. Whether it’s sports or business, coaches are important.
I’ve attended sessions with several different real estate coaches. While the coaching concept is great, it’s how agents are being trained to focus their efforts that should be important to consumers. Coaches help evaluate businesses and keep agents on track. Controlling marketing expenses is one area where REALTORS® routinely struggle.
Pass the Print?
Coaches regularly advocate that we spend very little on print advertising. I doubt sellers will be very excited with an agent who isn’t willing to run ANY print ads, but the concept actually makes a great deal of sense. Watch this. The logic starts with the 93% (probably higher in Hawai`i) who currently begin their property search on-line. It’s not just the fact that buyers are searching online, but that referrals start there as well.
I constantly receive referrals from mainland REALTORS® who find my blog online. They also find me on social media and Yelp! I constantly reach out electronically to other agents and my sphere of influence as well. Pretty impressive, but even more effective are referrals from previous clients, friends, or those generated because of professional reputation.
Coaches suggest that fostering past relationships, when coupled with an enhanced online presence, makes more sense than randomly placed and costly print ads. Personal buyer referrals are highly qualified, which increases efficiency.
Referrals = Touchdowns
But how does a referral help sell a listing? Good question. Part of the answer lies in the fact that referrals, a great listing portfolio, and a strong web presence help us “capture” incoming buyers. Equally important is having a realistic seller and marketing directly to other agents. Coaches tell us that listings should sell in 30 days, a bit optimistic considering our remote location, but none-the-less valid because a seller unwilling to list at a competitive price may well sit on the market even in today’s busy market.
Pricing Offense, Not Defense
Truth is, sometimes REALTORS® allow sellers to be the better salesperson. At times, unmotivated sellers talk us into a listing price we don’t really believe in. Well-priced properties should be snapped up quickly! I doubt print advertising will suffer because of this new thinking, but it certainly helps illustrate why referral business is big business.
And, by the way, if you aren’t feeling loved by your past agent…Red Rover, Red Rover, just come on over!
P.S. If you missed our last Wine’d Down, our visit with my personal financial “coach,” Boaz Young with Edward Jones, was a lesson I wish I had heeded much earlier in my life. Just email him. He’s certainly on my trusted Financial Coaching list! Want to sit in our next online meetup? Just email me for the Zoom invite!