Many roads and strategies exist to get from point A to point B. Of course one can turn to their natural market such as friends and family, or “farm” a particular neighborhood or region. But many realtors also spend thousands of dollars a month on email marketing, social media marketing, SEO, mailers, etc., so much so that it becomes difficult or even impossible to track the effectiveness of so much marketing.
Sadly, many of these strategies are lucky to yield even a 1% response rate. And when you employ all of these tactics together, your marketing spend can go through the roof!
This is why relationship marketing is SO IMPORTANT! Your professional network is your most robust lead generation machine. Clients, prospects, insurance agents, mortgage brokers, accountants, and attorneys are all sources that need to be constantly interacted with in order to maximize their potential for referrals. According to Buffini & Company “82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts.” Which is why it is absolutely critical to work your contacts all year, every year. Ask yourself, when my business contacts think real estate…is my name the first one that comes to mind? If not, then you have some Relationship Marketing to do!
So what is Relationship Marketing? This term can have many different connotations. But the most relevant meaning for the real estate industry is frequent, personal contact with your whole network throughout the year. This can come in the form of simple phone calls, office visits, the sending of gifts, or meals. The common thread underlying the success of a Relationship Marketing strategy is consistency and personalization. It is imperative that your network thinks about YOU all year long when the topic of real estate emerges.
But it can be a difficult and time consuming task to stay on top of so many contacts while still trying to close deals! Hiring a personal assistant can be an option to take some of the work burden from this activity off of your shoulders, but it is costly. There are however, other solutions in the market such as a Contact Relationship Marketing Service which can make this activity a breeze.
Whichever solution you choose, there is no denying the absolute importance of marketing to your business network. They are the key to living large on a steady stream of referrals and leads. Relationship Marketing is a highly effective, measurable, and repeatable strategy which ensures not only a strong business flow in the short term, but a solid foundation for success well into the future!