Chris' Blog

Are you ready for business?  When you're ready to build your business, you'll need the right tools in your toolbox to build a strong foundation, and to make the job go smoothly.  There are literally hundreds (if not thousands!) of marketing tools available to the Small Office/Home Office (SOHO) REALTOR® entrepreneur, but fortunately, there are some that are nearly universal in their usefulness.  While not every one of these tools might be the most efficient for you right now, they make a great default list until you develop a list of tactical tools tailored to your unique talents and personality.

1. A ‘Sound Bite'. This is a seven- to nine-word phrase that distills the essence of your value to a specific client base. When used with your name, company name, and your title, you've got a great introduction. Used by itself, it succinctly and clearly answers the question: What do you do?

2. A business card. Your business card shows that you are serious about your business. At the very least, it includes your name, title, company name, email address, phone number, and mailing address. If you don't include one or some of these, you are showing the world that you are either unprofessional or not to be trusted. If you're worried about stalkers, get a Post Office box and a generic email address, but don't make your phone number the only contact point. It makes you looks like a drug dealer or a prostitute.

3. A web site. No matter what you're selling, be it your time, expertise, or your apple pie recipe, a web site demonstrates your understanding of your core market, and enhances your credibility, as well as providing a 24/7 selling tool.

4. A picture. To be more specific, YOUR UP TO DATE picture. People like to put a face to the name or voice on the phone. Your picture (with your smiling face) helps develop the relationship with your client with absolutely no effort on your part. You can put this picture on your business card, web site, brochure, or just have it in your press kit to accompany any speaking engagements you book.

To be clear, this ‘picture' thing has been an issue with me for years.  I've heard the argument that ‘my attorney and CPA don't put their picture on their business cards, why should I'?  Sorry, WE are in the people business.  Today, with My Space®, Face Book® and all the other internet sites, people connect with people using pictures now more than ever.  Unless you are marketing to CPA's or Lawyers only, use the picture.

5. Talk about your fees upfront and/or menu of services. You don't want to make your clients guess what type of services you offer, or how much they cost, unless you're one of those people who believe that if your client has to ask the price, she can't afford you. Even if every sale is completely customized, at least having a baseline established will give your clients (and you) a place to start talking about prices. Remember, a sign that they're ready to buy is asking the price. If that's the first question you're asked, the good news is that you've got a live prospect. But if you can't provide a good answer, you've just lost the sale.

6. Contact (note) cards. Use contact cards to follow up a first meeting, thank for a sale, congratulate on a milestone, or just stay in touch. Remember, people do business with people they know, like and trust, and what better way to build a relationship than with charming hand-written notes?

7. An annotated signature line. Your email messages are one of your best marketing opportunities. Be sure that you always include your contact information, and while you're at it, add something else of value, such as info about your specials, upcoming programs, or a link to your web site. This is especially important when your message gets forwarded to someone who is excited about what you do, and may want to get in touch with you. Make it easy for your prospects to find you.

8. Letter templates. Are there people you need to communicate with on a regular basis? Perhaps welcoming new clients, or communicating with vendors? Save yourself some time by creating letter templates for your most frequently occurring communication situations. You'll save time, and never have to rack your brain wondering if you included all the necessary information.

9. Scripts. Is there anything worse than making a call, and not being prepared when you get voice mail? Know what you want to accomplish before you pick up the phone, and decide how you want to say it. Being prepared for either a live interaction or leaving a message will reduce your nervousness, and make you sound relaxed and professional.

10. Client testimonials. One of the most persuasive tools you can have is a written testimonial from a satisfied client. It makes your prospect feel more comfortable about buying from you, because someone else has done so and is apparently happy about it. Not that people are sheep, but a personal recommendation from a client is far most compelling than your own good opinion of your product or service.

If you're a member of a networking organization, chances are that there is a wonderful opportunity for you to significantly raise your visibility in the group, and to become known, liked and trusted.

And chances are that you haven't yet taken advantage of this opportunity.

That opportunity is the "Hi, My Name Is..." speech - the five or 10 minutes that each of us are granted upon enrollment in most organizations we join to address the group, introduce ourselves and explain our business in detail.

Although most groups offer these opportunities to their members, too many of us don't take advantage of them, or if we do, we don't always exploit the "Hi, My Name Is..." to its full potential, and that opportunity is wasted, for both us as speakers as well as our listening audience.

But it doesn't have to be wasted time--as a matter of fact, a "Hi, My Name Is..." speech can be a terrific business builder for you if you play your cards right.

First, you need to understand that a "Hi, My Name Is..." speech is NOT a chance to tell your life story or even how you got into your business, however fascinating that may be.

Your time in the "Hi, My Name Is..." Moment is your best chance to explain how you help your clients, and to provide a demonstration of your expertise to your audience. It's your chance to achieve (in under 10 minutes) what matters most in business: To become known, liked, and trusted (because we all know that people buy from people they know, like and trust).

But how can you do all that in 10 minutes or less? Here are two words to keep in mind regarding your "Hi, My Name Is..." speech: Value and preparation.

Value is the single most important aspect of your speech, and you can easily offer information of real value in just a few minutes. Share tips, advice, explain a procedure, anything! And don't just TALK about your services and what you offer, SHOW your expertise. (You get bonus points for involving your audience!) 

Once you've established the value of the services you're offering, preparation is key to a successful speech. Here are several things you can do to make the most of your time (before, during and after) in the "Hi, My Name Is..." while you have your audience's undivided attention:

• Provide an interesting paragraph or two for the press release, newsletter, or other marketing that the organization does for the meeting.
• Bring your own introduction. If you have one prepared, you can be sure that it sets the right tone for your presentation, and it keeps your introducer from having to make something up about you at the last minute. A good introduction will help establish your credibility before you speak, and actually extend your time in front of the audience, since your introduction is all about YOU.
• Look the part. When I did my "Hi, My Name Is..." speech recently, I wanted to make a visual impact and say more about myself than my business suit alone could say, so I wore a big button that simply said "Attract More Clients! Ask Me How."  (See how that "Sound Bite" keeps coming into the picture?)  Between the content I presented and my handy visual aids, my audience understood immediately what I am about, and what I have to offer.
• Take advantage of the speaker table or other special opportunities offered to "Hi, My Name Is..." speakers. If there's room (and there usually is for "Hi, My Name Is..." speakers), arrange your table as you would for a trade show, decorating it with information of your real estate services, giveaways, your business cards, and so on.
• Have a sign-up sheet on your table. Remember that this "Hi, My Name Is..." speech is a prospecting activity, so give people a place to sign up for more resources or your newsletter. Here's another tip: Add a "call me" section so that hot prospects can indicate their interest.
• Include a photo on your one-sheet. A one-sheet is a marketing page that tells who you are, lists a few credentials and/or your services, and quotes happy customers, and so on. But more than that, it is a relationship piece that helps your prospects get to know you. It doesn't have to be fancy; you can print it out in color on a piece of letterhead, back it with cardboard, and set it up with a small tabletop easel for display.
• Save time in your speech for questions. Organize your speech to share information first, but remember to leave one or two minutes at the end for some quick questions from your audience.
• Invite your audience to sample your services, and/or visit your display table. After the questions, thank your audience, and then mention any special offers or incentives that you have for signing up on your mailing list or setting up a consultation.
• After your "Hi, My Name Is..." speech, you've still got work to do. You'll need to follow up with the people who signed up on your list or requested consultations. Give them a call to set up meetings, and send them whatever materials you promised.
• Don't forget to thank the person who introduced you, as well as the person who booked your speech.

Because the purpose of networking groups is to establish and develop business networks, one would think that "Hi, My Name Is..." speeches would be highly sought-after opportunities, but it has been my experience that people are often afraid to take center stage.

This fear must be caused by the fear of the "Hi, My Name Is..." itself; it can be intimidating to stand up in front of a group and talk about yourself. It may help reduce that fear to keep in mind that you're not up there talking about yourself; you're sharing information of interest and value with your peers.

There's an old sales adage that says "People buy from people they know, like and trust," and public relations (PR) is one of the most cost-effective ways to build the awareness, goodwill and credibility that help influence buying decisions.  Not that we would suggest that REALTORS® use PR to the exclusion of all other marketing tactics, but a healthy dose of PR, combined with a little advertising, direct mail, or other tactics, can provide a big sales boost for many small businesses.

But how can you determine if the campaign is worth the investment?  You might think that gauging a campaign's impact on immediate sales makes the most sense, but bear in mind that only a direct sales campaign can be measured that way. 

Most marketing programs for small businesses, especially retail, professional services (REALTORS®, CPA'S, etc.) serve to generate a pool of potential clients.  The onus for converting prospects into customers rests with the client, not the campaign.

Here are a few ways to measure the results of your campaign without relying on raw sales data. As with many marketing tactics, tracking the results of your PR campaign can be difficult if you don't know what you're looking for, so consider using some of these techniques:

• Track the number of inquiries or leads your business receives via phone, drop in or web visits.  You'll need to start by establishing a baseline for each inquiry stream before your campaign starts so that you'll know whether or not your campaign is actually drawing in more leads.
• Ask your prospects how they heard about the real estate services you offer.  Know that many people may not remember exactly where they heard about your business, unless it was the result of research such a through the Yellow Pages.  This is good, because it means that your PR campaign is working!  PR is supposed to have a "ripple effect" so that one person who sees a story tells another,  adding to the pool of people who are informed about your business through the PR, plus adding the weight of personal sanction to the referral.
• Create a campaign-specific offer through your web site with a unique URL, such as a coupon or special program that is only mentioned in your PR.  By isolating an offer this way, you can see how effective your pitch was by counting exactly how many people respond to your offer (of course, that's assuming the offer is enticing enough to draw interest).
• Compare historic sales patterns for each year by month to see when or if your business has seasonal sales cycles. Keep in mind that it is always easier to boost a high cycle season's sales because there are often external factors that drive customers. For example, as a REALTOR® if you work in a ski resort area, perhaps you've noticed a jump in sales during the holidays. That time of year (and right before) would be the perfect time to add PR to your marketing mix so that when potential clients are ready to purchase, your Resort Expertise has top-of-mind awareness.

While your story in the newspaper or on TV may motivate someone to get off the couch and take action, an actual buying decision may be based on price, location or convenience.  That's why developing clear goals and measurement metrics for your PR campaign are so important, so that you can get the maximum return on a minimum investment.

Ever wonder why some shoe-string start-up real estate businesses succeed wildly, while some well-funded ventures tank big time? Contrary to what you might believe, spectacular success does not require a huge advertising budget, celebrity endorsements, or an MBA. Here are the ten simple steps that will lead your business to spectacular marketing success:

1. Create a clear picture of your goals and what you're going to do to achieve them. You can't figure out how to get someplace without knowing where you're going, so you need to document your plans by quantifying your goals (how much revenue you want to generate), outlining your strategies and tactics (what you plan to do to attract, acquire and retain your clients), and finally, scheduling your activities (when you're going to do all these great things).

2. Understand why you are in business. You have your own business not because you want to work for yourself, but because you have something of value (a service or information) that someone is willing to pay you to get. Period. You may have a personal agenda (or three), such as making a huge profit or tithing 20% or pursuing your artistic passion, but those reasons are not why people pay you, so they are not reasons why you are in business.

3. Identify your best or ideal client. There is no service or piece of information on Earth that "everybody" wants, including yours. Heck, we can't even agree on the same soda pop, for goodness sake, so why would you think that everybody in the world would want what you're selling? Chances are there are people out there who really want and need what you've got to offer, and once you figure out who those people are and where you can find them, you're in the money.

4. Identify your solution. Another tricky step, because most people try to sell the process, not the outcome.  If you think you know what your clients really want, ask yourself this: Why does my client want that? The answer to this question is probably the solution you offer.

5. Articulate your solution. Distilling your value to a particular client base in seven to nine words is a great way to articulate your solution (I call this a "Sound Bite").  Let me use an example from a friend of mine who is an image consultant.  She would say that she dresses women who want to look their best. Nice, but so what? What do her clients really want? Here's a hint: Her new "Sound Bite" is that "she helps women look 10 pounds thinner and 10 years younger."

6. Spread the word. People have to know that you exist and that you can solve a particular problem for them in order to take advantage of your real estate services. Tell everyone you know (and plenty of people you don't know) about your business. Too modest to talk about your own great self? Let your clients do it for you, by quoting them on your web site or in your marketing materials, or having a notebook of letters from satisfied customers.

7.  Ask for business. Kids working the counters at fast food restaurants have no problem asking if we want fries with our orders, but many REALTORS® are hesitant to ask for business. Remember two things: People like to be invited (so invite them to work with you), and you're offering a viable solution to someone who would benefit from your service, not trying to pick his pocket. So ask.

8. Provide great service. Think "service" isn't part of your business? It's part of every business, but the type and quality vary wildly. Maybe your restaurant doesn't allow substitutions, but your servers are helpful and friendly, your restrooms are spotless, and your products are delivered to the table piping hot (or ice cold, as the case may be). That's good service.

9.  Appreciate your clients. Nobody likes being taken for granted, especially your clients.  There are many ways to demonstrate your appreciation, including personal notes, multi-purchase programs (buy 10, get one free), longevity discounts (after a certain number of purchases, the client can purchase at a lower rate), and even verbal expressions ("Thank you!"). Make sure your clients know that YOU know they have a choice of vendors, and that you're happy they chose you.

10. Take personal responsibility for your success. Whether or not your real estate business succeeds or fails depends on you, not market conditions, competition, or other outside forces. Obviously, you want to confirm that there is a market for your product or service before sinking your last dime into the business, but know that once that market is identified, the only thing standing between you and success is you. Thinking otherwise gives you an excuse to fail, and that's not the way to spectacular success.

Spectacular success is less a matter of chance than choice. If you choose to follow these steps, success will follow.

I believe that one of the magic bullets of marketing is to ask for the sale. Many people are afraid to ask, thinking that would be too pushy, or believe that the prospect should tell you that they are ready to buy.

What we need to understand is that people do, indeed, tell us when they are ready to buy, but we simply don't read the signals correctly or respond appropriately. The truth is that people give us buying signals all the time, and our only challenge is to recognize and respond to them. Here are some signals to recognize:

1.      Repeating a question that has been answered fully already, or asking the same question twice in rapid succession. Example: "What was that you said about your fees? How much did you say the interest rate is today?" "I know we already covered your fees, but can we talk about that again?"

2.      Asking a question that indicates they picture themselves working with you, such as your process. Example: "How long do I have before they will need my down payment?" "Would they take a personal check?

3.      Asking for a sample of your services. Example: "Could I cancel the agreement if I decide I don't like working with you?"

4.      Making positive noises. Example: "You're really good." "Oh yeah? That's great. Who wouldn't want that?"

5.      Asking "chicken" questions, or questions that force you to deal with a limit that you've set, such as minimum commitment or price. Example: "What happens if I don't like it after the first month, or the second?" "Suppose I work with you but I don't see any results?"

6.      Any comment or question about price. Remember, if they tell you it's too much, they want to buy, but aren't convinced of the value.

7.      Asking for references. This is a no-brainer. They want confirmation of their decision, and by speaking to another client, they can get reassurance that they're on the right track with you.

8.      Asking for your professional guidance or opinion. Example: "Do you think this is the best program for me?"  "What would you do in my position?"

9.      Mentioning a negative experience with a previous vendor. Example: "The last time I worked with an agent I felt misunderstood, like it was all about the agent's agenda, not mine." Here is a great opportunity to focus on your promise, which is not about process but about results.

10.  Asking a question about starting or timing. Example: "When does the loan program start?" "What time should we meet?" "How soon would I get that?"

Keep in mind that if someone asks, "What's the next step," or "When can we start," these aren't buying signals as much as buying sledgehammers!

Any marketer will tell you that publicity is more effective than advertising for creating visibility for your business. And dollar for dollar, publicity is usually the least expensive way to get your name in the paper.

But just because publicity is a good thing doesn't mean that it is easy. When you're sitting at your desk staring at the "press release" item on your to-do list, you may be wondering what the heck you can write about your business that is newsworthy this month, and that might possibly interest the editors on your press list.

The good news is that the job of editors is to fill space, and so any appropriate press release that you can give them will be welcomed. The not-so-good news is that to be appropriate, your press release must be relevant to the publication's readership, well-written, and in before deadline.

As to what is appropriate for the publications in your sphere, you can either check the press release submission guidelines (found on most publications' web sites) or develop personal relationships with the editors (not a bad idea, but it can be time-consuming).

If you haven't got the time to do your due diligence, or if you're the maverick type who prefers a "throw it against the wall to see what sticks" approach, here is a list of appropriate topics for press releases that most business section editors would welcome:

1. Opening a new business. Yes, even your real estate practice can be newsworthy (with the right spin).

2. New business direction or competency. After 20 years of doing one thing, have you developed something new and different to offer your clients?

3. Signing a major new client or contract. Nothing succeeds like success, so don't be shy about tooting your own horn. Just be sure that your agreement with your new client doesn't preclude publicizing the relationship.

4. New hire, internal staff promotions, or other personnel shuffles.

5. Introducing a new service. Yes, you'd think this one would be a gimme but many REALTORS® simply fail to let the public know what's new.

6. Formation of a new alliance, co-venture, or licensing agreement. Partnering with another business creates credibility.

7. New office space acquired, or old office space remodeled. This may not be big news, but it helps position your business as being upwardly mobile.

8. Launching a web site. This really only works when your web site is more than just a brochure for your business; you need to provide some value for your site visitors to get space on the page.

9. Announcing a contest, sweepstakes, sales promotion, or competition. Who doesn't want to save money or win something?

10. Events calendar of classes, seminars, workshops or programs.

11. Giving a speech for a civic, philanthropic or other outside organization. Not only is this an event announcement, but also it's a great way to position yourself as an expert.

12. Winning or being nominated for an award or other special recognition. Yes, it really is an honor just to be nominated, and it's flattering when someone outside your business thinks you're great, so why not tell the world?

13. Awarding recognition to others. One of our coaches has a REALTOR® who selects a vendor (title, mortgage, home warranty, etc.) each year for her Vendor of the Year award, and it always resulted in positive publicity for both parties.

14. Commemorating a significant milestone or anniversary. Hey, even McDonald's made a big deal out of selling one million burgers back in the '60s, and look where they are now.

15. Media mentions such as interviews, spotlights or quotes in major newspapers or magazines, or planned appearances on television. We'd all want to know if you were booked on Oprah, so immediately after the taping, please do write that press release.

16. Reaction to or statement regarding a topical event or issue. I have been called many times by our local newspaper and national magazines to release a statement outlining my position on various real estate topics that happen to be hot.  I have been quoted in many front-page articles and in national publications along with executives from two major real estate companies.  It does impress clients.

17. Survey results or findings, or an industry report. It doesn't have to be fancy, but if you can provide a report on the pulse of your industry, you can carve out a significant place in your market.  Newspapers LOVE this stuff.

18. Philanthropic activities such as programs, support, or donations. Holding a bake sale for charity? Donating part of your commission to a ‘cause'? People love to hear how businesses - including REALTORS® support their community.

19. Special events such as a celebrity visit, involvement in a campaign or endorsement. You don't have to hire Angelia and Brad to get a lot of attention. Americans love celebrities, so if you work with one, let everyone know.

20. Significant policy changes, such as a decision to use nothing but recycled materials in marketing pieces or working with a team or new company for example.

Remember that the key concept in news is "new," so if your news is old, there is probably less chance of it appearing in the paper. And of course, if your press release is poorly written, there is little to no chance that it will make it into print.

But if your press release is well written, in well before deadline, and contains information of interest to the readers of that publication, the chance that you'll see your story in print are far greater than you might imagine.

We tolerate a lot. Often, we're taught not to complain, to accept that life is difficult, not to rock the boat, to go along with others, to be grateful for what we have, to be understanding. Not bad advice, but we can still stop tolerating what is bugging us!

When people have stopped tolerating:

•·         They are happier, more fun to be around.

•·         They have extra energy to express their values versus their egos.

•·         They have the edge: they step over nothing.

What happens when they tolerate?

•·         They and their work become mediocre; they are tired.

•·         Natural creativity is squashed.

Boundaries are imaginary lines we establish around ourselves to protect our souls, hearts, and minds from the unhealthy or damaging behavior of others. It is recommended that you extend your boundaries at least two or three times beyond where they are currently.

When a person has healthy boundaries:

•·         Fear diminishes significantly; trust is rarely an issue.

•·         Willing, healthy family members and true friends respect the person.

•·         The person starts growing more emotionally and developmentally.

What happens when a person's boundaries are weak:

•·         The person attracts needy, disrespectful people into his or her life.

•·         The person wastes energy keeping life going.

To be our best, we must be whole: that is, be responsible for our actions and inactions, respond fully to the lessons being offered to us, honor our bodies and our selves, and respect the realities of the world we live in.

When a person is "in integrity":

•·         He or she experiences fewer problems.

•·         Consistent feelings of peace, health, and emotional balance are present.

•·         He or she reacts to others very little.

What happens when one is "out of integrity":

•·         Disturbances occur regularly.

•·         Others are blamed, criticized; one reacts a lot to others.

Some Marketing Terms defined (Bottom-lined.):

Goal: Measurable end result (can be however you choose to measure your results, either in terms of sales volume, commission dollars (my favorite), number of new potential buyers and sellers in your pipeline, clients, etc.).

Strategy: The approach to achieving the goal, or the broad strokes outlining your plan of action to achieve a specific goal.  You may need to use more than one strategy to reach your goal. Here are some ideas if you're using visibility strategies: 'HD' Tactics for Raising Your Sales.

Tactic: An action taken to support the strategy you have defined to achieve your goal.  You may need to use several tactics to support your strategy. Here are some that work well for small businesses: Marketing Tactics For Small Businesses

Tool: An implement used in the tactic.  You may need to use several tools to implement your tactical plan. Here are some suggestions: Top 10 Marketing Tools for Small Businesses

‘Sound Bite': A short, concise statement that specifies both your ideal client as well as the solution you provide; often used as a response to the question: "What do you do?"

30-Second Follow-up: The follow-up statement you have prepared to respond to the "Oh, yeah? Tell me more!" exclamation that your fabulous 'Sound Bite' incites.

Ideal client: The particular segment of the population that, either by demographic, psychographic or situation, is most likely to both purchase and benefit from a relationship with you and your service.

Marketing Calendar: The list of attraction-related tasks or activities that you have committed to executing on a continuing basis, complete with development times and due dates noted. See the sample at the bottom of the page.

Script: Remarks prepared to help you find the most effective, comfortable and appropriate words when engaging in conversations that are new to you. For example, you might have a script to leave phone messages, as part of a sample session guide, or as a reminder for how to ask for the sale.

Group 100: A list of 100 professionals with whom you have a reciprocal referral agreement, and with whom you have met to ensure that you mutually understand the best or most ideal clients for referring to each other.