Learning from the best, I'll throw out some ideas on why they're the best!

In a typical real estate market, 10% of the agents do 90% of the business.  Your market is probably the sames.  Why is this the norm?

 

First and foremost, members of the “Top 10” succeed because they understand the needs of today’s consumer and gear their marketing efforts towards meeting those needs.  For example, NAR studies show that 80% of consumers go first to the Internet to look for homes or for an agent.  Consequently, members of the Top 10 have strategies for meeting these consumers on the Web.  They don’t rely on outmoded marketing methods.

Just one quick example: newspaper advertising.  Today’s consumer, at least the majority of the prime buying population, go to the Web for their information rather than to the traditional source, newspapers.  The Top 10 puts their marketing emphasis, then, on reaching buyers through the Internet.

 

The second reason why 10% of the agents do 90% of the business is that they see themselves as business people.  They know their top priority is to run a business: to spend time planning the business and to implement and use tools, systems and strategies that allow them to run their business effectively and efficiently.  In short, they have gone beyond holding open houses, postcard campaigns, advertising in real estate magazines and floor time as the keys to their business growth.

 

Members of my Allen F. Hainge CyberStars® (www.CyberStars.net), for example, earned from $20,000 to over $700,000 each from their individual Web sites alone last year.  This group of 200 top-producing agents is not composed of "techies": they simply took the time to research what makes a money-making Web site.  No magic, just a desire to use what works so that their business prospers.

 

As I study this group, I have found several major reasons why most agents are members of the “Lower 90” rather than of the Top 10%.  You might want to use the list as a checklist to help you identify an area or two you want to work on.

 

10% of the agents have an effective, consumer-oriented Web site.  Today’s consumer is looking for an abundance of information from an agent site: listings complete with multiple photos and/or virtual tours, schools, neighborhoods, area information, relocation advice, tips for buying or selling, sites of local interest, business opportunities, area events, dining, accommodations and more.  Today’s consumer wants such information; members of the Top 10% provide it, unlike most agents who believe that a presence on Realtor.com or an inexpensive Web site focusing only on the agent and his or her listings will lead to success. 

 

10% of the agents use email effectively.  They use a 4-5 line "signature" as a marketing tool at the end of each email, for example, one that promotes their business and has a link to their Web site and blog.  They realize the importance of response time to inquiries, that it should be measured in hours, not days.

 

10% of the agents use technology to make money, save time and save money.  Some of the tools they use include, but are not limited to:

• A real estate database to run their business like a business
• Virtual tours
• Good flyers from Imprev.net or Pat Zaby’s Marketing Library
• Area data from eNeighborhoods.com or Realty Toolkit
• A tablet computer for use when in the field
• A Smart Phone such as the Treo or Blackberry that contains their entire database, connects to the Web and more
• AgencyLogic online listing sites
• A real estate blog site and/or pod cast

Agents who do not use such tools have to work too hard for the business they get.  They are still showing too many houses, for example, because they don’t utilize virtual tours and a comprehensive Web site.  One of my CyberStars® for example, reduced her time showing houses by 75% when she began using virtual tours!

 

10% of the agents utilize the power of a digital camera.  Top 10% agents create virtual tours using their cameras to send to relocation buyers, thus cutting down on the time spent showing them the area when they come in town.  They also post photos of specific houses on their Web site for the out-of-town buying partner to preview.  10% post photos of kids’ sporting events for the parents to view in order to get people to their sites.  These and other uses for a digital camera bring in business while saving time and money!

 

There are many more ways that members of the Top 10% use technology to build their business.  These few, hopefully, will give you some ideas to improve your market share….and your life!

It’s a beautiful evening here on the lake in Reston…hope it’s a beautiful day/evening wherever you are, too!

You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.