It’s no secret that successful Realtors often rely on marketing directly to FSBOs and expired listing owners. A lot of realtors who attempt to create business through these means fall short by two barriers:
- Finding the contact information of these potential clients
- Qualifying them as warm leads early in initial contact
Many agents elect to scour their local MLS to find contact info and cold call recently expired listings. The problem here is this is the go-to tactic for Realtors to attempt to convert an expired listing to a client, which means there will be heavy competition. It’s better for Realtors to either use alternative platforms or a service that vets these leads first and/or contacts them for you. These are better ways to go about this marketing tactic that will illicit greater conversion rates with less competition.
We will discuss how contact information can be found early for these home owners so you can get a head start on your competing Realtor counterparts, and how you can quickly filter, and convert these warm leads into clients.
1. Finding the contact information of FSBOs and Expired Listings
There are several ways Realtors can find and contact FSBOs and expired listing owners without going through a paid service. It’s more work, but for the penny-pinching real estate agent, this might be the desired route.
When you contact them, instead of delivering your typical elevator pitch for potential clients, try offering some basic services or advice for free to help them market. For example, offering to hold an open house for them will not only help you stand out amongst other agents that contacted them when they eventually decide to list with an agent, (which the large majority do), you might pick up some buyer clients that walk through as well.
Providing free advice or help is a good way to be non-intrusive and increase your chances of working with them in the future.
Keeping this approach in mind, let’s get into how you can find and contact these leads at no cost.
The Facebook Market is a good place to easily filter listed homes by FSBOs. Simply click the marketplace on the left-hand side, then click Groups. Type, “FSBO” in the search query after setting your search to your location and your feed will populate with a wide array of FSBO listings near you.
Same concept as Facebook Marketplace. Just set your search to your location, then select the ‘housing’ filter, then the ‘real estate – by owner’ filter. Remember to lead with advice or free help, not a pitch.
Other free FSBO contact information can be easily found on:
Local Newspaper Sites
Most paid services automatically find expired listings and FSBOs and upload them into your CRM. These tools are great time savers since they search your local MLS for you, and often provide the option to automatically leave a voicemail or text, prompting interested parties to call you back and saving you the trouble of contacting each FSBO and expired lead yourself one by one. They usually also provide their own scripts or other marketing materials for when those leads do call back. Here are some pros and cons for each FSBO/expired listings number providers and dialing services.
- Easy to search expired listing using their software. You can customize the search to find exactly the area you want to farm and input these leads into your search.
- You can label/add folders for any leads based on zip codes/search criteria.
- They have a built in CRM for which you can manage any follow-up task.
- A lot of phone numbers provided are invalid and or non-existent. You’ll have to use other services to cross check numbers like been verified or similar.
- They usually charge a setup fee and you have to install a software platform.
- No setup fee.
- More control over which expired listings you contact, as opposed to other services which just provide the list for you.
- Multi-line dialer tool.
- Their cloud-based platform isn’t very search friendly. You can’t search based on zip codes so it only pulls all the leads and then you have to manually look for them.
- Their CRM is non-existent, so there’s no automation involved with lead nurturing.
- A quick Google search will show their customer service department needs work.
- Offer probated leads in addition to FSBOs and expired listings.
- Verified email address option for contacting leads.
- Vets leads before handing them off to filter out expired numbers or “do not call list” numbers.
- More costly than other number providers.
- Expensive set up fee
- No free trials
- Video marketing tool built in.
- Full CRM platform.
- Cheap ten-day trial option.
- Built in power dialer.
- Expensive, (but not as expensive as Vulcan 7).
- No real vetting process in place.
- Triple line dialer tool.
- Multiple integration possibilities, even with other number providers and dialer services.
- Relatively cheap.
- Built in CRM.
- UX design is lacking in presentation and functionality compared to the other providers.
- Doesn’t filter out “do not call numbers,” which can lead to very unpleasant conversations and stain your reputation if the people contacted feel compelled to write an online review.
- Pay per minute option – good for Realtors that don’t heavily rely on dial generated leads.
- CRM integration with TopProducer.
- Doesn’t automatically track numbers or leads with CRM – lots more manual work on your part.
- Doesn’t vet numbers to ensure they’re not expired or on “do not call list.”
Different tools will work differently by market, but generally speaking, you get what you pay for. Vulcan 7 is probably the best service, but considering Espresso Agent’s cheap ten-day trial, you might want to try that first and see if it works for you before contracting Vulcan 7. If you’re stingy, and willing to learn a less than simple CRM and UX, Mojo is probably the best option for you.
2. Qualify warm leads early in initial contact
A lot of FSBOs and expired listing owners will remain unwilling to work with a Realtor. It’s important to identify these leads quickly and move on to optimize your time and business productivity. Be sure to establish the following criteria as soon as possible before deciding to pursue a FSBO or expired listing owner further. See that your leads are:
1) Willing to pay a full buyer’s coop off the bat.
-Nothing is worse than spending your time on a deal that eventually falls through due to a misunderstanding of how Realtors are paid. See that the lead is open to your commission rate.
2) Say they will consider hiring a Realtor if they can’t sell it in X amount of time.
-A willingness to hire a Realtor eventually means they probably will. Make sure you’re first in line.
3) Have a house in a price point that makes the follow up worth the time to actually spend the time following up.
-In other words, if it’s a cheap listing, it’s not worth your time.
4) Are realistic with sales price.
-Convincing a FSBO to contract you is hard. Convincing a FSBO to contract you AND significantly lower their asking price is a lot harder.
5) Have actual motivation to sell.
-Ask questions to determine their sale is a necessity like, “Are you moving out of state?” Or, “Did you recently become employed somewhere that makes your current living situation impossible?” Prodding for life events that implicate a home sale are a good way of going about qualifying in this case.
6) Selling in a buyer’s market.
-In seller’s markets, it is a lot easier for FSBOs to succeed on their own. You’ll have much more success if you restrict this technique to buyer’s markets.
Have you ever wondered how the most successful brokers manage to recruit and retain their top agents? Finding high-quality talent is indeed an art. However, armed with the right skills you too can identify and hire better agents.
But before you start drafting that job proposal, it is imperative to establish a clear value proposition to present to candidates. This proposition should discuss the advantages of working at the brokerage, offer competitive industry tools, describe the company culture, as well as detail efforts the brokerage will take to support an agent’s career.
This is the bait that top brokerages use to recruit qualified agents. They then deploy the following three best practices to convince principal agents why they should work with them:
1. Present attractive incentives offered by few other brokers
How important is your benefit or incentives package when looking to hire better agents? To put it frankly, extremely vital.
According to Wellable, 79% of agents looking for a new job said that a competitive benefits plan was definitely an influencing factor when comparing job offers. In a survey published by Randstad, over 50% of employees admit to leaving their former job for a new one because of better benefits. In a CBI report, 42% of businesses corroborate these findings by stating that “their ability to recruit has been improved by [incentives such as] their pension scheme.’’
And once you’ve secured this crème de la crème talent you’ll need to keep revamping and improving your benefits package to retain your best agents otherwise as soon as they hear of a better offer somewhere else, they may not think twice about leaving your brokerage. According to 64% of Millenials, good benefits are ‘extremely important’ to employer loyalty.
In order to attract interest from a wider pool of agents, list out the various benefits and incentives that you’re currently providing your agents. Research what your competitors are offering to see where you can adjust your current scheme. Benefits to think about include: digital marketing assistance, personal website development, better-earning potential, and pension plans to mention a few.
2. Tailor the job offer to reflect today’s employee attitudes
Unlike generations before them, the average person in the United States today will change jobs at least 5-7 times. Why are people changing jobs so often? What are they looking for? How can you retain them so you reduce the need to repeatedly hire and onboard new agents?
If we were to summarize the five major criteria that agents use when weighing different job offers, we’d find that agents are looking at:
- The salary offered and the compensation plan
- Career growth opportunities and resources
- The work-life balance afforded by working at the brokerage
- How far they have to commute to work or if remote work is a possibility
- Lastly, the brokerage’s company culture and set of values
By taking each of these five points into consideration when drafting up your offer or creating a recruitment strategy, you stand a chance to hire better agents who fit right in with your expectations.
An article in the Harvard Business Review entitled, “Why Employees Stay” brings up two fundamental concepts that make people stay. Namely, job satisfaction and company culture. So long as the agent is content with the resources at their disposal for career advancement, their salary, and benefits, and they fit in with the brokerage’s culture they are more likely to stay. Therefore, it is to a brokerage’s advantage to heed the needs of job seekers.
3. Cast the recruiting net far and wide
If the hiring strategy you’ve been employing all these years isn’t meriting fruit and drawing the kind of talent you want, it might be time to revise your recruitment policy by casting the net far and wide. What do we mean?
You’ll want to give real estate agents at every level a chance. Regardless of whether they are rookies or experienced, adjust your pitch so you can receive a wider response from potential candidates. You may discover rookie agents who are a better fit than the so-called ‘experienced’ talent.
Include elements that will pique the interest of top-tier agents while giving room for newbie agents as well. You may even want to draft up two distinct offers and see the caliber of responses that you get. In order to hire better agents, you need to be flexible and accommodating.
Providing real estate agents with all the tools necessary for them to effectively conduct business is at the forefront of every broker’s docket. Ideally, they can do this while simultaneously reducing legal exposure, lowering expenses, and reducing the risk of agent turnover.
Achieving this perfect balance between functionality and security is difficult when brokers hire transaction coordinators as salaried employees for the following reasons:
Salaried Employees Get Benefits
Having transaction coordinators on payroll can be costly to a brokerages bottom line both in terms of cost/sale and benefits provided to employees.
A large number of TCs are unlicensed or have expired licenses.
A growing number of states like California are requiring transaction coordinators to be certified.
The ambiguity and volatility of these laws between states makes them difficult to interpret, and puts the broker at a greater legal risk by continuing the practice of hiring transaction coordinators who aren’t certified.
Agents are Loyal to their Coordinator
Agents often align their loyalty with their in-house transaction coordinator.
If the coordinator is poached by another brokerage, the agent may very well leave with them and vice versa.
If a transaction coordinator retires, this can create an unstable relationship between the agent and the brokerage if the new coordinator assigned to them doesn’t meet their standards, resulting in the agent leaving the brokerage.
Transaction Coordinators Don’t Use the Same Transaction Software
There’s often a difference in opinion among coordinators as to what the best transaction coordination software is.
This can result in the broker subscribing to multiple transaction coordination platforms, which is an unnecessary cost.
Alternatively, the broker could force the coordinators to all use the same platform, which will result in disgruntled employees and raise the likelihood for error by the coordinators who are forced to learn a new software, increasing legal exposure.
Each transaction coordinator has a preferred method of carrying out their tasks.
Some prefer to use DropBox, others use Docusign. Some store their PDFs in a folder on their Desktop, others in Google Docs, etc.
The non-conformity between how each transaction coordinator carries out their coordination responsibilities and how they store their files results in a greater hassle when file or correspondence retrieval becomes necessary, and in extreme cases, loss of files.
REBO CAN HELP
Fortunately, there is a simple solution for all of these issues.
Brokers that sign up with REBO instead of employing transaction coordinators:
- Save money
- Reduce legal exposure
- Reduce risk of agents leaving
Ready to find out more?
To learn how about how REBO can help you today and take advantage of our special offer click below!Special Offer!
An often-overlooked marketing opportunity for Realtors is the power of hosting local community events.
Hosting community fundraisers or events is a great way to rub elbows with your neighbors and get your name known.
This demonstrates a philanthropic inclination on your part and will make your clients feel a sense of attachment to your charitable contributions by signing with you.
You can inform surrounding community members of the event by going door to door, which is a time-tested lead generating technique. However, since you’re going door to door to promote a charitable event, it will come off as less intrusive.
Hosting an event is one of the best ways Realtors can establish themselves as the local go-to real estate market guru in their community.
However, event hosting tends to fall off the map of viable marketing techniques for Realtors for one reason: it’s hard.
The amount of energy and resources spent successfully organizing, marketing, and executing a community event can appear to be a daunting obstacle.
Despite the work involved, the windfall of new business resulting from this more than offsets the woes experienced during.
This topic has enough moving pieces and creates so much opportunity for expressing your personal brand as unique, it could be an eBook in and of itself. Making the details specific to your brand and community is largely left to your discretion, but here we will outline the basic stages of pulling such an event off.
DETERMINING EVENT LOGISTICS
When deciding what activities, speakers, performers, and hooks you will use for creating an event with a favorable turnout, keep in mind the ultimate goal of the event: generating, nurturing, and converting leads.
Nurturing and converting patrons of your event will rely heavily on how you display your brand at the time of the event. Generating these leads will be done largely through marketing leading up to the event. That being said, a crucial component to generating leads at the event depends on your ability to incite guests to provide their contact information.
Before we go any further, understand that setting up the event will require a decent amount of leg work on your part, so learn from the mistakes of Fyre festival founders, and give yourself enough time to arrange all necessary amenities. Schedule your event at least ten weeks out from when you begin marketing.
Type of Event
Consider what type of event you want to host for your community. Your idea should include activities that require guests to provide contact information before-hand to secure entry like contests, raffles, talent shows, trivia competitions, or auctions.
Choose a charity to sponsor and advertise that proceeds will be donated. By adding a philanthropic aspect people in your community will feel more inclined to attend and participate.
Both the type of event you choose and the charity you support will depend largely on your audience. Consider the demographics and interests of your surrounding community to help you decide what these themes should be.
Fundraising for a local cause or organization is a good way to kill both these birds with one stone. For example, you could do a fundraiser for the local football team and hold football related competitions like NFL trivia or combine events. What you choose should not only reflect community interests, but your personal interests as well to ensure passion and knowledgeable delivery.
The decisions you make here will likewise guide your decision for time and location of your event. Since you’ll be marketing to a large number of people in your surrounding community, make sure to secure a location that is flexible with regard to maximum capacity. The last thing you want is to have more attendees than your location can handle.
It will be difficult to pull off a venture like this on your own, so secure help early in the process. The help you employ should be both active in the community and ideally, local idols that embody your selected charity and activities.
If it’s a fundraiser for a local school, ask teachers or prominent PTA members. If it’s a sports team, ask coaches or team administrators. If you are promoting and raising money for a local organization, the chances are good that anyone involved with the organization will be eager to help.
These will be essential contacts for helping with set up, spreading the word, and offering insights to best execute your event.
The co-hosts and sponsors you select for the previous step will additionally make good speakers at your event, particularly if they’re already well known within the community as the local arbiter of your event theme.
If you want to utilize performances, try to employ performers that likewise are representative of your theme in the minds of the local community. To paraphrase Mark Zuckerberg as to why FaceBook became popular, “people don’t go online to look at people. They go online to look at people they know.” Performers that are personally known by attendees will be a cheap and effective way to engage your audience.
Reach out to those you know personally in the community who are capable of participating in whatever activities you have planned. Tell them to share their participation on social media to attract other potential contestants.
MARKET YOUR EVENT
Now that the event location, time, and logistics are in place, you’ll want to market the event for a few weeks leading up to it to achieve maximum reach and attendance.
Brand Your Event
Before distributing any marketing materials, it’s a good idea to brand your event with custom logo and slogan.
Your logo and slogan should tie together the symbiotic relationship between the organization the event is helping, activities involved in the event, and your personal real estate business.
Independently contracted graphic designers are cheap on Fiverr, and with guidance, can help generate a totally custom logo for your event.
This logo can be printed on T shirts, flyers, and any merchandise you may be giving away at the event, increasing awareness for the next time you host it.
Your slogan should be something catchy and easy to remember. Have it in some way convey the contribution of your personal real estate business to the event as well. Additionally, you should also connect the slogan geographically or by a local indicator if you can for SEO improvement. For example, if you’re raising funds for the local school soccer team by hosting a musical talent show, try something like, “Support Leighton Soccer by Judging Rockers! – an event powered by Jane Doe Realty.” This is a good opportunity to express your creativity and make the event unique to your personality.
By branding your event successfully the first time around, if/when you decide to host the event again another year, you’ll have the advantage of having an already established recognizable brand within your community.
Traditional Marketing Tactics
Marketing your event is a good excuse for going door to door and introducing yourself as the local Realtor. Make flyers or brochures to hand out to neighbors when you do this.
If you really want to go all in on this, invest in display ads at local grocery stores or park benches. Traditional real estate marketing will work better if you’re advertising an event than the typical Realtor photo and phone number technique.
Local media spots also provide good reach at relatively low costs within your community. Get a local DJ to advertise your event on air or buy newspaper ads in your neighborhood paper.
Keep in mind the audience likely to see your ads based on where and what platform they’re being deployed. Adjust your advertisements accordingly to speak more directly to your audience.
If you’ve been employing any of the lead generation techniques we’ve discussed in prior posts, you probably have the contact information of a set of warm leads in your local community. Use your event as an opportunity to engage another touch point and connect with them. If you advertise the speakers, performers, or other people they know in the header of your email you’ll increase the chances they view it and attend.
Hiring social influencers to promote your business or event can be costly and won’t necessarily reach the ideal target audience. However, if you can hire people within your target community with large local followings on social media, you can better target your audience for a cheaper price. They may not necessarily have done any social media influence work in the past, and will probably be excited by the opportunity. These people can be the heads of local clubs or organizations, including people involved in local civic groups, schools, churches, business owners and nonprofit (nongovernmental) organizations.
If one of your co-hosts or sponsors fits the bill for a local social influencer, be sure to ask them to promote the event on their social media channels as well.
Blog + Podcast
Earlier we discussed setting up and gaining a following for your personal website’s blog and podcast. Event marketing provides relevant content to your audience and promotes your event. It is a perfect content piece to blast out from all your marketing channels.
Keep in mind the keys to improving your SEO score when constructing your articles promoting your event. Use local words, include the names of all co-hosts and sponsors, performers, speakers, organizations, and clubs involved and tie their names to your local community as often as you can to see to it that any Google queries remotely related to your event returns your article at the top of the list.
Sharing the content created for your blog and podcast on your social media channels is just the first way to promote your event over social media.
It’s also imperative that you create an “Event” on FaceBook and invite your contacts to join. Be sure to include organizations and people being helped, organizations and people helping to administer the event, activities to be held, prizes to be won, handouts, performers, and any other relevant information to the event. Allowing people to see everyone else who has been invited and who has responded to the invite will not only help establish credibility for your event in the local community, but instill a sense of ‘FOMO’ for those on the fence about going.
Be sure to use this medium as a way of accepting applications to perform or speak as well, (after they’ve provided their contact information of course!)
After posting articles and other advertising content on social media, boost your ads and set your target audience to make sure your ads are seen by local residents repeatedly.
Include a “tag” to be used in every social media post so other people can easily post about the event and refer back to it. You may want to use multiple tags so you can direct some tags at the event activities, performers, etc., and at least one that’s directed at your real estate business.
Partner with Local Businesses
Allowing local businesses to participate in the event will not only help provide more merchandising and event activities, but open the door for cross promotion.
In exchange for allowing participation, see if local businesses will help promote your real estate business in their facilities. This will bulk up your event for free while simultaneously promoting your personal brand.
Incentives and Free Giveaways
Everyone loves free stuff! Be sure to include some sort of giveaway for a raffle, or prizes for competitions, and advertise exactly what merchandise attendees will be getting in your social media posts, flyers, articles, etc.
The merchandise and prizes to be given away can include your personally branded logo and slogan. This will serve as a reminder to patrons of the event that you are the local real estate guru for as long as they keep their prize or gift.
Your event should be free entry, and this fact should be advertised as well. Remember, you’re in the business of generating leads for your personal real estate venture. You’re an event planner only as a means to accomplishing this, not generating revenue.
Leverage Other Events and Public Forums
Anytime there is a gathering of local residents, this is an opportunity to promote your event.
Ask your local church if they’ll allow an announcement. This can also be done at PTA meetings, sporting events, etc.
ENGAGE GUESTS AT YOUR EVENT
There are two focal points for when your event is taking place to be used for the purpose of generating and nurturing leads: Getting guest contact information and capturing new content.
Capturing content at the event will allow you to market yourself further long after the event has ended. This is content that can be reused in your social media marketing, blog, podcast, etc. It will also provide marketing materials for when you decide to host an event again. There are several ways to create this content:
Encourage Attendees to Share Their Own Content
One way to maximize your reach at your event is to create circumstances in which attendees will capture their own content and share it on their social media channels. Offer post-event prizes to whomever captures and shares the best photo of an activity or event with the predetermined hashtag attached.
In a previous article about how Realtors should advertise on digital platforms, we talked about utilizing Snapchat Geofilters for community events. Implementing Geofilters through Snapchat’s advertising platform and informing guests of this feature, they’ll send out snaps to their friends using your branded advertisement.
Hire a Professional Photographer
You’ll want to additionally employ a professional to capture fun moments from your event. These will be better quality and better for sharing than any content generated by attendees.
If you really want quality video to share, get a drone to capture aerial images and footage of your event. This will help convey the appearance of professionalism and legitimacy of any event you decide to host in the future.
Collect Contact Information
You’ve already collected contact information from your marketing efforts for the event, but the event itself presents an opportunity to gather even more.
Don’t charge fees, but rather require contact information be provided for entry into any event performances, giveaways, donations, or general queries. These can be added to your CRM later, one of the ultimate goals of hosting the event to begin with.
Use the contact information you’ve gathered to probe for suggestions, reviews, and feedback for your event. In addition to growing your customer database, you can use replies to refine any future events to provide an even more beneficial experience for you and attendees at your next year’s event.
These contacts can also be used as a foundation for employing hosts and sponsors for your next event. Ask if anyone has or knows of any other reputable organizations within the community that could benefit from an event like the one you just hosted.
The extra data you’ve acquired from attendees can also be used for more relevant retargeting of event guests that visited your personal website either before, during, or after the event. More specific ad retargeting is a great way to funnel warm leads into conversions.
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