RES 235 Real Estate Sales and Marketing Introduction

1. RES 235 Real Estate Sales and Marketing Introduction Fall 2013 – Presented by: Nancy Adelson, GRI Content from Fundamentals of Marketing for the Real Estate Professional by: Doris Barrel and Mark Nash

2. As the Cheshire Cat once told Alice, “If you don’t know where you are going, any road will take you there" • If you know your goals/ where you want to go, use a road map to get there. • In marketing, that road map is a well-thought-out plan. • Set your goals, write your mission statement, research/complete SWOT Analysis and determine what actions you must take • This becomes your marketing plan and your road to success

3. The 4 Ps of Marketing • Product: What you’re selling; property, service, idea, person • Price: The property list price, your commission/fees • Placement: The where, when and how the service or property is presented • Promotion: The advertising, publicity, public relations, sales, etc. designed to inform/ persuade consumers about your product or service

4. Developing a Marketing Plan • It is part of a business plan which specifically covers your market, target market research and your marketing strategies • Four steps – • Doing the research • Developing the plan • Implementing the plan • Evaluating the results

5. Doing the Research • Find a need and fill it! • Look at your target market/potential customers • Demographics information • Psychographic information • Look at yourself/business – • What are my special skills? • What specific education do I have that makes me an expert on a particular area? • What is it about me that would make people want to work with me? • What are the benefits the client will receive by working with me? • Complete a SWOT Analysis for your self/business and your product/service

6. Developing the Plan • Determine the Purpose or Mission • Establish the Goals to be set in order to achieve the purpose • Outline the Actions to be taken to accomplish the goals • List the Details involved in order to carry out each of the actions

7. Developing your Budget? $$$$$ • Budget for 4 P’s down to • Start up costs • Transportation costs • Printing cost – business cards, brochures, direct mail • Web-site and Software • Promotions costs • Customer appreciation and follow up program

8. Your Purpose or Mission • The purpose for a marketing plan for self-promotion is to make your name known within your marketplace • Bring what you are selling to the attention of the public • Getting your name out there!

9. Establishing Goals • Specific • Measurable • Attainable • Realistic • Time-lined • Keeping Score

10. Developing the Plan • Actions – • Must be taken to achieve the goal or goals • Each goal should have at least three or four specific actions listed that are directly related to making that particular goal work

11. The Devil is in the Details • Action – Place ad in the local Homes Magazine • Details – • Take picture for ad • Write the ad and have reviewed • Submit ad to run on Thursday and Saturday • Prepare tracking sheet to collect responses

12. Implementing the Plan • WORK YOUR PLAN • A marketing plan must be flexible, adapt to changing or evolving circumstances • Track results as well as actions

13. Evaluating the Results • Evaluation is critical in determine the cost effectiveness of each element of the marketing plan • Consider using a tracking system • The effectiveness of each marketing activity should be measured by the amount of resulting business and also the benefit of establishing name recognition within the community

14. Marketing Tools and Techniques • People process information they receive – • Visual-Auditory-Kinesthetic • Which are you? • When you purchased your new [whatever] and tried to hook it up, did you: • Carefully read the instruction booklet? [Visual – read] • Call up your electronic whiz friend and ask him/her to talk you through it? [Auditory – call] • Just start plugging in connections and then wait to see what happens next? [kinesthetic – start plugging in]

15. V-A-K Communication

16. V-A-K Words and Phrases

17. Things a Good Ad Does - • Stops the reader from turning the page • Works like a good salesperson by telling potential customers what a product will do for them • Builds on a concept or idea. A reader must instantly recognize the concept being communicated • Sells a product’s benefits rather than its features. People buy based on what the product will do for them, not what ingredients it has • Promoted the name of the company while visually creating an image for the firm • Speaks to a specific group • Provides all the facts a reader needs without providing to many • Conveys it message simply. It is believable and honest • Is supported by good company management and good customer service • Remembers who the customer is and what would make that customer buy • Is news. Readers say advertising is as important to them as other content • Sells answers to consumers’ current needs. Advertising sells to people’s wants, not just needs

18. Your greatest asset – YOU! • Your person-to person sphere of influence – becomes your project 200 • More effective than any type of cold-calling or general mailing • Groupings • A Group – people who actively promote business for you • B Group – those who will bring up your name whenever they hear someone mention that they are thinking about buying, selling or leasing • C Group – those who will give your name if someone asks them directly for a recommendation

19. Making Contact • Make regular contact, preferably four times per year • Ask for their opinion on… • Give them valuable information • Build your Board of Directors • Networking Groups

20. Image does Matter • If you want to establish a clear image in the minds of your sphere of influence, you must first be able to see that image in your own mind • Know your natural market and then visualize your image • Stay in tune with your customer • Branding and the company you keep • Remember, High Level Professionalism is a must