Are you a powerful real estate professional?  Yes, you are!

Why?  Because, while you may not realize it or think about it, you know lots more than anyone about your market.  Read this advice from Dorie Dillard from Austin.

You may run into buyers and sellers who think they know it all.  But, think about where they’re getting all this great knowledge!

There are very few sources that produce timely, accurate real estate market information.  Altos Research does, and your MLS does, too.  The odds of a consumer having access to that type of information is extremely low.

So, consumers are getting their “knowledge” from places like Zillow and Trulia.  And, we all know how accurate a lot of that information is!

Don’t be shy.  Promote yourself.  You know a lot more than an average consumer, and with resources like Altos Research and your MLS, you can package hard facts and analysis to make your clients feel like they’re working with the most knowledgeable agent in town!

I’m not talking about scheduling time with the family or taking a mental health day.  What I’m asking is what have you done for yourself in terms of making your business earn more revenue, and/or run on fewer of your own hours, or something like that.

If you’re here reading this blog post, that must mean that you are looking for real estate marketing tips.  What do you want those tips to do for you?

Well, you probably want them to make your life easier or to help you make more money.  You may have another objective like increasing your knowledge, making you a better advocate for your clients and all kinds of stuff like that.  But, I’d wager on the biggest motivation being one of the objectives stated above!

And, in fact, most real estate marketing tips would make a difference in your life.  But, do they?

Are You Improving Your Business?

I sometimes wonder what people who read this blog do with the information.  I’m sure this isn’t the only blog they read, or the only place they get real estate marketing tips.  I wonder what they do with all the information that is crammed into their brains. 

What do YOU do with it?  Is there one piece of great information you’ve come across lately that you’ve acted on?

My guess is your answer would be NO.  And, why not?  Based on discussions I have with real estate professionals, it seems that most good ideas are too much trouble.  Something that could give you more time with your family and/or increase your earnings is too much trouble??  That’s the feedback I get: “Sure, it sounds like a good idea, but I just don’t have time to try it.”

A lot of the good ideas floating around out here relate to things you do anyway, so how much trouble could it be to try doing the same task in a different way?  Hmmm……

Let’s just take this blog as an example.

• You do hold open houses, don’t you?  Would you if the results were there?  Have you tested out holding an open house as described in several posts here?
• You do blog, right?  Have you tried writing a local post as described in an earlier post here?
• You talk to lots of people every day, don’t you?  Have you tried the 10-A-Day theory?
• You know you should keep better contact records and stay in touch with contacts more consistently, don’t you?  Have you started a trial for a good real estate contact manager to transform your business?
• And, well, the list would go on, and that’s just from this blog lately.

Here’s the Challenge!

Don’t make yourself feel informed by taking in a lot of information from the resources available to you, then do nothing.

Try this.  Really.

1. When you read about real estate marketing ideas, make a list of the ones that sound reasonable.  Don’t make a big task out of this.  Open a Word document while you’re making your online rounds.  Then, just copy the URL for the page containing the intriguing idea and paste it into the Word document.
2. At the end of the month, review and prioritize that list in the Word document.
3. PICK OUT ONE THING THAT YOU WILL TRY THE FOLLOWING MONTH!
4. During the following month, actually try the idea out.
5. Review the results you got from the trial.
1. If you think you need more insight, keep that idea in motion.
2. If you think it’s really a dud, forget it.
3. If you think there is potential, aggressively integrate the idea into your routine.

So, what do you think?  Will you give it a try???  Let me know how it goes.

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Not if you ask Mimi Foster in Colorado Springs.  Mimi has an innovative way to hold open houses that attract LOTS of people.

Her formula encompasses several  things.  It has to do with branding or “positioning” the open house in the minds of the community.

It involves leveraging not only Mimi’s time, but that of other REALTORS® in her area.

And, she incorporates a contest with a prize going to the consumer-winner.

You’ll have to read her post to figure it all out, but it’s an excellent twist on an old standard marketing tool.

While you’re on her Active Rain post, be sure to note the “signature” below the row of stars at the end of the post.  Good advertising, and good SEO!

If you’re not a member of Active Rain, you may not be able to access the post(s) mentioned above.  So sign up for Active Rain now.  If you’re not a member of Active  Rain, you should be anyway.

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As of yesterday, Redfin has taken down the innovation they released last Thursday, the Scouting Report.  If you’re not familiar with the Scouting Report, according to Redfin, the intention was to:

“…allow consumers to see the deal history and performance metrics of any real estate agent.”

Any agent, all agents.  Not just their agents. So, that must mean that Redfin has been anointed the keeper of the rules about which performance metrics are important.

And, why did they take it down?  I believe it was the uproar caused by agents, brokers and MLS organizations.

The Problem with Scouting Report

Evidently, one of the big problems with the data Redfin was publishing was the fact that it was inaccurate.  According to what I’ve read, the statistics didn’t account for changing brokerages, for working as part of a team, or for the various ways  people track the same information.

For example, that oversight resulted in an agent being credited with 50 fewer transactions than that person had actually completed.

Redfin is known for its ability to cause a stir.  But, I think this time they really got it wrong and don’t seem to know it.  Glenn Kelman, Redfin CEO, wrote a blog post announcing the demise of Scouting Report.  He said in part,

“But I still think the folks most violently opposed to Scouting Report didn’t hate it because it was wrong but because it was right. I know that consumers loved it and now they can’t get it anywhere else. And I still believe that brokers should be the ones to tell regular folks how agents have performed in different neighborhoods, because we’re the only ones with reliable data.”

Wow.  So, his view is that the report was right, even though he knows it was wrong.  And, consumers loved having the report, and it doesn’t matter if it is an accurate report or not?  Hmmm.

And, that part about brokers should be the ones to provide data to consumers. . .?  I guess if all the Redfin brokers want to publish data about their agents, that’s fine.  But, how they thought they were going to get accurate data from every brokerage out there. . .  Well, that’s just silly.

Do you think that the Redfin agent data is correct?  I imagine it is.  But, if lots of other people’s data is incorrect, then do you think that just makes the Redfin agents look even better?  But, of course, I’m sure that wasn’t discussed when Redfin came up with the concept.  

Was the data really wrong?  Don’t listen to others on this topic.  Decide based on the CEO’s own words.  He identified 11 problems that significantly skewed the information in his post of October 3.

In that same post, he also reported,

“And the good news is that in three major areas we have heard from our data providers that Scouting Report is within the rules, which bodes well for the many other areas that have similar data licensing contracts.”

Gee, don’t you think you’d have figured out if the product was within the rules before you rolled it out?

I Think the Disaster is Averted

Why?  Because on their blog, Redfin stated: “Redfin just took down Scouting Report 1.0 for good.”

But, if you go to the Scouting Report page on their website, Glenn states: “We apologize to consumers and agents alike for discontinuing the service, and hope to restore it in the coming months. “

They hope to restore it?  I sure hope they go back to the drawing board and come up with something reasonable before then!

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If you’re ready for a good laugh, take a look at this great post by Mike Cooper from Winchester, Virginia.

You may end up feeling like this commenter:  Mike, Was there anything after the first paragraph?  I laughed so hard I feel out of my chair, hit my head and think I have a concusssion!   Bill

I absolutely agree with Mike.  People entering the business have a distorted view of what it’s all about.

I’ve talked to too many first year agents who seem to think that because they have a desk in a broker’s office, they’re set to go.  No one ever talked to them about marketing budgets or anything else it takes to make it as a REALTOR®.

So, the next time someone wants your advice about getting into the cushy life of a real estate professional, refer them to Mike’s post.

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