This guest post was written by Larry Easto who is a
best-selling business writer, and publisher of Real Estate Marketing Link

What is The Dry Well Syndrome?

Slow markets, like the current one, often produce something that I call “The Dry Well Syndrome”.  Anyone who has run their own business for a period of time has suffered from this syndrome at one time or another.   

This condition is characterized by a pressing urgency to chase after the latest new business opportunity – regardless of what or where it is. The unstated rationale for this behavior seems to be ‘If I don’t land this business, I will never have a chance at new business again’. Hence the dry well syndrome: once this business is gone, the well of new business will be dry.

Real estate agents demonstrate this condition by chasing new business opportunities regardless of what and where they are.  If for example, an agent normally serves an area composed mostly of single family homes, The Dry Well Syndrome will drive the agent to chase a potential luxury condo listing at the other end of town.

The mindset seems to be: ‘market knowledge and personal expertise be damned – a deal is a deal and besides who knows when there will be a new deal in my market?’

It is usually easier and more effective to prevent The Dry Well Syndrome than to treat it. However, the same approach works in both prevention and treatment. The key to that approach is increased focus.

Increase Your Focus to Avoid the Syndrome

An increased focus on the market or markets you serve and also on what you do well will help prevent The Dry Well Syndrome.  Instead of trying to enter new markets, learn more about your own market. By the same token, instead of trying to connect with people in a new market, connect with more people in the market you already know.

Enhance what you already know and do well – don’t waste precious time and energy chasing off in new directions.  Remember that to survive the economic downtown, and continue to thrive when it’s over, you will need a sound marketing plan.

If within the past six months you have not reviewed or revised your marketing plan—do it now.  And if you need help in revising your plan, check out the personal marketing plan for real estate which will guide you through this process.

By updating your personal marketing plan, you will be identifying the strategies by which you will enhance your connection with your existing market.  By implementing these strategies, you will also be protecting yourself from The Dry Well Syndrome.

This guest post was written by Larry Easto who is a
best-selling business writer, and publisher of Real Estate Marketing Link

 In the spring of this year, a friend started a search for a new home.

Because she didn’t know any active real estate agents, a retired agent was asked for a recommendation. In turn, this agent asked a former colleague to recommend a suitable agent for my friend. As it turned out, this former colleague also happened to be the current president of the local real estate board.

Within a day or so, the recommended agent called and the first meeting was arranged. At this meeting, my friend advised the agent that she had been pre-approved for a mortgage.  She also mentioned that although she was starting her search in March, she was not looking to move until later in the year.

My friend and the agent agreed they could work together and the search was started.

The agent was one of three members of a sales team. Property showings were conducted by one, two and sometimes all three members of the team.

After having seen about a dozen properties over the next month, by mutual agreement, the active search was wound down.

The agent assured my friend that she and her team knew what she was looking for. The agent also told my friend that that the team would continue to email listings they thought suitable. The agent also said that either she or another team member would keep in touch regularly with my friend by either phone or email.

The emailed listings stopped a few weeks after the last meeting. Now, about 6 months after the last meeting, there has been no further contact from any member of the team.

Since the last contact with her agent, my friend has received a substantial inheritance and no longer needs mortgage financing.  And now that the property values are declining, she is interested in reactivating her search for a new home.

But she faces a dilemma.

Should she contact her agent and by so doing reward the agent and her team for failing to keep in touch as promised?

Or should she start all over again with a new agent?

If so, how can she find an agent who will do as promised - keep in touch and continue to help?

Even though the first agent was personally recommended by the president of the local real estate board, she and her team members seem to have lost interest in helping my friend and moved on to other things.

If my friend can’t rely on the recommendation of the local real estate board president, whose recommendation can she rely on?   

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Note from Kathleen:  Do you have any suggestions for Larry’s friend?  Do you think this is an isolated incident?  How organized is your follow up system?????

This guest post was written by Larry Easto who is a
best-selling business writer, and publisher of Real Estate Marketing Link

Once upon a time, there was a real estate agent named Norm.

Norm was not like other real estate agents. He was more interested in hearing purchasers’ stories than what kinds of homes they were looking for. Once he’d heard their stories, he would then ask what they were looking for. 

Similarly, when talking to home-owners, he would simply swap the same stories they had exchanged many times. Eventually Norm would ask if the owners had thought about moving. He already knew their stories…and as a result, understood what housing would be most appropriate for their stage in life.

Norm never showed properties: he introduced the owners and purchasers to each other. He invited the owners to tell stories about living in the house and invited the purchasers to tell their stories about their lives.

By encouraging his clients to tell their stories, Norm was applying the age-old technique of story-telling to real estate marketing. Strategically, this helped build relationships with his client and identify their needs and wants.

When owners and purchasers swapped their stories, it was not just social chit-chat. It allowed the parties to establish a rapport that helped minimize, if not totally avoid problem-causing misunderstandings.

When owners like prospective purchasers, they will be less anxious about selling the home that they love. They believe that once sold their home will be in good hands.

Similarly, when purchasers like the home, its stories and owners, they can see themselves living there, adding their own stories to those they heard about the home.  

In the current real estate market, it’s virtually impossible to follow Norm’s techniques in bringing owners and purchasers together.

But even in today’s technology-driven world, people still love stories. This means that story-telling can be just as effective now as it was when our ancestors told stories around the campfire.

Listening to people’s stories is a perfect way to establish rapport and also identify clients’ needs and wants. We all like people who listen to our stories. By listening to prospects stories, you help them like you. And the more prospects like you, the more likely they will choose you as their agent.

While physical things like HVAC systems and appearance are features that distinguish property from another, they can be changed. 

Intangibles such an interesting history–or a collection of stories–helps make a house a home and distinguish it from other similar properties.

The moral of Norm’s story…the ancient technique of story-telling can be a very effective real estate marketing tool that will help you learn about clients and serve them better.