One of the best ways to save costs and improve your ROI is to shift is from traditional marketing to advocate marketing. So you will need to put as much effort into referrals as you do into marketing efforts. Remember if you had 50 advocates that give 2 referrals a year is 100 great leads a year. Here’s some things to keep in mind -

1. It’s easy to create 50 advocates.
2. Make it easy for people to advocate for you.
3. Appreciate and thank them for their advocacy.
4. Tell them how to be an advocate.
5. Continue to innovate your services so it’s easy to be an advocate for you.
6. Make you service clearly better then anyone in the market.
7. Live your service/values/philosophy don’t just sell’em.
8. Get really good at using 3rd party edification to your advantage.

Seminars are great to put on for your SOI, farm and target markets and can be tailored to suit your audience. For example, there are several agents I work with who have had very successfully seminars for investors, first-time buyers, financial aid for kids going to college, health and wellness, etc.

Just having an event will get you a jump in your SOI yield and establish you as an expert in your field, and the events multiply their effectiveness (and cost less) when you involve your strategic partners and invite their client base to join the event.

I came across this video today digging through my archives that really is an amazing 30 minutes on personal branding, social networking and internet marketing from Gary Vaynerchuck from the Inman conference.

Hope you enjoy!

One of the most common misconceptions I encounter regarding ‘Sound Bites’ that one has from 30 to 45 seconds to make one’s case.  And, frankly, :45 Seconds may be to long; you run the risk of boring your listener to tears. That’s not what you want, is it?

A true ‘Sound Bite’ can be delivered in, well, a small bite.

Sound impossible? It’s not.  We know that most people have very short attention spans, so you can be sure that 45 seconds of talking “at” your prospect is not what a ‘Sound Bite’ is all about.

When dealing with busy people, we just need / want a few seconds to deliver a pitch that would engender enough interest to merit a meeting. That means that we have to say just enough to explain the key benefits of our real estate services to whet the listener’s appetite for more details.

Obviously, the your name, company name, title, or any other information connected with your real estate business that doesn’t scream “GOTTA HAVE IT” is irrelevant to the initial pitch or ‘Sound Bite’. Sound counter-intuitive? I mean, isn’t more information better?

More information really isn’t better in this case, because if one has only three to four seconds (and trust me, that really is all the time you have to grab someone’s attention) one needs to spend that time talking about something that interest’s one’s audience. And frankly, your audience doesn’t care who you are or what your name is until you have convinced them of your value.

Smart writers and producers in Hollywood figured out how to use some sort of shorthand or phrases that made the most of their three to four seconds. For example, how about this eight-word three-second pitch for a movie: “Die Hard on a bus with Keanu Reeves.”

What this tells the listener (the person with the power to get this project made) is that the movie being proposed is an action film with the potential for sequels featuring some sort of law officer in a life-or-death struggle with an evil villain, as well as a love interest with a conflict of some sort, and that it has a bankable star attached.

The benefits presented in the ‘Sound Bite’ above included comparative revenue expectations (“Die Hard” was a blockbuster, meaning that it made more than $100 million in initial release, and three profitable sequels were made) with the added insurance of a big-name star.

The benefits were immediately obvious, and the only decision to make was whether or not the studio exec wanted to make this blockbuster action movie. If the answer was yes, there was a basis for conversation.

Notice that some important information was left out, enticing the interested listener to ask questions, such as: Who do you see as the love interest? Who do you see as the villain?

And even more information was left out that could be disclosed in the ensuing conversation to set the hook, such as the villain twist: Instead of an international drug kingpin or illegal arms dealer, the villain in this picture is…a disgruntled cop!

Good information, yes, but totally unnecessary until the interest was established, as were the names of the rest of the players and the cost of the project.

Did that movie get made? Yes, it did. “Speed” starred Keanu Reeves, Sandra Bullock and Dennis Hopper. It’s truly forgettable follow up (remember, the “Die Hard” reference promised franchise potential) was “Speed 2,” so of course people aren’t pitching many movies using “Speed” as a reference to indicate sequel potential.

Kind of a no-brainer way to do business, wouldn’t you say?

Want to attract the interest and immediate attention of your ideal clients using this ‘Sound Bite’ technique created in Hollywood? Develop a ‘Sound Bite’ that presents the most intriguing and meaningful information first, so that continuing the conversation with qualified (interested) prospects is a no-brainer.

Once you’ve hooked your audience’s interest, you can start filling in the details, including your name, your title, your company name, and any other information is pertinent to the discussion.

So, you have a Profile set-up on Facebook and you’ve become Friends with many of your old classmates, family, closest friends and a few colleagues.  You may have even learned how to leverage your current or recent client’s Friend Lists to tap into their Sphere-of-Influence (SOI) to expand your own.   Now you might be wondering what do you need to say to turn all of these people into clients without boring or offending them?  The long and short answer is to BE YOURSELF, and this is going to naturally vary for each person.

First and foremost you need to keep in mind that Social Media is best served for SOCIAL relationship building.  It IS NOT a business advertising platform, but if you play the game by the ‘rules’, Social Media can be much more effective than the most expensive advertisement.  Since 74% of your business will on average come from your SOI, we at the Professional Realty Council (PRC) specialize in helping our selected member agents build their SOI in cost effective ways that positions them as the GO TO person for real estate related services in their market area.  We feel that Social Media is the most effective means of communicating and networking in real time on a large scale.  Yes, nothing beats person-to-person contact, but your time limits will prevent you from reaching enough people to be highly effective from a MARKETING standpoint.  (To learn more about PRC, please visit www.PRCStandards.net )

With this in mind, let’s get back to what content you will provide.  Through our surveys of top agents participating in Social Media, we have found that the 80%-20% rule applies.  You will want about 80% of your contact to be personal and social, and about 20% to be business related, or roughly 4 out of 5 posts should have nothing to do with the fact that you are a REALTOR.  The 80% should be about you, your family, your hopes, your dreams, your hobbies, and within reason your political and religious views.  BE YOURSELF, and DO NOT be afraid to be POLARIZING.  If you try to be everything to everybody, you are going to come across as being dull and forgettable.  If you want to keep your life private, then Social Media probably isn’t for you.  You may also want to re-think sales as your career choice.  People want to be in your Social Network because you add character, intelligence, humor and value to the collective stream of social consciousness.  If you have strong political or religious views, so long as you do not personally attack someone with differing views, you will gain Friends and Followers who share those views.  Yes, you may lose some of those who do not share the same beliefs, but the net gain of passionate followers will always outweigh the losses.  BE YOURSELF, comment on what is happening in your community, or with your children, or grandchildren, or charities, or on what is in the news.  BE ORIGINAL.  While it’s okay to on occasion copy someone else’s post (with credit being given), don’t make it a habit.  Attach photos to your albums or Flickr account, and/or videos from YouTube.  Use your smart phone to upload status updates and content as you participate:  meetings, sporting events, visits to exciting places, gatherings with friends, etc.  The idea is to let people know who the REAL YOU is.  Trust me, you will attract the like-minded people that you’ll want to become better acquainted with.

The other most important thing to do is PARTICIPATE in what others on your Live Feed are saying and doing.  On Facebook it is very easy to add a comment after someone’s Status Update to engage them in conversation.  Be positive and supportive.  Be likable.  Ask lot’s of open-ended questions.  Your comments will not only be seen by the person who wrote the original comment, but by their ENTIRE Friend List.  You can also send private messages to get to know someone better or comment on more sensative postings.  Show that YOU CARE about them.  Respond to comments that Friends add to your posts.  You want to keep the conversations moving forward.  Even if only a few people are involved in the conversation, many others will be reading the back-and-forth.

For the other 20% you want to just mix in enough content about your business to gently remind people that you are a professional and the GO TO resource for real estate information in your area.  Talk about how you helped a recent client, post links to newsworthy articles about the real estate market in your area, share classes, seminars or other educational opportunities that you’ve had or offer.  Talk about why a new listing is special or why you enjoy working with the client.  Remember, the idea is not to sell a house today, but to build long-term relationships where people in your SOI trust you enough to call you WHEN they have a need for your services.  This is no different than how you’ve positioned yourself to your SOI in the past, just with Social Media you are now able to leverage relationships much faster, in greater depth, and for FREE.  My only caution is that you manage your time wisely so that you don’t spend too much time in this one area of marketing.

I’d love to hear what Social Media prospecting techniques have worked for you.  In my next installment I’ll talk about using Twitter and Facebook in conjunction with your personal blog to reach an even wider audience.

Dennis Rosvall is the Broker/Owner or PRC Access Realty in Scottsdale, Arizona and can be reached at www.Facebook.com/DennisRosvall or www.Twitter.com/UberRealtyGuy

If you are one of the 10′s of thousands of REALTORS to already create a Facebook profile, you may be enjoying networking with your old high school friends, family and industry colleagues.  Facebook can be addictingly fun, and can take up an enormous amount of time in your day if you let it, but is it working for you as a prospecting tool?  Are you making money from the time that you invest ‘playing’ on Facebook.

Since NAR studies show that 74% of an agent’s business will on average come from there sphere-of-influence (SOI), we at the Professional Realty Council (PRC) teach our agents ways to increase their personal (SOI) and mine it for more profitable business opportunities.  One of our methods is to maximize Social Media as a prospecting tool.  There are many things that you can do with Social Media, but here is one of the easiest ways to turn Facebook into a zero cost yet highly profitable money machine:

First, ask all of your clients in your initial interview what social media they participate in and how often.  This should become as automatic as getting their cell phone number and email address – it’s that important!  For this example, let’s assume that they are on Facebook.  You need to sell the next line, but sound excited and let them know that you are big on Facebook and ask if it would be okay to send them a Friend Request.  They’ll say sure and now you are on your way.

You might wonder what the big deal is since they are ALREADY your client, right?  Well, here’s the magic.  Think of Facebook as a Rolodex on steroids.  If you use any kind of address book, either on paper, Outlook, or Top Producer, etc., the address book is a static file that you use to look up information.  You also need to update it with changes as they occur (Plaxo members excluded.)  Also, it’s a linear relationship between you and your contact, and is only of value if you reach out and make a connection via phone, snail mail, email, or in person.  Facebook, on the other hand, is an ACTIVE address book.  It automatically updates contact info in real time, you get a constant stream of everything that is being shared as important to your contacts, AND you get exponential access to all of the people that are important in THEIR lives.  All at your fingertips.  All for FREE.

Your second step then becomes once your Friend Request is accepted, you can view their entire Friend list (Depending on individual privacy settings, you may have access to this without even Friending them.)  When you are actively working with a client, or just completed a transaction, your relationship will be at it’s highest point with your client.  Now is the best time to send a Friend Request to all of their friends.  You can do this with or without permission from your client, and with or without a personal message attached to the Friend Request.  It’s important here to NOT sound like a REALTOR or salesperson, but rather just a friend wanting to network.

For each request you send, one of three things will happen: 1) They will see that you have a mutual friend and just accept you, 2) They will ignore you, or 3) They will contact your client to see if you are a good person to Friend with.  Of course, your client LOVES you right about now so they’ll only say good things about you.  Also, the more of their friends that accept your request, the more mutual friends will be displayed – creating a bigger bond of trust as mutual friends are regarded as personal endorsements.

You can see how this can quickly and exponentially build your SOI by leveraging the goodwill that you have with your current clients.  The larger your Friend List, the more opportunities that you will have to receive warm leads.  In another blog post, we’ll talk about content to drip on them via your Status Updates/Live Feed that will build your reputation as the GO TO resource for real estate in your community.

The magazine, Fast Company, recently declared that Americans are becoming a nation of “free agents”. They described a generation of consultants and professionals, all selling their services for the length of a project or until a problem is solved. That brings tremendous freedom, and new responsibilities to run our careers as businesses! Unfortunately, many “free agents” have never run a profitable business. The following are my list of critical issues in creating a career/business that will remain profitable for years to come.

1. Customer Benefits. You and your customers must clearly understand the benefits that your services provide. What are the 5 benefits of working with you vs. anyone else in your market place? Can you communicate that clearly? Customers buy benefits.
2. Extra Value. Customers must receive more in value than you charge for your services. Most of us don’t want a “fair” exchange; we want a bargain, the sense that we got extra value for our money. Can you communicate the 5 extra your customers get from you?
3. Superb Service. This means attention to detail. Answering the phone on the first ring, providing an 800 number and 24-hour customer service numbers are examples. L.L. Bean has made a fortune with it’s “no questions” guarantee. Do you have a guarantee?
4. Know your Audience. Who are you 5 best customer types.
5. Location. In the old days, this meant the street address of your shop or store. Now it means getting your marketing messages into your customer’s hands when and where they are receptive. Be certain your website is located at the top of the search engines.
6. Convenience. Customers expect to shop at their convenience, to pay by credit card, to call an 800-number, and to have their questions answered correctly the first time. Make it easy to contact you!
7. Innovation. New is good, newer is better. Customers expect the benefits of the most modern technology. At a minimum, they expect the convenience of email, voice mail, and efax. If there is a faster, better, cheaper and more reliable way to do it, adopt cutting edge techniques before your competition does!
8. Reliability. Consumers assume they can rely on your services. If they are purchasing your time and expertise, they rely on your availability, your advice, your attention to detail, and your follow-through. Durability may be less important in a throwaway age, but consumers demand 100% reliability. Be there for them every single time!
9. Planning. Planning takes on strange twists when a computer chip “generation” lasts 6 months and a website may be “old” in 6 weeks. Planning is the ability to monitor, influence, and profit from change. Planning means having a mission statement and the flexibility to respond instantly when new information allows you to fulfill your mission more effectively. Planning means you control your destiny.
10. Communication. This means instant, 2-way communication between every level and every branch of an enterprise. It means communicating with your vendors and competitors, and working with your customers so they become your most important designers, researchers and customer service experts. It means an “open door” policy and flat organizational models. It means listening is more important than speaking. It means ideas rule the world.

Carpe diem,

If you’re a member of a networking organization, chances are that there is a wonderful opportunity for you to significantly raise your visibility in the group, and to become known, liked and trusted.

And chances are that you haven’t yet taken advantage of this opportunity.

That opportunity is the “Hi, My Name Is…” speech - the five or 10 minutes that each of us are granted upon enrollment in most organizations we join to address the group, introduce ourselves and explain our business in detail.

Although most groups offer these opportunities to their members, too many of us don’t take advantage of them, or if we do, we don’t always exploit the “Hi, My Name Is…” to its full potential, and that opportunity is wasted, for both us as speakers as well as our listening audience.

But it doesn’t have to be wasted time--as a matter of fact, a “Hi, My Name Is…” speech can be a terrific business builder for you if you play your cards right.

First, you need to understand that a “Hi, My Name Is…” speech is NOT a chance to tell your life story or even how you got into your business, however fascinating that may be.

Your time in the “Hi, My Name Is…” Moment is your best chance to explain how you help your clients, and to provide a demonstration of your expertise to your audience. It’s your chance to achieve (in under 10 minutes) what matters most in business: To become known, liked, and trusted (because we all know that people buy from people they know, like and trust).

But how can you do all that in 10 minutes or less? Here are two words to keep in mind regarding your “Hi, My Name Is…” speech: Value and preparation.

Value is the single most important aspect of your speech, and you can easily offer information of real value in just a few minutes. Share tips, advice, explain a procedure, anything! And don’t just TALK about your services and what you offer, SHOW your expertise. (You get bonus points for involving your audience!) 

Once you’ve established the value of the services you’re offering, preparation is key to a successful speech. Here are several things you can do to make the most of your time (before, during and after) in the “Hi, My Name Is…” while you have your audience’s undivided attention:

• Provide an interesting paragraph or two for the press release, newsletter, or other marketing that the organization does for the meeting.
• Bring your own introduction. If you have one prepared, you can be sure that it sets the right tone for your presentation, and it keeps your introducer from having to make something up about you at the last minute. A good introduction will help establish your credibility before you speak, and actually extend your time in front of the audience, since your introduction is all about YOU.
• Look the part. When I did my “Hi, My Name Is…” speech recently, I wanted to make a visual impact and say more about myself than my business suit alone could say, so I wore a big button that simply said “Attract More Clients! Ask Me How.”  (See how that “Sound Bite” keeps coming into the picture?)  Between the content I presented and my handy visual aids, my audience understood immediately what I am about, and what I have to offer.
• Take advantage of the speaker table or other special opportunities offered to “Hi, My Name Is…” speakers. If there’s room (and there usually is for “Hi, My Name Is…” speakers), arrange your table as you would for a trade show, decorating it with information of your real estate services, giveaways, your business cards, and so on.
• Have a sign-up sheet on your table. Remember that this “Hi, My Name Is…” speech is a prospecting activity, so give people a place to sign up for more resources or your newsletter. Here’s another tip: Add a “call me” section so that hot prospects can indicate their interest.
• Include a photo on your one-sheet. A one-sheet is a marketing page that tells who you are, lists a few credentials and/or your services, and quotes happy customers, and so on. But more than that, it is a relationship piece that helps your prospects get to know you. It doesn’t have to be fancy; you can print it out in color on a piece of letterhead, back it with cardboard, and set it up with a small tabletop easel for display.
• Save time in your speech for questions. Organize your speech to share information first, but remember to leave one or two minutes at the end for some quick questions from your audience.
• Invite your audience to sample your services, and/or visit your display table. After the questions, thank your audience, and then mention any special offers or incentives that you have for signing up on your mailing list or setting up a consultation.
• After your “Hi, My Name Is…” speech, you’ve still got work to do. You’ll need to follow up with the people who signed up on your list or requested consultations. Give them a call to set up meetings, and send them whatever materials you promised.
• Don’t forget to thank the person who introduced you, as well as the person who booked your speech.

Because the purpose of networking groups is to establish and develop business networks, one would think that “Hi, My Name Is…” speeches would be highly sought-after opportunities, but it has been my experience that people are often afraid to take center stage.

This fear must be caused by the fear of the “Hi, My Name Is…” itself; it can be intimidating to stand up in front of a group and talk about yourself. It may help reduce that fear to keep in mind that you’re not up there talking about yourself; you’re sharing information of interest and value with your peers.

So please, don’t let fear keep you from taking advantage of this wonderful opportunity to speak. Speaking is a great way to build your own confidence, as well as credibility in the eyes of others in your organization.

Carpe diem,

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When people ask me what is the single most important thing they can do to market their businesses successfully, I have what looks like a very simple answer.  I tell them that all they really need to get started is a “Sound Bite”!  Sounds simple?  It is…and it isn’t!

What’s A “Sound Bite”?

A “Sound Bite” is really just a simple phrase (ideally seven to nine words) that distills the essence of your value to a particular customer base.  It is the answer to the question: “What do you do?”

In marketing, we say: “Sell the sizzle, not the steak” and what we mean by that is to sell benefits, not features.  The beauty of this concept is that once you’ve got it, you have probably defined your target market, as well as the features and benefits of your product or service, thus defining the value of what you offer to your customers, which is a huge stumbling block for so many small businesses.

What Makes a “Sound Bite”?

A great “Sound Bite”, self-introduction, or practice statement (whatever you call it) is appropriate, credible, intriguing, specific, and brief (under 3.5 seconds).

1. A great self-introduction establishes your credibility and professionalism, clarifies what you do, with whom you work with, and why those people benefit from working with you.  (Some of this can be implied.)
2. It gets the desired/best possible response to your “Sound Bite”: “Oh, really?  Tell me more.”
3. If “so what” or “and?” responses are implied (or received!), you need to refine your statement.

Need An Example?

We’ll use me as an example.  My “Sound Bite” is: “I help REALTORS® attract more clients.”  This simple seven-word statement tells people with whom I work, what I do, and what the benefit to my clients is.  Let me break it down:

WHAT I do= help…attract

WHOM I serve= REALTORS®

BENEFIT(s) my clients reap= more clients

As a Coach, the truth is that I help people to develop systems and tools for marketing themselves with integrity and ease.  But guess what?  PEOPLE DON’T CARE about the process or tools I offer, they care about the results of our work, which is why when people ask me what I do, I tell them “I help REALTORS® attract more clients.”

My clients “need” marketing because what they “want” are more clients.  That’s a very subtle distinction, yet it speaks perfectly to my target audience because it focuses on their results, rather than my process.

Creating your own “Sound Bite”

Boil it down to the essentials: WHAT you do, WHOM you serve, and the BENEFIT(S) your clients reap.  You’ll notice that I didn’t put “HOW to serve” in that formula.  That’s for a good reason.  Explaining “how” is about process (and you); your customers want to know one thing, and that is what’s in it for them. 

Carpe diem,