Michael Phelps has won more medals than any Olympian in history. He did it by hard work, impressive talent, incredible dedication, and perseverance.
But he did it with one other trick as well. He entered more events than almost anyone else. In London, Phelps competed in seven events. In Beijing and Athens, he competed in eight. In Rio, another 6. If you want to win more, it’s a good idea to play more. If you give yourself more chances to succeed, the odds are definitely higher that you will accomplish your goal.
The same equation holds true in marketing. More communication leads to more listings, more sales, more buyers and more income. Every marketing impression you make creates an opportunity. The real estate landscape is shifting to a more competitive environment, it’s time to start giving yourself more opportunities to succeed! Let’s lay out the equation step by step.
More frequent and widespread communication is essential in a competitive environment. It often takes a dozen or more marketing impressions to generate a buying response. Marketing impressions are built on reach and frequency. The size of your audience and the number of times you communicate with them. Build frequency by varying the method you use to communicate. Frequent messaging is important to overcome message avoidance. Your reach is entirely dependent upon the size of your marketing sphere. Take a first step today by identifying five people you can add to your sphere who might provide business or referrals. Do that again next week, and every week!
No one can buy from you unless they know who you are. Sounds obvious, but real estate professionals often operate as if the whole world already knows who they are. The more people who know you, know what you do, and know how to contact you, have some level of trust in your professionalism and expertise, the more potential customers you have. In an article for RE/MAX, real estate coach Tom Ferry claims “the average agent makes one sale for every 49.5 people they meet with—new Internet leads, people at open houses, people who are referred to them, people at a cocktail party, anyone—equals one sale closed.”
Only a small percentage of people are entering into the real estate buying or selling process at any given time (about 9% of your sphere every year). By simply increasing your impressions, you also increase your pool of potential customers who are actually ready to become real customers.
So let’s sum it up: More Communication = More Impressions = More Potential Customers = More Actual Customers = More Income & Success
It’s this equation that makes me enjoy coming to work each day. I know that if we can help real estate agents communicate more effectively, efficiently and frequently, we can help them achieve success.
To achieve success every real estate agent should be constantly growing their sphere of influence, and consistently communicating with them. Give yourself more chances to succeed and you will!