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Bestselling author and marketing guru Seth Godin stops by the Weekly Book Scan to answer questions about improving your marketing.
When business slows, there may not be as much money to sink into your marketing. How can real estate professionals figure out what can give them the best return for their marketing dollar? Can you still make your business “remarkable” even on a tight budget?
GODIN: Marketing is not about money, it's about insight and promises and stories and relationships and connections. Use the downtime you have now to put sweat equity into your marketing, by doing something worth talking about.
In real estate, you’re selling a service not a product, per se. So how can you differentiate yourself in real estate?
GODIN:The first step is in realizing it IS a service. Yet most REALTORS® do nothing at all to differentiate. It's about the picture of the house and the boring business card and the empty claims and promises. BE different, really different, and people will treat you that way.
Technology continues to evolve in offering new ways to reach potential customers. What do you see as some of the best ways to use technology for marketing and prospecting?
GODIN: I don't think technology (Zillow, etc.) is the enemy of the outstanding REALTOR®. Instead, I think smart REALTORS® will realize that they can build a long term relationship asset using technology, turning themselves into the one and only.
Check out more of Godin's marketing tips in this Q&A from REALTOR® magazine.
 Gary Keller, best-selling author and founder of Keller Williams Realty International, responds to your questions about the real estate market and his new book, Your First Home (McGraw-Hill, 2008), which he cowrote with Dave Jenks and Jay Papasan.
Q: Why did you decide to write a book targeted specifically to first-time home buyers?
A: I launched my career helping first-time home buyers and even called on newlyweds I found in the local paper’s wedding announcements to generate business. So, I have a soft spot in my heart for this special class of buyers.
We also wanted to focus on a group of buyers who represent the economic foundation of our industry. In any year, first-time home buyers constitute about a third of the real estate market. As they make their purchases, sellers are able to trade up, triggering more sales — building momentum from the ground floor up. First-time home buyers are an important catalyst for a healthy real estate market.
Finally, our goal with this book was to write a user-friendly guide buyers could easily reference before or during the process to make it easier for them — and to get them out of their rentals and into their new homes. We fundamentally believe in homeownership.
Q: The book is to be the first in a series by Keller Williams. What other topics will be covered in this book series?
A: We will expand the series to meet the needs of our associates and the buyers and sellers who work with them. The next two books address greening your home and staging your home. We feel both are timely in that the green market is growing at an incredible pace and staging is of vital importance in a buyers’ market.
We want to be serving our people at the highest level. Your First Home was actually ready for publication in 2007, but we took the time to revisit our chapter on financing and made sure it was appropriate for the financing challenges present in the current market.
Q: Many first-time home buyers are hesitant to jump in the market right now. What are you telling first-time buyers who are scared to get into real estate?
A: We are very straightforward on this topic: now is a great time to buy. First-time home buyers have an amazing opportunity to move into homeownership. The real estate market is the most accessible it’s been in five years in terms of pricing.
Your First Home really delves into the financial realities of homeownership, citing the U.S. Federal Board’s Survey of Consumer Finances, home owners had an average financial net worth of $184,400, while renters’ net worth was just $4,000. And, for those deciding whether to
Continue reading "Author Chat With Gary Keller" »
Saving the Deal author Tracey Rumsey is ready to answer your questions about preventing deal killers from entering your real estate transactions. The Weekly Book Scan has an author chat scheduled with Rumsey at the end of the month, and we're giving you the chance to tap her expertise and submit your question. Simply click on the "submit" button below to e-mail your question.
Rumsey is a mortgage and real estate continuing education instructor, who has more than 10 years of experience as a mortgage loan officer. In her new book, she highlights how you can avoid the most common deal breakers in real estate.
We'll pass along a selected few of your questions to Rumsey. Please keep your questions general so that others can benefit from the responses too.
Rumsey's responses will be posted to the blog on March 31.
The Weekly Book Scan has two upcoming author chats in February and we're giving you the chance to tap these authors' expertise and ask them your questions. Simply click on the "submit" button next to the author and e-mail your question.
We'll pass along a selected few of the questions to the authors. Please keep your questions general so others can benefit from the responses too.
Stay tuned for the blog to read — or hear — the authors' responses!
- How to Sell More Homes and Increase Your Income: Author Curt Fletcher is ready to answer your questions about boosting your sales.
Fletcher's responses will be posted on Feb. 4.
- How Come That Idiot's Rich and I'm Not?": Author Robert Shemin can answer all your get-rich questions.
You'll be able to download a podcast of Shemin's responses on Feb. 22.
 John Maloof, author of The Real Estate Agent’s Guide to FSBOs (AMACOM, 2008), responds to your questions about how to grow your business by attracting FSBOs to your services.
Q: What's the most common misperception that FSBOs have about the process of selling their own homes?
A: The most common misperception is that selling by-owner is easy. Once the seller realizes how much time, effort, and money are involved, they usually find themselves overwhelmed and ready for help.
Q:In a slow market, sellers are looking to save money. How do you convince them that it's still worth paying for real estate services, even if they're not making as much money from selling their home?
A:Well, considering that, according to NAR, 51 percent of sellers go FSBO to save on the brokerage fee, this will be the most common hurdle you will face. The first thing you should do is educate the seller on the most recent NAR data. For example, in 2006, studies show that selling with a REALTOR® gives the seller 32 percent more at closing than going FSBO. This single fact seems to do a great job of convincing sellers that they stand to make more money with an agent. Click here to view more data on FSBOs.
Q: It seems like if you contact FSBOs too much, you'll be viewed as being pushy. What's the best approach you've used to convince FSBOs to hire you, without pestering them?
A:I usually contact each FSBO every few days. If it’s the first call, I call them back after roughly 4 days so the mail I send to them has time to arrive. After that, it’s about once every 4 to 7 days depending on their personality. If you feel that a FSBO seller is taking you as
Continue reading "Author Chat with John Maloof" »
Mortgage broker Bill Nazur and real estate investor Danielle Babb, authors of Finding Foreclosures (Entrepreneur Press, 2007), respond to your foreclosure questions.
Q: With foreclosures, which states are redemption states and which are nonredemption states?
A: Mortgage-Investments.com lists out, by state, whether it is judicial or nonjudicial, the number of process days, publication days, and redemption period. Otherwise, you can request the information from most title companies, or closing attorneys should be able to show you information for their respective state. Understand the redemption period better than any single piece of information in the foreclosure process. Worst case scenario: Your buyer purchases a property that the previous owner has a right to redeem six months, one year, or even two years later in certain circumstances. As an exercise, look at the Dakotas, New Mexico, and Tennesee for fun.
Q. How can real estate practitioners with little background in foreclosures find opportunities in this expanding market? Is there room for newcomers?
A: You will be very pleased to know that (unfortunately, or fortunately) there is plenty of foreclosure business to go around, so the opportunities are endless. There is plenty of room for newcomers to get into this market, though here comes the caveat: Most lenders, banks, and asset managers want to work with an agent that has at least 5 years of experience in the real estate field, preferably longer as foreclosures are extremely time intensive. This does not mean that you cannot break in with less experience, but you must know ahead of time that on-the-job training is very much frowned upon in this specific niche.
I’d recommend that you start building a real estate resume, outlining your successes in the market. Have you dealt with difficult buyers where you came up with a solution that required some creativity? Do you know REO terminology? Are you organized enough to manage multiple projects, meaning if tomorrow you received 10, 20, or 30 REO listings, that you would be able to
Continue reading "Author Chat with Bill Nazur and Danielle Babb" »
 Public relations and marketing expert Steven Van Yoder responds to your previously submitted questions about his book Get Slightly Famous (Bay Tree Publishing, 2007).
Q: When you live in a big city where networks are often already established, how do you suggest getting acquainted with real estate reporters so you become a trusted source?
A: Start by familiarizing yourself with the local media outlets. Then, tailor your inside knowledge to the needs of the media. The first step in any media campaign is identifying relevant media outlets, and the key people within those organizations. Build a list of newspapers, magazines, newsletters, and radio and television programs where you want coverage. Visit your public library and familiarize yourself with the media resources available in the business reference section. In large urban libraries look for media directories (such as Bacons Media Source, Burrells, and others) that include information on thousands of media outlets.
Once you’ve identified the media outlets that seem appropriate for your business, get the names of key people, including relevant reporters, editors, producers, and writers. Look up articles written in the past year or so by their top reporters to learn the specific subject areas they cover and to better understand their interests and special angles. Then, you’ll be in a position to approach your targeted media and pitch them your expertise in a relevant way.
Q: How would you suggest putting your fame-building concepts into action if you’re a start up with little money? Where is the best place to invest money to generate fame when you’re just starting off?
A: What everything in the book has in common is that it doesn't cost a lot of money to implement. This is not a book based on hype or fancy brochures or slick ads. It's a modern take on the good-old fashioned virtue of understanding your customer and doing well by doing good work. Small businesses, especially those in start-up mode, should look for ways to specialize,
Continue reading "AUTHOR Q&A: Steve Van Yoder Answers Your Questions" »
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