RISMedia's Real Estate Magazine

FEB 2019

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/1073841

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Page 40 of 110

36 February 2019 RISMedia's REAL ESTATE determined? There are many factors, but return on investment (ROI) is the most significant. Each team has to determine which products work best for their unique format and business style. In order to do this, they must first identify their team's source of business—what makes them run and what drives profits. "We use a variety of marketing tools, including 'For Sale' signs; open houses; 'Just Sold' postcards; per - sonal Facebook posts and paid busi- ness page Facebook posts; 9,000 farming emails every other month; SEO with my world-class website; ob - taining testimonials on Zillow, Trulia, realtor.com®, Yelp, Google and Face - book; email blasts; and a variety of print advertising directing people to my website," says Mike McCann, as - sociate broker of The Mike McCann Team with Keller Williams Philly, who is known as "The Real Estate Man." "Our marketing expenses incor - porate so many different products, systems and tools that are all nec - essary to invest in," adds McCann. "In this day and age, you have to be everywhere. You can't hone the mar - ket on just one site or by using just one tool. You have to dip into your pockets on every source of possible lead generation." Lindsey Gudger, co-founder, with Jason Gasbarra, of The Every Door Team at Every Door Real Estate, has worked in real estate for four years, and lead generation sticks out clear - ly as his team's most successful marketing venture. "Lead generation, hands down," says Gudger. "We spend the vast majority of our marketing budget on generating online opportunities— around $80,000 per month." Once a profit source is identified, teams must find a vessel that works alongside it to create efficiency, streamline the process and provide results. This can be found in a third- party product or in technology of - fered through the brokerage. Whether the need is a CRM, a di - aler, a social media presence or an online lead profile, it is imperative that team members research all pos - sible avenues before deciding on a product. "I have trusted team members who bring the innovation to me when they hear of products they think can benefit our team," says McCann. "Of - ten, I will try new things to see if they generate leads." Sometimes, the best research comes in the form of recommended services that have been successfully implemented by other teams. "Most of the new products we look at come to us through private social media groups where top per - formers share what's working for their teams," says Gudger. "When it comes to evaluating the vehicle, it's all about the consumer experience." A trial period is necessary to determine whether a marketing product is providing the necessary results, not only to generate leads, but also to pay back all expendi - tures. These trial lengths vary by team, lasting anywhere from a few weeks to a year. In terms of lead conversion, scale may play a role in timing, as well. "Scale is a separate issue. Does the vendor have enough consumer traffic to generate enough leads? We feel that a six-month trial is the only real way to assess this aspect," says Gudger. "You'll have leading in - dicators in as little as three months, but a test less than six months isn't going to give you a big enough sample size to truly evaluate a new vehicle." Marketing strategies should be discussed at recurring team meet - ings and adjusted accordingly to adapt to changes in the industry. "A busy inbox of incoming leads does not mean you have a strong ROI. We'd happily use a vehicle that provides just a handful of leads per month assuming the return on in - vestment is there," explains Gudger. "You can't feed a team off a vendor like this, but if you have the right sys - tems in place, a handful of providers with this profile can absolutely build a strong business." RE For more information on receiving RISMedia's Ultimate Real Estate Team Guide, please visit www.rismedia.com. "You can't hone the market on just one site or by using just one tool." MIKE MCCANN ASSOCIATE BROKER, THE MIKE MCCANN TEAM WITH KELLER WILLIAMS PHILLY "When it comes to evaluating the vehicle, it's all about the consumer experience." LINDSEY GUDGER CO-FOUNDER, THE EVERY DOOR TEAM EVERY DOOR REAL ESTATE

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