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How To Get The Listing Every Time!

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With this post, I am introducing the new iRuss.  Here is another email from Raymond:

Hi Russell,

I’m trying to get some realistic perspective on the fall out rate of listings as experienced by successful listing specialists.  It’s not my intention to invade your privacy so I will understand should you ignore my request.  Anyway here is what I’d like to know:

How many listing appointments/presentations did your team make in the past year?

How many listings did your team take in the past year?

Of those how many sold?

And, how many expired or were canceled or withdrawn?

Of those that did cancel or withdrawn, what was the most common reason?

Thanks for your help.  And thanks for answering my previous question to you on AG.

It was extremely helpful

Take care and be well.

There are several ways to be able to say, “I take a listing for almost every appointment I go on”.  They are pretty much all stupid.

In 2006 we took 612 listings.  In 2007 we took 524 listings.  This year, Jan – May we’ve taken 187.  I don’t have stats for the past twelve months handy but believe I can answer your questions.

In 2006 our percentage of appointments to listings taken was about 56%.  We went on just under 1,100 face to face appointments.  We closed 405 escrows in 2006, about 60 of them buyer deals.  In 2007 my number of escrows dropped to 369.  312 of them were seller deals.  The percentage of listings taken to appointments for 2007 was 49.90%.  Just under half.

So far this year (through the end of May) we have gone on 406 appointments, Jan – May we’ve closed 106 escrows.  Our percentage of listings taken to appointments this year is about 46%.  This number has always changed with the market.  At the highest (for the year – not a particular month) it was years back nearly 60%.  Over the years, it has usually been around 55% listings taken to appointments.  Right now we are intentionally going on more appointments (therefore a lower percentage) as our “problem” isn’t the Listers are too busy.  Even though some days lately we physically have (with 3 Listers) 9 face to face, in the home interviews – in a single day.  Why yes, my new TV ad has caused the phone to ring more.  

What is interesting (besides the utterly horrible long term downward trend of my major stats) is how “good and bad” we are doing compared to the market.  For the past twelve months my percentage of of listings taken to those listings sold is 60.9%  That is just awful, in the past 12 months we aren’t selling almost 40% of the listings taken.  It is just awful and at the same time, a hell of lot better than almost everybody else here.  Most agents in my market area are selling about 20% in that same time period.  Not selling 80% of what was listed.  Most of the better agents are running around 41 – 43% sold.

Why did they cancel?  Or why did we cancel?  Oh, there are lots and lots of “reasons” given.  But there is really just one.  We didn’t sell the house.  With the exception of their transfer fell through or they can’t move to the new city after all, all of other “reasons” are crap.  We didn’t sell the house.  My advertised average time to sell is 44 days.  That is going back one year and compares to a market average for the same time of 121 days.  That was true as of May 1st.  As of June 1st, my average dropped (going back 365 days) to 42 days and the market average increased to 126 days.  Because they are calling me for results, if I don’t perform in the time they expect, they fire me.

So…. anyone going on more than a few appointments (their friends, relatives, etc.) is not listing them all.  If they think they are, they are keeping really crappy records.  Some agents only count an appointment if they took the listing – which is a great way to bat 1000 all the time.  Or they only had 1 or 2 listings in a year and sold them both.  Well done.  But if going on lots of appointments and taking lots of listings plan on them not all selling.  That way, your plans will match the reality of the business.

Russell has been an Associate Broker with John Hall & Associates since 1978 and ranks in the top 1% of all agents in the U.S. Most recently The Wall Street Journal recognized the Top 200 Agents in America, awarding Russell # 25 for number of units sold. Russell has been featured in many books such as, "The Billion Dollar Agent" by Steve Kantor and "The Millionaire Real Estate Agent" by Gary Keller and has often been a featured speaker for national conventions and routinely speaks at various state and local association conventions. Visit him also at nohasslelisting.com and number1homeagent.com.

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14 Comments

14 Comments

  1. Matthew Rathbun

    June 11, 2008 at 5:36 am

    “There are several ways to be able to say, “I take a listing for almost every appointment I go on”. They are pretty much all stupid.” LOL – ROFLMAO

    All I can say is that I simply enjoy reading your stuff. Thanks for contributing and giving insight into a winner’s mind!

  2. Charles Woodall

    June 11, 2008 at 6:44 am

    Russell, you take transparency to a whole new level. There certainly aren’t many agents who are willing to share their numbers, good or bad, like you have here. Personal growth in this business is contingent on being able to compare ones own numbers with those of successful agents.

    Thank you laying it all out there! This post is just another of example of why you da man!

  3. Bill Lublin

    June 11, 2008 at 8:30 am

    Russell;
    I love reading your posts because its like hanging out with a great agent with a good work ethic. Oh that’s right its because you ARE a great agent with a good work ethic,

    I remember going to a CRS class long ago. The Instructor surveyed the room asking,” How Many People lose 20 listings a year?” A number of hands went up. I thought ,”Wow, they must be really bad listing agents”. He kept counting down until he asked “How many people in the room didn’t lose any listings?” I held my hand up proudly until he said,”Then you aren’t listing enough”
    Ooops – Pride does goeth before the fall don’t it?

  4. ines

    June 11, 2008 at 8:33 am

    ooooh! ooooh! I want an iRuss!!

    Your numbers are impressive even in a slow market – gives us (the little people), something to look up to – I always have your commercials in the back of my mind…..I’ll have to invite you to Miami to consult and have some Stonecrabs.

  5. Mariana Wagner

    June 11, 2008 at 8:43 am

    I want an iRuss also! A mini iPod crammed full of Russell Shaw podcasts and videos… You know, there could be some $$ that idea…

    I would HATE to take every listing appointment that we go on. We usually do A LOT of foot work ahead of the appointment – which definitely helps us avoid some disasterous non-appointments. But even then, sometimes as we are at the appointment, we learn about things that cause us to NOT take the listing. Honestly, it is more us not TAKING it than us not GETTING it. My business plan does not allow me to take a listing that is overpriced or in a condition (physically/financially/emotionally … ) where I do not think that I can do the BEST by my seller clients.

    I agree. Anyone who says they get EVERY listing is not keeping good records.

  6. BawldGuy Talking

    June 11, 2008 at 9:35 am

    Russell — You’ve strewn the ground with gold nuggets for all, as is your habit.

    I’m wondering how incredibly valuable it would be if you and your team did a postmortem on the listings not selling in the last 12 months.

    1. Did you discover new reasons to turn down a new listing?

    2. Was there an area harboring more than their share of unsold listings?

    3. Was there a pattern showing numbers of bedrooms/bathrooms (or other physical attributes or lack thereof) being shunned by buyers?

    4. Was there a particular (and discernible) seller mindset hindering the sales process?

    5. Was there an area/neighborhood which was, for some reason, consistently listed over market value?

    In other words, I wonder if aside from being overpriced, which isn’t your style, there are factors waiting to be uncovered.

    Would this ‘autopsy’ be worth the time spent, Russell?

    Thanks for the peek behind the curtain.

  7. Eric Blackwell

    June 11, 2008 at 10:24 am

    Russ;

    Thanks for the solid info and insight. I’d also (like Bawld Guy) be curious about what the post mortems might look like. A little data mining might either say to be more stringent in taking listings or otherwise help guide your training efforts.

    Well done!

    Eric

  8. Dru Bloomfield

    June 11, 2008 at 2:32 pm

    Well, Russell, that inspired me to go back and look at my numbers more closely. Thanks for the education and inspiration!

  9. Jay Thompson

    June 11, 2008 at 2:38 pm

    I’m just stopping by, hoping a little of Russ’ mojo rubs off on me. The man is genius.

  10. Erion Shehaj

    June 11, 2008 at 3:43 pm

    “So…. anyone going on more than a few appointments (their friends, relatives, etc.) is not listing them all. If they think they are, they are keeping really crappy records.”

    Speaking of keeping records, what does a Millionaire Real Estate Agent use to do just that?

    (I feel an “It doesn’t matter what you use as long as you do it” type of answer coming… But I had to ask. At least until the iRuss hits the sto’ 🙂

  11. mike simonsen

    June 11, 2008 at 8:22 pm

    Outstanding info Russell! I love learning how people measure their businesses. It takes real cojones to share so openly. gracias

  12. Andy Kaufman

    June 11, 2008 at 10:22 pm

    I’m waiting for the 3G iRuss 2.0 to come out.

    Seriously though… Great advice and really timely info for me personally.

    We do a lot of REO’s and after learning the hard way, we started passing on listings in locations where we felt our safety might be in question. We’ve had a few crazy run-ins over the past year and it’s just not worth risking it over.

    Pricing is a crap shoot and we don’t get the list price until it hits the market and that’s well into the process. Sometimes they’re priced well right off the bat, sometimes they’re not. If they don’t sell, the bank keeps lowering the prices until they do, so that’s not such a big deal.

  13. Holly White

    June 12, 2008 at 12:50 pm

    When I first got into this business I thought if I didn’t sell every listing I took, there was someting wrong with me, no matter what price the seller set the listing at (even if it was against my better judgement). When I finally got wise and realized that it wasn’t me (and that they shoudl have listed closer to my recommendation), I took listings a little more light-heartedly or didn’t take them at all. If a home is priced right for the market conditions, it’s physical condition and geographic location it will sell. But it’s still a numbers game. Now I need to go back and do some research on what my percentages are. Thanks Russ! I’m in for one of those iRuss’s!

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Business Marketing

The rise of influencer marketing and its effect on digital marketing

(BUSINESS MARKETING) More businesses are planning to invest a larger part of their marketing budgets on more relatable, branded content and influencer marketing.

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Influencer speaking to camera for marketing segment.

The digital age has created more savvy consumers, and the barrage of advertising on top of the plenitude of content online can be a lot. Many consumers have learned to hide ads or they simply scroll past them to their content of choice. Most business owners know that digital marketing is a crucial part of any ad strategy, and branded content and influencer marketing continues to grow in the market, because consumers see that it’s different from traditional advertising.

Hardly anything stayed the same in 2020, and traditional advertising also has shifted. Advertiser Perceptions reported on the trend for 2021, based on a survey from late 2020.

“More than half of advertisers using paid branded content and influencers say doing so is more critical than it was a year ago. Throughout the second half of 2020, 32% increased spending on branded content and 25% spent more to back influencers. They’re now putting 20% of their digital budgets into the complementary practices, which is more than they put into any other digital channel (paid search is 14%, display 13%, paid social 12%, digital video 12%).”

The benefits of branded and influencer content are that you are speaking to the consumer where they already are, when you choose an influencer. The people who follow their accounts are more likely to trust that the influencer would only share something they like or use themselves. The best matches are when the influencer marketing fits nicely into the kind of content, the voice, and any specialties they already deal with.

The word “influencer” as well as the concept rubs some people the wrong way. Marketers see the value, though, as influencer marketing can be effective if done well, and the cost to hire them is often less than a traditional ad campaign. If I want to know about food in a city, I’ll follow the hashtags until I find a local food blogger or micro-influencer whose style I like. Then I’ll seek out those restaurants when I visit. Sure, some of the meals are comped, but the truth is that food bloggers and influencers like to share their food recommendations. I have been influenced this way more than once, and not only for food. I am not alone in this, either, which is why it’s an important part of a marketing strategy.

In influencer marketing, the content creator is then given free rein to create within their own style, voice, and persona. They need to connect with their audience in an authentic, familiar way without creating a dissonance for their followers between their public page(s) and the brand. The level of trust is fairly high with influencer marketing, and many influencers realize that promoting something crappy or something outside of their area of expertise or recognition hurts everyone involved.

The power of storytelling comes into play here, as with all good advertising. Branded content is specifically all about the story, often the story of the business’s philosophy or some lifestyle aspect that goes with the brand’s vibe–or is so off that it goes viral. Some branded campaigns join into or build off of conversations already happening in the wider world. The purpose is to have people engage with the brand, with the content, build awareness, encourage conversations, sharing, comments, all with the long term goal of fostering a positive image of the brand so that down the line, they will become consumers.

Think of 2004 Dove’s “Real Beauty” campaign, based on a study showing that around 2% of women saw themselves as beautiful. The widely studied, award-winning campaign featured women of all backgrounds and body types, without airbrushing and Photoshopping them into a narrow vision of “beauty.” While some people hated it, many loved it and applauded the brand for treading into traditionally uncharted waters. Among haters, fans, and people who weren’t sure what to think, the Dove Real Beauty branded content campaign generated conversations. The campaign also encouraged women to feel good about themselves and lift up other women. One could argue that the campaign you could argue that the Real Beauty campaign was a forerunner to the currently popular body positivity movement, which started gaining traction around 2012. Dove increased sales by at least $1.5 billion in the first ten years the branded content campaign ran.

The goal of branded content is to raise awareness of the brand, but the path from point A (creating the content) to point B (brand awareness, ultimately leading to better sales) is not a straight line. Brands are paying attention to grabbing attention, aka building brand awareness via more upper funnel marketing than lower funnel.

One thing that marketers are looking for now, however, is almost eliminating the funnel. With the mind-boggling increase in e-commerce since the beginning of the pandemic, clickable sales capability becomes important in any kind of marketing, including influencer and branded content. It pays to listen to customers, to find an influencer who meshes with your brand’s purpose, and to create thoughtful branded content that isn’t out of line with your core product or service.

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Business Marketing

Need design help? Ask a Designer offers free peer-review for better design

(BUSINESS MARKETING) Good design is more than just slapping some fonts and colors together. Ask a Designer promises free design advice on their new website.

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A white sign in an urban setting reading "In Design We Trust" with glowing yellow lights above.

With the necessity to create and maintain an online presence for our businesses nowadays, content creation is essential. One impact this proliferation of content has had on entrepreneurs, bloggers, and small businesses is that many non-designers have had to take a stab at design work. Sometimes this works out for the amateur designer, but often it could be better: More effective, accessible, and appealing. This is where Ask a Designer comes in.

Creating designs online can be fun, but your average Canva, Squarespace, or WordPress user, for example, has no more of a sense of design than the man on the moon. Design work encompasses so much more than just slapping some words on a stock photo and calling it a day. While there are truly incredible and helpful free or inexpensive DIY design and business tools out there, nothing beats the power of knowledge and experience.

Ask a Designer provides one more level of professional review and counsel before a business owner puts their DIY (or even paid) design work out there for the world to see—or worse, not see. As a writer, I have always valued editorial reviews, comments, and feedback on my writing. Second eyes, third eyes, and more almost always serve to improve the content. It makes business sense to get as much feedback as possible, even better to get expert feedback.

For example, an experienced web designer should have a good idea of how to incorporate and test for UX and UI purposes, thus making the user interaction more functional and pleasant. A skilled graphic designer knows what colors go together for aesthetic appeal, accessibility, and even the psychology behind why and how they do.

Take logos. Pick a color, image, and font you like, and go for it, right? I’m afraid not. There is a lot of data out there on the science and psychology of how our brains process logos. There are examples of logo “fails” out there, as well. Consider the uproar over AirBnB’s logo that many thought evoked genitalia. Or the raised eyebrows when Google changed their color scheme to one similar to Microsoft’s palate. Just search for “logo fails” online to get an idea of how a seemingly innocent logo can go horribly wrong. I haven’t linked them here, because they would need a trigger warning, as many of the worst examples can be interpreted as some sort of sexual innuendo or genitalia. Searchers, be warned.

It always makes good business sense to use professional designers when you have the option, just as it makes sense to use professional writers for copywriting and professional photographers for photography. After all, if you have the chance to get something right the first time, it saves you time and money to do so. Rebranding can be difficult and costly, although sometimes rebranding is necessary. Having a designer review your design (whether logo, WordPress, blog, or other) could possibly help you from missing the mark.

How does Ask a Designer work, and is it really free? It’s super easy—almost like designers had a hand in it! Know what I mean? First, you go to the website or app and enter your question. Next Ask a Designer will assign your question to the appropriate type of designer in their network. Within 48 hours, they’ll get back to you with feedback or an answer to your design question.

While Ask a Designer is available to anyone to use, the website suggests it is especially helpful for developers, teams, junior designers, and business and product owners. They suggest, “Think of us as peer-review in your pocket.” The team at Ask a Designer will provide feedback on specific projects such as websites, logos, and portfolios, as well as answer general questions.

Examples of questions on their website give a good idea of the scope of questions they’ll answer, and include the type of feedback they provide. Sample questions include:

  • “How do I choose colors for dark mode?”
  • “I’d love feedback on a logo for a restaurant.”
  • “I’m an industrial design student and I’d like to move into automotive design. What are some resources that can get me to where I need to be?”
  • “Please send me some feedback on [website link].”
  • “How can I use my brand fonts on my website?”
  • “I’m a full stack software engineer. Are there any resources you could suggest for me to level up my design or UX skills?”

Ask a Designer is new, and so they currently list 2 design experts, each with 20 or more years of experience in their fields. They promise to add more “desig-nerds” soon. It may sound too good to be true, but from what they state on their website, this expert design review service is free. Considering the other excellent tools out there with some free components out there for business, it is possible that this is true. Whether they will add a more in-depth paid version is yet to be seen. In any case, it’s worth trying out the app or website for your burning design questions and reviews.

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Business Marketing

6 tips to easily market your side hustle

(BUSINESS MARKETING) It can be hard to stand out from the crowd when you’re starting a new side hustle. Here are some easy ways to make your marketing efforts more effective.

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side hustle marketing

Side hustles have become the name of the game, and especially during these turbulent times, we have to get extra creative when it comes to making money. With so many of us making moves and so much noise, it can be hard to get the word out and stand out when sharing your side hustle.

Reuben Jackson of Big Think shared five ways that you can market your side hustle (we added a sixth tip for good measure), and comment with your thoughts and ideas on the subject:

  1. Referrals: Don’t Be Afraid to Ask!
    If you’re going to make a splash, you have to be willing to ask for favors. Reach out to your network and ask them to help spread the word on your new venture. This can be as simple as asking your friends to share a Facebook post with information that refers them to your page or website. Word of mouth is still important and incredibly effective.
  2. Start Where You Are
    Immediately running an expensive ad right out of the gate may not be the most effective use of your (likely) limited funds. Use the resources you do have to your advantage – especially if you’re just testing things out to see how the side hustle goes in the real world. You can do this by creating a simple, informational landing page for a small fee. Or, if you’re not looking to put any money into it right away, create an enticing email signature that explains what you do in a concise and eye-catching way. Check out these tools to create a kickin’ email signature.
  3. Gather Positive Reviews
    If you’ve performed a service or sold a product, ask your customers to write a review on the experience. Never underestimate how many potential customers read reviews before choosing where to spend their money, so this is an incredibly important asset. Once a service is completed or a product is sold, send a thank you note to your customer and kindly ask them to write a review. Be sure to provide them with links to easily drop a line on Yelp or your company’s Facebook page.
  4. Be Strategic With Social
    It’s common to think that you have to have a presence on all channels right away. Start smaller. Think about your demographic and do some research on which platforms reach that demographic most effectively. From there, put your time and energy into building a presence on one or two channels. Post consistently and engage with followers. After you’ve developed a solid following, you can then expand to other platforms.
  5. Give Paid Marketing A Shot
    Once you’ve made a dollar or two, try experimenting with some Facebook or Twitter ads. They’re relatively cheap to run and can attract people you may not have otherwise had a chance to reach out to. Again, the key is to start small and don’t get discouraged if these don’t have people knocking your door down; it may take trial and error to create the perfect ad for your hustle.
  6. Go Local
    Local newspapers and magazines are always looking for news on what local residents are doing. Send an email to your town/city’s journal or local Patch affiliate. Let them know what you’re up to, offer yourself for an interview, and give enticing information. The key is doing this in a way that your hustle is seen as beneficial to the public, and is not just an ad.

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