RES 235 Real Estate

Sales and Marketing Introduction

Fall 2013 – Presented by: Nancy Adelson, GRIContent from Fundamentals of Marketing for the Real Estate Professional by: Doris Barrel and Mark Nash

As the Cheshire Cat once told Alice, “If you don’t know where you are going, any road will take you there"

If you know your goals/ where you want to go, use a road map to get there.

In marketing, that road map is a well-thought-out plan.

Set your goals, write your mission statement, research/complete SWOT Analysis and determine what actions you must take

This becomes your marketing plan and your road to success

The 4 Ps of Marketing

Product: What you’re selling; property, service, idea, person

Price: The property list price, your commission/fees

Placement: The where, when and how the service or property is presented

Promotion: The advertising, publicity, public relations, sales, etc. designed to inform/ persuade consumers about your product or service

Developing a Marketing Plan

It is part of a business plan which specifically covers your market, target market research and your marketing strategies

Four steps – Doing the research Developing the plan Implementing the plan Evaluating the results

Doing the Research Find a need and fill it!

Look at your target market/potential customers Demographics information Psychographic information

Look at yourself/business – What are my special skills? What specific education do I have that

makes me an expert on a particular area? What is it about me that would make

people want to work with me? What are the benefits the client will

receive by working with me? Complete a SWOT Analysis for your

self/business and your product/service

Developing the Plan

Determine the Purpose or Mission

Establish the Goals to be set in order to achieve the purpose

Outline the Actions to be taken to accomplish the goals

List the Details involved in order to carry out each of the actions

Developing your Budget? $$$$$

Budget for 4 P’s down to Start up costs Transportation costs Printing cost – business

cards, brochures, direct mail Web-site and Software Promotions costs Customer appreciation and

follow up program

Your Purpose or Mission

The purpose for a marketing plan for self-promotion is to make your name known within your marketplace

Bring what you are selling to the attention of the public

Getting your name out there!

Establishing Goals

Specific MeasurableAttainable RealisticTime-lined Keeping Score

Developing the Plan Actions –

Must be taken to achieve the goal or goals

Each goal should have at least three or four specific actions listed that are directly related to making that particular goal work

Actions Cost Deadline Person responsible

Place ad in the local Homes Magazine

$75.00 Wednesday Me

The Devil is in the Details

Action – Place ad in the local Homes Magazine

Details – Take picture for ad Write the ad and have

reviewed Submit ad to run on

Thursday and Saturday Prepare tracking sheet to

collect responses

Implementing the Plan

WORK YOUR PLAN A marketing plan must be

flexible, adapt to changing or evolving circumstances

Track results as well as actions

Evaluating the Results

Evaluation is critical in determine the cost effectiveness of each element of the marketing plan

Consider using a tracking system

The effectiveness of each marketing activity should be measured by the amount of resulting business and also the benefit of establishing name recognition within the community

Marketing Tools and Techniques

People process information they receive –

Visual-Auditory-Kinesthetic Which are you?

When you purchased your new [whatever] and tried to hook it up, did you:

Carefully read the instruction booklet? [Visual – read]

Call up your electronic whiz friend and ask him/her to talk you through it? [Auditory – call]

Just start plugging in connections and then wait to see what happens next? [kinesthetic – start plugging in]

V-A-K Communication GENERIC VISUAL AUDITORY KINESTHETIC

I really like this house

I can just see myself living here

Sounds like this is the right place

You know, this just feels like our house

I understand what you said

I see your point

I hear what you are saying

I’m in touch with what you are saying

This job can be done quickly

The job will be done in a flash

Just a snap or the fingers, and its done

With a hop, skip and a jump, the job is done

The settlement statement is correct

I know beyond a shadow of a doubt that it is correct

The statement is accurate word for word

The information given here is as solid as a rock

I am not sure about that

That is pretty hazy to me

That doesn’t really ring a bell

I am not sure I follow you

This house has a brick fireplace with a raised hearth

Picture your family gathered around this beautiful hearth

Hear the snapping wood and the corn popping

Feel the warmth radiate out in the room

V-A-K Words and Phrases VISUAL AUDITORY KINESTHETIC Beyond a shadow of a doubt Clear as a bell Chip off the old block

Describe Discuss Demonstrate

Get an eyeful Entertain me Get a handle on

Get a perspective Give me your ear Get a load of this

Gleam in the eye Hardly a peep Be in touch with

Hazy idea Heard voices Gut feeling

Imagine that Hold your tongue Draw a picture

In view of Listen in Heated argument

Looks like Loud and clear Illustrate

Like a photo Power of speech Tasty

Mental image Manner of speaking Hot seat

Mind’s eye Outspoken Lay hands on

Map out Pay attention to Intuition

Paint a picture Rings a bell Point out

Pretty as a picture Purrs like a kitten Feels just right

Things a Good Ad Does -

Stops the reader from turning the page Works like a good salesperson by telling potential

customers what a product will do for them Builds on a concept or idea. A reader must instantly

recognize the concept being communicated Sells a product’s benefits rather than its features.

People buy based on what the product will do for them, not what ingredients it has

Promoted the name of the company while visually creating an image for the firm

Speaks to a specific group Provides all the facts a reader needs without

providing to many Conveys it message simply. It is believable and

honest Is supported by good company management and

good customer service Remembers who the customer is and what would

make that customer buy Is news. Readers say advertising is as important to

them as other content Sells answers to consumers’ current needs.

Advertising sells to people’s wants, not just needs

Your greatest asset – YOU!

Your person-to person sphere of influence – becomes your project 200

More effective than any type of cold-calling or general mailing

Groupings A Group – people who actively

promote business for you B Group – those who will bring up

your name whenever they hear someone mention that they are thinking about buying, selling or leasing

C Group – those who will give your name if someone asks them directly for a recommendation

Making Contact

Make regular contact, preferably four times per year

Ask for their opinion on… Give them valuable

information Build your Board of

Directors Networking Groups

Image does Matter

If you want to establish a clear image in the minds of your sphere of influence, you must first be able to see that image in your own mind

Know your natural market and then visualize your image

Stay in tune with your customer Branding and the company you

keep Remember, High Level

Professionalism is a must