10/11/2017
Professionals Do Research
UP YOUR GAME! When did you last do some area research?
When planning your marketing you have to ask yourself two critical questions;
(1) Geographically where do the buyers for my area come from?
(2) As far as Marketing Activity is concerned what is the best way for me to reach buyers looking in my area?
We are employed by sellers because sellers believe we know the answers to these two questions and when we talk to the seller about our ability to MANAGE THE MARKETING PROCESS of their property, we should convincingly be able cover these questions FACTUALLY not just waffle!
You can’t answer these questions however unless you have done some research. If you managed to contact just 40 of the buyers for the last 50 properties sold by ANY agent in your area, this market research will help you focus and tweak your marketing activity and in the process, you will also pick up a lot of useful information and become more knowledgeable about your area.
Research is a professional thing to do. It can also be time-consuming, so do a few calls a day and make sure you have prepared exactly what it is you want to ask.
Confirm that they are the actual buyers and explain who you are and that you are doing some market research and have just four quick questions;
1) What was the main reason for them buying in the area?
2) What area did they come from?
3) What medium did they use the most to look for property to buy?
4) What medium did they actually discover the property they bought?
Ask if they would like to receive the results of your survey and remember to send them a thank you card or email. Of course, ask for their email address.
Bonus: Done correctly the chances are excellent that these buyers (who are now property owners in your area) will remember this interaction and the chances are pretty good that this process will bring you new business through referrals. You may also want to remember that statistically one or two of these buyers will actually sell again within two years.
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