Marketing Myths Debunked

Marketing is absolutely the foundation of your real estate business (any business really); and yet so many myths  are still spread that  actually compromise results.  Let’s take a look at some of those myths now and debunk them!

If it doesn’t work the first time then it’s not going to work. Try something different.

Nothing could be further from the truth.  In fact, marketing campaigns usually have limited initial results. Think about it from your customer’s point of view. What are the chances that your marketing reached them at the precise moment that they are ready to hear your message AND ready to ACT?

Think about it from your own personal experience. How often do you hear a radio ad; watch a TV ad; see a print ad for a new company and immediately respond? Usually it takes several attempts just to get your attention. After that, you may be interested, but not ready to take action.

Then one day, your situation changes, and suddenly you’re ready to take action.

The same is true for your homeowners. They have to first Notice your marketing – then be ready to act. I can’t tell you the number of times a seller has told me they had my marketing for months before they called.

This is the reason that your marketing results improve over time – it’s the combination of your current marketing along with previous  efforts.  Repetition and perseverance pay off big.  You’ve got to give your fresh marketing at least 4-6 months before you can truly start evaluating the results.

None of the Sellers have deals. They all want too much.

Yep. That’s the way it works. In fact, most of the calls will not work out. Statistically over time the ratio is about 25-1; and that’s when you’re good at talking with potential sellers. Results are less at first. The callers also don’t all line up perfectly. In other words, you won’t have 24 bad calls followed by a deal. And for some reason, the more focused you are on the calls that don’t work, the longer it takes to get to the ones that do, but then you might get 2 or 3 in a row.

A good marketing piece will always work in all markets, forever. No need to change.

While it is a good idea to have your control piece that gets the best results, you always want to test new ideas. Why? Because the market changes. What works today, may not work tomorrow. What works in one area, may not work in another. There is no such thing as the perfect piece. The right strategy is to test, track, and tweak your marketing – ALWAYS!

It is best to focus on just one marketing medium.

With a limited budget, focus on one medium may be a necessity, but the best results come from multiple mediums. Get your message out in as many ways as possible. My wife (who is my business partner) this year suggested that we put up a flyer at the local pak ‘n ship place. They charge $20 a month to put your flyers in a special box that customers see while in line. I thought she was crazy, but what the heck. After 6 weeks, we got a deal. So was it worth the $40? Absolutely. Could I make a business from this one medium? No, but it adds to the overall annual revenue.

Look for all the ways that you can get your message out. I had a Client once that bought several deals from callers that responded to his business card marketing pieces that he stuck in the fuel pumps when he purchased gas. You never know where the next deal will come from.

All lists are the same – buy from the cheapest broker.

So not true. It is a matter of how often the broker combs for new data; how good their source material is; how well they vet the information; how well they filter out bad prospects; and to how many people the same information is sold.

The adage that you get what you pay for is very true for list brokers. You may save on the front end, but you’ll waste money with your marketing pieces and close less deals.

 

I hope this helped to eradicate some misconceptions about marketing. Tomorrow I’ll give you some tips for effective marketing.

 

Expect abundance,

Lou Castillo

 

 

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