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Realtor marketing meeting

This topic contains 13 replies, has 0 voices, and was last updated by Avatar of rick rick 10 years, 8 months ago.

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  • #5573
    Avatar of rick
    rick
    Participant

    I just attended a real estate marketing meeting in my hometown.

    I went as a general contractor and what a response I received. I talked with appraisers, loan reps, top re agents, chicago title and old republic title reps, and other afiliates in the re business. They don’t have a GC that attends the meetings. I told them I would like to attend on a regular basis and keep them up to date on construction related news.

    The speaker was a credit repair person and I asked him if he did anything else and he pulled me to the side and said he also works with appraisals and wasn’t here to promote that.

    It only cost 4 bucks to get in and any one can attend. It included coffee and bagels in a nice restaurant.

    There were about 100 agents and affiliates.

    Before I attended, I called 5 of the marketing meeting groups from different associations, about 30 in all, and asked all of them if any one could attend. They said yes and when I was greated at the door and introduced myself, every one of them acted like they new me and they started introducing me to everyone.

    I will attend the other 4 goups in the coming weeks and network. Scott said network with them and now I have a place to meet them all in one place and stay in front of them. As I get to know them I will ask them how they handle folks that can’t get loans, can’t sell their homes and they lose their listings, how they are working their loan mods, if the title reps can use more business, or any question I can think of.

    If I become an affiliate I can put my flyers on the table every week. I noticed the top agents in the group all grabed the flyers.

    The board member who was greeting at the door suggested I attend the tour and take a look at the properties and them I would know which houses need to be fixed up. I talked with a first american title rep about leads yesterday and she said she had been an appraiser for 15 years and told me a great way to get business for me was to market to folks who just purchased the house because they always want something done to the house when they move in. I asked her about loan mod leads and she could get me 400 scrubed leads for $230 a month. All with telephone numbers and all the loan data. She said the people buying 4-5,000 leads a month and doing a mailing are getting about a 1% return. She said phone calls would get a better return and the agent love the leads and they are hot. I fugures if you bought 50 leads a day and made the calls your return at 1% would be $7,000 a month on just loan mods.

    And that was just the tip of the iceburg.

    Don, I got another NEO signed and on the board. I mailed the first two responses before I talked to them on the phone and I have never seen the house except on the net.

    Everything seems to be picking up speed, so I am going to pick what is hot today and work it using some imagination.

    I better get back to work.

    #29009
    Avatar of homesavers
    NULL
    Member

    @Rick wrote:

    I asked her about loan mod leads and she could get me 400 scrubed leads for $230 a month. All with telephone numbers and all the loan data. She said the people buying 4-5,000 leads a month and doing a mailing are getting about a 1% return. She said phone calls would get a better return and the agent love the leads and they are hot. I fugures if you bought 50 leads a day and made the calls your return at 1% would be $7,000 a month on just loan mods.

    40-50 closed deals per month out of 4-5,000 leads? That is $20,000 – $25,000 per month gross @ $500 a piece. Would cost you over $2300 a month for the leads. If you get 1000 leads to work and your return is 1 percent then you can close 10 which is about 5000-7000 grand a month minus the cost per lead of course. Looks like a 10:1 ratio which is not bad for marketing ROI.
    How much time would you spend per lead? You need to develop a system to convert and track these leads. I presume your goal is to convert some of these to actual short or long term EHT properties? The 4000-6000 or so NET per month is peanuts. So you will have to close some EHT deals out of these to make it worth your while.
    How do you propose to do this?

    #29010
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    Good Job and Great Post Rick. Keep up the good work. Now let’s turn this activity in to closed transactions. Let me know if you need any assistance.

    #29011
    Avatar of rick
    rick
    Participant

    Talk about closed transactions. I received a call last night from a lady that I had an NEO with over a year ago. She said her house was finally going to close thru a short sale and the agent is going to pay me a referral fee for passing her the listing. I have the written agreement too. kool and unexpected.

    you just never know.

    #29012
    Avatar of homesavers
    NULL
    Member

    @Rick wrote:

    Talk about closed transactions. I received a call last night from a lady that I had an NEO with over a year ago. She said her house was finally going to close thru a short sale and the agent is going to pay me a referral fee for passing her the listing. I have the written agreement too. kool and unexpected.

    you just never know.

    Hold the phone!!! Stop right now. You have a live one there. Do not just hand it over to the agent for 500 bucks. You have an opportunity here. Do you see it?

    #29013
    Avatar of rick
    rick
    Participant

    Okay, I give up. :idea: :?:

    #29014
    Avatar of homesavers
    NULL
    Member

    Rick,
    You have an Option with the owner right? What is the “strike price” or MAV? You need to get on the horn with that Seller and tell them you will handle all the negotiations for the short sale. Use your Realtor to list the property. I have all this in place and I have been working on it for a while now. I am meeting with a Realtor next Monday to get his Short Sales. Do not just give this one away for a Realtor referral fee. It could mean the difference between 500 and 10,000 dollars. What sounds better to you?

    #29015
    Avatar of rick
    rick
    Participant

    Don,

    This NEO was from 1.5 years ago. Plus I am not set up to do short sales. I have enought on my plate right now and will not put on another hat. I had the agent sign a referral agreement and that is what I was talking about when I said a written agreement. She is an expert at short sales with several hundred under her belt. She has been in business since the 70′s and has teeth like a sabre toothed cat and likes to show them. I’ll gladly thank her for the $500 bucks and have a happy experienced agent on my team. I’d rather have a team player that wants to do future business with me, on my team, then to get greedy. That my friend will make me much more than the 10k.

    #29016
    Avatar of homesavers
    NULL
    Member

    @Rick wrote:

    Don,

    This NEO was from 1.5 years ago. Plus I am not set up to do short sales. I have enought on my plate right now and will not put on another hat. I had the agent sign a referral agreement and that is what I was talking about when I said a written agreement. She is an expert at short sales with several hundred under her belt. She has been in business since the 70′s and has teeth like a sabre toothed cat and likes to show them. I’ll gladly thank her for the $500 bucks and have a happy experienced agent on my team. I’d rather have a team player that wants to do future business with me, on my team, then to get greedy. That my friend will make me much more than the 10k.

    Okay Rick. So you are going to convert this “sabre toothed cat” from a referral based source to doing “future business” with you? You are not getting “greedy” This is your business. What makes you think that will make you much more than 10K my friend? Not sure where you are coming from. You are thinking this lady is going to turn some business over to you? Why would she? She is a short sale listing agent I presume. She gets paid by the bank when she sells the house via the MLS. She turned it around on you when you should have been on the other side. She is good.
    By the way, I am set up to do short sales, REOs, Loan Modifications, Wholesale Deals, Subject To deals with the EHT and anything else you can think of except mobile homes and raw land.
    I am no better than you.
    My challenge is in being consistent with effective marketing.

    #29017
    Avatar of rick
    rick
    Participant

    Don,

    I am a team player. As a general contractor I only work with team players. I would not be do quality work all by myself within a certain time frame if I didn’t. I picked the agent to do the short sale because of the circumstances and because she is good. She did not pick me.
    My rules are pretty simple. I chose to work with team players because I can get more done and I am exposed to many more things than if I try to do everything myself. Giving me better leverage in the long run. Now when she collects her check and hands me the $500 bucks, I will tell her thank you. Then I can use the $500 bucks to become an affiliate in 4 real estate marketing groups in the bay area. I can put my flyers on the table every week and stay in front of them. When I hook an agent that wants to work with me on the home using a NEHT trust or two or three, I will make more than the 10k. Remember the properties in the bay area much more expensive.

    Then down the road when her client tells her he wants to put the home into a land trust so they can get the tax benefits, she will remember that is what I do and give me a call. She will ask me if we can we work on this together and I will say, You bet. Only I will give her more than the $500 bucks she gave me and when she looks at other deals she will always look at every deal and make the NEHT trust as one of the options. Funny how that works.

    #29018
    Avatar of homesavers
    NULL
    Member

    @Rick wrote:

    Don,

    …When I hook an agent that wants to work with me on the home using a NEHT trust or two or three, I will make more than the 10k. …

    Then down the road when her client tells her he wants to put the home into a land trust so they can get the tax benefits, she will remember that is what I do and give me a call. …Funny how that works.

    This can possibly work or not. How are you going to get agents to work with you? I mean Scott does it but most agents do not understand what we do and attorneys too. Sure enough agents are out there looking for listings and looking for buyers. Our definition of buyer is different. So it is like trading with the natives. What is valuable to us is not necessarily valuable to them. I only say this because I have talked to hundreds of agents over the years.

    Sounds like you are trying to use a heck of a lot of leverage without considering that we are playing with a different set of rules.
    Why don’t you just do the following:

    Find your own Seller’s by marketing for them.
    Find you own Buyer’s by marketing for them.
    Engineer a plan to solve both of their problems. Could be the EHT or not.
    Agents will then work for you. You can have them find buyers for you.
    I say control the property and then have all your soldiers inline carry out the mission of getting a buyer for it.

    All this networking stuff is nice but it is usually not effective(from my personal experience). Contrary to what other people say. Unless of course you have built a reputation that people can see. Then they will follow you like the pied piper.

    Another last question, Has this worked for you in closed deals?

    #29019
    Avatar of joecain
    joecain
    Member

    Hi Rick -

    I have been off the Board for a few days and am only now getting to this back-and-forth between you and Don.

    I encourage you to consider the possibility of being a difference-maker!

    Plan your work and work your plan. From where I am sitting and reading, I see no obvious flaws with your logic or your stated course of action. The point for me is that you are in action! Way to go, and I will echo what Scott wrote:

    “Good Job and Great Post Rick. Keep up the good work. Now let’s turn this activity in to closed transactions. Let me know if you need any assistance.”

    Let me know if I can assist as you move forward.

    #29020
    Avatar of homesavers
    NULL
    Member

    @joecain wrote:

    I see no obvious flaws with your logic or your stated course of action. The point for me is that you are in action! Way to go, and I will echo what Scott wrote:

    “Good Job and Great Post Rick. Keep up the good work. Now let’s turn this activity in to closed transactions. Let me know if you need any assistance.”

    Let me know if I can assist as you move forward.

    I agree, Joe. Action is what we need not just talk. I spoke with Rick via telephone regarding his actions. What he did makes sense in context.

    The point I was trying to make here was that when it comes to working with Realtors and other agent types we need to consider our solution. Our Solution is not to just list and market for a qualified buyer. We are able to do so much more with the EHT. So when we are in first position with the property owner we should put our team in action to alleviate that owner from the payment burden and other needs using Realtors and others as part of our team. Does this make sense?
    Rick had his reasons for passing this deal to the Realtor and I understand that.

    #29021
    Avatar of rick
    rick
    Participant

    Thanks Joe.

    I appreciate that.

    Don, I can market to get buyers and sellers and have a list of them ready to go. Then I need the team ready to help find a match. The team has to be built on relationships that we develop by getting face to face with these folks and finding ways we can help their business while helping ours. You know how this system works and so do I.
    I am going to go out and start asking questions about different situations that will lead me back to the trust set up. Scripts are good and so is marketing, however they can be a crutch. I need to talk to more folks face to face and get to know them. I need to stop thinking so much and just start to make some moves outside my box.
    After I ask the questions, I will ask if they are looking for a solution. Then give them one that fits.

    One thing that has worked well for me when talking with a buyer and seller is I tell them a horror story about lease options, rent-to-own’s, and wraps, contracts for sale, etc. I tell them the negatives and ask them if that is what they want. Then I tell them how we do it and almost always agree they like what they hear.

    I received 2 good tips from the folks at the marketing meeting and they where trying to help me in both situations and nothing in return for them. I like these kind of people and that was just from one day. How many more in the group of 100 are looking to help. Do you think if I contact 52 I will get 4 on my team. I already have 2 out of the first 10 I talked with. You see where I am going with this. Face to face is what I have to do.

    more later.

    #29022
    Avatar of rick
    rick
    Participant

    It’s time for me to fly the airplane.

    When Captain Sully lost power to his US Airways airliner, he needed to take control of the aircraft and do what he was taught from the begining of his training as a pilot. Fly the airplane. He was taught to lower the nose to keep up his airspeed and look for a place to land. He knew from his altitude how far he could glide and picked a spot to land in the Hudson River. His training kicked into gear and I think we need to do the same. Fly the airplane and let your training guide you.

    Just think down the road when the market turns and the interest rates hit 10%. It will be much harder to get a loan and we will have available all these low interest rate loans available to us.

    Maybe it’s a good thing we didn’t set up any trusts in California until now.

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