Real Estate Marketing Drips: February 2009

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In my post, "Are you Cutting off your Niche to Spite your Marketplace?" I wrote about why real estate professionals should choose a niche. In listening to the readership community of this blog I heard a need for clarification of the infamous 3 W's and H.  My marketing mind is ready to serve so here we go.

 

 

Breaking Down Niche Economics:  How, What, Where, and When

 

HOW?

Get back to basics.  Study and research your market area. You need to understand what your marketplace is doing- What is selling? What's not? Who makes up your marketplace?

I recommend that you read and print this post by Myrtle Beach Real Estate agent Mirela Monte, "How Well Do You Know Your Market". It is a timeless post that captures the essence of what homework you should be doing everyday in order to understand your market.

Mirela wrote this post in October 2008 so you can adjust the time frames accordingly and put it to use, daily, weekly, monthly and quarterly.
 

Once you understand your market you will be able to analyze its trends and find your niche.

 

 

WHAT?

You've done your homework and research but are unsure if what you've determined could qualify as a niche.  You might just be surprised at what a niche can be---take a look at these niche markets,

 

 

 

1. Fixer uppers
2. Lakeside property
3. Pet owners
4. Green living/Ecobroker
5. Neighborhood expert
6. School District expert
   
7. Vacant land/acreage
8. First time home buyers
9. Seasonal visitors
10. Equestrian property
11. Resort/vacation homes
12. Seniors
13. Luxury Homes
14. Condo buyers/sellers
15. FSBO's
16. Expireds
17. Short Sales- which can be subdivided into families, divorcees, young singles, investors, move-up families, home finding services and road to recovery services for short sale homeowners
    
18. REO's
19. New Construction
20. Relocation....which can be subdivided into International, Domestic, Young Urban Professionals
21. Families.....which can be subdivided into families with young children, families with teenagers, families with college children, families with elderly parents living with them, single parents
    
22. Empty Nesters
23. Investors...which can be subdivided into condos, single family homes, commercial,
    
24. Nudists
25. Military Families....which can be subdivided into army, navy, coast guard....which can also be subdivided into rentals, temporary housing, homebuying/selling, property management
26. Minorities- Asians, African Americans, Hispanics
27. Car Enthusiasts
28. Gay and Lesbian Community
29. Universities/alumnists
30. Houseboats
31. Oceanfront
32. Rental Assistance
33. Farms/Acreage
34. Timeshares
35. Mobile Homes
36. Historical Properties
37. Bed and Breakfasts
38. Property Management
39. Business Opportunities
40. Celebrities
41. Actors
42. Musicians
43. Sports Professionals
44. Service professionals- i.e. doctors/lawyers
    

 

How can you tell if the niche you have chosen is truly the golden nugget of your local real estate market?  Ask yourself a few questions once you have decided on your metallic endeavor,

 

1. DEMAND-Is there a need for this niche?
2. PASSION- Do you have a desire to serve this niche?
3. FINANCIAL OPPORTUNITY- Can you make enough money from serving this niche?
4. SUPPLY (over/under)- Is this market currently flooded with service providers or are you an early adopter?
5. EXPENSE- Can you cost effectively market and sell to this niche?

Bingo...You hit the jackpot:  If you answered yes to all 5 it's time to do some planning. 

Answer Key

• If you answered yes to all but #1 you need to go back to your market research and studies because you missed something in your initial analysis if you answered no to this question.
• If you answered yes to all but #2 go back to the drawing board because if you don't like what you are doing you won't be attaining the quality of life you desire.
• If you answered yes to all but #3, maybe you need to supplement your income by adding another niche. 
• If your answer to #4 is that your market is flooded you will need to differentiate in your service offering to have any chance of being effective.
• If you answered yes to all but #5 you will need to supplement your business with another source of income, either a part-time job or another niche, while you are building your first niche out.

 

 

WHERE?

Back to the basics again. You need to devise a strategic marketing plan. If you don't get help in constructing this then I'll give you a few DIY pointers:

1. Where does your niche go offline?
2. Where does your niche go online?
3. What businesses does your niche buy products and services from...where are they...how do you get in front of them?

Make a list, make a plan, and follow through.

 

 

WHEN?

If you are committed to running a business the time is now.  If you enjoy throwing spaghetti against the wall to see if anything will stick, the time is never.  Investing in a niche today is investing in money today, tomorrow and building for an exit strategy in the future.  If you decide today to make that investment I say to you....

The biggest hurdle I see in the real estate marketplace today is the fear for real estate agents to commit to a niche market.  A niche market can provide your business with a brand, a distinguished service offering, and a means to an exit strategy.  The benefits are plentiful yet the perceived risks tend to haunt industry professionals.

A niche marketer picks up traffic from an underserved and needy marketplace-you know the economic fundamentals of supply and demand. Ready, willing, and able customers aren't hiding under rocks they are scouring the net and asking for referrals from their Sphere of Influence.  The question is will you be top of mind?

If you are marketing yourself effectively as a niche you can bet you will be.

Are you still afraid to let go of those old and tired apron strings? You know, the ones that you were tied to when you first came into the business and you were trained to take everything just to make ends meet?  The taste in the mouth of your unsuspecting clients might end up being bittersweet.

This weekend I was contacted online by a home buyer who is having a problem with his new construction real estate contract.  The real estate agent who he is working with does not have the experience he needs with new construction homes yet he is already signed, sealed, and delivered on his offer to purchase and is running into some significant issues that need resolution.  Now he is working through the grapevine of his real estate agent's friends to get the expertise he needs.

If you oversell yourself as a generalist you do yourself and your customer a disservice. 

 

In a less robust economy YOU can and SHOULD turn to a niche market.  Remember you want customers, not the looky-loos.  You can FIND a niche in any size community and let's be honest, normally you will service more than one town.

Keep your general market knowledge in your back pocket but move beyond the undergrad philosophy.  Step into a niche and become the master of your field.  If you are still concerned about lack of business by making this move,

• Take on a minor to increase your opportunity.
• Include your knowledge on general areas of real estate and when prospects come to you make a referral.
• Expand and branch out by growing a team full of niche experts.

If you keep your mind open your advantage will become clear and understood.

Niche markets change.  If the rate of homeowners delinquent on their payments in your area is 1 of 4, then short sales are not a niche but rather a general study that you need.

Don't get left twisting in the wind.  First step out of the industry to get your mind freed up to think more clearly...see how the other half lives,

Freelance writer niche markets- Writing for the golden goose.

Why Niche Marketing is important online- The true anatomy of longtail success.

7 Steps to small business success- Look at Number 1 "Start Smart".

Do yourself a favor today and don't wait 60-90-120 days.  Carpe Diem.  The time is now to think about a niche.  Do you want to stay a generalist to "keep food on the table today"? 

 

Are you cutting off your niche to spite your marketplace?

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Niche Economics is a passion of Real Skillz marketing consulting. Call #262-203-5231 or email rebecca@realestateskillz.com to get your niche in tip top real estate marketing shape.

If you aren't you are missing an opportunity to become even more valuable in your client's eyes.

All it takes is a call to your local library and a chat with a librarian.  I find librarians to be some of the most helpful friendly people here on earth- no joke.  I am sure they would be happy to help and greatful for the visibility. 

• GMAIL- Better than outlook because it is web based accessible from anywhere, even a distant relatives from out of town.

• Google Docs-  Home buyers can make the process of home buying simpler by listing their findings after each home finding trip and sharing the results with their real estate agent.  Here's a form sample.  The key to getting the word out is in #1...back to offline marketing again to your SOI and farm area in direct marketing on your business cards and newsletters.  Through your e-newsletter publications.  Spotlight on your home page that links to your blog.  When you are talking to people mention it in conversation and watch their ears perk up.  Everyone wants to make their lives a little simpler.  You get the picture.

My post on Wi-Fi in Lake Geneva got good google juice and still picks up activity and because I can easily update it this post becomes a useful handy printable archive that can be cross-purposed into many of my local Internet marketing efforts as a free resource.

• Virus prevention
• Computer maintenance
• Shopping for a new laptop or home computer
• What not to buy (Insert Mac vs. PC joke here)

• You are Local.
• You are an Internet Marketer
• You are relevant
• You do care.

 

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Real Estate Brokers:  Building a solid community is the game  changer for a Sphere of Influence Business Model. Do you want to learn more about building a community through solid and creative internet and offline marketing efforts?  Call #262-203-5231 or email rebecca@realestateskillz.com and ask about the Real Skillz Community Equals Profitablility Seminar.

1.  Choose a Hub- Your marketing efforts should be directing past clients, new prospects and current customers to a Hub.  Normally this will be your website and that is why I advise real estate professionals to have a blog integrated into their website.  A hub is your main marketplace where people can get additional information, purchase products or services, and keep in touch with you.

Consistency is key.

Provide plenty o' links and reasons for your blog visitors to go to your website.  Don't be afraid to use call to action buttons and white paper sign up promotions.  You shouldn't be a dirty little secret. 

 

Cupid came to my house late tonight with 10 kisses for me to share with bloggers.  I told him he can trust me since I love to share and kisses are great to give.....

Pucker UP

EXPOSURE-Top Directories with Free Website Submission- Why reinvent the wheel when the wheel that was built is brilliant?  This list of free website directories is thorough and categorized by page rank.  A must use brilliant list.


VIRTUAL LIBRARY Scribd- Every document you ever wanted in the library but they didn't carry.  Want some free research on web 2.0 tools or best business practices check scribd.  Many of the documents are public and free.  Also a must use to upload documents you would like to share and get a little viral love.


FEEDBACK Twitpoll- Do you twitter and do you like to get feedback on the questions burning in your mind?  Try some free polling apps like twtpoll and twitter.polldaddy.com and get some answers.


CONVERSION Mediaconverter- If you need to convert media (video, audio) into different formats that are platform friendly this is a great free tool.  I recently used it to embed a YouTube video into a power point presentation and it worked quite well.


COLLABORATION TripIt- A travel organizer that lets you share your travel plans.  I'd say this is a no brainer but I might be stating the obvious.


BREAKING NEWS ireport.com-  Having your feet on the street has it's advantages.  Go to this site, scroll down to the bottom left and see if any of the assignments might be of interest to you.  Submit an Ireport and it might just get picked up by CNN.


BLOG SEARCH ENGINE-Technorati- This is an easy one.  Take two minutes and claim your blog.  Yes it's important to do this.


LINK POPULARITY Link Popularity Check-  Where are links to your website found and where are your competitors links?  This tool has some answers.


WEBSITES Blinkweb.com and Weebly.com-  Free websites with paid versions.  I don't recommend you use these for your primary website BUT I do recommend you use these for sales letters for promotion of ebooks and webinars, special customer programs, member websites....SPECIAL THINGS.




**  Cupid said I could give one more:  IMAGE EDITOR:  My favorite photobucket .  I use this everyday to edit and store my images.**

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Blogging is a consistently effective tool if you have a strategy to reach your goal.  Without a strategy you can become tired, stressed out, ineffective, and overworked.  The goal in pull marketing should be to work to pull clients to you, not to work to pull yourself apart.

Creating an effective blog strategy that doesn't leave you numb is a job that Real Skillz is ready, able and willing to handle. 

It's really simple.  I need to know the URL for your blog, your greatest challenges, your biggest accomplishments and your end goal.

I will personally review your blog digging through it in search of,

• Creative and Captivating Content- Original or Ordinary?  Can I hear your voice or is it stifled?
• Smart and Effective Linking Strategy- Are you linking? Where? To Whom? 
• Focus on a Target Audience- Can I find one?  Who is it?
• Usability- Can I read through your blog easily.  Is your display welcoming or daunting?

 

I will also be searching through the internet analyzing how you are marketing your blog,

• Commenting- Where? How often? When? Are you being effective with your content?
• Time Management- How often are your blogging and how much time are you spending marketing your blog?
• Focus- Do you have one?
• Syndication- Where?
• Offline- How and Where?
• Personal Branding- Does it exist in your blog and in your blog marketing?

I will prepare an analysis and then a custom blog strategy.  I will send this in depth report to you and give you a few days to review it. 

You will also be provided with a blog writing and marketing strategy.

You will receive a one hour conference call.  We will discuss any questions you have regarding the analysis, strategy, and beginning of your new journey.  A 30 day check up is included with this service to make sure all the tires are in alignment and you're running along smoothly.

Any subsequent checkups will be at your discretion and your need.  I am providing a customized program to you. It's a tune up not a contract for indentured servitude.  My goal after your tune up is to feel firmly empowered, gassed, and ready to go.

 

If you are seeking increased business, personal branding, and a blogging strategy that works for you rather than a one size fits all solution or throwing everything against the wall hoping some of your efforts will stick call me at #262-203-5231 or email: rebecca@realestateskillz.com

I have priced this service at a very affordable level and cannot take more than 25 blog tune ups a month because of the amount of work involved for each one.  Each client's needs are so varied in scope and nature that I am not willing to sacrifice service for volume...even though I have set the price at a point that is humbling for me.  It keeps me honest and real.

 

Reciprocity. It's all about give and take and I am doing so very respectfully so that anyone who wants to can participate. 

I am providing exclusivity for solopreuners who sign up for this program. . So if you are a real estate agent, mortgage broker, stager, or home inspector I will not be helping your competition.

This eliminates any conflict of interest and allows me to concentrate on a plan that will be aggressively competitive and crushes the box for my clients.

 

Back to the money.  Let me define affordable...

This tune up will is no more than the cost of buying,

• A suit on sale
• A nice pair of shoes
• A cocktail size purse
• A pendant necklace
• A nice dinner out
• Golf and Lunch at the Club
• 50% of your weekly grocery bill
• One spa service
• A tune up on your car
• Putting your child in a sport or activity for the season...well I take that back, probably this service will cost you 1/3 to 1/2 of that.
• 1/2 of a monthly utillity bill for a 1200 sq. foot house

Need I go on?

Seriously affordable. 

Before you consider muting your voice or start Chasing Pavements Call #262-203-5231 or email rebecca@realestateskillz.com

If you like my free guidance and support you ain't seen nothing yet my friends.  Try the paid verson.  You don't have to have a superstar's money to be in my show.  If you need time to sell real estate and create and maintain an effective blogging strategy you are welcome anyday.

Twitter lovers you can DM me.  I check my DM's regularly.  Now I am off to teach social networking to local Wisconsin Female Entrepreuners.  What a rush...it feels very empowering.

You can sign up for the RealSkillz blog tune-up in a few easy clicks.

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**PLEASE NOTE:  SINCE THE TIME THIS POST WAS WRITTEN THE BLOG TUNE-UP PRICING HAS CHANGED TO ACCOMODATE THE AMOUNT OF HOURS SPENT PER CLIENT PROJECT.  PLEASE SEE WEBSITE FOR DETAILS:  HTTP://BLOGTUNEUP.BLINKWEB.COM FOR DETAILS**

Has the longtail got you down? 

It's discouraging to many out there. 

I have been listening.

I am aware.

 

It's Not Cheap

It Can Be Downright Difficult if you choose to make it so

Place a Value on Your Time

It should't be Free

Set a Schedule that's Flexible

 

Remember It's A Journey

You Never Have it Exactly Right

And It's Never Done

Your Platforms Might Change In Another 3 mos, 6 mos. 1 Year

Don't get Hamstrung

 

Social can be Easy

Relationships Take Some Work

You can Research On Your Own

Or Hire a Worthy Professional to Help

Either way it's not instantaneous and it does require maintenance

 

17 Years Ago I started in the Real Estate Industry

Eight Years Ago I came Online

Working Night and Day, Day And Night

Two Years Ago I Began Blogging

Social Networking- Hah,I've Been Doing that All Along

We all have...you are already a social marketing expert

Now you just need to train in new media

And you will be an expert in that

 

Now I have a schedule

I do get sleep

I do get time with my family

I do unplug

It took time to develop, research to learn, commitment to take chances

A willingness to keep an open mind and hang on

 

I'll never get it completely right

I'll never get it completely done

There aren't any shortcuts for me

Just dedication, systems, plans, support, a team to delegate non-money making tasks to

A commitment to invest money in my business and myself

So I don't get tripped up in the cracks

 

Are you willing to work the longtail or are you just chasing pavements?  Be Your Own Judge

Sing it Adele,

 

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A blogging strategy that incorporates social media marketing can make the long tail make sense.  Real Skillz blog tune-up program combines social media marketing in it's blog action plan making it an effective, affordable and customized solution.  Call #262-203-5231 or email rebecca@realestateskillz.com

 

I'll be brief.

One local gal, who blogs, a lot about real estate, marketing, sales and consumers.

One local gal who like to feed local business when she can.

One local gal who moved from Illinois to Wisconsin 3 1/2 years ago and has never turned back.

I am reaching out to connect to fellow Wisconsin Residents and make it a meaningful experience.

I am inviting you to reach back and connect with me too.....

My local blog makes me social in wisconsin.

Everyday I connectwith a new blogger through my blog or my social networks who lives and breathes the Wisconsin air.  These bloggers are from all backgrounds, races, creeds, and origins.

I love real estate and marketing.  I love Wisconsin.

If you blog and you want to reachout to other Wisconsin Bloggers email me and I will invite you to my newly created Wisconsin Bloggers group on Facebook.  This is a growing site for Wisconsin bloggers,

BUT I have to warn you.....I am not just reaching out to real estate agents.  I am engaging in conversations with Wisconsin bloggers of different professions and generations and I am LOVING it.  There's actual conversation and not much redundancy.  This is what blogging was meant to be.

Who will eventuallly carry their faces from online to offline venues.

If that is still appealing to you, email me for an invite- rebecca@realestateskillz.com.  It's really simple.  You live in Wisconsin.  You blog.

Peace.

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I initially published this post on May 30, 2008.  Given the new move by Point2Agent to charge for their free websites and Active Rain now charging for outside blogs and some upgraded features, along with the fact that Internet companies are still trying to monetize their offerings, I felt this post would be worth a second view.

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The Internet, Welfare, and the Age of Entitlement

 

Driving home tonight these lyrics from a local pop station pumped through my car's speakers:

"I know you and you know me cash rules everything around me. Say dolla dolla bill y'all, dolla dolla bill y'all."

I'm not down with thug songs but these words ring true. Dolla bills don't rule my world, but they give me the freedom to create my own corner of the world. The freedom to live in a house I choose, in a neighborhood I choose, in a city I choose. The ability to have those frivolities like gas, electricity, a car, health insurance, food, clothes.

They give me the freedom to take a break once in a while by vacationing Oceanside.

 

 

The Internet has become a land of free lunches.   Blog, get socially connected, use a new tool or widget, watch a video, or attend a webinar.  It's Free. I can't think of many things I pay for now on the Internet, much of what I use doesn't come with a big price tag, and if there is one, it's negligible.

Somehow, I don't think that the Internet as it's grown from its infancy was meant to evolve this way. I have a hard time wrapping my head around entrepreneurs yearning to remain philanthropic Internet evangelists.  Internet fans have learned to become staunch advocates of the free wares at the Internet fair.

The eyes of Internet fans have been trained to ignore the advertisements mixed among the transparency.

 

A blatant decree of valuable goods for sale does nothing but get the backs up of otherwise loyal fans with a war cry of "Hell no, we won't pay, we can leave here any day".

And so now even MySpace searches to find a revenue model that will grow.

 

 

 

 

 

Is the Internet stuck in a vicious cycle?

 

Are we creating junkies by getting them hooked on "Free" without providing them with a viable rehab? The junkies will pass down their habits to their friends, their loved ones, and their future offspring. The addiction of free will continue unless a widespread intervention occurs.

Who can afford to live for free?

 

At some point it's inevitable that service will be sacrificed in the pursuit of rampant freedom on the Internet. Businesses will pull out their cyber aging hair in frustration when they are unable to convert their evangelists to paying customers. The love lust of Internet lover's souls will start to twang like the ballad of a broken hearted country singer.

The Internet will become a vehicle of disenchantment.

 

There's a lesson to be learned by listening to the woes of Internet entrepreneurs.  Be careful of what methods you choose to attract clients. As a marketer, a salesperson, and a real estate consultant be smart with your solicitation efforts.

• Seek clients who value your advice and feel it's worth the price tag you command.
• Work daily on attributes that focus on your self-worth.
• Know that money is the beginning, middle and end game for your business.

This is the way you need to roll.

 

 

In every generation, you will find clients who value high touch service above all and will pay for the freedom it affords them.

There are prospects you will encounter who will want the drive-thru fast food prices expecting to get the 5 star meal. They will threaten to go down the street to your competition if you don't give them what they want.

Let them.

Don't go the way of the dodo bird by falling into tainted love with the age of entitlement.

 

 

 

 

 

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Since I wrote this post I have abandoned some of my Internet junkie habits and paid for some Internet goods.  Here are a few things I am paying for willingly,

• Localism
• Snag-It
• Xmind
• Bluehost.com
• ReadNotify

 

What do you pay for or are you a full fledged freebie Internet junkie?  Please share by commenting below.

 

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Navigating through the internet of paid and free tools is a Real Skillz specialty.  Call #262-203-5231 or email rebecca@realestateskillz.com for a no nonsense real estate marketing consultation that will help you become a lean mean marketing guru.