Free Marketing Ideas for New Real Estate Agents in 2019
The Best Ways to Generate Leads with a Low Budget
Being a real estate agent is an expensive career. There are all your known costs like your brokerage, office supplies, board dues, and then there are all those additional marketing costs that you weren’t expecting. How can you generate leads if you don’t have the marketing budget of other REALTORs? Well, it’s actually much easier than you would think. The best source of business for a new real estate agent with a low budget is your sphere. You need to know how to best stay in front of your sphere to start producing at a high level.
In this real estate agent training podcast, you will learn 5 free marketing ideas for new real estate agents.
In this episode, we discuss
[00:00:00] Hello and welcome to Rev Real Estate School. The podcast with quick tips and actionable advice to help you sell more real estate in today's world. And now your host Michael Montgomery.
[00:00:11] Hello and welcome back to Rev Real Estate School. I'm your host Michael Montgomery. Today we're talking about a very interesting topic, and something that comes up quite frequently is how do you market and how do you start building your real estate business if you don't have any money.
[00:00:27] We know this is an expensive industry to be in. If you've been in this industry for a few months a few years, any time timeframe for that matter you do know that there are expenses and these aren't small expenses. We're talking about brokerage expenses, board expenses, but more than anything we are talking here about marketing expenses and something you've probably caught yourself doing before is looking to other agents in your market seeing their fliers seeing their Facebook ads, seeing their billboards, seeing all these things and thinking you know what if I had that sort of budget I'm sure I could do that type of business. Here's the thing, as we're at different stages in our real estate career if we're starting out if we're less than five years for less than 10 years we may not have that sort of budget. And that's totally fine! This, in fact, is a different business model and it comes with a whole bunch of different challenges. One of the best things about being whether it's a new real estate agent or a growing real estate agent is you get to build your business in your own way, and you get to do things that you'd like to do in order to enjoy the business that you are building. OK.
[00:01:29] So what's the point here? What we're talking about is how you can market yourself when you do not have a budget that you can use. So if you're familiar with the Millionaire Real Estate Agent book, you may be familiar with the 8x8, 33 Touch plans, and the 12 Direct if you're not familiar with this. We'll link up our episode in the show notes. You'll be able to find it there where you can break down our 8x8 and our 33 Touch plan that you're more than welcome to use. But the big comparison that I want to make here is between these two plans. So the 8x8 touch plan is mostly focused on those that you already know and the 33 touch plan that is their people that you know there people in your database and what they say in the book is that one in twelve people within your database will likely lead to either a referral or a repeat transaction. So those are people that you know these would be considered people in your sphere past clients whatever that might be their people that you know.
[00:02:26] Next is the 12 Direct. And this is the plan of people that you do not know. So if you do not know these people potentially that's farming potentially that's open houses whatever that might be. Those are people that you don't know so you can see the distinction there.
[00:02:39] There are two different types of plans. There are the 33 Touch and the 8x8 plan and the 12 Direct. Now for the 12 direct one in 50 people will likely transact. And this is an average, and this is over a period of time so if you start to say geo farming today if you start targeting 50 homes there is a chance that one of them will transact in the next year but probably to be honest if you've done this they won't it will take more homes than that, and it will take a longer than that typically with geo farming we say you have to be prepared to spend about a year's worth of time and budget before you see a transaction. But then over time, it can turn into one in 50.
[00:03:19] Why does all of this matter? The reason it matters is that these things do cost money. And if you're starting out in real estate or if you're growing in real estate, and you don't have one year's marketing budget prepared to spend in order to get business this way then it could be somewhat of a challenge it could be a letdown and you could end up spinning your tires it is a commitment and need to commit to these things. If you are newer and you're growing, then we should look more towards the eight by eight in the thirty-three touch. So we should look at people that we already know this can be the least expensive way that you can build your business. You don't have to worry about the same cost as you do when you're trying to go the 12 Direct route or when you're trying to build your business from people that you don't know.
[00:04:00] Therefore, you really should be focusing on the people that you know in order to start driving your business. Now again I'm not saying that you should not be focused on geo farming and you should not be focused on online leads. Not at all what I am saying though is if you are working with a limited budget then there are other ways to go and ways that are less expensive that still create amazing real estate businesses. We're going to jump into five different ways that you can get real estate business without spending a penny. Let's jump right in.
[00:04:30] First off social media. So social media is great for online ads of course but the other thing about social media is, of course, all your friends your family your sphere is very likely on Instagram Facebook and the social media channels that you use. You should be using this because these channels are free and it's free marketing to your sphere daily. However, how does this look? Well, what I'd recommend we're going to get into minimums here. So I'd recommend a minimum of one post today, and a minimum of three say stories a day so Facebook Stories, Instagram Stories, whatever it is that you choose to use I'd highly recommend using Instagram Stories and then you for your post use Instagram and Facebook if you'd like you can also tie and of course stories from Instagram to Facebook which can be very beneficial. However, this is a free way that you can get in front of your sphere, and it needs to be done especially if you are not working with a large marketing budget. You can build an amazing business just from your sphere using social media.
[00:05:26] Number two Annual Real Estate Evaluation. I'll link this episode up in the show notes as well, or we talked all about annual real estate evaluations. These are an amazing source of business. All you have to do is reach out to people that you know your sphere friends family whoever that might be even if they've used a previous agent in the past and see if they would like a free annual real estate evaluation. It's very very simple, and often the only hurdle here is yourself, and you just do not want to ask the person if you're able to do it for them. They'll almost always say yes. So the only thing between you and your success using this technique is your mindset saying that you don't want to because you don't think that they will want it. They definitely will. Moreover, plus it is free. For minimums, I'd recommend a minimum of two of these a week.
[00:06:17] Number three and we've talked about this one before two is building your B2B relationships or building relationships with other business owners within your community. This is extremely powerful and it can be as simple as going to their business reaching out to them connecting with them on social and if you want a great little hack is to make sure you give them a good review online. Business owners remember the people that give them good reviews if there is another business out there that you are connected to that you've worked with in one-way shape or form and you want to continue to solidify that relationship on a B2B level so B2B as a business to business level. Then make sure that you review them wherever they would like to be reviewed whether it be Google, Facebook, Yelp, whatever that might be. This is a great way to stay top of mind with those people that you want to support and people that you want to build relationships with further within your community. And again it's free. So I'd recommend connecting B2B with another business. Minimum one a week. So again we're talking minimums in this episode.
[00:07:18] The next one and this one I mean I guess it can cost a tiny little bit of money, but I'd recommend taking two people out for coffee a week. Now again this seems very simple, but most people aren't doing it. Most people don't think that it's necessary, but the amount of business that can come from just sitting down and having a conversation with somebody even if it has nothing to do with real estate is amazing. The only thing again with this one getting in your way is very likely yourself and you think that that person doesn't have time to sit down and have a coffee. Well, you know what a lot of people do, and a lot of people want to help your business. What I found in years and years of real estate is most people are good people and most people want to help your business, but you kind of have to help them see how they can help you. And a lot of that comes down to conversations and what's happening in the real estate market. From there they refer you. So again we're talking minimums. I would say two coffees a week, and specifically we're talking about coffees here we're not talking about lunches or going out for drinks because those can have an added cost for a coffee. Pretty straightforward pretty easy and not too expensive. That's number four.
[00:08:21] Now finally number five and this is more of a concept, and the concept is you have to leave the house. We've talked about this before and it's all about saying yes more so when people ask you to do things when you see opportunities for events something that interests you a course something happening in your city is say yes more this is a mindset shift and the more that you say yes and the more that you leave the house naturally the more conversations you will have. Again we're coming back to the fact that these are people that you will either meet get to know and then they'll become part of your database. And from there one in twelve of those people will transact in one-way shape or form whether they refer you or whether they do a deal themselves. Now these are a massive ROI and not only a massive ROI because a lot of them they really don't cost much if anything at all but they're also a great return on time because you're connecting with people and these people is ones that will lead to your income for years and years to come.
[00:09:22] if you do not have the marketing budget to go out there and spend say a year's worth of marketing on something if you're only spending say one month here one month there chances are you're not going to see anything come of that because you lack the consistency. And it's not from not working hard enough. It's just if you don't have the budget to market to a community over the course of one year don't just market to them once because you're basically throwing away your money you want to market consistently. I'm not saying that something can't come from that one time, but chances are if you want to have a continuous business then you have to be doing it consistently. Moreover, if you don't have the budget for it right off the bat doesn't she yourself used these five techniques so you can start building up the business that you'd like. And then from there when you do have more of the marketing budget you can start moving towards this other sort of ideas. But like we said in the start is don't get the blinders on and think that just because these people have a bigger marketing budget that they have a bigger net income or that they have a better life or that they have more going for them. That's not the case. Every single step in the real estate career comes with a new set of challenges.
[00:10:29] Thank you so much for listing this episode. As always I really appreciate it. Remember all you should do is rate review the show head to our Web site Rev real estate school dot com. Go to the free coaching section let us know where you did that review, and you can have a free conversation with the top producer. Thanks so much for listening and we'll see in the next lesson.
[00:10:47] This episode of Rev Real estate school has come to a close. Thank you for tuning in. We will see you back here. Next lesson.