17 August 2018
Every Marketing Monday this month, the Morris Real Estate Group Marketing blog is diving into real estate marketing myths that cost new Realtors time, money and headaches. So far, we’ve covered Real Estate Marketing Myth #1: If you build a website, They Will Come and Real Estate Marketing Myth #2: Buying Leads = Buying Sales. Today we’re discussing a marketing myth that is so common, virtually every new Realtor has believed it to be true.
Real Estate Marketing Myth #3: Your Family and Friends Will Hire You
It’s understandable why new real estate agents are confident that their first clients will be their family members and close friends – this is how it works in many other professions. Some company marketing schemes / structures rely solely on the fact that those close to you will support and enable you to build your network through them. Unfortunately, the “automatic customer” rarely happens when you’re first starting out in real estate.
Despite your expectations as a new real estate professional, family and friends will not immediately hire you to represent them. There are several valid reasons for this. For example, they:
- Do not want to cause a rift in the relationship or family dynamic if things go south.
- Want someone with more experience to help them handle such a huge undertaking.
- Already have a relationship with a trusted Real Estate Agent.
- Don’t want to play favourites if there are other agents in your family or friend circle.
- Do not feel comfortable sharing their financial status or details.
While every family and friend dynamic is different, the fact is that more often than not, you will have to develop a different strategy for real estate marketing and lead generation. And while your family may not hire you to help sell or purchase their property right away, it does not mean that they cannot be helpful. To achieve this, however, you need to treat them like prospects and not like family. In other words, you need to include them in your formal real estate referral marketing strategy. Here are three tips for getting your family and friends to help you generate leads.
3 ways to include your friends and family in your referral marketing strategy:
- Add them your newsletter and email marketing campaigns. Your consistent communication and offering of intelligent advice will help you stay top of mind and establish your credibility as a professional and an true expert.
- Offer incentives. Just as you would with any other client, it’s always good practice to reward family and friends for providing you with referrals.
- Respect boundaries. Like most professions, it’s important to know when to go into sales mode and when to stay in family mode. This advice is not only meant for family barbeques or nights out with friends, it also applies to interactions on social media. If, for example, you read on Facebook that your third cousin is considering selling her condo, rather than leave a comment on her post that you expect to represent her, send her a private message asking when a good time would be to have a quick call so you can give her some free and helpful tips and advice.
We hope you found this article helpful! Make sure to tune in next week we’ll discuss the myth and reality of mass mailings.