There’s always something to howl about.

Category: Marketing (page 44 of 191)

Why We Should Rename It SMP (Social Media Prospecting)

I asked if SMM were dead as a precursor to our session with the Phoenix Association of REALTORs.   A few of y’all mentioned that social media was helpful as a lead generation tool.  I suggested this yesterday and  I want to be perfectly clear about the utility of social sites as lead generation pools.

Serially creating overly commercial, spammy messages on your Facebook status bar is never going to be effective.  Kelley Koelher once said in my Unchained session that you’re supposed to be SOCIAL on social media.

I don’t disagree.  I often liken your behavior on social media like a party, wedding, or community event.  If you showed up to cousin Fred’s wedding and handed out your business card, you should be tossed out on your ear.  If  bride Wilma’s sister asks you “What’s the market doing ?”, it makes sense for you to get her number and reconnect with her a week later.

Now, more than ever, prospecting is paramount to success as a REALTOR.  Consider this video of Gary Keller and Jay Papasan, discussing the shift from marketing to prospecting.

Here are my takeaways:

  1. the 8 X 8 is about cementing a relationship.  These can be phone calls, interactive comments on social media sites, e-mails, and postcards.  I think 3-4 different forms of media touches hardens the relationship cement quickly
  2. the 33 touch is about saturation.  I can’t stress enough that you must have permission to continue this saturation strategy on a prospective client
  3. The monthly newsletter is a non-threatening way to buy brain cells.  My yellow postcard might only be read for the 8 seconds it takes to go from the mailbox to the wastepaper basket but it does get read.  I get calls from it.
  4. The principles of direct marketing are more important now than ever. This means that you should ask people questions…directly (eg- do you know any teachers looking to buy their first home?)

How do social media play into this strategy? Here’s a Facebook tactic:

  1. Call everyone on your “friends list”
  2. Ask them who their REALTOR is in (your town)
  3. If they have one, politely move on.  If they don’t, ask if you Read more

BloodhoundBlog Unchained San Diego Online Marketing Conference

Greg Swann and I conducted our super secret stategy session, last week in Phoenix.  The results are in; there will be a one day BloodhoundBlog Unchained Online Marketing Conference in San Diego.

Mark your calendars for Friday, November 13, 2009.  The conference will go from 10AM until 5PM and be held within walking distance of the San Diego Convention Center.  We picked this date for a number of reasons:

  • we didn’t want to conflict with the scheduled Cyberprofessionals’ meetings
  • it’s the day after REBAR Camp
  • we can have a happy hour afterwards
  • easy fly-in and outs are doable; the location is a short cab ride from the Lindbergh Field (SAN)

The cost will be $49.00.  A $10 discount will be offered to alumni and the Cyberprofessionals.  If you’ve already reserved a spot, we owe you some money.  Expect that refund this week.

Much more information provided later this week; the location will be confirmed by Monday and the schedule will be up on Friday

PS:  if you’re planning on attending the Grand Opening of the NAR Expo,, you’ll  have plenty of time to make it there before the 7PM deadline.

PPS:  There will be limited seating so jump on this when Greg sets up the Paypal link.

Twittering Twitts of Twittledom

tweedledee-tweedledumI have always loved Through the Looking Glass by Lewis Carroll.  It is many things, not least of which is a truly amazing exposition on language.  I bring this up because I recently read Brian Brady’s piece entitled Is Social Media Marketing Worth the Effort and quickly imagined myself on a walk with The Walrus and the Carpenter.  Greg Swan commented on Brian’s piece by publishing a video of himself, talking to us about his lack of interest in Social Media Marketing.  I can only describe this as so eerily representative of what one might find on the other side of Mr. Carroll’s looking glass that it’s borderline derivative! For reasons that will be clear in a moment, I felt compelled to jump into the conversation.

‘Contrariwise,’ continued Tweedledee, ‘if it was so, it might be; and if it were so, it would be; but as it isn’t, it ain’t.  That’s logic.’

That’s logic… You just have to love the confidence of that line.  What’s even more interesting is how well this quote appears to sum up a few of our SMM darlings.  I’m thinking of Twitter here and as a matter of full disclosure: I’ve never used it.  As a matter of fact, I don’t believe I’ve used any Social Media in a way that can be measured for Return on Investment or conversion of prospects into customers.  As a matter of fact, the very idea of measuring return on investment or counting conversions goes a long way in explaining why so few people succeed in our business: they confuse marketing with advertising.  I’m itching to write a piece exploring that malady and will get to it as soon as I can carve out a little extra time.  But meanwhile, we have Twitter.  I know people right here in the Hound who are so old-school when it comes to marketing that they’re actually successful in this business (I’m not directly referring to the Bawldguy here, but if you’re still unsure I will look in his direction and whistle) and yet even HE has a Twitter account!  Go figure…

In Twitter Policies Come to Read more

Why Your FHA Decision Engine Approval Gets Denied

The occurrence of FHA loans receiving an FHA TOTAL Scorecard approval and subsequently having the loan denied once it hits the underwriter’s desk is happening more and more. It’s a reality the field must acknowledge and from what I have seen, the good originators have taken note and have adjusted their game accordingly.

However, before adjusting your game, you must understand the reasoning behind why this is happening and will continue to occur in the future. Quite frankly, it is at this execution juncture point, that the details and actions of originators are what separate the superstars from the rest of the pack.

The Reason

While the technical reason behind this shift has been in place for years, the enforcement has not until recently. In a nutshell, HUD has stepped up their post endorsement technical reviews and NOT letting lenders insure loans they allowed in the past. In short, previously they were letting lenders slide and NOW they are NOT!

HUD has from the beginning made it clear to lenders that regardless of the Automated Underwriting System (AUS) findings, it was still the lenders responsibility to ensure the data input to TOTAL Scorecard was accurate as required per FHA guidelines AND also demonstrate if there are factors that could not be determined, measured or quantified by the TOTAL Scorecard decision that would invalidate the initial approval decision.

An example of such, is multiple and excessive Non-Sufficient-Funds (NFS) on the borrowers bank checking statements. Since FHA TOTAL Scorecard cannot measure nor account for NSF’s in their decision (recommendation), they defer this determination of layered risk analysis to their Direct Endorsement (DE) lenders to establish if unaccounted layers of risk invalidate a TOTAL Scorecard approval/recommendation.

It is important to note a point HUD stresses to lenders on the back-end…the TOTAL Scorecard decision is ONLY a recommendation and it is the responsibility of the DE lender to determine the accuracy of the approve recommendation. Thus, “due diligence” is the ambiguous “standard” DE lenders are being held to in regards to TOTAL Scorecard approvals. What this means to originators, Realtors and builders is the “approval” received from TOTAL Scorecard (Fannie and Read more

Have RE BarCamps lost their way?

I attended the recent Seattle version 2.0 of RE BarCamp earlier this week. Also attending was fellow BHB contributor Al Lorenz.  Held at the Armory on Lake Union, it would be hard to find a location that was more beautiful to hold an event. And yet, I did not come to the event looking for beauty. I came to the event to learn more about techniques that we discuss all the time about marketing and salesmanship. What I discovered was a trade show masquerading as a grass roots event. The main hall of the Armory was lined with various vendor booths fully stocked with the obligatory vendor salespeople. Guys wearing crisp white button-down shirts standing in front of a large tradeshow booth. Bored looking salespeople just hoping that someone with a pulse would stop by their table and inquire about what shiny silver bullet they were selling. To entice agents to stop by and visit, there were all manner of free pens, flashlights, discount coupons, and much, much more…. I don’t know how much business any vendor did. I did pick up one flyer which has already found the way into the recycling after I looked that the product in greater detail online.

The attendance of the event was outstanding. There were over 600 RSVP’s for the event. The Armory easily held the crowd. The challenge of noise was something that everyone struggled with throughout the event. The PA system was difficult to understand simply because the hall was a gymnasium in previous years. The Keynote was by Ian Watt from Vancouver BC. It would have been a very entertaining and enjoyable speech had we been able to see the slides that he brought. The sheet hanging from the balcony was not really the best way to show off all that is glorious about PowerPoint. Ian is a very entertaining person and his presentation was the highlight of the event for me (even with the technical challenges).

The number of real estate professionals that had glazed over looks was disconcerting to me. I overhead a number of people mention that they did not Read more

Is Social Media Marketing Worth The Effort ?

Greg Swann and I are working together, later this week.  We’re meeting in Phoenix to do some video work (mostly Q & A stuff), discuss the what we want BloodhoundBlog Unchained to look like,  and host a discussion about SMM at the  Phoenix Association of REALTORs (with Kerry Melcher).

We KNOW social media marketing works because we’re both busy but we really want to start measuring the efficacy of each effort.  BloodhoundBlog Unchained is a labor of love.  Our profits have been miniscule but we learn so much from the process of hosting the conference.  Hobby or not, we’re still committed to producing the premier three-day workshop, about online real estate and mortgage marketing, in the industry.

One of the reasons Greg and I have such a great partnership is that we approach the same issue from completely opposite camps.  Many of you have seen us “do our bit” about filling the funnel vs. pure pull marketing. I’m gonna let y’all in on a secret; we both practice what the other preaches.

I watched the forced registration issue with great interest.  I’m spending thousands of dollars to have a similar IDX for mortgage rates developed.  Naturally, I want to recoup the thousands as quickly as possible without threatening the customer to the point of having her click away.

I’ve watched people preach expertise about SMM who have never dealt with a bad Yelp rating, never engaged a stranger about their profession on Facebook, and haven’t monitored their blog comments in a year.  We’re all trying to find the highest and best use of our time while providing good content for the stranger who graces our websites with a question.

I want those people to become prospects, then customers, then clients, then sneezing fans but I don’t want to spend all day wired to the laptop or answering questions via e-mail.

Our critical mission is to find out what works and what doesn’t.  Most of the ideas we develop come from questions in these little workshops we do. People ask us questions and Greg and I try to find the answers.  Those answers usually come from you; we Read more

Even though much of the current real estate “news” is really just hype, there can still be good reasons for you to be in the market

This from my Arizona Republic real estate column (permanent link):

Get a load of all that great housing news! Median prices are up! Sales volumes are up! The prognosis for the future? Up, up, up!

Here’s a different take: If it looks, walks and talks like hype, it’s probably hype.

Are houses selling well, compared to a year ago? They are — but the federal government is giving first-time home-buyers $8,000 in free money to buy houses right now. If that tax credit is not extended or replaced with something even more generous, the music will stop on November 30th.

And while median home prices may be up, prices for homes that normal working people actually buy are flat at best — and they have been trending downward since December of 2005.

But what about the shortage of available homes you have read about? What about the multiple offer scenarios, with homes selling for thousands of dollars over list price?

What would you expect to happen when you artificially stimulate demand at the same time that you artificially limit supply? We should be doing what your grandpa used to call “a land-office business.” Instead, even with $8,000 in free money, prices are still trending downward.

And that artificially-limited supply — all of the foreclosed homes that banks are withholding from the marketplace — will flood the market sooner or later.

If you’re in the real estate market right now, what you should do depends on your circumstances.

If you’re a seller, make a deal. Your carrying costs will almost certainly exceed any gain you can hope to realize by waiting out the market.

If you’re a first-time home-buyer, jump. If you’re not under contract by October 15th, you’ll probably miss out on the tax credit — and houses are not easy to get, taking account of the artificially-limited supply.

Buying with a loan? Interest rates are low for now, but they may not stay that way.

Buying all cash? Sit tight. As sweet as prices look right now, it seems likely they’ll get a lot sweeter when the banks finally release all the homes they’ve been hoarding.

 
Spread the word: Click here for a Read more

Would Consulting An Expert Produce Superior Results For You?

Preface: The year long retooling of my firm’s infrastructure is now well into its second year, mercifully nearing the finish line. To my great joy, I’ve rediscovered the Old School working definition of what an expert is. They not only know what they’re doing, they know why what they do works — producing, be still my heart, RESULTS. Or, in BawldSpeak, Skinned Cats. Expert recognition hint: Next time you’re talkin’ with somebody you suspect is an expert, pay attention to how many answers they supply to questions you never in a million years woulda known to ask. Then ask yourself in how many disciplines do you count yourself as an expert?

Ah, and there’s the rub.

When I first learned about the Lord’s game, baseball, the Dodgers and Giants had only been in California for a couple years. There was no Chavez Ravine — well, the ravine was there, but not much else. When a player was described as great, we all knew what it meant — he was, um, great. Now? Gimme a break. A shortstop up from the East Toilet Seat, Idaho AAA farm club makes a decent play on a sharply hit grounder two steps to his right and he’s the next Ozzie Smith — ‘What a great play that was!!’ Now, in baseball, as in all elite sports, the concept of greatness has no meaning whatsoever.

It’s like the Hall of Fame. Some of the players spoken of in the same sentence as the HOF are almost insulting to the Hall. It’s the Hall of Fame, not the Hall of the Really, Really Good. Again, the concept of true greatness has been watered down to the quality of prison gruel. Willie Mays was a great player. Is there a center fielder today you’d mention in the same breath as Willie?

The same goes with the concept of experts directly or indirectly related to real estate.

These days the concept of expert is shown no respect. If a guy’s in a room with 30 people and is three chapters ahead of the others in the marketing ‘book’, Read more

Does your smart-phone hold within it the future of real estate marketing?

This from my Arizona Republic real estate column (permanent link):

Do you have a smart-phone like the iPhone, Blackberry or Palm Pre? How much time do you spend on it? Is it possible that your smart-phone is your primary interface for accessing the internet? If you’re not there already, can you foresee a day when that might be the case?

It’s certainly that way for us, and we see smart-phone surfing as the next big wave in internet use. Because of that, we’re devoting more of our marketing efforts to promoting real estate by smart-phone.

As an example, we just added SMS messaging from a company called Drive-Buy Technologies. If you happen to drive by one of our listings, you can text a short message to a pre-set SMS account number and you will get a return SMS message with a link to a mobile web site featuring property details, photos and a link to that property’s main web site.

I’ve never been a huge fan of video as a real estate marketing tool. But smart-phone technology is changing my opinion. The integration of YouTube into smart-phones is so seamless that touring a home by video — as you sit outside in your car — is suddenly a viable option.

Another use for real estate video on smart-phones would be a sixty-second neighborhood tour — photos of houses, nearby stores and restaurants, schools and parks. And that video might link back to a Google map of the neighborhood, with each featured landmark shown on the map.

We’ve also just added the SmarterAgent smart-phone MLS client. This is a tiny app that gives you access to the full Phoenix-area MLS database. You can search for homes any way you want — by address, zip code, school district, MLS number. Even cooler, the app will use your smart-phone’s built-in GPS system to show you listings at your current location.

Is the smart-phone the future of real estate search? Maybe not, but when you spot the house of your dreams, won’t it be nice to find out all about it — right there on the spot?

 
Spread the word: Click here for Read more

Unleashing the power of internet technology on real estate transactions

This from my Arizona Republic real estate column (permanent link):

We’re wired Realtors, and we always have been. The very first thing I did as a Realtor was to set up a web site to attract clients. We made money on the internet from the very beginning.

Since then, we’ve adopted every new idea that’s come around, along with inventing quite a few of our own. We publish a national real estate weblog — BloodhoundBlog.com — to help other wired Realtors come to grips with technology.

Because I’m working with a lot of buyers right now — and because buying a home has become such an ordeal — I’ve been working to make my technogeek status even more robust. Good enough is not good enough any longer. If I want for my clients to get the home of their dreams, my offers have to be first, fastest and best.

To that end, I just bought a new Apple MacBook Pro, and I’ve been outfitting it with the software I need to do contracts from anywhere, in the fastest possible time.

The Arizona Association of Realtors gives us all a program called ZipForms as part of our dues. In the abstract, ZipForms makes filling out forms fast and painless. It falls somewhat short of that ideal in reality, but it will do for now.

But ZipForms integrates with a web-based service called DocuSign, which permits me to capture signatures on-line, in the form of e-signatures.

So I can whip out a purchase contract in ZipForms while standing in the kitchen of the house we’re buying. Mrs. Buyer might be at her mom’s house in Albuquerque, while Mr. Buyer is in New York on business.

No matter. I can set up DocuSign for each buyer to sign the contract in sequence, then have it come back to me for my own signature, then forward the whole package to the listing agent. We can literally do the whole job in a half-hour or less — a big improvement over printing and faxing and running documents around to get signatures.

There are more new technologies we’re playing with. I’ll talk about some others next Read more

DriveBuy listings: Plug-n-play procedure, knock-out presentation

We use the term “drive-by listing” to refer to the kind of listing you get with almost no human contact: “The key’s under the doormat. Look it over and tell me what we can get. Email me the paperwork.” I have five of these right now, investor-specials that came in over the transom.

DriveBuy Technologies makes a cooler use of the “drive-by” sound, though. BloodhoundRealty.com is an official DriveBuy client as of yesterday. I had built a sign on Wednesday, and I put the ad for that sign together today.

Here’s the sign for the property:

We’re in a sign-restrictive HOA, so we had to do things differently. On our normal signs, the DriveBuy ad-code would go on the big sign, along with the phone number and the URL for the web site.

The editing process on the DriveBuy web site was a piece of cake. Everything is template based, so, while your choices are limited, so are your opportunities for screwing things up. If you’re more adventurous than I’ve been, so far, you can learn the DriveBuy CSS and build your own mobile-browser pages.

But: If you do work with the templates, adding or revising your SMS ads and their respective web pages is a chore you can offload to whomever is already doing your Zillow and PostLets stuff. There is nothing there to to flummox your assistant.

This is the main web site for 1946 East Vista Drive, and this is the DriveBuy site I built this morning. Obviously, the mobile-browser site is a lot more limited (and you’ll note that it looks a lot like the demo page Ian Greenleigh of DriveBuy made for us). But Cathleen had no trouble pumping in a dozen photos, and the page features all the mission-critical information, along with a link back to the main web site.

I’m in love with this already, and the DriveBuy folks are interested in hearing ideas about how to improve the product. Over the weekend, I’m going to play with building a page for my investor-special listings. My rating so far: Totally rocks.

Real Estate Branding, Post-Google

Do real estate brands mean anything to homebuyers post-Google?

When the MLS was printed in a binder that brokers hid under their desks and consumers had to shop for an agent first, brand mattered to buyers.

Now, buyers come armed with a list of properties that are relevant to them and each property comes with an agent, a broker, and a brand attached.

Consumers don’t need agents in order to shop, so relevance trumps brand on the buyer side. That has huge implications if you are a listing broker or agent.

I manage B2C eCommerce sites outside of real estate.  It is apparent to me that, until the moment a consumer contacts an agent and becomes a “homebuyer”,  listing brokers and agents are B2C eCommerce merchants, and your product is the content you develop around your listings.

Listing content = product. Think about it:  Merchandising is about tapping into learned behavior. Most homebuyers are in the market once every 10 years, so for the last 10 years today’s homebuyers have been buyng books on Amazon and shoes on Zappos.

In their lizard brains, when they are on a real estate site looking at properties they are just on another eCommerce site looking at a product.

But brokers and agents devalue their product by giving all of  it away, for free, in the name of advertising.

There are many best practices from the wider world of B2C eCommerce that can be applied to real estate, and it starts with understanding how to develop product content and how that differs from advertising.  Plus, using an eCommerce framework to understand and influence consumer behavior is the kind of thing you can point to where brand does still matter — with sellers.

Sellers still shop for an agent or a broker. Sellers may feel that one local broker can market their property better than other brokers. Feelings can be influenced by branding, and branding works best when it is backed up by real differentiation.

Showing sellers that you understand how to package their listing as an eCommerce product that is distinct from the adverting that you use to get interested buyers to that product/property detail Read more

Ian Greenleigh of DriveBuy Technologies used the Bawldguy technique to promote SMS marketing by social media — and sold his product to the biggest-nosed sneezer in the RE.net

Not to undermine Chris Johnson’s message about salesmanship, which is spot-on and very-much-needed, but Ian Greenleigh of DriveBuy Technologies, in agreeing with Chris, demonstrated the value of social media marketing to the sales process.

How?

By posting a comment to Chris’ post, he drew attention to his product — a product we have been actively shopping for.

SMS promotion is next on my radar. I want to be able to add SMS marketing to our signs: “For more information about this property, text HOUND7 to 88000.” We got this from SmarterAgent for our MLS client (text HOUND to 87778), and we knew at once that it would be wicked cool to have as a tool for promoting our listings.

As with our signs, we knew what we wanted before we knew it even existed. Over the weekend, I web-shopped some generic SMS marketing vendors, but I hadn’t moved beyond the window-shopping stage.

And then today Ian posted his comment. And the product is precisely what we need, precisely the way we want it. The price is sweet — eight bucks a month per ad-code — and the codes are reusable. We’ll start tomorrow with five ad-codes, then grow as the business grows. For $40 a month, paid monthly, I’ll have something way better than IVR that delivers tons of value to our listing clients and to our buyer prospects. That totally rocks, and it’s a nice proof of the Bawldguy technique of comment-based marketing.

I have a feature request, of course: We’re moving to SalesForce.com as our CRM — probably next month — and I would love it if DriveBuy would devote some attention to direct integration with SalesForce. They’re already there with TopProducer.

Ian Greenleigh works on commission, just like us. If you buy his product, reward his enterprise by buying from him. The link at the start of this paragraph is his email address. His direct phone number is 512-410-0282.

(As a matter of disclosure, I have no financial stake in promoting DriveBuy. But they’re doing a job I want done, so I want to help them and Ian make more money. If you bristle at the Read more

Social Media’s Dirty Secret: It’s Not About You, It’s Not About Marketing

The Realtor® Fantasy that is part of social media fascinates me.

Social Media “experts” have attitude that if you’re cool enough, transparent enough, and seem to care enough, a brinks truck full of money will be backed up to your door, you’ll get on the cover of a National Real Estate Magazine, and you’ll be given the recognition that you’ve always wanted.

Your “personal bland” will dominate the landscape and you will become the recipient of tickertape parades all across the country.

As if.

We are…salespeople.  We have intimate relationships with people’s finances.  We must sell people on our own competence.  Not coolness.  We must sell people on the idea that we care.  And, buddy, that doesn’t happen when we ‘drip’ on them.   We must truly be caring and competent, or else we’re screwed.  And we’ve gotta convey it.  (Dan Melson again comes to mind).

There is no Search Engine technique that will cause the web to organize itself to have presold buyers slobbering to pay us 6 percent on something.  There ‘s no blogging technique that will eliminate the need for someone to answer questions and be a fiduciary

We…are salespeople.  Social media is just a way of meeting, reaching, helping and working with fun people.  It’s nothing more than that.  Your marketing is probably generating leads.  Your leads can’t be sent to AMEX to pay the bill.

But are you closing them?  Are you reaching out to demonstrate-definitively–that you are their best and most caring option?  That you have sharpened your skills to navigate this market.   Probably not.  And that’s where the problem lies.   You are not selling.  You are not reaching out, risking rejection and trying to help.  And despite the cries that people have that they “don’t wanna be sold to.”   They “don’t wanna be sold to” by a moron.  Don’t be a moron.  People need someone to take charge.  They need some expert in Real Estate, Mortgage or wherever to just get the damn thing moving forward.

When you’re building a “you-centric” personal brand, website that is bereft of information that your friends might want…you’re not selling.  Your social media is not selling.  Read more