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#407484 - 05/28/12 03:35 AM Daily door knocking activity for you to view
Erik Webster Offline
Member

Registered: 05/04/08
Posts: 261
Loc: Broward County, FL
I have decided to go the extra step in accountability. I have started in a new farm area 35 miles south of where I was to be closer to my very ill father. I started a accountability blog where I go over my daily numbers and results, with any funny stories included (including epic fails when they happen smile )

I will also post in this thread as well when I go out. I will track # of contacts via door and go over how its going in depth. I will start on Tuesday (the day after Memorial Day) and will be walking/driving the farm tomorrow (on Memorial Day). This isn't a advertisement of any system, its just to share how its going on a daily basis and to be a accountability tool. If anyone else wants to join and post their results from their own efforts that would be awesome as well smile

I setup a blog at http://doorknockingdiary.blogspot.com/ where I will be recounting my adventures as well.
_________________________
erik.j.webster@gmail.com

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#407485 - 05/28/12 04:23 AM Re: Daily door knocking activity for you to view [Re: Erik Webster]
Mike Burchyett Offline
Member

Registered: 05/21/12
Posts: 183
Loc: Nashville, TN
Well done!! I also have been a 90-95% buyer's agent and am working on switching to the listing side. I'm on the MFO plan....looking forward to reading your success!

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#407487 - 05/28/12 04:31 AM Re: Daily door knocking activity for you to view [Re: Mike Burchyett]
Erik Webster Offline
Member

Registered: 05/04/08
Posts: 261
Loc: Broward County, FL
Thanks smile

Its as much a to keep me accountable.

I want to look back over the year and see my own adventure rather than everything blurring into the daily grind.


Edited by Erik Webster (05/28/12 04:46 AM)
_________________________
erik.j.webster@gmail.com

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#407488 - 05/28/12 04:32 AM Re: Daily door knocking activity for you to view [Re: Erik Webster]
Erik Webster Offline
Member

Registered: 05/04/08
Posts: 261
Loc: Broward County, FL
How to choose a prospecting zone is one of the most critical issues when you begin. I had spent the last few days driving around, looking at the MLS, looking at demographic data on the US census.

I found two areas that I feel are good bets based on the sales numbers and I am going to share the reasons I choose them.


The two geographic areas are both located in Hollywood, Florida. They are physically adjacent to each other. One neighborhood is called Hollywood Hills and the other is called Club at Emerald Hills or Emerald Hills.

Here are the reasons this area is perfect.

The area is roughly a grid work so keeping my north-south / east-west orientation will be fairly simple. To zoom in and take a look of the area you can go to http://www.mapquest.com/#b2e982c84c9a1210f25cfd4c and get an idea of how the streets are laid out.

The zone has dense housing, so I will not need to walk far to get to the next house and my real estate signs can build momentum over time as they are seen in the area. Also there are plenty of parking lots at strip malls, churches, and parks so I can put my car in a neutral place and walk to different parts of the area.

The demographics are favorable for what I am shooting for. The homes are older, built in the 60s and 70s and they didn't get pumped up as hard as other homes in the huge real estate run up in the 2000's. So there are far less short sales and REO's as other areas to the west like Cooper City.

The area also has a built in buyer base, it is dead center of several major Jewish temples, and they have to live close because they have to walk to service every Saturday (this is not a racial or exclusionary statement, I fully believe that anyone who wants to buy a home can, its is just a local market observation based on reality).

The area is between two major highways the Florida Turnpike and I-95 which are both North/South corridors.. so it allows folks to use this as a bedroom community for Miami to the south and Fort Lauderdale and Boca Raton to the North.

Hollywood Hills - The area of Hollywood Hills is essentially a box, it has Hollywood Boulevard on the south, Taft Street on the North, N. 56th Avenue West and N. Park Road on the East.

It has 2637 Single Family Homes on the Realist Tax Records

1.5% active (39 homes)
1.45% pending/contingent (38 homes)
That puts 3% into play currently active and pending
91 sold in last 12 months with average price of $207,000 and 83 days on market. 3.45% turnover
So it has a good turnover with a middle to tight market of homes on the market keeping the price up somewhat.


Emerald Hills - The area of Club at Emerald Hills/Emerald Hills is also essentially a box. It is slightly to the north of Hollywood Hills. It is defined as N. 46th Avenue on the Western border and N. Park road on the Eastern side of the box. It has Sheridan Street as the South and Stirling Road as the Northern part of the box.

It has 2614 Single Family Homes on the Realist Tax records.


40 active (1.5%)
0.5% pending/contingent (15 homes)
So 2% in play right now
76 Sold in last 12 months with average price of $198,611. 101 Days on market. 3% turnover.
It has a solid 12 month turnover, the market is a bit tighter than Hollywood Hills, which is why I will cross into this market in a few months when I finish up Hollywood Hills.
So between both areas I have over $5,000 homes to work in with 167 homes sold in the past 12 months as of today. With the average price being about $200,000 in both area and going with a conservative 2.75% per transaction I will gross commission income (GCI) at $5,500 per deal.

To break my goal of $200,000 in GCI over the next 12 months I will need to do 37 transactions rounded up. I need 60-70% of that to be from the seller side and 30-40% from the buyer side.


Edited by Erik Webster (05/28/12 05:07 AM)
_________________________
erik.j.webster@gmail.com

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#407516 - 05/28/12 01:18 PM Re: Daily door knocking activity for you to view [Re: Erik Webster]
ramanda Offline
Member

Registered: 07/28/11
Posts: 160
Loc: MA
Hi Eric,

I also got Bill Nasby's training based on your recommedation and plan to start this week. I will join you. Have you been doing it the past few weeks? I remember reading that you had started a couple of months ago. How has it been going for you?

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#407522 - 05/28/12 02:36 PM Re: Daily door knocking activity for you to view [Re: ramanda]
Erik Webster Offline
Member

Registered: 05/04/08
Posts: 261
Loc: Broward County, FL
In Boca Raton (35 miles to the north of where I am restarting at) I have 9 seller leads of folks who are selling the next 12 months. I gave my brokerage 2 buyer leads from folks leasing their homes. I am going to follow up on those leads once a month on a Sunday.
_________________________
erik.j.webster@gmail.com

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#407551 - 05/28/12 06:28 PM Re: Daily door knocking activity for you to view [Re: Erik Webster]
Erik Webster Offline
Member

Registered: 05/04/08
Posts: 261
Loc: Broward County, FL
http://doorknockingdiary.blogspot.com/2012/05/surveying-my-door-knocking-area.html

Today is Memorial Day 2012. Everyone is off for the most part and the weather was nice with some clouds.

Today I spent the day driving nearly every block in my 2 farm areas. I took me about 2-3 hours and was very educational. There are several semi-hidden areas that have town homes in the Emerald Hills area. I am going to have to hit those up in a few months when I move onto that area.

There were 5 For Sale By Owner signs in both farm areas. There were a few "for rent" signs, some by other agents. The great news is that there is NO dominant Realtor in the area. There was one small block in the Emerald Hills country club that had two signs by the same lady agent... that didn't scare me off.

My idea to start in the more southern farm of Hollywood Hills makes more sense as I drive through the area. It has a lot of churches, playgrounds, and public parking scattered through the farm area.

I saw a moving truck outside one home and a small moving truck outside another town home. Maybe I will get them next time on the flip side. The neighborhoods were nice and clean, with quite a few police cars in the driveway (can't wait to knock a local cops door).

Saw quite a few Jewish families walking back from their temples today, the ladies tend to dress in black and white. Today is the Jewish holiday of Shavuot, where they celebrate the giving of the Torah. My broker Martin Cohen at Exit Family Realty (a card carrying member of the tribe) lives in this area and is going to let me know when the holidays pop up so that I don't waste my time by hitting folks on their holy days. The area that I am hitting has a high concentration of Jewish folks, so it makes sense to not waste time talking business when they are religiously forbidden from... talking business.

This area should be great to hit between 5:30pm to 7:45pm Monday - Thursday and Sunday between 2-6pm. Saturday and Friday night will most likely be a dead zone for prospecting.


Edited by Erik Webster (05/28/12 06:31 PM)
_________________________
erik.j.webster@gmail.com

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#407553 - 05/28/12 07:18 PM Re: Daily door knocking activity for you to view [Re: Erik Webster]
Erik Webster Offline
Member

Registered: 05/04/08
Posts: 261
Loc: Broward County, FL
In the last decade of being involved in Real Estate, Mortgage and Insurance I am always amazed that there are folks who preach that you don't need to prospect to get business. They have a magic system that flows leads into your pipeline. They say you can build your business by referral only or by using a magic mailer/internet system/unique selling proposition.

After buying a ton of these systems I can tell you that most of it is garbage. The only times in my sales career I have ever had success is when I hit the phones, doors, or meet prospects. Real Estate training is a magical land of snake oil sales people since they are dealing with agents who want to build their dream business ... and rarely is it any persons dream to get doors slammed in their face or get hung up on. Hence, the allure of "easy marketing" type of systems.

If you spend a ton of money on direct marketing, internet pay per click/search engine optimization, or do print advertising with call capture you will still need to hit the phones to follow up with the contacts on a regular basis. Essentially you are still calling folks, only you have just blown 50-80% of your net profit to skip the least popular step... prospecting. This post is about what to say at the doors without killing your profit on lead generation costs.

The process is simple and consists of 5 opening questions and 2 tie down questions if you find someone looking to move in the next 12 months. If they are moving in 4 months or less you push to get in their door immediately for a listing presentation.

The first question is called a "Hammer Question" you are literally asking them a straight up question at hello to knock them back and throw off their balance at the door. I don't tell them my name, only my brokerage. This is a modified version of the Mike Ferry Just Listed/Just Sold script which some of you have seen before.

1. "Hi, Exit Family Realty Here! When were you folks planning on moving?" (Big Smile)
- They typically reply that they are not moving... this is a "reflex no" and should be expected. Sometimes they will give a odd answer like "Is this about our house being for sale recently?" (expired listing) or other answers.

2. "How long have you lived here?" (Big Smile)
- They will typically say something like "we have been here for X years" or tell you to go pound sand.. either one is fine.. if they shut you down a second time just say "fine, have a great day" and move on.

3. "Where did you move from?" (Big Smile)
- This is to build a bit of rapport

4 "If you were to move, where would you move to?" (Big Smile)

5. "And when would that be?" (Big Smile) <- MoneyQuestion

If they are moving in less than 3 months say:

What I am doing out here is looking for people that are moving, and you just told me you are moving in 3 months... would Tuesday work for a marketing presentation... or would Thursday be better for you and your spouse? (Go for the appointment)

If they are moving in the next 12 months:

1. (When you get a date) What I am doing here is looking for people that are moving. You just told me that you are moving in [April, May, December, whatever], is that right? (they should reply Yes, because they just told you, this is the first "tie down" question)

2. I am going to make you the best innformed seller in the area, will that make it easy for you to move? (they should say Yes)

Hand them your business card and say "What is your best phone # to followup before (Month)? And your first / last name? It was great meeting you, have a great day." (leave at this point, don't blow it by talking and babbling. If you don't get their info no big deal, just look it up later on the tax records and send them the personalized card for followup (which we will cover later).

Congrads, you have just generated a lead for the exact cost of 1 business card! Expect about one lead for every 15-30 contacts either buyer or seller.
_________________________
erik.j.webster@gmail.com

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#407557 - 05/28/12 08:45 PM Re: Daily door knocking activity for you to view [Re: Erik Webster]
johnnyloans Offline
Veteran Member

Registered: 03/29/09
Posts: 870
Loc: Los Angeles ,CA
Good Luck Brother Erik look forward to keeping up with your progress.
_________________________
Johnny James
Real Estate Broker in CA
(855) 898-3354
Greater Los Angeles Area
www.PalmdaleRealestate.biz
Have Car Will Travel
For Those That Google JohnnyJamesBroker@gmail.com

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#407562 - 05/28/12 10:06 PM Re: Daily door knocking activity for you to view [Re: johnnyloans]
Erik Webster Offline
Member

Registered: 05/04/08
Posts: 261
Loc: Broward County, FL
Thanks smile
_________________________
erik.j.webster@gmail.com

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#407563 - 05/28/12 10:07 PM Re: Daily door knocking activity for you to view [Re: Erik Webster]
Erik Webster Offline
Member

Registered: 05/04/08
Posts: 261
Loc: Broward County, FL
Most Real Estate Agents fail when it comes to follow up. The two areas that kill agents are prospecting and follow up. In fact many agents have a fear of follow up since their leads may say "NO" even after they did the work of generating the lead.

Don't be like Gollum in the Lord of the Rings and think that a fat stack of leads are "precious". Avoid being afraid to followup because your stack of leads may not actually be leads. Many agents will spend money buying a power Contact Relations Management (CRM) system like Top Producer or have some kind of proprietary software that their brokerage gives them. This is all well and good, but its all crap unless you follow up. There are currently 6 ways to follow up; doors, phone, cellphone text message, social media, postal mail, and email. Their effectiveness is listed in that order with doors being the Midnight Black Bentley Continental GT that is barely street legal and pre-formatted email being that broken down car you saw on Craigslist that has a bad set of tires.

Lead followup has different schedules and routines depending on WHAT kind of lead it is. Many folks have heard the Mike Ferry 3/3/3 rule... which is gold if you are only focusing on the ultra-competitive business like Expireds, FSBO's, and "Come List Me Now" types of Just Listed/Sold. The MFO 3/3/3 rule is this:

a. After the phone rings 3 times, hang up
b. Once you have called them 3 times with no response, throw
them away
c. When you have talked to them 3 times and don’t get an
appointment, throw them away

This system is amazing if you are trolling for warm/hot Expireds and FSBO... it gets broken quickly when you go outside that and hit cold with the long game of 12 months in focus. The way you focus up on door to door is different since you will at any time have between 10-15 leads of people who are going to list in the zone you are hitting in the next 12 months. If you get a FSBO in the area then apply the 3/3/3 method to it to see if there is motivation there. But if they aren't moving until February... well... they most likely aren't moving until February. The trainer Bob Fitzgerald teaches you should take whatever time frame they give you and cut it in half... that's when they are moving and you should be putting the heat on for an appointment. Recently while listening to some of his training he was interviewing a agent who made $400k last year, and the agent admitted that he usually got them about 6-10 contacts after their home had expired... when the other agents gave up. Its sad, but most Realtor's suck... and that's your winning hand in most situations... so think about all the times you have lost a deal and fix it with proper followup.

The approach that Bill Nasby teaches his very very prosperous disciples is to send a note the same day you create a lead, follow up at a minimum monthly with market updates, and re-clarify when they want to have their home sold. My next post will detail how the system works.


Edited by Erik Webster (05/28/12 10:09 PM)
_________________________
erik.j.webster@gmail.com

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#407566 - 05/28/12 11:26 PM Re: Daily door knocking activity for you to view [Re: Erik Webster]
Mike Burchyett Offline
Member

Registered: 05/21/12
Posts: 183
Loc: Nashville, TN
Not much different than the Ferry stuff, except at the door instead of over the phone. Of course Ferry teaches dump all but the 30-60 day leads. If you're doing 50+ deals a year this probably makes sense. It also makes sense if you have 100+ "leads" in your database. I've found in other businesses anything over 30-50 leads is tough to keep up on.

Just curious, as a fellow over-the-phone salesman for years prior to getting into real estate, why are you choosing to door knock instead of stick with the phone?

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#407569 - 05/28/12 11:56 PM Re: Daily door knocking activity for you to view [Re: Mike Burchyett]
Erik Webster Offline
Member

Registered: 05/04/08
Posts: 261
Loc: Broward County, FL
I just got off the phone about 10 minutes ago with Ken Purdy from Halifax, Canada. He is on track to crack $300-350k this year, he does 15 contacts a day and has about 35 listing leads in his pipeline of folks selling in the next year. http://www.homesinmetro.com/listings/?agent=9643

Its just a fact that there is zero competition at the doors. Also I got really really frustrated at how hard it was to get phone numbers and contact info for expireds even using Red/X. All the agents are hitting those leads, no one is talking to a person and following up once a month until they list or blow out.

If you mix cold doors with expired and fsbo at the door its pretty powerful. Many folks in the Ferry system are getting away from the phones. Century 21 Masters in Orange County, CA (the #1 C21 in the USA and big Ferry shop) has a 5-5-10 system where they Preview 5 properties, knock on 5 expired doors, and knock on 10 cold doors around the previews and expireds to do 110 doors a day.

http://neilschwartz.net/the-5-5-10-plan/


Edited by Erik Webster (05/28/12 11:58 PM)
_________________________
erik.j.webster@gmail.com

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#407572 - 05/29/12 01:03 AM Re: Daily door knocking activity for you to view [Re: Erik Webster]
Erik Webster Offline
Member

Registered: 05/04/08
Posts: 261
Loc: Broward County, FL
When you are doing cold prospecting at the doors you will find that about 1 out of 30-50 people you talk with will be moving in the next year. This means if you talking to 20-25 people a night, 4 nights a week for 2-3 hour you should realistically generate 3-5 leads per week. This is how you follow up with those leads.

When you create leads you send a hand written thank you note that very evening.

It should simply say, "Good Morning James and Cathy, It was a pleasure talking with you at the door looking forward to helping you with your move."- Sincerely Erik (write and sign it put it in an envelope, and hand write the address on it.

7-10 days later – Drop off the ‘information package’

"Do you remember me?" (Yes)

"Did you get my note?" (Yes)

"Remember I told you I was going to make you the best-informed seller in the area?" (Yes)

Show them the package. Start with the recently sold listing’s, this show’s you what is really happening in the area! Next show them the current listings: homes that are presently listed in the area, these are the often over priced, due to the agents strong desire to get a listing (explain).

Then go to the Expired, go over "prices and agent wages" this is your very first pricing close in the follow up process (now you can show them why a listing expires).

Then comes the mother of all closes. "Mr. Prospect, I want you to keep this package handy, because from time to time I will be dropping off more information and when it comes time for US to market your home WE will need this package." (Assumptive close)

From here on out: Qualify them (every chance you get) when dropping info every month in person.

This is what is called the "Magic Mile" follow up system by Bill Nasby. If you follow up monthly, when the time comes you will find that you have that listing on lock down and the folks will typically blow out real estate agents in their own family because you have become a trusted resource over the followup time frame.
_________________________
erik.j.webster@gmail.com

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#407573 - 05/29/12 01:20 AM Re: Daily door knocking activity for you to view [Re: Erik Webster]
Mike Burchyett Offline
Member

Registered: 05/21/12
Posts: 183
Loc: Nashville, TN
Makes sense. I'm finding I'm late to new expireds at 8am. Having much better luck on the phone with 2 weeks and older expireds. Everyone has forgotten about them and moved on!

I'm going to start knocking at least 2 expireds per day that don't have a phone number in RedX. Only about 10 agents even calling expireds daily, I agree with you there is almost no competition at the door. I'm guessing there are a bunch who do mailing, but probably give up after 1 or 2 touches.

Going to stick with the phone for just listed/just sold/cold calls though. Much easier to hit 30-50 contacts a day using Mojo, and I can do it rain or shine and consistently.

Looking forward to your results!!

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