Setting up an autopilot business model for real estate
photo by: Jason McHuff.
I just had a great meeting with a couple local real estate agents last night. The interesting thing is, since I am not focusing 100% on real estate any more, I was able to look at their business model and plans for the future in a completely different way. It’s always easier to look at someone else and point out their problems than it is to find your own problems. As we sat there discussing the marketing plans, the conversation turned to business systems and automation. This is a subject I was already passionate about, and I feel I really gained even more clarity on the subject after our conversation.
My role in this is to work as a business consultant, setting up the marketing plan, and creating some of the main systems that will automate marketing, lead follow up, buyer pre-qualification, and seller pre-qualification. Here are some of the basics that were discussed, and how they should be implemented.
1. Lead generation. This has been my strong point for some time now. It is critical to set up the lead generation on autopilot. Since we are trying to keep the business model as “light” as possible, I have chosen to outsource this to a virtual real estate assistant. All this means is that we will have a person work from home managing the marketing campaign. Most of my marketing plan revolves around Internet marketing, but much of the focus will be put on targeting certain geographical areas. This will be supplemented with postcard mailer campaigns. Again, this will all be completely automated. The postcards will go to properties facing foreclosures, and properties that have recently expired on the MLS. The mailing itself will be outsourced to a mail fulfillment company, using postcards that I have designed from past campaigns. The marketing assistant will just update the mailing database daily, and forward it to the fulfillment company. If the amount of mailings is small, the assistant will just mail them out locally.
2. Lead follow up and pre-qualification. A lot of time get’s wasted when real estate agents call back all of the leads that come in. This part of the system will again be outsourced. A simple call script will be followed and updated to decide if we have a real lead or not. After this is done, the leads will then be uploaded into the online lead database. It will automatically be sent to the licensed agent members of the team.
If the lead is not ready yet, rather than email it to the licensed members, it will be filed on the calendar for future follow up. Again, a simple call script will be used. This will be repeated until the prospect is ready to move forward, or is no longer looking to buy or sell.
An automated email campaign will be in place for everyone that signs up through the website. Another advantage for buyers is that they can opt in to receive new real estate listings as soon as they become available.
3. Full system overhaul. Each aspect of their real estate business is going to be analyzed, and everything possible to automate or outsource will be. Showing requests will be handled through a website rather than taking constant phone calls. All incoming calls from signs and advertising will be answered by a call center, with scripts prepared to pre-qualify the leads. They will then be transferred to the licensed agents, or their information will be taken down and emailed to the agents.
This is just the beginning of completely systematizing a real estate business. As we get deeper in to it, I will write about the specific services I end up implementing. The idea is to bring in and follow up on the maximum amount of leads with the fewest number of people involved as possible. This will be an interesting project for myself, looking at it more from the outside as a consultant rather than being right in the middle of the action. Good things are going to happen here, and you’ll be the first to hear about it.
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