My name is Bobby Mink and I have the pleasure of being one of the instructors for RLI’s Land University (LANDU) Education Program. Having been around the construction industry for over 40 years, I realize the need for great training sessions like Subdivision Development. As a residential builder for many years, I had the chance to see the impacts of both good, and not so good development planning. As I was promoted through the management ranks through the years, the importance of great planning and a really good land development processes became painfully clear. There are a few areas that are a part of our Subdivision Development class that make a huge impact on the success or failure of a Subdivision Development.
The Research and Analysis Phase
The first area is the research and analysis phase. I have worked with organizations where every detail was gathered, reviewed, and processed. Those developments generally turned out really well and extremely profitable. I have also worked with organizations where our “gut” says this is a good deal for us. In those cases, the lack of thorough and detailed analysis created for catastrophic subdivisions where profit margin, price and product missed by a mile.
The Contract Phase
The next area that creates a real challenge when buying and developing a subdivision has two parts that really impact the journey. Part 1 is the contract phase. In the organization that had a well-defined process, the company with good systems and processes created a relatively predictable timeline for the development. In other organizations, the “gut” process usually produced a timeline that was missed by a mile.
Pitfalls To Avoid During The Contract Phase
Not taking into consideration how long it takes to get all the site inspections done.
Not knowing how long it takes to meet with city officials.
Not knowing how long it takes and how difficult it is to meet with neighbors and Home Ownership Associations (HOAs).
This lack of process can create an ever-moving target for the investors, the builders, the sales and marketing team, and the community.
Part 2 of this challenge is the actual development or vertical construction phase of the process. In the organization with good processes, there was a defined and managed schedule with scopes of work that moved along relatively predictably. Knowing that unforeseen things can arise, and we can have bad weather, sickness, vacations, or supplier and trade contractor issues, a well-processed and well-scheduled subdivision development can have a somewhat clear start and completion time frame.
However, if there are not good development processes and schedules, this phase can drag on for months longer than planned. Once again, for a builder planning on new houses starts to hit his projected numbers for the year or for a sales and marketing company planning on new homes for an agent to sell, this type of unpredictability is catastrophic. You may not only lose your builder client, but you may also lose your sales and marketing team and risk changes in the development’s codes, inspections, municipality buy-in, and neighbor and HOA challenges all because of a lack of execution and process. And, it is super frustrating and costly for everyone involved.
So, my best recommendation is for land agents to join us for RLI’s newly-updated LANDU Subdivision Land Development class that I teach so you are prepared to execute the best and most profitable developments you can!
About The Author: Bobby Mink is from Atlanta, Georgia and has been in business management for over 20 years. From Builder to Project Manager and General Manager to Vice President of Operations and Development as well as Vice President of Sales and Marketing and Chief Operations Officer. Mink has had the opportunity to manage all types and levels of the building industry as well as managing sales and marketing. Mink has managed and grown several startup home building opportunities using strategic planning, fundamental systems and tactics to achieve the desired outcome and turn around opportunities for struggling companies. He has also used his experience with land development to use great start up processes for new developments being acquired and being brought online. Through his corporate coaching, Bobby has helped solidify corporate structure, communication, accountability, clarity and teamwork for countless organizations. As the owner and Head of Coach for Choice Consulting and Management, LLC, Bobby has had the opportunity to coach business owners on how to grow their companies, set up streamlined processes, effective communication, accountability, increased profitability and customer service by putting in place good, fundamental proven business principles that help individuals and organizations to reach their full potential and inspire that change with passion. Mink has been an instructor for the NAHB for over 12 years. Bobby is the author of his new book “CHOICES’. He is also a John Maxwell Team Member, DISC facilitator, Certified Church Growth Coach and holds designations from the NAHB in CMP (Certified Marketing Professional), CGB (Certified Graduate Builder), CSP (Certified Sales Professional), GMB (Graduate Master Builder), CAPS (Certified Aging in Pace), MIRM (Member of the Institute of Residential Marketing). If you have any questions on this topic or about this course’s content, I can be reached at bmink@choiceconsulting,man.com or 678-561-2169.
https://www.rliland.com/wp-content/uploads/Subdivision-land-course-hero-image.png4301500Jessa Friedrichhttps://www.rliland.com/wp-content/uploads/RLI-Logo_Padding.pngJessa Friedrich2020-04-09 14:10:572020-04-09 14:53:12Secrets To A Successful Subdivision Land Development Process
The National Association of REALTORS® and its NAR Commercial Affiliates, including RLI, have been compiling helpful information and resources for REALTORS®. This page features highlights of the various programs and resources available to real estate agents impacted by the COVID-19 outbreak. We will do our best to keep this page updated with any additional resources that may be of value to our members and the industry.
RLI Voices Of Land Podcast Episodes Related to COVID-19 and The Land Market
The new ‘The Voices Of Land RLI Podcast’, presented by the LANDU Education Program, featuring Accredited Land Consultant (ALC) host Justin Osborn just released two episodes for land agents discussing the impacts of COVID-19 on land real estate markets. The Voices of Land RLI Podcast recently released two episodes on the topic, the first being with guest Russell Riggs, NAR Legislative Policy Liaison for RLI, discussing What Land Agents Need To Know About The COVID-19 Stimulus Package; and another with guest KC Conway, CCIM Chief Economist, on The Economic Impact of COVID-19 on the Land Market. Listen now.
Virtual Round Table: COVID-19 Impacts On The Land Market
The REALTORS® Land Institute 2020 Future Leaders Committee presents a panel of Accredited Land Consultant (ALC) land experts from across the country in various different land markets to shed light on the impacts of the Coronavirus (COVID-19) outbreak on land values and land market trends.
We’ve also captured the highlights from this recording for each land segment in a series of posts on the RLI Blog:
Webinar: COVID-19 Impacts On The Residential Land Market
The housing market entered 2020 with momentum as home-buyers were enthusiastic about low mortgage rates and the multifamily market continued its expansion. The sudden shock brought on by COVID-19 is impacting the housing market and wider economy as uncertainty and layoffs defer decision making.
This webinar will:
Help you build a playbook in real-time to navigate through today’s marketplace.
Give insights into the current outlook from home builders for land transactions.
Showcase on-the-ground experiences with pushing forward entitlements in today’s market.
Watch the recording to get pertinent information from Senior Managing Principal Tim Sullivan and Chief Economist Ali Wolf of Meyers Research in this RLI Hot Topic Webinar from Tuesday, April 28. Hear updates on this topic from our presenters during their company’s weekly webinars.
NAR’s ‘Right Tools, Right Now’ Program
NAR’s ‘Right Tools, Right Now‘ initiative makes numerous valuable resources available to the association’s 1.4 million members at reduced or no cost.
Members TeleHealth, part of NAR’s ‘Right Tools, Right Now’ initiative, provides around-the-clock access to non-emergency healthcare from more than 2,300 board-certified U.S. physicians. Common issues addressed through telemedicine include allergies, asthma, rashes, joint aches, flu and nausea, among others. Beginning April 2, NAR is funding two months of services for members who currently lack access to telemedicine and enroll in this program by April 15. Recognizing that the opportunity will likely draw significant interest from its members, NAR has also negotiated a discounted rate for those who wish to retain coverage following the two month, no-cost period.
“As we continue to solicit input from our members regarding COVID-19’s impact on their lives and businesses, NAR is grateful to be able to offer expanded access to potentially lifesaving telemedicine services,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. “Medical professionals are urging Americans who are sick to stay home, and telemedicine is playing a critical role protecting our communities and our health care workers. We continue to encourage members to limit their exposure and decrease the chance of spreading illnesses to others.” Learn more about this Members TeleHealth.
Coronavirus SBA CARES Act
NAR’s Federal Advocacy team has been working closely with Congress and the Administration to ensure the interests of REALTORS® and their clients are protected in any federal action in response to COVID-19. Many REALTORS® are small businesses, or work with them as clients. In the most recent relief package passed into law, the “Coronavirus Aid, Relief, and Economic Security Act” or CARES Act, there were significant provisions aimed at assisting small businesses during this difficult time. The CARES Act appropriates more than $360 billion total for new Small Business Administration (SBA) programs – the 7(a) Paycheck Protection Program loans and the Economic Injury Disaster Loans (EIDL) advance grants program. View FAQs and learn more from NAR.
Congress Clears Coronavirus Relief Bill
4/23/2020 The U.S. House passed legislation Thursday providing a fresh round of funding for coronavirus small-business relief programs championed by the National Association of REALTORS® and available to REALTORS® through the CARES Act. The Senate passed the bill on Tuesday.
President Trump is expected to sign the measure, which will clear the way for lending to resume as early as Friday under two Small Business Administration programs, the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Program.
Under the agreement, the PPP will receive $310 billion in new cash, while the EIDL fund will receive an additional $60 billion. The bill sets aside $60 billion of the PPP funding for small and medium-sized community banks, which will provide extra help for self-employed individuals and small businesses that don’t have relationships with larger banks.
“The PPP and EIDL had tremendous demand. Although the rollout was rocky, this latest bill should provide enough funds for everyone who needs a loan to get it. REALTORS® still waiting should contact their lender again and keep trying,” says Shannon McGahn, senior vice president of advocacy for NAR. “We have a wealth of resources to help you through the process, including a new video just posted last night.”
The bill also includes $25 billion for coronavirus testing and $75 billion for hospitals.
Quick Guidance for REALTORS® on the PPP and EIDL From NAR
If you’ve already applied for an EIDL: The SBA is processing applications already in their system on a first-come, first-served basis. You do not need to reapply.
If you have not already applied for an EIDL: Check back at the SBA application page once the additional funding is signed into law.
If you’ve already applied for a PPP loan through an SBA lender but have not been approved yet: Check with your lender to see if they are maintaining a queue of applications during the lapse or if you will need to reapply when the renewed funding comes through.
If you have not applied yet for a PPP loan through an SBA lender: Have the application form filled out and your documentation ready to provide to your lender. (For businesses with employees, have payroll documentation; for independent contractors, have your 2019 Form 1040, Schedule C, and 1099-MISC.) If you have an existing relationship with an SBA lender, you should go to that lender first once the program reopens, but be prepared to try multiple lenders, which you can find on the SBA site.
NAR Commercial: Webinar – Insights For Commercial Executives
his webinar from April 15, 2020, covers the latest news on legislation and SBA loan programs, key transactional guidance from NAR’s legal team, and insights from commercial real estate executives on their experiences working through today’s volatility and how they are helping clients navigate changing opportunities in the coming months. Watch recording.
CCIM: Coronavirus (COVID-19) Resources and Guidance For Commercial Agents
CCIM Institute has prepared a resource page for commercial real estate professionals to provide additional professional guidance around Coronavirus (COVID-19). This page hosts information about FEMA extensions, Tax Extensions, and updates on other legislative advocacy issues.
SIOR: COVID-19 and CRE: What You Should Know
As CRE leaders around the globe, you are feeling the impact of COVID-19. SIOR has provided a collection of resources available to you to keep you up-to-date on latest news and industry impacts.
IREM: COVID-19 Resources and Information for Property Managers
If you are a property manager, this page from IREM is filled with resources for dealing with the impacts of COVID-19.
https://www.rliland.com/wp-content/uploads/student-849822_1920.jpg12801920Jessa Friedrichhttps://www.rliland.com/wp-content/uploads/RLI-Logo_Padding.pngJessa Friedrich2020-04-02 13:23:002020-06-01 12:00:14Helpful COVID-19 Resources And Information For Land REALTORS®
Wire fraud is a growing problem for everybody involved in real estate transactions. This article will discuss Business Email Compromise (which may culminate in a theft by wire fraud); what Business Email Compromise (BEC) is and why it is important for you to know about; as well as what you can do to identify potential problems to protect your business and your clients.
What is Business Email Compromise (BEC)?
BEC is also known as phishing or wire fraud. Frequently, a fraudster poses as somebody else (possibly a known person, a potential client or business associate) to gather sensitive information and/or install malware onto your computer. Once they hack into somebody’s email, they usually wait in the background of a transaction. Software is often used to scan the content of emails and alert to an upcoming transfer of money. Just before money is to be transferred, they come out of the shadows and attempt to divert the money to an account under their control. Remember that email addresses and telephone numbers can be spoofed.
Why Land Agents Need To Know About BEC
BEC is the most prevalent wire fraud scheme targeting businesses today. It has been reported in all 50 of the United States and in 177 countries. Real estate agents, title companies, law firms, sellers and buyers (in real estate transactions) are the most targeted for wire fraud. Although your email and computer system may be secure, somebody else’s in the transaction may not be. It only takes one person in the transaction to be hacked to introduce a risk of loss that can affect everybody!
BEC is a fast growing problem and has been described as the modern day bank robbery. However, it is much more lucrative and the criminals are less likely to be caught. According to the FBI’s Internet Crime Complaint Center (iC3), from 2015 to 2017 there was an 1,100% increase in reported victims and a 2,200% increase in reported losses. Between October 2013 and July 2019, over $10 Billion of losses were reported in the United States. Since some businesses are afraid of reputational damage, the actual losses may be higher than what was reported. The FBI estimates there is an average of $8 Million in losses each month in real estate transactions in the United States.
The FBI estimates there is an average of $8 Million in losses each month in real estate transactions in the United States.
As a result of this growing threat, to protect your business and your clients, be suspicious and at high alert. Whenever the movement of money is involved, assume that somebody’s email has been hacked and you may be communicating with a fraudster!
How To Protect Your Business and Your Clients From BEC
A wire fraud causes numerous damages to you and your clients in addition to a loss of money. As mentioned above, the fraud may cause reputational damage to a business or its agents. There is also a considerable impact on efficiency. A lot of time and emotional energy can be expended trying to get the money back, checking computer systems, changing passwords, etc.
Even though tactics change, there are a few common “red flags” that you should be aware of:
Multiple or changed wiring instructions. Wiring instructions are rarely changed because business bank accounts are not frequently changed. Some bogus reasons that have been given for changed wiring instructions may include: “the account has been closed” or “the account has been placed on hold by the bank and is not effective at this time”.
Bad Grammar. Many (but not all) fraudsters are foreign and may misspell words, use a word or phrase incorrectly or not as commonly spelled or spoken in American English. For example, “authorisation (British) vs. “authorization” (American).
Unusual Wire Recipient. Generally, deposits and closing funds are wired to accounts in the name of a settlement attorney, an escrow or title company or the real estate agent holding earnest money. Any other payee on the account should be considered to be a red flag.
Does the communication make sense in the context of the transaction? For example, is the “settlement agent” asking for a wire so they can send a check for the closing?
So, What Can You Do?
Be cautious if the person on the other end of the emails wants to rush things. Fraudsters want to create an urgency and cause you to rush because that increases the chance you will miss “red flags”. For this reason, it has been noticed that many attempts take place on Fridays and at the end of the month because of the increased transactional volume.
Only send information to the person(s) who need it. Be cautious with “reply to all”. The more people that are on an email string the higher the chance that your email goes to a fraudster.
Be cautious before clicking on a hyperlink sent by an unknown person and “hover” over links before clicking to see a preview of where it will take you.
Keep all software patches on and all systems updated.
If you discover you are the victim of a fraudulent incident, immediately contact your financial institution to request a recall of funds. The longer you wait the more likely the funds will be lost forever! As soon as possible, file a complaint with the iC3 at www.ic3.gov. You can also obtain internet crime prevention tips and crime schemes at the iC3 website.
About the Author: Jim Miller, Esq., is an Associate General Counsel for Investment Property Exchange Services, Inc. (IPX1031). IPX1031, a Qualified Intermediary, is a national leader in 1031 tax-deferred exchange transactions and a wholly owned subsidiary of Fidelity National Financial, Inc. He is also an instructor for RLI’s Tax Deferred 1031 Exchanges LANDU course. For questions or more information on exchanges, call (888) 771-1031 or visit the website at www.ipx1031.com.
https://www.rliland.com/wp-content/uploads/get-me-out-1605906_1920.jpg10661920Jessa Friedrichhttps://www.rliland.com/wp-content/uploads/RLI-Logo_Padding.pngJessa Friedrich2020-02-27 15:48:042020-02-27 15:48:04Wire Fraud – Protect Your Business and Your Clients
Building your land agent brand can be a challenge in a saturated market, where many people think they can be real estate agents, and many of those agents also think they know enough to play the land game. Differentiating yourself from the social media savvy rookies who may be all hat, no cattle, is a newer battle land agents face today. However, the ongoing dilemma is sharing your unique advantages from even the seasoned agents, whether you share the same brokerage firm or are an independent agent competing with big name firms.
The foundation of consistently communicating your distinct value is a well-designed brand promise. You must be able to communicate not only the problems you solve, but how you solve them uniquely, in order to get people to part with their cold, hard cash.
The formula is simple: your name + solves this specific problem + uniquely this way + for these specific people.
However, filling in the formula with your details is not-so-easy. In fact, most people get stuck on the uniquely this way and for these specific people parts. Some of the vanilla answers business professionals use in an attempt to differentiate include claiming, “exceptional customer service” or “very experienced” as their unique way of solving problems, and identifying “anyone who wants to buy and sell land” as an ideal customer.
The reality is, countless agents in your market, let alone the country, could likely claim those exact same things. So they aren’t unique, nor are they specific. It is essential that you dig deeper, evaluating who your best clients are and what they all have in common. When you find the sweet spot of clients you enjoy working with and who are also your most profitable clients, it is time to study those people and try to replicate them through your branding and marketing efforts.
A Tale of Two Brands
To illustrate how a clear brand promise can increase your reach and revenue, consider the power of two high-end brands that consistently gain market share, despite their substantial price tags and limited audience: Rolex and Louis Vuitton.
You will never see them market, nor advertise in the same places as Wal-Mart or Dollar General. Wasting time and money advertising to the eyeballs that are interested in budget-friendly retail is not in their best interest. They are clear on who their exact ideal customers are so they can:
Share their brand promises through compelling storytelling that emotionally triggers their ideal customers.
Visually uphold their brand promises in a way that delights their ideal customers.
Deliver on their brand promises in a way that meets the high expectations of their ideal customers.
How to share your brand promise through compelling storytelling
Your personal story holds all of the clues you need to differentiate yourself. By following the breadcrumbs you have left behind in life, patterns will emerge that combine your personal satisfaction and your ability to effectively contribute to people and situations. Consider all of your professional and personal experience when reflecting on what makes you unique. For example, if you have served in the military it communicates that you have achieved a special kind of discipline and dedication. You are likely to attract others who have or do serve in the military, as well as those who especially respect people who have military service. Does serving your country have anything to do with selling dirt? Not exactly, but it is a piece of your story that can create an emotional connection with your ideal customer.
Perhaps you have political experience, empowering you to navigate the law and key stakeholders involved in a deal. Or maybe you not only broker the land sale, you also offer land management. Or perhaps you are the third or fourth generation in your family to be a land agent. How do you think that stacks up against a rookie when you can reference a lifetime of multi-generation land conversations at the dinner table?
Be intentional about telling such stories through your blog posts, videos, social media, website copy, while networking, in media opportunities, when speaking, or through any other marketing activity you pursue.
How to Visually Uphold Your Brand Promise
Rolex and Louis Vutton both have visually compelling brands that invite prospects and customers into their story of luxury, prominence, and success. They are sharing a glimpse of what it feels like to sport their products. Their visual branding is designed to evoke an emotional response to trigger a purchase.
Of course, another reason why it is important to understand your target market is to understand what other brands they enjoy, thus giving you a roadmap of how to visually stimulate your ideal customer. You can simply ask your previous and current clients what their favorite brands are via a survey, or you can simply observe along the way. For example, if your ideal customer wears an Apple Watch, has an iPhone, and is concerned about how close the nearest Whole Foods is to the property you just showed them, you can do a quick scroll through those websites and social media profiles to get inspiration for your own visual branding and messaging. Whether it is font selection, the amount of white space, color selections, or the style of images, you can easily use those visual cues to help you craft your own visual brand.
Remember, you can’t illustrate a book until you write the story, so be sure the visuals for your unique visual brand represent your unique brand story. The visual side of your brand is merely an aid to telling your brand story. Importantly, your branding should always be consistent, so be sure whatever path you choose is the one you remain on day in and day out through all marketing channels.
How to Deliver on Your Brand Promise
If a Rolex watch or Louis Vutton purse had any issues, undoubtedly, its owner would know the respective company would fix it in short order. They are trusted to deliver on their brand promises of quality, excellence, prominence, and more. In the same way, you must make it clear that you will always deliver on your brand promise.
First, you must do good work. While that seems obvious to the experienced land agent, it is unfortunately not the norm. Simply doing what you say you will do will go far for your brand reputation. Further, be sure to secure testimonials as soon as you delight your customers. Allow your customers to toot your horn for you and reap the powerful benefits of peer reviews. Be sure to note any awards, certifications, education, and media coverage you received, as appropriate, which are also forms of social proof that you are great at what you do. While you may feel like you are bragging, any such announcement is a small blip on the radar of the average person who consumes an incredible amount of content each day. If you do not share your successes, how do you expect anyone to choose you instead of a less worthy agent who may not look out for their best interest? Save your potential clients from a lazy or inexperienced agent for the job by simply sharing the proof that you will have their best interest at the forefront of all you do.
Clear Branding Equals Clear Marketing
When you are clear on your brand you become clear about how to strategically market your brand for results. Understanding who you serve, what problems you solve, and how you solve them uniquely, empowers you to position yourself through targeted campaigns and strategic networking. You can’t be everywhere, all the time. Not every social media channel is for you, nor is every magazine, conference, or website somewhere you should invest time and money, as your ideal customers are not everywhere, either. Further, when you are clear on your brand, you can get clear on your internal processes and train your team to uphold your brand promise, as well. Remember, no one wants to be sold to, yet your ideal customer wants to buy from someone who attracts their business. If you effectively share your brand story and the results it gets, you will become the only option in your ideal customer’s mind, eliminating competition altogether.
About The Author: Amber Hurdle Consulting empowers companies to strengthen their brands from the inside out through talent optimization. They do this in three ways: By working with leaders on their personal brands, so they become self-aware and see and harvest the greatness in others. By using a scientific, repeatable method to recruit, retain and inspire top talent, amplifying world-class employer brands; and by leveraging those strong leaders and a “best places to work” environment so that happy employees are serving happy customers, ultimately elevating their business brands. Amber is married to Geoff Hurdle, ALC, and together they have three children and a fur baby: Kristen and Brittany, also in the land business, Derek, a junior in high school, and Nashville Gibbs the Cavapoo, who continuously works on being Instagram famous. Learn more at amberhurdle.com.
https://www.rliland.com/wp-content/uploads/Branding.png6091129Jessa Friedrichhttps://www.rliland.com/wp-content/uploads/RLI-Logo_Padding.pngJessa Friedrich2020-01-21 08:00:402020-01-15 12:26:01Building Your Land Agent Brand
The longest economic expansion in U.S. history continues to churn out more output and job additions with each passing month. November 2019 marks 125 consecutive months of growth and the momentum factors hint at the trend continuing into at least spring of 2020. Then what? A recession? Not likely, except for one policy error.
Though the populace is intensely polarized politically, as related to the economy, U.S. consumers are indicating high conﬁdence. The consumer conﬁdence index was 125 in September, well above the 100 neutral mark seen throughout 2019. For reference, the index has been under 100 for nearly a decade starting from 2007. The solid expression of conﬁdence about the economy is without a doubt due to the very low unemployment rate of 2.7%, an all-time high in total household wealth in the country as the stock market boomed, and record high real estate values. The prior peak in the net worth of all households was $70 trillion in 2007 right before the last recession, sunk to $60 trillion at the depths of the foreclosure crisis, and then rose to $113 trillion as of mid-2019. Quite an incredible feat, though we should be reminded that wealth holdings have become much more concentrated at the top. All this could mean good things for the land market outlook in 2020.
Consumers consequently are opening up their wallets. Consumer spending rose 2.6% in the second quarter of 2019, after adjusting for inﬂation, and has been the prime engine for GDP growth over the past few years. Spending on consumer durable goods – with a long product life span – has been even stronger at 4.4%, attesting to the longer- term positive assessment of the direction of the economy. There is no over-borrowing to fuel personal consumption. Finances are coming from an employment growth of 2.15 million net new jobs, rising wages from $27.30 per hour to $28.09 over one year, and higher wealth by a few trillion dollars. Miraculously, there are more job openings today (7 million in August 2019) than the number of unemployed (5.7 million workers).
However, there is not as happy a story for businesses. Corporate proﬁts are indeed very high, especially after cuts to the corporate tax rates a few years ago, rising from $1 trillion in 2008 to nearly $2 trillion now.
This partly justiﬁes why the stock market is near record highs. But even with healthy ﬁnancial conditions, companies have been less aggressive in spending the cash for machinery, factory expansion, and other investments.
Business investment spending contracted in the second quarter of 2019. Spending on equipment barely changed, but spending on commercial building fell by 4.7% from a year ago. Though assuring no oversupply of commercial real estate construction, the fact that businesses are pulling back is concerning and raising the question as to why.
The timing of businesses getting cautious is directly related to the raising of tariffs and hostile rhetoric towards international trade. In fact, many companies in their public statements during quarterly earnings calls say they are cautious because of uncertainty related to trade prospects. REALTORS® specializing in commercial real estate have witnessed that trend as leasing activity markedly slowed in the second quarter to only 3.1% growth compared to better than 10% gains in 2016 and 2017, and 5% gains in 2018. Moreover, even business travel has weakened, as evidenced by falling occupancy rates at hotels, which is now at 72.4%, a full 100 basis points lower than from a year earlier.
The most troubling aspect is the actual slowdown in global trade. U.S. exports fell 1.7% recently while U.S. imports grew by only 2.6%. When both exports and imports decline for a few straight quarters, then a recession is near certain with job cuts. In a growing economy, both exports and imports should be rising by at least 5% per year. This slowdown in trade has had repercussions elsewhere. Just about every notable economy is experiencing slower economic activity in 2019 compared to recent prior years. The International Monetary Fund (IMF) cut its global growth estimate to 3.2% for 2019 after having forecasted 3.6% earlier in the year. The economies of the world appear to move in sync, like a rising tide lifting most boats — and the movement reverses when trade restrictions are put in place. The stock market has nearly always cheered at the promise of a trade agreement and sunk following the rhetoric of a trade war and retaliations of more tariffs. More positively, it is becoming clear that both the U.S. and China are looking for a deal. In such a case, business spending could boom.
One promising sector that could help with future economic growth is real estate construction. America is facing an acute housing shortage – for both single- family owner occupancy and for multifamily apartments. Home prices and rents have been rising far in excess of wage growth for ﬁve straight years.
Vacancy rates are at historic lows. The underproduction of new homes over the past decade has cumulatively resulted in around ﬁve to six million housing units that are needed today. Even in a normal year, only around 1.5 million new homes can be constructed. Therefore, increased construction needs to occur for multiple years. In 2020, speciﬁcally, housing supply is expected to improve, with housing starts expected to hit 1.4 to 1.5 million, up from 1.275 million in 2019.
With home builders still likely to be constrained by what they call the 5Ls — labor, land (lots), lending (ﬁnancing), lumber (raw materials), and restrictive laws (regulation) — housing starts will still not match the demand from household formation (1.2 million), or the replacements for demolished or obsolete housing (about 450,000). All that means more demand for land and lots.
“…more demand for land and lots.”
In the commercial market space, industrial properties have outperformed retail spaces, arising from the stronger growth in online shopping and quick distribution warehouse needs. Investors are paying much more for industrial ﬂex/warehouse properties on account of low rental vacancy rates and the sustained demand for e-commerce sales. Given that warehouses can be built in off- center sites far away from downtowns and population centers, the demand for land will grow in outlying regions.
In the meantime, the interest rates will be at near historically favorable conditions. The Federal Reserve will more likely cut its fed funds rate a notch in 2020 rather than increasing. It just means that 10- year Treasury yields will remain low at around 1.6% and the longer term borrowing rate at under 4%. In future years, watch what happens to the federal deﬁcit, which is expected to be near $1 trillion in 2019 and projected to surpass $1 trillion in 2020. The total federal debt level, adding of all past deﬁcits, will reach 100% of GDP in a few years, well above the 60% that many economists consider as manageable.
The bottom line summary is that while the economy is experiencing the longest running growth period in U.S. history, there is no reason why it has to falter. The economy is expected to ﬁnish 2019 with only moderate growth of 2% due to soft business spending activity, after having notched up a solid 2.9% in 2018. For 2020, a recession is not in the cards, but this assumes some type of truce in the trade war. A trade agreement will be better still and will lift business spending.
“…expect continued job creation, income growth, and rising demand for land.”
Construction spending has to rise to relieve housing shortages and low vacancy rates in commercial real estate. Therefore, expect continued job creation, income growth, and rising demand for land.
About the author:Dr. Lawrence Yun is chief economist and senior vice president of Research at the National Association of REALTORS®. He directs research activity for the association and regularly provides commentary on real estate market trends for its 1.4 million REALTOR® members.
https://www.rliland.com/wp-content/uploads/field-1989488_1920.jpg12711920Jessa Friedrichhttps://www.rliland.com/wp-content/uploads/RLI-Logo_Padding.pngJessa Friedrich2020-01-09 12:43:292020-01-09 14:20:05Seeing 2020: Land Market Current Conditions & Outlook
For a land real estate business to be successful, it must be good at recruiting new land agents, both attracting and retaining them. Your priority should be to have a well-defined value proposition. There are two parts to creating a well-defined value proposition for recruiting new land agents.
This first is the financial value to your team or brokerage with total agent splits, etc.
The second part will be defining the resources you provide to potential recruits, for example, in terms of leads from the company websites, technology, print ads, and whatever else it is that sets your brokerage apart. Next, you should also address the more intangible elements of why they should choose to work with you. For example, “We are the best-known land brokerage in the area” or “We have a culture of sharing that welcomes new agents,” etc.
Once you have a well-defined value proposition, it’s time to go find some talented people.
First things first, call agents that you have worked with in the past. Then, start calling agents that are working in the area(s) you serve. Next, begin thinking about the people you already know who are in ancillary positions that may be able to become good agents. Lenders, county extension agents, insurance agents, and even wildlife biologists are all a natural fit to join the land industry.
Now comes the time to set appointments with potential recruits. In order to have a consistent interview process, we recommend crafting a standard list of questions. This helps to maintain a consistent schedule for you and the new potential recruit, and it gives you the ability to best compare candidates. Besides if you do not have a consistent list, you will spend more time with some than others, missing information which could lead you to overlook some talented people.
Recruiting Top Candidates
Once you begin the recruiting process there are a few factors to consider.
First and foremost is determining if there is a cultural fit. If they don’t want to work from the office and everyone else does, there is a lot of potential for disagreement over the long-term. A lone wolf is not comfortable in an office full of people who share information and best practices.
Next, you’ll want to examine the potential agent’s drive or motivation. If someone is financially motivated, are they willing to do the activities necessary to earn enough business to create the income they desire? If they are only willing to put in the minimum effort and expect championship results, they are doomed to failure. It is your responsibility to set reasonable expectations upfront.
A person that says they like their brokerage but they feel like there must be something else in this business is an ideal candidate to have these conversations with. Ask about their business, how do they currently generate leads for clients? This will give you the opportunity to showcase all the tools and systems that your team offers. At this point, most people can see the value in partnering with you and are ready to come onboard. If not, set a follow up time and keep the dialogue going.
Immediately after the interview, it’s time to set follow up appointments. Consistent communication is the key – just like it is with potential sellers – remember the best agents typically are already working in the field and the decision to move to a new team is not taken lightly.
About the Author: Tim Hadley, ALC, is an agent with Keller Williams Realty in Gladstone, MO. He joined the REALTORS® Land Institute in 2017 and is currently a member of their Future Leaders Committee.
About the Author:Kasey Mock is the Director of KW LAND Division at Keller Williams Realty International. Mock is a member of the REALTORS® Land Institute, serving on their Future Leaders Committee. Make sure to check out his break out session diving further into this topic at the 2018 National Land Conference in Nashville, TN, in March.
https://www.rliland.com/wp-content/uploads/achievement-3387293_1920.jpg11791920Laura Barkerhttps://www.rliland.com/wp-content/uploads/RLI-Logo_Padding.pngLaura Barker2019-09-04 08:00:532019-11-01 13:31:26Broker Tips For Choosing & Recruiting New Land Agents
What’s better than settling down with a really good book? The only problem we can think of is that there are so many great books out there about the land industry that there’s not enough time to read them all. For this article, we’re sorted through hundreds of books to find the five best books that can help land agents learn more about the industry, learn new skills, and study the success of other great land agents.
This book was at the top of Accredited Land Consultant Lou Jewell’s list of his favorite books about land. It is an excellent introduction to the land industry and includes step-by-step chapters following the entire land selling process. Some of the chapters include:
How to find, negotiate and buy land with very little money out of pocket
Dividing land in order to multiply your profit.
Techniques for improving the land in order to make it attractive to buyers
Cheap, easy ways to market and sell your land
If you know a new agent who just started selling land, this book could be a great “welcome to the industry” or “welcome to the brokerage” gift.
This book shares the secrets to success of the wealthiest land sellers and investors. It also exposes the biggest scams in the land industry that even the most experienced land agents have fallen for and teaches you how to avoid being tricked. Whether you’ve just started your career as a land agent or have decades of experience under your belt, this book can be a great addition to your land library.
When a book is written by an Accredited Land Consultant, you know it’s going to be a read worthy of your time! B.K. Haynes, ALC, channels what he’s learned from over fifty years of buying and selling land into a comprehensive look at buying, selling, and investing in rural land.
This book, found in William Burruss, ALCs’ GoodReads, may not be about buying or selling rural land specifically, but the lessons about salesmanship, hard work, and success are essential for land agents. The book even comes with a suggested reading structure so that you have time between chapters to reflect on and think about the different books.
Looking for a quick read? Tom Brickman’s e-book is a collection of short essays and articles about rural land. Brickman shares what he’s learned from 40 years in land. The book covers includes “to-do” lists for buying and selling land, what to look for when inspecting a property, and tips on developing people skills. The best part of all? It’s free!
We’ve only covered the tip of the iceberg when it comes to great books for land agents. If you know of other books that helped your career in land, be sure to mention them in the comments section. Happy reading!
About the Author:Laura Barker is a freelance writer based out of California for the REALTORS® Land Institute. She has been with RLI since October 2017.
https://www.rliland.com/wp-content/uploads/books-1204029_1920.jpg12761920Laura Barkerhttps://www.rliland.com/wp-content/uploads/RLI-Logo_Padding.pngLaura Barker2019-08-20 08:00:552019-11-01 13:31:39Five Books All Land Agents Should Read
I had the pleasure of attending my ﬁrst National Land Conference (NLC) in New Mexico in March 2019. I found RLI members to be engaged, knowledgeable, professional and truly focused on networking. Attendees seemed dedicated to learning from one another and determined to enhance their business and the industry as a whole. Those in my session were especially interested in seeing what RPR land data is available to them as REALTORS®.
The opportunity to represent REALTORS® Property Resource (RPR) at NLC19 was very gratifying. I personally helped educate RLI members about the value of the RPR platform and the tools it offers as a REALTOR® member beneﬁt of the National Association of REALTORS®. It was also great to hear from members that already have discovered the value of RPR and how they are using RPR in their daily business.
Yet, it’s so valuable to receive input on how we can make RPR even better for members and listen to how we can help you succeed. In addition, at every conference we attend, we speak with members that are very familiar with RPR, but also with both veterans and new members to the industry that are not familiar with RPR. We encourage members to explore and take advantage of the powerful tools that RPR has to offer REALTOR® members nationwide. And, we’re listening ~ we always want to hear how we can enhance RPR to help your business.
Established in 2010, REALTORS® Property Resource provides access to a comprehensive property data platform exclusively for REALTOR® members. The data, reports and tools help agents do their job more efﬁciently, and helps them impress their clients with their industry knowledge and expertise.
When it comes to real estate, REALTORS® need access to accurate and reliable data quickly. Pulling together bits of market data here and there can be frustrating as well as time-consuming. Agents need it all in one place, at the touch of a button.
RPR Tools, Data, and Reports
RPR gives REALTORS® access to the nation’s largest property database. As a practitioner, all this data, and RPR’s tools and reports, offer a distinct edge when it comes to serving real estate business and investment clients.
The ability to reference reliable data that backs up your advice is critical to getting a deal done. At RPR, we work with the top data providers in the real estate space and are constantly researching new ones to ensure REALTORS® have the best data at their ﬁngertips.
For example, in 2018 we partnered with SMR Research to provide tenant records, and a big focus for 2019 will be to expand our listing partners to some of the top national listing platforms. Below you can see a list of all our major data partners. This will hopefully give you a better understanding of how each partner plays an integral part in helping REALTORS® “piece” together their knowledge of the markets they work in.
RPR Data Resources
All of this data is available nationwide. This truly makes RPR one of the top research systems in the country!
Public Record Property Data – Black Knight – Over 154 million parcels of property, including residential, commercial and
Trade Area Data – ESRI 1 Billion data points highlighting key economic, demographic and spending indicators along with ESRI’s Tapestry
Employment Data – 3DL – Updated monthly down to the county level
Business Points – ESRI 12,487,119
Trafﬁc Counts – Kalibrate Over 2,000,000 plus trafﬁc points
Tenant Records – SMR Research – 8,531,568
FEMA Flood Maps – PolicyMap – Nationwide coverage
Let’s also review Listing and Sales data resources that RPR aggregates on the RPR platform. Listing data on the RPR platform is licensed with over 600 MLS (Multiple Listing Service), CIE (Commercial Information Exchanges) and other nationwide partners and represents over 700,000 total listings with 652,000 for sale and 118,000 for lease. As a user you can access the MLS/CIE listings that you are a subscriber to in addition to any listings that MLSs or CIEs share with all NAR REALTOR® members to view. If you are a member of one or more local MLSs or CIEs you can access this additional rich segment of data that is integrated within the public property record information.
A unique and powerful tool in RPR is the Trade Area report that can be useful to see community trends, demographic analysis and consumer spending data. ESRI, an RPR partner and leader in GIS software, provides a signiﬁcant portion of the analysis tools to generate these comprehensive reports that can quickly give the agent and client insight into a market area.
Land transactions can take many directions, whether for Residential or Commercial development, Recreational, Ranch and more. RPR’s partnership with Valuate allows REALTORS® to ensure that a potential land development project makes sense before spending real money. This is done through Valuate’s® back of the envelope or BOTE calculators.
With this tool you can apply your knowledge of general construction costs, building time frames, market rents and much more to see if the stabilized NOI yield on cost makes sense to move forward under. This calculator is currently available for condominium, industrial, apartment and ofﬁce developments with plans to expand into other property types in the near future.
RPR Mobile™ combines the power of your smartphone or tablet, with the data and reporting from RPR®. This allows REALTORS® to easily locate any property around them, create and send company branded reports, and even view local market statistics. If your “ofﬁce” at the moment is out on a ranch or on a dirt road in your truck, RPR is still there with you!
Use the app and your location to easily search and analyze on-and-off market properties, valuations, tax and mortgage info, distressed data, ﬂood zones, mapping, demographics, schools, neighborhoods, and market trends.
Get Started With RPR Today!
The desktop version of RPR and RPR Mobile make it easy for agents to “wow” their clients and close more deals.
Looking to get started? Create your RPR account today by visiting www.narrpr.com. And remember, RPR is an exclusive beneﬁt for REALTORS® and there is absolutely NO extra charge to access this vast amount of data.
To help jump-start your RPR learning experience visit our training resource page which offers webinars and on-demand video-learning. You can also visit our blog for a collection of helpful articles and how- to’s by going to: blog.narrpr.com
UPDATE: Good news! RPR’s powerful new data layer will allow REALTORS® to use RPR’s map interface to analyze and search for properties within the 8,700 Opportunity Zones throughout the U.S.
About the author: Andrea Goodhart joined RPR in 2011, as an Industry Relations Director with over 25 years of experience in the real estate services industry. Andrea has had the opportunity to work with real estate agents, brokers, association staff and leadership across the country and loves to be able to introduce the power of the RPR tools to practitioners.
Once we have a new land agent on our team, we know they will need to learn about the four conversations. Yes, they must learn about things like state specific contracts and compliance issues with your brokerage, but we have found that the most likely predictor of success in the industry is having what we call the four conversations.
These conversations focus on proactively generating business and planning activities, instead of just reactively wondering what is going to happen next.
Conversation 1: Listing Appointments
The first conversation is listing appointments. We use this conversation to show new agents that there are tools available to help them focus on their goals and business. This includes both listing and buyer representation agreements.
You can’t help the agents if you don’t have that first conversation. We are having weekly conversations with our agents and looking at where they are compared to where they want to be. This is how my team defines being a business owner.
You first determine what income you want to make for the year. Then, determine how many clients you must represent to earn that level of income. Factoring in your average sale price and commission. Check out Kasey Mock’s piece Ready. Aim. Fire! Strategic Planning for Your Land Real Estate Business for more information about how to set and achieve these kinds of goals strategically.
Conversation #2: Listing Taken
The second conversation is what we call listing taken. After you go on listing appointments, then you have listings taken. Of course, we don’t get them all and some we choose not to represent. If you go on listings and don’t get the seller to list with you or the buyer to have you represent them in their purchase, then we know what we need to improve on.
This is the crossover or what I call the wall of value. Now we are getting ready to earn our commission.
Conversation #3: Closings
The next conversation is closings. To talk about the third conversation, closings, the goal is to take the emotion out of the conversation and create clarity by lifting the fog. Nobody will say no to their own goals. We ask the agents if we can help them set really Big Goals, which helps them to think bigger. If you can’t imagine being successful, it is very hard to achieve.
Conversation #4: Profit.
The final conversation is about profit – not just your gross commission income (GCI). It is possible to earn a huge amount of gross commission and not be profitable. We can track our fixed cost as well as our cost of sales. Leaving us with our actual profit.
These four conversations are a general overview of how we teach new agents to think like a business owner, plan for their future, and not just accept things as they happen. If you need more profit, the best place to start is to either lower your expenses or go on more appointments to increase gross commission earned.
About the Author:Tim Hadley, ALC, is an agent with Keller Williams Realty in Gladstone, MO. He joined the REALTORS® Land Institute in 2017 and is currently a member of their Future Leaders Committee.
About the Author:Kasey Mock is the Director of KW LAND Division at Keller Williams Realty International. Mock is a member of the REALTORS® Land Institute now serving on their Future Leaders Committee. Make sure to check out his break out session diving further into this topic at the 2018 National Land Conference in Nashville, TN, in March.
https://www.rliland.com/wp-content/uploads/writing-1149962_1920-1-1.jpg12811920Laura Barkerhttps://www.rliland.com/wp-content/uploads/RLI-Logo_Padding.pngLaura Barker2019-05-22 08:00:242019-11-01 13:32:08Training New Land Agents for Real Estate Teams And Brokerages
Before I get started talking about social media strategy, I want to make it clear that I can’tgive you advice on using social media in a vacuum — because that’s not how social media for business works. Your social media efforts need to be part of an integrated marketing strategy mixed with your other marketing efforts — both digital and offline. In a minute, I will get into what exactly that means for a land professional, but first we need to talk strategy.
So, let’s talk marketing plan. We are going to assume that you have already done a SWOT Analysis identifying your strengths, weaknesses, opportunities, and threats (if not, this is a good exercise to do at least once a year). We are also going to assume you have already identified your target market and done some research about them. And now you are looking to identify the main objectives, set your strategic goals, and define and implement the strategies of your overall marketing plan—including figuring out how social media fits in.
Social Media Marketing Objectives + Your Marketing Funnel
Below I’ve pulled together some common social media objectives that land pros often have (or should have) to get us started:
Position Yourself As The Expert in Your Market
Create Top of Mind Brand Awareness
Build Relationships and Trust with your Core Target Audience
CLOSE MORE DEALS!
You’ll notice ‘close more deals’ was last on the list (and not just to save the best for last) because by doing the first three, it makes achieving the fourth goal much easier.
Now before we jump into using social media, first I want to start with the foundation – your marketing funnel.
When you are creating awareness in your marketplace, by using things like social media, placing paper or digital ads, sending email blasts, guest blogging on industry sites, pitching properties at haves and wants sessions, etc., it all needs to drive traffic back to your website.
Why drive people to your website?
Your website is (or should be) the place that hosts anything and everything a prospect needs to turn them into a loyal client who can later become an advocate in the marketplace of your services. Which therefore means your website will be the place to make reaching your goals happen.
In other words, your website is where you start turning prospects into leads and leads into clients and clients into advocates. We all know word of mouth is one of – if not the most – powerful referral sources. So if we can achieve having advocates touting your services, this will hopefully then drive more prospects to your website – prospects who will then start at the consideration stage. Now, keep in mind that since they skipped the awareness stage, this saves you marketing dollars in getting them to the consideration stage. That doesn’t mean they won’t interact with you on social media or that they won’t see your social media and advertising though, it just means that when they do, it will be during the consideration phase. During this consideration stage, you will still need to have that in place to continue nurturing and building these newly budding relationships.
But you need to start building that relationship and nurturing it somewhere, and your website is the perfect place to do that! In order for your website to help you achieve the goals we outlined earlier, you need something that pulls people in and keeps them coming back – something you can put out on social media or your other channels that brings them to your website. Once they are on your website, you’ll want to find a way to capture their contact information, for example an email pop up, so you can continue to connect with them via email or targeted ads.
Then, and this is the golden ticket, find a way to re-target them with your marketing. Whether through Facebook and Google Ads, email, or a combination of both, use the information you collected through the pop up or cookies on your website to re-target them. There are a lot of great benefits to re-targeting, but the biggest is that you get a bigger ROI on your ad dollars because (since they were already on your site and got there because they were interested enough in what you posted to click on it), you already know they are a hot lead that likely wants to hear more from you because they see you as providing value. Be careful here though, don’t go straight to selling — check out the 80/20 rule below and make sure to follow it when re-targeting.
How do you get people from social to your website?
The best way I have found to do this is using blogging. Now before you tune me out, I know, blogging is time consuming and just like social, it can be counterproductive to have a presence and then let it fall flat by not posting for weeks on end. However, I am going to ask you to reconsider committing time to creating a blog. Thanks to SEO and social media, blogging is not only the best (and possibly cheapest) way to get people back to your website, but it is also the best (and possibly cheapest) way to achieve the first three objectives, which we defined as:
Positioning Yourself as The Expert in Your Market The Social Strategy here is that by writing pieces both for your own blog as well as for other industry blogs (and sharing them on social) you are not just telling people you are an expert but you’re proving you are an expert! For example, keeping your audience updated on the latest legislation or land market trends affecting them as landowners or even just the hot new ice cream shop being built on that old vacant lot at the crossroads, will position you as the expert on all things land in your market – making you the go-to agent. Don’t have time to write up a post and just looking for great content to share that landowners would find valuable? Check out RLI’s THIS IS YOUR LAND Blog with content specifically written for landowners/potential landowners and share away!
blogging also helps you achieve goal number:
Creating Top of Mind Brand Awareness The Social Strategy here is that by posting regularly on your blog and then on your social sites, you get your audience in the habit of seeing your content on certain days at certain times in certain places — so that soon you’ll have them coming to you!
and, finally, blogging will help with goal number:
Building Relationships and Trust with Your Core Target Audience The Social Strategy here? What builds trust and goodwill more than someone giving you something (like expertise) for free!? By giving out small bits of free, useful advice, on social media through your blog posts you’re serving your clients and potential clients without asking for anything in return and showing that you care about letting them know the things that they find valuable. So when they do need to list or buy a property, you’re the first one to pop into their mind.
— and by achieving all of these three goals, as we mentioned earlier, it leads to achieving the fourth goal of:
CLOSING MORE DEALS!
Even if you are posting about a listing on your social sites, you need to be driving anyone who is interested back to your website to learn more about the property and how you can help.
The Big Social Media Don’t
While we are talking about listings, I want to mention the biggest downfall most businesses make when trying to use social media for business. If you are a land pro looking to use social media to achieve your marketing and business goals, do not make your social channels solely sales channels. Do not only post listings or company news. Social media needs to be social in that you create a community and network of sharing valuable and engaging content. If your posts are strictly promotional, you will lose your audience before they have a chance to get to know how amazing your company and your listings are.
Only talking about your business and promoting listings on your social channels is to your audience the same as turning on the TV and finding out the only thing ever on is commercials – even if they are super bowl-level-awesome commercials. You’ve all heard of the 80:20 rule? You need to be doing at least 80% engaging and informational content that is valuable to your audience and that positions you as the expert in your market and then 20% sharing property listings or company news.
Now, you may be thinking – but this is a company page and I need to get my clients’ properties out in front of as many eyeballs as possible. But think about this, if you’ve driven your audience on social media away or don’t have an audience – or worse have an audience that isn’t engaged and has become trained to tune out your posts – is that really helping you get eyeballs on your clients’ listings?
I’m not saying don’t post listings, absolutely do! Facebook and Instagram are wonderful places to showcase all those high res property pics and drone videos. Just makes sure you are doing a mix of posting listings and showcasing yourself as an expert – and always do both of these in a way that drives your audience on social media back to your website where you can guide them through the rest of the marketing funnel you’ve (hopefully) put in place.
Now that we’ve talked about the big Don’t, let’s look at a few Dos of social media:
Do Tell A Story
You may need to put a little PR spin on it but every piece of land has a history – and even if that isn’t known, it has a future. Find an angle and try to create a story around your latest listing that people will want to read. This is a great way to still get eyeballs on your clients’ properties without coming across as like you’re trying to sell, sell, sell. Write that story up in a blog post on your website, link to the listing from in the post, and share the link to the blog post all over social.
Do Keep It Local
The best way to create share-worthy content is to make it relatable to your audience. Write (or at the very least share) pieces that inform your audience about what’s going on in your local market. Whether it’s telling them the top places to enjoy the land while hiking locally or new legislation that affects local landowners – be the source of all things land in your market. If you can add your expert take on that post as well – even better!
Do Use Video
In case you’ve been living in a closet the last few years, social media sites and users love video. If a picture is worth a thousand words, a video is worth ten thousand. Whether it’s you touring a property, sharing expertise on a topic, or a listing promo video clip, get it on social. To extend your videos reach on Facebook, keep in mind they are more likely to show your video to people if you upload it directly to their site or ‘Go Live on Facebook’ (versus say uploading it to YouTube first and sharing the link to the video).
One of the best ways to build trust and keep yourself top of mind is to post regularly. Give your audience something to look forward to and a reason to stop by your page every day. There are some great tools out there to help you schedule posts – hootsuite is a personal favorite and its free — but nowadays most social sites including Facebook and Twitter, have ways to schedule your posts through their site directly. Set aside 30 minutes a week to schedule all your posts for that week. Now, that doesn’t mean you should set it and forget it though. Check back and engage with those commenting on or sharing your posts. Pro tip, check out Canva for creating graphics and Pixabay to get free stock photos to use in your social posts.
Also, be consistent in your voice. The tone and voice you use in your communications is as much a part of your brand as your logo. You know better than anyone your clients, what tone would they relate to, what voice do they want to hear?
Finally, the most trustworthy people are those you know are being genuine. Help people get to know you and your company’s values and personality through your posts. Be yourself, have fun, and do what you do best – help people!
To wrap it up, being on social media is not as simple as starting an account and putting up a few posts. For your social efforts to be effective, they need to be strategic and integrated into your overall marketing plan (which should be integrated into your over all company strategic plan). Make sure to check out the full Unleashing Your Social Media Strategy webinar recording for some great tips from my co-hosts Drew Ary, ALC, and Wendy Johnson, ALC. If you guys ever have any questions for me, you can also find my contact info on the staff page.
About the Author: Jessa Friedrich, MBA, is the Marketing Manager for the REALTORS® Land Institute. She has served in her current role in the land real estate industry since March 2015 and has since fully rebranded the organization, developed and optimized their new website, and created and implemented a new strategic marketing plan that has a heavy focus on social media and content generation. Jessa has a Master of Business Administration (MBA) degree with a specialization in Social Media Marketing from Lewis University. She has seven years of experience developing and implementing digital and social media marketing strategies for small to medium sized businesses and a proven track record of success. As Marketing Manager for RLI, she has seen the power of using both paid and organic social media growth strategies as a part of the organization’s bigger picture strategic plan to help grow their annual National Land Conference by 44% and to help sell out its annual LANDU Education Week for the first time in history. Since 2015, the marketing strategies being implemented have increased the organization’s organic website traffic by over 145%, which includes a 941% increase in social traffic to the site. As Marketing Manager, she has also played a large role as part of the team that has led the organization to see over an almost 40% increase in new members in year one and a 47% increase on top of that in year two so far. Copyright Jessa Friedrich 2018.
https://www.rliland.com/wp-content/uploads/handshake-3382503_1920.jpg11361920Jessa Friedrichhttps://www.rliland.com/wp-content/uploads/RLI-Logo_Padding.pngJessa Friedrich2018-10-24 15:07:002019-11-01 13:32:21Unleashing Your Social Media Strategy