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"Tips from the Agent Field!"


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Mal Duane Photo
4/3/09 Interview with Mal Duane

MetroWest Homes
12 Library Street
Framingham, MA 01701
Biography

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Compound Marketing Defined

  1. Compound marketing entails going back to previous relationships—buyers, sellers, contacts, referrals—rather than farming unknown targets.
  2. Spending time and effort marketing to people who already know you is likely to be more rewarding; Duane finds that the technique is increasing her agents’ productivity.
  3. A known audience that is familiar with your skill set, integrity and professionalism will be more receptive to new marketing that you send.
Implementing Compound Marketing

  1. A good way to begin is by implementing an email campaign to past buyers and sellers; aggregating email addresses of all buyers and sellers is therefore important.
  2. The core of Duane’s drip campaign to keep in touch with past clients is the Society’s Cyber Tips newsletter, available to all Society members as a memberhip benefit.
  3. Duane used to buy a newsletter (at $49.95/month) that had to be sent by snail mail, but Cyber Tips is free with Society membership; it can be customized, and it can be delivered by email without cost.
  4. For email distribution, she uses Constant Contact, a provider of email marketing services and tools; Constant Contact manages her list; her staff adds graphics and statistical data to each basic Cyber Tips issue before pasting it into the Constant Contact system for delivery.
  5. Responses from the list of past relationships is leveraged when people on the list, who may not be ready to buy or sell again themselves, pass on Duane’s name to others they know who are ready.
  6. Overall, the return on marketing to the hot list is much greater than marketing to a cold, geographical farming area.
  7. The idea of compound marketing is to create new business from old business, like getting interest from money in the bank.
Clever Tip for Reaching People

  1. Because public interest in mortgage-related topics is high, Duane has successfully been inviting past clients to host a coffee hour for friends at which Duane provides a top-notch mortgage loan officer as guest speaker.
  2. This technique amounts to an endorsement by the past client and delivers desired information to potential clients; the setting is warm and intimate at minimal cost (coffee and snacks).
Employing Technology for Flyers

  1. Postlets.com is a free, online program for creating professional looking html flyers that can promote properties and events; the program generates an html link to paste into email messages.
  2. Another good online tool is vFlyer, a low-cost alternative with a few more features.
  3. Postlets and vflyers can also be used in MLS listings to get fabulous property flyers out to buyers agents.
Advice for New Agents

  1. There are better ways to get business than cold calling and farming a neighborhood; going after FSBOs and expired listings is a step up because these people have identified themselves as having a real estate need.
  2. Instead of farming a geographic area, target a demographic group; e.g., access MLS listings and public records at no expense to find homes sold in the last 5–7 years—this group is likely to have a real estate need soon.
Leveraging Real Estate Shows

  1. Create a new virtual tour on the anniversary of a house’s purchase date; offer to send it to the friends of the buyers to show off what they have done to improve their home; such links can also be used for a compound marketing campaign—past clients love to see them.
  2. The easiest tools for generating professional looking tours are provided by Real Estate Shows, an affiliate of the Society; members receive a 90-day free trial and then the option to subscribe at $99/year for unlimited shows (a super discount!).
  3. Real Estate Shows now allows longer shows (up to 15 still photos); the end product has a video feel, complete with background music; statistical data on who is viewing the shows measures success of marketing efforts.
Value for Agents

  1. Utilizing compound marketing enhances the service agents provide; people want knowledge—compound marketing techniques can deliver it.
  2. This new approach to marketing has a better payoff on the time and effort agents put into it; costs are minimal compared to traditional marketing.
More on Favorite Web Sites

  1. Constant Contact runs courses regularly that teach tips and tricks for using the program.
  2. VistaPrint.com is a reasonable resource for creating print materials, such as snail mail postcards; you can upload your own pictures and choose from a variety of formats; sometimes promotions offer free printing—you pay only shipping.
  3. Postlets gives you the option of having your flyers automatically uploaded to Craigslist.
  4. Maps.Live.com provides great birds-eye and 3D maps for working with buyers and sellers.
  5. Google Earth now shows under-seascapes.
Contact Information for Mal Duane:

(v) 508-416-1800
(f) 508-628-1872
(e) MalDuane@MalDuane.com
(w)www.MalDuane.com


Real Estate Sites & Tools in this Briefing:

MetroWest Homes: www.MalDuane.com
Constant Contact: www.ConstantContact.com
Postlets.com: www.postlets.com
vFlyer.com: www.vflyer.com
Vista Print: www.vistaprint.com
Maps.Live.com http://.maps.live.com
Google Earth: http://earth.goole.com