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Tech with Ty.
🤖 [T]echnology: I'm Talking about AI Again...
🎓 [E]ducation/Entertainment: MUST WATCH VIDEO
💪[C]oaching: Give Value
📹 [H]ow To: Create a Marketing Budget
[T]echnology:
I’ve been talking about AI tools since last December, and while ChatGPT probably got the most attention, and deservedly so, I’m more intrigued by the AI video and photo editing tools that make my day-to-day workflow easier. 📷📹
Don’t get me wrong, I still fire up ChatGPT at least a few times a week, but GPT 4 didn’t do anything for me that GPT 3 didn’t already do…just maybe slightly better.
However, Open AI just added a feature that I am quite fond of, and I found a handy new plugin…⬇️⬇️
If you have ChatGPT Plus, you can click on the three little dots next to your email address at the bottom left, and you can add custom instructions for how you would like ChatGPT to respond to you. I originally posted about adding your writing style a while back, so this seems like a minimal update, but it’s nice not to need to find your style guide and add it every time.
However, I wish it was simply a toggle to turn on and off because there are times when I don’t ❌ want it to write in a light-hearted, sometimes sarcastic voice.
Especially when using a plugin with ChatGPT 4, like AI PDF.
This tool is still in its infancy, but the potential is amazing…
AI PDF will read and analyze your PDFs and give you summaries, or dare I say, even be able to generate those helpful contract timelines for you. Obviously, confidentiality is a concern, but I’m fully confident that there will be plenty of these types of tools ⚒️ in the near future that will make the lives of agents easier.
Pair that with Zapier, and I believe in the future, you’ll have an AI assistant that handles the majority of your closing coordination tasks.
[E]ducation:
This video is your homework for this week.
Yes, it’s an hour+, but watch it and then read the Coaching section below. ⬇️⬇️
[C]oaching:
👆👆👆 So, I had never heard of this guy until the other week, but I instantly became a fan...
I'm not sure what he said that finally clicked, but he basically rephrased what Gary Vee has been preaching for years.
Give value.
Ask for business after you've proven your value and built trust. 🤝
I recently challenged my agents with this exact task through something you’ve all done…a CMA.
To make it fun, we started a little in-office contest.
Who can run the most CMAs for their sphere?
We just launched a killer new CMA tool for our agents, so the ask was simple…⬇️⬇️⬇️
“Hey ______, hope all is well! I was wondering if you can help me out? I'm learning to use our new property valuation software and hoping you'd be one of my guinea pigs and provide me with some feedback. I just want your opinion on if the report is easy to understand, too much info, too little info, etc.”
My partner Shannon just did this and ran 49 CMAs in the past two days.🤯💪
Some of the folks she reached out to had bought seven years ago and have never once responded to an email or invite to one of our client appreciation parties.
Not only is she providing enormous value, but she’s getting feedback on what they like about the tool and what they don't so she can tweak it in the future. Not to mention, how many of those 49 are probably shocked at the appreciation? 👍
Stop overthinking and start executing. You’re a wealth of knowledge, but your clients don’t know your value unless you share it with them.
[H]ow To:
I think it is common knowledge that the first budget to be cut in any company is within the marketing department. 🤣
Real estate is no different.
When times are tough and the budget is tight, we really don’t want to spend our extra cash paying for marketing. 💸
So this begs the question, how much should I pay? No matter the industry, there is typically a general rule of thumb that you should base your marketing around your revenue.
The typical number you will see floating around is 10% of your commission, is to be designated toward your marketing budget. So, if you typically make $7,000 a month, you should be putting $700 towards your marketing. 😅
Again, each individual is different and will have a different financial situation, but if you want a standard number to base your budget around, there ya go. 👆👆👆
What type of marketing should this budget go towards?
I truly think this answer depends solely on your audience and demographic. However, there are two items that I think are a MUST.
One is email marketing. You are running a business, you need to be nurturing leads constantly and staying in front of your sphere. Look at me, I spend at least an hour a week writing these emails. Don’t you think I understand the value? Doing these emails is well worth the hour I spend a week writing them, I’ll tell you that much. 🤣
Below, I have listed two great email marketing options with their monthly costs.
Mail Chimp: Believe it or not, there is a free option here that can help get you started. The free option allows up to 500 contacts, and they also offer other plans ranging from $13 - $350 a month.
Constant Contact: Extremely user-friendly and offers a range of options from $12 a month to $430.
Two is your online presence. 📱This means having a Google Business Page, an updated website, staying current on social media, and paying for any ad campaigns. In terms of paying for ads, there are three platforms that I recommend starting with.
Google Ad Words: Google Ads empowers you to tailor your customer targeting using a multitude of criteria, such as their geographical location🌎, search behavior, and device preferences. You have the flexibility to design campaigns that cater to specific demographics or employ broader targeting strategies to maximize your reach.
Facebook Ads: Utilizing Facebook Ads is an effective method for connecting with your intended audience. You have the option to design advertisements that are prominently displayed on the right side of Facebook's News Feed, a prime location where the majority of users engage with the platform. In our Facebook Guide for Realtors, we list step by step how to create a Facebook Ad. ⬆️
LinkedIn Ads: I personally feel LinkedIn ads are slept on, especially in our industry, because people assume it is all business to business. This is technically true, BUT potential clients are on LinkedIn daily for their jobs or to network. Trust me, they will see your ad. LinkedIn Ads offer highly precise targeting options, enabling you to connect with your ideal audience.
Remember, there's no instant solution for achieving overnight success💰, and this holds true for your marketing efforts as well. A high return on investment is attainable when you consistently sustain your initiatives over the course of months and years. Make thoughtful decisions regarding your tactics, budget, and external collaborators, and then commit to your strategy to witness significant results.
-Ty Morton