The Best Investments I've Made In My Real Estate Marketing Business
This post originally aired as a podcast!
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The saying goes that "you have to spend money to make money." And while I agree that you can't DIY everything for free in your business, you still don't want to spend money for the sake of spending money. You want to be smart about your investments to fuel your real estate business and future success.
Since I've launched ideas for real estate as a full-time business (not just a podcast!), I've had to make some strategic decisions myself. So, in this week's episode, I'm sharing behind-the-scenes of what the top investments were, how they've made an impact, and how you can apply what's working for me to your own business.
Investing in your business can be exciting, intimidating, and even overwhelming. You want to make sure that you are making the right decisions to achieve your career goals, especially when it comes to financial investments. But it can be challenging to determine exactly where you should be spending money as a Realtor. Is a marketing avenue, tech, or service worth your time and money? Will your investment drain your pockets or add fuel to your fire?
While I've worked with many agents and brokerages over the years determining marketing budgets and plans to reach specific goals, this episode is going to be a little different. We're going behind the curtains of my own real estate marketing business and the investments I've made that have brought the most value to my business. Whether you're first starting out or an experienced agent looking to make wise decisions, this episode is full of practical advice that's real-world tested.
Launching Ideas for Real Estate as an Entrepreneur
Now, before I share the top investments I've made, I want to get you some background on my business. If you're listening (or reading) right now, you know that Ideas for Real Estate is a podcast. I'd been a professional marketer for over ten years and was the Chief Marketing & Tech Officer for a large brokerage since 2014. But I was looking for more ways to share my knowledge and passion for real estate marketing, and that's how the podcast started!
But in 2020, I started having some major health issues, specifically with my hips, where it became too painful to walk. I have a rare congenital issue that required multiple extreme surgeries to correct. So, in the fall of 2020, I had my first reconstructive surgery and was on bed rest for months. Then, in the spring of 2021, I had two more major surgeries, and it's been a long ongoing road to recovery. During this time, the podcast ebbed and waned, and I had a genuine life epiphany.
While I loved the corporate world and being a CMTO of a large brand, it was time for me to move in a new direction. So, in the summer of 2021 (when I was still on a walker!), I left my job that I'd loved for many years in Executive Leadership to start Ideas for Real Estate full-time. I knew that I wanted to be able to further support agents and brokerages beyond what I can do on the podcast alone.
At that point, I'd made exactly no money from Ideas for Real Estate because my podcast was a passion project. So, all of the investments I made in the beginning were personal investments. I know exactly what it is like to determine where you should be spending your money to achieve future results. I will admit, as a professional marketer, I had confidence in the ROI of my investments, but I still needed to take big, uncomfortable steps to move forward. So, those investments are what I'm sharing with you today!
The Value of Investing in Professional Help
The first major investment I made in my business was hiring a full-time employee from the start. I'll be honest, this was not part of my original plan, but the stars aligned, and it's worked out tremendously for me.
Like many of you, I'd planned to do everything all on my own as a way to save money. I had the "I can do it all if I work really hard" mindset. But the reality is, your time is most valuable spent on tasks that only you can do. And just because you can do it all doesn't mean that you should. The fear of enlisting help can actually be holding you back from growth.
So, for me, Megan joined my team as my official Marketing Manager in September of 2021. We'd already worked together for many years, so it was easy to hop right into my projects and start making progress. Our skills are the perfect balance, and Megan is able to work on aspects of the business behind the scenes, and that empowers me to do the content creation, live events, and one-on-one consulting that only I can do. This has empowered me to make bigger strides in my business, so I can reach those big goals in the future.
While I'm not saying that you need to go out and hire a full-time assistant or staff member, I am asking you to think about what you're doing that you could outsource. Even something that takes you a couple of hours a week might better be spent having someone else doing it.
This year I also worked with a professional brand photographer for images of myself to use on social and my website. To enlist a pro's help wasn't inexpensive, but it saved me time and ensured that I'm representing my personal brand in a way that aligns with my overall branding. It's also helped in consistency, which is key to successful marketing.
Is this the year that you can invest in professional help as well? To help you decide, make a list of all the tasks you do or plan to do in your business this year. Then, sort those tasks by tasks that only you can do or that would be the best use of your time. For example, making client follow-up calls might be something that you feel is an aspect of your business that only you can do, but organizing your CRM might be something somebody else can do.
Next, determine how much money you can invest in getting outside help. From there, you can decide which tasks you want help with and the level of professional you'll need to get involved. (Basic administration will usually cost less than experienced strategy advice or high-end marketing services like professional branding.) Give it a try for at least three months, and see how much it can help your business.
I can tell you from experience that I had to step outside of my comfort zone to hire a full-time employee, but it's the single best investment I've made so far in my business!
Invest in Your Real Estate Business by Tracking Your Financials
I've recently done several episodes about choosing the right technology and platforms to organize your business, so I won't spend too much time here.
However, I will say this is an area of my business that has been essential. As a former CMTO (emphasis on Tech), I appreciate the right systems and understand how to fully leverage them to maximize efficiencies. When Megan came on board, I spent an entire day going through all of my systems, from podcast production to website to project planning.
And when it comes to systems, start small and invest in what you need. For most agents, I recommend a system that keeps you organized with reoccurring tasks, a CRM (customer relationship management system) to stay in touch with your contacts, a website, a transaction management platform, and lastly, a way to track the financial side of your business.
When we get to that money conversation, people start to get uncomfortable, and I can relate! Like many, I didn't grow up in a financially stable household. When I was a teenager, life happened, and my parents, for different reasons, couldn't take care of me anymore. So, I've been living on my own since I was 16/17 and in charge of figuring out my own finances. On one hand, that made me very scrappy, a self-starter, and motivated to do well in life. On the other hand, money can make me anxious because my entire life, even as a kid, it was a point of stress. Fortunately, my husband and I have both had successful careers and now live a comfortable life, but finances are something that I've had to become more confident with.
But you cannot invest in yourself and your business if you are not aware of all the details.
As an entrepreneur and Realtor, it can be difficult to keep track of all that you're spending on your business. From gas to closing gifts to marketing services, it can be a lot to keep up with and easy to mix into your personal finances. My husband (who is a commercial agent) and I have been working on this for many years. So, make sure you are tracking your finances throughout the year, and not just for tax purposes. Do it so you can see where you're spending money, evaluate ROI, and know how much you have to invest back in yourself.
I've invested in some platforms that work specifically for me as a real estate marketer. However, for you, this might mean creating a spreadsheet where you track your closings and the commission you received alongside your business expenses. For others, you might use a component of your real estate CRM, Quickbooks, or a platform provided by your brokerage.
Unfortunately, I've spoken to many agents over the years who might know their total sales volume from closings (because you often keep track of that number as a goal) but don't know exactly how much money went into their bank account at the end of the day. Invest in a system to track your business's finances or hire someone to help you do this.
By knowing the ends and outs of your business's finances, you'll be better able to make strategic decisions in your overall business. Because you'll have the black and white numbers to support what you're doing, you'll feel more comfortable when it comes to investing in yourself.
Content is a Long-Term Investment that's Worth It
Lastly, content marketing is a strategy that I've taught and personally used for nearly a decade. When you create content, you're creating a value-based marketing approach that attracts customers to you. That way, you're positioning yourself as the expert who can help your ideal customers.
At Ideas for Real Estate, my content strategy focuses around my podcast. Every episode airs as a podcast and is then repurposed as full blog post, included in my email marketing, and becomes content for social. My podcast is the cornerstone of my marketing strategy. But it's also an investment of time and money every week for me to create this podcast for you and to provide this free content.
Yet, through this podcast, I've been able to connect with agents all over the world, and the blog version of the show has enabled me to become ranked on the first page of Google for many of my desired keywords. So, instead of paying for ads to introduce people to Ideas for Real Estate and my services, people find me online.
What could it mean to your business if people were actively finding you, trusting you, and wanting to work with you? Content could be key in your marketing strategy as well. It starts with figuring out who you want to target and creating content to help your ideal customers reach their goals. For you, this could be in the form of social media content, videos, or info on your site.
No matter what type of content you invest in, if you are consistent and strategic, you will find results from it. So, consider seriously including a content marketing approach in your strategy. You can learn more about how to do this in my episodes:
Investing in content is investing not only in your real estate marketing strategy but also in your personal branding. I wouldn't be where I am today with Ideas for Real Estate if I hadn't invested in creating content right from the start and sticking to it (despite all of my personal health challenges along the way)! Content is an investment that I've seen results with time and time again, so I know with a smart plan behind you, it can work for your business too!
Making Sure Your Investments Make Sense
Real estate marketing can be full of shiny objects. That's honestly one of the aspects that I love about it. There's always a new strategy to try, a new platform to look at, or a new way of promoting properties and telling your story as an agent. However, don't let shiny objects distract you from your overall goals. Invest what makes sense for your business now, and choose investments that you can grow into as you work towards reaching your goals.
I could have waited to make some of the financial investments I've made in my business. But you know what? I was able to make them all work, and I'm better for it. My business is better for it. And you'll be better for it as well.
So, choose investments that will make the biggest impact on your business, and I hope you've enjoyed a look behind the scenes of my business as well!
Like this episode? Here are more episodes related to business planning & strategy:
Ep 61: How to Use Evernote + the Full Focus Planner for Real Estate Success
Ep 73: 3 Top Real Estate Marketing Tools for Organization, Branding, and Social
You might also find these related (free) resources valuable as well!
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