Each time I query a Lead Source Report, to determine where all of the leads are coming from, I am never surprised to see the top lead source. Property signs always produce the most results, and many times the best results. When analyzing lead data, property signs have contributed to over 60% of the monthly lead sources, year to year.
Property signs are advertising, and should be treated similarly to a billboard. What is it about each micro-billboard (property sign) that is going to gain attention, and inspire a call to action? First thing first, can people see your sign? Paco Underhill writes in his book, Why We Buy, how marketing departments need to be aware of how viewers are going to be viewing the a sign: from their car, at 60 mph. Can a viewer see your sign and read the information on the sign? Additionally, when someone would like more information about the property, does the sign offer the viewer enough information?
The next most important part about the sign is what happens at the call to action. Is there a link or QR code to send the prospect to a property specific webpage for more information? Or, even better, what happens when they call the office? The hottest lead is the lead that is standing on the property and calling you for more information.
Overall, property signs should not be overlooked on any listing. Allowable: there are some listings where signage is not permitted. However, most of the time signs are allowed, and should be installed on the property the day the property is listed.
One of my little brothers called me yesterday worried about whether or not he should keep his listing agent. I asked him a few questions, and he finally said, “I just think she’s too busy to list our house.” What?! Is this true? Someone is too busy to make more money? It is true, but not intentional. This is where I have developed a new law; it shall be known as the Law of Diminishing Marginal Listings. Looking at the image of the graph above, we see that the red line represents the number of listings. Additionally, the green line represents the ability to list one more property. The number of listings is increasing at an increasing rate, and will continue to increase into infinity. The green line, however, is increasing at increasing rate up to maximum capacity. After maximum capacity, the ability to list one more property changes the green line to be decreasing at a increasing rate. What does this all mean? Every Real Estate Agent only has the physical and mental ability to handle X number of properties at one time, and efficiently and effectively list/sell their properties. Once an agent reaches maximum capacity they are no longer providing a service; they actually become a disservice, increasingly, to all of their listings.
There may be a mathematical formula to equate the maximum, but there is a different maximum for each and every agent. The best way is for each listing agent to know what his or her maximum is, and make sure not to reach the maximum. Dr. Kimball said it best, “I don’t want you working at 100%. I want you working at 90%.” Why is that? Because people just get burnt out. There is no way for someone to work full speed everyday all day. Not possible. Even if they did, who would want to be around them?
The moral of the story… Ask your agent how many listings they currently have, what do they feel their maximum capacity is, and what can amount of time can they promise to devote to effectively selling your property. If you feel your agent is maxed out, then it may be time to find a fresh face in the game with only a few listings.