What's your most effective marketing tool?

[Paul Ness MAI]

Take it from a bank review appraiser, I have a drawer full of pens….if you just want your name out there for everyone to see, and not necessarily produce business for you, then spend money on pens, calendars and note pads, etc. I know a local commercial appraiser who puts up signs on high-visibility new construction similar to the sub-contractors, architects and engineers. I don’t think this kind of advertising necessarily gets business, but it gives name exposure and feeds one’s ego. Quality, price and timing are the real selling points.

If you want to generate business, mail out cover letters (to specific people) with either/or a brochure describing your business, a sample, professional qualifications and price list (if residential). Then FOLLOW UP in a week and ask to take the person out to lunch and get to know them. The point here is (1) getting your foot in the door and (2) getting to know the person ordering the appraisals. If they know you personally you will tend to come to mind more often.

Also (possibly more for commercial appraisers) the report itself is advertising. If you put out a nice looking report, give three or four copies instead of two. You’d be surprised where they end up.

Finally, get some free PR by writing an article for your local board of realtors, or doing something worthy of a press release. Last year I wrote a two-part article on cap rates and yield rates for our local board newsletter and received a lot of comments. This gets back to name exposure.

For name exposure kinds of advertising, don't just do something for a week or two and then stop when you get no business. This kind of advertising requires repetition and continuous effort - you may not be able to quantify the results of this kind of advertising.

 

[Mountain Man]

Other than face to face and going to Realtor meetings, I am like Jo Ann and have several listings on the web. They find me, no yellow page ad (yet), no magazine ad. So far, I am as busy as I want to be. I have a couple of local banks that were with me from the beginning, love my work, and are the ones that get first priority. Others include a couple of big national banks, some agents & attorneys, gov'ment, and some AMC's. I still say that one of the best places to meet new, potential clients is at the golf course. I have met many new "potentials" while laughing about my wicked slice. Oh well, some things never change. :roll:

 

[Charlotte Dixon]

Paul...You misread my post....I don't try to cultivate business from lending institutions using pens. I don't give pens to bank review appraisers and I don't give pens to my clients (lenders).

I distribute pens to members of the community via clubs, and believe me, all that private work certainly pays the bills when lenders add more appraisers to their approved list or interest rates creep up. In other words, I don't put all my eggs in one basket. Estate work is a big part of my income.....thanks to those silly pens!

How much money did you make off that 2 part article on cap rates and yield rates? Sorry, but you're contradicting yourself.

 

[Paul Ness MAI]

I just went full circle in my post. You misunderstood my comments about the pens. Pens are literally a dime a dozen and everyone gives them out. I'm saying find some things more creative, but the point is it may still not directly generate business. You stated in your post you didn't want to hear about word of mouth, etc, but something you can buy with a VISA that will directly generate business. I'm saying you may not always be able to quantify the results of your advertising.

I applaud you for diversifying and not depending on financing work. My local chapter of the AI recently hosted two seminars to network with attorneys (Bert Goodman spoke on tax appeals) and bankers (Pete Korpacz spoke on value cycles) in the other. I also know of an individual appraisal firm that hosted a brunch and invited all the local attorneys and they made a presentation on tax appeals.

My motivation for doing the articles wasn't for generating business, it was to help out the newsletter editor who needed appraisal-related articles. I just gave that as an example. Again, it's not something you'll be able to directly measure. I am no longer in the fee appraisal business, but work as a commercial review appraiser for a holding company.

 

[Austin]

My secret method of getting business is going to church. I have been doing work for one bank for 14 years because I met the CEO in Sunday School class. The church I go to now is the same. I am assistant treasurer and the treasurer is a top VP in a local bank. I could get all of their business but don't have time. I am also on the planning and steering committee and the chairman is the largest commercial lender in the region. Also, I have received 20 assignments in the last week from referrals at the tax assessor's office. I have not answered my telephone in about 3 three years because I can't keep up with the business I have. About 30 years ago I was in the auction business. I took a charity sale for a church fund raiser selling surplus toys for kids in the church parking lot. Raised about $20. A man and his wife were walking around and heard the noise and came to the auction to see what was going on. Over the next few years I sold about a million dollars in property for this man. I asked him in later years why he called me. He said because I saw you doing the auction at the church for the kids. The Lord looks out for the stupid (as Ted Turner would say) I guess.

 

[Paul Ness MAI]

Amen brother :wink:

 

[Charlotte Dixon]

Paul, MAI...Time Out!

Kathy in FL asked about a marketing tool...something to buy with Visa, etc.

I'm Charlotte from Delaware...the one who loves pens and has proven results

You've got some of us confused, or lots of us confused, or you are confusing.

Cheers

 

[Paul Ness MAI]

That's what I get for not reading all the posts and missing the Avatars How could I mix up a PowderPuff Girl with Jane Jetson? By the way, how's Astro? Still got George out on the treadmill? :lol: Aren't these Avatars and Emoticons wonderful? They really add a lot to our profession :twisted:

 

[Charlotte Dixon]

George....er...Paul :?

Have a wonderful weekend!

Love,
:wink: Jane
:lol:

 

[Judy Whitehead (Florida)]

I do pretty much what JoAnn does, Kathy - I'm in a little bit more suburban area in Florida than you are, but still small town. I do have a business phone (we pay more) and I get most of my internet business off Yahoo Yellow Pages. I finally ordered a ''preferred'' listing - $25 per month and it has more than paid for itself. I also list myself on every free internet listing. I only pay for one - Appraisersdotcom. It has more than repaid me, too. I am busy enough right now not to pay for any more listings.

I also try to go to everything the Realtors association has, and make sure I ''work the room'' and hand out plenty of cards. Once a year we have an ''affiliate'' sponsored event, and I am sure to donate door prizes, etc. I take my husband, son and the other appraiser with me so that we can all ''work the room.'' I do get plenty of referrals from the Realtors, as well. I believe I have a reputation for fair dealing, honesty and find that the better Realtors that make money and refer people do business the same way. In this area, the crooked ones, or the ones out for the fast buck won't last - it's still a small town! I also belong to the Chamber of Commerce.

I think the secret to rural areas is to find out where the loans are coming from (for mortgage appraisal business) and I would also make personal calls on all the attorneys for the estate work.

One of the best ideas I saw posted on the forum was someone telling about his sister, who worked for a title company (they are also a good source of business) who went around and left little hand painted candy jars (with her company name) and kept going back to refill them and leave cards. She doubled her company's business.

Remember, even with appraisers, before anything happens, someone has to sell something! Even if it is a bit intangible!