Dee Dee Jones Real Estate Blog: January 2010

A Blog by The Hampton Roads Real Estate Lady! All about buying and selling homes in all Hampton Roads Areas! Chesapeake, Norfolk, Suffolk, Hampton, Virginia Beach, Newport News, and Portsmouth!

Confessions of an Internet Lead Conversion Addict!!!!!

Bob Stewart asked me to blog about it here we go.....My Name is Dee Dee and I am Internet Lead Conversion Addict!!!!!   There I said it and I meant it.  I am a Real Estate internet leads Addict....  But before all the lead generation companies start calling me, Please know I only deal with a select few companies and I carefully follow my own few rules.  

First you have to understand my particular situation.  I have been a Real Estate Agent 14 years since 1996.  As a wife of a 20 year so far Navy man (with no end in sight)  I have done my share of moving.  To build a Real Estate business off of New Referrals, daily contacts, and from new acquaintances AND NOT from past clients or family members, and the guaranteed sphere of Influence is not an easy task for me. 

Don't miss understand me I have a steady sphere of influence but I have always found finding real life face to face contacts difficult.  In the past By the time all the people at my local church or gym know I am an agent "Its time to move".    By the time I become my neighborhood go to expert " Its time to move." Not to mention, By the time I learn every shortcut and highway in a city " Its time to move".  Now since the Hampton Roads area has 7 bases it is not likely I should have to move again.  But as away to adapt to my career which I love, I have learn to rely on Internet Leads and now I am addicted. I also despise cold calling, door knocking, and 1980 - 90's marketing methods which I call Old Skool ways. I personally currently rely on Web Marketing, Web Advertising, Social Media, and various Internet Leads conversion systems for a major part of my business.  I also try to ingrain the importance of referral business into my friends, family, acquaintances and business partners.

Next you must understand my personality:  I am currently a broker with a private owned Real Estate Company in Southern Virginia, in Virginia Beach.  Wainwright Real Estate is a 100% company that has a niche of pretty much leaving the agents on their own.  They do review every contract and have a staff attorney and broker ready to answer questions.  But it is very far from the traditional companies I have worked for with no office meetings, no one on one accountability sessions, and for some odd reason I ABSOLUTELY LOVE THIS.  As a mother of three kids from 3 to 15 their are not enough hours in the day already plus I do believe I am 1/8th anti-social Yes I admit that too.  So one less meeting is great and I have support when I need it.  And I get to keep most of my money hooray!!!!!     I have worked for oodles of companies traditional to Internet only companies.  I have been an independent contractor as well as a salaried plus commission agent.  I have probably had every commission split plausible.  I have had awesome training from a variety of companies some teaching the newest marketing techniques and some stuck in an Old Skool twilight zone.  I have taking classes on Cold Calling, Prospecting, Door Knocking, and even mail order marketing.   I just happen to like Internet Leads!!!!! 

Now you must understand my business structure:  Generally 55% of my business is Internet based.   This can include everything from leads from my personal website ( which is funneled mostly by Internet lead generation and pay per click), Craigslist and alot of internet ads, ads for listings and personal marketing ads (I usually market on over 60 websites), and including direct pays from lead generation closings. I am also including Social media conversions and ActiveRain referrals in this category.  35% is from my sphere of influence referrals from past clients, friends, and family, repeat buyers and sellers.  The last 10% we will call Miscellaneous this is open house clients, sign calls from listings, and mail response clients, my home TV channel ads, and occasional print advertising. 

Now when rating my personal rate of return I rate Sphere of Influence the highest at one because it is the cheapest and least painful to do. Internet Conversion number two because it is the easiest, usually cheaper then Misc but can cost money, but faster to do. Misc number 3 because its more costly and/always more time consuming. 

Oh yeah I mentioned that I follow My own personal rules:

1. Watch the money and stick to my budget- I am no money bag I track the rate of return, If it doesn't work then pull out and invest that money in something else that has PROVEN to me to be working.  So to the Internet companies- If its not in my current 2010 business plan budget I do not and will not add your product no matter what you promise me, so do not call me.  Send me an email and I may research your product for adding to my business plan in 2011-if its that fabulous. I have no money to waste. In 2009 my marketing plan shuffled and shifted every quarter but one thing that was always steady was converted leads, I just had to shift the source from what leads I was converting.

2. Follow up- Phone calls and drip campaigns are the lifeline of my business.  If I'm not going to follow up I may as well find a new job or go back to the other OLD SKOOL methods.   For Internet lead conversion to work you must followup, qualify, and then guide and help that client to closing.  Otherwise you will loose the clients to the other agents that will call them back or even Jason Crouch's wife if your in Texas who will call them at least 17 times.  If they provide a number I will call but If they say email me only I abide by their wishes.

3. Simplicity- If the program is not web based or easy to use I do not use it.  I also prefer companies that have a mobile phone web version so I can access it from my phone.  If it does not have a mobile version I will not rule it out but it may go to the bottom of my list. 

4. Do what I can with my current MLS system. My area MLS is pretty limited on features we can not access a lot of programs that I want to use. I subscribed to a few $$ Internet Lead sites but my best FREE pick is Craigslist (of course it has a good side and bad side).  Bad I have been a victim of my ads being stolen and used as scams but I have not stopped using Craigslist I just monitor my ads more carefully.  I am working with one client on two listings "that are not short sales Thank God" who called me on a craigslist ad I have.   I also use Marketleader as one of my main contact management systems but my mls is not compatible with Growth Leader.   money bag

5. Oh I forgot, leave my competition in its dust.  All the agents who do not believe in the power of the internet "Eat my Dust".

These are the other AR BLOGS I MOST AGREE WITH:

http://activerain.com/blogsview/1413691/i-ve-changed-my-mind-some-agents-should-buy-leads

http://activerain.com/blogsview/1419741/finessing-the-online-home-buyer-my-view-from-12-years-of-internet-lead-conversion

http://activerain.com/blogsview/1421511/internet-lead-conversion-don-t-drink-the-orange-kool-aid

http://activerain.com/blogsview/1418514/internet-lead-conversion-they-re-people-and-they-want-to-work-with-an-expert

Also check out: http://giftofshift.com/activerain   there is important info you do not want to miss if your a real estate professional.

"For other methods of converting Internet leads, be sure to check out giftofshift.com/activerain where you can purchase a limited edition hardcover of Gary Keller's book SHIFT, which comes with a free version of the eBook Soci@l: Attract Friends, Followers and Connections to Your Business, written by Ben Kinney and Jay Papasan (in which Ben shares his 'ten days of pain' lead conversion method) as well as free audio versions of Millionaire Real Estate Agent and Millionaire Real Estate Investor all for $19.99."

 and remember

"I can dream alone, build alone and strive alone, but true success always requires the help and support of others. Please send me your referrals."   SO THINK OF ME FIRST!

THE HAMPTON ROADS REAL ESTATE LADY

DEE DEE JONES
Associate Broker

Wainwright Real Estate Virginia Beach

Thats it...............

"I can dream alone, build alone and strive alone, but true success always requires the help and support of others. Please send me your referrals."

Visit my website today, The Hampton Roads Real Estate Lady! Deandrea "Dee Dee" Jones

http://DJonesRealEstate.com

 

FHA Loan Tips & Mortgage Shopping Tips - Don't be caught with your pants down!!! - Part 1 of 2

Here is the FHA reblog of the week passed on by The Hampton Roads Real Estate Lady!   If your planning to buy with an FHA loan in 2010 read this post.

Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):

 

caught with pants down

How many of you feel lost out there or even get help from someone such as a realtor letting you know that they can have their mortgage loan officer help you with your loan, yet you could still be lost. Not all referrals are good ones, just food for thought. I know this, because I have seen it happen more than it should, after a borrower comes to me after they had used someone else that was recommended. No, I am not perfect. But there is a lot more than just telling a borrower a rate and costs after looking at a credit score.

This post is not to point fingers, but to educate not only the borrower/consumer, but the realtor and some loan officers that might just do the basics. What do I mean about the basics?

Example :

Borrower : I am looking for the cheapest mortgage with no points. What can you do for me.

    Loan Officer : What is your credit score?

Borrower : 659

    Loan Officer : I could do 5.25% with zero points.

Borrower :  Sounds great.  Thanks and I will get back to you.

 

 

 

Important Update (example above) :

You should have received a Good Faith Estimate when someone gave you a quote.  To show rate, points, and fees. And that loan officer should have asked about 10 basic questions, which I will talk about below. Important news now on this….  As of January 1st, 2010, there is now a new law in regards to RESPA and new disclosures. Please read below…

 

 

 

Mortgage Goals

As of January 1st, 2010, no loan officer and or lender will be able to give you a Good Faith Estimate upfront when shopping for a mortgage. There will be about 6 triggers that have to take place for them to offer the good faith estimate.  I think this will hurt shopping for a mortgage now more than ever before.

What has always been a pet peeve of mine is that many loan officers just give you what you want to hear. Yet they don't ask you some very important questions. One of those main questions should be about your goals, no matter if you are buying or refinancing. What questions should they be asking?

1. My first and biggest question. How much of a mortgage payment would you be comfortable with?  A payment range, to include taxes & homeowners insurance.

2. How long do u plan on staying in the house. Yes, the borrower doesn't have a crystal ball, but many still have an idea. And this question should be broken down to 3 years, 5 years, and 7 years. Please read : My 10 top questions when interviewing a borrower.

 

 

 

2 very important mortgage tips :

1. Credit Scores - There are still some lenders that can do credit scores under 620, down to 550. Beware, they are almost impossible to close. I am getting about 2 e-mails a week now from borrowers that were told no problem, and the lender can't close. There are many reasons for this.

2. Making offers - I am also getting e-mails from those that just put an offer in on a house and now want to see about getting a mortgage. First and fore most, speak to a well qualified loan officer. And even though this loan officer should be interviewing you, interview them. Truly understand who you are dealing with and the company that they work for, no matter how you got their name. I can't stress this enough. SO much can be found on the internet about individuals and companies now.

 

 

 

Summary : Overall, there are going to be more issues when moving forward in 2010. Any loan officer that gives a true Good Faith Estimate upfront, could very well be out of compliance. Yet, if we aren't allowed to do this, how can a borrower shop effectively?  What, just give the borrower a rate over the phone?  That use to get under my skin from day one in this business, because anyone could do that. Rates change daily also. In any case, I will be talking about the new RESPA laws and breaking down the importance of this in Part 2. For a quick example to a negative impact on this new compliance, Gerry Suarez gives a good example of this. The Road to Hell and the new mortgage disclosures.

 

For some more good reading :

The Basics of FHA Loans - Mortgage 101 for FHA Mortgages - 08/24/09

Credit scores - FICO scores for mortgages - I need a 700 credit score?

 

 

 

  • Mortgage shopping tips - The new Good Faith Estimate, 2010 RESPA compliance issues. - Part 2 of 2

 

 

_________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

HUD

 

 

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

"I can dream alone, build alone and strive alone, but true success always requires the help and support of others. Please send me your referrals."

Visit my website today, The Hampton Roads Real Estate Lady! Deandrea "Dee Dee" Jones

http://DJonesRealEstate.com