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Community Domination
by Greg Harrelson & RealGeeks
"If you want to gain market share, the most effective way to do it one community at a time," says Greg Harrelson.
And he coaches agents how to do this through a process he calls Community Domination.
*insert evil laugh*
In this article, we're going to break down Greg's 5 steps to this approach, so you can get started on your path to dominating the market right away.
As always, if you'd like to take this a step further, join Greg's private coaching community at www.RGMastery.com, where he shares his favorite strategies to get the most out of this approach - plus a lot more.
First off - what is "Community Domination"?
According to Greg, someone is dominating the community when they have 20% market share in that community.
And he believes there are 2 ways of measuring this:
- market share in terms of listings: for example, if in this area there are 10 listings and the agent has 2 of them
- market share in terms of closings: for example, if in this area there have been 10 sales last year, and the agent closed 2 of them
HOW TO PICK A COMMUNITY
Before we jump into Greg's 5 Steps of Community Domination, we first need to pick a community to dominate.
And the way that you do this is pretty straightforward:
Look back on your sales in the last year, and ask yourself in which community did you make more than one sale?
Basically, you want to identify all the neighborhoods where you've had the most success in. This is where you want to focus your attention.
If it so happens that there isn't a neighborhood where you've had more than 1 sale, you want to choose a community based on how effective you think you could be.
And this is based on a few factors. Ask yourself:
- does this neighborhood make sense logistically?
- are you comfortable with the price range of the properties there?
- is there turnover in this neighborhood (as in, are there properties listed and properties being sold here?)
In terms of this last point, you want to pick a community with at least 6% turnover (i.e. there's 100 homes, and 6 of them have been sold, at a minimum). If there's less than that, you won't be able to dominate.
However, there could be a golden opportunity here. This is the case for communities that have a lot of listings, but not many homes are selling.
"This probably means there's a lot of sellers that are being poorly informed by their real estate agents," says Greg, "You can come into a community like that and start telling the truth about the state of the market, and you will absolutely dominate."
So if you identify these low hanging fruits, don't shy away. You could be missing out on becoming the default real estate agent that saves that neighborhood.
Now of course, once you start stimulating the market you'll see other agents adjusting their prices and the turnover for the community will be higher. But you'll be at the forefront of that increase.
GREG'S 5-STEP COMMUNITY DOMINATION SCHEMA
Okay, so once we picked a community, how do we dominate?
The first thing that you want to be doing, which Greg teaches extensively in his private community www.RGMastery.com, is generating seller leads that convert at 10% over a 12 month period.
Here are the 5 steps Greg uses for doing this:
Once he chooses a community, Greg finds all the data for that community through ExactDial.com. This gives him a massive list of emails and phone numbers.
Then, he goes into RealGeeks and he creates "What's My Home Worth" ad, but he just targets the people in that community. He doesn't need to do a geographic targeting on Facebook ads, he can solely focus on that neighborhood list by creating a Custom Audience.
2) 🔍 PRE-QUALIFY
Everyone who fills out the "What's My Home Worth Widget" on the ad will appear in RealGeeks as a potential lead. And that's how Greg builds a list of interested sellers in one specific neighborhood.
If you like generating through prospecting, you can take that smaller list of interested people and cold call them. This way, you can start building rapport with all of those potential sellers in the neighborhood. You can even knock on doors and introduce yourself face to face if you wanted to.
But the goal here is to build a specific list within Real Geeks, and name it the name of the community. This way you'll know that anybody within that tag is a property owner inside that neighborhood.
3) 📈 MARKET ACTIVITY REPORT
Next, you're going to activate a Market Activity Report within RealGeeks that should go out every single month for their specific community.
If you can't go this granular, you can zoom out and do it at a ZIP Code or city level. But try to do this at the narrowest level you can.
To increase the number of touches and information he's providing these owners, Greg also puts them in a Sold Report that goes out every month, and he adds them on HomeBot so that they're getting a HomeBot Digest report as well.
5) 📹 VIDEO EMAIL
Finally, the kicker.
Every single month, like clockwork, Greg sends them an email with a video embedded where he breaks down the Market Report for the month in less than 3 minutes.
He simply introduces himself to put a face to the name, he provides the homeowners with some market stats, and he lets them know that if they're interested in selling, they can contact him directly.
That's it. By doing these 5 things consistently every single month, you're positioning yourself within that community, and you're letting them know that you're a reliable and knowledgeable agent who's keeping up to date with what's happening in their specific market.
Now, if you'd like to take this a step further, here are Greg's 3 biggest tactics to speed up the process of community domination:
And prior to starting the Open House, knock on 20-30 doors and tell them;
"Hey, just wanted to let you know that there might be some traffic down these streets - I'm holding an open house in [address] in half an hour. Here's a flier if you'd like to take a look and kinda get a feel for the market in this neighborhood. And if you know anyone interested, please send them over"
You can even add: "Oh, by the way, are you getting the Market Reports I send to this community every month?", and if they say no, you can add them to your database.
Do a Direct Mail Piece every two months.
This is to inform them of all the sales & the prices of those sales that have hit the market in that neighborhood.Between this and all the other touches, you're doing 60 touches in one year for that community.
Do a quarterly call.
Once a quarter, you call your database. Keep it simple:"Hey, just wanted to touch base. I've been sending you some market reports for your neighboorhood. Have you been keeping up with what's happening with the prices in your community?"
This is how you start building rapport. And as the conversation develops and you provide the owner with more information and opportunities in his neighborhood, you can get to your question:
"Just curious if you'd ever thought about selling your home?"
FINAL THOUGHTS
Use this blueprint in the community you chose, and commit to performing these activities for at least 3 months.
Once you're comfortable with the cadence of these touchpoints, and feel like you can have these activities running on autopilot, you can duplicate them for the second community.
"And see what happens when you get to doing this in 5 communities at a time!" says Greg
When you choose a geographical area to work in, get to know everyone who owns in that area, and make sure everyone in that area knows you and trusts you as an authority figure - congratulations. You're now dominating that community.
