Eric P. Mott is a top-producing Realtor with the Innovative Real Estate Group in Northglenn, Colorado and the Chairman of the Board of the Denver Metro Association of Realtors – the largest Realtor Association in Colorado. In this short article, Mott addresses the marketing challenges many Realtors face and shares some lead generation and client retention insights.
Eric Mott’s journey to becoming one of the most well-respected Realtors in the country was anything but direct. “I owned my own consulting business for architects and engineers when my wife was a stay at home mom with our son,” recalls Mott. “She got bored so I suggested she get her real estate license so we would be able to buy more investment properties. She did that and sold a townhouse that belonged to friends of ours. After that, word got out about how great she was and business took off from there.”
Mott’s wife ran and managed the business for three years until it was more than one person could handle. Tables were turned and she asked Mott to get his real estate license so he could help manage the rapid growth of the business. Mott remembers, “I took a three and half week full-time course and passed the test to receive my real estate license. Shortly after, I joined North Metro Denver Realtor Association to become a Realtor and these past 9 years as a full time Realtor have kept me busy – both in our business as well as volunteering my time to the two different Boards I was part of.”
When asked to cite some of the challenges many Realtors were facing, Mott was very candid, “Many Realtors in the Denver market are not keeping up with prospecting due to the last 18 months being a red hot market. In six months time, they will have wished they did!” He explains, “This last year as Chairman of the Board, I was amazed at how many new Realtors were sworn in by our board – over 1,000 new members! These 1,000+ new members are hungry and want to be successful and this is just counting our Board.”
While the possibilities of both time and financial freedom lure many people towards becoming a Realtor, the fact is that it is a difficult profession in which to succeed. As Mott points out, “As per the National Association of Realtors, over 50% of new Realtors don’t last longer than 2 years in this business.”
Mott is certainly in a good position to provide suggestions to both new and seasoned real estate professionals when it comes to client acquisition and retention. He has tested and honed his marketing skills to the point that he is considered one of the true real estate marketing experts in his industry. “Those that are tech savvy will have an edge over those who are ‘old school,’ Mott suggests. “However, repeat and referral business should be the mainstay of anybody who wants to survive and thrive in this business. Currently, our business is 100% repeat and referral based.”
When asked for some applicable tips or suggestions for Realtors struggling with new client acquisition, Mott states in a matter-of-fact manner, “Realtors need to get back to the basics of networking and being part of their community, being involved with their local board of Realtors so they get great information before anybody else, and knowing the statistics for their working area.” Motts cites an example, “There is currently only a 1.7 month supply of homes in the Denver market right now which means it is a sellers’ market – a balanced market is a 6 month supply of homes – so keeping in contact with past clients at least monthly with some form of communication is crucial.” He then adds, “NAR statistics suggest over 50% of Realtors never contact their clients after the closing. Amazing!”
Mott finishes the interview with another nugget for fellow Realtors, “You must strive to be an expert in your craft of Real Estate by seeking designations and further education, but most just take the ‘required by law’ amount.” He concludes, “My wife and I for example, just took the two day course for our Institute for Luxury Home Marketing. I also have the SFR and e-Pro certifications and I never intend on putting a halt to my education.”
Wise words indeed from a man who knows what he is talking about. Eric Mott was the youngest ever National President of SMPS (Society for Marketing Professional Services) in 1999 and has been quoted in trade journals far too numerous to mention here. Anyone wishing to learn more about Eric Mott and his services is encouraged to visit: http://www.executivehomesdenver.com or to call him at (720) 530-5000.