Last week, this blog discussed technology and marketing issues, and I warned readers to expect more on those topics. I read another great book! This one, The Power of a System, by John H. Fisher, a medical malpractice lawyer, is basically about how to build a successful plaintiff’s practice. Why, you ask, should a real estate lawyer care?
A real estate lawyer should care because Mr. Fisher included some great marketing tips for real estate lawyers. He believes, for example, in identifying the “ideal client” and marketing relentlessly to that person. Here is his quote about the “ideal client” of a real estate lawyer:
“If you are a real estate lawyer, are your ideal clients the homeowners buying a new house? No! The homeowners will use your services one time for a fee of $750, and you will likely never hear from them again…You will be broke by the time the homeowners need you again. The ideal clients for a real estate lawyer are real estate agents who refer a steady stream of new homeowners. The goal is not to make money on a single transaction. Rather, your goal should be to develop relationships with your ideal client that will generate new clients and a steady stream of income for the rest of your career. The lifetime value of your ideal client is far greater than the value of a single transaction.”
This makes perfect sense, doesn’t it? Real estate lawyers in South Carolina should devote their marketing dollars and time to courting the individuals who are in a position to send them business. In addition to real estate agents, local lenders and builders are prime targets. Analyze your market, your community, and determine who will be in a position to direct business to your practice. Call those individuals your “ideal clients” and go after them!
Mr. Fisher has developed three simple marketing tools that he says will make all the difference in a law practice:
- Create an information-powerhouse website that provides killer content on a daily basis;
- Publish a monthly newsletter targeted to your ideal client;
- Host regular seminars and workshops that provide valuable content to your ideal client.
As to the information-powerhouse website, you will need assistance. There are experts who can assist you with setting up the website as well as providing content. You will, of course, have to comply with the Rules of Professional Responsibility, so you cannot let your website expert work alone. Stay tuned for later blogs about websites.
As to the monthly newsletter, Mr. Fisher was very specific. He believes newsletters are “marketing gold”, but they must be written by the attorney to show personality as well as expertise, and they must be mailed consistently on a monthly basis. He believes that mass-mailing pieces will not do the job.
He said he is always thinking and taking notes about possible articles. (I get this idea because I am always thinking about blog ideas.) He said, with collecting ideas all month, he is able to devote only two hours per month to actually writing. He writes a main article or two on law related topics. Then he answers a legal question or two. After that, he throws in a brief article about his marketing events (“What’s John up to?”). And he adds a goofy picture or two of him and his kids to humanize himself.
He hires a graphic designer to make the newsletter “pretty” and uses a “fulfillment provider” for printing and mailing.
He wants his newsletter to be so good that his ideal clients (the lawyers who refer medical malpractice plaintiffs to him) will save them and post them on their bulletin boards. Can you write a newsletter that good to promote your practice? I believe you can!
As to event marketing, Mr. Fisher says events should be educational, informational and fun and they should give away secrets! He has seminars for lawyers (his referral partners) to explain his systems, how he treats his clients, etc. He says to promote the heck out of these events to your ideal clients. Mail invitations. Follow with postcards, emails and handwritten notes. He recommends using testimonials from others who have attended successful events. Keep building momentum. Obtain sponsors and vendors to assist. Make sure the events are fun! And then follow them with handwritten notes.
Our office is in the business of consulting with real estate lawyers on marketing and other issues. We can help! And here’s a further warning about more of these topics in future blogs.