In the Book Builder App, there is a resource section that allows you to add content from your referral partners.
The benefit here is mutual. You get advertisers to cover the cost of your books, and the advertisers get easy exposure to all the leads who receive them.
Due to RESPA guidelines, you must carefully go through a process to sell advertising.
According to the NAR, RESPA prohibits a real estate broker or agent from receiving a “thing of value” for referring business to a settlement service provider, or SSP, such as a mortgage banker, mortgage broker, title company, or title agent.
Receiving kickbacks is illegal. And wrong. But, selling advertising is legal. Here’s how you can set up a mini-advertising company and sell ads inside your book.
Let’s go through the steps.
Step 1. Set up an LLC for your business.
Set up an LLC for $150 on Legalzoom.com
Or Google "Establish a (state name) LLC"
Creating your own Marketing company enables you legally and ethically sell advertising to anyone who wants to advertise to the people you are marketing to.
Step 2. Set up a bank account for your business.
Once you have the corporation established, you’ll want to set-up a bank account. Just bring your corporation documents to your bank, and the clerk will handle everything to get it set up.
Step 3. Research competition and determine advertising rates.
Research advertising rates in your area
Put together an advertising rate sheet so you can determine a fair price to charge anyone who wants to advertise with you.
Step 4. Find potential advertisers and set up an appointment.
Contact the following to discuss advertising within your books:
Lenders & Mortgage Brokers
Title Companies or Title Attorneys
Step 5. Present the marketing opportunity to potential advertisers.
Explain the mutual benefit of advertising in your books. They'll get direct access to local home buyers and sellers, and because you're a published author, their business is immediately boosted to expert status. You can also offer to personally recommend them to all of your clients.
Step 6. Get an agreement signed by the advertiser.
It’s better to have things in writing so everyone understands what is happening.
Step 7. Get a check from the advertiser.
Have them write a check to your advertising company. Deposit the check into your company's bank account, and you are in business.
Step 8. Put together the advertisements for your customers.
Under the Resources section of your book in the Book Builder App, we have included customizable buyer and seller templates for a variety of referral partners. Add these templates to your book and type in the information of the professionals advertising in your books. If you have questions about how this all works, get in touch with your Marketing Success Coach.