It is easy for real estate agents to get complacent in the marketing of their own listings beyond the hundreds of relationships their brokers and the association have already concreted for them. The past success of this is still winning new listings and sales. The majority of time in the recent past, another realtor would bring their client after the realtor emailed them the home or they found limited information online and contacted their agent to show them and get more details. In years past, the buyer did not have the access to information the internet now provides, hungry for house details, more consumers would engage agents earlier in the home buying process relying on them to provide this information, allowing this old school marketing to reach all consumers. This is only one side of the new world of real estate.
Realtors now have more access to consumers in the home buying process but its going to require more effort to draw them out. Realtors have traditionally spent more time trying to attract other realtors because they were the one in charge of getting their client to come. This model is weakening as the buying public is out in front of the search process exposing themselves to listing agents like never before. This is very cool as next generation marketing methods are changing as we speak away from traditional models. This will cause further innovation in the world of real estate and what has encouraged us to come out with the Real Estate 2020 podcast, to discuss the evolution of the industry and what it takes to be successful.
The advancement of technology, the explosion of photography and the acceptance of realtors letting the consumer control the house finding has decreased the engagement of their traditional buy side agents and empowered the consumers to shop alone until ready to write. This approach is not exposing the consumer to portals to get their data. This has also changed the influence that agents have on reaching the consumer directly through effective and enhanced market brought online. This enables listing agents to reach their intended target consumer directly, the buyer, making it easier to sell the house versus selling through the agent. The intent is not to cut out the buyer broker (I double dipped less 5% of my sales as I keep my reputation high) and often buyers have an agent they prefer to write the contract, but to get more traffic through your house in hopes of selling faster and for more money. Your goal as a listing agent is to drive maximum traffic through your listings, which leads to faster sales for higher return for the seller. Advertising directly targeting the consumer goes way beyond photos in MLS that are syndicated to agents and consumers, and now leading agents will win deals at massive rates when they understand how to leverage this paradigm shift.
Now that consumer friendly companies that are in control of the data, like Zillow, Trulia, homes.com and Realtor.com, that have eloborated and expanded the offering gaining the trust of consumers. I am talking about how realtors can leverage this versus selling against it. These portals are accepting consumer contact information hand over fist. It is best to get engaged with the portals, understand the offerings and benefits in hopes of luring their viewers to the homes you are trying to sell and this does not mean buying the leads. The best way to do this is clearly the open house. We have seen spectacular results having 50% of our homes sell from open houses over the past 6 months, which amount to 4-5 sales per month.
The video shows and most agents are underestimating this capability.
NOTE: The home in the video sold from the open house. 40+ people through the home. Buyer that bought the house walked in, two hours later their agent brought wife back. We ended up getting multiple offers after the second week on the market. Seller got TOP Dollar!
Open Houses work as the best possible tool to sell a home for top dollar, if you execute them correctly. The reason they work is they get people out from behind their computer, ipad or cell phone at home or work and give them a free look on their time. Often they already find themselves in that area during the time offered so them are impacted using their freedom of choice to swing by. This explains how we get 50%+ of our traffic for open houses from the Internet (Trulia, Zillow, Redfin are most named by visitors). The open house is actually free advertising offered to realtors for your seller and reaches more consumers by flagging it as so on portals, used as bait for visitors back to their portal and working as a great tool to get more showings for your seller. For example, at a single open house, we had 70+ visitors to the listing. The scheduling of the open house and putting it out there for online or the advertising through syndication in the Open Houses section of these portals well before the actual open house is critical to maximizing the traffic. Inherent delays with syndication, put stress on realtor to advertise in advance. Driving traffic to the open house online versus putting up a few signs at the gate and the home is the best way to drive traffic and sell the listing for more money. One key note is putting the time frame of the open house, both online as well as on the signs. For example, 4 to 6 p.m. on Friday, or 1 to 4 pm on Sunday.
“The game has changed as looky loos are far and few between as this online education and availability of information has transcended the open house into a way of meeting qualified home buyers for your seller.”
If you want to sell your homes for TOP Dollar consider getting better at your marketing strategy, if you need help please give us a call at 480-215-7365.