Contrary to today’s markets, there are double or triple the number of “days on Market” in most areas. This means that homes remain on the market for as long as possible unless aggressive price-slashing takes place. And that’s only for normal homes, which are typically around the median home prices in most regions of the country. It’s difficult to find homes in these areas, but it is even harder for homes that are more special. These homes might be unique because of their location, price or size. There are also homes that have unique architecture or are located on highly valuable land. These homes offer a much larger potential for Web marketing than many real-estate professionals realize. Or they don’t even know it.
Real estate brokerage and the sale of a home are about marketing, regardless of the obstacles. What is the difference? Marketing is a planned activity that uses media and advertising to get the product in front as many prospects as possible. It’s about getting the prospect to respond and doing a great job presenting your product. Advertising is used to get word out. However, marketing is the strategy and structure of the campaign.
How It’s Done
Since many years, many agents and real estate brokers have done the same thing. Most of them do the same thing repeatedly. It is called insanity when you do the exact same dalemundi.com/toronto-real-estate/ thing over and again expecting different results.
- Register the property with the MLS.
- A few ads can be placed in the local newspaper’s section for real estate.
- Post an advertisement in the local magazine “Homes”, with one photograph, or two or more if you buy a larger ad.
- In the last few decades: Put the property up on broker’s website, on a page titled “Our Listings”, or “Featured Listings.”
- Wait for the phone’s ring.
Let’s look at the advertising in print media for a second. The print media can still be used for advertising old-style images, but the format cannot compete with online. No matter whether the paper is a daily or weekly newspaper, your ads will only reach the maximum number of subscribers if they run on the day it runs. As with real estate ads, Saturday and Sunday placements get the most attention, but the day after that paper is published, it’s gone. If you are looking back to find a house in the last weekend’s paper, it might be possible to retrieve it from the birdcage. Home buyers should look through all the ads. It isn’t an efficient search process. v it’s about convenience and not having to do anything else but make a cup of coffee.
Isn’t that better than full-color home magazines? They are much more colorful. These ads are not as easy to search because they are displayed by brokers, not your home characteristics, and rarely by your location. In my experience, the deadlines for placing ads in those magazines were almost two months ahead of publication. After that deadline was met, no modifications were permitted. It is likely that the target prospect has seen the material only a few months ago before they come across it. The target prospect must also go to the library to get the publication. It is rarely delivered to their house. It’s not really about the publication, but something they can enjoy while they wait for their dentist or doing something else. An Internet home listing, on the other hand, can be created in a matter of hours and can be updated at any time.
What about the demographics that newspapers read? While the newspaper may tell you they have only 178,000 subscribers you should really find out more about the readership. First, exclude any prospects under the age of 18 who might be able to buy a house. The next step is to remove those who have incomes that are below the required amount to be able afford the home you’re trying to sell. Next, eliminate those who are only interested in the “funnies”, and the “sports.” sections. Finally, eliminate the majority of those who don’t want to read the rest. That large number shrinks quickly to a few hundred eyes and is only two per prospect.
Comparing issues from today with those that were five years old can help you to identify which newspaper is the oldest. Newer issues will be much thinner and have fewer advertisements. Print advertising is experiencing severe cuts as real estate companies reduce their budgets. Why is this? Because it doesn’t work as well and costs much more. Too many brokers are scared to tell their sellers truth. So they continue running ads just because that’s what they think will sell their home. Although it does work, it is less efficient than the Internet and more people are using it for home shopping. The best real estate professionals will devote most or all their listing and marketing efforts to Web placement, syndication, and innovative ways of presenting their listings via images, video, and other means.