By Larry Genkin
Special to Realty/Builder Connection
It bugs me when I see real estate agents throwing their money away. Contrary to misguided popular belief, real estate marketing is not about branding…it’s not about name recognition…it’s not about promotion.
Marketing is about one thing: Selling more, faster. That’s it.
Let me show you an example of a marketing campaign that won’t sell more, faster. Follow me here…
What is most people’s most valuable asset? Their home, right?
And yet, we find ourselves in the midst of a financial crisis, caused by a depression in the housing market. Homes are languishing on the market, unsold month after month, and when they are finally purchased it is for tens or hundreds of thousands of dollars less than the home would have sold for just a year ago.
I live in the suburbs of Washington D.C. and let’s suppose for one reason or another I’ve got to move, which means I’ve got to sell my home.
I’m terrified because if I don’t sell my house relatively quickly I’m going to be stuck paying TWO mortgages, my current home and the one I’ve got an agreement of sale to purchase, or lose the home my wife wants so dearly. And to add to my anxiety level, there are two other comparable homes also up for sale in my neighborhood that buyers are going to be able to choose from.
Then, in my mail comes the direct mail piece that we have all seen, and some of us have even sent. It’s a “gift” of a sports schedule, given to me by these two nice, smiling real estate agents. Maybe I even think “this is exactly what I need, let me put this on my refrigerator.” That’s probably exactly what these agents were hoping I’d do. But, the real question: Does this “gift” inspire me to want to work with them?
To get at the real answer to that question, you have to dig below the surface, examining not just what people who get this kind of communication consciously think, but more importantly what they unconsciously conclude about these agents.
I ask myself the question: Do these nice ladies seem like they are THE ones I should entrust with my most valuable asset? Here’s what my subconscious thinks:
• Hmmm…they’ve sent me an irrelevant communication (can’t get more disconnected than football and real estate)
• They must be newbies or amateurs if this is how they promote themselves.
• They’re probably housewives who sell homes as a hobby.
• One probably takes clients to see houses, while the other watches their kids.
• They are not serious about selling real estate.
• They have no clue about how desperate I am to sell my house quickly and for a decent price.
My conclusion: I’d be a moron to use them.
They’ll likely argue “everyone” in real estate does marketing like this, and from what I’ve seen with agents in my educational programs, they’re unfortunately right. The problem is that since everyone knows a real estate agent, don’t you think they’d opt for an agent they know over an agent you don’t know, if they couldn’t tell their skill sets apart?
Here’s a just a handful of things they could have done that would have lead to much better results, without having to spend a dime more than they did:
• Reflect your market’s sentiments. You want to be perceived as having your finger on the pulse of the industry and your prospects feelings. A headline like “Don’t Risk Having Your Home Unsold For Months” will show you as being in touch.
• Use market data. Establishing your credibility is key to gaining your prospects trust and using objective statistics is a powerful way to do that. With a little research you should be able to come up with some authoritative copy like “From May-September 2008 homes in such-and-such place have sold in an average of 6 months and 3 days. In the same period Jim Smith listings have sold in an average of 3 months and 14 days, beating the average by 43%.”
• Show your expertise while building your prospect database. Create a special report that ties in with the times, such as “The 10 Most Common Mistakes Homeowners Make When Selling in a Recession.” Authoring this kind of report will help separate you from all the other realtors in your market and will force prospects to start interacting with you in order to get the report. Anyone interested in this report is likely a qualified prospect for you.
Almost anything would be better than sending out a sports schedule… including doing nothing at all.
— Larry Genkin is the author of the book “Thought Leadership Marketing” and the creator of the Real Estate Thought Leadership Marketing Mastery Program. More information is at www.realestatethoughtleadership.com.