(This is Part 4 of a five-part series. See Part 1: Stop
real estate 'commissionectomies'; Part 2:
Company values at heart of battle for real estate consumers and Part 3: Get
rich in a real estate niche.)
Putting a property on the MLS, advertising it on
the company Web site, placing an ad in the paper, and word-of-mouth are about
the only ways to sell a property – right?
If you work for a full-service company and agree with
the above statement, it's time to rethink your unique selling proposition.
Last week's column examined how important it is to
incorporate niche marketing into your unique selling proposition. That article
also outlined seven different strategies for marketing your listings. In my
book "Waging War
on Real Estate's Discounters," I outline more than 50 other
strategies. The question full-service brokers must address is, "How many
strategies are you currently using to market your listings?" If you're
only using the limited-service value proposition, then sellers really have no
reason to pay you a higher commission. To earn a full commission for full
service, consider implementing any of the suggestions from last week's column
plus a minimum of three of the strategies outlined below.
1. www.YourPropertyAddress.com
Whether you personally design a custom Web site
using the seller's address as the URL, register the domain name, and link it to
your site, or use a company like AgencyLogic.com to do it for you, few sellers
can resist the idea of having a special Web site devoted exclusively to their
home. In fact, one of the top buyers' agents in the country has purchased over
300 of these sites in the last year. He gives them as gifts to his buyers. This
keeps the referral pipeline running while simultaneously driving more traffic
to his Web site. It's also a high probability strategy for turning that seller
lead into a signed listing.
2. Post multiple pictures and virtual tours on
Realtor.com
Whenever I speak on how to obtain more listing
business, I always investigate what percentages of that city's listings are
posted on Realtor.com with multiple pictures and/or a virtual tour. The number
normally ranges between 8 percent to 15 percent. In other words, 85 percent of
your online competitors only use a single picture to market their listings.
Research from Realtor.com shows that Web visitors skip over properties with
only one picture and focus on those properties with multiple pictures. If you
haven't noticed, Realtor.com has a button Web visitors can click on that shows
listings with multiple pictures and virtual tours first. Given the low
percentage of agents using this approach, coupled with the fact that many
agents do not even advertise on Realtor.com, this is a simple strategy for
knocking out the competition.
3. Ninety-day marketing plan
On your last listing consultation, did you provide
the sellers with a checklist of all the ways you will be marketing their
property? Did you ask the sellers if they would like to select the pictures you
will post on your Web site and your company's Web site? If not, it's time to
put a ninety-day-marketing plan together using your company's value
proposition, your specific plan for target marketing to high-probability
buyers, as well as your marketing plan to reach the brokerage community.
4. Pay-per-click Web advertising
Surprisingly, most major full- and limited-services
companies are still not marketing aggressively using pay-per-click advertising
on the major search engines. Companies such as HomeGain and Service Magic do
have top placement in many major markets. What this means is that there is an
excellent opportunity to compete for business using pay-per-click advertising
or services such as Google Ads. In fact, this opportunity has expanded since
Google launched its local Web site products. An excellent strategy for knocking
out the competition is to have sellers visit the major search engines and see
your ad prominently placed, especially when your competitors are not there. One
caveat: Do not be tricked into paying money to companies who promise you number
one placement on the major search engines. No one can guarantee that because
the search engine companies constantly change the rules for placement. Instead,
speak with your Web site provider and/or hire a search engine specialist. The
search engine companies also have excellent guidelines on their sites. Be sure
to check out Google, MSN, Yahoo! and Overture.
5. Guaranteed Delivery of Promised Marketing
Services
Many full-service companies already provide this.
If you fail to deliver on the marketing services that you promise the seller,
the sellers have the option of having their listing assigned to another agent.
If the problem is severe, they have the option of canceling the listing. This
approach normally alleviates any concerns the sellers have about making a wrong
decision. What's surprising is how few sellers elect to be released from the
contract. In contrast, some of the limited services models keep their sellers
married to their listing until it sells or expires, regardless of whether the
sellers are happy with the level of service.
These strategies are excellent ways to close the
sellers on working with you, provided you can get in front of them in the first
place. To learn more about how to stop the commissionectomy trend, see next
week's column.
Bernice Ross, co-owner of Realestatecoach.com, has
written a new book, "Waging War on Real Estate's Discounters,"
available online.
She can be reached at [email protected].
***
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