RealTown's RealTalk

I totally agree that there is a major shift away from newspaper ads. I know several major newspapers have eliminated the real estate section entirely, including all the advertorial that runs in those sections. I was actually the Real Estate editor for a daily back in the day. A majority of the stuff was for new developments, obviously one of the weakest segments in this market. However, submitting informational-based columns directed towards consumers is still a great idea. Make yourself the local real estate expert. The first person a reporter will call when he or she has a question.

At the same time, I see Tarbell doing image advertising featuring their top agents on billboards. Of course, you have to separate broker advertising from agent advertising and the fact that every broker provides a different level of marketing support.

The fact remains that in this market you have to do something to distinguish yourself from the others. The question remains: how?

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There is no shortage of ways to spend money in the name of advertising. But advertising is simply one part of marketing and the purpose of marketing is to produce results -- increase sales. We can only do that by distinguishing ourselves from all the rest. Some people spend money on print media and it is a total waste of money because their ads look just like all the others. Some people spend money on direct mail but it is a waste of time because it is poorly done and goes to the wrong people. Others create websites that draw no traffic and produce no results while others create dynamic websites that show up above the fold on the first page of a google search and offer the client something to make them want to hang around long enough to be impressed with the agent enough to ask for help in their search.

My point is that the medium chosen is only one part of the equation. A total marketing program has a clear focus on the target market and the most cost-effective way of penetrating that market. What is YOUR niche? What makes you distinctive? Why should a buyer or seller contact you? What is your referral rate from previous clients? How often are you contacted as an expert source of information about the condition of the real estate market today?

It boils down to getting the most bang for the buck --- ROI.

Q: Has anyone held open houses using only the internet to advertise them? If so, what was the result?

Reply:  I also advertise on the internet to Open House.com, however, balloons and strategic placement of signs will bring those looking in the neighborhood. I have not seen a measurable difference in activity based on whether the Ad was posted or not, but I do track how people found me. Some will bring the Internet ad with them so it is easier to tell. I also change the MLS listing to advise of when the House is Open... That works even better when done at the same time as a Price Change. If they are looking on line, the price change will hit them first, and the OH comment brings them in. My print ads brought zero.

Do Open Houses sell homes? Yes, sometimes, but this is really an opportunity to pick up buyers & sellers. If I do not have anyone in my car, I will do an Open House, especially one that has a good track record of activity.  Some feel OH is a waste of time...  but if you use the time to work on your plan, read a new book on Real Estate or Marketing, write a blog, or update clients profiles... I get ahead for the week and it is better than sitting around whining.

There are a lot of things that worked years ago prior to the breakthrough in technology that no longer work

I also dropped all print advertising for a lack of better return on my budgeted dollars. I also noticed many of the large national franchises in my area have done the same.

Floor time hardly ever works due to the fact a prospective buyer with a question of a property would prefer to find the answers on the internet rather than call the office.

As for sellers, there is no need for them to walk into the office anymore. Simply by checking the internet they find the value of their home and then compare Realtors on line to find a Realtor to work with.

I think a lot of great ideas can be gleaned from a discussion on the new marketing era and using the internet as a primary medium. I am just finishing up an e-pro course that has a lot of ideas to offer.

Regarding advertising open houses online, I've had a fantastic response using craigslist.  I've paid for our local paper but the free stuff works best.  I place signs and post on the local free areas.  My biggest response is from signs, second is craigslist.

Cheers,

Dan

Jim,

I commend you for taking the start and dropping your print media marketing efforts.  While it can be difficult to explain to some sellers (especially Baby Boomers who live for their morning newspaper), I have found that with a good Internet campaign most people are very comfortable not having newspaper or magazine ads.

With that in mind, one of my new favorite tools is a Postlets ad.  This is a great way to publish your listings to Google Base, Yahoo Classifieds, and other internet outlets with one shot.  Postlets also creates a flyer in HTML code for you to copy and paste in Craigslist.  This is much better than the standard form of entering listings with a couple of pictures and some verbage.  There are other companies that give HTML code for Craigslist like the Point2Agent system, Just Snooping and others, but note that some charge fees.

Why do I like the Craigslist ads?  A. I used one for a listing to highlight an open house I was holding a month ago.  I had 15 couples through the open house (6 off Craigslist) and the home sold to one of them the following week.

Jason Tangen, GRI - Broker Associate with Edina Realty in St Cloud MN

E-Mail: jason@stcloudedina.com

Blog: http://www.StCloudEdina.com/blog