The Changing Face of Real Estate Marketing

Much of the Michael Saunders & Company Reinvent Yourself 09 conference held last week pushed the notion that the fundamentals of the real estate industry, specifically the way we market property is and will be changing drastically over the near future. In fact if there is a bright spot to the housing and economic turmoil it is that it forces these changes to happen all the quicker: in the same way that higher fuel costs prompt more efficient vehicles, the evolved real estate agent is now leaner and smarter when it comes to marketing your home.

Out, are the single property advetisements in the newspapers and magazines – a quick appeasement for a seller, and not much else. Why would a potential home buyer wait until Sunday to look at one property in the newspaper when they can get instant gratification and look at all available properties on the market at once on the web?

In, are the targeted effects of social networking, otherwise known as the larest ongoing cocktail party on earth. Facebook, with over 275 million active users, now has a population greater than the 4th largest country on earth and is trailing only China, India and the United States in citizens. Bob Corcoran of Corcoran Consulting Inc. outlines some great techniques in a recent article on his website:

Lots of old-fashioned thinkers and marketers are asking the same exact question: Where are all the eyeballs these days? And I’ve met my share of agents and brokers who’ve been asking that question, too. It’s a key question because when all is said in done in the marketing arena; it’s the number of eyeballs that really matter. Ask folks in the newspaper business, they’ll tell you all about it while they stand in the unemployment line. For the last 15 years, eyeballs have been rolling away from print and to the Internet. And that fact has left newspapers out in the cold – quite literally, outside on the driveway and unread.

Bob’s full article including tips on how to use Facebook and LinkedIn effectively may be found here.

Ongoing, is the price, always the price. The single most important thing you as a home seller can do to sell your home quickly and effectively is to price it right from the onset. If you price it too high it will not sell and you will have to lower your price to get it sold. Although we are now at the lowest inventory levels in over 40 months in the Sarasota / Manatee / Charlotte county areas, there are still an average of 12 months of inventory across all price ranges and area markets.

Hopefully this will continue to decrease, but this still represents abnormal market conditions. If you choose to have to lower your price after listing the property (as opposed to listing it right from the beginning) you will cost yourself time, money and turn off potential prospective buyers. If you already have a home listed on the market, it is not too late. Contact your real estate agent  today and demand that they aggressively lower the price to a competitive level.

Here in Florida, where the real estate market downturn began nearly four years ago, we have made substantial adjustments and improvements to our business model. It is an exciting time to be involved in a changing industry; the lessons we learn today make us smarter and better able to serve our customers tomorrow.

  • User Gravatar Big Sur Real Estate
    May 20th, 2009

    It seems to be that Word of mouth is still key. However, new additions such as Google Base and other buyer friendly tools are the way of the future.

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