5 reasons why we need modern marketing techniques in Real Estate?

Barry Osborne


iStock_000008530341XSmallThe real estate industry has been notorious for the slowness in taking up new technologies which has not been the case with other industries. The reason for this is that the goal for many agents is getting listings, making sales and getting their commissions. But you may say, isn’t that what they are supposed to do. Unfortunately, it is but it is all about them. Those goals are not stated in the terms of the client the Seller or otherwise they may have said, we are committed to selling your home, to achieve this price, and we are prepared to allocate the time to do whatever it takes. But does the real estate agent actually do that?

Your home is your nest egg for the future and whether you have 2, 3 or more homes during your life you want to be assured that every transaction that you do with your home is going to bring the necessary result of increasing your personal wealth because this is what is going to stand by you in your retirement whenever that is to occur. For those of us who are a little older we appreciate that greatly now and only wished that we worried about that when we were younger. Whatever we sell today may look a great return on the price that we bought the property so many years ago. But remember whatever you sell in today’s market is the capital you get to re-invest in another property at today’s prices. More importantly, the sale price does not reflect the following:

  •          The commission paid to Real Estate agent

  •          The Marketing Fees that was so critical in order to go to auction

  •          The cost of preparing the house for sale. You lived with the house for all those years and yet you painted it just before you leave.

  •          The legal costs of the contracts

  •          Property Inspections, so you could offer for potential buyers

  •          Other costs that always occur

These all add up and it is no good being concerned when the net amount is handed across to you which seems so different now to the actual sale price.

So what can we do to change all this?

The last three items on the list are not the real significant items that will blow your budget but the first three are extremely important. So let’s see how modern marketing techniques in Real Estate can possible change these significant costs and the reasons why that will occur.

# 1 The Internet

Many of the old school agents are still pushing press advertisements which are extremely expensive with no guarantee of results and nearly impossible to monitor. Agents like them because it is also about brand marketing for them and their agency. But you are paying for it which is coming off your sale price. The fact is that the majority of people (74% of women search the internet to find a new home), women being the real decision maker when it comes to Buying your home. Often this occurs before they even talk to an agent.

# 2 The Street Agency Location   

This comes at a significant cost to have a shop front operation and for what purpose? How many people today, if searching for a house go looking through a shop window to find something? 

# 3 Advertising in all digital format

The greenies at heart will appreciate this. Why do we need flyers, brochures and the large amount of press? Why not have Individual Property Websites that people are directed to and the site is kept up to date with all the progress as to the sale. The best thing, would be not have to phone the Agent to get updates as to the property. Technology will allow you to scan a QR code on your mobile and receive the site on your phone or simply dial a mobile number enter a code and receive the site. Things can be much easier, but who is stopping this technology? Agents who are locked into the past and a comfort zone.

# 4 Make all information freely available

Time is money for everyone and every business. So if Agent’s stopped making it necessary to phone them all the time, then they can save money and they can possibly reduce their commissions. But reality is the opposite of this and when we search on the internet as per #1 we do not get all the information we require such as:

  •          Price of the House for Sale

  •          Price House Sold for

  •          The Address of the house

  •          Has the house been sold or an offer on it and it is or not still on the market

Technology will allow anyone to automatically supply such information even if the agent requires the person to register to get the information. So the person gives their name email address and immediately the information is supplied even if the person is searching the web at 2am in the morning and the interested party is still registered for the agent. There is no need to phone an agent for anything except to negotiate and put in an offer.

# 5 The concept of listing of properties for sale results in a discount in Commission

The buyer is only interested in the sale of their property and when they give their property across to a particular real estate agent they surely expect that agent will give the attention that their property deserves. That is what they are paying for in the commission. But when you see the list of properties that some agents are carrying, it makes you wonder as to what time is actually being spent on each property. Each property is a contract to sell and it should be sold as if it was a specific project receiving the maximum attention.

Changes will only occur in this industry when the property owners start to say that present systems are not good enough and want better. Real Estate does not have the best of images but this can change and the first step is with the property owners in the selection of agents. There are new innovative agents coming into the industry to offer a different service like www.YourHomeSale.com.au with a real desire to drive the change. This can only be better for you the property owner and the whole industry. 

Please download the FREE copy of an eBook on Internet Marketing so you can understand the changes that needs to occur in the Real Estate Industry to ensure the best result in the Selling Your Home without a lot of unnecessary costs.

Go to original blog attachment for download of ebook.