79 Fewings St Toowong exchanged within first week and much learnt

Barry Osborne

Yellow_Pages_Mentality_with_Real_Estate_Marketing79 Fewings St Toowong sale allowed Mark Johnston, Sean Kennedy and myself to try some of the new ideas that we wanted to bring to the Marketing Real Estate. This was discussed in detail in my last blog. But what we all understood, was the importance of making everything happen and on time. But the whole exercise made me think, that because you don’t want anything to go wrong with your campaign, you don’t want to forget something in case that is the one thing that will bring the important buyer. Maybe that is why the Real Estate Agencies keep doing the same old things that they have always done.

I have never forgotten in the times before Internet really got a hold (in the early 90’s) that how every company was paranoid about making certain they got their next Yellow Pages advertisement in for the following year. This was because most businesses got the majority of their enquiries from that source. However, by the end of the 90’s it was evident that the Yellow Pages were not achieving the same results. People had started searching the internet and companies were now having their company websites on the internet. We were not sure what to do with it at that time, but had to have it. But Yellow Pages fought the change with those TV advertisements where the boss was screaming “Not happy Jan?” at the poor staff member, running down the road. Remember it, see below attached

"Not happy Jan"

The paranoia that business owners had at maintaining their presence in the yellow pages even after the turn of this century and the yellow pages were being less and less used by customers.

I have always tried to instil in the minds of my staff in my various businesses that

“The Goldmines in life are the mistakes you make”.

When you make a mistake you see the immediate result and more importantly it often teaches you an important lesson you won’t ever forget. Whereas when you do something that seems to work, you simply accept it, not really appreciating how it happened. Now in Marketing Real Estate there are so many old types of marketing that have been maintained, even though they are probably not bringing the results they use to. But who is courageous enough not to use a particular marketing avenue in case you do not achieve the result.

This got me thinking, what if…  

The only marketing being done was online and no paper advertisements at all.

What would be the affect? Now the information I have received from the papers is that they have used data from RP Data and they have compared Online + Paper Sales with Online only Sales against three resulting criteria, which are:

  1.       Success Rate

  2.       Average Days on the Market

  3.       Average Sale Price

Now it seems that in the first two criteria, there are no real difference between the Online + Paper and just Online. But where the real difference is that the Average Sale Price is significantly more with the Online + Paper group. With data like this, my immediate thinking is that you would need to realise that it is only the more expensive properties that spend on the paper ads so why wouldn’t they be achieving more? I am sure there are now more agencies who are not using papers and still achieving very good prices for their property sale and that is what we did to achieve our sale. So is it the “Yellow Pages Paranoia” that is involved. The only problem in this thinking is that the you the poor vendors are paying for the marketing.

The only notification of Inspection time for Open House was the paper.

Well we tested this out. We put the ad in the paper but the next day the contracts were exchanged. So the entry for the Time for Inspection was not placed online but we still ran the paper inspection time. Guess what? No one turned up. Really tells one something when the previous Saturday was a great success with just the portal notification.

I still believe there can be some value in the local newspaper, particularly if you are aiming more for the older buyer. But the idea of convincing vendors to pay large amounts of money on Newspaper advertisements is hard to understand and it must be looked at in light of the Yellow Pages Paranoia. 

It is time for change in Marketing Real Estate and you as a vendor can get a much better deal now with the new ways of marketing real estate that will achieve the awareness that your property deserves. If you are simply being offered the same old marketing then you should contact one of the new companies such as Your Home Sale and Lifestyle Listings that will deliver more.