Cutting Back Creatively (Real Estate)

It’s hard, especially in this industry, to spend money on marketing your listings. The return on investment is by no means guaranteed, in fact quite the opposite. As the market continues to tighten, I’ve seen less and less of the marketing techniques that were so common just a year ago. There are fewer open houses, fewer flyers, fewer “just listed” cards…fewer agents too, as I’m sure everyone knows.

That said, as in previous economic declines, there have been creative developments too and I thought I’d mention a few here…

• Pooling resources – increasing your professional and social networking connections (including on sites like this one) can help with leads and referrals. Terms like “divide and conquer” and “two heads are better than one” really do apply in this market. Work more closely with other professional groups, contractors, mortgage brokers, home stagers, etc to offer “complete packages”. Advertise their services on your flyers – get them preapproved if they’re buying – hook up with a mortgage company. If they’re selling and need some staging, network with a staging specialist. Again, by pooling resources and expanding networks, you increase exposure for everyone. Will it lead to a sale? Nothing is guaranteed, but I really believe that you get back what you put in – with interest.
• Flyers – an obvious place to cut back. I’ve seen this part of my own business take a hit, and understandably so. Flyers can be expensive. What I’ve suggested to a number of agents is to try and use flyers more creatively…for example:
• Multiple listing flyers. Not quite a “tour on paper” but if you have several listings in an area or price range, put them all on your flyers. If you don’t want to detract from the property the flyer is supposed to be about, put the other listings on the back. Include a local map.
• Offer ad space. Whether you charge is your call, but why not split the cost of the flyers by offering a spot or two for some of your more trusted or high-volume professional links to advertise? When you get your flyers from the title company, that’s exactly what they’re doing…
• Shop around. There are some good deals to be had on flyers.
• Free is best, of course, and a lot of title companies are offering free flyers to agents, so take advantage of it.
• Newsletters and mailers – yes, the paper kind. Email newsletters are okay, but paper (in my humble opinion) is still the way to go. It doesn’t have to be elaborate. Just some points of interest, some market information and an incentive (giveaway perhaps) to keep you in mind…
• Email listings – I get so many of these that my spam filter is pretty well occupied all the time. I know there are people out there who will beg to differ with me, but spamming listings to other agents and consumers isn’t my idea of good marketing. When was the last time you read one that you didn’t delete immediately (there’s bound to be someone who replies on this one)? I would save those precious emails for newsletters and important information…
• Blogging – one of my favorite subjects to discuss. Still one of the best, most underused and FREE marketing tools out there. I’m not necessarily advocating putting all your listings into your blog…but – hmmm…maybe that would…naah…

In all seriousness, however, getting involved with blogging, including here on WordPress and outside, is an important networking tool. Put your blog address in your email signature and on your card – and flyers – and anywhere else you can think of!

Use free marketing tools where possible. Free online classifieds are sometimes worth a shot although some of the more popular ones have been the subject of debate as the source of fraud. So tread with caution.

• Follow up. Birthdays, holidays and anniversaries. Sign up with a company like Send Out Cards (www.cardeveryone.com). It’s a small investment that can yield great returns. People love getting cards and they will remember you. Relationships, especially in this market, matter a great deal and it’s nice to know that someone cares.
• Expand your horizons. I’m a firm believer that marketing overseas is a large, untapped oil well. We’ve seen an increase in Canadian and European investors coming into the US in search of properties. Establishing relationships with both agents and clients overseas could yield dividends. I’m working on a site for international agent “matching” to try and help this process along. More to follow in the New Year.

There is no silver bullet when it comes to marketing, whether real estate or anything else. Times are tough and money is tight. Most people are scared, many are hurting. Buyers aren’t sure they’re getting the best deal – what if the market goes down even more? Sellers are worried they’re upside-down or at the break-even point. None of what I’ve suggested is a tonic or cure for any of this, but they might help just a little and that’s about all we can ask for right now.

Thanks so much for reading!