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Placing a Listing on MLS and Putting up a Lawn Sign Just Isn't Enough Anymore
In the good old days, it might have worked for an agent to merely upload a listing to MLS and plant a lawn sign in the front yard. But in today's market, if that's all you're getting from your listing agent, you may be in trouble.
It's 2011 and I still see agents, even good agents with a good reputation, making a pretty minimal effort to market their listings. I saw an example of this kind of mistake yesterday, in an upscale area of Hennepin County. The house was priced right, but there was almost zero marketing being done. I saw no virtual tours, no social media marketing and no premium photography.
Things are tougher out there today. Sellers are counting on us to make it happen and the stakes are higher. Isn't this the wrong time for agents to limit there efforts to "the bare minimum"?
To the listing agent who has adopted this very, very passive approach to marketing client properties, I have a little advice for you.
Your "reputation" isn't going to sell the property. It won't procure a buyer or attract prospects.
Billboards and bus benches may bring you listings, but vanity marketing doesn't equal selling success.
Your company name isn't enough to sell the property either. No matter what they tell you at corporate "rah-rah" conventions or in motivational rallies, all those warm, fuzzy television ads and Superbowl spots aren't going to do the job either.
There's no substitute for marketing. Doing the job may not be easy or glamorous, but it's what is needed these days to get the job done.
Contact Broker Eric Kodner with Wayzata Lakes Realty about Minneapolis & Saint Paul area properties, including Lake Minnetonka, Edina and the Minneapolis City Lakes area (Lake Calhoun, Lake of the Isles, Lake Harriet). We also sell on the Saint Croix River and on Lake Superior, including Bayfield, Wisconsin and Madeline Island homes. With fourteen years experience marketing and selling waterfront properties in Minnesota and Wisconsin, we know Lake Minnetonka and Madeline Island real estate.
8 Comments
on Placing a Listing on MLS and Putting up a Lawn Sign Just Isn't Enough Anymore
OCT
21
2011
Well said, Eric.
Something else to consider: when a Seller finds out that they have been "Under Marketed", there is a possibility that they will consider Legal Action against a Real Estate Agent who takes such a lackadaisical approach to Selling their property.
What you say is an understatement, althought listing on any MLS these days is a double-edged sword. I am looking forward to the day when MLS DIES A SAD DEATH and listing agents can start to market properties appropriately again.
There is a place for the MLS and the yard sign, but they are NOT the be all and end all of marketing a listing. In my market, there are more listings than buyers and the ones that are marketed well and priced right get attention. Great post!
Someone once told me you need to do more than the 5 "P"s to market a property if you want to get it sold...but there are still plenty of agents that think it is enough:
1.Put a sign in the yard
2 Put it on the MLS
3 Put an ad in the paper
4 Put it on the Internet
5 Pray that someone buys it.
I think these agents have a VERY limited life span in the current market. Thanks for sharing.
Fred - I've never seen a consumer sue an agent for under-marketing their property, but it might be interesting to see if it makes brokers and agents more aware of the problem.
David, I'm no great fan of MLSs. A property listing on MLS is a very perfunctory and minimaly form of marketing, but the lazy agent points to it with great pride.
Tim - And when those eyes are on the property, it has to be portrayed at its best.
Valarie - Undeniably, MLS has a place in the picture. But as the industry changes and technology improves, consumers (sellers) are going to grow tired of the agent who describes their marketing strategy by saying, "hey, I put up a lawn sign and now your house is on MLS!"
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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8 Comments on Placing a Listing on MLS and Putting up a Lawn Sign Just Isn't Enough Anymore
Well said, Eric.
Something else to consider: when a Seller finds out that they have been "Under Marketed", there is a possibility that they will consider Legal Action against a Real Estate Agent who takes such a lackadaisical approach to Selling their property.
What you say is an understatement, althought listing on any MLS these days is a double-edged sword. I am looking forward to the day when MLS DIES A SAD DEATH and listing agents can start to market properties appropriately again.
Yes we have to get the home sold. That means we need enough eyes on the property as possible.
There is a place for the MLS and the yard sign, but they are NOT the be all and end all of marketing a listing. In my market, there are more listings than buyers and the ones that are marketed well and priced right get attention. Great post!
Someone once told me you need to do more than the 5 "P"s to market a property if you want to get it sold...but there are still plenty of agents that think it is enough:
1.Put a sign in the yard
2 Put it on the MLS
3 Put an ad in the paper
4 Put it on the Internet
5 Pray that someone buys it.
I think these agents have a VERY limited life span in the current market. Thanks for sharing.
Fred - I've never seen a consumer sue an agent for under-marketing their property, but it might be interesting to see if it makes brokers and agents more aware of the problem.
David, I'm no great fan of MLSs. A property listing on MLS is a very perfunctory and minimaly form of marketing, but the lazy agent points to it with great pride.
Tim - And when those eyes are on the property, it has to be portrayed at its best.
Valarie - Undeniably, MLS has a place in the picture. But as the industry changes and technology improves, consumers (sellers) are going to grow tired of the agent who describes their marketing strategy by saying, "hey, I put up a lawn sign and now your house is on MLS!"
Ken - The five P's thing is cute. I'd add Photography, Promotion and maybe Patience to the list (grin).
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