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33 Comments on Is special interest print media to your sellers advantage?
Hi Hella, Interesting post and comment thread. I might consider something like this if the cost was split with the seller.
I think everything helps....except chicken suits.
Good post.
I agree discussing it up front is a good idea. Of course when clients start making requests once the marketing is started and they have not realized what they want (a quick sale at their price with no inconvenience to them) they start thinking the buyer will see it if it is only in ________." If an ad in _______ is important to the seller what about them fronting the money for the special marketing that becomes an issue after the listing agreement is signed and listing agent crediting that cost at closing? Commission paid minus cost of that special advertising in ___________, if the numbers work? Numbers may still not work.
Great reminder; I'm tagging for the "next talk". I've done everything from the Wall Street Journal to the NYT. Print media does NOT sell properties...you're better off with the sign in the yard and a targeted demographic. Thank you for posting.
Wowee...a feature. Super helpful comments. I will answer all your comments just let me get my second cup of coffee.
Joe: That is the way it should work. But if you HAD asked him AFTER you signed the agreement, "what about advertising in such and such magazine"? Where does "do all you can" stop?
Myrl: For a multi million dollar property I would EXPECT the seller to want special marketing to be done--if it were a hard property to sell ie. the most expensive home in the area. But this is something to talk about BEFORE signing that listing.
Christiansens: That's my belief generally. But you HAVE to give it a lot of exposure on the Internet.
Vanessa: I like to put it all on the table BEFORE I take a listing. If new COSTLY expectations come up, then we need to revisit the listing agreement.
Ginny: "Office branding" adverising is a choice of the office and spreads the "risk". But if you, the agent, take on the whole risk, that is something you can't be guilted into.
Halla, very few properties will benefit from extraordinary print advertising. In cases where the property warrants the additional marketing expenditure, the agent can justify the risk by the ROI. In cases where the expense is not justified, go ahead and set it up but let the owner pay for the cost.
Gary: I actually had a listing like that, it might have been worth it, but I received it just when the market started to CRASH and there was no way I could take the RISK. On thinking back, my seller and I never discussed special interest advertising and it wasn't part of the listing agreement so I felt I had done what I could under the circumstances. NO high end properties were selling at that time here.
Kimberly: That's an excellent idea. My whole pre-listing agreement presentation will change from now on, though. The clients-to-be need to know what they can expect in the marketing I do. But I WON'T bring up marketing I WON'T do unless it is a high end property. Then I don't want them to have false expectations. And if they DO have expectations of PRINT MEDIA, that's the time to settle that.
Chris and Dick: I agree with "resort" advertising for "branding". If that's the market you are in, that's what you have to do to catch those buyers who are there to buy something. They will probably pick up a "visitor" magazine.
Mike: That was what I was going for on my blog here. That's what I believe too!!
Michael: Well, I think if that is the expectation it has to be addressed certainly. If you think the money is out the window (false expectations from it), and if that's the only way you will get the listing, THEN make an arrangement with them. Or pass up the listing, because the seller will never be happy.
Caron: That would be another way to handle it.
Bill: If the seller takes part of the RISK, then he will think twice before agreeing.
Anthony: How do you know? Have you tried chicken suits and it didn't work? :-)
Maureen: Crediting the buyer at closing still means that you, the listing agent, take on the RISK. What if it doesn't sell? What if the seller pulls out?
MaryKay: In my former life I handled that type of advertising as well. What DID work, was "branding" but it had to be a big enough product, and you had to KEEP THE ADVERTISING GOING. One time was not enough.
Tammie: That is super helpful information with those numbers. And, yes, if the seller pulls out, or has a short listing, that needs to be addressed. Otherwise this would be the ultimate buying of a listing.
Maria: If they feel that strongly about it (that is the sellers expectation), that needs to be discussed BEFORE the signing of the listing. And specifics put into the listing contract.
Totally If it wasn't in the discussed up front I would need t re-write the agreement with some language in there addressing some form of compensation.
Many times there is a big time lapse between the time the ad is placed and it comes out in print, and a lot can happen in that time. Print ads of any type are not as effective as a proper price and Internet marketing
Putting out that sort of money is a gamble for sure -- if priced right the home will sell without it -- and if not priced right, then no amount of special advertising may work. Our 2 cents.
Hella - It's important to set expectations from the beginning and for the sellers to know how you market.
It's so important the we tell oour sellers at time of listing what we do and don't do. Print ads of any sort is one thing I don't do. If they insist then I will help them design an ad that they can pay for or they can just hire another broker. No hard feelings. The way I do business is not for every seller. Heck I rarely even meet them or see the property. I'm all internet all the time.
When I sense this from a seller during or after our listing . .I simple say. .
You are hiring me to sell your house. .please allow me to do it based on the system I have in place. .the same system that has allowed me to sell hundreds of homes in the past. This system may or may not have the specific publications you want. . but I can tell you . .it will help us sell your property at the highest amount in the shortest time. . .. after all. . isn't that what you want me to do?
Hella, I would do the same just as you did. Everything should be discussed upfront and put everything in writing. Set expectations and make everything clear with the seller.
I'm frequently asked to advertise in specialty magazines, especially luxury magazines (which I frequently sell). The sellers think nothing of demanding the cover, which costs about $4000. My response to these requests is always "I'll run print advertising at your expense. Here's a study showing how ineffective it is compared to online advertising. Let me know what you decide."
Adrian: And it's probably harder to do that unless you wait for the expiration date and relisting.
Ed: That is definitely something to consider. Most special interest publications are monthlies or even quarterlies.
Benjamin: That should be the formula for a home. But in a high end one, there are less possible buyers. As there are for commercial property.
Christine: Yes, if they hire you based on what your sales methods are, then they should leave it to you. No micro managing the marketing especially if it involves big special outlays of funds by the agent.
Bryant: I have the same thing, many of my sellers and even buyers are out of town. I usually end up meeting them at some point (near closing).
Fernando: We all need to address this BEFORE the listing is signed. Some sellers don't even address it. But I am now thinking I need to make a point of telling them my strategy.
Regina: And, yes, definitely in writing. This is too important to leave out and come up later.
Bryan: Having a study in hand when you say that will definitely help you.