Dedicating 20% Of Your Advertising To SOLD Inventory

By
Services for Real Estate Pros with Zillow

I attended the RIS Media Conference in New York City last week. There continued to be a lot of talk of how things are a bit slow right now and also how the media has used this slow down as fodder for countless stories. 

One industry leader talked about how Agents should be proactively working with their local media outlets to ensure all the positive things that are going on in real estate right now get the attention they deserve.  But one of the most interesting ideas came from Alex Perillo, president and chief executive officer of the Realogy Franchise. 

He told a story of how every day on his way to work, he drove past a home that was for sale.  A couple of   months later he was driving by the home and noticed a SOLD rider on the sign.  A two days after that, the sign was gone altogether.  If you were not someone who drove past this home every sign day or might assume that the owners had simply decided to take the home off the market because they couldn't find a buyer and thus fuel the "nothing is selling right now" theory.  Yes, the Agent would have been well served to keep the sign up until the whole selling process was complete.  But if you think about it from an industry-wide prospective, what if every Agent kept every sign on every home until the sale was complete?  Alex contended that if this happened the public would have a very different perspective on the number of homes moving. 

Now, extend this thinking into your advertising and how if every Agent dedicated 20% of their advertising into promoting SOLD inventory- or essentially leaving a virtual or print sign up in their advertising.  So much of advertising is about creating a perception, and by doing this he felt Agents together could significantly change the perception of what is actually going on in real estate markets across the US.  This type of message from local Agents that the public knows and trusts, could go so much farther than any paid advertising campaign a local or national association could run, because it is referencing something that is much easier to relate to- the home that just sold down the street. 

Think back four years ago when things were selling so fast that there wasn't a lot of inventory to actually advertise.  What did you have to do then- advertise your SOLDs!  Why not revert to that type of advertising now, and try to create the same type of emotion home buyers felt four years ago- that now is a good time to buy because other people are. 

So as you put together your newspaper ads. magazine ads, post cards, and buying featured home placement slots online, think about dedicating some of this advertising space to SOLD inventory.  If enough Real Estate professionals do this across the country, the home buying temperature could rise and perceptions could be changed. 

 

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Bob Stewart
ActiveRain - Seattle, WA
ActiveRain Ambassador

If I was an agent, I would be using Zillow for this for all of my solds. An ad running on Zillow showing you as the agent that just sold a place down the street from the person looking to see how much their house is worth. 

Great post Sara. I know that most agents around here will leave that sign in the ground until the whole transaction is complete. I thought this was the norm everywhere................ 

Sep 17, 2007 10:29 AM #1
Rainmaker
182,040
Sara Bonert
Zillow - Atlanta, GA
Real Estate Internet Marketing

I think most agents want to leave the signs up, but sometimes they only have so many signs.  So when something sells, the sign is needed somewhere else.  However, a sign is one of the best marketing investments you can make. 

Thanks for your comment, you are right that it is an excellent idea to advertise SOLDs on Zillow.  Very affordable too! We have a handful of agents that have used the system in this way and we have gotten great feedback from them. 

Sep 17, 2007 10:34 AM #2
Anonymous
Jenifer Comorogy

Sara, No offense, but your comments and many other communication that I read from you really "dumbs down" this site and others like it. I might as well have read, "It's like an excellent idea to advertise solds on Zillow, for sure"! Is it any wonder why agents are in the mess they are in right now, when they depend on infornation from these air filled blogs they read?

Oct 26, 2008 12:41 PM #3
Rainmaker
182,040
Sara Bonert
Zillow - Atlanta, GA
Real Estate Internet Marketing

Jenifer- Not sure how I am not suppose to take offense to being told that my blog 'dumbs down' a network site, but I'll skip over that....

I am going to assume that you are not a real estate professional, based on you saying the 'situation they are in'.  So maybe you aren't familiar with Alex Perillo.  He runs Realogy, which owns brands such as Century 21, ERA, and Coldwell Banker.  He is very influential and respected in the real estate industry.

Advertising the 20% sold is a idea that Alex has been touting for about a year and a half now.  Personally, I think it is a great suggestion, which is why I blogged on it.  The blog post isn't saying spend 20% MORE advertising your solds, the suggestion is to take whatever your existing advertising plan is devote 20% of the messaging to talking about solds. This applies to any media (direct mail, newspaper, and of course websites).

I didn't mention Zillow in my post, but since you brought it up... Of course I think it is a great idea to advertise your solds on Zillow.  While you can buy ads on the site doing so, it is absolutely free to send us sold transactional data feed and we will post that information on the site absolutely free with attribution and links to the listing Broker/Agent.

Sorry you find my blog 'air filled'.  Fortunately for you there are over 100,000 other professionals just in this Active Rain network.  Hopefully you can find someone that delivers the harder information that you are seeking.  There are some very knowledgeable and highly successful professionals in this network. 

Oct 27, 2008 08:00 AM #4
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Sara Bonert

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