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A Marketing Strategy That Works ... Step 4 "Make Waves and Just Say No to the Status Quo"

By Kim Novak

Real Estate Broker/Owner with Novak Advantage Real Estate UT DRE# 5459481-PB00

January 21, 2009 03:32 AM

Step 1 ... "Admit that it is a Buyer's Market"

Step 2 ... "Price Your Home to Sell and Plan on Negotiating"

Step 3 ... "Target Realtors® Working with Ready, Willing and Able Buyers"

Step 4 ... "Make Waves and Just Say No to the Status Quo"

As of 6:04pm on January 2, 2009, there were 4,183 active MLS listings for homes for sale in Davis and Weber Counties, Utah, 601 homes under contract and 1,211 that have sold in the last 90 days. That means that we currently have 9 months and 1 week worth of "inventory" on the market - approximately 6 ½ months and 3,000 more houses than buyers.

I recently told my home seller clients that "desperate times call for drastic measures" and asked that they make some difficult financial decisions in order to sell their homes. My commitment to them is to position their homes as "the next one sold" through a distinctive and innovative advertising and marketing plan.

All of my advertising includes the following:
Address of the Home, Price, "Vital Statistics" - bedrooms, bathrooms, square footage, etc., and the MLS number since there is a public access site of our Realtor® MLS. My advertising is designed to market my client's home, not to try to attract more clients for myself; to call buyers to action by providing the critical information needed to compel them to act (purchase).

Internet - This is the premiere place to market real estate. And just like in SEO (search engine optimization), it's primarily about relevant content, lots of it, in order for a buyer to "find" my listings. In all of my online advertising, I max out content - photos, links, text descriptions. I not only write about the features of the home, but also elaborate on the neighborhood, schools, community and points of interest.

Virtual Tours - I create a virtual walk through with professional still photos and panoramas that include detailed descriptions instead of using the distorted, 360 degree tours that are common (I get motion sick easily). I also post a photo album online with additional photos - the good, the bad and the ugly - and information that only a motivated buyer could love: pics of the furnace, water heater, kitchen appliances, inside closets, the garage and storage sheds, the laundry room, etc.

Homes Magazines - Now that the average number of days on the market has almost doubled (up 76%) YTD 2007 vs. 2008, advertising in these monthly periodicals has become effective again. As an added bonus, these magazines have companion websites. I advertise in the Utah Homefinder Magazine distributed in the Standard-Examiner newspaper, Homes Illustrated Magazine and Homes.com Magazine - both the Salt Lake and Ogden editions, which are sent out in Chamber of Commerce and Realtor® relocation packages. In-state moves along the Wasatch Front are on the rise, even more so now with the FrontRunner commuter train and Legacy Parkway (both inaugurated in 2008). These magazines featuring my client's homes, reach potential homebuyers throughout Box Elder, Morgan, Weber, Davis and Salt Lake Counties.

Open Houses - Come on, this is 2009 and 10 years since Al Gore took credit for creating the internet. Qualified buyers are not searching for their dream home on any given Saturday between noon and 2pm because they saw an ad in the newspaper. And why, for prudence sake, would you want to invite unescorted strangers in to your home anyway? I recently had a client who insisted that I provide advertising, directional signage, etc. so that they could hold their own open house and prove to me that I was wrong. After 4 hours of entertaining visiting neighbors, they agreed to the Marketing Strategy That Works ... Steps 1, 2 and 3.

Newspaper - I alternate print advertising between the Standard-Examiner and Hill AFB's HillTop Times, focusing on opportunities when interest rates drop significantly, during three day government holiday weekends and when there is increased showing activity in any (or all) given price range. My ads are showcased in full color in the real estate section, not run as itty bitty classified ads along side garage sales and handyman services.

Email - I use an email feedback request program to obtain and track agent and buyer comments and observations after showing my client's home. This system then allows me to send notifications to showing agents whenever the seller makes a change to their listing, such as price, terms or features and amenities offered.

Point of Sale - My goal is to capture the buyer's heart while inside my client's home. I summarize my sales and marketing strategy as follows ... "I represent you, the seller, solely as my client, but I must think like and market to the buyer in order to sell your home." The information that we can input into our MLS is very limited. To augment this, I create a Fact Sheet and New Homeowner's Book to have available for the buyer's agent to answer all of the inevitable questions that an interested buyer has: schools, bus stops, average utilities, taxes, how long has the home been on the market, age of the roof, furnace, water heater, etc., what does the seller love about the home and why are they moving.

Accessibility - mobile phone, 800 number, text, IM, email, Facebook. I do not delegate my relationship with my clients. No "showing desk" staff can possibly market a home that they have never seen when a buyer's agent calls to schedule a showing appointment. No "800 Number Information Service" sponsored by a lender can develop rapport with a potential buyer and compel them to see my client's home. No "transaction coordinator" maintains the depth of trust that has been cultivated with my client.

The 5th and final step is fundamental ... it's the "what's in it for me?" principle where Me = The Buyer, The Buyer's Agent and The Seller.