Mastering Real Estate Marketing: Listings and Lead Generation

Chapter: Listing Marketing & Buyer Attraction

This chapter delves into the art and science of attracting buyers through effective listing marketing. We will explore established theories, practical applications, and methodologies for maximizing your listings’ potential to generate leads and facilitate successful sales.

Listings, Properly Marketed, Attract Buyers!

While the primary goal of listing marketing is to sell a specific property at the highest possible price with minimal hassle, a well-executed strategy simultaneously generates buyer leads for your broader business. The key is to create marketing materials that are not only attractive and informative about the listed property but also compelling enough to attract buyers who might not be specifically interested in that particular home.

Marketing to Sell: Beyond Just Listing

Even though the majority of listing marketing aims to attract buyer business, we must still sell your listings as quickly as possible, for the highest price possible, and with the least amount of hassle. Consequently, this section will address the most effective methods for getting homes sold.

Leveraging Other Agents: Your Credible Allies

Fellow real estate agents are invaluable resources in the home-selling process. They possess direct access to qualified buyers, understand market dynamics, and are motivated to close deals efficiently. Capitalizing on this network is crucial.

Methodologies:

• Networking: Actively engage in networking opportunities within your Market Center.
• Digital Brochure Distribution: Convert property brochures to PDF format and email them to:
  • Agents within your Market Center.
  • Leading agents in your area.
  • Agents specializing in your target demographic or geographic area.
• Broker Open Houses: Host open houses specifically for fellow agents.
• Agent Caravans: Participate in agent-led property tours.
• Educational Events: Organize classes or seminars at your listings.
• Incentives: Offer increased commission splits or bonuses to agents who bring a successful deal.

Harnessing the Power of the Internet: A Multi-Faceted Approach

The internet is an indispensable marketing tool. A comprehensive online strategy is essential for reaching a broad audience of potential buyers.

MLS Listings: The Foundation

Your Multiple Listing Service (MLS) listing is the cornerstone of your online marketing efforts. Ensure it is:

• Complete: Include all relevant property details.
• Accurate: Verify all information for correctness.
• Visually Rich: Use numerous high-quality photographs. Listings with six or more images are statistically more likely to attract detailed views. Top agents often aim for 14+ photos.

Virtual Tours & Videos:

Virtual tours and videos are highly engaging and can significantly enhance your listings. Some platforms allow users to filter search results based on the availability of virtual tours, giving these listings a competitive advantage.

Syndication via KWLS and Realtor.com:

Leverage the Keller Williams Listing Service (KWLS) and Realtor.com, which automatically syndicate your listings to a wide network of partner websites, including:

• GoogleBase
• Trulia.com
• Cyberhomes
• Yuvie.com
• Point2Homes.com
• Geebo.com
• Unique Global Estates
• MSN.com
• AOL.com
• 65 TV stations (ex. Philadelphia News)
• Juno
• Wall Street Journal Online
• Netscape
• iWon
• NetZero
• CompuServe
• IBS
• Yahoo!

Creating Your Own Online Presence:

Supplement your MLS listing with your own online marketing initiatives:

• IDX Integration: Implement Internet Data Exchange (IDX) on your website to provide visitors with access to the local MLS database. This positions your site as a valuable resource for buyers.
• Featured Listings: Showcase your top properties on your website’s homepage. Regularly update these listings to maintain visitor interest.
• Individual Property Websites: Create dedicated websites for each listing (e.g., “123MainStreet.com”).
• Property Blogs: Establish blogs for individual listings (e.g., “123MainStreet.blog.com”). Caution: Exercise discretion when using blogs to avoid disclosing information that could negatively impact your client’s negotiating position.

The Enduring Appeal of Yard Signs

Despite the prominence of online marketing, traditional yard signs remain effective. Buyers often discover properties while driving through neighborhoods.

Best Practices:

• Visibility: Place signs in prominent locations. For corner lots, use multiple signs.
• Maintenance: Keep signs clean and in good repair.
• Brochure Availability: Ensure the brochure box is consistently stocked with property flyers.
• Sign Riders: Use sign riders to highlight key selling points (e.g., “Complete Remodel,” “Home Warranty,” “Move-In Ready”). “Coming Soon!” riders can generate pre-market interest.

Maximizing Buyer Attraction in Marketing Materials

The goal is to generate buyer inquiries, regardless of whether they ultimately purchase the specific listed property.

Key Strategies:

• Aesthetics: Ensure the property is clean and well-staged before photography and MLS listing.
• Compelling Design: Create visually appealing marketing flyers and “Just Listed/Sold” postcards.

Strategic Information Disclosure: Qualifying vs. Disqualifying

Carefully consider the information you reveal in your marketing materials. Buyers are looking for properties that meet their needs, preferences, and budget. Ads must entice buyers to learn more. Disclosing too much information upfront can lead to disqualification before you have the opportunity to connect with the buyer.

The Disqualification Principle:

Buyers tend to look for reasons to disqualify a listing based on limited information. Providing the price and address in initial marketing materials might lead potential buyers to dismiss a property before contacting you.

Capturing Leads with Information Control:

Focus on attractive visuals and key features. Use an IVR (Interactive Voice Response) system to provide price and address information. This allows you to capture leads from interested buyers, even if the price or location might otherwise deter them.

Example IVR Script:

“Thank you for calling about the beautiful property at [Briefly Describe Property Features]. To learn the price and address, please press 1. To speak with an agent, press 2.”

MLS Listings: Full Transparency

In contrast to initial marketing materials, provide comprehensive information on the MLS. By the time a buyer accesses the full MLS record, they are typically working with an agent. The goal is to provide them with the information they need to make an informed offer quickly.

Post-Marketing Follow-Up: Nurturing Leads to Conversion

Effective follow-up is crucial for converting leads into clients. Implement a system for tracking and engaging with potential buyers encountered through open houses and other marketing activities.

Lead Management Formula:

Value of a lead = (Probability of conversion) x (Average commission per transaction)

Marketing Without Listings: Alternatives for Lead Generation

Newer agents can generate leads by marketing HUD homes (Housing and Urban Development). It is generally permissible to market HUD homes. Check local regulations for advertising requirements. Interested buyers can then be shown similar properties from the MLS.

Systematic Marketing: Building a Coherent Action Plan

A well-defined marketing action plan is essential for success. This plan should outline your marketing activities and how they integrate with your prospecting efforts.

The Foundation: Three Key Marketing Plans

1. The 8x8 Plan: Intensive marketing for new contacts.
2. The 33 Touch Plan: Nurturing existing relationships.
3. The 12 Direct Plan: Agent-to-agent marketing and outreach to potential clients you don’t know.

Conversion Ratios:

• Mets (People You Know): 12 names in your database yield 2 closed transactions (12:2 ratio).
• Haven’t Mets (People You Don’t Know): 50 names in your database yield 1 closed transaction (50:1 ratio).

Mathematical Formulas for Database Sizing:

Let:

• D = Number of deals you want to close
• M = Number of deals from Mets
• H = Number of deals from Haven’t Mets
• N_Mets = Number of Mets needed in your database
• N_Hmets = Number of Haven’t Mets needed in your database

1. Deals from Mets and Haven’t Mets:
   D = M + H

2. Number of Mets needed:
   N_Mets = M * 6 (Since 12 Mets yield 2 deals, then 1 deal requires 6 Mets)

3. Number of Haven’t Mets needed:
   N_Hmets = H * 50 (Since 50 Haven’t Mets yield 1 deal)

Example:

If you want to close 36 deals, with 30 from Mets and 6 from Haven’t Mets:

• D = 36
• M = 30
• H = 6

N_Mets = 30 * 6 = 180
N_Hmets = 6 * 50 = 300

Therefore, you need at least 180 Mets and 300 Haven’t Mets in your database.

Key Strategies for a Successful Systematic Marketing Action Plan:

1. Target Your Audience: Define your ideal client.
2. Be Consistent and Repetitive: Maintain a regular marketing schedule.
3. Don’t Overthink It: Focus on execution and consistent messaging.

1. Target Your Audience: Precision Marketing

Effective marketing is audience-focused.

Key Questions to Ask:

1. Who is my target audience? (Geographic or niche farm?)
   • Buyers/Sellers who earn between \$[X] and \$[Y] in income.
   • Buyers/Sellers who live in homes valued between \$[A] and \$[B].
   • Buyers/Sellers who are between the ages of [C] and [D].
   • Buyers/Sellers who want to live in [Neighborhood/Area].
   • Buyers/Sellers who are concerned about [Specific Issue, e.g., schools, taxes].
   • Up-graders
   • Down-graders
   • First-time home buyers
   • Retirees
   • Investors
   • Builders
   • Companies that are relocating
   • Employees who are relocating.
   • Other (specify)
2. What do these people know? Assess their current level of awareness.
3. What is my purpose? Repeat business? Referral generation? Reputation building?
4. What would make them act on my call to action? (Compelling offer, urgency)
5. What impression do I want to create in their minds? (Professional, trustworthy, knowledgeable)
6. What special offer can I make? (Free consultation, market analysis)
7. What tangible guarantee of specific service can I provide? (Satisfaction guarantee, cancellation policy)

2. Be Consistent and Repetitive: Building Top-of-Mind Awareness

Consistency is key to staying top-of-mind with potential clients. A regular saturation schedule ensures that you are the first agent they think of when they need real estate services.

3. Don’t Overthink It: Prioritize Action over Perfection

Avoid spending excessive time perfecting your marketing materials. Focus on delivering a clear, strong message consistently. It’s better to distribute a large volume of good-quality marketing materials than to create a single “perfect” piece that is only sent out once.

The 8x8 Plan: A Jumpstart for New Contacts

The 8x8 plan is an intensive marketing and prospecting blitz designed to make a strong impression on new additions to your “Mets” database. The core principle is to touch base with these new contacts once a week for eight weeks. This establishes a strong mindshare, making it easier to maintain dominance with your subsequent 33 Touch plan.

Basic 8x8 Plan Example:

• Week 1: Drop off a letter of introduction, your personal brochure, a local market report, and your business card.
• Week 2: Send a community calendar, current market statistics, a recipe card, or an inspirational card.
• Week 3: Repeat Week 2, but choose a different mailing piece.
• Week 4: Make a phone call: “Hello, this is [Your Name] with [Your Brokerage]. Is this a good time? I won’t take much of your time. How are you? Did you receive the mailout that I sent you? That’s great. Did you have any questions? The reason I’m calling is to find out who you know that might be buying or selling a house soon.”
• Week 5: Send one of your free reports.
• Week 6: Send a real estate investment or house maintenance tip.
• Week 7: Send a refrigerator magnet with your contact information.
• Week 8: Email a client testimonial or success story.

This combination of online and offline strategies, combined with consistent follow-up and strategic information control, forms the foundation of a successful listing marketing and buyer attraction system. Remember to continually analyze your results and adapt your strategies based on market trends and your own experiences.