Real Estate Marketing Madness

It's March on the outskirts of Toronto, which means my mailbox is crammed with marketing materials from local real estate agents trying to get my business in the busy Spring real estate market. I've received 10 flyers in the last week alone.

And like every year, I see examples of agents who have wasted their money on ineffective marketing tactics that simply aren't going to work.

A quick sidebar for our American readers -- the real estate agents here in Canada are still enjoying record years when it comes to the housing market. And while there are some spots in the US where real estate values are falling, the challenge facing agents are the same on many levels -- to convince those who are thinking of moving to list their home with you.

It's the "convincing" part where most agents fall short.

After sifting through the flyers, I've developed some thoughts that are specific to improving real estate marketing but would be applicable to any business where the client is being asked to make a significant, high dollar purchase:

Build Trust - If you're going to get 5% of the value of my home as a commission, I'll need to trust you first. And you don't build trust by telling me your trustworthy, or that you're good.

Own the Information Advantage - To build trust, one option is to own the expert position. Share information freely with the local market (and the local media) about where the market is headed, and whether it differs from the national picture. Anyone thinking of moving craves information - how much are other homes selling for, how long they've been on the market, and so on.

Any dollar spent on marketing that doesn't work towards building trust among potential buyers is a dollar wasted because it doesn't get you closer to a sale.

While we're at it, here are some phrases I'm tired of seeing in real estate ads, and that generally don't work:

A trusted professional. Trusted? By whom? Prove it.

I get results! Good for you! Show me.

Free Home Evaluation with this coupon - I'm sure some appointments are made thanks to the free evaluation premise, but can we lose the coupon idea? Don't cheapen the experience by pretending that the unaddressed piece of paper that EVERYONE got in the mail is actually required to get a home evaluation.

Marketing messages I'd like to see more of from real estate agents:

The choice for families - Parents often worry the most about moving their kids, and what the local schools are like, etc. If you could position yourself as an expert in this area through your marketing and the client experience, you'd build a huge advantage for yourself. (Build trust as a credible source of information for families, and you're on your way...)

Your Condo Market Expert -  Know everything there is to know about maintenance fees, the makeup of certain condo buildings (demographics, etc). Position yourself as the leader in this category. (Again, building trust through shared knowledge)

25 years of serving the community - Experience is perceived as an advantage in real estate, and if you can make a claim to a long service history in a particular community, you should.

In a wide open market like real estate, where there tend to be dozens or literally hundreds of competitors in each community, positioning is critical. And proving your position goes a long way towards building your profile in the market, and building trust among potential clients.