Connect with us

Business Marketing

Ghaaa. Unsold listing inventory. What next? Who’s responsible?

Published

on

UnSold Listing Inventory

Have you ever heard or thought:

“I need help.  My listing is getting shown a lot — but I haven’t had a single offer.  I know it’s priced right!”?

“I’ve had this listing way too long, why won’t anyone show it, or make an offer?”

Reality Review

Whether a listing is shown frequently or attracts Chihuahua sized showing numbers and zero offers, there are two actions you can do.  Both of them aren’t easy.  If it was easy, everyone would do it.  Here you go:

1.  Property Presentation (Merchandising & Staging) –  Humans are human.  We make snap judgments.  We comparison shop.  When house shopping, buyers mostly use their physical senses; eyes, ears and nose to pick and choose.  If it doesn’t look, smell or sound attractive, we pass.  If the property doesn’t compare favorably, buyers keek looking.  There’s no skirting around human behavior.

The first step to amping Property Presentation is to be honest with yourself and your seller.  Ask yourself, is every aspect of the property merchandised and staged in excellent fashion.  Not 80% or 90% – 100%.  Or better than your competition.  Be honest with yourself and your seller(s).  You know if your listing is attractive or not.  You get paid to educate and persuade your sellers to take the actions required to merchandise and stage the interior and exterior of the property so that it compares favorably with it’s competition.  It’s for their own good, you have to be strong in this area.

When sellers won’t agree to merchandise and stage their property in a positive light, they can compensate for the shortfall by adjusting the price downward.  Downward to the point where a comparison shopper would think, “I know it doesn’t look so hot, but the price is so compelling, I’d be foolish not to buy it.”   If you don’t get the property merchandised or staged favorably competitively, it won’t sell.

2.  Positioning Price – If you’ve you taken steps to make the property attractive inside and out, and your property promotion is generating a favorable number of showings, there’s only one thing left to adjust – the Positioning Price.  It’s a bitter pill to swallow.  Asking for a price adjustment sucks for everyone.  Yet, it’s one of our most important responsibilities.  Everyone involved will feel better about this if we’ve done our in-depth homework.  Which means we’ve updated our market analysis and we’ve previewed our competition (just like a buyer does).   After we’ve presented our data, if the seller remains reluctant, set showing appointments to physically show them their competition — then ask again for an appropriate reduction.

 

If you’ve done your part with the property promotion and intergalactic syndication, you’ve shared the value and importance of Property Presentation and choosing a competitive Positioning Price, and the seller(s) remains unmoved and resolute, you should not go down with the ship.  Instead, consider asking the seller to release you from the listing – hit the eject button.

Happy Ending

Like all other types of business, the goal is to make a profit by selling inventory – not lose money by holding onto unsalable listing inventory.   When we hold onto unsalable listing, everyone loses. When we let lazy or fear prevent us from wisely advising the seller, everyone loses.

The next 90 days or so will be the most active of the year, it’s time to suck-it-up and kick ourselves in the butt and come correct.  If we want happy endings we either need to advise and adjust – or release – that’s life my friends.

PS.  There is one other thing that could be out of whack.  Success is doomed if the real estate agent doesn’t have clue-one about the importance of persuasive and pervasive property marketing, promotion and syndication. In this post, I’m assuming you’re on top of your game in this department.

Photo Credit

 

 

 

 

Ken Brand - Prudential Gary Greene, Realtors. I’ve proudly worn a Realtor tattoo for over 10,957+ days, practicing our craft in San Diego, Austin, Aspen and now, The Woodlands, TX. As a life long learner, I’ve studied, read, written, taught, observed and participated in spectacular face plant failures and giddy inducing triumphs. I invite you to read my blog posts here at Agent Genius and BrandCandid.com. On the lighter side, you can follow my folly on Twitter and Facebook. Of course, you’re always to welcome to take the shortcut and call: 832-797-1779.

Continue Reading
Advertisement
18 Comments

18 Comments

  1. Joe Loomer

    June 1, 2011 at 6:08 am

    Well said, Ken. Price and condition (position) are the two golden geese. Price too high, no one comes anyway. Price right but don't stage it well – they come but don't like it. Get both right, you start packing.

    Navy Chief, Navy Pride

    p.s. of the 1600 plus members of our board, only 450 or so even have their emails set up correctly for board information. Kinda wonder how they're positioning their clients if they can't do rudimentary, stay-alive tasks.

    • Ken Brand

      June 1, 2011 at 2:50 pm

      Thanks Joe. Hope your year is shaping up nicely. That's a pretty startling number of unplugged in people. I guess the upside is that In That In The Land Of The Blind The One Eyed Man Is King. Cheers.

  2. Cindi Hagley

    June 1, 2011 at 12:02 pm

    If a home does not sell, it comes down to one of three "P"s – Price, Property, or Pitch. Pitch, being the marketing of the home, and Property dealing with issues such as staging and curb appeal.

    Properly priced and properly marketed any home in any market condition should sell within 30 days. The key word here is yet another "P" – properly!

    Some agents spend so much time chasing the market,it's hard for them to see where the market really is.

    • ken brand

      June 2, 2011 at 5:33 am

      Thanks Cindi, like a lot of things, it's easy to understand, but for some, it's seems hard to do. I think it's the fear of experiencing seller disapproval, anger, disappointment, etc. But that's what we get paid for, sharing the truth. Cheers and all the best for a BIG year.

  3. Cindy Marchant

    June 2, 2011 at 7:04 am

    Dang…I was hoping for a magic bullet…lol

    • ken brand

      June 2, 2011 at 7:17 am

      I have good news Cindy. If you'll go to your nearest mirror and take a look. You are the Magical Silver Bullet. But, you knew that. Cheers.

  4. John Perkins

    June 2, 2011 at 8:35 pm

    I realize I operate a Full-Motion Video company but I have proven again and again that full-motion separates you from the rest of the market and the ROI is 3-6% above other area listings and the sales time is faster. Why not invest in yourself and your clients. Full-Motion is above Staging because you can reach more interested people who might normally not visit a home from another city if they are exhausted of looking at photo-shop pictures of homes. Buyers want reality and knowledge of the community around the home. This is what entices them. Wherever you are in the country look up a Full-Motion provider and put not only the home but the area around the home (popular downtown, nearby museum, important schools, yada)…. Best on your sales.

Leave a Reply

Your email address will not be published. Required fields are marked *

Business Marketing

Use the ‘Blemish Effect’ to skyrocket your sales

(MARKETING) The Blemish Effect dictates that small, adjacent flaws in a product can make it that much more interesting—is perfection out?

Published

on

blemish effect

Presenting a product or service in its most immaculate, polished state has been the strategy for virtually all organizations, and overselling items with known flaws is a practice as old as time. According to marketing researchers, however, this approach may not be the only way to achieve optimal results due to something known as the “Blemish Effect.”

The Blemish Effect isn’t quite the inverse of the perfectionist product pitch; rather, it builds on the theory that small problems with a product or service can actually throw into relief its good qualities. For example, a small scratch on the back of an otherwise pristine iPhone might draw one’s eye to the glossy finish, while an objectively perfect housing might not be appreciated in the same way.

The same goes for mildly bad press or a customer’s pros and cons list. If someone has absolutely no complaints or desires for whatever you’re marketing, the end result can look flat and lacking in nuance. Having the slightest bit of longing associated with an aspect (or lack thereof) of your business means that you have room to grow, which can be tantalizing for the eager consumer.

A Stanford study indicates that small doses of mildly negative information may actually strengthen a consumer’s positive impression of a product or service. Interesting.

Another beneficial aspect of the Blemish Effect is that it helps consumers focus their negativity. “Too good to be true” often means exactly that, and we’re eager to criticize where possible; if your product or service has a noticeable flaw which doesn’t harm the item’s use, your audience might settle for lamenting the minor flaw and favoring the rest of the product rather than looking for problems which don’t exist.

This concept also applies to expectation management. Absent an obvious blemish, it can be all to easy for consumers to envision your product or service on an unattainable level.

When they’re invariably disappointed that their unrealistic expectations weren’t fulfilled, your reputation might take a hit, or consumers might lose interest after the initial wave.

The takeaway is that consumers trust transparency, so in describing your offering, tossing in a negative boosts the perception that you’re being honest and transparent, so a graphic artist could note that while their skills are superior and their pricing reasonable, they take their time with intricate projects. The time expectation is a potentially negative aspect of their service, but expressing anything negative improves sales as it builds trust.

It should be noted that the Blemish Effect applies to minor impairments in cosmetic or adjacent qualities, not in the product or service itself. Delivering an item which is inherently flawed won’t make anyone happy.

In an age where less truly is more, the Blemish Effect stands to dictate a new wave of honesty in marketing.

Continue Reading

Business Marketing

7 ways Instagram Stories get people pumped about your brand

(MARKETING) Instagram stories are widely used, so why shouldn’t marketers get in on the Insta-story action?

Published

on

Instagram

Instagram Stories long ago surpassed Snapchat at it’s photo-sharing joy, and has found to be a great place to build brand awareness and build your customer base.

Here are a few ways that you can use stories to get people excited about your brand, products, and service.

1. Share the story of your business

Showcase the creation of a product or service, or share something (legal and fun) that your team is working on. These behind the scenes productions humanize your brand and can really get people excited about it. Check out what Union Fare does!

2. Preview live broadcasts

Are you doing a Facebook Live or WebEx demonstration? Use Instagram Stories to tease and generate some excitement or pull attendees from one social media platform to the other.

3. Showcase your stuff in action

Whether it’s demonstrating an application, showing off a recipe, or showcasing an outfit, you can use stories to show what the end result of a product is and help them generate ideas on how to use that stuff! Because Instagram Live can be done spontaneously, you can show authentic, non-scripted demonstrations easily.

4. Brag time

When you support a brand, you get excited that you are a part of their wins. Share relevant milestones (subscriber counts, new products, new revenue, new contracts, new products, etc.) with your base. This helps build connection with your base.

5. Countdowns and giveaways

You can use stories to facilitate ways to get people excited about upcoming giveaways or new launches. Unlike static marketing, the use of countdowns can really get people emotionally excited and build anticipation for new products or services. You could also use stories to give special sales or unique giveaways that give a more “exclusive” feeling.

6. “Takeovers” from influencers or partnerships

If you are working with a promoter or influencer, you can have them generate content to send them over to you to use their voice to target your audience. The influencer can send you pictures and videos that you upload yourself, rather than handing over your account username or password (like with Snapchat). This is a great way to work with someone who already has a following that can help you expand your service or product reach.

7. Create unique content

Odds are, especially for smaller businesses and new entrepreneurs, you don’t have a lot of time to invest in production value for other advertising. Instagram Stories with the use of stickers, paintbrush, and text can be a great place for raw, but still polished content that has a one of a kind feel. Familiarize yourself with the tools, and don’t be afraid to get artsy.

Make Instagram work for you

Instagram is constantly adding new features, so make sure you stay tuned for updates and play around with those features often. For example – Instagram stories can rewind or being hashtagged. Or use the eraser brush to do slow teases or product reveals.

Given that users can now bookmark content as well, you can create demonstrations or examples and give your audience a quick reference to your content. Get learning, check out stories, and start building those unique, intimate, and creative engagements with your consumers.

Continue Reading

Business Marketing

Half of all Instagram users buy immediately after seeing an ad

(MARKETING) If you’re advertising on Instagram and yielding no results, read on – it’s a gold mine for *some* types of brands.

Published

on

instagram

If you’ve been on Instagram you’ve likely fallen victim to the algorithm’s knack for showing you advertisements for something that seems exactly suited to your tastes. Or, someone you follow on the app tags their post with the name of the brands that make up their cute outfit and you decide to see what else they might offer. I’ve ended up with more than one pair of sneakers this way.

Instagram’s popularity and effectiveness have made it a marketing powerhouse. Over 130 million people look at product tags on the app each month.

Recently, Facebook commissioned a study asking users to explain what their interaction with companies and brands on Instagram was like. A whopping 66% of people said that the used Instagram to interact directly with brands — and 54% of users said they purchased something immediately after seeing an ad in their Instagram feed. Ads that are in the “stories” feature, independent of users’ feeds are especially effective.

After it was acquired by Facebook, Instagram has grown to account for over 19% of the tech-giant’s advertising spending — nearly double what it was in 2018.

Facebook is planning on continuing to capitalize on Instagram. They announced that soon users won’t need to navigate out of their feed to the retailer’s website purchase items, but rather have the ability to buy things in-app.

Instagram will take a cut of these in-app purchases and partner with PayPal to process payments, adding a new revenue stream to the growing platform.

As part of expanding its foray into shopping, Instagram is also partnering with its most popular influencers.

These people will be able to directly sell the products that their sponsors are offering through their accounts, rather than direct them to their sponsor’s account. At the beginning, only major accounts belonging to celebs like Kylie Jenner or Gigi Hadid will have this option, but it seems like after its initial launch more sellers will be to take advantage of the feature.

So, be prepared to have even more sneakers in your future, friends. It looks like those Instagram ads are going to get even more powerful.

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!