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

The science behind using pictures of people in marketing to convert more leads

(MARKETING) People fear using their picture in social networking profiles, but we make the case not only for using pictures of yourself, but of scrapping stock graphics for photos of people that studies show improve conversion rates in marketing.

Published

on

photos-of-people in marketing

To avatar or not to avatar?

After all of these years of people using the web, the debate continues about whether or not people should use their headshots as their profile pictures and avatars on their blogs and their social networks. Many people are uncomfortable with the way they look in photos, and some are never satisfied with their picture, so they settle for their company logo, a cartoon image, or a random photo to share something about who they are. While some believe the argument is subjective, we would argue otherwise.

It is advisable to use a photo of yourself as your profile picture wherever you go, no matter how unsatisfied you are and how uncomfortable. There are many reasons from making it easier to connect with people offline after talking online, to giving people a better way to connect with you, but a personal side has become expected on social networks and blogs, making a profile picture culturally mandatory.

Throw culture out of the window

So let’s say you’re still uncomfortable advertising your face. I personally hate every picture of me taken since I was 11 and had a bad perm, I get it. Profile pictures can send some people into full fledged panic, and at that point, who cares if web culture dictates a photo?

You should, and here’s why… science.

Science? Yep. Any parent knows intuitively, and scientists have studied for years that babies love pictures of other babies, and part of socializing a child is giving them books with pictures of other babies to connect with, learn from, and see other ethnicities. Babies love looking at other babies, it helps them connect and learn, and believe it or not, many studies show that we don’t evolve past that point in our lives, so, adults love looking at other adults.

More science

If that isn’t enough to convince you to use a profile picture, a recent study shows that a website’s conversion rate can be skyrocketed by using human faces. According to KISSmetrics.com, using human faces “get your prospects to focus more and this causes them to draw towards a common point of interest. It doesn’t get more real than that.”

The company cites an A/B test on Medalia.net, an online art shop, which presented paintings from artists on their homepage, and during testing, they swapped out the photos of the paintings with photos of the artists hoping to increase user engagement. KISSmetrics said, “Making this small but relevant change sent their conversion rate through the roof – something they didn’t expect. Their site experienced a whopping 95% increase in conversions!.”

Reading between the lines

Using a photo in your profile pictures is important, it allows people to connect with you, just like babies connect with other babies through photos, and website viewers are converted by human photos. But, read between the lines here – using photos of people in marketing is a concept as old as the idea of marketing, and your using people in your blog photos and marketing can improve your conversion over outdated stock graphics. There are legal ways to obtain photos of people (through creative commons), and using photos of your own can have the most meaningful impact.

Whether you’re nervous to share your face with the world or not, web culture dictates that you should and studies show that a percentage of people distrust social networkers without a face shot. Independent of all of that, conversion rates improve when people see other people, as it is easier to connect with over stock graphics or abstract images, so take a leap of faith and put your picture out there, and while you’re at it, try to find ways of using photos of humans in your marketing and blogs.

Just remember – babies love looking at pictures of babies, and we’re all just babies when you boil it down.

This story originally ran here on March 6, 2012.

Continue Reading

Business Marketing

YouTube monetization change crushes smaller content creators

(SOCIAL MEDIA) YouTube has made some cavalier changes to their monetization strategy, kicking the underdog in the gut.

Published

on

youtube

Amidst much controversy, YouTube has revised the qualifications for monetization through its Partner Program, sparking harsh criticism from lesser-known content creators. YouTube says the new rules are necessary to “curb bad actors, stabilize creator revenue and provide greater assurances to advertisers around where their ads are placed.”

In mid-January, YouTube quietly changed its guidelines, requiring that content creators’ channels accumulate at least 1,000 subscribers and 4,000 hours of watch time in the past year in order to qualify for monetization. Previous rules allowed any channel with at least 10,000 views over its lifetime to qualify, allowing creators to earn money on ads.

The rule change comes amidst a backlash from advertisers, who have been fearful that their ads may appear alongside disturbing and controversial videos, such as the much-publicized Logan Paul video in which the YouTube star finds and mocks the corpse of a person who had committed suicide.

To appease advertisers, YouTube is putting into place monitoring systems in which more videos will be reviewed by human viewers before being paired with ads. In order to streamline this process, YouTube is tightening up the qualifications for partnership.

Creators who do not meet the qualifications received an email from YouTube explaining that the site is putting in place “safeguards… to protect creator revenue across the YouTube ecosystem.” Small creators were given a 30-day grace period to attempt to meet qualifications and reapply.

As you might expect, small content creators were disappointed by the rule. Many have posted angry and sometimes tearful videos, some going so far as to beg users to run their videos in the background while going about their day to help the channel accrue watch hours.

The company admits that many creators will be affected, but that the vast majority of those who will no longer qualify were earning less than $100 a year. They say that 90 percent earned less than $2.50 last month (which proves how difficult it already was to earn on their platform).

YouTube, and many popular content creators with large followings, say that the change was inevitable to keep the site in business. If advertisers lose faith in the site, they argue, they will also lose their biggest content creators.

But many small creators say it’s not about the money. Creator Christine Barger explained “I’ve been a part of YouTube for a really long time, and I’ve finally tried to be part of this platform, just to feel like they don’t care about small creators.”

Other creators encouraged their fellow YouTubers not to be discouraged, and not to focus on the money. Said creator Kiara Nelson in a heartfelt video, “Don’t let the new rules of YouTube keep you from creating the amazing content that you do. Please don’t give up.”

Continue Reading

Business Marketing

MLB Cleveland Indians to finally nix controversial Chief Wahoo logo

(BRANDING) After much dispute, the Cleveland Indians will no longer don the offensive logo on the field – but is such limited progress laudable?

Published

on

Major League Baseball and the Cleveland Indians have announced an agreement that spells the end of the on-field uniform presence of the caricature known as “Chief Wahoo” (a cartoon-like depiction of a Native American that has been directly affiliated with the club since 1947), beginning in 2019. A similar version of the caricature appeared in the Cleveland Plain Dealer in 1932 and it was a popular accompaniment to news of the Indians for decades. It, along with the 1947 version of the Indians logo, is considered to be far more offensive than the current version of the logo.

A polarizing figure in recent years, “Chief Wahoo” continued the tradition of associating the Cleveland major league baseball team with Native American figures since their name change to the Indians in 1915. The Indians, called such diverse names as the Infants, Spiders, Naps, and Blues throughout their early history, are alleged to have changed their name to honor the contributions to Cleveland baseball by Louis Sockalexis, a Native American from the Penobscot tribe, who played baseball in Cleveland from 1887 to 1899.

In recent years, many groups across the nation had protested the continued use of the logo, with little interest expressed by the team in changing either the “Chief Wahoo” logo or its profile on team uniforms and on in-stadium displays. In 2014, then-team president Mark Shapiro, began to reduce the exposure of the “Chief Wahoo” logo, replacing it with a capital-C, in block format. But that reduction did not lead to outright termination, with “Chief Wahoo” displayed on the Cleveland uniform and in-stadium in high profile games, including the 2016 World Series.

After national debate was renewed during that October postseason regarding the appropriateness of the logo, Commissioner of Baseball Rob Manfred promised at the time to speak to the ownership group about the logo’s future. In April of 2017, Manfred made good on that promise, making public his intention to press the Cleveland ownership to eliminate the logo altogether. After months of discussion, today’s announcement identified the results of those conversations. In a joint statement, Cleveland owner Paul Dolan said “”We have consistently maintained that we are cognizant and sensitive to both sides of the discussion. While we recognize many of our fans have a long-standing attachment to Chief Wahoo, I’m ultimately in agreement with Commissioner Manfred’s desire to remove the logo from our uniforms in 2019.”

So this is the point in the story where we can all feel good that a business, which the Cleveland Indians most assuredly are, realized that greater forces than remaining static in the face of history exist, right?

Wrong. It’s like the old adage, “The more things change, the more they stay the same.”

While the logo won’t be seen on the uniforms or in-stadium displays beginning in 2019, “Chief Wahoo” hasn’t left the building or the public consciousness just yet. The Indians will still maintain the trademark, which means that, with the approval of Major League Baseball, they still control how the logo is used.

Maintaining the trademark to the logo is a prudent move for Cleveland—if they abandoned it, the logo could be claimed by another business or organization and be used in nefarious ways. But because they maintain control of the trademark and the logo, they can still create and sell merchandise with the “Chief Wahoo” logo on it. Which they are planning to do, profiting off of items with the “Chief Wahoo” logo on them available for sale at the souvenir shops located inside their home stadium, as well as retail outlets in the northern Ohio area. Major League Baseball has no current plans to make items bearing the “Chief Wahoo” logo available at their fan shops at MLB.com.

So, should we applaud the Indians and Major League Baseball for coming to grips with an outrageously out-of-place logo and banishing it from the field? Only if you think that limited progress is better than none.

While you won’t see it on or around the field in 2019, you can still buy it in the stadium, wear it, and thus continue to propagate a harmful stereotype in the name of team history, fan loyalty, or any one of a number of other worn excuses. The Indians move allows them to continue to profit, and to do so handsomely, thus doing nothing more than sweeping the issue aside in the name of corporate uncomfortability, when what was called for was corporate courage.

Doing the right thing isn’t easy, or popular, it remains the right thing. There’s a difference between worrying about political correctness gone amok and understanding that the times have changed from when your logo was created and deciding to reflect those changes for the better. And the Indians, and by extension Major League Baseball, chose to do the expedient thing and hope that everyone is satisfied, or at least quiet.

And that moribund silence and misplaced satisfaction is the last thing that we can afford.

Continue Reading
Advertisement

The
American Genius
News neatly in your inbox

Join thousands of AG fans and SUBSCRIBE to get business and tech news updates, breaking stories, and MORE!

Emerging Stories