Connect with us

Business Marketing

The Future of the Real Estate Industry – Part Two

Published

on


It’s obvious that the real estate industry is changing. And it’s changing more rapidly than ever before. But where is it going? And where does it need to go?

I touched upon things such as Barrier To Entry, Oversight and Enforcement in part one of this three part series. Here’s part two…

Technology

Emerging technologies, social media and social networking are just some of the things that have and are continuing to change the way consumers interact with agents and conduct their real estate business. Most “old timers” either don’t get it or don’t want to get it. They have plenty of referral business built up over the years and they’ll do just fine without doing anything differently. That’s ok! I applaud them and hope I can say the same for my referral business 20 years down the road.

But what about all the first and second time home buyers and tech-savvy consumers who want an agent who speaks the same language as them? Their reliance on the internet and technology for research and purchasing goods is unprecedented. Just look at CarMax, Zappos, eBay, Amazon, Overstock, CarFax and the thousands of on-line forums about various products and services.

Though we’ve come a long way, we haven’t quite figured it out (yet). The technology companies who happen to focus on the real estate commodity don’t get real estate. And the organizations and associations within the real estate industry don’t get technology. There needs to be a healthy and good marriage of the two for it to work.

We need to educate and promote technology and current trends to agents and brokers. We need to stop calling everything new “mumbo jumbo” or a “fad”. Perhaps it is a temporary thing, but it works because it’s what consumers want and need right now. Will it change down the road? Absolutely. But more than likely, it will involve some sort of new technology so the RE industry better get used to staying on top of technology whether they like it or not.

We have to realize and come to terms with the technological and social needs and savvy of today’s (and tomorrow’s) consumers. We have to communicate with them on their level and give them what they want otherwise our value proposition and relationship with them will erode like an unkept beachfront.

Marketing

DISCLAIMER: Not all markets are the same so the “new” type of marketing and advertising that works in metro areas such as mine (DC/MD/VA) may not be as effective as traditional marketing in other, smaller towns/areas. The DC metro area is fairly tech-savvy and local statistics show that 49 percent of consumers found the house they ultimately bought online, 32 percent found it through their agent, 15 found it by seeing the yard sign, 3 percent found it through print media and 1 percent found it through an open house.

Marketing is becoming synomymous with technology because technology has dramatically changed the way marketing is done and its cost. The ROI on traditional marketing such as print advertising, post cards, billboards and grocery cart ads is dwindling while the ROI on “new” forms of advertising and marketing such as social networks, social media, property web sites, virtual tours, slideshows and blogging is increasing dramatically. As Inman News said, “The dependency on print ads is unquestionably over.”

If you are to have an effective marketing campaign, you have to reach out to your target audience and then engage them. If over 85 percent of buyers and sellers are going online for information about real estate and 49 percent of buyers found the house they bought online, then you should be focusing your personal branding/marketing and listing marketing efforts online. That’s how you target them.

This is only the tip of the iceberg when it comes to the dependance of the internet by real estate consumers and if you’re late to the party, you may miss a large chunk of current and future business. One big part of that is Google. Google rewards those who have been focused on their online presence longer and “who have done no evil” and they’re not quick to elevate newcomers to the first page of results. There’s more to SEO than that, but that’s one important piece of the puzzle when it comes to getting in the game early and being ahead of the competition in the future.

How do you engage them? Be yourself and don’t try to sell them, definitely not on a social media, social networking or blogging platform. You can have your “salesy” static web site, but save that for other uses. Your marketing efforts should be focused on “engaging” consumers, not “selling” them. And if you really want to know the ins and outs of how to engage consumers, there are plenty of excellent people to learn from right here on AG as well as across the rest of the “RE.net”.

(Part three coming after Turkey Day)

Danilo Bogdanovic is a Real Estate Consultant/REALTOR(R) in Northern Virginia and author/owner of LoudounScene.com and LoudounForeclosures.com. Danilo serves on various committees with the Dulles Area Association of REALTORS(R) and the Virginia Association of REALTORS(R).

Continue Reading
Advertisement
14 Comments

14 Comments

  1. Chuck G

    November 24, 2008 at 8:19 am

    Danilo,

    Standing ovation here for your insight on technology. It’s clearly not a fad — it has changed the RE industry permanently, and for the better. Just as it did the way we buy books and get restaurant ratings.

    Most important, your points on blogging are spot-on: Educate, engage, but don’t hard-sell. Technology gives us the perfect pulpit to show what we know, NOT that we haven’t learned anything at all.

    great stuff…

  2. Jim Duncan

    November 24, 2008 at 8:31 am

    The one point I would raise is one of possible semantics. Internet advertising is “traditional marketing” – there are just different varieties/flavors of tradition, depending on the market.

  3. Ines Hegedus-Garcia

    November 24, 2008 at 9:05 am

    I’m with Jim – we keep calling other methods “traditional”, but how much longer will we do that just to discriminate both methods?

    I personally do a combination of print ads and most is Internet Marketing – I think the combination of the two will be the “norm” for those of us that are still alive in the industry.

  4. Danilo Bogdanovic

    November 24, 2008 at 9:31 am

    Jim, Ines – I agree that the term “traditional” now includes online/internet methods and most of those that read AG/blogs would probably agree. But there are many agents and brokers that would still disagree or not agree with the importance of online marketing.

    And thank you Chuck!

  5. George McCumiskey

    November 24, 2008 at 9:41 am

    You’re absolutely right about the need for AGENTS to conform to what the potential home buyers want and how they prefer to do business. It’s a real timesaver to wade through the preliminaries online and then connect irl.

  6. Ines Hegedus-Garcia

    November 24, 2008 at 9:42 am

    Danilo – you are definitely right, the way I look at it is this: the more agents that don’t see the importance of online marketing, the bigger the share for us (I know….a bit selfish….but it works in business) 😉

  7. Danilo Bogdanovic

    November 24, 2008 at 9:45 am

    Ines – Not selfish…just smart business.

    George – Great point about making things more efficient, but not replacing real life interaction.

  8. Anthony Longo

    November 24, 2008 at 10:22 am

    Awesome Post!!!

    The disclaimer under your marketing headline is unreal. We are excited to have launched the DC marketplace and really look to ‘turn it on’ tech-wise Dec 1. (Baltimore to launch this week). Looks like if these stats are accurate, with out biz model, this will be a hot market for us!

  9. bryanslist

    November 24, 2008 at 10:31 am

    Great information.

    Couldn’t agree with you more about the importance of engaging consumers.

    Reading through all of this information about SEO, online RE advertising, etc. this same message echos true in the majority, which is to provide a service to the greater majority/greater good and you thus reap your own ROI.

    Keep up the good work!

  10. Vicki Moore

    November 24, 2008 at 8:18 pm

    Every field – including law – has idiots. As a professional organization or as individuals pushing our organization – we have to do something to give the consumer reason to believe that we’re not all bumbling idiots.

    One bad apple and all that. When one agent screws up that story gets told a thousand times and now we all look like money-hungry jerks.

    You can’t educate someone into being ethical and moral. It’s inherent. We need that kind of test.

Leave a Reply

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

Business Marketing

10 inspirational print brochure examples

We believe that print is nowhere near dead, it is just changing as things go digital, and only the best stand out.

Published

on

Below are 10 inspirational print brochure examples that show print is not only alive and kicking, but when infused with a bit of creativity, can make an enormous impression. Gone are the days of horrid clip art and walls of text that overwhelm. Clean typography and design are the name of the game, and added flair can go a long way. Here are some ideas to get you started, click any of the images below to see more photos of each campaign and to dig deeper:

Craft Beer Field Guide

With this fold up brochure guiding Madison’s Craft Beer Week attendees, a vintage vibe is created through color and typography choices, with an emphasis on function and ease of reading. The guide is so enchanting, it is likely that most attendees kept the brochures, a dream for any designer or marketing team!

Italian Loft Brochure

In this Italian Loft Brochure, a classic Tiffany & Co styled blue and chocolate brown highlight the features of this luxury loft community, and is presented in a beautiful, heavyweight cardstock cover that keeps all additional papers that come along with tours. It’s more than just the brochure’s design, it’s the presentation, simplicity, and choice of materials that is eye catching about this print brochure.

Campaign for Freedom

Expressing the dire situation in North Korea, this campaign brochure uses simple to digest infographics and keeps to four colors – black, white, red, and yellow. It is effective for sticking to the point and using bold graphics.

Gourmet Natural Foods

Retailers often go overboard either by offering too many walls of words and facts, or by trying to be clever. Instead, this company’s design focuses on the simple ingredients that goes along with their streamlined, organic-looking containers. This brochure makes you want to go start eating hippie food, even if you’re a cow eater, just because it’s so aesthetically pleasing!

Graphic Designer Portfolio

When a seasoned graphic designer shows off, you can be sure that their presentation will never be an aged headshot of them with bullet points of their accomplishments. No, graphic designers show instead of tell, as below:

Typefamily Brochure

When introducing a typefamily to the world, a designer can choose to slap up a website, or go the traditional, and more elegant route of printing a type booklet explaining the type and giving buyers of the typefamily (font) a closer look at what they are buying. Brilliant.

Yahoo! Brochure

Yahoo’s brochure is a reminder that simple design elements can go a long way – a folding tab, white space, ditching clip art, and keeping consistency between pages all work in harmony to create a quality print brochure.

Antique News Format

In a very clever move, this commercial and residential space is being sold in the form of a large, folding antique- looking newspaper, complete with appropriate fonts and an antique layout, with surprisingly sharp and never cheesy images.

Architect’s Timeline and Story

Promoting an architect’s impressive timeline and story, this print campaign shows the power of red, black and white, making a dramatic impression at a quick glance. Using high quality photography and traditional movie poster tricks, the campaign is stunning.

Our Favorite: Lennar’s Old School Fun

Lennar’s new “Spencer’s Crossing” community brochures got a touch of old school, making the brochure a game that anyone can play. It’s more than a gimmick, it is consistent with their collateral that appeals to the youthful nature of the product and area.

Continue Reading

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

A personalized daily digital marketing checklist

(MARKETING NEWS) For all businesses, it is not only essential to develop an digital marketing strategy, but also necessary to utilize it in order to gain customers, and ultimately make a larger profit. This app can help.

Published

on

clearpath digital marketing

There is no doubt that starting your own business can be overwhelming. Along with promoting your business at events, meetings and in person, digital marketing strategies play a key role in the success of a company. For all businesses, it is not only essential to develop an online presence, but also necessary to utilize it in order to gain customers, and ultimately make a larger profit.

Simply creating a website and Facebook page for your business is not enough. However, software tools can help simplify digital marketing. ClearPath is a tool that organizes and creates tasks to optimize your online marketing. By creating to-do lists for you based on your online marketing strategy, you can focus on the areas of marketing that improve your business, all the while receiving useful tips and advice.

Using ClearPath is pretty straightforward and only requires one prerequisite. Before beginning, you must have a website.

If you are already lost, don’t panic. ClearPath can help you develop an online presence. Once your website is linked up, you get to choose the marketing channels that you would like to focus on. These include Search Engine Optimization (SEO), email, social, content, analytics, local, pay-per-click (PPC) and Conversion Rate Optimization (CRO). Again, if you are lost, ClearPath is there to help you strategize.

After ClearPath analyzes your site, they start sending you customized tasks based they believe can improve your online marketing.

As you finish each task, you can simply check it off and it will disappear. New tasks will appear each day, and some may even repeat as they need to be updated.

Whether you are well-versed in digital marketing or not, staying updated with the newest ways to optimize your business online is a constant struggle. Tools like ClearPath give people a place to start. Although I don’t think it can supplement an active and experienced digital marketer, it is a tool that can help small businesses that cannot afford to add to their team yet. At the end of the day, it aims to save you time. And since time is money, your business will hopefully be more profitable.

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!