Marketing is all about the consumer. Realtors make it all about themselves. What other industry routinely plasters their faces on business cards, billboards and print advertising to sell a product? This is like marketing a new Internet service by publicizing the computer. Instead of ads and messages that promote truly helpful services and information, realtors proclaim “I’m a “million dollar seller” or “who’s who in Paducah real estate for 2005.” Is this going to sell a home? Serve a customer? WHO CARES?
Where are most of their ad dollars spent? Print. Where are most customers? Internet. In fact, 90 percent of all real estate searches begin there. One local real estate conglomerate just started a new full-color glossy magazine for home sales. What marketing genius is making these decisions?
And social media? Blank stares.
Here’s another marketing anomaly. The open house. Who comes to an open house? Nosey people who have nothing better to do on a Sunday afternoon and people scouting for a robbery. Success rate of this activity? Near zero. One realtor said in 10 years she had never sold a home through an open house.
Of course there are exceptions, but here is the marketing strategy of most realtors: “Do what everybody else is doing — which is what has always been done. And then collect a 6 percent commission.
The process of enlisting an agent, dealing with a lender and closing on a home is enveloped by mountains of paperwork and waste. Money is thrown at inspectors, appraisers and a host of other paper pushers who have no incentive to provide true value or improve their services. This is an enormous business opportunity for an enterprising person. Here’s a free “new real estate” business plan:
Now wouldn’t you sell your home through a company like that?