WHAT KIND OF REALTOR® DO YOU HAVE?
Most REALTORS® represent both buyers and sellers, some specialize in one or the other and some prefer working one over the other. Buyers, that are not also selling a property, need to concern themselves in finding a knowledgeable REALTOR® who they can work with. One who you can work together as a team and can lead you smoothly through the buying process.
Sellers have a little bit more of a challenge. Usually, they need a REALTOR to represent them buying their new property but one to get their property sold as well. Besides having the characteristics of the buyer’s agent, the all-important question now is if the REALTOR® is a listing agent or marketing agent. Yes, there is a difference.
Kosciusko County Market
January
Closings:
47 ⇩ 20%
Median Closing Price:
$120,000 ⇧ 10% Y:Y
Average Days on Market:
61
New Listings:
82 ⇧ 32% Y:Y
Inventory:
492 ⇩ 1% Y:Y
Sales / List Price:
95% ⇧ 1% Y:Y
Elkhart County Market
January
Closings:
110 ⇧ 10% Y:Y
Median Closing Price:
$124,950 ⇧ 15% Y:Y
Average Days on Market:
60
New Listings:
143 ⇧ 5% Y:Y
Inventory:
715 ⇩ 16% Y:Y
Sales / List Price:
96% — Y:Y
Listing v. Marketing
Some may consider the difference between a listing agent and a marketing agent a matter of semantics. A listing agent markets a property and a marketing agent lists a home, right? Yes … technically. But there is a difference. A listing agent has a marketing plan. They will put a sign in the yard, they will write a description about your house and put it on the internet. Most go farther and submit it to magazines and newspapers. They will get your house sold, probably.
A marketing agent attacks the challenge differently. A marketing agent has a marketing strategy. Every house is different its marketing strategy should be different also. The strategy should be founded in casting the widest net to attract the most potential buyers. A $1M property is marketed differently than a $100,000 property which can be different than a $50K property. All are equal in the importance of finding a buyer but how the buyer is found can be different.
When interviewing a REALTOR® find out whether they have a plan or a strategy. A plan is a checklist; a strategy is a work of art. After you decide you want to sell your home you don’t intend to have it sit on the market. You want to move on with your life plans not be tethered to something you’re ready to leave. Decide which REALTOR® you want working for you, one that lists your house or one that markets your house.
Did You Know?
Alaska is simultaneously the northernmost, westernmost and easternmost state in the United States.
Marketing Strategy
The strategy begins with educating the seller on the market. Education is necessary so the seller knows how to position their home in the market. Is it a buyer’s market, seller’s market or neutral market? What is the competition? What is the demographic of the potential buyer; what do they expect? Once the picture of the market is conveyed the seller needs to completely buy into the vision and seriously consider the advice their expert is giving them. Generationally, old Baby Boomer, young Baby Boomers, Gen-X, and Millennials all have different expectations in a home. Whereas older buyers may accept a house that needs updating newer buyers, thanks to the popularity of home shows, want move-in ready homes. A marketing realtor provides council on how to best prepare the house. It may mean stripping wallpaper, repainting or replacing carpet. It’s about positioning.
Ninety percent of buyers use the internet when shopping for a house. They may disregard a house based on the pictures they see online. A marketing agent ensures pictures are taken that highlights your home’s best aspects. There is usually staging involve. Sometimes professional staging is needed, but usually simply moving or removing things that show the spaciousness of the home. Maybe as simple as making sure pillow zippers aren’t showing.
Although there is a place for print marketing statistically this is the least used medium to find houses, but it can’t be disregarded. The description of the property is important. But more than listing what a house is a marketing agent describes the experience of living in the home. They present an emotional call-to-action for the potential buyer. The digital footprint of the marketing plan is also critical. Multiple listing services is a minimum requirement. Using this service allow listings to permeate throughout the internet and is the most used method by REALTORS® to find properties. Beyond the MLS and static internet listings the use of social media is a must. Not only using it but how it’s used. It can give an immersive experience.
Finally, the reach of the advertising is important. The more exclusive the price range a home is in may require a larger reach. Marketing agents have a long reach. They have to have a local presence and a local knowledge but they have to be able to reach out to specific target markets outside the local area to sell homes. The ability to leverage a relocation program is an important first step. More may required for high-end homes, this may call for not only a national reach but international on as well. A marketing agent has a lot of tools at their disposal and they know how to use them to give you the most successful results.
Real Estate Monthly | Kent Kauffman 