Boosting Sales: A Comprehensive Marketing Plan for Listed Properties

Chapter 4: Increasing Sales: A Comprehensive Marketing Plan for Listed Properties

Introduction:

The chapter aims to provide real estate agents with a comprehensive and detailed marketing plan applicable to all listed properties, regardless of market conditions. The primary goal is to generate as many leads as possible, convert them into actual sales opportunities, and maximize profits. The chapter is based on a deep understanding of real estate marketing principles and their systematic and effective application.

1. Role of the Mega Agent in Lead Generation:

The central role of a Mega Agent is to ensure❓ a continuous flow of leads. This means dedicating resources and efforts to market listed properties effectively, even after a property is sold. Leads collected after a sale can be directed to buyer specialist❓s or other listed properties.

2. The Need for a Systematic Marketing Plan:

To achieve specific sales goals (e.g., 50 sales per year or a net profit of $1 million), a lead generation plan must be developed and implemented. This plan should focus on obtaining a sufficient number of Seller Listings and marketing them effectively to attract potential buyers❓.

Example:

To achieve 50 sales annually, the plan should aim to generate 25 marketable Seller Listings and market them effectively to attract 25 buyers.

Relationship between Listings, Buyers, and Sales (Simple Mathematical Model):

• Sales = Min (Listings, Buyers)

Where:

• Sales: Number of sales
• Listings: Number of Seller Listings
• Buyers: Number of qualified potential buyers

This equation illustrates that the number of sales cannot exceed❓❓ the minimum between the number of listed properties and the number of potential buyers.

3. The Fourteen-Step Core Marketing Plan:

This plan is the backbone of the real estate marketing strategy. All fourteen steps should be applied to each listed property to ensure maximum exposure and attention from potential buyers.

1. Staging and Pricing Strategies:

   • Staging: Improving the appearance of the property to make it more attractive to potential buyers, based on interior design principles and marketing psychology.
   • Pricing: Determining the appropriate price for the property based on market analysis, Comparable Sales Analysis, and expert valuations. Price significantly affects the speed of sale and the amount of profit.

   Example:
   * Staging: Removing clutter, rearranging furniture, and adding aesthetic touches like plants and good lighting.
   * Pricing: Using Comps Analysis to compare the property’s price to the prices of similar properties recently sold in the same area.

2. For Sale Sign, Rider Signs, and Directional Signs:

   • The “For Sale” sign is a primary means of advertising the property to passersby and local residents❓.
   • Rider Signs can contain additional information such as “Price Reduced” or “Open House.”
   • Directional Signs help potential buyers find the property.

3. Tube or Box with Flyers and Distribution of Flyers in Neighborhood:

   • The tube or box provides an easy way for potential buyers to obtain information about the property.
   • Flyers should contain attractive photos and detailed information about the property.
   • Distributing flyers in the neighborhood increases awareness and targets local residents who may be interested or know someone who is.

4. Flyers in House/Home Book/Comment Cards:

   • Flyers should be available in the house for potential buyers who visit the property.
   • The Home Book contains additional information about the property, such as its history, unique features, and details about the neighborhood.
   • Comment Cards allow potential buyers to provide feedback and suggestions about the property.

5. Multiple Listing Service (MLS):

   • A comprehensive database of listed properties used by real estate agents to search for properties matching their clients’ needs.
   • Listing the property on the MLS ensures it reaches the largest possible number of potential buyers.

6. Web Listings with Virtual Tour:

   • A web listing with a Virtual Tour allows potential buyers to explore the property remotely.
   • The listing should be attractive, easy to use, and contain high-quality photos and detailed information.
   • The property’s Interactive Voice Response (IVR) number should be included.

7. House Featured in “Marketing Vehicle” (Calendar, etc.):

   • The property can be featured in various marketing vehicles such as calendars, local magazines, and real estate websites.

8. Open House Program:

   • The Open House allows potential buyers to visit the property without an appointment.

9. E-mail/Fax/Voice Broadcast (with your Web Address):

   • Email, fax, and voice broadcast can be used to send information about the property to potential buyers.
   • The message should include your web address.

10. Track Showings/Collect Feedback:

    • Tracking the number of Showings provides information about potential buyers’ interest.
    • Collecting Feedback provides valuable information about the property’s strengths and weaknesses.

11. Target Marketing:

    • Targeting specific groups of potential buyers who are likely to be interested in the property.

12. Weekly Seller Updates:

    • Providing the seller with weekly updates on marketing efforts, the number of showings, and feedback.

13. Property Caravans:

    • Organizing tours of listed properties for other real estate agents.

14. Creative Marketing Ideas (10K, TV Show, etc.):

    • Using creative marketing ideas to attract attention to the property.

4. Interactive Voice Response Systems (IVR):

Interactive Voice Response (IVR) systems are a powerful technological tool for marketing listed properties. These systems allow for recording a detailed audio description of each property, which potential customers can listen to at any time.

Mechanism of Action:

1. A unique phone number is assigned to each listed property.
2. This number is placed on all marketing materials for the property.
3. When potential customers call to listen to information about the property, the system captures their phone number and sends it to the team via Pager or other means of communication.
4. The system provides information about the potential customer’s phone number and the property they called about.

Benefits of Using IVR Systems:

1. Increased Consumer Appeal: Consumers prefer calling a voice recording rather than dealing directly with a sales representative.
2. Quality of Leads: IVR leads are considered high-quality because they are:
   • Interested in buying a home.
   • Interested in a specific type of home.
   • May not already have a real estate agent.
3. Improved Customer Service: Providing a service available 24/7.
4. Increased Productivity: Saving time and effort by automating the information delivery process.

5. High Conversion Rate: Between 10 to 20 percent of IVR calls can be converted into closed sales.

   Approximate Equation for Converting IVR Calls to Sales:

   Expected Sales = IVR Calls * Conversion Rate

   Where:

   • Expected Sales: Number of expected sales
   • IVR Calls: Number of IVR calls
   • Conversion Rate: Conversion rate (between 10% and 20%)
     6. Collecting Important Information: Capturing information such as the phone number, property, and source that led to the call.
     7. Powerful Presentation Tool: IVR can be used as a powerful presentation tool in a Listing Presentation.

Advertising Listings Using IVR Ads:

IVR numbers should be included in all team advertisements, websites, flyers, home magazines, mass emails, and other listing marketing materials.

Recording IVR Ads:

The listing recording should be placed on the IVR system as soon as the Listing Specialist delivers the paperwork from the Listing Consultation.

Recordings Should Include:

1. Address
2. City/Town
3. Number of bedrooms
4. Number of bathrooms
5. Area in square meters/square feet
6. Distinctive Features (e.g., swimming pool, hardwood floors, marble counters, etc.)
7. School Information
8. Neighborhood Information
9. At the end of the recording, provide the caller with your team’s website URL and inform them that they can view multiple photos of the property and more on your site.

Important Note: Do not include pricing information in the recording. Some systems can give consumers the option to press a key to find out the price of the property. This will transfer them to a live person in your office. Even if they don’t press the key, not providing them with the property price gives your buyer specialists a perfect start to the conversation when they call back (for example, “…Did you get answers to all your questions?”).

Tracking Calls:

IVR systems provide reports on call activity. These reports will tell you which marketing source (such as newspapers, magazines, etc.) is bringing in leads and which are not.

Calling Back:

The IVR system will send calls to the Lead Coordinator or Pager. The Buyer Specialist who has Floor Time can monitor the Pager. The Buyer Specialist will call the buyer back and use IVR scripts to try to convert the lead into a buyer consultation. Immediate call-back is key to getting the consumer while they are still interested and on the phone they called from.

5. Evaluating and Improving Marketing Efforts:

Real estate agents should regularly evaluate their marketing efforts to determine what is effective and what is not. They should also look for new and innovative ways to market listed properties.

Self-Assessment Questions:

1. What activities do you currently use to market your listings?
2. What benefit will accrue to your business by doing all 14 steps?
3. What happens when you don’t do all 14 steps?
4. What can you do to make sure all 14 steps are happening, even in a hot seller’s market?

Conclusion:

Implementing a comprehensive and detailed marketing plan for listed properties is key to increasing sales and maximizing profits. Real estate agents must dedicate time and resources to implement this plan effectively and regularly evaluate their marketing efforts. By adhering to these principles, real estate agents can achieve success in the competitive real estate market.