November 29, 2009 | 
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5 Steps to Successful Real Estate Marketing
There are essentially 5 steps to being successful in real estate marketing. Before we go into the 5 steps of real estate marketing, I want to encourage you to become a student of marketing. The moment that you are able to find your own deals – on demand – the more money you will make! It’s a direct correlation.
When I started out in real estate, I didn’t understand how to “really” market for deals. I was depending upon real estate agents, local real estate investing groups, etc. I did a lot of deals, but I realized I wasn’t making the kind of money I knew I could in estate.
Follow these five steps to successful real estate marketing and you’ll be on your way to filling your own funnel full of five-figure deals.
Define Your Target Market:
You must be focused; If you run in too many directions, focusing on too many real estate markets, you’ll always be skipping around, never getting ahead. You need to learn overcome objections; you need to know how to handle the different situations that arise. Once you master one market, then you can duplicate your system across market after market. For instance, you may choose to start working with foreclosures or out of state owners. Once you get the real estate marketing system in place for one, add the other. Then, you can simply duplicate it over and over again!
The single most important thing to remember is that you MUST target motivated sellers… PERIOD.
Execute your plan:
It has been said that successful real estate investors have three things: specialized knowledge, ability to take action, and consistency. It’s not enough to have the knowledge. You have to act on that knowledge.
Let’s say your real estate marketing strategy involves bandit signs. You need to have a system for distributing signs on a consistent basis, a consistent method for filtering leads, and a bullet-proof follow up system. If you’re going to execute a direct mail campaign, make sure you have a system for sending out the whole series. For instance, our foreclosure direct mail system consists of 6 sequential postcards. It doesn’t do you any good to come off the starting block at 100mph if you don’t have the ability to sustain that pace or the have tools to fulfill the plan. If you only have the resources to send the first postcard, don’t bother wasting your money. Find another real estate marketing strategy.
Pre-screen your leads:
Scribbling notes on the back of an envelope while you’re driving is not a system! We actually send our leads to a separate voicemail line or a call center depending on the marketing campaign. Our students and staff have been trained to do this because it takes emotion out of the system. If I’m having a bad day or sitting in traffic, I can’t focus on that call from the motivated seller, so all of the calls are fed through the system. We request that the seller leave certain information on the line or with the operator. We then take that information and do our basic due diligence before we even have our first conversation with the seller to find out if, in fact, he/she is a motivated seller.
Make your offer:
By following a specific real estate marketing system, you’ll be prepared to make an initial offer during the first phone call. By asking the right questions and having a pre-screening sheet in front of you, you’ll quickly learn if they are a motivated seller or simply just wasting time! If your real estate marketing system has this component in place, you’ll know what the property is worth, have a ballpark idea of what the repair costs are, and will know if the seller is motivated. Consequently, you will know at what price you should make your first offer.
Contract/Exit Strategy:
Once the seller has accepted our verbal offer, or is close thereto, it’s time to put the purchase offer in writing. We include 3 contingencies – or escape clauses – into the contract.
– Inspection
– In the event of buyer’s default, the deposit is the sole remedy
– Subject to property appraisal
Based on this due diligence, we are then able to decide which exit strategy is most appropriate. All of this follows a basic flow chart process. There’s no thinking! It’s like when you call in for technical support on your computer. They ask you a question, and based on your answer… they go to the next step. This is how you want to run the marketing division of your real estate business.
Keep in mind that your real estate marketing efforts should be in concert with the types of deals you’re looking to do. For instance, if you want to flip properties, your marketing system might target motivated sellers facing foreclosure. On another note, if you’re looking to build a rental portfolio, then you might consider building a real estate marketing plan to target landlords filing evictions.
Heather Seitz is the author of the Motivated Seller Marketing system designed for real estate investors. She offers a 13 week FREE Motivated Seller Marketing Tips newsletter at www.MotivatedSellerMarketing.com. In it, you’ll get top tips for finding motivated seller in ANY market!
The 5 Most Effective Real Estate Marketing Tools
Ask ten different real estate agents what the best tools for marketing are and you will get ten different lists. So perhaps the title of this article should have “in Brandon’s experience” tacked onto the end.
What I’ve created below is a list of what I feel are the best ways for real estate agents to promote themselves (and their listings) in the modern economy.
Item #1 – An Effective Website
These days, a real estate agent without a website is an agent who will lose a lot of potential business. Aside from referrals (see item #5), most home buyers and sellers find their real estate agents online.
Maybe they do a Google search for agents in their area. Maybe they stumble across an online article that links back to the agent’s site. Or maybe they “stumble across” the agent’s website when researching the local real estate market. But for any of this to be possible, a real estate agent needs a solid website filled with useful content, tools and resources.
Here are some of the things you should build into your real estate website:
Listing data of some kind
Consumer education resources
Plenty of original, keyword-rich content
Lead generation systems
Regular updates, perhaps through a blog
Basic website usability and organization
Secret to Success: The number of real estate websites has exploded over the last few years. You need to work hard to make your website better than those of your competitors — more organized, more informative, and better designed. It takes a lot of time, energy and money to get it right, but the rewards are ever lasting.
Item #2 – Internet Visibility / Web Presence
A few years ago, an agent could publish a 5-page website to generate business. People would eventually find the site, because there weren’t many of them competiting for attention. Obviously, that has all changed. In order to be found online today, you need more than a basic real estate website — you need a highly visible multi-part web presence. This might include the main site, search engine optimization (SEO), a blog, online articles and press releases, and other publishing strategies.
When you increase your online activity in this way, you are capitalizing on something that is already occurring. People are already going online by the thousands to conduct research into their local real estate markets. So when you improve your web presence, you are tapping into an online marketplace that already exists.
Secret to Success: Of course, all of the web traffic in the world won’t do you any good unless you convert some of that traffic into leads and inquiries. So while your Internet visibility is certainly important, you also need to focus some of your energy on developing effective lead-generation systems for your website.
Item #3 – Direct Mail (When Used Properly)
A lot of real estate agents waste their time and money on postcard marketing, but only because they go about it all wrong. I know this for a fact because I’ve worked for more than one direct mail company. But with postcards, it’s not the marketing medium that’s broken — it’s the flawed technique that many agents use.
One of the primary benefits of this strategy is that you know where your direct mail pieces are going. You can choose certain neighborhoods, a zip code, or your entire city. You can get a list of people who live in apartments and send them a targeted message about moving up to homeownership. You are practically guaranteed that everyone who receives your postcard in the mail is going to at least glance at it (more than you can say for other forms of marketing).
Secret to Success: You need a really good reason to send a postcard out to a large audience. “I’m a new real estate agent in town” is not a good reason. Start with a big idea, an event, a unique product or service, and build your direct mail campaign around that.
Item #4 – The Yard Sign (An Oldie But a Goodie)
Aside from basic word-of-mouth marketing, I would say the real estate sign is the absolute oldest from of real estate marketing. As long as properties have been bought or sold, there have been people putting up signs to direct traffic toward the sale. Okay, so they’re not as glamorous as a brand-spanking-new website or a glossy brochure. But they have been getting the job done for decades!
Secret to Success: Don’t over-think the process of procuring real estate signs, and don’t overspend when purchasing them. All you really need is a professional looking product with basic information on it. Don’t waste valuable sign space with slogans or other useless items. Keep it simple.
Item #5 – Great Service Toward Clients
For many real estate agents, referrals still generate more business than any other real estate marketing technique. People are more willing to trust those they know. So when a friend or family member says good things about a real estate agent, it does more to persuade the person than anything the agent might say.
The key to getting referrals, of course, is to provide great service. By being proactive during the real estate transaction, and by keeping your client informed along the way, you will have a better chance of getting referrals later on down the road. Of course, it also helps if you can help them buy or sell a home effectively!
Secret to Success: Don’t be afraid to follow up with clients after the sale either. This is a good way to stay in their minds, which can lead to even more referrals. There are many occasions where you can send a brief email or postcard to past clients — on their birthdays, around holidays, on their one-year home buyer anniversary, etc.
Brandon Cornett publishes a number of websites related to real estate marketing, mortgage lead marketing strategies and more. For more marketing tips, visit the author online at http://www.smartmortgagemarketing.com
Indian Real Estate Market: Bubble or a Bit Trouble?
A fear of bubble comes in the mind of everyone who is looking to buy or invest in real estate now a day. But without looking at facts one should not come up with any conclusion that speculates real estate bubble in India.
Indian real estate industry is growing with a CAGR of more than 30% on the back of robust economic performance of the country. After a little downturn in 2008-09, it has revived rapidly and shown tremendous growth. The market value of under construction project has increased from $70 bn at end-2006 to $102 bn by end-June 2010, which is equal to 8.2 per cent of India’s nominal GDP for 2009. Besides the Govt. initiatives- liberalization of foreign direct investment norms in real estate in 2005, introduction of the SEZ Act, and allowing private equity funds into real estate, key factors contributed to this tremendous growth were ‘lower price’ which has attracted buyers and investors not only from India but NRIs & Foreign funds have also deployed money in to Indian market. In addition to that, aggressively launching of new projects by builders had further improved this positive sentiment which paved the way for rapid growth in market last year.
Now question is whether any Bubble is forming in Indian real estate market? Let’s look at the recent housing bubble in USA, Europe and middle-east. Beside economic factors, key contributing factors in those bubbles were rapid rise in price beyond affordability, home ownership mania, belief that real estate is good investment and feel good factor among which rapid price hike is a key cause of any real estate bubble.
Comparing it with Indian scenario, all those factors are working in major cities of India specifically Tier-I cities. Prices has skyrocketed and crossed earlier pick of 2007 in the cities like Delhi, Mumbai, Bangaluru, Chennai, Kolkata, Hyderabad, Gurgoan, Chandigarh & Pune. Even in some cities like Mumbai, Delhi, Gurgoan and Noida prices have gone by 25-30% higher than the pick of the market in 2007. However during economic downturn in 2008-09, prices fell by 20-25% in these cities. Other factor is home ownership mania and belief that real estate is good investment. Need based buyers and investors were attracted by lower prices in the end of 2009 and started pouring money in real estate market. Tier-I cities Mumbai, Delhi-NCR, Bangaluru, Chennai, Pune, Hyderabad, Kolkata has shown maximum investment in real estate projects. Developers have taken the advantage of this improved sentiment and started launching new projects. This has further boosted confidence among those buyers and investors who had missed opportunity to buy or invest earlier which has further increased price unrealistically fast. And at last feel good factor which is also working since last few months. The key factor of any bubble market, whether we are talking about the stock market or the real estate market is known as ‘feel good factor’, where everyone feels good. For the last one year the Indian real estate market has risen dramatically and if you bought any property, you more than likely made money. This positive return for so many investors fueled the market higher as more people saw this and decided to invest in real estate before they ‘missed out’. This feel good factor is at the heart of any bubble and it has happened numerous times in the past including during the stock market crash of 2008, the Japanese real estate bubble of the 1980′s, and even Irish property market in 2000. The feel good factor had completely taken over the property market until recently and this can be a key contributing factor for bubble in Indian property market. Even after flow of negative news on real estate market correction and/or bubble, people are still highly positive on real estate growth in India.
Looking at above factors, there is possibility of bubble formation in few cities in India but it can harm buyers and investors only if it bursts. Generally bubble form with artificial internal pressure and can stay for long time if not acted by external force. Similarly, in case of real estate market, bubble can burst if demand and price start falling suddenly and drastically. Few findings of recent research by IKON Marketing Consultants throw more light on this. According to that majority of investors from Delhi, Mumbai, Bangaluru, Chennai, Kolkata, Hyderabad, Gurgoan, Chandigarh & Pune are now not willing to invest at this level of price as not seen any rise recently. Majority of them are about to exit and book profit on their earlier investment. Other factor is demand supply gap. In city like Mumbai were around 6500 apartment with 45 million square feet space is under construction but majority of developers are worried on lack of 100% booking. Same situation is with Delhi and other major towns of India which has demonstrated higher than expected enthusiasm. Though developers giving positive outlook of market while interviewing them but their confidence level is very low which is giving negative signals of falling demand in nearest future. Third important factor is expected outflow of foreign fund. India, as an attractive investment destination a huge fund has been deployed in Indian property market by foreign institutes and NRIs. But now property market in US, Middle east and Europe has been stabilized and started growing gradually which is attracting foreign funds due to lower prices. A huge fund is expected to withdraw from India as foreign investors see greater opportunities in those countries. All these factors may act as external pressure which may lead to bubble burst.
Considering above facts, IKON Marketing Consultants predict that there is a possibilities of real estate bubble in Tier-I cities like Delhi, Mumbai, Bangaluru, Chennai, Kolkata, Hyderabad, Gurgoan, Chandigarh & Pune. However, IKON does not see much trouble in overall market as Tier-II and Tier-III cities are growing gradually and are the backbone of Indian real estate industry. According to IKON’s research, Indian real estate industry may see some down turn in 2011. It may start from 1st quarter of 2011 and last up to 3rd quarter of 2012. However it will be not too intense as it was during recession period. It is expected that price may slash by 10-15% during this phase of correction but under certain situation it may last up to end of 2013 with price correction of 30% specifically in Tier-I cities.
By its nature, a bubble is a short-term phenomenon while Indian property market has shown continuous growth, apart from periodic adjustments, in the last few years. One should not forget that there are more than 400 million Indians waiting to hit the middle class group which will require more than 75 lacs housing units by 2013. Whether bubble burst or see a bit trouble in short-term, growth story will remain intact for Indian real estate industry. However affordability is the most important factor when it comes to housing prices and middle class housing is much levels of affordability in most of the major cities in India. People, who compare India with developed European cities, forget the huge difference in affordability in both areas. Of course there is a huge demand for housing but they can only buy what they can afford.
Azaz Motiwala is a marketing consultant and Founder of IKON Marketing Consultants, a leading marketing consulting firm help clients to solve their marketing problems and achieve their marketing objectives with sustainable business growth. IKON serves wide variety of Industry including Construction and Real Estate for real estate marketing in India
Real Estate Marketing in a Luxury Market
As the real estate market in the U.S. slowly continues to regain its footing, many agents are looking at this time as a chance to redefine their market. With so many agents abandoning-or at least significantly cutting back-their marketing systems to save money, others are jumping in to take advantage of the marketing void. In other words, they are taking an offensive approach in order to put themselves in prime position when the market starts to upswing.
In most parts of Canada, on the other hand, the market continues to stay hot and agents are looking for the best way to grow their business. They are looking to expand the reach of their marketing and maximize income opportunities. Whether it be in the U.S. or Canada, a number of agents we are talking to believe that now is the time to make the transition into the ultra high-end market.
Traditionally, luxury real estate is one of the hardest market segments to try and break into. Why? There are a few common reasons. It might be the presence of a dominant agent already ensconced in the community or the fact that everyone already has a peer in the real estate business. It may be because the agents themselves don’t have the patience to work in a generally slower-paced market (less transactions to go around, tougher competition and slower sales process). It could be that they are simply not prepared for the unique challenges a high-end market poses.
In my experience, it’s usually a combination of these reasons that prevents most agents from becoming successful in luxury real estate. There are many things you need to know before you make the quantum leap into the next price range. We’ve put together a list of five factors that will help you decide if a move to luxury real estate is right for you.
#1. Know What You Are Getting Into
Agents often make a blind leap into luxury real estate because they think that’s “where the money is.” Of course, it’s simple math. If you get the same split, it pays to list homes with higher selling prices. In theory, you can make more money by doing fewer transactions. On one hand, that’s true, but if you go into luxury real estate with this mentality, you are probably destined to fail.
Yes, your income per transaction goes up significantly. That’s great, but there is often a new set of challenges introduced when working a high-end market: the competitive stakes are much higher, social circles are much more closed, politics are different, and there are many other factors which I will detail throughout this article. In addition, marketing and servicing costs are generally more when dealing with luxury homes and clients. Both buyers and sellers expect more and demand more and the properties themselves need even more attention (marketing, staging, photography, etc.) to appeal to a more sophisticated crowd.
Carol Barkin of Toronto, Ontario has been a successful Sales Representative for 20 years, but it took her some time to build her business in her high-end markets (both in the city and in a lakefront recreational market about an hour outside Toronto). “For me, the biggest challenge was making that first connection,” she says. “They already have tight social connections and know how to get what they want, so building relationships is a matter of trust. It’s important to relate to clients as a friend and a helpful peer, not just present yourself as a service provider.”
#2. Patience, Patience, Patience
It’s clear that high-end real estate is a different animal than traditional residential markets. It tends to move much slower. Generally, there are fewer homes on the market at any given time and there are fewer buyers out there with the means to purchase such expensive properties. The stakes are higher for everyone involved. So on average, it takes significantly longer to sell one of these homes. In addition, there is a lot of competition out there for a limited number of properties, so it often requires more patience to break into the market and build a strong client base.
This is truly a case where the end usually justifies the means if you have the right understanding and commitment going in. Though listings are harder to come by and it takes longer for them to sell, the large check at the end of the transaction is worthwhile. But not all agents have the stomach to wait longer in between commission checks. Oftentimes, this is the hurdle that stops them in their tracks.
“In my experience in high-end real estate, six months on the market is nothing. On average, it’s more like nine for a listing to sell,” says Robin. “Also, if they are not truly motivated to sell, you will waste a lot of time and money on marketing. In some cases, I will adjust my commission rate so that the marketing costs are covered by the seller. It helps to offset the time it takes to sell. You also shouldn’t go into luxury real estate without money in the bank. It’s a long-term process to build your business and if you are not prepared, it can break you quickly.”
#3. Know It. Live It. Keep It Exclusive.
Another reason that some agents struggle to find their footing in an ultra high-end market is that they cannot relate to the clients or communicate effectively. You’re dealing with a much savvier and usually more demanding crowd who know what they want and are used to getting what they desire. Now, you don’t necessarily have to live in the luxury community you are targeting, but you have to present yourself like you do. The way you dress, your ability to network within their circles, the way you communicate with these sophisticated individuals, the quality of your marketing materials-you have to be able to make a personal connection and develop a strong professional image. If they don’t buy into you as a luxury home expert who’s tapped into their community, they aren’t as likely to do business with you.
Jack Jeffcoat III is an agent who is in the process of transitioning his market focus from high-end golf communities in Central Florida to ultra high-end waterfront properties along Florida’s Space Coast. From his marketing presence to his personal presentation to his servicing strategies, everything he does is to support his image as a luxury real estate specialist. He’s often bold and unwavering in his approach because he never wants to lose credibility.
Think of it like any high-end product that is in demand because of its scarcity and exclusivity. So as a real estate agent specializing in high-end properties, you, your marketing image, and the service experience itself need to reflect the utmost quality. If you look and act like the best agent around, people will aspire to work with you.
“When I take a listing presentation, I conduct an interview with the seller to make sure they are willing to follow my recommendations,” Jack says. “At every opportunity, I want to remind them why they are hiring me. They know I am a luxury real estate expert that only works with an exclusive group of clients. From the beginning, they are instilled with the belief that if they want to have a successful sale, they need to follow my lead. It gives me the upper hand and keeps me positioned as the market specialist.”
Also, keep in mind that high-end real estate isn’t necessarily going to be the same from region to region. A waterfront community in Florida will have a different set of challenges than a mountain resort community in Colorado or a downtown high-rise in Toronto. In some places, “high-end” may be $400,000 and up. In others, prices could be in the multi-millions. So when it comes to your personal presentation and the way you market yourself, be sure to properly present your niche and look impressive.
“Always look bigger than you are,” says Robin Milonakis. “You have to have exceptional marketing materials. They have to make people feel good about hiring you. It feeds their ego knowing they are working with the best.”
#4. Image is Everything, Especially in Marketing
When it comes to your marketing materials, quality is key. You can’t position yourself as a high-end agent if your materials look unsophisticated. A first-rate personal brochure and dynamic website are absolutely essential. Your personal brochure should take the place of your business card whenever you meet a potential client. It needs to look sharp and feel impressive at the very first glance (exceptional photography, nice glossy paper, sophisticated writing, clean design). It needs to reflect your personality, but also relate to the luxury market you are targeting. In a way, you are a representative of this lifestyle and your marketing should convey that. It shows your unique expertise and highlights the service/knowledge benefits that make you a specialist in this distinctive market.
It’s very important that you don’t skimp here or it will show. You simply can’t fake high-end quality. You must be committed to investing the money to do the marketing right or people will see through it.
Put simply, the brochure and all other marketing materials need to be of the utmost quality. This includes your house advertising. You should at least have a tabloid-size glossy flyer/brochure that you use to promote each property. The staging must be great. The photography must be very professional. Of course, you should keep the property marketing pieces branded clearly with your personal image (logo, colors, fonts, etc.) so you don’t lose your own identity.
“My brochure is quality and people associate the piece with its sender,” Carol Barkin says. “I send it out prior to meeting someone to warm them up. It gives me more credibilty and shows my knowledge of the market they are concerned about.”
The same is especially true when it comes to your website. It needs to reflect the quality of your brochure and other print materials. It needs to look sharp and feel representative of your luxury market. Two of the agents I spoke with-Jack Jeffcoat and Robin Milonakis-are both actually in the process of revamping their compaigns to better target their high-end clientele. Even though both of them have been highly successful with their current campaigns, they know it’s worth the investment to take their marketing to the next level to promote an exclusive luxury niche.
One bold strategy Jack uses is to feature only properties above a certain price on his website. Does he take listings at lower prices? Yes, when the situation calls for it. But his image is that of a luxury real estate expert and his website is one more way to show that. “If one of my high-end prospects goes to my website and sees a bunch of low-priced listings, then it’s not really helping my cause,” Jack says. “Like a doctor, specialists make more money and earn more credibility, so I want to be known as a high-end listing specialist in every aspect of my marketing.”
When it comes to online marketing, you also need to make sure you are very active on your web site. You cannot just put up a site-no matter how nice it looks-and expect it to generate business over the long run. You have to actively post information-links, articles, blogs, calendar events, community information etc.- to make it a resource that people want to return to on a regular basis. Your active engagement on the site will enable you to better communicate with your target market. And of course, it also boosts your SEO (search engine optimization) to help you generate more leads through all the major search engines.
#5. Be Prepared to Back It Up
In addition to making sure your marketing campaign and personal presentation are representative of your market, you must also make sure you are fully in-tune with the market itself. If you don’t know everything that’s happening around you, you will never be able to establish yourself as a luxury specialist. This is one area where you will not be able to fake your way through a transaction with minimal knowledge or experience. Clients will expect more and demand more from you, so you have to be able to back up your claims as an expert-in terms of both your knowledge and your service experience.
“Expectations from clients are different and, in general, they are more demanding. They want you to be available to provide answers and information,” Carol Barkin says when referring to the clients she works with. “In the end, they need to make their own decisions. They are gathering advice and professional recommendations from me so they can come to their own conclusions.”
That said, never underestimate the clients’ need for up-to-date information. Be proactive in giving them regular updates (at least one call per week) on market activity. Always stay current with everything that is happening in the market. Word travels fast in luxury real estate, so make sure you know what’s going on-what listings have sold, for how much, how long they were on the market, and so on. If you are not all over the market, your clients will be all over you. How and what you communicate will make them feel better about the experience
“No matter what, I personally call every one of my clients on Monday with a detailed market update,” Jack Jeffcoat says. “I make it a point to always know what’s going on in the market. If any home sells, I need to be aware of it and discuss it with each client so they know what’s happening.”
Then, make sure your service experience reflects your marketing image. You have to be able to deliver on your claims by making the client feel special throughout the process. Think of it as the difference between the Ritz-Carlton and the Marriott. It’s a completely different experience from the moment you walk through the doors of either hotel, and it’s why you pay substantially more to stay at the Ritz. Imagine your real estate service as a luxury experience. That will make you a valuable commodity in the market.
Is the Luxury Market Right for You?
Ultimately, that’s for you to decide. You must be prepared for the unique challenges and tough competition found in the world of high-end real estate. You have to make sure you are patient enough to handle a slow-moving market. You need to be willing to invest the time and money it takes to not only brand yourself as a luxury specialist, but to back it up with higher standards of service and expertise. If you are ready for what the high-end market has in store, it can be a very lucrative place to do business over the long-run. And whether you are in a slow market or a hot market, right now may be the time to take the big leap!
Greg Herder, MBA, is the founder of Hobbs/Herder Advertising and a recognized leader in marketing and lead generation for real estate professionals. He has presented a the National Association of Realtors® national convention and regularly speaks to sold out audiences across the U.S. and Canada on his favorite topic of achieving greater success in real estate sales. For more information, visit his website on real estate marketing.
A Bad Real Estate Market is Good for Real Estate Investors and the Country!
The real estate industry in this country is in for a rude awakening!
The realtors, mortgage brokers, “investors” (really speculators) and Alan Greenspan are whistling past the grave yard, living on borrowed time.
Few people realize how bad the real estate market can become. I remember in the late 70′s when interest rates were above 12%, eventually topping out at over 14% in the 80′s. Prices in many areas fell by 20% or more.
How bad was it? I had a bank in Newport, RI, Give me two houses along with a 115% first mortgage, just to get them off their books. They were choking on their inventory of REO’s (Real Estate Owned), properties they had taken back through foreclosure and could not sell.
The government (read taxpayers!) eventually had to step in a dig out the banks that were buried by bad loans and foreclosed properties brought about by bad government fiscal policy; via the Resolution Trust Corporation, a quasi-government entity.
The fantastic real estate market of today created by bad government fiscal policy; too much easy money; has distorted not only the real estate market but the American economy in general.
Jobs, spending, growth, up to 70% of the GDP, the Gross Domestic Product of the US, were all supported by the reckless, artificial inflation of real estate values. This can’t go on indefinitely and the correction is right around the corner, and it is going to hurt.
The rising inventory of unsold homes, softening, even declining home prices, rising interest rates and record mortgage delinquencies, will destroy this bloated, decadent real estate market created by the Federal Reserve Bank over the last 5 or so years.
Billions of dollars of grotesquely overpriced assets will be taken off the books of lenders and out of the hands of those who were foolish enough to think that their gains were real and “re-priced” to reality.
I feel that private investors, as opposed to government agencies, should be key players in taking control of these real estate assets,” re-pricing” them to provide for the housing needs of regular people on a more realistic, economic basis. In effect, I see the investor as a “re-cycler” of overpriced real estate.
Unfortunately, some innocent people will get hurt in this process. Investors can be of assistance, here too, helping those trapped by their property’s unsustainable financial requirements to escape from their burdens
Let’s take a look at rising interest rates through the Bad=Good prism. After all, it was Mr. Greenspan’s record low interest rates that precipitated the Mega-Boom in real estate and his reversal of that policy, belatedly realizing that it is unsustainable, is bringing it to a screeching halt.
Rising interest rates will also be accompanied by tightened lending rules as bankers slam the doors to the vault shut, long after they have indiscriminately shoveled the money out to anyone with a pulse, of course.
As rates go up and lending rules tighten, fewer people will be able to qualify for bank loans. That means:
· Less demand (mortgage money) for homes, means falling prices
· The return of seller financing; safe, secure private investor loans secured by real estate.
· Payment shock. Many borrowers with exotic adjustable rate mortgages, which can increase monthly payments by 25-100%, will lose their homes, allowing the market to set a more realistic price on them.
· Fewer buyers mean more renters which is good news for investors, who will be able to accommodate them at more reasonable rates.
Falling home prices, rising inventory of unsold houses?
· Means downward price pressure on all unsold houses meaning investors will be able to accumulate more properties more reasonably.
· Greater losses to banks that foreclose on properties forcing them to practically give them away, which in a way is their just deserts for their part in creating this mess.
· Homeowners who counted on the growing equity in their homes to allow them to continue living above their means will have to face financial reality.
· More upside down home owners. These people will owe more than their homes are worth. They will have very little reason to keep their homes. They will gladly turn them over to investors.
Rising numbers of foreclosures and bankruptcies? It is ironic that the greedy bankers who rammed the new anti-bankruptcy law through Congress, preventing most middle class families from filing true bankruptcy, will probably lose more on their mortgage loans than they will save on credit card chargeoffs.
Bankrupt debtors who used to be able to wipe out their credit card debt with a Chapter 7 bankruptcy in order to be able to afford to keep their homes, will now be forced to file a Chapter 13 bankruptcy.
This is not really bankruptcy, the debtor pays virtually everything owed, just on a different schedule. Funny thing about those Chapter 13 bankruptcies, history shows that about 70% of the people entering them lost their homes within 18 months!
The result? More foreclosure loses for the banks.
As the Greenspan-created, Frankenstein housing market was the only thing keeping the economy afloat the last 4 years, its demise will probably trigger a recession, which will “reset the clock” on the runaway asset inflation we’ve been subjected to and was the very foundation of this house of cards.
A falling stock market combined with the collapse in consumer spending accompanying such a downturn will produce even more opportunities for astute investors.
The more properties investors can recycle and the more people we can help escape their crushing financial burdens, the more money we will make.
Finally, falling industrial output and the job losses produced by the recession, especially in real estate related fields which had produced over 30% of all new jobs in the past 4 years; will deal the Coup de Grace to the venerable real estate Bubble.
Investors will then have the opportunity to take control of the balance of the over priced properties and help to return sanity to our economy, eliminating the need for the US to borrow $2.6 Billion dollars per day from foreigners!
Looks like the next several years will be the worst of times and the best of times for investors to do what we do best, make lemonade out of lemons!
Copyright, Bill Young, 2005. Bill is a real estate investor and educator. Details on his new program for investors to acquire assets helping people escape their dilemmas and providing housing for them and others at more economic rates in the coming Post-Boom real estate market is available here: [http://MotivatedSellersOnline.com/]
Niche Marketing in Real Estate Marketing Online
What is a niche?
A niche is a target audience or target market or an area of specialization where you can provide your services in the best manner because you are more knowledgeable in that market.
A niche can be geographical. You may choose to provide your real estate expertise in one city or if you are a real estate agent in a large city, your niche may be a certain geographical boundary in that city. Some agents specialize in farm properties. Some agents specialize in second homes and investment properties. Some agents focus on 1031 tax deferred exchanges. Real estate agents who speak other languages may find themselves providing services to buyers and sellers who speak those languages. Whatever type of niche you have, it is extremely important to focus your attention on your target audience when in comes to real estate marketing online.
Niche marketing does not mean you have to limit your marketing efforts in just one local area. It is also important to combine national with regional and local exposure. For instance, if you are specializing in the second home market, it is important to combine local and regional marketing with national marketing when it comes to real estate marketing online. If your niche is in the second home market, the buyer or seller for a second home may come from any city in the country.
Many buyers and sellers of second homes consider different cities in different states before they decide where next to purchase a second home or investment property. They like to search online to conduct their research to find out about the different cities they are considering. They also look for real estate agents online who can provide them with additional information on the cities of their interest.
If you market your real estate business online outside of your local area of service, you are already several notches ahead of your competition because you will reach your target audiences right in their spots before they even start looking for a real estate agent else where. Their perception of your professional practice will also improve because you are giving them a glimpse of the kind of approach you have when it comes to conducting your business.
The biggest drawback in utilizing real estate marketing online nationally is the issue of budget. If you are an independent contractor (and most real estate agents are), chances are that you will pay for the marketing of your own profession, and most online publications will charge a handsome fee to include your real estate business online nationally. However, if you do your research, you will find some online publications that will charge decent rates to include your real estate business online nationally.
Understanding that it is not necessarily the amount of any online traffic that is important but getting the online traffic from your target audience is what really counts. You will get less general online traffic when you direct your focus to a targeted audience, but you are reaching the audience that will listen to your message. This is the audience that is more likely to respond to your message. Of course, just like any other type of marketing, real estate marketing online is still a numbers’ game, and you are more likely to experience a higher success rate when you reach your target audience online.
How do you reach your target audience with real estate marketing online?
Advertise your real estate business in specialized online publications. If you would like to reach the audience for the second home market, advertise online on a second home Internet directory or second home Internet magazine. If you would like to reach the market online for 1031 tax deferred exchanges, advertise in an online or Internet magazine that specializes in real estate investing and 1031 tax deferred exchanges.
Know the function of the search engines in real estate marketing online. A huge majority of online searches are done through search engines. Using search engines is really a wonderful way to reach your target audience because your target market is the one coming to you instead of you going to them. For instance if they put “buying a second home directory” as their search parameter, they are very specific about finding a directory that specializes in the second home market.
Advertise in an online publication that ranks in the top 10 of Google, MSN, and Yahoo when using the key words of the search parameters that your target audience is most likely going to use because these major search engines are the tools that your target audience will most likely utilize to conduct searches online in order to reach you. The real estate online or Internet publications that display in the top 10 of the search results in major search engines in a defined niche are the ones which are most likely to be visited by the people who are looking for that specific business or service and that is the online publication where you would like your business to be seen.
Maria Reyes is the pen name for one of the writers for YourRealEstateMarket.com [http://www.yourrealestatemarket.com/] You can read more articles written by Maria Reyes regarding real estate marketing online [http://www.yourrealestatemarket.com/] and real estate advertising [http://www.yourrealestatemarket.com/realestate_magazine.php?real_estate_advertising] by visiting our online magazine and directory for second homes and real estate investing.
Effective Real Estate Marketing Leads
Just between you and me, real estate marketing does not have to wear you out.
If you are a real estate professional, marketing yourself can also feel like a pretty thankless job. You catch my drift, right?
You entered real estate possessing the sincere desire to assist the public. But it didn’t take long to discover if no one knew who you were or how to contact you, your career was not going far. Because without a continuous flow of new business, real estate agents will shrivel up and die.
Time flies so I am not surprised that two years have passed since I sold my house. It was my turn to accept help. I needed a real estate agent. I was about to become a seller.
I won’t delve into why but suffice it to say, I needed to move. In spite of the real estate market showing signs of recession, I had to move forward.
I mention this because the rest of what you are going to read here is not based on theory. It is from my personal experience which I hope can be of assistance to readers.
Like I already mentioned, I needed a Realtor to list our home. The professional who referred her buyers to our mortgage company on a daily basis was my obvious pick because I knew first hand how conscientious she was. I appreciated the willingness of the agent I chose because I knew it made her nervous to list our home. Talk about feeling scrutinized.
Marketing practices had changed since the last time I sold a house. After all, thirteen years had passed. Real estate marketing had moved to the web using virtual tours. To update myself, I requested a market analysis and marketing plan from my Realtor.
Well, I was right! Things had changed. Throughout the process of marketing our home, I certainly discovered a thing or two. And I dare say our real estate agent did too. As we finished up with our listing agreement, I mentioned to my agent my one pet peeve regarding real estate marketing.
I continued to explain how my husband and I were checking out neighborhoods admiring properties for sale lately. In order to keep from confusing the homes when we talked them over later in the day, I was collecting flyers. But a trend was developing and it wasn’t a positive one.
We had a little system. My husband would pull over to the curb while I jumped out of the car to grab a flyer from the box in the yard. But I can’t tell you how many times I was frustrated by an empty flyer box. Sellers had to be discouraged too.
But most of all, I thought about the lost opportunity for the real estate agent who had been hired to market and sell the property.
Now I knew everyone in real estate was focusing on internet marketing to generate real estate leads. Flyers has been around since the dinosaurs. Paperless was the way to go! With that in mind, consider the following. Then you can be the judge.
So getting back to my pet peeve. We were still meeting with the listing agent and I told her as a seller, I was only going to request one thing. Give me a full flyer box, please. I was not unreasonable. I suggested we make it my job to replenish the flyer box.
Although my agent seemed a but skeptical, she agreed to comply with my request. Reflecting on the transaction while signing the final documents, I am not sure which of us was most surprised.
Going back again, do you remember the real estate market was in the dumps? The four months it took to sell our home was longer than I’d hoped for. But neighboring properties seemed impervious to receiving offers.
Now while our home was up for sale, a strange thing was happening. Time seemed to lag because no one was clamoring to see our house. Or were they? I began to count how many flyers were going into the box and how many were left over every couple of days. We counted at least one hundred gone every week.
The virtual tour stats, overwhelmingly positive, confirmed the story. It turned out even though our house wasn’t getting visited physically, home buyers and real estate agents were touring it digitally. Our Realtor had made sure every flyer had a web address leading to a descriptive page and a link to the tour. Potential buyers might have not been knocking on our door but they sure were using the flyers to locate our home online.
Now think back to what I mentioned earlier about real estate agents missing marketing opportunities because of empty flyer boxes. Not our Realtor! In spite of a depressed market, she attributed selling at least three other houses to prospective home buyers who made contact via her flyers. Not only those buyers, the overflowing flyer box impressed a neighbor as well who listed his home with her.
And don’t forget my house. It sold faster than others in our neighborhood.
My Realtor and I both came away with a valuable lesson. By mixing traditional real estate marketing methods with new, we got a superior result than either by itself.
Kate Ford of Prime-Real-Estate-Articles.com here! I’d like to invite you to visit my website to see how a flyer template can double your marketing leads. Join other real estate agents who have discovered how to transform home shopping lookiloos into highly qualified real estate leads.
Real Estate Market Update: Where is the Flood of Foreclosures?
One of the many dire predictions done these past few months by many ‘bubbleologists’ out there – that is all those who indulge in the contemplation of real estate bubbles of all sizes and colors, whether real or imaginary, coming our way – was that by now real estate markets everywhere would be inundated and swept away by a tsunami of foreclosures of apocalyptic proportions.
The general rationale among those specializing in the fine art of staring at crystal balls (or perhaps at several empty bottles of rum) was that the steady increase in interest rates, the consequence of a tightening monetary policy implemented by the Fed since mid-2004, would have led by now to a collapse of the adjustable-rate mortgages (ARMs) market, since consumers could not possibly cope with the increased monthly payments. This, in turn, would dramatically increase mortgage defaults and foreclosures, with the end result that real estate markets everywhere would be flooded with excess inventory at deflated prices, thus causing markets to crash – the tsunami I was talking about.
The Mortgage Bankers Association of America (http://www.mbaa.org) does not seem to share this particular vision of the end of the world. In its Economic Outlook update released in May 2006, the Mortgage Bankers Association of America (MBAA) pegs the ARMs share at 27 percent, down from the 36 percent peak of early 2005, an indication that many prudent consumers have locked in already. Likewise, the inventory of mortgages held by banks is virtually unchanged at 1,500 billions (aggregate nominal face value of mortgages, by dollars), the same level of 2005, suggesting that, rather than defaulting, consumers are ‘holding on’. And, finally, the rate of delinquency is at 4.38 percent, down from 4.70 percent in the final quarter of 2005, clearly another measure of consumers financial stamina, and an indication that banks were actually faring worse when real estate markets were doing better.
But that’s not all!
In the Mortgage Finance Forecast released also in May 2006, MBAA highlights that the rate of housing starts nationwide has increased nationwide, up to 2,131,000 units (annualized) for the first quarter of 2006 from 2,059,000 units in the last quarter of 2005 – an increase of 72,000 units representing a robust +3.496 percent overall, although this rate is forecasted to slow down as the softening trend in real estate markets continues throughout the year. Home sales overall are forecasted to decrease by 501,000 units nationwide to 6,574,000 units by December, 2006 from the 7,075,000 of December, 2005. Although this represents an annualized drop in sales of 7.08 percent compared to last year, it can hardly be called a bubble burst!
And here is the most surprising figures of them all – surprising for the bubbleologists, that is. Notwithstanding the increase in interest rates and the toll that many think ARMs will take on defenceless consumers, MBAA forecasts that the average market share of ARMs will remain constant at 27 percent of institutional mortgages for 2006, down only 3% from the 2005 average. The significance of this forecast is twofold: 1) MBAA does not anticipate that interest rates will increase significantly higher for the remainder of the year and 2) MBAA mirrors a Gallup survey conducted in May 2006, which found that only 11 percent of Americans worry about ARMs, down from 20 percent in 2005.
And why should they worry? In the latest release, the Bureau of Labor Statistics, has pegged the Consumer Confidence Index at 109.6 in April, up from 107.5 in March and higher than the 103.8 of December, 2005. The Consumer Confidence Index is now at the highest level since March, 2002, with the average family income up 0.8 percent in March, 2006.
To finish, I would like to spend a few words on how politics are filtering into economics, especially in times of elections. It is a shame that an increasing number of Bloggers and even journalists out there are twisting and interpreting economic data to fit their own political agenda. Although November, 2006 is pretty much around the corner and the battle is on to take control of Congress, the manipulation of economic and statistical data for political ends and means is a great disservice to consumers, no matter the political colors.
For example it is not true, like some Bloggers assert out there, that the recent appreciation in real property values is the direct result of President Bush’s domestic economic policies. Real estate capital growth was largely due to the correlation between capital and employment or, if you will, between income and labor. An increase in levels of consumption has set forth an increase in prices caused by a corresponding increase in demand, in itself generated by a commensurate increase in the income-employment factor. So growth was derived by the equilibrium of capital and investment with labor and employment. And since, furthermore, production is in direct function of consumers spending which increases as unemployment falls, capital accumulation has increased as employment rose steadily. It is as simple as that!
Likewise, it is not true that President Bush is the main culprit for the real estate bubble burst – like many Democratic sources imply and some actually cry out loud. Poor President Bush has absolutely nothing at all to do with real estate bubbles and their bursts, essentially for two reasons: 1) because there are no bubbles in real estate and 2) because there are no bursts either. Like Prof. Bernanke has repeated now several times, far from being a bubble burst the present cooling-off trend through higher interest rates will have the beneficial effect of consolidating market wealth achieved thus far, by allowing the economy to get an even footing through a slowdown of capital appreciation and, at the same time, allowing real wages to catch up, thus reducing the affordability crisis and rejuvenating the pool of buyers.
And, finally, it is not the President of Iran, Mahmoud Ahmadinejad, that is trying to promote his country’s nuclear programme by putting a stranglehold on North America’s real estate markets through higher crude prices, while attempting to get rid of Secretary Rice at the same time (I know, this is laughable, but I read it in the commentary of a political blog – TIME Magazine should make this particular blogger ‘Man of the Year’).
Consumers and all those interested in an objective evaluation of real estate markets climate, are well advised to go straight to the source of statistical data and economic analysis and evaluation, bypassing all commentaries entirely, especially these days.
Luigi Frascati
Luigi Frascati is a Real Estate Agent based in Vancouver, British Columbia. He holds a Bachelor Degree in Economics and maintains a weblog entitled the Real Estate Chronicle at http://wwwrealestatechronicle.blogspot.com where you can find the full collection of his articles. Luigi is associated with the Sutton Group, the largest real estate organization in Canada, and is based with Sutton-Centre Realty in Burnaby, BC.
Luigi is very proud to be an EzineArticles Platinum Expert Author. Your rating at the footer of this Article is very much appreciated. Thank you.
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Real Estate Marketing Tools: The Most Powerful Tool of All
Do you know what the most powerful real estate marketing tool is? Here’s a hint. You see it every time you look in the mirror. That’s right, it’s you. As a knowledgeable real estate agent, you are your most powerful tool for real estate marketing.
Real Estate Marketing Tools Exposed
A lot of companies clamor about the “power” of their real estate marketing tools, as if you simply have to turn them on and let them boost your business. This is practically what some companies claim. Do I exaggerate? Only a little. I can think of one such product off the top of my head (name withheld of course), and the pitch goes something like this: “Our revolutionary software will launch your real estate business into the stratosphere.”
The stratosphere? Wow, that sounds fantastic. But you’ll notice there’s a critical ingredient missing from the above statement. You! You’re the most powerful real estate marketing tool you own, whether you realize it or not. So the stratosphere claim would be more truthful if it added the words “will help you” … as written below:
“Our revolutionary software will help you launch your real estate business into the stratosphere.”
That’s more accurate, because now the advertising claim includes you. And you are by far the most important part of the equation.
You Are Your Best Marketing Tool
The point I’m making is simply this. If you shop for a real estate marketing tool to take your business to the next level, you are going to be disappointed. Real estate marketing starts with great services and big ideas. The “tools” are just a way to communicate those services and ideas to your audience.
Top 5 Real Estate Marketing Tools
You are your best tool for real estate marketing. We’ve covered that one. So what are some other top tools? Here are four more tools successful real estate marketers usually have in common.
1. You – Which we’ve covered already.
2. Persistence – Repetition is a big part of real estate marketing. You try a certain strategy, see how it works, modify it as needed, repeat it again, etc. This requires patience and persistence. Make sure you have these things before you try any form of marketing.
3. Imagination – Without imagination, you have no hope but to copy the marketing programs of other real estate agents. Mimicry will only get you so far, especially if you’re copying a marketing strategy that’s already being used in your area. Only imagination can help you find the next big idea in real estate marketing. And only big ideas can produce big results.
4. Adaptability – Methods of communication change constantly. The Internet has opened up a whole new world of possibilities. For example, look at the current rise of real estate blogs we are witnessing. As the communication landscape changes, you must be able to change with it. You must be able to adapt to new mediums and methods. So make sure adaptability is part of your real estate marketing toolkit.
5. Enthusiasm – Whether you realize it or not, communicating with potential clients (and current clients) is a big part of your marketing program. When you communicate with professionalism and enthusiasm, your message becomes contagious. People will help you spread your message without even being asked.
What do all of these real estate marketing tools have in common? For one thing, you can’t buy them in a store or online. You’re either born with them, or you work hard to acquire them along the way. But the good news is, you have the most powerful marketing tool already … you have yourself. Everything else can be learned.
Marketing books, software, websites, ads and the like can help you grow your business. There’s no doubt about that. But they are only a medium between you and your audience. These things can move your marketing program along, but the program itself has to start with you.
You are your best tool for real estate marketing. You always have been, and you always will be.
* You may republish this article online if you retain the author’s byline and the active hyperlinks below.
About the Author
Brandon Cornett is the founder of ArmingYourFarming.com, which is a helpful real estate marketing tool in its own right. For more real estate marketing advice, visit the author at http://www.armingyourfarming.com
Real Estate Marketing Flyers; 24/7 Marketing
A real estate marketing flyer box is a “24 hours a day agent”, and is standard equipment among high producing real estate agents.
And what do you suppose you do with them? Stuff them with real estate marketing flyers, of course! And as you may know, real state marketing flyers are the bread and butter of the real estate indusrtry.
A good, informative real estate marketing flyer has enough information on it to get the most desireable response; a phone call or email message to you. The rest, as the say, will be up to you.
The flyer should at a minimum have your full name, address, and phone number(s), your photograph, a photograph or two of the listings, price, property description, and description of the location, neighborhood, and amenities.
A good real estate marketing flyer will also be attractively designed, neat and devoid of clutter. It should also be done in clear and easy to read type fonts. Although color copies are relatively expensive these days it is still a good idea to have at least a splash of color.
Perhaps your real estate marketing flyer can reflect the happenings in your community, such as a photograph of the local sports team, an attractive park in the area, or a scenic view. Let the flyer sell you and your listings for you!
And as implied above, real estate marketing flyers are no longer restricted to placement inside homes. Additionally, you can place them outside homes and have them market your listings 24/7.
Many real estate marketing flyer boxes come equipped with easy reach business card dispensers. Some all-weather-resistant construction boxes will hold over one hundred single sheet flyers in a upright fashion. No slouching, no bunching! The self-closing lid and ventilation system keeps the real estate marketing flyers just like new.
So, if you’re not marketing via real estate marketing flyers, or if you are not marketing with outside flyer boxes you may want to consider stepping it up a notch or two. Afterall, the more successful agents are marketing 24/7! Are you?
Lanard Perry is the author of “Farming Expired Listings” – a Real Estate Listing System Ebook that shows Realtors how to average 1 or more listings a week. Visit http://www.farmingexpiredlistings.com and http://www.real-estate-marketing-talk.com to learn and earn more.
