I'd like to begin discussion on marketing in real estate. It seems the industry has a wealth of solutions being thrown its way, from online marketing, magazines, boards, 'all in one' systems, brochures, banners etc etc etc.

In my experience I've never seen 'real' innovation in marketing from real estate but more like a copy cat syndrome. You're only as good as what the next real estate agent is doing...so long as you're doing it as well. The 'solutions' are generally offered by a business who see the opportunity to target the industry in bulk. Something that seems new and fresh for agents to use, suddenly becomes the norm.

While some agencies re-invent their campaigns and solutions for sellers and buyers based on current market statistics, others simply re-arrange their campaigns and solutions or jump to copy the agency next door without a real understanding of why they're doing it, other than it looks new.

This may not be the case in the eastern states which is what I'm interested in investigating. What is the general attitude toward real estate industry property marketing....is it as dynamic and 'innovative' as the industry promotes in Innovation and Communication awards? Has there got to be an importance to marketing in real estate...is it still about a newspaper advertisement, online entry and direct mail out?

Hi Realestateblogger, and welcome aboard.

I very much agree that a discussion on real estate marketing would be interesting, and I would like to help kick it off by going right back to the very beginning and raising two fundamental questions:

First, what exactly is real estate "marketing"?  Does the term simply define the means by which purchasers are made aware that a property is available for purchase?  Or is there more to it?

Second, is there a need for any "marketing" of a property at all beyond an internet listing?  If a property is listed on www.realestate.com.au and the vast majority of purchasers seek properties online, doesn't real estate marketing start with a listing on www.realestate.com.au and finish with a small sign on the property to identify it as being "For Sale"?

I suspect that realestateblogger may be referring more to the marketing of real estate agents and franchises than to the homes they represent.  From personal experience general real estate is all about brand and depending on the franchise you are indentured too 'marketing' is also about creating a cult of personality around you as an agent.

 Realestate.com.au isn't really marketing it's just the shelves agents display their stock on.  I would argue that marketing is assessing each listing and bringing it individually (through various mediums) to the attention of appropriate buyers - efficiently, cost effectively facilitating a sale. 

 

 

 

Innovation in marketing in real estate is a very interesting topic and I think I would have to agree with the comments made in the opening post about the lack of innovation in so many areas of real estate marketing.  My comments below are made as a non-real estate industry member - but from a professional marketing company point of view.  We have recently picked up a few real estate agents as clients and we have been learning and sharing a few good lessons with each other.  Here is the pick of the bunch below:

Now who you are doing business with - be clear who your customer really is.  Is it the vendor or the buyer.  When the market turns one way or another, you will be searching for both at different times harder than the other.  But if you have left one out in the cold for 18 months, will they really want to stay friends with you.  How are you developing long term relationships with both sides?

Stop playing catch up - don't be afraid to to pioneer a new marketing idea or concept.  Just because no one else in your franchise is doing it doesn't make it wrong or a waste of time.... and don't just play me too marketing - as soon as you see another agents marketing ideas, they will be on to the next one and you'll forever playing catchup or become very skilled in R&D - rip off and duplicate.

Create local heroes that humaise franchise brands - a big franchise brand is great for many reasons.  Tradition, history, systems, reliability....it's all in the franchise hand book so I don't need to go into too much detail.  But how much of your own personality, knowledge and background can you communicate through a national franchise brand?  Customers (vendors and buyers) are looking for local knowledge, community understanding and someone they can relate to on a personal level.  The last one is up to agents but creating local heroes needs to go further than than providing suburb profiles and glossy newsletters.

Be better than your photo - why is it in real estate that agents always persist in using their photos in all forms of their marketing?. Build trust, create connection, personalise the business??    No doubt someone can send me some research on this in the industry but it's these same challenges that every industry faces but tell me another industry (besides used cars) that is consistently building brands around agents photos. What's wrong with focussing on the other real selling points such as service, reliability, trust, performance..... I still don't get the whole photo thing.

That's my insight in what is a great question - innovation in real estate marketing.  Looking forward to the ongoing discussion. 

My experience in the industry tells me that while estate agents love all this snake oil guff about competing franchises, local heroes and innovation in real estate marketing; consumers just want to sell and buy real estate.  Really, Threesides you should be selling mobile phones or pre-mixed drinks instead of getting involved in residential real estate matters.

Hi Peter, interesting way to build a community - create a space for discussion (this website), encourage debate, start a conversation and then shut it down with some negative comments. 

The intention of my comments were to continue the conversation about innovation in marketing and offer some non-real estate views on some different ways of approaching things - and do I think it should all be about buying and selling - with out a doubt.  Don't spend one dollar unless you can get results and justify the investment.

Oh well, back to the mobile phones and pre mixed drinks I guess...do you like ice in your drink??    

Hi Threesides,

You may have gathered that this forum is not advertising space for spruikers.  The rubbish you've been throwing up is all about estate agents getting business for themselves.  Explain how a consumer benefits from estate agents casting themselves as "local heroes" etc. and you may be able to regain some credibility.  Alternatively, you may find the various industry magazines will sell you advertising space.