by Peter Mericka B.A., LL.B
Real Estate Lawyer
Qualified Practising Conveyancer Victoria
Director Lawyers Real Estate Pty Ltd
In this series of postings we examine the role of the lawyer in real estate sales, and explain why the lawyer is returning to displace the real estate agent as the primary adviser and consultant to consumers who are contemplating the sale or purchase of real estate.
Why Lawyers Are The Best At Marketing Real Estate
Real estate is NOT sold, it’s BOUGHT
Selling a refrigerator or the latest style of mobile phone requires salesmanship – the ability to convince the purchaser that they should buy what the salesperson is trying to sell. But the sale of real estate is something entirely different. Real estate is not sold, real estate is bought!
When a purchaser has done their research, determined where they want to live, what type of property they need, and how much they are prepared to spend, they begin the search for what they want. When the purchaser has found something that satisfies their search criteria, they make enquiries about it. It is at this point that the purchaser makes contact with the person in charge of the sale.
There is no need for any salesperson to work on “convincing” a purchaser that a property has the physical features they want, as the purchaser has already made this determination. The salesperson per se is irrelevant.
Marketing in the context of real estate sales takes place AFTER the purchaser has decided that the property satisfies their search criteria, and BEFORE the purchaser has determined the QUALITIES of the property and of the sale deal itself.
Marketing is more than just advertising
Advertising is a single component of the marketing process. Erecting a sign at a property, or posting an advertisement on a real estate website, are basic examples of advertising. Advertising is the presentation of information in such a way that it attracts attention.
Marketing, however, more complex, particularly when it comes to the sale of residential real estate. In this context, marketing is a blending of advertising with a range of legal and transactional imperatives, the purpose of which is to create a mutually advantageous outcome. Proper real estate marketing involves the building of trust, mutual respect between the parties, and a safe environment within which the purchaser feels comfortable and keen to do business.