“You can’t sell a secret.” This is a line given by thousands of agents to thousands of home-sellers in order to persuade sellers to splash out more and more money advertising their homes. The theory goes that the more places you advertise your home, the more buyers you reach.
Of course, anyone who knows anything about basic marketing knows that such reasoning is nonsense because most buyers look in several places during their search for a home.
The main purpose of real estate advertising (and all agents know this because it’s one of the first things they are taught in ‘agent kindergarten’) is to increase the profile of the real estate agent – and, in these days of the “celebrity salesperson” to increase the profile of the salesperson.
Agents who tell sellers that advertising their homes at huge expense is necessary are either incompetent or dishonest. Most (probably about 90 percent) of the money spent by sellers advertising their homes is totally wasted. It’s a monumental rip-off. And don’t expect the newspapers or the on-line real estate portals to say anything about this massive rip-off because they are the ones profiting from it – to the tune of tens of millions of dollars.
But things get worse.
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