It’s one thing to just go get a listing, throw it into the marketplace, get on your knees and look up to the sky and pray that somebody brings a buyer for you; it’s another to actually proactively make a market for a listing.
Understand the role that marketing plays in the real estate industry.
We must recognize that the definition of marketing is confusing. The textbook definition of marketing is: the process of communicating, delivering and exchanging goods and services that have value to a group of consumers. This is a clumsy definition that may not have much real meaning to the average real estate agent, who generally understands marketing to be the process of generating leads. However, marketing in real estate does not stop with lead generation — marketing is a cycle that begins with lead generation continues through conversion and should continue forever with past clients.
Know that the MLS is only the first step to making a market.
With a better understanding of marketing in the real estate industry, we can better define the difference with making a market for a listing. Although the marketplace, The Multiple Listing Service, is very efficient as a mechanism to bring buyers, sellers and agents together by indexing listings, you must go beyond “hoping” that MLS does the all the work of creating a robust market for your individual listing. You must go further and proactively make your own market by promoting and marketing your listings in both traditional and modern ways; for example, holding open houses as well as promoting listings on websites and social network sites.
Obtain real market feedback and deliver it swiftly.
Proactive “pushing” of your listing to make a market is a great first step to attracting buyers, however, the feedback and communication that is created through the push is the “market” speaking, especially when no buyers are attracted! That feedback must be communicated swiftly and accurately to your sellers so that they are very aware of the reality of the marketplace and that obtain the proof that you are really giving them the best chance to succeed through your actions rather than hoping the marketplace does the job itself.
Connect with your sellers on a personal level to finish the job of market maker!
We recognize that it’s a delicate proposition to deliver real and often times harsh feedback to who have an emotional attachment to their home, but it’s up to you to remind them of the reasons that they want to make this move in the first place so that you can finish your job as a “market maker” and close the sale!
To summarize, the key point is “learn how to become an effective market maker.”
Key takeaways from this episode:
In this episode, We’ll Cover: The Difference Between Marketing and Making A Market
- Understand the role that marketing plays in the real estate industry.
- Know that the MLS is only the first step to making a market.
- Obtain real market feedback and deliver it swiftly.
- Connect with your sellers on a personal level to finish the job of market maker!
Take action now!
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