This is a great article about target marketing. I have a comprehensive marketing plan for Luxury homes from Kings Point to Old Westbury as well as targeted marketing plans for each of the many towns in our area including the Roslyn’s, Port Washington, Manhasset among others, because each town, village, and neighborhood appeals to a unique group of people.
Differentiating a home from the massive inventory is difficult. In a world of information overload, building excitement about a single home (when there are “three just like it” for sale on the same block) is a monumental task. Really, MARKETING a home is an agent’s primary job. I mean, agents don’t determine price (the buyer does that), but agents know the role that price pays in a home’s marketing.
Marketing is what gets prospective buyers to look at a home. Better marketing, more prospective purchasers see a home. More prospective purchasers (i.e. more demand) ensures the highest possible sales price for the sellers (because they have limited supply- their one home).
Most agents take a shotgun approach. Market the home in general print publications. Get on the local MLS. Promote the house on 50 different internet search websites. Drive traffic to their personal or company websites. Run the standard Open House. And your home is now “present” among the 1000s of other homes that are competing for buyer attention. You can kill your prey (that ONE perfect buyer for your home) with a shotgun, but you are going to have more success with a rifle…..a rifle with a laser guidance system.
Some “outside the box” approaches to Target Marketing:
- Geographic Marketing – The best agents are aware of migration patterns. They know that “most people who buy in a neighborhood, come from___________.” Usually people move from one part of town to another (an in-town upgrade). They already know the schools, shopping and houses of worship. That is obvious, isn’t it? But, top agents know what other towns historically are feeding new buyers into your neighborhood. And they have a marketing plan that addresses that phenomenon.
- Employment Marketing – In most marketplaces, there is a type of buyer profile that is moving into a neighborhood. It’s logical because of income levels, job security, proximity to the place of work, and so on. Maybe it is law enforcement personnel, or teachers, or doctors. Is your agent finding unique publications, websites or Facebook Pages to promote your home on to make the type of likely employment of a buyer be cognoscente of your home?
- Generational Marketing – Most homes have an appeal to buyers at a certain stage of life. Single, married, married with kids, empty nesters, etc. How does your agent’s marketing plan excite someone based on their stage of life? 50 websites isn’t enough. Facebook Fan Pages? Print publications that target that segment? Segmented databases (of renters, as an example)? Text messaging? Public Seminars?
By marketing in non-traditional ways to TARGET the most likely buyer of a home, you can escape the clutter of the arena everyone else is competing in AND increase the likelihood of grabbing the attention of an actual buyer. Geography, Employment and Generational approaches need to be examined. The professional agent of today has incorporated some, or all, of these concepts into their business. And today, you need the most professional of agent working on your behalf.
by Dean Hartman on January 6, 2011 Keeping Current Matters