Cash flow can be a serious problem for real estate agents, and it’s not hard to figure out why: we have a ton of upfront costs, but we don’t get paid a cent unless and until our listing sells.
Even worse, in the current market the odds of the listing even selling are dramatically worse than they used to be. An agent could drop thousands into marketing a listing, only to end up empty handed a few months later.
At the same time, sellers are expecting the absolute best marketing possible to make their home stand out in a tough market. So what’s an agent to do?
The good news is, that the internet has absolutely slashed the costs of effectively marketing a listing. Here’s one way to market your listing for under $100:
MLS Listing – $0
While of course you pay dues to access your local MLS, there’s no per listing cost, and this is always the best place to start. Make sure to go the extra mile, and include a solid description and professional photos (below) or at least the best photos you can take.
Professional Photos – $50
This cost varies depending on your market, but if you search a bit, you should be able to find a decent photographer who can take 10 solid photos. Try searching for a photographer on craigslist, or checking local colleges/ photography classes for students. Make sure they have experience shooting indoor photos, though, as the lighting can present a challenge.
Craigslist Posting – $0
We’re all familiar with craigslist, and there’s really no downside to posting here twice a week… it’s free!
Virtual Tour or Single Property Website – $20.00-$50.00
Virtual tours or single property websites are a central place that you can build your entire marketing campaign around. It includes a custom .com domain , which makes it very easy to advertise and share with people by email or in person, such as buyers at your open house. You can also upload property statements, and save paper (and money!) by giving buyers the option of taking a paper statement or you can text/ email them the website address (also a great way to get their contact info).
Syndication to Google Base, Trulia, Zillow – $0
If you’re using a quality single property websites provider, this syndication will be automatically included at no cost. To make sure you’re getting the most from Zillow and Trulia, make sure you set up a free account at each site.
Property Statements – $20
Unfortunately, property statements are still a necessary evil. They waste paper, they’re expensive, and most people just throw them away. One way to save money and stand out is to use half a sheet of paper per property statement. You can still fit all the pertinent info, and with your single property site prominently displayed most serious buyers will prefer to go there for more dynamic information anyway.
This of course depends on your market, and may not fly with a high end listing. With the environment such a big concern, though, many buyers will appreciate your efforts at reducing waste.
Michael is an active real estate broker and writes frequently on real estate marketing. Michael is also the founder of My Single Property Websites, a web 2.0 marketing tool that lets real estate agents create stunning virtual tours and single property websites easily. He also writes on the Real Estate Marketing Blog there.
[tags]real estate marketing, realtors marketing, luxury real estate, realtor, real estate agents[/tags]
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