Archive for the ‘Real Estate Sales’ Category
Don’t Completely Abandon Your Traditional Marketing Yet
Posted by Sibet B Freides in Marketing, Real Estate Sales, Real Estate Trends on February 24th, 2011
With all the talk of social media and measuring its ROI for real estate, I think it’s good to step back for a second and realize that this is not the time to totally abandon traditional marketing strategies.
While the power of social media marketing can be great when done correctly, I strongly encourage companies to not jump ship as quickly as they might want to. I say this for a couple of reasons.
The learning curve of social media is steep. While a lot of people will tell you that it’s easy, the truth is that they don’t know your business like you do. In the beginning, you are going to have to figure out exactly whom you are trying to communicate with, where they are, and what you are trying to communicate. Plus, you need to understand why you’re entering the social space in the first place. I say all this to prove the point that there are going to be some growing pains. Odds are, your new social media strategy isn’t going to work right out of the gate, especially if this is your first attempt in the space.
So why would you completely abandon other forms of marketing so quickly? Is it because you think social media marketing is cheap? Upfront costs may be low, but a successful social media strategy takes a lot of time and we all know time equals money.
My other point is this. Not every consumer you are targeting is going to be participating on social networks, especially in the real estate industry. Instead of choosing one or the other, I suggest a blend of the two. This way you will be targeting consumers on several different platforms. Plus, a strategy that has a constant message with different types of mediums will be more effective.
Selling Real Estate With Lifestyle Videos
Posted by Sibet B Freides in Marketing, Real Estate Sales on February 4th, 2011
Inman.com has a great article discussing the growing popularity of using videos in real estate.
While we have long been using video to showcase homes, the article makes a suggestion that I think is dead on with today’s market. The example used is a video for a lifestyle community. The idea is not to feature a single home for sale but to showcase the lifestyle aspect of the community instead. This is very similar to the social media strategies that are working right now in real estate.
A video strategy needs to be well developed before shooting is even considered. Just like everything else in real estate marketing, you need to figure out who you are trying to reach with your video. A firm understanding of this will allow you to plan the video and organize its contents a lot easier.
Real estate professionals can initially be resistant to this idea but when buyers are looking to purchase in a lifestyle community, it’s the lifestyle that they want to know about the most.
I am by no means saying that we shouldn’t be using videos to sell individual properties. Videos continue to be the preferred medium of the Internet. Words and pictures simply cannot capture the action and excitement that videos can. A mixture of lifestyle and some product is the most effective.
While video production may seem a bit overwhelming, technology continues to make the process of shooting quality video easier. There are even phones now that can produce video with high enough quality to show a community or a home. Video will continue to be the most popular medium on the Internet and the real estate industry needs to continue to experiment and utilize it.
Can Universal Design Be Appealing To All Generations?
Posted by Sibet B Freides in Green, Marketing, Real Estate Sales, Real Estate Trends on February 3rd, 2011
A recent Builderonline.com article discusses the future of baby boomer housing. In that article, the need for Universal design is explained. It is considered to be a major factor in the future of development.
As noted by the article, baby boomers were the first generation to grow up in the suburbs. The irony is that they are the generation that might also leave them. As boomers have aged, most of the finishes and features in suburban homes are not ideal for their needs. Some concerns include stairs, low lighting, and conventional faucets and knobs. Recent studies say that most boomers would like to stay put but health concerns could easily change this idea.
Award winning homebuilders across the country are starting to utilize Universal design for new homes. The idea is to create a home that will age well with its owner. An example would be creating a front door landing without stairs. This can be done without sacrificing visual appeal if done correctly. It is believed that shear size of the baby boomer generation will send Universal design into the spotlight.
You may be thinking that Universal design only belongs in communities with a focus on boomers but builders are realizing its potential in neighborhoods with different generations. These design features can be transparent so the widened hallways or wide pocket doors wont make the home less attractive. Builders believe that Universal design is easy to implement if properly planned. In fact, you wouldn’t be able to see these features in a home until they’re needed. For example, towel bars in a bathroom can be swapped out later for grab bars if needed. The bathrooms are already equipped with backer supports just in case.
It is going to be interesting to see how builders incorporate Universal design in the coming year. Can it really be attractive to generations younger than baby boomers?
Builders Get Closer To Buyers Through Social Media
Posted by Sibet B Freides in Marketing, Real Estate Sales, Real Estate Trends, Social Media on January 27th, 2011
The real estate industry continues to wrestle with the use of social media. We are almost past the discussion of whether it’s useful or not. We are now asking more sophisticated questions about its capabilities. The most common question asked is, “Can you actually sell a house on a social network?”
As we continue to tackle this question and similar ones, builders have begun to take a more central role in social media marketing. According to a recent Builderonline.com article, more and more builders across the nation are actively trying to figure out how social media can help them connect with customers. A recent seminar involving three Florida real estate companies dissected some of the recent success that builders are having with social media. The one overwhelming piece of advice was that in order to have success in social media, you must create content that is exciting to people. This is the only way to get followers to start exchanging information about their homes and communities.
A strong example of this was holding contests on social networks. Included was a contest where homeowners in the community shared photos of recent home renovations. Another was a contest of referrals where the winner received a cruise.
While these are creative and engaging, experts warn that their needs to be some means of measurement. Social media measurement is a hot topic in itself but companies need to set some standards. If they don’t, they will never know if they’re successful. Having a measurement standard always helps when strategizing as well.
Sawbuck Real Estate Comes Out With Its Own Application For The iPhone
Posted by Sibet B Freides in Green, Marketing, Real Estate Sales, Real Estate Trends on January 25th, 2011
Mobile technologies are on the rise and that includes applications designed to assist homebuyers in their search for a new home.
The industry has seen the introduction of several smart phone applications during the previous year. Each application aims to make the homebuying experience more convenient and social. The latest application to be announced is the Sawbuck Real Estate Application from Sawbuck Real Estate.
Real Estate iPhone Application Features
This new homebuying application is loaded with features to help make the homebuying process more efficient and organized. Users can you use their phone’s GPS to locate listings on a map, develop a list of nearby homes, or generate a photo gallery. Once homes are located, the user can re-organize the listings based on their desired price range, size, and desired property type. There is also an option for searchers to take personal photos, and videos of properties that interest them. Based on personal reviews, the application will rate each home based on the number of stars out of four a user indicates. If a user gives a home 3 stars, the application deems the house a “favorite” for that homebuyer. Once users decide on which houses to tour, they can then arrange for a self-guided tour or a guided tour with a real estate agent. They have also included a “check-in” feature so users can take their homebuying experience and make it social on Facebook and Twitter.
Understanding How Consumers Use Real Estate Applications
As we continue to see new applications for real estate roll out, there are several reoccurring themes that we can count on. They will always utilize GPS, incorporate some kind of social networking feature, and they will continue to be media based with photos and videos. Real estate professionals need to tap into these new technologies and understand how today’s homebuyer shops. Giving these applications a test run will go a long way in discovering how homebuyers behave.
The Rental Market Continues To Gain Momentum
Posted by Sibet B Freides in Marketing, Real Estate Sales, Real Estate Trends on January 21st, 2011
With mortgage rates at near historic lows and with more than affordable homes available, why haven’t we seen the turn around in the market that we thought we would? December saw a spike in resale homes but this was caused by the news that rates are going up.
Many experts thought that the end of 2010 would be the time for recovery, but it never really happened, even though we did see some spikes in the market due to tax incentives. The market as a whole has not made the come back so many predicted and wanted.
It has become apparent that first time homebuyers are still very skeptical of owning a home right now. Experts will attribute it to job security or lending requirements. One thing that is for certain is that the rental market is reaping the benefits in a big way.
According to a recent WSJ.com article, the last quarter of 2010 saw the apartment vacancy rate in America fall below 7% for the first time since 2008. It is a trend that has been accelerating for four quarters now and there is no sign of it slowing.
Even in the larger, more affluent markets such as New York and Miami, rental rates are increasing. In those markets specifically, luxury rentals are gaining momentum. In fact, some dense urban areas have a shortage of rental properties.
According to the article, there are other factors that are contributing to the trend. A weak job market means less compensation and that includes relocation packages for new employees. Buyers are still holding out for a price they may never get and sellers are waiting for the market to come back. We are in a stage of limbo right now that is causing doubt with buyers, especially those entering the market for the first time.
The Human Element Behind Social Media And Real Estate
Posted by Sibet B Freides in Marketing, Real Estate Sales, Real Estate Trends on January 19th, 2011
Is it possible to sell a home on Facebook or Twitter? It’s a question that agents, builders, and owners continue to struggle with as real estate professionals consider using social media for marketing and advertising.
A recent Inman.com article features the opinions of Michael McClure, CEO of Professional One Real Estate. Being a former social media “hater” himself, McClure has come full circle and is now an advocate for its use. What made him change his mind? It was a better understanding of what it can and can’t do.
In his words, it’s about the relationships that are formed on social media. I know we hear this often, but social media was designed for communication and building relationships. It was not designed to sell homes. It is unlikely that a home listing on Facebook will entice a consumer to buy. Instead, they may come into contact with an agent selling in a desired market. Eventually, the two may meet in person once a social media relationship is established. This is how savvy real estate professionals are successfully using social media to makes sales. They are focusing on relationships first, then the listings and sales.
The home buying process is very intimate and it’s hard to believe that anyone would be willing to purchase a home from a single Tweet. The relationship process is the key for success.
According to McClure, the “humanization of the brand” stemming from social media is useful. It’s consistently advised to have a face behind the voice. This means that if a real estate development company has a Twitter account, there needs to be a human aspect behind it such as a name or photo. Consumers need to be able to identify with a human element. Otherwise, the experience will not be nearly as personal as it needs to be.
Trulia The Popular Real Estate Listing Website Now Connects Directly To Facebook
Posted by Sibet B Freides in Marketing, Real Estate Sales, Real Estate Trends, Social Media on January 18th, 2011
Image From Trulia.com
Trulia.com, the very popular real estate listing website, has announced its integration with Facebook. Through Facebook Connect, real estate professionals can now connect their Trulia profiles with their Facebook ones.
Trulia has been no stranger to the social space and innovation. It previously allowed users to post open house listings and other events on Facebook. It also created Trulia Voices back in 2007, which was one of the first attempts to help real estate professionals grow their digital resumes and increase their online presence.
Professionals can now easily share listings between the two networks with little effort. The savvy agents and brokers out there understand that there is some serious potential for success on Facebook when it comes to real estate. By connecting the two, Trulia has streamed lined the process a bit.
Starting Friday, Trulia members will be able to connect their two accounts making sharing between them much easier. New Trulia users will be able to register using their Facebook login as well.
It will be interesting to see what happens on this front moving forward. Trulia tends to be ahead of the game when it comes to this sort of thing. Don’t be surprised to see other listing websites integrating with Facebook soon.
Vacation Market Saw A Positive 2010
Posted by Sibet B Freides in Marketing, Real Estate Economics, Real Estate Sales, Real Estate Trends on January 12th, 2011
Local sales data suggests that the vacation home market is coming back in a big way, this according to recent WSJ.com article.
Image From WSJ.com
The NAR believes that the positive turnaround stems from a shift in consumer attitudes. As 2010 saw slight improvements in the economy, economists believe that wealthier buyers regained some of the lost confidence of the recession. While, the positive swing in the market should be greeted with jubilation, the data is not entirely concrete at this moment. The statistics for nation-wide vacation home sales are not tracked throughout the year. The NAR conducts a survey and the results aren’t available until March of this year.
According to the article, 1 in every 10 homes sold in 2009 was a vacation home. The results for 2010 are expected to be greater. A key characteristic to the vacation home market has to do with pricing, not demand. It’s obvious that demand is increasing, but prices are still not the bargains that many cash buyers are looking for. Experts believe that sellers are able to maintain prices due to a lack of urgency compared to primary homes sellers.
Even as the market’s conditions improve, cash buyers still hold the keys to the market. Experts believe that the time to buy is now if you have the cash or can qualify for a loan. An improvement in the market is welcomed news, but as we enter 2011 some experts predict a worsening housing market with the addition of more foreclosures. If the vacation market is based on the attitudes of consumers, it’s pretty fragile. It will be interesting to see how those consumers handle the predicted 10% decrease in home prices for their existing homes in the coming year.
Gloomy Building Predictions For 2011
Posted by Sibet B Freides in General, Marketing, Real Estate Economics, Real Estate Sales, Real Estate Trends on January 7th, 2011
Builderonline.com has some predictions for 2011 and most of them are not positive.
Despite its 10 predictions for next year, Builderonline.com smartly warns that any predictions now should be taken with a grain of salt. There are simply too many important components and major parts to the building industry and if expert predictions were always right, we probably would have had a better idea what was coming in 2008.
Probably the biggest factor that will continue to dictate the health of the real estate market is the unemployment rate. A high unemployment rate and the continuing threat of job losses do little for the confidence of homebuyers who would normally be participating in the market.
Experts also believe that the foreclosure situation plaguing the industry is only going to get worse in the coming year, especially at the beginning. For builders specifically, finding credit will continue to be a challenge and costs are going to increase due to the growing costs of commodities.
A big challenge for the coming year will have a lot to do with company staffing. Those builders who have cut large portions of their staff will have a hard time hiring skilled workers to meet any quick spike in demand. The article references quick push to build homes that took advantage of the tax credit last year. As far as business plans go, tt is predicted that companies will fall into two different camps. There will be one camp that focuses on being profitable now, and one where the goal is to sustain for the coming years. This will have a direct affect on job loss and gain in the industry.
