The Australian real estate market is inherently different from the US. Marketing in the US for real estate sits under Thailand in the rank of the world. The NAR (National Association of Realtors) has a home generation and buyer trend report, and it has a slide in that report that talks about what purchasers actually want to see. Peter asked them at the end of the transition what did you find important as far as the property marketing was concerned.
The five main things that came out of that was:
- Good imagery. Pictures that show the home in a good light.
- Copy. Details specific to the property like what kind of floors do they have? What appliances do they have? How many rooms?
- Floor plan. Only about 5% of American MLS listings include a floor plan in their listing.
- A Virtual Tour. Less than 3% of American listings have this.
These five things come from the NAR telling us, it isn’t a seller. While video is toward the bottom, it is still highly important to people coming in and looking at a potential home to buy.
Compared with Thailand, which is a third world nation, we are falling short in many ways that are easily fixable. There needs to be a reality check on these things so that the US Real Estate market can operate successfully. Agents who are only doing one of these things are really hurting. “Gone are the days where you are selling 47 properties to one buyer…the need for property marketing for a house has to actually qualify the buyer before the transaction,” Peter explains.
It is important to understand the way your property industry works. The secondary thing is there is no designated training manual teaching an agent how to market a property in the US. In other countries, Real Estate schools teach you how to market a house to a targeted audience. They also teach you how to draw a floor plan in case houses you are going to sell don’t have them. When you have a house listed by a hospital, the targeted audience for that listing would be the people who work at or consistently visit that hospital.
One way the US often operates is if you don’t know how to market a house, the brokers you decide to work with will teach you, but they will take a large chunk of your commission.
The best in the world for Real Estate marketing is Norway, Scandinavia, Denmark, and Australia to see how they are doing it best. That isn’t just in property sales, it is also in property management. You can look at examples in those countries, look at Australia by going to realestate.com.au and search a regional area like postcode 4558. Pay attention to the photography. Many will say that they shoot their photos professionally, but professional photography is highly objective. Are they using a technique called bracketing? Can you see through the windows or is it just a fuzzy light? Those low-quality photos do not hold up in the Australian Real Estate market.
Many agents are great at being tactical, but they are limited in their knowledge of marketing and ability to communicate how they are going to market that property. “Go in and talk about how you are going to promote the property, the impressions, the leads you generate per property, the offers you generate per property, talk about a lot of the things numerically they want to know, and how you are going to package this product… No one cares about your brand until you need it!” Grant says.
To contact Peter and learn more about what they do go to boxbrownie.com where they have a blog for you to learn more about this topic.