Tag: Real estate advertising

Layaway Comes to Real Estate

Sometimes innovation means going backwards. And sometimes it means moving an old concept to a new industry.

Much has been made lately about the return of the layaway plan — a long-out-of-fashion retail program in which an item is kept at the store while the customer makes payments on it. Until recently, the layaway had been almost completely replaced by the credit card; customers preferred plastic because they could get instant gratification.

The credit crunch has made layaway popular again — Kmart, which never dropped it, is now putting renewed emphasis on the program. Parent company Sears Holdings recently brought it back to Sears after a 20 year absence.

Now, with mortgages difficult to come by, real estate companies and home builders are marketing the concept. According to Business Week,

K. Hovnanian Homes and Beazer Homes are offering contracts that let purchasers deposit downpayment installments in a no-interest escrow account. (Buyers who back out of such plans will lose whatever they’ve accumulated.)

This is a terrific example of what Dan Kennedy and Bill Glazer call “Swipe-and-Deploy” marketing. As a concept, layaway is nothing new. But by moving the concept from traditional retail to real estate, a couple of enterprising companies are generating publicity, interest, and buyers.

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Why Gary Keller Doesn’t Carry Business Cards

The first rule of selling, I was taught, is “Always carry business cards”. You never know when you might run into a prospect. Over the years, I’ve had occasion to hand people my card at the grocery store, on a light rail train, even (forgive me) at a funeral.

So it was interest that I read the following passage in Gary Keller’s book “Shift: How Top Real Estate Agents Tackle Tough Times”:

When someone asks me for my card, my reply (as I smile, pull out my pen, and poise to write) is: ‘Thanks for asking. I’m sorry I don’t have one with me, but what is your name and address and I’ll get one to you.’ … Remember, you’re in the capture business.

His point is that it’s more important for a seller to get the prospect’s contact information than vice versa.

I’m inclined to think that in my world of business-to-business advertising sales, it’s still a good idea for the seller to have a card — the prospect likely also has one, and generally cards can be exchanged. In Keller’s world of residential real estate, however, his approach makes a great deal of sense, since the homeowner or potential buyer may not have a card.

Portland Real Estate Agent Craig Reger offers tours of foreclosures, short sales and bank-owned properties on the “Real Estate Investment Bus.” There’s basic information about the concept on his web site, but he doesn’t post the tour schedule. If you’re interested in knowing when it runs, he’ll be happy to tell you — once you fill out the contact information form.

In any sales environment, the principle is a good one. A lead isn’t a real lead unless you know who the prospect is and how to make contact.

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Click this link to subscribe to Portland’s Finest Advertising Blog.

Request your free copy of Phil Bernstein’s white paper, The Seven Deadly Advertising Mistakes and How to Fix Them here.

Got a question? Call Phil Bernstein at 503-323-6553.

Adjust Your Marketing to a Changing Market — A Great Example

If there’s one thing becoming increasingly clear in 2008, it’s that marketing techniques that have worked for years — and in some cases decades — may not get the job done anymore. Like it or not, the market’s different now. Nobody knows if the differences are temporary or permanent. But for the short term, at least, you may have to add some more creative steps to your dance routine.

A terrific Portland example appeared in the Oregonian over the weekend. Craig Reger, a principal broker at The Hasson Company, will be offering foreclosure bus tours beginning next month.

Reger, one of the region’s top producing brokers, normally works in the high-end market at $500,000 or higher. But the higher-end homes aren’t moving as fast as foreclosed homes.

“The market’s changed, and my business model’s changing,” Reger said.

Reger recognizes that the world is different now. He’s not sitting still, hoping it’ll change back — he’s making the necessary adjustments now.

The bus tours haven’t started yet, but it’s already gotten Reger quite a bit of attention. I called his office to see if I could help him spread the word, and his assistant told me he doesn’t need to advertise the tours right now — he’s getting all the free publicity he needs. [Craig, if you’re reading this, feel free to give me a call as soon as the media attention dies down…]

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Request your free copy of my white paper, The Seven Deadly Advertising Mistakes and How to Fix Them here.

Got a question? Call me at 503-323-6553.

How Easy Is It To Do Business With You?

Turner Realtors’ Portland Real Estate Blog has a post titled “Is Your House Really For Sale?” . The post offers a list of abbreviations used by real estate agents concerning how the house is to be shown. They offer some unvarnished views as to how those instructions are interpreted by buyers’ agents:

KEY-LO: I have to go to the listing office to pick up the key, show the property, and return the key. Not a good use of mine or client’s time. AG-ACCM: Listing agent accompany. It makes sense in some situations (multimillion dollar homes) but if the house is vacant or owner occupied, you’ve got to get over it. My client wants to talk about your house, in your house without your agent. That and your agent better be able to work to our schedule.

Whatever you’re selling, you may unknowingly be placing barriers between your customers’ money and you. Automated phone systems; hard-to-navigate web sites; cumbersome paperwork; any of these things could cause your prospects to give up and buy elsewhere.

 

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